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Tj ET Q /GS0 gs q 8.02 0 0 9.18 295.47 254.56 cm /I11 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 240.70 Td (Indicate ) Tj ET Q q 0 0 0 rg BT 93.30 240.70 Td (by ) Tj ET Q q 0 0 0 rg BT 104.63 240.70 Td (check ) Tj ET Q q 0 0 0 rg BT 127.93 240.70 Td (mark ) Tj ET Q q 0 0 0 rg BT 148.75 240.70 Td (whether ) Tj ET Q q 0 0 0 rg BT 180.06 240.70 Td (the ) Tj ET Q q 0 0 0 rg BT 193.38 240.70 Td (registrant ) Tj ET Q q 0 0 0 rg BT 229.69 240.70 Td (is ) Tj ET Q q 0 0 0 rg BT 238.01 240.70 Td (a ) Tj ET Q q 0 0 0 rg BT 244.33 240.70 Td (lar) Tj ET Q q 0 0 0 rg BT 253.66 240.70 Td (ge ) Tj ET Q q 0 0 0 rg BT 264.48 240.70 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 307.26 240.70 Td (filer) Tj ET Q q 0 0 0 rg BT 321.89 240.70 Td (, ) Tj ET Q q 0 0 0 rg BT 326.46 240.70 Td (an ) Tj ET Q q 0 0 0 rg BT 337.28 240.70 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 380.06 240.70 Td (filer) Tj ET Q q 0 0 0 rg BT 394.69 240.70 Td (, ) Tj ET Q q 0 0 0 rg BT 399.26 240.70 Td (a ) Tj ET Q q 0 0 0 rg BT 405.58 240.70 Td (non-accelerated ) Tj ET Q q 0 0 0 rg BT 464.86 240.70 Td (filer) Tj ET Q q 0 0 0 rg BT 479.49 240.70 Td (, ) Tj ET Q q 0 0 0 rg BT 484.06 240.70 Td (or ) Tj ET Q q 0 0 0 rg BT 493.88 240.70 Td (a ) Tj ET Q q 0 0 0 rg BT 500.20 240.70 Td (smaller ) Tj ET Q q 0 0 0 rg BT 529.01 240.70 Td (reporting ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 229.90 Td (company) Tj ET Q q 0 0 0 rg BT 82.41 229.90 Td (. ) Tj ET Q q 0 0 0 rg BT 87.22 229.90 Td (See ) Tj ET Q q 0 0 0 rg BT 102.77 229.90 Td (the ) Tj ET Q q 0 0 0 rg BT 116.33 229.90 Td (definitions ) Tj ET Q q 0 0 0 rg BT 157.39 229.90 Td (of ) Tj ET Q q 0 0 0 rg BT 167.44 229.90 Td (lar) Tj ET Q q 0 0 0 rg BT 180.77 229.90 Td (ge ) Tj ET Q q 0 0 0 rg BT 191.82 229.90 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 234.84 229.90 Td (filer) Tj ET Q q 0 0 0 rg BT 249.47 229.90 Td (, ) Tj ET Q q 0 0 0 rg BT 258.28 229.90 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 305.30 229.90 Td (filer ) Tj ET Q q 0 0 0 rg BT 326.84 229.90 Td (and ) Tj ET Q q 0 0 0 rg BT 342.40 229.90 Td (smaller ) Tj ET Q q 0 0 0 rg BT 375.44 229.90 Td (reporting ) Tj ET Q q 0 0 0 rg BT 410.99 229.90 Td (company ) Tj ET Q q 0 0 0 rg BT 450.54 229.90 Td (in ) Tj ET Q q 0 0 0 rg BT 460.10 229.90 Td (Rule12b-2 ) Tj ET Q q 0 0 0 rg BT 502.91 229.90 Td (of ) Tj ET Q q 0 0 0 rg BT 512.96 229.90 Td (the ) Tj ET Q q 0 0 0 rg BT 526.52 229.90 Td (Exchange ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 219.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 67.49 219.10 Td (\(Check ) Tj ET Q q 0 0 0 rg BT 95.73 219.10 Td (one\):) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 68.45 199.46 Td (Lar) Tj ET Q q 0 0 0 rg BT 80.78 199.46 Td (ge accelerated filer ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 151.47 197.52 cm /I12 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 206.75 199.46 Td (Accelerated filer) Tj ET Q /GS0 gs q 8.02 0 0 9.18 269.21 197.52 cm /I13 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.75 199.46 Td (Non-accelerated filer) Tj ET Q /GS0 gs q 8.02 0 0 9.18 405.20 197.52 cm /I14 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.60 199.46 Td (Smallerreportingcompany) Tj ET Q /GS0 gs q 8.02 0 0 9.18 544.32 197.52 cm /I15 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.10 185.06 Td (\(Donotcheckifasmaller) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.25 176.06 Td (reportingcompany\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 156.30 Td (Indicate ) Tj ET Q q 0 0 0 rg BT 93.23 156.30 Td (by ) Tj ET Q q 0 0 0 rg BT 104.48 156.30 Td (check ) Tj ET Q q 0 0 0 rg BT 127.72 156.30 Td (mark ) Tj ET Q q 0 0 0 rg BT 148.46 156.30 Td (whether ) Tj ET Q q 0 0 0 rg BT 179.69 156.30 Td (the ) Tj ET Q q 0 0 0 rg BT 192.94 156.30 Td (registrant ) Tj ET Q q 0 0 0 rg BT 229.18 156.30 Td (is ) Tj ET Q q 0 0 0 rg BT 237.43 156.30 Td (a ) Tj ET Q q 0 0 0 rg BT 243.67 156.30 Td (shell ) Tj ET Q q 0 0 0 rg BT 262.92 156.30 Td (company ) Tj ET Q q 0 0 0 rg BT 298.16 156.30 Td (\(as ) Tj ET Q q 0 0 0 rg BT 310.91 156.30 Td (defined ) Tj ET Q q 0 0 0 rg BT 340.14 156.30 Td (in ) Tj ET Q q 0 0 0 rg BT 349.39 156.30 Td (Rule12b-2 ) Tj ET Q q 0 0 0 rg BT 391.89 156.30 Td (of ) Tj ET Q q 0 0 0 rg BT 401.64 156.30 Td (the ) Tj ET Q q 0 0 0 rg BT 414.88 156.30 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 452.12 156.30 Td (Act\).) Tj ET Q q 0 0 0 rg BT 479.02 156.30 Td (Y) Tj ET Q q 0 0 0 rg BT 484.62 156.30 Td (es) Tj ET Q /GS0 gs q 8.02 0 0 9.18 496.62 154.36 cm /I16 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.64 156.30 Td (No) Tj ET Q /GS0 gs q 8.02 0 0 9.18 529.14 154.36 cm /I17 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 62.00 140.50 Td (The ) Tj ET Q q 0 0 0 rg BT 78.52 140.50 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 116.02 140.50 Td (market ) Tj ET Q q 0 0 0 rg BT 143.54 140.50 Td (value ) Tj ET Q q 0 0 0 rg BT 165.56 140.50 Td (of ) Tj ET Q q 0 0 0 rg BT 175.58 140.50 Td (the ) Tj ET Q q 0 0 0 rg BT 189.10 140.50 Td (common ) Tj ET Q q 0 0 0 rg BT 223.13 140.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 244.65 140.50 Td (held ) Tj ET Q q 0 0 0 rg BT 262.68 140.50 Td (by ) Tj ET Q q 0 0 0 rg BT 274.20 140.50 Td (non-af) Tj ET Q q 0 0 0 rg BT 297.53 140.50 Td (filiates ) Tj ET Q q 0 0 0 rg BT 324.55 140.50 Td (of ) Tj ET Q q 0 0 0 rg BT 334.57 140.50 Td (the ) Tj ET Q q 0 0 0 rg BT 348.10 140.50 Td (registrant, ) Tj ET Q q 0 0 0 rg BT 386.86 140.50 Td (computed ) Tj ET Q q 0 0 0 rg BT 424.88 140.50 Td (by ) Tj ET Q q 0 0 0 rg BT 436.41 140.50 Td (reference ) Tj ET Q q 0 0 0 rg BT 472.40 140.50 Td (to ) Tj ET Q q 0 0 0 rg BT 481.93 140.50 Td (the ) Tj ET Q q 0 0 0 rg BT 495.45 140.50 Td (closing ) Tj ET Q q 0 0 0 rg BT 523.98 140.50 Td (price ) Tj ET Q q 0 0 0 rg BT 544.49 140.50 Td (as ) Tj ET Q q 0 0 0 rg BT 554.52 140.50 Td (of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 129.70 Td (the ) Tj ET Q q 0 0 0 rg BT 63.50 129.70 Td (last ) Tj ET Q q 0 0 0 rg BT 78.51 129.70 Td (business ) Tj ET Q q 0 0 0 rg BT 111.52 129.70 Td (day ) Tj ET Q q 0 0 0 rg BT 127.03 129.70 Td (of ) Tj ET Q q 0 0 0 rg BT 137.03 129.70 Td (the ) Tj ET Q q 0 0 0 rg BT 150.54 129.70 Td (registrant) Tj ET Q q 0 0 0 rg BT 187.03 129.70 Td (s ) Tj ET Q q 0 0 0 rg BT 193.04 129.70 Td (most ) Tj ET Q q 0 0 0 rg BT 213.05 129.70 Td (recently ) Tj ET Q q 0 0 0 rg BT 244.54 129.70 Td (completed ) Tj ET Q q 0 0 0 rg BT 284.54 129.70 Td (second ) Tj ET Q q 0 0 0 rg BT 312.04 129.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 334.04 129.70 Td (quarter) Tj ET Q q 0 0 0 rg BT 359.16 129.70 Td (, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.92 129.70 Td (June30, ) Tj ET Q q 0 0 0 rg BT 396.43 129.70 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 414.43 129.70 Td (, ) Tj ET Q q 0 0 0 rg BT 419.18 129.70 Td (was ) Tj ET Q q 0 0 0 rg BT 435.69 129.70 Td (approximately ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.18 129.70 Td ($1,166 ) Tj ET Q q 0 0 0 rg BT 517.44 129.70 Td (million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.44 129.70 Td (. ) Tj ET Q q 0 0 0 rg BT 548.02 129.70 Td (The ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 118.90 Td (registrant ) Tj ET Q q 0 0 0 rg BT 86.24 118.90 Td (has ) Tj ET Q q 0 0 0 rg BT 100.48 118.90 Td (no ) Tj ET Q q 0 0 0 rg BT 111.73 118.90 Td (non-voting ) Tj ET Q q 0 0 0 rg BT 153.48 118.90 Td (stock.) 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (Item 1.Business) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (Overview) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 587.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 101.86 587.25 Td (is ) Tj ET Q q 0 0 0 rg BT 110.63 587.25 Td (a ) Tj ET Q q 0 0 0 rg BT 117.16 587.25 Td (leading ) Tj ET Q q 0 0 0 rg BT 148.69 587.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 199.66 587.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 245.64 587.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 267.17 587.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 300.37 587.25 Td (on ) Tj ET Q q 0 0 0 rg BT 312.46 587.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 353.45 587.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 390.52 587.25 Td (advice ) Tj ET Q q 0 0 0 rg BT 418.71 587.25 Td (on ) Tj ET Q q 0 0 0 rg BT 430.81 587.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 475.12 587.25 Td (mer) Tj ET Q q 0 0 0 rg BT 490.48 587.25 Td (gers, ) Tj ET Q q 0 0 0 rg BT 511.74 587.25 Td (acquisitions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (restructurings, ) Tj ET Q q 0 0 0 rg BT 109.39 575.25 Td (financings ) Tj ET Q q 0 0 0 rg BT 152.96 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 169.31 575.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 197.87 575.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 226.99 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 236.68 575.25 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 291.07 575.25 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 344.36 575.25 Td (institutions ) Tj ET Q q 0 0 0 rg BT 390.72 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 407.07 575.25 Td (governments. ) Tj ET Q q 0 0 0 rg BT 463.00 575.25 Td (W) Tj ET Q q 0 0 0 rg BT 471.63 575.25 Td (e ) Tj ET Q q 0 0 0 rg BT 477.98 575.25 Td (act ) Tj ET Q q 0 0 0 rg BT 491.55 575.25 Td (for ) Tj ET Q q 0 0 0 rg BT 505.12 575.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 533.13 575.25 Td (located ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (throughout ) Tj ET Q q 0 0 0 rg BT 96.84 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 112.02 563.25 Td (world ) Tj ET Q q 0 0 0 rg BT 138.30 563.25 Td (from ) Tj ET Q q 0 0 0 rg BT 160.70 563.25 Td (our ) Tj ET Q q 0 0 0 rg BT 176.98 563.25 Td (of) Tj ET Q q 0 0 0 rg BT 185.13 563.25 Td (fices ) Tj ET Q q 0 0 0 rg BT 206.97 563.25 Td (in ) Tj ET Q q 0 0 0 rg BT 217.70 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.88 563.25 Td (United ) Tj ET Q q 0 0 0 rg BT 263.05 563.25 Td (States, ) Tj ET Q q 0 0 0 rg BT 292.39 563.25 Td (United ) Tj ET Q q 0 0 0 rg BT 322.57 563.25 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 365.80 563.25 Td (Germany) Tj ET Q q 0 0 0 rg BT 402.36 563.25 Td (, ) Tj ET Q q 0 0 0 rg BT 407.81 563.25 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 443.26 563.25 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 470.83 563.25 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 512.94 563.25 Td (Sweden ) Tj ET Q q 0 0 0 rg BT 547.56 563.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 551.25 Td (Brazil.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 530.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 81.25 530.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 118.99 530.25 Td (are ) Tj ET Q q 0 0 0 rg BT 133.40 530.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 178.92 530.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 211.11 530.25 Td (from ) Tj ET Q q 0 0 0 rg BT 232.75 530.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 273.83 530.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 310.47 530.25 Td (services ) Tj ET Q q 0 0 0 rg BT 344.88 530.25 Td (on ) Tj ET Q q 0 0 0 rg BT 357.08 530.25 Td (mer) Tj ET Q q 0 0 0 rg BT 372.45 530.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 391.31 530.25 Td (and ) Tj ET Q q 0 0 0 rg BT 407.95 530.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 457.93 530.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 471.79 530.25 Td (M&A\), ) Tj ET Q q 0 0 0 rg BT 503.71 530.25 Td (financings ) Tj ET Q q 0 0 0 rg BT 547.57 530.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 518.25 Td (restructurings, ) Tj ET Q q 0 0 0 rg BT 110.81 518.25 Td (and ) Tj ET Q q 0 0 0 rg BT 128.58 518.25 Td (are ) Tj ET Q q 0 0 0 rg BT 144.12 518.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 184.66 518.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 213.54 518.25 Td (by ) Tj ET Q q 0 0 0 rg BT 226.86 518.25 Td (total ) Tj ET Q q 0 0 0 rg BT 247.97 518.25 Td (deal ) Tj ET Q q 0 0 0 rg BT 267.95 518.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 301.28 518.25 Td (and ) Tj ET Q q 0 0 0 rg BT 319.04 518.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.59 518.25 Td (size ) Tj ET Q q 0 0 0 rg BT 353.46 518.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.12 518.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 409.00 518.25 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 461.86 518.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 511.77 518.25 Td (, ) Tj ET Q q 0 0 0 rg BT 517.59 518.25 Td (our ) Tj ET Q q 0 0 0 rg BT 534.25 518.25 Td (private ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 506.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 78.82 506.25 Td (and ) Tj ET Q q 0 0 0 rg BT 95.43 506.25 Td (real ) Tj ET Q q 0 0 0 rg BT 112.59 506.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 137.53 506.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 166.35 506.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 202.96 506.25 Td (group ) Tj ET Q q 0 0 0 rg BT 228.46 506.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 265.07 506.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 285.57 506.25 Td (placement ) Tj ET Q q 0 0 0 rg BT 328.83 506.25 Td (and ) Tj ET Q q 0 0 0 rg BT 345.44 506.25 Td (other ) Tj ET Q q 0 0 0 rg BT 368.16 506.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 396.98 506.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 426.37 506.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 462.98 506.25 Td (services, ) Tj ET Q q 0 0 0 rg BT 499.86 506.25 Td (where ) Tj ET Q q 0 0 0 rg BT 526.46 506.25 Td (revenues ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 494.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.71 494.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 92.75 494.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 132.47 494.25 Td (by ) Tj ET Q q 0 0 0 rg BT 144.97 494.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.68 494.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 192.18 494.25 Td (of ) Tj ET Q q 0 0 0 rg BT 203.01 494.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 232.16 494.25 Td (raised. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 473.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 102.42 473.25 Td (was ) Tj ET Q q 0 0 0 rg BT 120.62 473.25 Td (established ) Tj ET Q q 0 0 0 rg BT 167.71 473.25 Td (in ) Tj ET Q q 0 0 0 rg BT 178.14 473.25 Td (1996 ) Tj ET Q q 0 0 0 rg BT 200.80 473.25 Td (by ) Tj ET Q q 0 0 0 rg BT 213.45 473.25 Td (Robert ) Tj ET Q q 0 0 0 rg BT 243.32 473.25 Td (F) Tj ET Q q 0 0 0 rg BT 248.08 473.25 Td (. ) Tj ET Q q 0 0 0 rg BT 253.24 473.25 Td (Greenhill, ) Tj ET Q q 0 0 0 rg BT 296.15 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 311.02 473.25 Td (former ) Tj ET Q q 0 0 0 rg BT 340.88 473.25 Td (President ) Tj ET Q q 0 0 0 rg BT 380.75 473.25 Td (of ) Tj ET Q q 0 0 0 rg BT 391.74 473.25 Td (Mor) Tj ET Q q 0 0 0 rg BT 408.78 473.25 Td (gan ) Tj ET Q q 0 0 0 rg BT 425.87 473.25 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 458.52 473.25 Td (and ) Tj ET Q q 0 0 0 rg BT 475.61 473.25 Td (former ) Tj ET Q q 0 0 0 rg BT 505.47 473.25 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 547.56 473.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 461.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 75.32 461.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 118.41 461.25 Td (Of) Tj ET Q q 0 0 0 rg BT 128.78 461.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 150.20 461.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.64 461.25 Td (Smith ) Tj ET Q q 0 0 0 rg BT 188.64 461.25 Td (Barney) Tj ET Q q 0 0 0 rg BT 216.87 461.25 Td (. ) Tj ET Q q 0 0 0 rg BT 222.47 461.25 Td (Since ) Tj ET Q q 0 0 0 rg BT 247.79 461.25 Td (our ) Tj ET Q q 0 0 0 rg BT 264.23 461.25 Td (founding, ) Tj ET Q q 0 0 0 rg BT 305.94 461.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 346.81 461.25 Td (has ) Tj ET Q q 0 0 0 rg BT 363.25 461.25 Td (grown ) Tj ET Q q 0 0 0 rg BT 391.90 461.25 Td (steadily) Tj ET Q q 0 0 0 rg BT 422.36 461.25 Td (, ) Tj ET Q q 0 0 0 rg BT 427.96 461.25 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 469.94 461.25 Td (a ) Tj ET Q q 0 0 0 rg BT 477.49 461.25 Td (number ) Tj ET Q q 0 0 0 rg BT 511.14 461.25 Td (of ) Tj ET Q q 0 0 0 rg BT 522.57 461.25 Td (managing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 449.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 86.65 449.25 Td (from ) Tj ET Q q 0 0 0 rg BT 107.75 449.25 Td (major ) Tj ET Q q 0 0 0 rg BT 132.73 449.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 178.28 449.25 Td (banks ) Tj ET Q q 0 0 0 rg BT 203.27 449.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 216.59 449.25 Td (well ) Tj ET Q q 0 0 0 rg BT 235.47 449.25 Td (as ) Tj ET Q q 0 0 0 rg BT 245.46 449.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 271.56 449.25 Td (professionals ) Tj ET Q q 0 0 0 rg BT 325.99 449.25 Td (from ) Tj ET Q q 0 0 0 rg BT 347.09 449.25 Td (other ) Tj ET Q q 0 0 0 rg BT 369.30 449.25 Td (institutions\), ) Tj ET Q q 0 0 0 rg BT 421.24 449.25 Td (with ) Tj ET Q q 0 0 0 rg BT 440.68 449.25 Td (a ) Tj ET Q q 0 0 0 rg BT 446.78 449.25 Td (range ) Tj ET Q q 0 0 0 rg BT 470.65 449.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.65 449.25 Td (geographic, ) Tj ET Q q 0 0 0 rg BT 529.23 449.25 Td (industry ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 437.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.31 437.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 114.05 437.25 Td (specialties ) Tj ET Q q 0 0 0 rg BT 158.57 437.25 Td (as ) Tj ET Q q 0 0 0 rg BT 169.78 437.25 Td (well ) Tj ET Q q 0 0 0 rg BT 189.86 437.25 Td (as ) Tj ET Q q 0 0 0 rg BT 201.06 437.25 Td (dif) Tj ET Q q 0 0 0 rg BT 211.99 437.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 238.18 437.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 256.05 437.25 Td (of ) Tj ET Q q 0 0 0 rg BT 267.25 437.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 307.88 437.25 Td (and ) Tj ET Q q 0 0 0 rg BT 325.19 437.25 Td (other ) Tj ET Q q 0 0 0 rg BT 348.60 437.25 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 404.44 437.25 Td (As ) Tj ET Q q 0 0 0 rg BT 418.43 437.25 Td (part ) Tj ET Q q 0 0 0 rg BT 436.85 437.25 Td (of ) Tj ET Q q 0 0 0 rg BT 448.05 437.25 Td (this ) Tj ET Q q 0 0 0 rg BT 465.37 437.25 Td (expansion, ) Tj ET Q q 0 0 0 rg BT 511.29 437.25 Td (we ) Tj ET Q q 0 0 0 rg BT 525.82 437.25 Td (opened ) Tj ET Q q 0 0 0 rg BT 557.56 437.25 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 425.25 Td (London ) Tj ET Q q 0 0 0 rg BT 83.61 425.25 Td (of) Tj ET Q q 0 0 0 rg BT 91.76 425.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 109.25 425.25 Td (in ) Tj ET Q q 0 0 0 rg BT 119.53 425.25 Td (1998, ) Tj ET Q q 0 0 0 rg BT 144.53 425.25 Td (opened ) Tj ET Q q 0 0 0 rg BT 175.91 425.25 Td (a ) Tj ET Q q 0 0 0 rg BT 182.85 425.25 Td (Frankfurt ) Tj ET Q q 0 0 0 rg BT 223.12 425.25 Td (of) Tj ET Q q 0 0 0 rg BT 231.27 425.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 248.75 425.25 Td (in ) Tj ET Q q 0 0 0 rg BT 259.03 425.25 Td (2000 ) Tj ET Q q 0 0 0 rg BT 281.53 425.25 Td (and ) Tj ET Q q 0 0 0 rg BT 298.47 425.25 Td (began ) Tj ET Q q 0 0 0 rg BT 324.85 425.25 Td (of) Tj ET Q q 0 0 0 rg BT 333.00 425.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 359.38 425.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 396.86 425.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 450.46 425.25 Td (advice ) Tj ET Q q 0 0 0 rg BT 479.05 425.25 Td (in ) Tj ET Q q 0 0 0 rg BT 489.33 425.25 Td (2001. ) Tj ET Q q 0 0 0 rg BT 514.33 425.25 Td (On ) Tj ET Q q 0 0 0 rg BT 529.06 425.25 Td (May1) Tj ET Q q 0 0 0 rg BT 554.52 425.25 Td (1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 413.25 Td (2004, ) Tj ET Q q 0 0 0 rg BT 74.88 413.25 Td (we ) Tj ET Q q 0 0 0 rg BT 88.91 413.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 132.94 413.25 Td (an ) Tj ET Q q 0 0 0 rg BT 144.75 413.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 170.46 413.25 Td (public ) Tj ET Q q 0 0 0 rg BT 197.83 413.25 Td (of) Tj ET Q q 0 0 0 rg BT 205.98 413.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 232.23 413.25 Td (of ) Tj ET Q q 0 0 0 rg BT 242.93 413.25 Td (our ) Tj ET Q q 0 0 0 rg BT 258.64 413.25 Td (common ) Tj ET Q q 0 0 0 rg BT 296.01 413.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 321.82 413.25 Td (W) Tj ET Q q 0 0 0 rg BT 330.46 413.25 Td (e ) Tj ET Q q 0 0 0 rg BT 337.27 413.25 Td (opened ) Tj ET Q q 0 0 0 rg BT 368.53 413.25 Td (our ) Tj ET Q q 0 0 0 rg BT 384.23 413.25 Td (second ) Tj ET Q q 0 0 0 rg BT 414.38 413.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 434.54 413.25 Td (of) Tj ET Q q 0 0 0 rg BT 442.68 413.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 460.05 413.25 Td (in ) Tj ET Q q 0 0 0 rg BT 470.20 413.25 Td (2005, ) Tj ET Q q 0 0 0 rg BT 495.07 413.25 Td (and ) Tj ET Q q 0 0 0 rg BT 511.89 413.25 Td (we ) Tj ET Q q 0 0 0 rg BT 525.92 413.25 Td (currently ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 401.25 Td (have ) Tj ET Q q 0 0 0 rg BT 71.81 401.25 Td (five ) Tj ET Q q 0 0 0 rg BT 90.29 401.25 Td (of) Tj ET Q q 0 0 0 rg BT 98.44 401.25 Td (fices ) Tj ET Q q 0 0 0 rg BT 120.25 401.25 Td (in ) Tj ET Q q 0 0 0 rg BT 130.96 401.25 Td (the ) Tj ET Q q 0 0 0 rg BT 146.11 401.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 166.62 401.25 Td (W) Tj ET Q q 0 0 0 rg BT 175.26 401.25 Td (e ) Tj ET Q q 0 0 0 rg BT 182.63 401.25 Td (opened ) Tj ET Q q 0 0 0 rg BT 214.44 401.25 Td (a ) Tj ET Q q 0 0 0 rg BT 221.81 401.25 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 262.51 401.25 Td (of) Tj ET Q q 0 0 0 rg BT 270.66 401.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 288.58 401.25 Td (in ) Tj ET Q q 0 0 0 rg BT 299.29 401.25 Td (2006. ) Tj ET Q q 0 0 0 rg BT 324.72 401.25 Td (In ) Tj ET Q q 0 0 0 rg BT 335.98 401.25 Td (2008, ) Tj ET Q q 0 0 0 rg BT 361.42 401.25 Td (we ) Tj ET Q q 0 0 0 rg BT 376.01 401.25 Td (opened ) Tj ET Q q 0 0 0 rg BT 407.82 401.25 Td (an ) Tj ET Q q 0 0 0 rg BT 420.19 401.25 Td (of) Tj ET Q q 0 0 0 rg BT 428.34 401.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 446.26 401.25 Td (in ) Tj ET Q q 0 0 0 rg BT 456.76 401.25 Td (T) Tj ET Q q 0 0 0 rg BT 462.17 401.25 Td (okyo. ) Tj ET Q q 0 0 0 rg BT 487.61 401.25 Td ( ) Tj ET Q q 0 0 0 rg BT 489.89 401.25 Td (Also, ) Tj ET Q q 0 0 0 rg BT 514.22 401.25 Td (in ) Tj ET Q q 0 0 0 rg BT 524.93 401.25 Td (2008, ) Tj ET Q q 0 0 0 rg BT 550.36 401.25 Td (we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 389.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 82.06 389.25 Td (the ) Tj ET Q q 0 0 0 rg BT 96.92 389.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 126.21 389.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 163.28 389.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 202.31 389.25 Td (which ) Tj ET Q q 0 0 0 rg BT 229.39 389.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 266.47 389.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 295.75 389.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 325.61 389.25 Td (advice ) Tj ET Q q 0 0 0 rg BT 354.34 389.25 Td (and ) Tj ET Q q 0 0 0 rg BT 371.42 389.25 Td (related ) Tj ET Q q 0 0 0 rg BT 401.26 389.25 Td (services ) Tj ET Q q 0 0 0 rg BT 436.10 389.25 Td (to ) Tj ET Q q 0 0 0 rg BT 446.52 389.25 Td (private ) Tj ET Q q 0 0 0 rg BT 476.92 389.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 504.55 389.25 Td (and ) Tj ET Q q 0 0 0 rg BT 521.63 389.25 Td (real ) Tj ET Q q 0 0 0 rg BT 539.25 389.25 Td (estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 377.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 74.99 377.25 Td (and ) Tj ET Q q 0 0 0 rg BT 92.20 377.25 Td (sponsors. ) Tj ET Q q 0 0 0 rg BT 132.47 377.25 Td ( ) Tj ET Q q 0 0 0 rg BT 135.24 377.25 Td (In ) Tj ET Q q 0 0 0 rg BT 146.33 377.25 Td (2010, ) Tj ET Q q 0 0 0 rg BT 171.60 377.25 Td (we ) Tj ET Q q 0 0 0 rg BT 186.03 377.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 223.22 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 237.59 377.25 Td (Australian ) Tj ET Q q 0 0 0 rg BT 282.02 377.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 319.22 377.25 Td (firm, ) Tj ET Q q 0 0 0 rg BT 341.71 377.25 Td (Caliburn ) Tj ET Q q 0 0 0 rg BT 379.47 377.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 427.78 377.25 Td (Pty ) Tj ET Q q 0 0 0 rg BT 443.89 377.25 Td (Limited ) Tj ET Q q 0 0 0 rg BT 478.32 377.25 Td (\("Caliburn" ) Tj ET Q q 0 0 0 rg BT 527.58 377.25 Td (and ) Tj ET Q q 0 0 0 rg BT 544.78 377.25 Td (now ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 365.25 Td (known ) Tj ET Q q 0 0 0 rg BT 80.13 365.25 Td (as ) Tj ET Q q 0 0 0 rg BT 91.38 365.25 Td ("Greenhill ) Tj ET Q q 0 0 0 rg BT 135.49 365.25 Td (Australia"\), ) Tj ET Q q 0 0 0 rg BT 184.97 365.25 Td (which ) Tj ET Q q 0 0 0 rg BT 212.32 365.25 Td (has ) Tj ET Q q 0 0 0 rg BT 228.57 365.25 Td (two ) Tj ET Q q 0 0 0 rg BT 245.84 365.25 Td (Australian ) Tj ET Q q 0 0 0 rg BT 290.40 365.25 Td (of) Tj ET Q q 0 0 0 rg BT 298.55 365.25 Td (fices. ) Tj ET Q q 0 0 0 rg BT 322.84 365.25 Td (In ) Tj ET Q q 0 0 0 rg BT 334.09 365.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 359.50 365.25 Td (we ) Tj ET Q q 0 0 0 rg BT 374.07 365.25 Td (opened ) Tj ET Q q 0 0 0 rg BT 405.86 365.25 Td (our ) Tj ET Q q 0 0 0 rg BT 422.10 365.25 Td (Stockholm ) Tj ET Q q 0 0 0 rg BT 468.35 365.25 Td (of) Tj ET Q q 0 0 0 rg BT 476.50 365.25 Td (fice, ) Tj ET Q q 0 0 0 rg BT 496.90 365.25 Td (and ) Tj ET Q q 0 0 0 rg BT 514.25 365.25 Td (in ) Tj ET Q q 0 0 0 rg BT 524.94 365.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 550.35 365.25 Td (we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 353.25 Td (opened ) Tj ET Q q 0 0 0 rg BT 81.38 353.25 Td (an ) Tj ET Q q 0 0 0 rg BT 93.32 353.25 Td (of) Tj ET Q q 0 0 0 rg BT 101.46 353.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 118.95 353.25 Td (in ) Tj ET Q q 0 0 0 rg BT 129.23 353.25 Td (So ) Tj ET Q q 0 0 0 rg BT 146.73 353.25 Td (Paulo, ) Tj ET Q q 0 0 0 rg BT 174.51 353.25 Td (Brazil.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 332.25 Td (In ) Tj ET Q q 0 0 0 rg BT 72.68 332.25 Td (2010, ) Tj ET Q q 0 0 0 rg BT 97.53 332.25 Td (we ) Tj ET Q q 0 0 0 rg BT 111.54 332.25 Td (exited ) Tj ET Q q 0 0 0 rg BT 138.32 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.89 332.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 192.44 332.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 227.01 332.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 265.75 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 282.54 332.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 324.89 332.25 Td (in ) Tj ET Q q 0 0 0 rg BT 335.01 332.25 Td (201) Tj ET Q q 0 0 0 rg BT 349.64 332.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 359.49 332.25 Td (we ) Tj ET Q q 0 0 0 rg BT 373.50 332.25 Td (initiated ) Tj ET Q q 0 0 0 rg BT 408.62 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.19 332.25 Td (monetization ) Tj ET Q q 0 0 0 rg BT 477.75 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 488.43 332.25 Td (our ) Tj ET Q q 0 0 0 rg BT 504.11 332.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 554.23 332.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 320.25 Td (all ) Tj ET Q q 0 0 0 rg BT 62.01 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 72.35 320.25 Td (our ) Tj ET Q q 0 0 0 rg BT 87.69 320.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 131.92 320.25 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 174.48 320.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 213.69 320.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 247.92 320.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 272.15 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 288.60 320.25 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 320.61 320.25 Td (Communications, ) Tj ET Q q 0 0 0 rg BT 393.45 320.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 410.73 320.25 Td (\("Iridium"\). ) Tj ET Q q 0 0 0 rg BT 460.06 320.25 Td ( ) Tj ET Q q 0 0 0 rg BT 462.07 320.25 Td (Over ) Tj ET Q q 0 0 0 rg BT 484.07 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 498.29 320.25 Td (past ) Tj ET Q q 0 0 0 rg BT 516.41 320.25 Td (three ) Tj ET Q q 0 0 0 rg BT 538.41 320.25 Td (years, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 308.25 Td (we ) Tj ET Q q 0 0 0 rg BT 64.46 308.25 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 107.25 308.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 160.61 308.25 Td (all ) Tj ET Q q 0 0 0 rg BT 173.40 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 184.54 308.25 Td (our ) Tj ET Q q 0 0 0 rg BT 200.67 308.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 251.24 308.25 Td (in ) Tj ET Q q 0 0 0 rg BT 261.82 308.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 306.84 308.25 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 350.20 308.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 390.20 308.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 425.22 308.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 450.24 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 467.48 308.25 Td (all ) Tj ET Q q 0 0 0 rg BT 480.28 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 491.41 308.25 Td (our ) Tj ET Q q 0 0 0 rg BT 507.54 308.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 554.23 308.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 296.25 Td (Iridium. ) Tj ET Q q 0 0 0 rg BT 85.15 296.25 Td (In ) Tj ET Q q 0 0 0 rg BT 96.14 296.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 137.66 296.25 Td (during ) Tj ET Q q 0 0 0 rg BT 166.42 296.25 Td (that ) Tj ET Q q 0 0 0 rg BT 184.07 296.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 214.78 296.25 Td (we ) Tj ET Q q 0 0 0 rg BT 229.09 296.25 Td (have ) Tj ET Q q 0 0 0 rg BT 250.63 296.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 284.92 296.25 Td (net ) Tj ET Q q 0 0 0 rg BT 299.79 296.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 337.99 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 348.97 296.25 Td ($63.1 ) Tj ET Q q 0 0 0 rg BT 374.13 296.25 Td (million ) Tj ET Q q 0 0 0 rg BT 405.68 296.25 Td (from ) Tj ET Q q 0 0 0 rg BT 427.77 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 442.65 296.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 460.85 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 471.84 296.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 525.04 296.25 Td (all ) Tj ET Q q 0 0 0 rg BT 537.70 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.68 296.25 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 284.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 86.03 284.25 Td (in ) Tj ET Q q 0 0 0 rg BT 96.51 284.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 136.98 284.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 168.57 284.25 Td (Partners ) Tj ET Q q 0 0 0 rg BT 204.04 284.25 Td (II ) Tj ET Q q 0 0 0 rg BT 213.40 284.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 227.77 284.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 251.29 284.25 Td ( ) Tj ET Q q 0 0 0 rg BT 253.99 284.25 Td (II\), ) Tj ET Q q 0 0 0 rg BT 273.62 284.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 314.09 284.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 345.68 284.25 Td (PartnersIII ) Tj ET Q q 0 0 0 rg BT 393.64 284.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 408.00 284.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 431.53 284.25 Td ( ) Tj ET Q q 0 0 0 rg BT 434.23 284.25 Td (III\), ) Tj ET Q q 0 0 0 rg BT 457.19 284.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 497.66 284.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 529.25 284.25 Td (Partners ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 272.25 Td (Europe ) Tj ET Q q 0 0 0 rg BT 81.22 272.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 95.23 272.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 118.75 272.25 Td ( ) Tj ET Q q 0 0 0 rg BT 121.10 272.25 Td (Europe\) ) Tj ET Q q 0 0 0 rg BT 160.09 272.25 Td (and ) Tj ET Q q 0 0 0 rg BT 176.87 272.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 216.98 272.25 Td (SA) Tj ET Q q 0 0 0 rg BT 228.48 272.25 Td (V) Tj ET Q q 0 0 0 rg BT 235.52 272.25 Td ( ) Tj ET Q q 0 0 0 rg BT 237.86 272.25 Td (Partners ) Tj ET Q q 0 0 0 rg BT 272.98 272.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 286.98 272.25 Td (GSA) Tj ET Q q 0 0 0 rg BT 310.14 272.25 Td (VP\). ) Tj ET Q q 0 0 0 rg BT 335.54 272.25 Td ( ) Tj ET Q q 0 0 0 rg BT 337.37 272.25 Td (Also, ) Tj ET Q q 0 0 0 rg BT 361.10 272.25 Td (over ) Tj ET Q q 0 0 0 rg BT 381.22 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.78 272.25 Td (past ) Tj ET Q q 0 0 0 rg BT 414.24 272.25 Td (three ) Tj ET Q q 0 0 0 rg BT 436.57 272.25 Td (years ) Tj ET Q q 0 0 0 rg BT 460.01 272.25 Td (we ) Tj ET Q q 0 0 0 rg BT 474.02 272.25 Td (made ) Tj ET Q q 0 0 0 rg BT 498.02 272.25 Td (systematic ) Tj ET Q q 0 0 0 rg BT 542.58 272.25 Td (sales ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.27 260.25 Td (our ) Tj ET Q q 0 0 0 rg BT 77.54 260.25 Td (entire ) Tj ET Q q 0 0 0 rg BT 103.24 260.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 135.61 260.25 Td (in ) Tj ET Q q 0 0 0 rg BT 146.33 260.25 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 179.26 260.25 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 229.98 260.25 Td (IRDM\), ) Tj ET Q q 0 0 0 rg BT 264.86 260.25 Td (generating ) Tj ET Q q 0 0 0 rg BT 310.00 260.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 348.48 260.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.75 260.25 Td ($70.5 ) Tj ET Q q 0 0 0 rg BT 385.18 260.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.08 260.25 Td (. ) Tj ET Q q 0 0 0 rg BT 419.30 260.25 Td (The ) Tj ET Q q 0 0 0 rg BT 437.79 260.25 Td (net ) Tj ET Q q 0 0 0 rg BT 452.94 260.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 491.42 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 502.69 260.25 Td ($133.6 ) Tj ET Q q 0 0 0 rg BT 533.12 260.25 Td (million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 248.25 Td (from ) Tj ET Q q 0 0 0 rg BT 72.21 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 87.20 248.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 105.52 248.25 Td (of ) Tj ET Q q 0 0 0 rg BT 116.63 248.25 Td (our ) Tj ET Q q 0 0 0 rg BT 132.73 248.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 183.28 248.25 Td (in ) Tj ET Q q 0 0 0 rg BT 193.83 248.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 233.80 248.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 268.79 248.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 293.79 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 311.00 248.25 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 343.77 248.25 Td (have ) Tj ET Q q 0 0 0 rg BT 365.42 248.25 Td (been ) Tj ET Q q 0 0 0 rg BT 387.07 248.25 Td (used ) Tj ET Q q 0 0 0 rg BT 408.17 248.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 454.27 248.25 Td (to ) Tj ET Q q 0 0 0 rg BT 464.82 248.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 510.90 248.25 Td (our ) Tj ET Q q 0 0 0 rg BT 527.00 248.25 Td (common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 236.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.61 236.25 Td (and ) Tj ET Q q 0 0 0 rg BT 90.55 236.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 119.69 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.41 236.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 183.57 236.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 216.07 236.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.90 236.25 Td (our ) Tj ET Q q 0 0 0 rg BT 242.73 236.25 Td (revolving ) Tj ET Q q 0 0 0 rg BT 283.55 236.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 303.27 236.25 Td (facility) Tj ET Q q 0 0 0 rg BT 330.94 236.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 215.25 Td (As ) Tj ET Q q 0 0 0 rg BT 75.17 215.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.56 215.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 143.71 215.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.71 215.25 Td (, ) Tj ET Q q 0 0 0 rg BT 168.27 215.25 Td (we ) Tj ET Q q 0 0 0 rg BT 181.99 215.25 Td (had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.49 215.25 Td (319) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.49 215.25 Td ( ) Tj ET Q q 0 0 0 rg BT 215.55 215.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 260.37 215.25 Td (globally) Tj ET Q q 0 0 0 rg BT 292.50 215.25 Td (, ) Tj ET Q q 0 0 0 rg BT 297.06 215.25 Td (including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.89 215.25 Td (69) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.89 215.25 Td ( ) Tj ET Q q 0 0 0 rg BT 348.95 215.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 390.45 215.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 427.49 215.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.99 215.25 Td (1) Tj ET Q q 0 0 0 rg BT 448.62 215.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.62 215.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 482.62 215.25 Td (advisors. ) Tj ET Q q 0 0 0 rg BT 520.51 215.25 Td (In ) Tj ET Q q 0 0 0 rg BT 530.90 215.25 Td (January ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 203.25 Td (, ) Tj ET Q q 0 0 0 rg BT 75.00 203.25 Td (we ) Tj ET Q q 0 0 0 rg BT 89.16 203.25 Td (promoted ) Tj ET Q q 0 0 0 rg BT 129.99 203.25 Td (five ) Tj ET Q q 0 0 0 rg BT 148.03 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.86 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 174.69 203.25 Td (principals ) Tj ET Q q 0 0 0 rg BT 216.63 203.25 Td (to ) Tj ET Q q 0 0 0 rg BT 226.90 203.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 268.84 203.25 Td (director) Tj ET Q q 0 0 0 rg BT 299.38 203.25 Td (.) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Sour) Tj ET Q q 0 0 0 rg BT 70.38 742.25 Td (ces of Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 721.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 80.05 721.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 112.54 721.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.37 721.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 161.41 721.25 Td (are ) Tj ET Q q 0 0 0 rg BT 176.12 721.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 213.05 721.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 232.49 721.25 Td (historically) Tj ET Q q 0 0 0 rg BT 276.83 721.25 Td (, ) Tj ET Q q 0 0 0 rg BT 281.83 721.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 321.54 721.25 Td (banking.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 356.25 721.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 671.75 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 671.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 671.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 671.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 671.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 671.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 671.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 671.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 671.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 671.75 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 656.75 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 641.75 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 641.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 641.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 641.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 641.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 641.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 641.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 641.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 641.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 641.75 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 697.75 m 306.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 697.75 m 310.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 697.75 m 370.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 697.75 m 374.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 697.75 m 434.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 697.75 m 438.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 697.75 m 498.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 697.75 m 502.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 697.75 m 562.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 697.75 m 306.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 684.75 m 306.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 697.75 m 370.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 684.75 m 370.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 697.75 m 434.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 684.75 m 434.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 697.75 m 498.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 684.75 m 498.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 697.75 m 562.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 684.75 m 562.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 641.75 m 306.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 641.75 m 370.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 641.75 m 434.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 641.75 m 498.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 641.75 m 562.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 627.75 m 306.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 625.75 m 306.5 625.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 627.75 m 370.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 625.75 m 370.5 625.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 627.75 m 434.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 625.75 m 434.5 625.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 627.75 m 498.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 625.75 m 498.5 625.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 627.75 m 562.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 625.75 m 562.5 625.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 702.00 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.35 701.98 Td (For the Year Ended December31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 689.00 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 268.00 688.98 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.00 688.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.20 688.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.00 688.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.00 688.98 Td (2009) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 676.00 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.95 675.98 Td (\(In millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 662.32 Td (Advisory revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.00 661.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 661.42 Td (287.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 661.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.15 661.42 Td (291.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 661.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 661.42 Td (302.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 661.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 661.42 Td (252.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 661.42 Td (216.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 646.42 Td (Investment and merchant banking revenues ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 229.33 650.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.15 646.42 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.80 646.47 Td (\(6.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 646.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.80 646.47 Td (\(8.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 646.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 646.42 Td (26.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 646.42 Td (82.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 632.32 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.00 631.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 631.42 Td (287.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 631.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.15 631.42 Td (285.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 631.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 631.42 Td (294.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 631.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 631.42 Td (278.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 631.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 631.42 Td (298.6) Tj ET Q BT /F2 10.00 Tf ET BT /F2 5.00 Tf ET q 0 0 0 rg BT 50.00 609.25 Td (_____________________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 597.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 597.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 81.76 597.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 111.52 597.25 Td (at ) Tj ET Q q 0 0 0 rg BT 121.29 597.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.06 597.25 Td (close ) Tj ET Q q 0 0 0 rg BT 159.17 597.25 Td (of ) Tj ET Q q 0 0 0 rg BT 170.05 597.25 Td (business ) Tj ET Q q 0 0 0 rg BT 206.50 597.25 Td (on ) Tj ET Q q 0 0 0 rg BT 219.06 597.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 277.70 597.25 Td (2010, ) Tj ET Q q 0 0 0 rg BT 302.75 597.25 Td (we ) Tj ET Q q 0 0 0 rg BT 316.97 597.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 361.17 597.25 Td (our ) Tj ET Q q 0 0 0 rg BT 377.06 597.25 Td (separation ) Tj ET Q q 0 0 0 rg BT 420.71 597.25 Td (from ) Tj ET Q q 0 0 0 rg BT 442.71 597.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.48 597.25 Td (historic ) Tj ET Q q 0 0 0 rg BT 490.03 597.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 529.79 597.25 Td (banking ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 585.25 Td (business ) Tj ET Q q 0 0 0 rg BT 108.20 585.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.44 585.25 Td (we ) Tj ET Q q 0 0 0 rg BT 137.91 585.25 Td (ceased ) Tj ET Q q 0 0 0 rg BT 166.36 585.25 Td (earning ) Tj ET Q q 0 0 0 rg BT 198.15 585.25 Td (management ) Tj ET Q q 0 0 0 rg BT 251.05 585.25 Td (fees. ) Tj ET Q q 0 0 0 rg BT 271.32 585.25 Td (W) Tj ET Q q 0 0 0 rg BT 279.96 585.25 Td (e ) Tj ET Q q 0 0 0 rg BT 286.21 585.25 Td (retained ) Tj ET Q q 0 0 0 rg BT 320.22 585.25 Td (our ) Tj ET Q q 0 0 0 rg BT 335.35 585.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 368.82 585.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 405.63 585.25 Td (of ) Tj ET Q q 0 0 0 rg BT 415.76 585.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 467.84 585.25 Td (which ) Tj ET Q q 0 0 0 rg BT 494.09 585.25 Td (was ) Tj ET Q q 0 0 0 rg BT 511.45 585.25 Td (substantially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 573.25 Td (monetized ) Tj ET Q q 0 0 0 rg BT 116.77 573.25 Td (over ) Tj ET Q q 0 0 0 rg BT 137.16 573.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.00 573.25 Td (three ) Tj ET Q q 0 0 0 rg BT 174.61 573.25 Td (year ) Tj ET Q q 0 0 0 rg BT 194.43 573.25 Td (period ) Tj ET Q q 0 0 0 rg BT 222.60 573.25 Td (ending ) Tj ET Q q 0 0 0 rg BT 252.44 573.25 Td (December ) Tj ET Q q 0 0 0 rg BT 296.14 573.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 311.27 573.25 Td (2013. ) Tj ET Q q 0 0 0 rg BT 336.39 573.25 Td ( ) Tj ET Q q 0 0 0 rg BT 339.01 573.25 Td (See ) Tj ET Q q 0 0 0 rg BT 356.07 573.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 381.45 573.25 Td (2. ) Tj ET Q q 0 0 0 rg BT 391.57 573.25 Td (Management) Tj ET Q q 0 0 0 rg BT 446.55 573.25 Td (s ) Tj ET Q q 0 0 0 rg BT 453.07 573.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 499.58 573.25 Td (and ) Tj ET Q q 0 0 0 rg BT 516.06 573.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 553.68 573.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 561.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 112.21 561.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 154.72 561.25 Td (and ) Tj ET Q q 0 0 0 rg BT 171.66 561.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 203.60 561.25 Td (of ) Tj ET Q q 0 0 0 rg BT 214.43 561.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 260.81 561.25 Td ( ) Tj ET Q q 0 0 0 rg BT 273.31 561.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 320.24 561.25 Td (and ) Tj ET Q q 0 0 0 rg BT 337.18 561.25 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 378.00 561.25 Td (Banking ) Tj ET Q q 0 0 0 rg BT 414.38 561.25 Td (Revenues.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 540.25 Td (Advisory) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 519.25 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 519.25 Td (e ) Tj ET Q q 0 0 0 rg BT 78.19 519.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 111.86 519.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 149.41 519.25 Td (services ) Tj ET Q q 0 0 0 rg BT 184.74 519.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 225.06 519.25 Td (in ) Tj ET Q q 0 0 0 rg BT 235.96 519.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 282.95 519.25 Td (with ) Tj ET Q q 0 0 0 rg BT 303.84 519.25 Td (mer) Tj ET Q q 0 0 0 rg BT 319.21 519.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 338.99 519.25 Td (and ) Tj ET Q q 0 0 0 rg BT 356.54 519.25 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 409.93 519.25 Td (financings, ) Tj ET Q q 0 0 0 rg BT 457.20 519.25 Td (restructurings, ) Tj ET Q q 0 0 0 rg BT 517.81 519.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.36 519.25 Td (capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 507.25 Td (raisings. ) Tj ET Q q 0 0 0 rg BT 86.15 507.25 Td (For ) Tj ET Q q 0 0 0 rg BT 102.59 507.25 Td (all ) Tj ET Q q 0 0 0 rg BT 115.12 507.25 Td (of ) Tj ET Q q 0 0 0 rg BT 126.00 507.25 Td (our ) Tj ET Q q 0 0 0 rg BT 141.87 507.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 178.85 507.25 Td (services, ) Tj ET Q q 0 0 0 rg BT 216.10 507.25 Td (we ) Tj ET Q q 0 0 0 rg BT 230.30 507.25 Td (draw ) Tj ET Q q 0 0 0 rg BT 252.84 507.25 Td (on ) Tj ET Q q 0 0 0 rg BT 265.38 507.25 Td (the ) Tj ET Q q 0 0 0 rg BT 280.14 507.25 Td (extensive ) Tj ET Q q 0 0 0 rg BT 320.45 507.25 Td (experience, ) Tj ET Q q 0 0 0 rg BT 368.79 507.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 409.09 507.25 Td (relationships ) Tj ET Q q 0 0 0 rg BT 462.73 507.25 Td (and ) Tj ET Q q 0 0 0 rg BT 479.72 507.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 515.04 507.25 Td (expertise ) Tj ET Q q 0 0 0 rg BT 553.67 507.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 495.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.83 495.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 107.76 495.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 145.25 495.25 Td (and ) Tj ET Q q 0 0 0 rg BT 162.19 495.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 189.13 495.25 Td (advisors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 474.25 Td (On ) Tj ET Q q 0 0 0 rg BT 76.28 474.25 Td (mer) Tj ET Q q 0 0 0 rg BT 91.65 474.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 106.48 474.25 Td (and ) Tj ET Q q 0 0 0 rg BT 122.97 474.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 168.92 474.25 Td (engagements, ) Tj ET Q q 0 0 0 rg BT 225.68 474.25 Td (we ) Tj ET Q q 0 0 0 rg BT 239.40 474.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 272.00 474.25 Td (a ) Tj ET Q q 0 0 0 rg BT 278.50 474.25 Td (broad ) Tj ET Q q 0 0 0 rg BT 303.33 474.25 Td (range ) Tj ET Q q 0 0 0 rg BT 327.60 474.25 Td (of ) Tj ET Q q 0 0 0 rg BT 337.99 474.25 Td (advice ) Tj ET Q q 0 0 0 rg BT 366.14 474.25 Td (to ) Tj ET Q q 0 0 0 rg BT 375.98 474.25 Td (global ) Tj ET Q q 0 0 0 rg BT 403.03 474.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 431.19 474.25 Td (in ) Tj ET Q q 0 0 0 rg BT 441.03 474.25 Td (relation ) Tj ET Q q 0 0 0 rg BT 473.63 474.25 Td (to ) Tj ET Q q 0 0 0 rg BT 483.47 474.25 Td (domestic ) Tj ET Q q 0 0 0 rg BT 521.63 474.25 Td (and ) Tj ET Q q 0 0 0 rg BT 538.13 474.25 Td (cross-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 462.25 Td (border ) Tj ET Q q 0 0 0 rg BT 78.35 462.25 Td (mer) Tj ET Q q 0 0 0 rg BT 93.71 462.25 Td (gers, ) Tj ET Q q 0 0 0 rg BT 115.12 462.25 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 167.64 462.25 Td (and ) Tj ET Q q 0 0 0 rg BT 184.33 462.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 214.35 462.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 254.36 462.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 286.03 462.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 317.71 462.25 Td (and ) Tj ET Q q 0 0 0 rg BT 334.40 462.25 Td (are ) Tj ET Q q 0 0 0 rg BT 348.85 462.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 388.30 462.25 Td (involved ) Tj ET Q q 0 0 0 rg BT 425.55 462.25 Td (at ) Tj ET Q q 0 0 0 rg BT 435.01 462.25 Td (each ) Tj ET Q q 0 0 0 rg BT 455.58 462.25 Td (stage ) Tj ET Q q 0 0 0 rg BT 478.37 462.25 Td (of ) Tj ET Q q 0 0 0 rg BT 488.95 462.25 Td (these ) Tj ET Q q 0 0 0 rg BT 511.75 462.25 Td (transactions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 450.25 Td (from ) Tj ET Q q 0 0 0 rg BT 71.30 450.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 96.50 450.25 Td (structuring ) Tj ET Q q 0 0 0 rg BT 141.69 450.25 Td (to ) Tj ET Q q 0 0 0 rg BT 151.33 450.25 Td (final ) Tj ET Q q 0 0 0 rg BT 171.52 450.25 Td (execution. ) Tj ET Q q 0 0 0 rg BT 214.75 450.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 232.17 450.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 255.70 450.25 Td (is ) Tj ET Q q 0 0 0 rg BT 264.23 450.25 Td (on ) Tj ET Q q 0 0 0 rg BT 276.09 450.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 316.84 450.25 Td (high-quality) Tj ET Q q 0 0 0 rg BT 365.08 450.25 Td (, ) Tj ET Q q 0 0 0 rg BT 369.44 450.25 Td (unbiased ) Tj ET Q q 0 0 0 rg BT 406.85 450.25 Td (advice ) Tj ET Q q 0 0 0 rg BT 434.81 450.25 Td (to ) Tj ET Q q 0 0 0 rg BT 444.45 450.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 470.76 450.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 510.93 450.25 Td (management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 438.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.91 438.25 Td (boards ) Tj ET Q q 0 0 0 rg BT 96.05 438.25 Td (of ) Tj ET Q q 0 0 0 rg BT 106.85 438.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 144.31 438.25 Td (of ) Tj ET Q q 0 0 0 rg BT 155.12 438.25 Td (prominent ) Tj ET Q q 0 0 0 rg BT 198.70 438.25 Td (lar) Tj ET Q q 0 0 0 rg BT 209.06 438.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 220.97 438.25 Td (and ) Tj ET Q q 0 0 0 rg BT 237.89 438.25 Td (mid-cap ) Tj ET Q q 0 0 0 rg BT 273.13 438.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 318.36 438.25 Td (and ) Tj ET Q q 0 0 0 rg BT 335.28 438.25 Td (to ) Tj ET Q q 0 0 0 rg BT 345.53 438.25 Td (governments ) Tj ET Q q 0 0 0 rg BT 399.66 438.25 Td (and ) Tj ET Q q 0 0 0 rg BT 416.57 438.25 Td (other ) Tj ET Q q 0 0 0 rg BT 439.59 438.25 Td (institutions ) Tj ET Q q 0 0 0 rg BT 486.52 438.25 Td (in ) Tj ET Q q 0 0 0 rg BT 496.78 438.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 547.01 438.25 Td (that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 426.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 87.28 426.25 Td (are ) Tj ET Q q 0 0 0 rg BT 101.79 426.25 Td (of ) Tj ET Q q 0 0 0 rg BT 112.41 426.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.92 426.25 Td (highest ) Tj ET Q q 0 0 0 rg BT 158.10 426.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 194.27 426.25 Td (and ) Tj ET Q q 0 0 0 rg BT 211.00 426.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 248.27 426.25 Td (importance ) Tj ET Q q 0 0 0 rg BT 295.55 426.25 Td (to ) Tj ET Q q 0 0 0 rg BT 305.62 426.25 Td (our ) Tj ET Q q 0 0 0 rg BT 321.24 426.25 Td (clients. ) Tj ET Q q 0 0 0 rg BT 351.98 426.25 Td (W) Tj ET Q q 0 0 0 rg BT 360.61 426.25 Td (e ) Tj ET Q q 0 0 0 rg BT 367.35 426.25 Td (advise ) Tj ET Q q 0 0 0 rg BT 395.19 426.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 423.58 426.25 Td (on ) Tj ET Q q 0 0 0 rg BT 435.88 426.25 Td (a ) Tj ET Q q 0 0 0 rg BT 442.61 426.25 Td (full ) Tj ET Q q 0 0 0 rg BT 458.79 426.25 Td (range ) Tj ET Q q 0 0 0 rg BT 483.29 426.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.92 426.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 530.08 426.25 Td (matters, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 414.25 Td (including ) Tj ET Q q 0 0 0 rg BT 89.50 414.25 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 141.50 414.25 Td (divestitures, ) Tj ET Q q 0 0 0 rg BT 191.84 414.25 Td (defensive ) Tj ET Q q 0 0 0 rg BT 231.88 414.25 Td (tactics, ) Tj ET Q q 0 0 0 rg BT 261.65 414.25 Td (special ) Tj ET Q q 0 0 0 rg BT 291.14 414.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 335.08 414.25 Td (projects ) Tj ET Q q 0 0 0 rg BT 368.46 414.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.63 414.25 Td (other ) Tj ET Q q 0 0 0 rg BT 406.90 414.25 Td (important ) Tj ET Q q 0 0 0 rg BT 447.51 414.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 487.00 414.25 Td (events. ) Tj ET Q q 0 0 0 rg BT 516.65 414.25 Td (W) Tj ET Q q 0 0 0 rg BT 525.29 414.25 Td (e ) Tj ET Q q 0 0 0 rg BT 531.45 414.25 Td (provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 402.25 Td (advice ) Tj ET Q q 0 0 0 rg BT 80.59 402.25 Td (on ) Tj ET Q q 0 0 0 rg BT 95.09 402.25 Td (valuation, ) Tj ET Q q 0 0 0 rg BT 139.30 402.25 Td (tactics, ) Tj ET Q q 0 0 0 rg BT 171.84 402.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 209.11 402.25 Td (dynamics, ) Tj ET Q q 0 0 0 rg BT 254.43 402.25 Td (structuring ) Tj ET Q q 0 0 0 rg BT 302.26 402.25 Td (alternatives, ) Tj ET Q q 0 0 0 rg BT 355.34 402.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 385.95 402.25 Td (and ) Tj ET Q q 0 0 0 rg BT 404.89 402.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 437.71 402.25 Td (of ) Tj ET Q q 0 0 0 rg BT 450.54 402.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 505.30 402.25 Td (and ) Tj ET Q q 0 0 0 rg BT 524.23 402.25 Td (financing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 390.25 Td (alternatives. ) Tj ET Q q 0 0 0 rg BT 100.91 390.25 Td (Where ) Tj ET Q q 0 0 0 rg BT 130.05 390.25 Td (requested ) Tj ET Q q 0 0 0 rg BT 170.87 390.25 Td (to ) Tj ET Q q 0 0 0 rg BT 181.15 390.25 Td (do ) Tj ET Q q 0 0 0 rg BT 193.65 390.25 Td (so, ) Tj ET Q q 0 0 0 rg BT 207.54 390.25 Td (we ) Tj ET Q q 0 0 0 rg BT 221.70 390.25 Td (may ) Tj ET Q q 0 0 0 rg BT 241.42 390.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 274.46 390.25 Td (an ) Tj ET Q q 0 0 0 rg BT 286.40 390.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 319.46 390.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 360.27 390.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.99 390.25 Td (fairness ) Tj ET Q q 0 0 0 rg BT 408.59 390.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.42 390.25 Td (a ) Tj ET Q q 0 0 0 rg BT 426.36 390.25 Td (transaction.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 369.25 Td (In ) Tj ET Q q 0 0 0 rg BT 74.67 369.25 Td (our ) Tj ET Q q 0 0 0 rg BT 92.33 369.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 134.43 369.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 173.21 369.25 Td (and ) Tj ET Q q 0 0 0 rg BT 191.98 369.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 247.41 369.25 Td (practice, ) Tj ET Q q 0 0 0 rg BT 285.89 369.25 Td (we ) Tj ET Q q 0 0 0 rg BT 301.89 369.25 Td (advise ) Tj ET Q q 0 0 0 rg BT 331.77 369.25 Td (debtors, ) Tj ET Q q 0 0 0 rg BT 368.04 369.25 Td (creditors, ) Tj ET Q q 0 0 0 rg BT 409.87 369.25 Td (governments, ) Tj ET Q q 0 0 0 rg BT 468.36 369.25 Td (other ) Tj ET Q q 0 0 0 rg BT 493.24 369.25 Td (stakeholders ) Tj ET Q q 0 0 0 rg BT 547.56 369.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 357.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 94.93 357.25 Td (experiencing ) Tj ET Q q 0 0 0 rg BT 148.73 357.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 185.87 357.25 Td (distress ) Tj ET Q q 0 0 0 rg BT 218.03 357.25 Td (as ) Tj ET Q q 0 0 0 rg BT 228.53 357.25 Td (well ) Tj ET Q q 0 0 0 rg BT 247.90 357.25 Td (as ) Tj ET Q q 0 0 0 rg BT 258.40 357.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 295.55 357.25 Td (acquirers ) Tj ET Q q 0 0 0 rg BT 334.36 357.25 Td (of ) Tj ET Q q 0 0 0 rg BT 344.85 357.25 Td (distressed ) Tj ET Q q 0 0 0 rg BT 386.45 357.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 431.38 357.25 Td (and ) Tj ET Q q 0 0 0 rg BT 447.98 357.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 475.81 357.25 Td (W) Tj ET Q q 0 0 0 rg BT 484.45 357.25 Td (e ) Tj ET Q q 0 0 0 rg BT 491.05 357.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 523.76 357.25 Td (advice ) Tj ET Q q 0 0 0 rg BT 552.01 357.25 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 345.25 Td (valuation, ) Tj ET Q q 0 0 0 rg BT 92.30 345.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 145.98 345.25 Td (alternatives, ) Tj ET Q q 0 0 0 rg BT 197.16 345.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 226.40 345.25 Td (structures, ) Tj ET Q q 0 0 0 rg BT 270.36 345.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 310.71 345.25 Td (alternatives, ) Tj ET Q q 0 0 0 rg BT 361.89 345.25 Td (and ) Tj ET Q q 0 0 0 rg BT 378.92 345.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 400.94 345.25 Td (or ) Tj ET Q q 0 0 0 rg BT 411.86 345.25 Td (recapitalizations. ) Tj ET Q q 0 0 0 rg BT 482.28 345.25 Td (W) Tj ET Q q 0 0 0 rg BT 490.92 345.25 Td (e ) Tj ET Q q 0 0 0 rg BT 497.95 345.25 Td (also ) Tj ET Q q 0 0 0 rg BT 516.64 345.25 Td (assist ) Tj ET Q q 0 0 0 rg BT 540.90 345.25 Td (those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 333.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 79.36 333.25 Td (who ) Tj ET Q q 0 0 0 rg BT 99.83 333.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 120.85 333.25 Td (court-assisted ) Tj ET Q q 0 0 0 rg BT 179.09 333.25 Td (reor) Tj ET Q q 0 0 0 rg BT 195.01 333.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 243.81 333.25 Td (by ) Tj ET Q q 0 0 0 rg BT 257.06 333.25 Td (developing ) Tj ET Q q 0 0 0 rg BT 304.75 333.25 Td (and ) Tj ET Q q 0 0 0 rg BT 322.44 333.25 Td (seeking ) Tj ET Q q 0 0 0 rg BT 356.24 333.25 Td (approval ) Tj ET Q q 0 0 0 rg BT 394.48 333.25 Td (for ) Tj ET Q q 0 0 0 rg BT 409.39 333.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 433.75 333.25 Td (of ) Tj ET Q q 0 0 0 rg BT 445.34 333.25 Td (reor) Tj ET Q q 0 0 0 rg BT 461.25 333.25 Td (ganization ) Tj ET Q q 0 0 0 rg BT 506.16 333.25 Td (as ) Tj ET Q q 0 0 0 rg BT 517.74 333.25 Td (well ) Tj ET Q q 0 0 0 rg BT 538.21 333.25 Td (as ) Tj ET Q q 0 0 0 rg BT 549.80 333.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 321.25 Td (implementation ) Tj ET Q q 0 0 0 rg BT 115.26 321.25 Td (of ) Tj ET Q q 0 0 0 rg BT 126.09 321.25 Td (such ) Tj ET Q q 0 0 0 rg BT 146.92 321.25 Td (plans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 300.25 Td (In ) Tj ET Q q 0 0 0 rg BT 72.57 300.25 Td (our ) Tj ET Q q 0 0 0 rg BT 88.15 300.25 Td (private ) Tj ET Q q 0 0 0 rg BT 118.15 300.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 147.05 300.25 Td (and ) Tj ET Q q 0 0 0 rg BT 163.73 300.25 Td (real ) Tj ET Q q 0 0 0 rg BT 180.96 300.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 205.97 300.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 234.86 300.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 271.54 300.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 310.18 300.25 Td (we ) Tj ET Q q 0 0 0 rg BT 324.08 300.25 Td (assist ) Tj ET Q q 0 0 0 rg BT 348.00 300.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 368.57 300.25 Td (managers ) Tj ET Q q 0 0 0 rg BT 409.13 300.25 Td (and ) Tj ET Q q 0 0 0 rg BT 425.81 300.25 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 463.06 300.25 Td (in ) Tj ET Q q 0 0 0 rg BT 473.08 300.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 502.54 300.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 531.44 300.25 Td (for ) Tj ET Q q 0 0 0 rg BT 545.34 300.25 Td (new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 288.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 74.23 288.25 Td (and ) Tj ET Q q 0 0 0 rg BT 90.67 288.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 123.22 288.25 Td (related ) Tj ET Q q 0 0 0 rg BT 152.43 288.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 188.88 288.25 Td (services ) Tj ET Q q 0 0 0 rg BT 223.09 288.25 Td (to ) Tj ET Q q 0 0 0 rg BT 232.87 288.25 Td (private ) Tj ET Q q 0 0 0 rg BT 262.64 288.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 289.64 288.25 Td (and ) Tj ET Q q 0 0 0 rg BT 306.09 288.25 Td (real ) Tj ET Q q 0 0 0 rg BT 323.08 288.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 347.85 288.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 372.08 288.25 Td (and ) Tj ET Q q 0 0 0 rg BT 388.52 288.25 Td (other ) Tj ET Q q 0 0 0 rg BT 411.07 288.25 Td (or) Tj ET Q q 0 0 0 rg BT 419.22 288.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 466.77 288.25 Td (globally) Tj ET Q q 0 0 0 rg BT 498.90 288.25 Td (. ) Tj ET Q q 0 0 0 rg BT 503.26 288.25 Td (W) Tj ET Q q 0 0 0 rg BT 511.89 288.25 Td (e ) Tj ET Q q 0 0 0 rg BT 518.34 288.25 Td (also ) Tj ET Q q 0 0 0 rg BT 536.45 288.25 Td (advise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 276.25 Td (on ) Tj ET Q q 0 0 0 rg BT 62.50 276.25 Td (secondary ) Tj ET Q q 0 0 0 rg BT 105.54 276.25 Td (market ) Tj ET Q q 0 0 0 rg BT 135.80 276.25 Td (transactions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 255.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 100.67 255.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 137.65 255.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 179.63 255.25 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.73 255.25 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.06 255.25 Td ( ) Tj ET Q q 0 0 0 rg BT 217.51 255.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.39 255.25 Td (102%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.72 255.25 Td ( ) Tj ET Q q 0 0 0 rg BT 258.17 255.25 Td (\(due ) Tj ET Q q 0 0 0 rg BT 277.38 255.25 Td (to ) Tj ET Q q 0 0 0 rg BT 286.60 255.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 331.93 255.25 Td (losses\) ) Tj ET Q q 0 0 0 rg BT 360.60 255.25 Td (of ) Tj ET Q q 0 0 0 rg BT 370.37 255.25 Td (our ) Tj ET Q q 0 0 0 rg BT 385.15 255.25 Td (total ) Tj ET Q q 0 0 0 rg BT 404.37 255.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 441.35 255.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.57 255.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.57 255.25 Td ( ) Tj ET Q q 0 0 0 rg BT 472.02 255.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.90 255.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.90 255.25 Td (, ) Tj ET Q q 0 0 0 rg BT 511.85 255.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.51 255.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 243.25 Td (Non-U.S.clients ) Tj ET Q q 0 0 0 rg BT 120.25 243.25 Td (are ) Tj ET Q q 0 0 0 rg BT 135.77 243.25 Td (a ) Tj ET Q q 0 0 0 rg BT 143.52 243.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 189.05 243.25 Td (part ) Tj ET Q q 0 0 0 rg BT 207.91 243.25 Td (of ) Tj ET Q q 0 0 0 rg BT 219.55 243.25 Td (our ) Tj ET Q q 0 0 0 rg BT 236.19 243.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 275.90 243.25 Td (generating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.41 243.25 Td (49%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.74 243.25 Td ( ) Tj ET Q q 0 0 0 rg BT 343.06 243.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.81 243.25 Td (42%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.14 243.25 Td ( ) Tj ET Q q 0 0 0 rg BT 382.45 243.25 Td (of ) Tj ET Q q 0 0 0 rg BT 394.09 243.25 Td (our ) Tj ET Q q 0 0 0 rg BT 410.74 243.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 448.49 243.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 487.34 243.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.43 243.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.43 243.25 Td ( ) Tj ET Q q 0 0 0 rg BT 521.74 243.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.49 243.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.49 243.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 231.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 231.25 Td (. ) Tj ET Q q 0 0 0 rg BT 101.83 231.25 Td (W) Tj ET Q q 0 0 0 rg BT 110.47 231.25 Td (e ) Tj ET Q q 0 0 0 rg BT 116.71 231.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 152.37 231.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 189.71 231.25 Td (from ) Tj ET Q q 0 0 0 rg BT 210.95 231.25 Td (our ) Tj ET Q q 0 0 0 rg BT 226.09 231.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 262.33 231.25 Td (services ) Tj ET Q q 0 0 0 rg BT 296.33 231.25 Td (by ) Tj ET Q q 0 0 0 rg BT 308.14 231.25 Td (char) Tj ET Q q 0 0 0 rg BT 325.16 231.25 Td (ging ) Tj ET Q q 0 0 0 rg BT 344.74 231.25 Td (our ) Tj ET Q q 0 0 0 rg BT 359.87 231.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 387.78 231.25 Td (fees. ) Tj ET Q q 0 0 0 rg BT 408.05 231.25 Td (While ) Tj ET Q q 0 0 0 rg BT 434.29 231.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 452.19 231.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 485.08 231.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 506.88 231.25 Td (the ) Tj ET Q q 0 0 0 rg BT 520.90 231.25 Td (successful ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 219.25 Td (conclusion ) Tj ET Q q 0 0 0 rg BT 95.54 219.25 Td (of ) Tj ET Q q 0 0 0 rg BT 106.09 219.25 Td (a ) Tj ET Q q 0 0 0 rg BT 112.74 219.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 158.83 219.25 Td (or ) Tj ET Q q 0 0 0 rg BT 169.38 219.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 200.48 219.25 Td (of ) Tj ET Q q 0 0 0 rg BT 211.02 219.25 Td (a ) Tj ET Q q 0 0 0 rg BT 217.68 219.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 238.22 219.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 277.64 219.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 316.50 219.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.94 219.25 Td (lar) Tj ET Q q 0 0 0 rg BT 341.30 219.25 Td (gest ) Tj ET Q q 0 0 0 rg BT 359.63 219.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 390.73 219.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.27 219.25 Td (our ) Tj ET Q q 0 0 0 rg BT 416.82 219.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 453.47 219.25 Td (fees, ) Tj ET Q q 0 0 0 rg BT 474.29 219.25 Td (we ) Tj ET Q q 0 0 0 rg BT 488.17 219.25 Td (also ) Tj ET Q q 0 0 0 rg BT 506.49 219.25 Td (earn ) Tj ET Q q 0 0 0 rg BT 525.91 219.25 Td (on-going ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 207.25 Td (retainer ) Tj ET Q q 0 0 0 rg BT 83.53 207.25 Td (fees, ) Tj ET Q q 0 0 0 rg BT 105.13 207.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 158.68 207.25 Td (all ) Tj ET Q q 0 0 0 rg BT 171.68 207.25 Td (of ) Tj ET Q q 0 0 0 rg BT 183.01 207.25 Td (which ) Tj ET Q q 0 0 0 rg BT 210.45 207.25 Td (relate ) Tj ET Q q 0 0 0 rg BT 235.65 207.25 Td (to ) Tj ET Q q 0 0 0 rg BT 246.43 207.25 Td (non-success ) Tj ET Q q 0 0 0 rg BT 297.75 207.25 Td (based ) Tj ET Q q 0 0 0 rg BT 323.52 207.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 360.39 207.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 397.83 207.25 Td (and ) Tj ET Q q 0 0 0 rg BT 415.27 207.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 456.04 207.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 493.47 207.25 Td (and ) Tj ET Q q 0 0 0 rg BT 510.91 207.25 Td (restructuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 195.25 Td (assignments, ) Tj ET Q q 0 0 0 rg BT 104.16 195.25 Td (and ) Tj ET Q q 0 0 0 rg BT 121.38 195.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 140.25 195.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 174.12 195.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 196.89 195.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.88 195.25 Td (commencement ) Tj ET Q q 0 0 0 rg BT 277.96 195.25 Td (of ) Tj ET Q q 0 0 0 rg BT 289.07 195.25 Td (an ) Tj ET Q q 0 0 0 rg BT 301.28 195.25 Td (engagement ) Tj ET Q q 0 0 0 rg BT 352.37 195.25 Td (or ) Tj ET Q q 0 0 0 rg BT 363.47 195.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 386.25 195.25 Td (the ) Tj ET Q q 0 0 0 rg BT 401.24 195.25 Td (achievement ) Tj ET Q q 0 0 0 rg BT 454.54 195.25 Td (of ) Tj ET Q q 0 0 0 rg BT 465.65 195.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 495.62 195.25 Td (milestones, ) Tj ET Q q 0 0 0 rg BT 543.67 195.25 Td (such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 183.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.59 183.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.06 183.25 Td (announcement ) Tj ET Q q 0 0 0 rg BT 135.63 183.25 Td (of ) Tj ET Q q 0 0 0 rg BT 146.22 183.25 Td (a ) Tj ET Q q 0 0 0 rg BT 152.91 183.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 199.04 183.25 Td (or ) Tj ET Q q 0 0 0 rg BT 209.63 183.25 Td (the ) Tj ET Q q 0 0 0 rg BT 224.10 183.25 Td (rendering ) Tj ET Q q 0 0 0 rg BT 264.68 183.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.26 183.25 Td (a ) Tj ET Q q 0 0 0 rg BT 281.96 183.25 Td (fairness ) Tj ET Q q 0 0 0 rg BT 315.32 183.25 Td (opinion. ) Tj ET Q q 0 0 0 rg BT 350.63 183.25 Td ( ) Tj ET Q q 0 0 0 rg BT 352.89 183.25 Td (In ) Tj ET Q q 0 0 0 rg BT 363.47 183.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 401.00 183.25 Td (in ) Tj ET Q q 0 0 0 rg BT 411.04 183.25 Td (our ) Tj ET Q q 0 0 0 rg BT 426.63 183.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 455.54 183.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 492.23 183.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 530.88 183.25 Td (we ) Tj ET Q q 0 0 0 rg BT 544.80 183.25 Td (earn ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 171.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 87.47 171.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 106.59 171.25 Td (based ) Tj ET Q q 0 0 0 rg BT 132.39 171.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 155.42 171.25 Td (a ) Tj ET Q q 0 0 0 rg BT 162.89 171.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 209.22 171.25 Td (of ) Tj ET Q q 0 0 0 rg BT 220.58 171.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 250.26 171.25 Td (committed ) Tj ET Q q 0 0 0 rg BT 296.05 171.25 Td (to ) Tj ET Q q 0 0 0 rg BT 306.86 171.25 Td (the ) Tj ET Q q 0 0 0 rg BT 322.11 171.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 343.46 171.25 Td (at ) Tj ET Q q 0 0 0 rg BT 353.71 171.25 Td (each ) Tj ET Q q 0 0 0 rg BT 375.05 171.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 406.97 171.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 438.88 171.25 Td (and ) Tj ET Q q 0 0 0 rg BT 456.35 171.25 Td (at ) Tj ET Q q 0 0 0 rg BT 466.59 171.25 Td (the ) Tj ET Q q 0 0 0 rg BT 481.84 171.25 Td (final ) Tj ET Q q 0 0 0 rg BT 503.19 171.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 535.11 171.25 Td (for ) Tj ET Q q 0 0 0 rg BT 549.80 171.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 159.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.50 159.25 Td (of ) Tj ET Q q 0 0 0 rg BT 93.33 159.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 122.48 159.25 Td (committed ) Tj ET Q q 0 0 0 rg BT 167.74 159.25 Td (since ) Tj ET Q q 0 0 0 rg BT 190.79 159.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.51 159.25 Td (last ) Tj ET Q q 0 0 0 rg BT 221.89 159.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 253.28 159.25 Td (closing.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Investment and Mer) Tj ET Q q 0 0 0 rg BT 137.03 742.25 Td (chant Banking Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 721.25 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 721.25 Td (e ) Tj ET Q q 0 0 0 rg BT 77.39 721.25 Td (exited ) Tj ET Q q 0 0 0 rg BT 104.13 721.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.66 721.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 158.17 721.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 192.69 721.25 Td (business ) Tj ET Q q 0 0 0 rg BT 228.89 721.25 Td (on ) Tj ET Q q 0 0 0 rg BT 241.20 721.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 299.60 721.25 Td (2010. ) Tj ET Q q 0 0 0 rg BT 324.41 721.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 346.72 721.25 Td (to ) Tj ET Q q 0 0 0 rg BT 356.80 721.25 Td (that ) Tj ET Q q 0 0 0 rg BT 374.11 721.25 Td (time, ) Tj ET Q q 0 0 0 rg BT 396.69 721.25 Td (our ) Tj ET Q q 0 0 0 rg BT 412.33 721.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 451.84 721.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 486.37 721.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 524.78 721.25 Td (consisted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 90.20 709.25 Td (of ) Tj ET Q q 0 0 0 rg BT 101.52 709.25 Td (management ) Tj ET Q q 0 0 0 rg BT 155.60 709.25 Td (of ) Tj ET Q q 0 0 0 rg BT 166.92 709.25 Td (and ) Tj ET Q q 0 0 0 rg BT 184.35 709.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 231.23 709.25 Td (in ) Tj ET Q q 0 0 0 rg BT 241.99 709.25 Td (Greenhill) Tj ET Q q 0 0 0 rg BT 282.54 709.25 Td (s ) Tj ET Q q 0 0 0 rg BT 289.42 709.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 329.61 709.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 364.82 709.25 Td (funds, ) Tj ET Q q 0 0 0 rg BT 392.53 709.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 433.29 709.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 465.16 709.25 Td (Partners ) Tj ET Q q 0 0 0 rg BT 500.92 709.25 Td (I ) Tj ET Q q 0 0 0 rg BT 507.24 709.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 521.89 709.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 545.41 709.25 Td ( ) Tj ET Q q 0 0 0 rg BT 548.40 709.25 Td (I\), ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 69.08 697.25 Td ( ) Tj ET Q q 0 0 0 rg BT 71.80 697.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 83.68 697.25 Td (GSA) Tj ET Q q 0 0 0 rg BT 102.40 697.25 Td (VP) Tj ET Q q 0 0 0 rg BT 114.81 697.25 Td ( ) Tj ET Q q 0 0 0 rg BT 117.53 697.25 Td (and ) Tj ET Q q 0 0 0 rg BT 134.69 697.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 153.78 697.25 Td ( ) Tj ET Q q 0 0 0 rg BT 156.50 697.25 Td (Europe, ) Tj ET Q q 0 0 0 rg BT 190.59 697.25 Td (which ) Tj ET Q q 0 0 0 rg BT 217.75 697.25 Td (are ) Tj ET Q q 0 0 0 rg BT 232.68 697.25 Td (families ) Tj ET Q q 0 0 0 rg BT 267.62 697.25 Td (of ) Tj ET Q q 0 0 0 rg BT 278.67 697.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 318.59 697.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 353.53 697.25 Td (funds. ) Tj ET Q q 0 0 0 rg BT 380.37 697.25 Td (At ) Tj ET Q q 0 0 0 rg BT 393.09 697.25 Td (the ) Tj ET Q q 0 0 0 rg BT 408.03 697.25 Td (time ) Tj ET Q q 0 0 0 rg BT 428.52 697.25 Td (of ) Tj ET Q q 0 0 0 rg BT 439.58 697.25 Td (our ) Tj ET Q q 0 0 0 rg BT 455.63 697.25 Td (exit, ) Tj ET Q q 0 0 0 rg BT 475.84 697.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 494.93 697.25 Td ( ) Tj ET Q q 0 0 0 rg BT 497.65 697.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 529.25 697.25 Td (Partners ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 89.12 685.25 Td (LLC ) Tj ET Q q 0 0 0 rg BT 110.45 685.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 124.56 685.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 148.08 685.25 Td ( ) Tj ET Q q 0 0 0 rg BT 150.53 685.25 Td (Capital\), ) Tj ET Q q 0 0 0 rg BT 192.13 685.25 Td (an ) Tj ET Q q 0 0 0 rg BT 204.02 685.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 229.24 685.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 275.01 685.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 304.12 685.25 Td (by ) Tj ET Q q 0 0 0 rg BT 316.57 685.25 Td (former ) Tj ET Q q 0 0 0 rg BT 346.22 685.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 386.44 685.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 431.65 685.25 Td (and ) Tj ET Q q 0 0 0 rg BT 448.54 685.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 499.86 685.25 Td (from ) Tj ET Q q 0 0 0 rg BT 521.74 685.25 Td (Greenhill, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (took ) Tj ET Q q 0 0 0 rg BT 70.28 673.25 Td (over ) Tj ET Q q 0 0 0 rg BT 90.55 673.25 Td (the ) Tj ET Q q 0 0 0 rg BT 105.26 673.25 Td (management ) Tj ET Q q 0 0 0 rg BT 158.85 673.25 Td (of ) Tj ET Q q 0 0 0 rg BT 169.68 673.25 Td (our ) Tj ET Q q 0 0 0 rg BT 185.51 673.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 225.21 673.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 259.93 673.25 Td (funds. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 652.25 Td (Since ) Tj ET Q q 0 0 0 rg BT 86.42 652.25 Td (our ) Tj ET Q q 0 0 0 rg BT 101.95 652.25 Td (exit ) Tj ET Q q 0 0 0 rg BT 119.14 652.25 Td (from ) Tj ET Q q 0 0 0 rg BT 140.78 652.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.20 652.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 194.60 652.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 229.01 652.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 267.61 652.25 Td (we ) Tj ET Q q 0 0 0 rg BT 281.47 652.25 Td (have ) Tj ET Q q 0 0 0 rg BT 302.54 652.25 Td (sought ) Tj ET Q q 0 0 0 rg BT 331.41 652.25 Td (to ) Tj ET Q q 0 0 0 rg BT 341.39 652.25 Td (realize ) Tj ET Q q 0 0 0 rg BT 370.23 652.25 Td (value ) Tj ET Q q 0 0 0 rg BT 394.08 652.25 Td (from ) Tj ET Q q 0 0 0 rg BT 415.72 652.25 Td (our ) Tj ET Q q 0 0 0 rg BT 431.25 652.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 473.99 652.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 511.74 652.25 Td (investments, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (which ) Tj ET Q q 0 0 0 rg BT 77.36 640.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 123.60 640.25 Td (consisted ) Tj ET Q q 0 0 0 rg BT 163.74 640.25 Td (of ) Tj ET Q q 0 0 0 rg BT 175.00 640.25 Td (our ) Tj ET Q q 0 0 0 rg BT 191.25 640.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 241.94 640.25 Td (in ) Tj ET Q q 0 0 0 rg BT 252.64 640.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 297.78 640.25 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 341.26 640.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 381.38 640.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 416.52 640.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 441.67 640.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.03 640.25 Td (Iridium. ) Tj ET Q q 0 0 0 rg BT 494.44 640.25 Td (In ) Tj ET Q q 0 0 0 rg BT 505.70 640.25 Td (201) Tj ET Q q 0 0 0 rg BT 520.32 640.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 530.75 640.25 Td (we ) Tj ET Q q 0 0 0 rg BT 545.33 640.25 Td (sold ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 102.42 628.25 Td (all ) Tj ET Q q 0 0 0 rg BT 114.28 628.25 Td (of ) Tj ET Q q 0 0 0 rg BT 124.48 628.25 Td (our ) Tj ET Q q 0 0 0 rg BT 139.67 628.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 174.87 628.25 Td (in ) Tj ET Q q 0 0 0 rg BT 184.51 628.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 203.59 628.25 Td ( ) Tj ET Q q 0 0 0 rg BT 205.46 628.25 Td (II ) Tj ET Q q 0 0 0 rg BT 213.99 628.25 Td (to ) Tj ET Q q 0 0 0 rg BT 223.63 628.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 252.70 628.25 Td (unaf) Tj ET Q q 0 0 0 rg BT 270.29 628.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 300.48 628.25 Td (third ) Tj ET Q q 0 0 0 rg BT 321.23 628.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 349.75 628.25 Td (and ) Tj ET Q q 0 0 0 rg BT 366.06 628.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 395.12 628.25 Td (principals ) Tj ET Q q 0 0 0 rg BT 436.42 628.25 Td (of ) Tj ET Q q 0 0 0 rg BT 446.62 628.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 465.70 628.25 Td ( ) Tj ET Q q 0 0 0 rg BT 467.57 628.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 498.32 628.25 Td (for ) Tj ET Q q 0 0 0 rg BT 511.85 628.25 Td (an ) Tj ET Q q 0 0 0 rg BT 523.15 628.25 Td (aggregate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 83.07 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 94.48 616.25 Td ($44.8 ) Tj ET Q q 0 0 0 rg BT 120.05 616.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 154.52 616.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 185.92 616.25 Td (to ) Tj ET Q q 0 0 0 rg BT 196.77 616.25 Td (put ) Tj ET Q q 0 0 0 rg BT 212.63 616.25 Td (options ) Tj ET Q q 0 0 0 rg BT 245.15 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.55 616.25 Td ($15.6 ) Tj ET Q q 0 0 0 rg BT 282.13 616.25 Td (million. ) Tj ET Q q 0 0 0 rg BT 316.60 616.25 Td ( ) Tj ET Q q 0 0 0 rg BT 319.67 616.25 Td (In ) Tj ET Q q 0 0 0 rg BT 331.08 616.25 Td (December ) Tj ET Q q 0 0 0 rg BT 375.24 616.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 400.81 616.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 454.44 616.25 Td (all ) Tj ET Q q 0 0 0 rg BT 467.51 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.91 616.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.21 616.25 Td (put ) Tj ET Q q 0 0 0 rg BT 510.06 616.25 Td (options ) Tj ET Q q 0 0 0 rg BT 542.58 616.25 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (exercised ) Tj ET Q q 0 0 0 rg BT 90.61 604.25 Td (and ) Tj ET Q q 0 0 0 rg BT 107.90 604.25 Td (we ) Tj ET Q q 0 0 0 rg BT 122.41 604.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 142.48 604.25 Td ($15.5 ) Tj ET Q q 0 0 0 rg BT 167.83 604.25 Td (million ) Tj ET Q q 0 0 0 rg BT 199.58 604.25 Td (to ) Tj ET Q q 0 0 0 rg BT 210.21 604.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 242.49 604.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 278.67 604.25 Td (in ) Tj ET Q q 0 0 0 rg BT 289.30 604.25 Td (two ) Tj ET Q q 0 0 0 rg BT 307.15 604.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 345.00 604.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 390.61 604.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.80 604.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 420.88 604.25 Td ( ) Tj ET Q q 0 0 0 rg BT 423.73 604.25 Td (II. ) Tj ET Q q 0 0 0 rg BT 435.54 604.25 Td (W) Tj ET Q q 0 0 0 rg BT 444.18 604.25 Td (e ) Tj ET Q q 0 0 0 rg BT 451.47 604.25 Td (also ) Tj ET Q q 0 0 0 rg BT 470.43 604.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 489.95 604.25 Td (in ) Tj ET Q q 0 0 0 rg BT 500.58 604.25 Td (201) Tj ET Q q 0 0 0 rg BT 515.21 604.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 523.07 604.25 Td (our ) Tj ET Q q 0 0 0 rg BT 539.25 604.25 Td (entire ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 82.37 592.25 Td (in ) Tj ET Q q 0 0 0 rg BT 93.08 592.25 Td (GSA) Tj ET Q q 0 0 0 rg BT 111.80 592.25 Td (VP) Tj ET Q q 0 0 0 rg BT 124.21 592.25 Td ( ) Tj ET Q q 0 0 0 rg BT 127.15 592.25 Td (to ) Tj ET Q q 0 0 0 rg BT 137.86 592.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 168.00 592.25 Td (unaf) Tj ET Q q 0 0 0 rg BT 185.59 592.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 216.84 592.25 Td (third ) Tj ET Q q 0 0 0 rg BT 238.67 592.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 268.26 592.25 Td (for ) Tj ET Q q 0 0 0 rg BT 282.85 592.25 Td ($4.6 ) Tj ET Q q 0 0 0 rg BT 303.29 592.25 Td (million. ) Tj ET Q q 0 0 0 rg BT 337.62 592.25 Td ( ) Tj ET Q q 0 0 0 rg BT 340.55 592.25 Td (In ) Tj ET Q q 0 0 0 rg BT 351.82 592.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 377.26 592.25 Td (we ) Tj ET Q q 0 0 0 rg BT 391.85 592.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 411.46 592.25 Td (our ) Tj ET Q q 0 0 0 rg BT 427.73 592.25 Td (entire ) Tj ET Q q 0 0 0 rg BT 453.42 592.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 485.79 592.25 Td (in ) Tj ET Q q 0 0 0 rg BT 496.51 592.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 515.59 592.25 Td ( ) Tj ET Q q 0 0 0 rg BT 518.53 592.25 Td (Europe ) Tj ET Q q 0 0 0 rg BT 550.34 592.25 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 88.31 580.25 Td (of ) Tj ET Q q 0 0 0 rg BT 99.42 580.25 Td ($27.2 ) Tj ET Q q 0 0 0 rg BT 124.69 580.25 Td (million. ) Tj ET Q q 0 0 0 rg BT 158.86 580.25 Td ( ) Tj ET Q q 0 0 0 rg BT 161.64 580.25 Td (In ) Tj ET Q q 0 0 0 rg BT 172.74 580.25 Td (July ) Tj ET Q q 0 0 0 rg BT 192.19 580.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 217.47 580.25 Td (we ) Tj ET Q q 0 0 0 rg BT 231.90 580.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 251.35 580.25 Td (our ) Tj ET Q q 0 0 0 rg BT 267.45 580.25 Td (entire ) Tj ET Q q 0 0 0 rg BT 292.99 580.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 339.65 580.25 Td (in ) Tj ET Q q 0 0 0 rg BT 350.21 580.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 369.29 580.25 Td ( ) Tj ET Q q 0 0 0 rg BT 372.06 580.25 Td (III ) Tj ET Q q 0 0 0 rg BT 384.83 580.25 Td (for ) Tj ET Q q 0 0 0 rg BT 399.27 580.25 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 419.54 580.25 Td (million. ) Tj ET Q q 0 0 0 rg BT 453.71 580.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 472.04 580.25 Td (stakes ) Tj ET Q q 0 0 0 rg BT 499.25 580.25 Td (in ) Tj ET Q q 0 0 0 rg BT 509.80 580.25 Td (the ) Tj ET Q q 0 0 0 rg BT 524.80 580.25 Td (merchant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 84.52 568.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 109.05 568.25 Td (were ) Tj ET Q q 0 0 0 rg BT 130.79 568.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 149.76 568.25 Td (for ) Tj ET Q q 0 0 0 rg BT 163.73 568.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.25 568.25 Td (book ) Tj ET Q q 0 0 0 rg BT 200.56 568.25 Td (value ) Tj ET Q q 0 0 0 rg BT 224.52 568.25 Td (of ) Tj ET Q q 0 0 0 rg BT 235.15 568.25 Td (each ) Tj ET Q q 0 0 0 rg BT 255.78 568.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 301.96 568.25 Td (except ) Tj ET Q q 0 0 0 rg BT 330.36 568.25 Td (for ) Tj ET Q q 0 0 0 rg BT 344.33 568.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 363.41 568.25 Td ( ) Tj ET Q q 0 0 0 rg BT 365.72 568.25 Td (Europe, ) Tj ET Q q 0 0 0 rg BT 399.40 568.25 Td (which ) Tj ET Q q 0 0 0 rg BT 426.15 568.25 Td (was ) Tj ET Q q 0 0 0 rg BT 444.00 568.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 462.98 568.25 Td (for ) Tj ET Q q 0 0 0 rg BT 476.95 568.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 537.01 568.25 Td (ninety ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 81.08 556.25 Td (of ) Tj ET Q q 0 0 0 rg BT 91.06 556.25 Td (book ) Tj ET Q q 0 0 0 rg BT 112.71 556.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 138.15 556.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.80 556.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 207.54 556.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.54 556.25 Td (, ) Tj ET Q q 0 0 0 rg BT 231.69 556.25 Td (we ) Tj ET Q q 0 0 0 rg BT 245.00 556.25 Td (have ) Tj ET Q q 0 0 0 rg BT 265.53 556.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 307.73 556.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 357.15 556.25 Td (in ) Tj ET Q q 0 0 0 rg BT 366.58 556.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 410.45 556.25 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 452.65 556.25 Td (and ) Tj ET Q q 0 0 0 rg BT 468.74 556.25 Td (other ) Tj ET Q q 0 0 0 rg BT 490.94 556.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 529.80 556.25 Td (banking ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 74.72 544.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.55 544.25 Td ($1) Tj ET Q q 0 0 0 rg BT 95.18 544.25 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 110.18 544.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.07 544.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 523.25 Td (In ) Tj ET Q q 0 0 0 rg BT 72.58 523.25 Td (October ) Tj ET Q q 0 0 0 rg BT 107.03 523.25 Td (201) Tj ET Q q 0 0 0 rg BT 121.66 523.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 131.40 523.25 Td (we ) Tj ET Q q 0 0 0 rg BT 145.31 523.25 Td (initiated ) Tj ET Q q 0 0 0 rg BT 180.32 523.25 Td (a ) Tj ET Q q 0 0 0 rg BT 187.00 523.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 208.69 523.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 228.15 523.25 Td (to ) Tj ET Q q 0 0 0 rg BT 238.17 523.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 254.30 523.25 Td (our ) Tj ET Q q 0 0 0 rg BT 269.88 523.25 Td (entire ) Tj ET Q q 0 0 0 rg BT 294.89 523.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 326.57 523.25 Td (in ) Tj ET Q q 0 0 0 rg BT 336.59 523.25 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 368.83 523.25 Td (over ) Tj ET Q q 0 0 0 rg BT 388.84 523.25 Td (a ) Tj ET Q q 0 0 0 rg BT 395.53 523.25 Td (period ) Tj ET Q q 0 0 0 rg BT 423.32 523.25 Td (of ) Tj ET Q q 0 0 0 rg BT 433.90 523.25 Td (two ) Tj ET Q q 0 0 0 rg BT 451.14 523.25 Td (or ) Tj ET Q q 0 0 0 rg BT 461.72 523.25 Td (more ) Tj ET Q q 0 0 0 rg BT 484.51 523.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 510.35 523.25 Td (In ) Tj ET Q q 0 0 0 rg BT 520.93 523.25 Td (December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 75.31 511.25 Td (we ) Tj ET Q q 0 0 0 rg BT 89.79 511.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 134.25 511.25 Td (the ) Tj ET Q q 0 0 0 rg BT 149.28 511.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 167.64 511.25 Td (of ) Tj ET Q q 0 0 0 rg BT 178.78 511.25 Td (our ) Tj ET Q q 0 0 0 rg BT 194.92 511.25 Td (entire ) Tj ET Q q 0 0 0 rg BT 220.50 511.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 252.74 511.25 Td (in ) Tj ET Q q 0 0 0 rg BT 263.33 511.25 Td (Iridium. ) Tj ET Q q 0 0 0 rg BT 298.64 511.25 Td ( ) Tj ET Q q 0 0 0 rg BT 301.46 511.25 Td (Over ) Tj ET Q q 0 0 0 rg BT 324.26 511.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.29 511.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 357.65 511.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 388.51 511.25 Td (we ) Tj ET Q q 0 0 0 rg BT 402.98 511.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 422.46 511.25 Td (our ) Tj ET Q q 0 0 0 rg BT 438.60 511.25 Td (entire ) Tj ET Q q 0 0 0 rg BT 464.18 511.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 510.87 511.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.02 511.25 Td (9,804,016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.02 511.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.49 499.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.32 499.25 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 120.82 499.25 Td (common ) Tj ET Q q 0 0 0 rg BT 158.31 499.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 181.92 499.25 Td (for ) Tj ET Q q 0 0 0 rg BT 196.08 499.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 234.12 499.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.95 499.25 Td ($70.5 ) Tj ET Q q 0 0 0 rg BT 269.95 499.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.84 499.25 Td (. ) Tj ET Q q 0 0 0 rg BT 303.84 499.25 Td ( ) Tj ET Q q 0 0 0 rg BT 306.34 499.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 478.25 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 107.33 478.25 Td (in ) Tj ET Q q 0 0 0 rg BT 118.77 478.25 Td (201) Tj ET Q q 0 0 0 rg BT 133.40 478.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 144.57 478.25 Td (as ) Tj ET Q q 0 0 0 rg BT 156.56 478.25 Td (a ) Tj ET Q q 0 0 0 rg BT 164.66 478.25 Td (result ) Tj ET Q q 0 0 0 rg BT 190.54 478.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.54 478.25 Td (our ) Tj ET Q q 0 0 0 rg BT 219.53 478.25 Td (exit ) Tj ET Q q 0 0 0 rg BT 238.19 478.25 Td (from ) Tj ET Q q 0 0 0 rg BT 261.30 478.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.18 478.25 Td (management ) Tj ET Q q 0 0 0 rg BT 331.93 478.25 Td (of ) Tj ET Q q 0 0 0 rg BT 343.93 478.25 Td (the ) Tj ET Q q 0 0 0 rg BT 359.81 478.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 400.67 478.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 436.56 478.25 Td (funds, ) Tj ET Q q 0 0 0 rg BT 464.94 478.25 Td (we ) Tj ET Q q 0 0 0 rg BT 480.27 478.25 Td (no ) Tj ET Q q 0 0 0 rg BT 493.93 478.25 Td (longer ) Tj ET Q q 0 0 0 rg BT 523.14 478.25 Td (generated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (management ) Tj ET Q q 0 0 0 rg BT 104.01 466.25 Td (fees. ) Tj ET Q q 0 0 0 rg BT 125.53 466.25 Td (Since ) Tj ET Q q 0 0 0 rg BT 150.66 466.25 Td (2010, ) Tj ET Q q 0 0 0 rg BT 176.08 466.25 Td (our ) Tj ET Q q 0 0 0 rg BT 192.33 466.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 239.14 466.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 277.59 466.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 308.29 466.25 Td (entirely ) Tj ET Q q 0 0 0 rg BT 341.75 466.25 Td (of ) Tj ET Q q 0 0 0 rg BT 353.00 466.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 377.03 466.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 391.61 466.25 Td (losses\) ) Tj ET Q q 0 0 0 rg BT 421.75 466.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 456.31 466.25 Td (on ) Tj ET Q q 0 0 0 rg BT 469.23 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 484.37 466.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 502.84 466.25 Td (of ) Tj ET Q q 0 0 0 rg BT 514.09 466.25 Td (our ) Tj ET Q q 0 0 0 rg BT 530.34 466.25 Td (existing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 100.61 454.25 Td (in ) Tj ET Q q 0 0 0 rg BT 111.22 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.27 454.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 166.30 454.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 201.35 454.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 226.41 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.68 454.25 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 276.51 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.78 454.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 328.82 454.25 Td (in ) Tj ET Q q 0 0 0 rg BT 339.44 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 354.49 454.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 398.96 454.25 Td (value ) Tj ET Q q 0 0 0 rg BT 423.45 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 434.61 454.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 475.77 454.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 492.48 454.25 Td (market ) Tj ET Q q 0 0 0 rg BT 523.07 454.25 Td (value ) Tj ET Q q 0 0 0 rg BT 547.56 454.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 79.71 442.25 Td (values ) Tj ET Q q 0 0 0 rg BT 107.76 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.59 442.25 Td (such ) Tj ET Q q 0 0 0 rg BT 139.41 442.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 192.19 442.25 Td ( ) Tj ET Q q 0 0 0 rg BT 194.68 442.25 Td (During ) Tj ET Q q 0 0 0 rg BT 225.51 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 240.22 442.25 Td (years ) Tj ET Q q 0 0 0 rg BT 263.82 442.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 290.20 442.25 Td (December ) Tj ET Q q 0 0 0 rg BT 333.78 442.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 348.77 442.25 Td (2010 ) Tj ET Q q 0 0 0 rg BT 371.27 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 388.21 442.25 Td (2009, ) Tj ET Q q 0 0 0 rg BT 413.21 442.25 Td (we ) Tj ET Q q 0 0 0 rg BT 427.36 442.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 456.51 442.25 Td (management ) Tj ET Q q 0 0 0 rg BT 510.09 442.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 528.69 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 539.52 442.25 Td ($12.9 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (million ) Tj ET Q q 0 0 0 rg BT 81.28 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 98.12 430.25 Td ($17.4 ) Tj ET Q q 0 0 0 rg BT 123.01 430.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 156.79 430.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 204.45 430.25 Td (. ) Tj ET Q q 0 0 0 rg BT 209.35 430.25 Td ( ) Tj ET Q q 0 0 0 rg BT 211.21 430.25 Td (As ) Tj ET Q q 0 0 0 rg BT 224.72 430.25 Td (a ) Tj ET Q q 0 0 0 rg BT 231.55 430.25 Td (result ) Tj ET Q q 0 0 0 rg BT 256.16 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.88 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 281.49 430.25 Td (monetization ) Tj ET Q q 0 0 0 rg BT 336.09 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 346.81 430.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 399.76 430.25 Td (all ) Tj ET Q q 0 0 0 rg BT 412.14 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.87 430.25 Td (our ) Tj ET Q q 0 0 0 rg BT 438.59 430.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 488.75 430.25 Td (over ) Tj ET Q q 0 0 0 rg BT 508.92 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.52 430.25 Td (past ) Tj ET Q q 0 0 0 rg BT 542.03 430.25 Td (three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (years, ) Tj ET Q q 0 0 0 rg BT 76.10 418.25 Td (we ) Tj ET Q q 0 0 0 rg BT 90.26 418.25 Td (do ) Tj ET Q q 0 0 0 rg BT 102.76 418.25 Td (not ) Tj ET Q q 0 0 0 rg BT 118.04 418.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 146.63 418.25 Td (to ) Tj ET Q q 0 0 0 rg BT 156.91 418.25 Td (report ) Tj ET Q q 0 0 0 rg BT 183.29 418.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 228.00 418.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 274.38 418.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 312.42 418.25 Td (in ) Tj ET Q q 0 0 0 rg BT 322.70 418.25 Td (future ) Tj ET Q q 0 0 0 rg BT 349.07 418.25 Td (periods.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 397.25 Td (Employees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 376.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 80.57 376.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 123.02 376.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 161.02 376.25 Td (and ) Tj ET Q q 0 0 0 rg BT 178.48 376.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 205.93 376.25 Td (advisors ) Tj ET Q q 0 0 0 rg BT 242.28 376.25 Td (average ) Tj ET Q q 0 0 0 rg BT 276.38 376.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 337.15 376.25 Td (25 ) Tj ET Q q 0 0 0 rg BT 350.17 376.25 Td (years ) Tj ET Q q 0 0 0 rg BT 374.29 376.25 Td (of ) Tj ET Q q 0 0 0 rg BT 385.63 376.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 420.85 376.25 Td (experience, ) Tj ET Q q 0 0 0 rg BT 469.67 376.25 Td (which ) Tj ET Q q 0 0 0 rg BT 497.12 376.25 Td (they ) Tj ET Q q 0 0 0 rg BT 517.36 376.25 Td (leverage ) Tj ET Q q 0 0 0 rg BT 554.24 376.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (advise ) Tj ET Q q 0 0 0 rg BT 77.68 364.25 Td (on ) Tj ET Q q 0 0 0 rg BT 89.81 364.25 Td (mer) Tj ET Q q 0 0 0 rg BT 105.18 364.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 123.97 364.25 Td (and ) Tj ET Q q 0 0 0 rg BT 140.54 364.25 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 192.95 364.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 232.85 364.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 269.42 364.25 Td (and ) Tj ET Q q 0 0 0 rg BT 285.99 364.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 339.21 364.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 391.61 364.25 Td (and ) Tj ET Q q 0 0 0 rg BT 408.18 364.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 436.97 364.25 Td (raisings. ) Tj ET Q q 0 0 0 rg BT 472.55 364.25 Td (W) Tj ET Q q 0 0 0 rg BT 481.19 364.25 Td (e ) Tj ET Q q 0 0 0 rg BT 487.76 364.25 Td (spend ) Tj ET Q q 0 0 0 rg BT 513.22 364.25 Td (a ) Tj ET Q q 0 0 0 rg BT 519.80 364.25 Td (significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 83.12 352.25 Td (of ) Tj ET Q q 0 0 0 rg BT 94.57 352.25 Td (time ) Tj ET Q q 0 0 0 rg BT 115.46 352.25 Td (training ) Tj ET Q q 0 0 0 rg BT 149.69 352.25 Td (and ) Tj ET Q q 0 0 0 rg BT 167.25 352.25 Td (mentoring ) Tj ET Q q 0 0 0 rg BT 211.47 352.25 Td (our ) Tj ET Q q 0 0 0 rg BT 227.93 352.25 Td (junior ) Tj ET Q q 0 0 0 rg BT 254.93 352.25 Td (professionals. ) Tj ET Q q 0 0 0 rg BT 313.10 352.25 Td (W) Tj ET Q q 0 0 0 rg BT 321.74 352.25 Td (e ) Tj ET Q q 0 0 0 rg BT 329.30 352.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 350.19 352.25 Td (to ) Tj ET Q q 0 0 0 rg BT 361.09 352.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 394.75 352.25 Td (our ) Tj ET Q q 0 0 0 rg BT 411.21 352.25 Td (junior ) Tj ET Q q 0 0 0 rg BT 438.21 352.25 Td (professionals ) Tj ET Q q 0 0 0 rg BT 494.10 352.25 Td (with ) Tj ET Q q 0 0 0 rg BT 515.00 352.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 554.22 352.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (mer) Tj ET Q q 0 0 0 rg BT 65.37 340.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 85.00 340.25 Td (and ) Tj ET Q q 0 0 0 rg BT 102.40 340.25 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 155.64 340.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 196.38 340.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 233.78 340.25 Td (assignments ) Tj ET Q q 0 0 0 rg BT 285.64 340.25 Td (and ) Tj ET Q q 0 0 0 rg BT 303.05 340.25 Td (restructurings. ) Tj ET Q q 0 0 0 rg BT 363.50 340.25 Td ( ) Tj ET Q q 0 0 0 rg BT 366.26 340.25 Td (This ) Tj ET Q q 0 0 0 rg BT 387.00 340.25 Td (approach ) Tj ET Q q 0 0 0 rg BT 426.62 340.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 464.02 340.25 Td (us ) Tj ET Q q 0 0 0 rg BT 475.88 340.25 Td (with ) Tj ET Q q 0 0 0 rg BT 496.63 340.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.82 340.25 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 554.22 340.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (allocate ) Tj ET Q q 0 0 0 rg BT 83.15 328.25 Td (resources ) Tj ET Q q 0 0 0 rg BT 122.98 328.25 Td (depending ) Tj ET Q q 0 0 0 rg BT 166.70 328.25 Td (on ) Tj ET Q q 0 0 0 rg BT 178.76 328.25 Td (the ) Tj ET Q q 0 0 0 rg BT 193.05 328.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 238.98 328.25 Td (environment ) Tj ET Q q 0 0 0 rg BT 291.59 328.25 Td (and ) Tj ET Q q 0 0 0 rg BT 308.10 328.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 344.60 328.25 Td (our ) Tj ET Q q 0 0 0 rg BT 360.00 328.25 Td (bankers ) Tj ET Q q 0 0 0 rg BT 393.16 328.25 Td (with ) Tj ET Q q 0 0 0 rg BT 413.00 328.25 Td (a ) Tj ET Q q 0 0 0 rg BT 419.51 328.25 Td (wide ) Tj ET Q q 0 0 0 rg BT 441.01 328.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 470.84 328.25 Td (of ) Tj ET Q q 0 0 0 rg BT 481.24 328.25 Td (experiences ) Tj ET Q q 0 0 0 rg BT 530.49 328.25 Td (to ) Tj ET Q q 0 0 0 rg BT 540.34 328.25 Td (assist ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 316.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.00 316.25 Td (development ) Tj ET Q q 0 0 0 rg BT 129.15 316.25 Td (of ) Tj ET Q q 0 0 0 rg BT 139.98 316.25 Td (their ) Tj ET Q q 0 0 0 rg BT 160.80 316.25 Td (business ) Tj ET Q q 0 0 0 rg BT 197.19 316.25 Td (and ) Tj ET Q q 0 0 0 rg BT 214.13 316.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 251.61 316.25 Td (judgment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 295.25 Td (As ) Tj ET Q q 0 0 0 rg BT 75.81 295.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.84 295.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 145.63 295.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.63 295.25 Td (, ) Tj ET Q q 0 0 0 rg BT 170.83 295.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 211.29 295.25 Td (employed ) Tj ET Q q 0 0 0 rg BT 253.43 295.25 Td (a ) Tj ET Q q 0 0 0 rg BT 260.56 295.25 Td (total ) Tj ET Q q 0 0 0 rg BT 281.04 295.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.07 295.25 Td (319) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.07 295.25 Td (people ) Tj ET Q q 0 0 0 rg BT 338.92 295.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 382.73 295.25 Td (our ) Tj ET Q q 0 0 0 rg BT 398.76 295.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 440.89 295.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 478.58 295.25 Td (and ) Tj ET Q q 0 0 0 rg BT 495.72 295.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 522.85 295.25 Td (advisors\), ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 283.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.51 283.25 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.12 283.25 Td (176) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.12 283.25 Td ( ) Tj ET Q q 0 0 0 rg BT 104.30 283.25 Td (were ) Tj ET Q q 0 0 0 rg BT 125.91 283.25 Td (located ) Tj ET Q q 0 0 0 rg BT 156.96 283.25 Td (in ) Tj ET Q q 0 0 0 rg BT 166.91 283.25 Td (our ) Tj ET Q q 0 0 0 rg BT 182.42 283.25 Td (of) Tj ET Q q 0 0 0 rg BT 190.57 283.25 Td (fices ) Tj ET Q q 0 0 0 rg BT 211.63 283.25 Td (in ) Tj ET Q q 0 0 0 rg BT 221.58 283.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.50 283.25 Td (Americas, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.49 283.25 Td (86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.49 283.25 Td ( ) Tj ET Q q 0 0 0 rg BT 290.67 283.25 Td (were ) Tj ET Q q 0 0 0 rg BT 312.27 283.25 Td (based ) Tj ET Q q 0 0 0 rg BT 337.22 283.25 Td (in ) Tj ET Q q 0 0 0 rg BT 347.18 283.25 Td (our ) Tj ET Q q 0 0 0 rg BT 362.68 283.25 Td (European ) Tj ET Q q 0 0 0 rg BT 403.18 283.25 Td (of) Tj ET Q q 0 0 0 rg BT 411.33 283.25 Td (fices, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.88 283.25 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.88 283.25 Td ( ) Tj ET Q q 0 0 0 rg BT 447.06 283.25 Td (in ) Tj ET Q q 0 0 0 rg BT 457.01 283.25 Td (our ) Tj ET Q q 0 0 0 rg BT 472.04 283.25 Td (Australian ) Tj ET Q q 0 0 0 rg BT 515.88 283.25 Td (of) Tj ET Q q 0 0 0 rg BT 524.02 283.25 Td (fices, ) Tj ET Q q 0 0 0 rg BT 547.58 283.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 271.25 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 271.25 Td ( ) Tj ET Q q 0 0 0 rg BT 62.71 271.25 Td (in ) Tj ET Q q 0 0 0 rg BT 73.20 271.25 Td (our ) Tj ET Q q 0 0 0 rg BT 88.64 271.25 Td (Asian ) Tj ET Q q 0 0 0 rg BT 114.68 271.25 Td (of) Tj ET Q q 0 0 0 rg BT 122.83 271.25 Td (fice. ) Tj ET Q q 0 0 0 rg BT 142.82 271.25 Td (The ) Tj ET Q q 0 0 0 rg BT 161.08 271.25 Td (vast ) Tj ET Q q 0 0 0 rg BT 179.90 271.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 216.49 271.25 Td (of ) Tj ET Q q 0 0 0 rg BT 227.53 271.25 Td (our ) Tj ET Q q 0 0 0 rg BT 243.57 271.25 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 292.65 271.25 Td (operational ) Tj ET Q q 0 0 0 rg BT 340.34 271.25 Td (and ) Tj ET Q q 0 0 0 rg BT 357.48 271.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 417.40 271.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 462.87 271.25 Td (are ) Tj ET Q q 0 0 0 rg BT 477.79 271.25 Td (located ) Tj ET Q q 0 0 0 rg BT 509.37 271.25 Td (in ) Tj ET Q q 0 0 0 rg BT 519.86 271.25 Td (the ) Tj ET Q q 0 0 0 rg BT 534.78 271.25 Td (United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 259.25 Td (States. ) Tj ET Q q 0 0 0 rg BT 78.77 259.25 Td (W) Tj ET Q q 0 0 0 rg BT 87.40 259.25 Td (e ) Tj ET Q q 0 0 0 rg BT 94.40 259.25 Td (strive ) Tj ET Q q 0 0 0 rg BT 119.19 259.25 Td (to ) Tj ET Q q 0 0 0 rg BT 129.53 259.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 167.08 259.25 Td (a ) Tj ET Q q 0 0 0 rg BT 174.08 259.25 Td (work ) Tj ET Q q 0 0 0 rg BT 197.20 259.25 Td (environment ) Tj ET Q q 0 0 0 rg BT 250.30 259.25 Td (that ) Tj ET Q q 0 0 0 rg BT 267.86 259.25 Td (fosters ) Tj ET Q q 0 0 0 rg BT 297.09 259.25 Td (professionalism, ) Tj ET Q q 0 0 0 rg BT 365.47 259.25 Td (excellence, ) Tj ET Q q 0 0 0 rg BT 412.73 259.25 Td (diversity) Tj ET Q q 0 0 0 rg BT 447.07 259.25 Td (, ) Tj ET Q q 0 0 0 rg BT 452.13 259.25 Td (and ) Tj ET Q q 0 0 0 rg BT 469.14 259.25 Td (cooperation ) Tj ET Q q 0 0 0 rg BT 518.90 259.25 Td (among ) Tj ET Q q 0 0 0 rg BT 548.68 259.25 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 247.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 94.98 247.25 Td (worldwide. ) Tj ET Q q 0 0 0 rg BT 142.30 247.25 Td (W) Tj ET Q q 0 0 0 rg BT 150.94 247.25 Td (e ) Tj ET Q q 0 0 0 rg BT 157.59 247.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 184.80 247.25 Td (a ) Tj ET Q q 0 0 0 rg BT 191.45 247.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 254.20 247.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 298.06 247.25 Td (process ) Tj ET Q q 0 0 0 rg BT 330.26 247.25 Td (at ) Tj ET Q q 0 0 0 rg BT 339.70 247.25 Td (the ) Tj ET Q q 0 0 0 rg BT 354.13 247.25 Td (end ) Tj ET Q q 0 0 0 rg BT 370.78 247.25 Td (of ) Tj ET Q q 0 0 0 rg BT 381.32 247.25 Td (each ) Tj ET Q q 0 0 0 rg BT 401.85 247.25 Td (year ) Tj ET Q q 0 0 0 rg BT 421.28 247.25 Td (to ) Tj ET Q q 0 0 0 rg BT 431.27 247.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 466.80 247.25 Td (performance, ) Tj ET Q q 0 0 0 rg BT 522.03 247.25 Td (determine ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 235.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 108.04 235.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.98 235.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 158.03 235.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 196.62 235.25 Td (on ) Tj ET Q q 0 0 0 rg BT 209.12 235.25 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 264.39 235.25 Td (for ) Tj ET Q q 0 0 0 rg BT 278.55 235.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 320.49 235.25 Td (development.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (Competition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 193.25 Td (As ) Tj ET Q q 0 0 0 rg BT 75.54 193.25 Td (an ) Tj ET Q q 0 0 0 rg BT 87.42 193.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 133.73 193.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 155.60 193.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 196.92 193.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 233.79 193.25 Td (services, ) Tj ET Q q 0 0 0 rg BT 270.93 193.25 Td (we ) Tj ET Q q 0 0 0 rg BT 285.02 193.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 316.87 193.25 Td (in ) Tj ET Q q 0 0 0 rg BT 327.08 193.25 Td (a ) Tj ET Q q 0 0 0 rg BT 333.95 193.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 361.94 193.25 Td (competitive ) Tj ET Q q 0 0 0 rg BT 411.58 193.25 Td (environment ) Tj ET Q q 0 0 0 rg BT 464.55 193.25 Td (where ) Tj ET Q q 0 0 0 rg BT 491.41 193.25 Td (there ) Tj ET Q q 0 0 0 rg BT 513.83 193.25 Td (are ) Tj ET Q q 0 0 0 rg BT 528.47 193.25 Td (no ) Tj ET Q q 0 0 0 rg BT 540.90 193.25 Td (long-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (term ) Tj ET Q q 0 0 0 rg BT 70.34 181.25 Td (contracted ) Tj ET Q q 0 0 0 rg BT 113.99 181.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 146.00 181.25 Td (of ) Tj ET Q q 0 0 0 rg BT 156.34 181.25 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 192.50 181.25 Td (Each ) Tj ET Q q 0 0 0 rg BT 214.50 181.25 Td (revenue-generating ) Tj ET Q q 0 0 0 rg BT 293.69 181.25 Td (engagement ) Tj ET Q q 0 0 0 rg BT 344.02 181.25 Td (is ) Tj ET Q q 0 0 0 rg BT 352.70 181.25 Td (separately ) Tj ET Q q 0 0 0 rg BT 395.25 181.25 Td (awarded ) Tj ET Q q 0 0 0 rg BT 431.13 181.25 Td (and ) Tj ET Q q 0 0 0 rg BT 447.58 181.25 Td (negotiated. ) Tj ET Q q 0 0 0 rg BT 493.75 181.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 511.31 181.25 Td (list ) Tj ET Q q 0 0 0 rg BT 525.55 181.25 Td (of ) Tj ET Q q 0 0 0 rg BT 535.90 181.25 Td (clients ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (with ) Tj ET Q q 0 0 0 rg BT 70.79 169.25 Td (whom ) Tj ET Q q 0 0 0 rg BT 98.80 169.25 Td (there ) Tj ET Q q 0 0 0 rg BT 121.80 169.25 Td (is ) Tj ET Q q 0 0 0 rg BT 131.48 169.25 Td (an ) Tj ET Q q 0 0 0 rg BT 143.93 169.25 Td (active ) Tj ET Q q 0 0 0 rg BT 170.81 169.25 Td (revenue-generating ) Tj ET Q q 0 0 0 rg BT 251.00 169.25 Td (engagement ) Tj ET Q q 0 0 0 rg BT 302.33 169.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 337.54 169.25 Td (continually) Tj ET Q q 0 0 0 rg BT 381.89 169.25 Td (. ) Tj ET Q q 0 0 0 rg BT 387.18 169.25 Td (T) Tj ET Q q 0 0 0 rg BT 392.59 169.25 Td (o ) Tj ET Q q 0 0 0 rg BT 400.60 169.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 435.27 169.25 Td (new ) Tj ET Q q 0 0 0 rg BT 454.94 169.25 Td (client ) Tj ET Q q 0 0 0 rg BT 480.16 169.25 Td (relationships, ) Tj ET Q q 0 0 0 rg BT 536.78 169.25 Td (and ) Tj ET Q q 0 0 0 rg BT 554.23 169.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 84.49 157.25 Td (new ) Tj ET Q q 0 0 0 rg BT 103.98 157.25 Td (engagements ) Tj ET Q q 0 0 0 rg BT 159.01 157.25 Td (from ) Tj ET Q q 0 0 0 rg BT 181.28 157.25 Td (historic ) Tj ET Q q 0 0 0 rg BT 214.11 157.25 Td (client ) Tj ET Q q 0 0 0 rg BT 239.15 157.25 Td (relationships, ) Tj ET Q q 0 0 0 rg BT 295.58 157.25 Td (we ) Tj ET Q q 0 0 0 rg BT 310.08 157.25 Td (maintain, ) Tj ET Q q 0 0 0 rg BT 350.40 157.25 Td (on ) Tj ET Q q 0 0 0 rg BT 363.23 157.25 Td (an ) Tj ET Q q 0 0 0 rg BT 375.50 157.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 411.11 157.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 436.44 157.25 Td (business ) Tj ET Q q 0 0 0 rg BT 473.16 157.25 Td (dialogues ) Tj ET Q q 0 0 0 rg BT 514.32 157.25 Td (with ) Tj ET Q q 0 0 0 rg BT 534.93 157.25 Td (a ) Tj ET Q q 0 0 0 rg BT 542.20 157.25 Td (lar) Tj ET Q q 0 0 0 rg BT 552.56 157.25 Td (ge ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (number ) Tj ET Q q 0 0 0 rg BT 82.95 145.25 Td (of ) Tj ET Q q 0 0 0 rg BT 93.67 145.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 122.18 145.25 Td (and ) Tj ET Q q 0 0 0 rg BT 139.01 145.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 176.40 145.25 Td (clients, ) Tj ET Q q 0 0 0 rg BT 207.41 145.25 Td (as ) Tj ET Q q 0 0 0 rg BT 218.14 145.25 Td (well ) Tj ET Q q 0 0 0 rg BT 237.75 145.25 Td (as ) Tj ET Q q 0 0 0 rg BT 248.48 145.25 Td (with ) Tj ET Q q 0 0 0 rg BT 268.66 145.25 Td (their ) Tj ET Q q 0 0 0 rg BT 289.38 145.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 326.76 145.25 Td (and ) Tj ET Q q 0 0 0 rg BT 343.60 145.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 365.43 145.25 Td (advisors. ) Tj ET Q q 0 0 0 rg BT 403.49 145.25 Td (W) Tj ET Q q 0 0 0 rg BT 412.12 145.25 Td (e ) Tj ET Q q 0 0 0 rg BT 418.96 145.25 Td (have ) Tj ET Q q 0 0 0 rg BT 440.24 145.25 Td (gained ) Tj ET Q q 0 0 0 rg BT 469.29 145.25 Td (a ) Tj ET Q q 0 0 0 rg BT 476.13 145.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 520.74 145.25 Td (number ) Tj ET Q q 0 0 0 rg BT 553.69 145.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (new ) Tj ET Q q 0 0 0 rg BT 70.32 133.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 100.09 133.25 Td (each ) Tj ET Q q 0 0 0 rg BT 122.07 133.25 Td (year ) Tj ET Q q 0 0 0 rg BT 142.94 133.25 Td (through ) Tj ET Q q 0 0 0 rg BT 177.71 133.25 Td (our ) Tj ET Q q 0 0 0 rg BT 194.71 133.25 Td (business ) Tj ET Q q 0 0 0 rg BT 232.26 133.25 Td (development ) Tj ET Q q 0 0 0 rg BT 287.58 133.25 Td (initiatives, ) Tj ET Q q 0 0 0 rg BT 333.18 133.25 Td (through ) Tj ET Q q 0 0 0 rg BT 367.95 133.25 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 410.48 133.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 454.14 133.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 482.24 133.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 529.79 133.25 Td (banking ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (professionals ) Tj ET Q q 0 0 0 rg BT 104.43 121.25 Td (who ) Tj ET Q q 0 0 0 rg BT 123.32 121.25 Td (bring ) Tj ET Q q 0 0 0 rg BT 146.09 121.25 Td (with ) Tj ET Q q 0 0 0 rg BT 165.53 121.25 Td (them ) Tj ET Q q 0 0 0 rg BT 187.19 121.25 Td (client ) Tj ET Q q 0 0 0 rg BT 211.06 121.25 Td (relationships ) Tj ET Q q 0 0 0 rg BT 263.83 121.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.93 121.25 Td (expertise ) Tj ET Q q 0 0 0 rg BT 317.68 121.25 Td (in ) Tj ET Q q 0 0 0 rg BT 327.12 121.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 355.99 121.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 390.43 121.25 Td (sectors ) Tj ET Q q 0 0 0 rg BT 419.86 121.25 Td (or ) Tj ET Q q 0 0 0 rg BT 429.85 121.25 Td (geographies ) Tj ET Q q 0 0 0 rg BT 479.83 121.25 Td (and ) Tj ET Q q 0 0 0 rg BT 495.93 121.25 Td (through ) Tj ET Q q 0 0 0 rg BT 528.70 121.25 Td (referrals ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (from ) Tj ET Q q 0 0 0 rg BT 72.28 109.25 Td (members ) Tj ET Q q 0 0 0 rg BT 111.78 109.25 Td (of ) Tj ET Q q 0 0 0 rg BT 122.95 109.25 Td (boards ) Tj ET Q q 0 0 0 rg BT 152.46 109.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.63 109.25 Td (directors, ) Tj ET Q q 0 0 0 rg BT 203.96 109.25 Td (attorneys ) Tj ET Q q 0 0 0 rg BT 243.46 109.25 Td (and ) Tj ET Q q 0 0 0 rg BT 260.74 109.25 Td (other ) Tj ET Q q 0 0 0 rg BT 284.13 109.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 313.63 109.25 Td (with ) Tj ET Q q 0 0 0 rg BT 334.25 109.25 Td (whom ) Tj ET Q q 0 0 0 rg BT 362.09 109.25 Td (we ) Tj ET Q q 0 0 0 rg BT 376.60 109.25 Td (have ) Tj ET Q q 0 0 0 rg BT 398.32 109.25 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 454.76 109.25 Td ( ) Tj ET Q q 0 0 0 rg BT 456.98 109.25 Td (At ) Tj ET Q q 0 0 0 rg BT 469.82 109.25 Td (the ) Tj ET Q q 0 0 0 rg BT 484.88 109.25 Td (same ) Tj ET Q q 0 0 0 rg BT 508.27 109.25 Td (time, ) Tj ET Q q 0 0 0 rg BT 531.39 109.25 Td (we ) Tj ET Q q 0 0 0 rg BT 545.89 109.25 Td (lose ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 97.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 79.01 97.25 Td (each ) Tj ET Q q 0 0 0 rg BT 100.23 97.25 Td (year ) Tj ET Q q 0 0 0 rg BT 120.35 97.25 Td (as ) Tj ET Q q 0 0 0 rg BT 131.58 97.25 Td (a ) Tj ET Q q 0 0 0 rg BT 138.93 97.25 Td (result ) Tj ET Q q 0 0 0 rg BT 164.05 97.25 Td (of ) Tj ET Q q 0 0 0 rg BT 175.29 97.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.41 97.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 208.87 97.25 Td (or ) Tj ET Q q 0 0 0 rg BT 220.10 97.25 Td (mer) Tj ET Q q 0 0 0 rg BT 235.47 97.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 251.14 97.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.38 97.25 Td (a ) Tj ET Q q 0 0 0 rg BT 269.73 97.25 Td (client, ) Tj ET Q q 0 0 0 rg BT 297.34 97.25 Td (a ) Tj ET Q q 0 0 0 rg BT 304.69 97.25 Td (change ) Tj ET Q q 0 0 0 rg BT 335.91 97.25 Td (in ) Tj ET Q q 0 0 0 rg BT 346.60 97.25 Td (a ) Tj ET Q q 0 0 0 rg BT 353.94 97.25 Td (client) Tj ET Q q 0 0 0 rg BT 378.93 97.25 Td (s ) Tj ET Q q 0 0 0 rg BT 385.73 97.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 413.08 97.25 Td (management ) Tj ET Q q 0 0 0 rg BT 467.07 97.25 Td (team, ) Tj ET Q q 0 0 0 rg BT 491.91 97.25 Td (competition ) Tj ET Q q 0 0 0 rg BT 542.59 97.25 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (other ) Tj ET Q q 0 0 0 rg BT 73.05 85.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 119.43 85.25 Td (banks ) Tj ET Q q 0 0 0 rg BT 145.26 85.25 Td (and ) Tj ET Q q 0 0 0 rg BT 162.20 85.25 Td (other ) Tj ET Q q 0 0 0 rg BT 185.24 85.25 Td (causes.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 742.10 Td (The ) Tj ET Q q 0 0 0 rg BT 79.56 742.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 116.54 742.10 Td (services ) Tj ET Q q 0 0 0 rg BT 150.76 742.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 185.55 742.10 Td (is ) Tj ET Q q 0 0 0 rg BT 194.22 742.10 Td (intensely ) Tj ET Q q 0 0 0 rg BT 232.34 742.10 Td (competitive, ) Tj ET Q q 0 0 0 rg BT 284.05 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.50 742.10 Td (we ) Tj ET Q q 0 0 0 rg BT 314.17 742.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 342.27 742.10 Td (it ) Tj ET Q q 0 0 0 rg BT 349.83 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.62 742.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 389.39 742.10 Td (so. ) Tj ET Q q 0 0 0 rg BT 402.79 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 404.80 742.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 422.36 742.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 471.58 742.10 Td (are ) Tj ET Q q 0 0 0 rg BT 485.80 742.10 Td (global ) Tj ET Q q 0 0 0 rg BT 512.80 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.25 742.10 Td (regional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (integrated ) Tj ET Q q 0 0 0 rg BT 91.61 730.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 125.45 730.10 Td (firms, ) Tj ET Q q 0 0 0 rg BT 150.69 730.10 Td (mid-sized ) Tj ET Q q 0 0 0 rg BT 191.75 730.10 Td (full ) Tj ET Q q 0 0 0 rg BT 207.27 730.10 Td (service ) Tj ET Q q 0 0 0 rg BT 237.21 730.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 273.82 730.10 Td (firms, ) Tj ET Q q 0 0 0 rg BT 299.06 730.10 Td (other ) Tj ET Q q 0 0 0 rg BT 321.23 730.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 371.73 730.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 408.34 730.10 Td (services ) Tj ET Q q 0 0 0 rg BT 442.18 730.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 464.91 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 480.98 730.10 Td (specialized ) Tj ET Q q 0 0 0 rg BT 527.03 730.10 Td (financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 87.37 718.10 Td (firms. ) Tj ET Q q 0 0 0 rg BT 113.90 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 116.62 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 125.26 718.10 Td (e ) Tj ET Q q 0 0 0 rg BT 132.63 718.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 169.43 718.10 Td (with ) Tj ET Q q 0 0 0 rg BT 190.13 718.10 Td (some ) Tj ET Q q 0 0 0 rg BT 214.17 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.43 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 241.69 718.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 291.83 718.10 Td (globally ) Tj ET Q q 0 0 0 rg BT 327.53 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.90 718.10 Td (with ) Tj ET Q q 0 0 0 rg BT 365.61 718.10 Td (others ) Tj ET Q q 0 0 0 rg BT 392.97 718.10 Td (on ) Tj ET Q q 0 0 0 rg BT 405.90 718.10 Td (a ) Tj ET Q q 0 0 0 rg BT 413.27 718.10 Td (regional, ) Tj ET Q q 0 0 0 rg BT 451.46 718.10 Td (product ) Tj ET Q q 0 0 0 rg BT 484.94 718.10 Td (or ) Tj ET Q q 0 0 0 rg BT 496.20 718.10 Td (niche ) Tj ET Q q 0 0 0 rg BT 520.78 718.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 546.21 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 548.92 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 557.56 718.10 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 86.54 706.10 Td (on ) Tj ET Q q 0 0 0 rg BT 99.22 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.11 706.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 136.78 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.78 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 154.89 706.10 Td (number ) Tj ET Q q 0 0 0 rg BT 188.11 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.11 706.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 231.49 706.10 Td (including ) Tj ET Q q 0 0 0 rg BT 271.94 706.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 318.48 706.10 Td (execution ) Tj ET Q q 0 0 0 rg BT 360.03 706.10 Td (skills, ) Tj ET Q q 0 0 0 rg BT 386.32 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 402.32 706.10 Td (range ) Tj ET Q q 0 0 0 rg BT 427.20 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.20 706.10 Td (products ) Tj ET Q q 0 0 0 rg BT 475.31 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.42 706.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 529.80 706.10 Td (strength ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 694.10 Td (relationships, ) Tj ET Q q 0 0 0 rg BT 116.93 694.10 Td (innovation, ) Tj ET Q q 0 0 0 rg BT 164.71 694.10 Td (reputation ) Tj ET Q q 0 0 0 rg BT 207.75 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.69 694.10 Td (price.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 673.10 Td (The ) Tj ET Q q 0 0 0 rg BT 79.67 673.10 Td (global ) Tj ET Q q 0 0 0 rg BT 106.79 673.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.35 673.10 Td (regional ) Tj ET Q q 0 0 0 rg BT 158.24 673.10 Td (integrated ) Tj ET Q q 0 0 0 rg BT 200.34 673.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 234.68 673.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 257.91 673.10 Td (have ) Tj ET Q q 0 0 0 rg BT 278.91 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.25 673.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 320.93 673.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.83 673.10 Td (of) Tj ET Q q 0 0 0 rg BT 338.98 673.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 352.20 673.10 Td (a ) Tj ET Q q 0 0 0 rg BT 358.76 673.10 Td (wider ) Tj ET Q q 0 0 0 rg BT 383.65 673.10 Td (range ) Tj ET Q q 0 0 0 rg BT 407.98 673.10 Td (of ) Tj ET Q q 0 0 0 rg BT 418.43 673.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 457.50 673.10 Td (from ) Tj ET Q q 0 0 0 rg BT 479.06 673.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 504.79 673.10 Td (deposit-taking ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.77 661.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 107.42 661.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.53 661.10 Td (brokerage, ) Tj ET Q q 0 0 0 rg BT 162.33 661.10 Td (hedging, ) Tj ET Q q 0 0 0 rg BT 199.38 661.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 230.59 661.10 Td (exchange, ) Tj ET Q q 0 0 0 rg BT 273.18 661.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 294.95 661.10 Td (management ) Tj ET Q q 0 0 0 rg BT 348.37 661.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.14 661.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 411.35 661.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 445.90 661.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 482.94 661.10 Td (which ) Tj ET Q q 0 0 0 rg BT 509.71 661.10 Td (may ) Tj ET Q q 0 0 0 rg BT 529.26 661.10 Td (enhance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (their ) Tj ET Q q 0 0 0 rg BT 71.14 649.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 121.17 649.10 Td (position. ) Tj ET Q q 0 0 0 rg BT 158.51 649.10 Td (They ) Tj ET Q q 0 0 0 rg BT 181.88 649.10 Td (also ) Tj ET Q q 0 0 0 rg BT 200.80 649.10 Td (have ) Tj ET Q q 0 0 0 rg BT 222.50 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.54 649.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 265.91 649.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.50 649.10 Td (support ) Tj ET Q q 0 0 0 rg BT 309.32 649.10 Td (their ) Tj ET Q q 0 0 0 rg BT 330.47 649.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 377.17 649.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 412.20 649.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 456.68 649.10 Td (with ) Tj ET Q q 0 0 0 rg BT 477.27 649.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 527.29 649.10 Td (banking, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 91.36 637.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.85 637.10 Td (other ) Tj ET Q q 0 0 0 rg BT 132.45 637.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 170.48 637.10 Td (services ) Tj ET Q q 0 0 0 rg BT 205.73 637.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 244.32 637.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.15 637.10 Td (an ) Tj ET Q q 0 0 0 rg BT 267.64 637.10 Td (ef) Tj ET Q q 0 0 0 rg BT 275.22 637.10 Td (fort ) Tj ET Q q 0 0 0 rg BT 292.71 637.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.54 637.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 323.81 637.10 Td (market ) Tj ET Q q 0 0 0 rg BT 354.62 637.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 381.27 637.10 Td (which ) Tj ET Q q 0 0 0 rg BT 408.75 637.10 Td (could ) Tj ET Q q 0 0 0 rg BT 434.02 637.10 Td (result ) Tj ET Q q 0 0 0 rg BT 459.29 637.10 Td (in ) Tj ET Q q 0 0 0 rg BT 470.11 637.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 501.49 637.10 Td (pressure ) Tj ET Q q 0 0 0 rg BT 537.86 637.10 Td (in ) Tj ET Q q 0 0 0 rg BT 548.69 637.10 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 88.90 625.10 Td (In ) Tj ET Q q 0 0 0 rg BT 99.73 625.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 135.01 625.10 Td (to ) Tj ET Q q 0 0 0 rg BT 145.30 625.10 Td (our ) Tj ET Q q 0 0 0 rg BT 161.14 625.10 Td (lar) Tj ET Q q 0 0 0 rg BT 171.50 625.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 186.78 625.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.72 625.10 Td (mid-sized ) Tj ET Q q 0 0 0 rg BT 245.66 625.10 Td (full ) Tj ET Q q 0 0 0 rg BT 262.05 625.10 Td (service ) Tj ET Q q 0 0 0 rg BT 292.88 625.10 Td (competitors, ) Tj ET Q q 0 0 0 rg BT 345.09 625.10 Td (we ) Tj ET Q q 0 0 0 rg BT 359.26 625.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 395.64 625.10 Td (with ) Tj ET Q q 0 0 0 rg BT 415.92 625.10 Td (a ) Tj ET Q q 0 0 0 rg BT 422.87 625.10 Td (number ) Tj ET Q q 0 0 0 rg BT 455.92 625.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.76 625.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 518.14 625.10 Td (investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (banks, ) Tj ET Q q 0 0 0 rg BT 78.88 613.10 Td (which ) Tj ET Q q 0 0 0 rg BT 106.37 613.10 Td (of) Tj ET Q q 0 0 0 rg BT 114.52 613.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 128.67 613.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 180.60 613.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 218.09 613.10 Td (services ) Tj ET Q q 0 0 0 rg BT 253.34 613.10 Td (on ) Tj ET Q q 0 0 0 rg BT 266.40 613.10 Td (a ) Tj ET Q q 0 0 0 rg BT 273.89 613.10 Td (model ) Tj ET Q q 0 0 0 rg BT 301.93 613.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 332.76 613.10 Td (to ) Tj ET Q q 0 0 0 rg BT 343.59 613.10 Td (ours. ) Tj ET Q q 0 0 0 rg BT 366.36 613.10 Td ( ) Tj ET Q q 0 0 0 rg BT 368.74 613.10 Td (A) Tj ET Q q 0 0 0 rg BT 375.41 613.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.46 613.10 Td (few ) Tj ET Q q 0 0 0 rg BT 396.50 613.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.89 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.15 613.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 475.08 613.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 501.46 613.10 Td (with ) Tj ET Q q 0 0 0 rg BT 522.29 613.10 Td (whom ) Tj ET Q q 0 0 0 rg BT 550.34 613.10 Td (we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 86.28 601.10 Td (are ) Tj ET Q q 0 0 0 rg BT 100.89 601.10 Td (lar) Tj ET Q q 0 0 0 rg BT 111.26 601.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 126.43 601.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.28 601.10 Td (have ) Tj ET Q q 0 0 0 rg BT 164.56 601.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 194.72 601.10 Td (general ) Tj ET Q q 0 0 0 rg BT 226.55 601.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.40 601.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 278.58 601.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 312.08 601.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 350.57 601.10 Td (resources. ) Tj ET Q q 0 0 0 rg BT 393.24 601.10 Td ( ) Tj ET Q q 0 0 0 rg BT 395.64 601.10 Td (Further) Tj ET Q q 0 0 0 rg BT 424.68 601.10 Td (, ) Tj ET Q q 0 0 0 rg BT 429.59 601.10 Td (over ) Tj ET Q q 0 0 0 rg BT 449.76 601.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.38 601.10 Td (past ) Tj ET Q q 0 0 0 rg BT 482.90 601.10 Td (few ) Tj ET Q q 0 0 0 rg BT 500.29 601.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 526.30 601.10 Td (there ) Tj ET Q q 0 0 0 rg BT 548.69 601.10 Td (has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (been ) Tj ET Q q 0 0 0 rg BT 71.93 589.10 Td (an ) Tj ET Q q 0 0 0 rg BT 84.42 589.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 120.22 589.10 Td (in ) Tj ET Q q 0 0 0 rg BT 131.05 589.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.32 589.10 Td (number ) Tj ET Q q 0 0 0 rg BT 179.92 589.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.30 589.10 Td (newly ) Tj ET Q q 0 0 0 rg BT 218.79 589.10 Td (formed ) Tj ET Q q 0 0 0 rg BT 250.72 589.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 302.65 589.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 340.14 589.10 Td (firms, ) Tj ET Q q 0 0 0 rg BT 366.80 589.10 Td (some ) Tj ET Q q 0 0 0 rg BT 390.96 589.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.34 589.10 Td (which ) Tj ET Q q 0 0 0 rg BT 429.83 589.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 463.43 589.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 499.26 589.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 533.40 589.10 Td (advice. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 74.72 577.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 126.09 577.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 163.03 577.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 186.64 577.10 Td (require ) Tj ET Q q 0 0 0 rg BT 217.45 577.10 Td (minimal ) Tj ET Q q 0 0 0 rg BT 253.28 577.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 282.43 577.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.71 577.10 Td (operate, ) Tj ET Q q 0 0 0 rg BT 327.13 577.10 Td (there ) Tj ET Q q 0 0 0 rg BT 349.62 577.10 Td (are ) Tj ET Q q 0 0 0 rg BT 364.33 577.10 Td (few ) Tj ET Q q 0 0 0 rg BT 381.82 577.10 Td (barriers ) Tj ET Q q 0 0 0 rg BT 414.85 577.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.13 577.10 Td (entry) Tj ET Q q 0 0 0 rg BT 445.03 577.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 556.10 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 556.10 Td (e ) Tj ET Q q 0 0 0 rg BT 76.78 556.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 107.36 556.10 Td (our ) Tj ET Q q 0 0 0 rg BT 122.40 556.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 155.76 556.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 204.68 556.10 Td (in ) Tj ET Q q 0 0 0 rg BT 214.16 556.10 Td (securing ) Tj ET Q q 0 0 0 rg BT 249.75 556.10 Td (mer) Tj ET Q q 0 0 0 rg BT 265.11 556.10 Td (gers ) Tj ET Q q 0 0 0 rg BT 283.48 556.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.62 556.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 349.10 556.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.25 556.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 404.72 556.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 440.86 556.10 Td (and ) Tj ET Q q 0 0 0 rg BT 457.01 556.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 509.81 556.10 Td (engagements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (are ) Tj ET Q q 0 0 0 rg BT 65.02 544.10 Td (diversified ) Tj ET Q q 0 0 0 rg BT 110.59 544.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 148.39 544.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 195.65 544.10 Td (including ) Tj ET Q q 0 0 0 rg BT 236.24 544.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 260.16 544.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.68 544.10 Td (America ) Tj ET Q q 0 0 0 rg BT 307.91 544.10 Td (Corporation, ) Tj ET Q q 0 0 0 rg BT 361.55 544.10 Td (Barclays ) Tj ET Q q 0 0 0 rg BT 399.35 544.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 423.27 544.10 Td (PLC, ) Tj ET Q q 0 0 0 rg BT 446.92 544.10 Td (Citigroup ) Tj ET Q q 0 0 0 rg BT 488.06 544.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 508.64 544.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 536.45 544.10 Td (Suisse ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 77.68 532.10 Td (AG, ) Tj ET Q q 0 0 0 rg BT 97.35 532.10 Td (Deutsche ) Tj ET Q q 0 0 0 rg BT 137.29 532.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 160.52 532.10 Td (AG, ) Tj ET Q q 0 0 0 rg BT 180.19 532.10 Td (Goldman ) Tj ET Q q 0 0 0 rg BT 220.14 532.10 Td (Sachs ) Tj ET Q q 0 0 0 rg BT 246.20 532.10 Td (Group, ) Tj ET Q q 0 0 0 rg BT 276.98 532.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 297.47 532.10 Td (JPMor) Tj ET Q q 0 0 0 rg BT 323.97 532.10 Td (gan ) Tj ET Q q 0 0 0 rg BT 341.13 532.10 Td (Chase& ) Tj ET Q q 0 0 0 rg BT 378.58 532.10 Td (Co., ) Tj ET Q q 0 0 0 rg BT 397.98 532.10 Td (Mor) Tj ET Q q 0 0 0 rg BT 415.02 532.10 Td (gan ) Tj ET Q q 0 0 0 rg BT 432.19 532.10 Td (Stanley) Tj ET Q q 0 0 0 rg BT 461.53 532.10 Td (, ) Tj ET Q q 0 0 0 rg BT 466.76 532.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.93 532.10 Td (UBS ) Tj ET Q q 0 0 0 rg BT 505.51 532.10 Td (AG ) Tj ET Q q 0 0 0 rg BT 522.68 532.10 Td (as ) Tj ET Q q 0 0 0 rg BT 533.74 532.10 Td (well ) Tj ET Q q 0 0 0 rg BT 553.68 532.10 Td (as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.01 520.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 117.35 520.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 151.02 520.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 173.59 520.10 Td (such ) Tj ET Q q 0 0 0 rg BT 193.38 520.10 Td (as ) Tj ET Q q 0 0 0 rg BT 203.17 520.10 Td (Evercore ) Tj ET Q q 0 0 0 rg BT 240.71 520.10 Td (Partners ) Tj ET Q q 0 0 0 rg BT 274.94 520.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 294.17 520.10 Td (Jef) Tj ET Q q 0 0 0 rg BT 305.65 520.10 Td (feries ) Tj ET Q q 0 0 0 rg BT 329.31 520.10 Td (Group, ) Tj ET Q q 0 0 0 rg BT 358.82 520.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 378.05 520.10 Td (Lazard ) Tj ET Q q 0 0 0 rg BT 407.26 520.10 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 425.11 520.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.01 520.10 Td (many ) Tj ET Q q 0 0 0 rg BT 464.68 520.10 Td (closely ) Tj ET Q q 0 0 0 rg BT 494.47 520.10 Td (held ) Tj ET Q q 0 0 0 rg BT 513.14 520.10 Td (independent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (firms. ) Tj ET Q q 0 0 0 rg BT 76.65 508.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.29 508.10 Td (e ) Tj ET Q q 0 0 0 rg BT 93.01 508.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 125.16 508.10 Td (our ) Tj ET Q q 0 0 0 rg BT 141.77 508.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 176.70 508.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 227.19 508.10 Td (in ) Tj ET Q q 0 0 0 rg BT 238.25 508.10 Td (securing ) Tj ET Q q 0 0 0 rg BT 275.40 508.10 Td (private ) Tj ET Q q 0 0 0 rg BT 306.45 508.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 336.37 508.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.09 508.10 Td (real ) Tj ET Q q 0 0 0 rg BT 372.36 508.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 398.40 508.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 428.33 508.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 466.04 508.10 Td (engagements ) Tj ET Q q 0 0 0 rg BT 521.53 508.10 Td (are ) Tj ET Q q 0 0 0 rg BT 537.01 508.10 Td (Credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (Suisse, ) Tj ET Q q 0 0 0 rg BT 80.56 496.10 Td (Lazard ) Tj ET Q q 0 0 0 rg BT 110.82 496.10 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 132.20 496.10 Td (Park ) Tj ET Q q 0 0 0 rg BT 153.03 496.10 Td (Hill ) Tj ET Q q 0 0 0 rg BT 171.09 496.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 199.14 496.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.08 496.10 Td (UBS ) Tj ET Q q 0 0 0 rg BT 237.48 496.10 Td (AG.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 475.10 Td (Competition ) Tj ET Q q 0 0 0 rg BT 114.31 475.10 Td (can ) Tj ET Q q 0 0 0 rg BT 130.50 475.10 Td (be ) Tj ET Q q 0 0 0 rg BT 142.26 475.10 Td (intense ) Tj ET Q q 0 0 0 rg BT 172.89 475.10 Td (for ) Tj ET Q q 0 0 0 rg BT 186.87 475.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.40 475.10 Td (hiring ) Tj ET Q q 0 0 0 rg BT 227.60 475.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.35 475.10 Td (retention ) Tj ET Q q 0 0 0 rg BT 282.21 475.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.85 475.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 330.71 475.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 378.28 475.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.60 475.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 398.46 475.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 426.33 475.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.42 475.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 473.17 475.10 Td (to ) Tj ET Q q 0 0 0 rg BT 483.26 475.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 519.44 475.10 Td (ef) Tj ET Q q 0 0 0 rg BT 527.03 475.10 Td (fectively ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 463.10 Td (our ) Tj ET Q q 0 0 0 rg BT 76.11 463.10 Td (business ) Tj ET Q q 0 0 0 rg BT 112.50 463.10 Td (will ) Tj ET Q q 0 0 0 rg BT 130.56 463.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 161.93 463.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 184.43 463.10 Td (our ) Tj ET Q q 0 0 0 rg BT 200.26 463.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 228.32 463.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.59 463.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 266.07 463.10 Td (new ) Tj ET Q q 0 0 0 rg BT 285.23 463.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 330.50 463.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.44 463.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 372.70 463.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.64 463.10 Td (motivate ) Tj ET Q q 0 0 0 rg BT 427.13 463.10 Td (our ) Tj ET Q q 0 0 0 rg BT 442.96 463.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 477.12 463.10 Td (employees.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Regulation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 418.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 81.94 418.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 121.21 418.10 Td (as ) Tj ET Q q 0 0 0 rg BT 132.43 418.10 Td (well ) Tj ET Q q 0 0 0 rg BT 152.53 418.10 Td (as ) Tj ET Q q 0 0 0 rg BT 163.75 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.85 418.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 216.72 418.10 Td (services ) Tj ET Q q 0 0 0 rg BT 251.81 418.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 287.47 418.10 Td (generally) Tj ET Q q 0 0 0 rg BT 324.03 418.10 Td (, ) Tj ET Q q 0 0 0 rg BT 329.41 418.10 Td (is ) Tj ET Q q 0 0 0 rg BT 338.97 418.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 370.18 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.84 418.10 Td (extensive ) Tj ET Q q 0 0 0 rg BT 421.49 418.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 464.92 418.10 Td (in ) Tj ET Q q 0 0 0 rg BT 475.58 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.69 418.10 Td (United ) Tj ET Q q 0 0 0 rg BT 520.79 418.10 Td (States ) Tj ET Q q 0 0 0 rg BT 547.56 418.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (elsewhere. ) Tj ET Q q 0 0 0 rg BT 93.88 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.97 406.10 Td (As ) Tj ET Q q 0 0 0 rg BT 107.48 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 113.32 406.10 Td (matter ) Tj ET Q q 0 0 0 rg BT 140.26 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.99 406.10 Td (public ) Tj ET Q q 0 0 0 rg BT 176.39 406.10 Td (policy) Tj ET Q q 0 0 0 rg BT 200.73 406.10 Td (, ) Tj ET Q q 0 0 0 rg BT 204.63 406.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 247.13 406.10 Td (bodies ) Tj ET Q q 0 0 0 rg BT 274.64 406.10 Td (in ) Tj ET Q q 0 0 0 rg BT 283.82 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.43 406.10 Td (United ) Tj ET Q q 0 0 0 rg BT 326.05 406.10 Td (States ) Tj ET Q q 0 0 0 rg BT 351.34 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.18 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.79 406.10 Td (rest ) Tj ET Q q 0 0 0 rg BT 396.63 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.36 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.98 406.10 Td (world ) Tj ET Q q 0 0 0 rg BT 444.71 406.10 Td (are ) Tj ET Q q 0 0 0 rg BT 458.32 406.10 Td (char) Tj ET Q q 0 0 0 rg BT 475.34 406.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 491.18 406.10 Td (with ) Tj ET Q q 0 0 0 rg BT 510.36 406.10 Td (safeguarding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.27 394.10 Td (integrity ) Tj ET Q q 0 0 0 rg BT 100.21 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.60 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.88 394.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 164.70 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.20 394.10 Td (other ) Tj ET Q q 0 0 0 rg BT 203.80 394.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 240.84 394.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 274.55 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.05 394.10 Td (with ) Tj ET Q q 0 0 0 rg BT 310.89 394.10 Td (protecting ) Tj ET Q q 0 0 0 rg BT 353.49 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.76 394.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 403.14 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.53 394.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 442.25 394.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 494.84 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 504.68 394.10 Td (those ) Tj ET Q q 0 0 0 rg BT 527.84 394.10 Td (markets. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 370.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 95.13 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.65 370.10 Td (our ) Tj ET Q q 0 0 0 rg BT 121.18 370.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 165.02 370.10 Td (are ) Tj ET Q q 0 0 0 rg BT 179.43 370.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 209.94 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.92 370.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 268.20 370.10 Td (with ) Tj ET Q q 0 0 0 rg BT 288.17 370.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 308.70 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.33 370.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 371.96 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.48 370.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 402.46 370.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 432.40 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.04 370.10 Td (state ) Tj ET Q q 0 0 0 rg BT 469.56 370.10 Td (governments, ) Tj ET Q q 0 0 0 rg BT 525.90 370.10 Td (non-U.S. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (governments, ) Tj ET Q q 0 0 0 rg BT 106.42 358.10 Td (their ) Tj ET Q q 0 0 0 rg BT 127.02 358.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 169.82 358.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 206.51 358.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 234.33 358.10 Td (various ) Tj ET Q q 0 0 0 rg BT 266.04 358.10 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 327.17 358.10 Td (or) Tj ET Q q 0 0 0 rg BT 335.32 358.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 383.13 358.10 Td (or ) Tj ET Q q 0 0 0 rg BT 393.73 358.10 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 440.15 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.85 358.10 Td (any ) Tj ET Q q 0 0 0 rg BT 473.56 358.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 501.93 358.10 Td (to ) Tj ET Q q 0 0 0 rg BT 511.97 358.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 544.24 358.10 Td (with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (these ) Tj ET Q q 0 0 0 rg BT 73.03 346.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 119.94 346.10 Td (could ) Tj ET Q q 0 0 0 rg BT 144.64 346.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 174.89 346.10 Td (us ) Tj ET Q q 0 0 0 rg BT 186.26 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 196.52 346.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 230.11 346.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 258.13 346.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 291.71 346.10 Td (our ) Tj ET Q q 0 0 0 rg BT 307.52 346.10 Td (reputation. ) Tj ET Q q 0 0 0 rg BT 353.04 346.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 371.07 346.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 415.78 346.10 Td (have ) Tj ET Q q 0 0 0 rg BT 437.13 346.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 474.04 346.10 Td (for ) Tj ET Q q 0 0 0 rg BT 488.18 346.10 Td (many ) Tj ET Q q 0 0 0 rg BT 512.88 346.10 Td (years ) Tj ET Q q 0 0 0 rg BT 536.46 346.10 Td (within ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.69 334.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 78.38 334.10 Td (framework ) Tj ET Q q 0 0 0 rg BT 124.51 334.10 Td (that ) Tj ET Q q 0 0 0 rg BT 141.76 334.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 176.22 334.10 Td (us ) Tj ET Q q 0 0 0 rg BT 187.37 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.40 334.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 231.32 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.02 334.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 280.27 334.10 Td (with ) Tj ET Q q 0 0 0 rg BT 300.30 334.10 Td (a ) Tj ET Q q 0 0 0 rg BT 307.00 334.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 332.02 334.10 Td (range ) Tj ET Q q 0 0 0 rg BT 356.48 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.07 334.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 388.76 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.45 334.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 448.80 334.10 Td (developments ) Tj ET Q q 0 0 0 rg BT 506.60 334.10 Td (that ) Tj ET Q q 0 0 0 rg BT 523.85 334.10 Td (af) Tj ET Q q 0 0 0 rg BT 531.44 334.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 548.68 334.10 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 92.70 322.10 Td (However) Tj ET Q q 0 0 0 rg BT 128.95 322.10 Td (, ) Tj ET Q q 0 0 0 rg BT 135.56 322.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 179.65 322.10 Td (legislation, ) Tj ET Q q 0 0 0 rg BT 227.91 322.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 264.22 322.10 Td (in ) Tj ET Q q 0 0 0 rg BT 276.11 322.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 299.65 322.10 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 354.29 322.10 Td (by ) Tj ET Q q 0 0 0 rg BT 368.40 322.10 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 431.36 322.10 Td (or) Tj ET Q q 0 0 0 rg BT 439.51 322.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 489.16 322.10 Td (or ) Tj ET Q q 0 0 0 rg BT 501.59 322.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 537.90 322.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.78 322.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (interpretation ) Tj ET Q q 0 0 0 rg BT 106.18 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 116.82 310.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 169.11 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.75 310.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 213.73 310.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 234.37 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.13 310.10 Td (rules, ) Tj ET Q q 0 0 0 rg BT 275.38 310.10 Td (either ) Tj ET Q q 0 0 0 rg BT 300.46 310.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.55 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.08 310.10 Td (United ) Tj ET Q q 0 0 0 rg BT 354.61 310.10 Td (States ) Tj ET Q q 0 0 0 rg BT 380.81 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 391.45 310.10 Td (elsewhere, ) Tj ET Q q 0 0 0 rg BT 436.24 310.10 Td (may ) Tj ET Q q 0 0 0 rg BT 455.77 310.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 488.63 310.10 Td (af) Tj ET Q q 0 0 0 rg BT 496.21 310.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 513.51 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 529.16 310.10 Td (mode ) Tj ET Q q 0 0 0 rg BT 553.69 310.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 90.26 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.20 298.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 154.32 298.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (North ) Tj ET Q q 0 0 0 rg BT 75.66 274.10 Td (America) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 250.10 Td (In ) Tj ET Q q 0 0 0 rg BT 73.73 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.84 250.10 Td (United ) Tj ET Q q 0 0 0 rg BT 116.95 250.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 145.24 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.35 250.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 200.68 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 217.02 250.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 258.34 250.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 310.80 250.10 Td (\(SEC\) ) Tj ET Q q 0 0 0 rg BT 346.58 250.10 Td (is ) Tj ET Q q 0 0 0 rg BT 355.14 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.26 250.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 398.91 250.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 429.12 250.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 476.56 250.10 Td (for ) Tj ET Q q 0 0 0 rg BT 490.12 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.23 250.10 Td (administration ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.41 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.71 238.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 107.54 238.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 148.38 238.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 169.79 238.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.31 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.61 238.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 246.23 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.64 238.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 296.83 238.10 Td (who ) Tj ET Q q 0 0 0 rg BT 317.13 238.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 344.10 238.10 Td (in ) Tj ET Q q 0 0 0 rg BT 354.96 238.10 Td (Greenhill. ) Tj ET Q q 0 0 0 rg BT 398.30 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.38 238.10 Td (Greenhill& ) Tj ET Q q 0 0 0 rg BT 452.50 238.10 Td (Co., ) Tj ET Q q 0 0 0 rg BT 472.25 238.10 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 496.72 238.10 Td (a ) Tj ET Q q 0 0 0 rg BT 504.24 238.10 Td (wholly-owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 93.58 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.39 226.10 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 144.63 226.10 Td (through ) Tj ET Q q 0 0 0 rg BT 178.21 226.10 Td (which ) Tj ET Q q 0 0 0 rg BT 205.13 226.10 Td (we ) Tj ET Q q 0 0 0 rg BT 219.26 226.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 253.39 226.10 Td (our ) Tj ET Q q 0 0 0 rg BT 269.20 226.10 Td (U.S.advisory ) Tj ET Q q 0 0 0 rg BT 326.40 226.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 365.26 226.10 Td (is ) Tj ET Q q 0 0 0 rg BT 374.41 226.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 416.31 226.10 Td (as ) Tj ET Q q 0 0 0 rg BT 427.11 226.10 Td (a ) Tj ET Q q 0 0 0 rg BT 434.03 226.10 Td (broker) Tj ET Q q 0 0 0 rg BT 459.93 226.10 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 490.16 226.10 Td (with ) Tj ET Q q 0 0 0 rg BT 510.41 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.10 226.10 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 548.42 226.10 Td (is ) Tj ET Q q 0 0 0 rg BT 557.56 226.10 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (member ) Tj ET Q q 0 0 0 rg BT 85.21 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.99 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.65 214.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 150.31 214.10 Td (Industry ) Tj ET Q q 0 0 0 rg BT 186.09 214.10 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 232.43 214.10 Td (Authority ) Tj ET Q q 0 0 0 rg BT 273.77 214.10 Td (\(FINRA\), ) Tj ET Q q 0 0 0 rg BT 324.26 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.14 214.10 Td (is ) Tj ET Q q 0 0 0 rg BT 350.26 214.10 Td (licensed ) Tj ET Q q 0 0 0 rg BT 385.47 214.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.70 214.10 Td (all ) Tj ET Q q 0 0 0 rg BT 408.14 214.10 Td (50states ) Tj ET Q q 0 0 0 rg BT 445.31 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.19 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.86 214.10 Td (District ) Tj ET Q q 0 0 0 rg BT 509.30 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.08 214.10 Td (Columbia. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Greenhill& ) Tj ET Q q 0 0 0 rg BT 100.47 202.10 Td (Co., ) Tj ET Q q 0 0 0 rg BT 119.57 202.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 140.89 202.10 Td (is ) Tj ET Q q 0 0 0 rg BT 149.99 202.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 180.75 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 190.96 202.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 233.93 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.80 202.10 Td (oversight ) Tj ET Q q 0 0 0 rg BT 290.45 202.10 Td (by ) Tj ET Q q 0 0 0 rg BT 302.88 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.52 202.10 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 340.79 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.22 202.10 Td (In ) Tj ET Q q 0 0 0 rg BT 353.99 202.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 391.69 202.10 Td (FINRA, ) Tj ET Q q 0 0 0 rg BT 426.63 202.10 Td (a ) Tj ET Q q 0 0 0 rg BT 433.49 202.10 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 494.79 202.10 Td (or) Tj ET Q q 0 0 0 rg BT 502.94 202.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 547.02 202.10 Td (that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.40 190.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 90.46 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.97 190.10 Td (oversight ) Tj ET Q q 0 0 0 rg BT 140.92 190.10 Td (by ) Tj ET Q q 0 0 0 rg BT 153.65 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.60 190.10 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 192.17 190.10 Td (adopts ) Tj ET Q q 0 0 0 rg BT 221.01 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 238.18 190.10 Td (enforces ) Tj ET Q q 0 0 0 rg BT 274.78 190.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 296.95 190.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 340.23 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.18 190.10 Td (conduct, ) Tj ET Q q 0 0 0 rg BT 392.07 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.24 190.10 Td (examines ) Tj ET Q q 0 0 0 rg BT 449.73 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.68 190.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 506.01 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.07 190.10 Td (its ) Tj ET Q q 0 0 0 rg BT 529.25 190.10 Td (member ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (firms, ) Tj ET Q q 0 0 0 rg BT 76.99 178.10 Td (including ) Tj ET Q q 0 0 0 rg BT 118.14 178.10 Td (Greenhill& ) Tj ET Q q 0 0 0 rg BT 169.56 178.10 Td (Co., ) Tj ET Q q 0 0 0 rg BT 189.61 178.10 Td (LLC. ) Tj ET Q q 0 0 0 rg BT 214.37 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.75 178.10 Td (State ) Tj ET Q q 0 0 0 rg BT 241.12 178.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.94 178.10 Td (local ) Tj ET Q q 0 0 0 rg BT 281.75 178.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 322.89 178.10 Td (regulators ) Tj ET Q q 0 0 0 rg BT 366.25 178.10 Td (also ) Tj ET Q q 0 0 0 rg BT 385.74 178.10 Td (have ) Tj ET Q q 0 0 0 rg BT 408.00 178.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 452.47 178.10 Td (or ) Tj ET Q q 0 0 0 rg BT 464.17 178.10 Td (oversight ) Tj ET Q q 0 0 0 rg BT 504.77 178.10 Td (authority ) Tj ET Q q 0 0 0 rg BT 544.25 178.10 Td (over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (Greenhill& ) Tj ET Q q 0 0 0 rg BT 100.54 166.10 Td (Co., ) Tj ET Q q 0 0 0 rg BT 119.71 166.10 Td (LLC. ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 742.10 Td (Broker) Tj ET Q q 0 0 0 rg BT 91.07 742.10 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 125.44 742.10 Td (are ) Tj ET Q q 0 0 0 rg BT 140.38 742.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 171.43 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.94 742.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 229.11 742.10 Td (that ) Tj ET Q q 0 0 0 rg BT 246.83 742.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 271.77 742.10 Td (all ) Tj ET Q q 0 0 0 rg BT 284.49 742.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 316.10 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.16 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.10 742.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 382.60 742.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 421.72 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 424.45 742.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 442.73 742.10 Td (business ) Tj ET Q q 0 0 0 rg BT 479.35 742.10 Td (model ) Tj ET Q q 0 0 0 rg BT 507.07 742.10 Td (is ) Tj ET Q q 0 0 0 rg BT 516.47 742.10 Td (exclusively ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 83.87 730.10 Td (on ) Tj ET Q q 0 0 0 rg BT 96.65 730.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 138.31 730.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 176.07 730.10 Td (advice ) Tj ET Q q 0 0 0 rg BT 204.93 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.49 730.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 244.37 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.58 730.10 Td (we ) Tj ET Q q 0 0 0 rg BT 276.01 730.10 Td (do ) Tj ET Q q 0 0 0 rg BT 288.79 730.10 Td (not ) Tj ET Q q 0 0 0 rg BT 304.34 730.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 324.90 730.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 364.33 730.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 389.32 730.10 Td (or ) Tj ET Q q 0 0 0 rg BT 400.43 730.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 443.47 730.10 Td (or ) Tj ET Q q 0 0 0 rg BT 454.57 730.10 Td (carry ) Tj ET Q q 0 0 0 rg BT 477.88 730.10 Td (on ) Tj ET Q q 0 0 0 rg BT 490.66 730.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 531.20 730.10 Td (trading, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (lending ) Tj ET Q q 0 0 0 rg BT 82.12 718.10 Td (or ) Tj ET Q q 0 0 0 rg BT 92.57 718.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 146.34 718.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 187.06 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.03 718.10 Td (While ) Tj ET Q q 0 0 0 rg BT 215.58 718.10 Td (this ) Tj ET Q q 0 0 0 rg BT 232.15 718.10 Td (means ) Tj ET Q q 0 0 0 rg BT 259.82 718.10 Td (that ) Tj ET Q q 0 0 0 rg BT 276.94 718.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 306.26 718.10 Td (broker) Tj ET Q q 0 0 0 rg BT 332.16 718.10 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 362.03 718.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 411.08 718.10 Td (such ) Tj ET Q q 0 0 0 rg BT 431.54 718.10 Td (as ) Tj ET Q q 0 0 0 rg BT 441.99 718.10 Td (those ) Tj ET Q q 0 0 0 rg BT 465.22 718.10 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 507.88 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 517.78 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.11 718.10 Td (use ) Tj ET Q q 0 0 0 rg BT 547.56 718.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (safekeeping ) Tj ET Q q 0 0 0 rg BT 100.02 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.61 706.10 Td (customers' ) Tj ET Q q 0 0 0 rg BT 155.22 706.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 179.71 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 196.41 706.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 236.44 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.14 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.62 706.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 307.64 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.24 706.10 Td (customers' ) Tj ET Q q 0 0 0 rg BT 362.85 706.10 Td (purchases, ) Tj ET Q q 0 0 0 rg BT 407.04 706.10 Td (may ) Tj ET Q q 0 0 0 rg BT 426.52 706.10 Td (not ) Tj ET Q q 0 0 0 rg BT 441.56 706.10 Td (be ) Tj ET Q q 0 0 0 rg BT 453.26 706.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 496.62 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 506.66 706.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 520.31 706.10 Td (we ) Tj ET Q q 0 0 0 rg BT 534.24 706.10 Td (remain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 79.71 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 88.87 694.10 Td (other ) Tj ET Q q 0 0 0 rg BT 110.80 694.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 153.27 694.10 Td (broker) Tj ET Q q 0 0 0 rg BT 179.17 694.10 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 208.30 694.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 256.62 694.10 Td (including ) Tj ET Q q 0 0 0 rg BT 295.77 694.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 338.25 694.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 366.28 694.10 Td (levels, ) Tj ET Q q 0 0 0 rg BT 393.49 694.10 Td (record ) Tj ET Q q 0 0 0 rg BT 420.41 694.10 Td (keeping ) Tj ET Q q 0 0 0 rg BT 453.44 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.26 694.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 507.30 694.10 Td (requirements, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.15 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.07 682.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 116.43 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.58 682.10 Td (qualifications ) Tj ET Q q 0 0 0 rg BT 190.71 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.75 682.10 Td (of) Tj ET Q q 0 0 0 rg BT 209.90 682.10 Td (ficers ) Tj ET Q q 0 0 0 rg BT 234.81 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.96 682.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 299.93 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 302.63 682.10 Td (In ) Tj ET Q q 0 0 0 rg BT 313.67 682.10 Td (particular) Tj ET Q q 0 0 0 rg BT 351.58 682.10 Td (, ) Tj ET Q q 0 0 0 rg BT 356.79 682.10 Td (as ) Tj ET Q q 0 0 0 rg BT 367.82 682.10 Td (a ) Tj ET Q q 0 0 0 rg BT 374.97 682.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 417.10 682.10 Td (broker) Tj ET Q q 0 0 0 rg BT 443.00 682.10 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 473.46 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.60 682.10 Td (member ) Tj ET Q q 0 0 0 rg BT 526.07 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 537.11 682.10 Td (a ) Tj ET Q q 0 0 0 rg BT 544.25 682.10 Td (self-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 93.02 670.10 Td (or) Tj ET Q q 0 0 0 rg BT 101.17 670.10 Td (ganization, ) Tj ET Q q 0 0 0 rg BT 147.25 670.10 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 186.94 670.10 Td (& ) Tj ET Q q 0 0 0 rg BT 196.65 670.10 Td (Co., ) Tj ET Q q 0 0 0 rg BT 215.25 670.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 236.06 670.10 Td (is ) Tj ET Q q 0 0 0 rg BT 244.66 670.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 274.92 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.62 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.77 670.10 Td (SEC's ) Tj ET Q q 0 0 0 rg BT 324.73 670.10 Td (uniform ) Tj ET Q q 0 0 0 rg BT 358.88 670.10 Td (net ) Tj ET Q q 0 0 0 rg BT 373.02 670.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 401.60 670.10 Td (rule, ) Tj ET Q q 0 0 0 rg BT 421.58 670.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 442.39 670.10 Td (15c3-1. ) Tj ET Q q 0 0 0 rg BT 474.59 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 476.52 670.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 497.33 670.10 Td (15c3-1 ) Tj ET Q q 0 0 0 rg BT 527.03 670.10 Td (specifies ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.18 658.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 107.04 658.10 Td (level ) Tj ET Q q 0 0 0 rg BT 129.44 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.73 658.10 Td (net ) Tj ET Q q 0 0 0 rg BT 155.92 658.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 185.53 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 192.94 658.10 Td (broker) Tj ET Q q 0 0 0 rg BT 218.83 658.10 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 249.55 658.10 Td (must ) Tj ET Q q 0 0 0 rg BT 271.97 658.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 309.92 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 327.33 658.10 Td (also ) Tj ET Q q 0 0 0 rg BT 346.40 658.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 381.57 658.10 Td (that ) Tj ET Q q 0 0 0 rg BT 399.53 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 406.94 658.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 452.11 658.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 483.97 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 495.26 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 502.66 658.10 Td (broker) Tj ET Q q 0 0 0 rg BT 528.56 658.10 Td (-dealer's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.51 646.10 Td (be ) Tj ET Q q 0 0 0 rg BT 89.13 646.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 124.51 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 135.47 646.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 161.98 646.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 200.15 646.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 249.99 646.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 283.15 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.11 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.51 646.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 342.68 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.19 646.10 Td (its ) Tj ET Q q 0 0 0 rg BT 366.82 646.10 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 409.72 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 412.67 646.10 Td (The ) Tj ET Q q 0 0 0 rg BT 431.40 646.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 452.92 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.53 646.10 Td (various ) Tj ET Q q 0 0 0 rg BT 503.15 646.10 Td (self-regulatory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (or) Tj ET Q q 0 0 0 rg BT 58.15 634.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 107.21 634.10 Td (impose ) Tj ET Q q 0 0 0 rg BT 139.62 634.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 162.58 634.10 Td (that ) Tj ET Q q 0 0 0 rg BT 181.10 634.10 Td (require ) Tj ET Q q 0 0 0 rg BT 212.94 634.10 Td (notification ) Tj ET Q q 0 0 0 rg BT 262.56 634.10 Td (when ) Tj ET Q q 0 0 0 rg BT 287.74 634.10 Td (net ) Tj ET Q q 0 0 0 rg BT 303.48 634.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 333.65 634.10 Td (falls ) Tj ET Q q 0 0 0 rg BT 354.39 634.10 Td (below ) Tj ET Q q 0 0 0 rg BT 382.35 634.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 413.07 634.10 Td (predefined ) Tj ET Q q 0 0 0 rg BT 459.35 634.10 Td (criteria, ) Tj ET Q q 0 0 0 rg BT 493.68 634.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 516.10 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.83 634.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 553.68 634.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 103.96 622.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 123.47 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.55 622.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 160.84 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.92 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.44 622.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 228.83 622.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 257.78 622.10 Td (composition ) Tj ET Q q 0 0 0 rg BT 309.53 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.16 622.10 Td (a ) Tj ET Q q 0 0 0 rg BT 326.89 622.10 Td (broker) Tj ET Q q 0 0 0 rg BT 352.79 622.10 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 382.85 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.58 622.10 Td (constrain ) Tj ET Q q 0 0 0 rg BT 438.54 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.06 622.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 480.91 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 491.54 622.10 Td (a ) Tj ET Q q 0 0 0 rg BT 498.28 622.10 Td (broker) Tj ET Q q 0 0 0 rg BT 524.17 622.10 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 554.23 622.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (expand ) Tj ET Q q 0 0 0 rg BT 81.62 610.10 Td (its ) Tj ET Q q 0 0 0 rg BT 93.80 610.10 Td (business ) Tj ET Q q 0 0 0 rg BT 130.43 610.10 Td (under ) Tj ET Q q 0 0 0 rg BT 155.94 610.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 185.88 610.10 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 247.76 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 249.89 610.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 299.79 610.10 Td (, ) Tj ET Q q 0 0 0 rg BT 305.03 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.99 610.10 Td (SEC's ) Tj ET Q q 0 0 0 rg BT 346.76 610.10 Td (uniform ) Tj ET Q q 0 0 0 rg BT 381.71 610.10 Td (net ) Tj ET Q q 0 0 0 rg BT 396.67 610.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 426.06 610.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 444.34 610.10 Td (imposes ) Tj ET Q q 0 0 0 rg BT 479.86 610.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 509.80 610.10 Td (requirements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.59 598.10 Td (may ) Tj ET Q q 0 0 0 rg BT 87.39 598.10 Td (have ) Tj ET Q q 0 0 0 rg BT 108.86 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.67 598.10 Td (ef) Tj ET Q q 0 0 0 rg BT 131.25 598.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 148.83 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.75 598.10 Td (prohibiting ) Tj ET Q q 0 0 0 rg BT 206.78 598.10 Td (a ) Tj ET Q q 0 0 0 rg BT 213.81 598.10 Td (broker) Tj ET Q q 0 0 0 rg BT 239.71 598.10 Td (-dealer ) Tj ET Q q 0 0 0 rg BT 270.06 598.10 Td (from ) Tj ET Q q 0 0 0 rg BT 292.08 598.10 Td (distributing ) Tj ET Q q 0 0 0 rg BT 340.79 598.10 Td (or ) Tj ET Q q 0 0 0 rg BT 351.71 598.10 Td (withdrawing ) Tj ET Q q 0 0 0 rg BT 404.85 598.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 434.09 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.12 598.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 490.36 598.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 512.39 598.10 Td (notice ) Tj ET Q q 0 0 0 rg BT 539.41 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.78 598.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 70.84 586.10 Td (for ) Tj ET Q q 0 0 0 rg BT 85.00 586.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 114.70 586.10 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 166.08 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.91 586.10 Td (capital.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 562.10 Td (Greenhill& ) Tj ET Q q 0 0 0 rg BT 113.58 562.10 Td (Co., ) Tj ET Q q 0 0 0 rg BT 132.29 562.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 153.21 562.10 Td (is ) Tj ET Q q 0 0 0 rg BT 161.92 562.10 Td (also ) Tj ET Q q 0 0 0 rg BT 180.07 562.10 Td (af) Tj ET Q q 0 0 0 rg BT 187.66 562.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 214.12 562.10 Td (by ) Tj ET Q q 0 0 0 rg BT 226.16 562.10 Td (various ) Tj ET Q q 0 0 0 rg BT 257.64 562.10 Td (state ) Tj ET Q q 0 0 0 rg BT 278.00 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.48 562.10 Td (local ) Tj ET Q q 0 0 0 rg BT 315.95 562.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 362.42 562.10 Td (that ) Tj ET Q q 0 0 0 rg BT 379.45 562.10 Td (restrict ) Tj ET Q q 0 0 0 rg BT 409.26 562.10 Td (or ) Tj ET Q q 0 0 0 rg BT 419.63 562.10 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 453.33 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.58 562.10 Td (use ) Tj ET Q q 0 0 0 rg BT 482.95 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.32 562.10 Td (placement ) Tj ET Q q 0 0 0 rg BT 536.45 562.10 Td (agents ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (in ) Tj ET Q q 0 0 0 rg BT 61.42 550.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 108.94 550.10 Td (with ) Tj ET Q q 0 0 0 rg BT 130.37 550.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 181.79 550.10 Td (by ) Tj ET Q q 0 0 0 rg BT 195.43 550.10 Td (public ) Tj ET Q q 0 0 0 rg BT 224.08 550.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 258.83 550.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 287.20 550.10 Td (including ) Tj ET Q q 0 0 0 rg BT 328.62 550.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 376.70 550.10 Td (in ) Tj ET Q q 0 0 0 rg BT 388.12 550.10 Td (New ) Tj ET Q q 0 0 0 rg BT 410.11 550.10 Td (Y) Tj ET Q q 0 0 0 rg BT 416.33 550.10 Td (ork, ) Tj ET Q q 0 0 0 rg BT 435.81 550.10 Td (Illinois ) Tj ET Q q 0 0 0 rg BT 467.79 550.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.87 550.10 Td (California. ) Tj ET Q q 0 0 0 rg BT 532.56 550.10 Td (Similar ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 89.71 538.10 Td (are ) Tj ET Q q 0 0 0 rg BT 104.41 538.10 Td (being ) Tj ET Q q 0 0 0 rg BT 129.13 538.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 174.95 538.10 Td (or ) Tj ET Q q 0 0 0 rg BT 185.78 538.10 Td (have ) Tj ET Q q 0 0 0 rg BT 207.15 538.10 Td (been ) Tj ET Q q 0 0 0 rg BT 228.53 538.10 Td (implemented ) Tj ET Q q 0 0 0 rg BT 283.24 538.10 Td (in ) Tj ET Q q 0 0 0 rg BT 293.52 538.10 Td (other ) Tj ET Q q 0 0 0 rg BT 316.56 538.10 Td (jurisdictions. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 517.10 Td (In ) Tj ET Q q 0 0 0 rg BT 72.84 517.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 110.63 517.10 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 150.90 517.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 182.30 517.10 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 220.08 517.10 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 243.98 517.10 Td (our ) Tj ET Q q 0 0 0 rg BT 259.82 517.10 Td (wholly ) Tj ET Q q 0 0 0 rg BT 290.11 517.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 319.28 517.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 359.74 517.10 Td (, ) Tj ET Q q 0 0 0 rg BT 364.75 517.10 Td (which ) Tj ET Q q 0 0 0 rg BT 391.70 517.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 428.64 517.10 Td (as ) Tj ET Q q 0 0 0 rg BT 439.48 517.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.43 517.10 Td (will ) Tj ET Q q 0 0 0 rg BT 474.50 517.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 511.45 517.10 Td (to ) Tj ET Q q 0 0 0 rg BT 521.74 517.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 553.67 517.10 Td (as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (general ) Tj ET Q q 0 0 0 rg BT 81.88 505.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 112.64 505.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.42 505.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 142.50 505.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.96 505.10 Td (I ) Tj ET Q q 0 0 0 rg BT 150.74 505.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.63 505.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 186.71 505.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.16 505.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 200.77 505.10 Td (is ) Tj ET Q q 0 0 0 rg BT 209.89 505.10 Td (a ) Tj ET Q q 0 0 0 rg BT 216.78 505.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 258.66 505.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 304.99 505.10 Td (adviser ) Tj ET Q q 0 0 0 rg BT 336.32 505.10 Td (under ) Tj ET Q q 0 0 0 rg BT 361.54 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.21 505.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 422.55 505.10 Td (Advisers ) Tj ET Q q 0 0 0 rg BT 460.01 505.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 476.90 505.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.68 505.10 Td (1940, ) Tj ET Q q 0 0 0 rg BT 512.63 505.10 Td (as ) Tj ET Q q 0 0 0 rg BT 523.42 505.10 Td (amended. ) Tj ET Q q 0 0 0 rg BT 564.51 505.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.01 493.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 85.74 493.10 Td (it ) Tj ET Q q 0 0 0 rg BT 93.20 493.10 Td (is ) Tj ET Q q 0 0 0 rg BT 101.77 493.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 131.99 493.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.67 493.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 184.11 493.10 Td (and ) Tj ET Q q 0 0 0 rg BT 200.45 493.10 Td (periodic ) Tj ET Q q 0 0 0 rg BT 235.11 493.10 Td (examinations ) Tj ET Q q 0 0 0 rg BT 290.33 493.10 Td (by ) Tj ET Q q 0 0 0 rg BT 302.23 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.35 493.10 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 339.09 493.10 Td ( ) Tj ET Q q 0 0 0 rg BT 340.99 493.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 362.89 493.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 409.22 493.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 433.32 493.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 445.50 493.10 Td (among ) Tj ET Q q 0 0 0 rg BT 474.61 493.10 Td (other ) Tj ET Q q 0 0 0 rg BT 497.06 493.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 525.91 493.10 Td (fiduciary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (duties ) Tj ET Q q 0 0 0 rg BT 76.63 481.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.16 481.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 118.51 481.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 169.03 481.10 Td (an ) Tj ET Q q 0 0 0 rg BT 181.22 481.10 Td (ef) Tj ET Q q 0 0 0 rg BT 188.80 481.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 218.75 481.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 267.59 481.10 Td (program, ) Tj ET Q q 0 0 0 rg BT 306.72 481.10 Td (solicitation ) Tj ET Q q 0 0 0 rg BT 353.90 481.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 404.68 481.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 441.86 481.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.94 481.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 487.62 481.10 Td (recordkeeping ) Tj ET Q q 0 0 0 rg BT 547.56 481.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 89.51 469.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 147.06 469.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 190.46 469.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 248.02 469.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 293.65 469.10 Td (on ) Tj ET Q q 0 0 0 rg BT 306.50 469.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 337.67 469.10 Td (cross ) Tj ET Q q 0 0 0 rg BT 361.08 469.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.37 469.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 416.76 469.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 467.38 469.10 Td (between ) Tj ET Q q 0 0 0 rg BT 503.55 469.10 Td (an ) Tj ET Q q 0 0 0 rg BT 515.84 469.10 Td (adviser ) Tj ET Q q 0 0 0 rg BT 547.57 469.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 86.94 457.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 115.54 457.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.48 457.10 Td (general ) Tj ET Q q 0 0 0 rg BT 164.40 457.10 Td (anti-fraud ) Tj ET Q q 0 0 0 rg BT 206.33 457.10 Td (prohibitions.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (Eur) Tj ET Q q 0 0 0 rg BT 64.63 433.10 Td (ope) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 409.10 Td (Greenhill& ) Tj ET Q q 0 0 0 rg BT 114.02 409.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 130.67 409.10 Td (International ) Tj ET Q q 0 0 0 rg BT 184.23 409.10 Td (LLP) Tj ET Q q 0 0 0 rg BT 201.64 409.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.12 409.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.04 409.10 Td (Greenhill& ) Tj ET Q q 0 0 0 rg BT 271.56 409.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 288.20 409.10 Td (Europe ) Tj ET Q q 0 0 0 rg BT 319.56 409.10 Td (LLP) Tj ET Q q 0 0 0 rg BT 336.23 409.10 Td (, ) Tj ET Q q 0 0 0 rg BT 341.21 409.10 Td (our ) Tj ET Q q 0 0 0 rg BT 357.02 409.10 Td (controlled ) Tj ET Q q 0 0 0 rg BT 400.04 409.10 Td (af) Tj ET Q q 0 0 0 rg BT 407.62 409.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 438.42 409.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 489.78 409.10 Td (with ) Tj ET Q q 0 0 0 rg BT 510.03 409.10 Td (of) Tj ET Q q 0 0 0 rg BT 518.18 409.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 539.54 409.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 409.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (United ) Tj ET Q q 0 0 0 rg BT 79.36 397.10 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 119.29 397.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.88 397.10 Td (Germany) Tj ET Q q 0 0 0 rg BT 172.43 397.10 Td (, ) Tj ET Q q 0 0 0 rg BT 177.08 397.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 224.74 397.10 Td (, ) Tj ET Q q 0 0 0 rg BT 229.39 397.10 Td (through ) Tj ET Q q 0 0 0 rg BT 262.65 397.10 Td (which ) Tj ET Q q 0 0 0 rg BT 289.23 397.10 Td (we ) Tj ET Q q 0 0 0 rg BT 303.04 397.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 336.84 397.10 Td (our ) Tj ET Q q 0 0 0 rg BT 352.32 397.10 Td (European ) Tj ET Q q 0 0 0 rg BT 392.78 397.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 429.37 397.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 467.91 397.10 Td (are ) Tj ET Q q 0 0 0 rg BT 482.26 397.10 Td (licensed ) Tj ET Q q 0 0 0 rg BT 517.17 397.10 Td (by ) Tj ET Q q 0 0 0 rg BT 529.32 397.10 Td (and ) Tj ET Q q 0 0 0 rg BT 545.91 397.10 Td (also ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 80.07 385.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.58 385.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 131.87 385.10 Td (by ) Tj ET Q q 0 0 0 rg BT 143.61 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.57 385.10 Td (UnitedKingdom's ) Tj ET Q q 0 0 0 rg BT 232.50 385.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 271.45 385.10 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 306.69 385.10 Td (Authority ) Tj ET Q q 0 0 0 rg BT 347.32 385.10 Td (\(FCA\). ) Tj ET Q q 0 0 0 rg BT 386.55 385.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.29 385.10 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 427.79 385.10 Td (& ) Tj ET Q q 0 0 0 rg BT 437.31 385.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 453.22 385.10 Td (Europe ) Tj ET Q q 0 0 0 rg BT 483.84 385.10 Td (LLP) Tj ET Q q 0 0 0 rg BT 501.25 385.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.99 385.10 Td (is ) Tj ET Q q 0 0 0 rg BT 511.40 385.10 Td (also ) Tj ET Q q 0 0 0 rg BT 529.25 385.10 Td (licensed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.11 373.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 96.11 373.10 Td (to ) Tj ET Q q 0 0 0 rg BT 105.57 373.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 147.78 373.10 Td (by ) Tj ET Q q 0 0 0 rg BT 159.46 373.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.35 373.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 205.01 373.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 243.90 373.10 Td (Supervisory ) Tj ET Q q 0 0 0 rg BT 293.53 373.10 Td (Authority ) Tj ET Q q 0 0 0 rg BT 334.09 373.10 Td (in ) Tj ET Q q 0 0 0 rg BT 343.55 373.10 Td (Germany ) Tj ET Q q 0 0 0 rg BT 382.43 373.10 Td (\(BaFin\). ) Tj ET Q q 0 0 0 rg BT 426.59 373.10 Td ( ) Tj ET Q q 0 0 0 rg BT 428.14 373.10 Td (The ) Tj ET Q q 0 0 0 rg BT 445.36 373.10 Td (current ) Tj ET Q q 0 0 0 rg BT 475.35 373.10 Td (UK ) Tj ET Q q 0 0 0 rg BT 491.47 373.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 534.24 373.10 Td (regime ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.65 361.10 Td (based ) Tj ET Q q 0 0 0 rg BT 85.40 361.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 108.37 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.57 361.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 163.76 361.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 200.62 361.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.03 361.10 Td (Markets ) Tj ET Q q 0 0 0 rg BT 253.12 361.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 270.54 361.10 Td (2000 ) Tj ET Q q 0 0 0 rg BT 293.52 361.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 312.04 361.10 Td (FSMA\), ) Tj ET Q q 0 0 0 rg BT 356.96 361.10 Td (together ) Tj ET Q q 0 0 0 rg BT 392.71 361.10 Td (with ) Tj ET Q q 0 0 0 rg BT 413.46 361.10 Td (secondary ) Tj ET Q q 0 0 0 rg BT 456.98 361.10 Td (legislation ) Tj ET Q q 0 0 0 rg BT 501.62 361.10 Td (and ) Tj ET Q q 0 0 0 rg BT 519.04 361.10 Td (other ) Tj ET Q q 0 0 0 rg BT 542.56 361.10 Td (rules ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (made ) Tj ET Q q 0 0 0 rg BT 74.52 349.10 Td (under ) Tj ET Q q 0 0 0 rg BT 100.15 349.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.24 349.10 Td (FSMA. ) Tj ET Q q 0 0 0 rg BT 147.84 349.10 Td ( ) Tj ET Q q 0 0 0 rg BT 150.50 349.10 Td (These ) Tj ET Q q 0 0 0 rg BT 177.24 349.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 199.54 349.10 Td (govern ) Tj ET Q q 0 0 0 rg BT 230.18 349.10 Td (all ) Tj ET Q q 0 0 0 rg BT 243.04 349.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 274.78 349.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.97 349.10 Td (our ) Tj ET Q q 0 0 0 rg BT 302.17 349.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 339.47 349.10 Td (business ) Tj ET Q q 0 0 0 rg BT 376.23 349.10 Td (in ) Tj ET Q q 0 0 0 rg BT 386.87 349.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.95 349.10 Td (United ) Tj ET Q q 0 0 0 rg BT 432.04 349.10 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 475.18 349.10 Td (including ) Tj ET Q q 0 0 0 rg BT 515.82 349.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 552.00 349.10 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (regulated ) Tj ET Q q 0 0 0 rg BT 89.70 337.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 130.80 337.10 Td (record ) Tj ET Q q 0 0 0 rg BT 158.84 337.10 Td (keeping, ) Tj ET Q q 0 0 0 rg BT 195.49 337.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 232.98 337.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 273.25 337.10 Td (for ) Tj ET Q q 0 0 0 rg BT 287.41 337.10 Td (individuals, ) Tj ET Q q 0 0 0 rg BT 336.85 337.10 Td (anti-money ) Tj ET Q q 0 0 0 rg BT 384.89 337.10 Td (laundering ) Tj ET Q q 0 0 0 rg BT 430.16 337.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.09 337.10 Td (periodic ) Tj ET Q q 0 0 0 rg BT 482.36 337.10 Td (reporting.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 313.10 Td (Both ) Tj ET Q q 0 0 0 rg BT 85.69 313.10 Td (Greenhill& ) Tj ET Q q 0 0 0 rg BT 136.46 313.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 153.37 313.10 Td (International ) Tj ET Q q 0 0 0 rg BT 207.20 313.10 Td (LLP) Tj ET Q q 0 0 0 rg BT 224.60 313.10 Td ( ) Tj ET Q q 0 0 0 rg BT 227.34 313.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.52 313.10 Td (Greenhill& ) Tj ET Q q 0 0 0 rg BT 295.29 313.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 312.20 313.10 Td (Europe ) Tj ET Q q 0 0 0 rg BT 343.81 313.10 Td (LLP) Tj ET Q q 0 0 0 rg BT 361.22 313.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.96 313.10 Td (have ) Tj ET Q q 0 0 0 rg BT 385.57 313.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 422.74 313.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.70 313.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 485.97 313.10 Td (European ) Tj ET Q q 0 0 0 rg BT 527.02 313.10 Td (financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (services ) Tj ET Q q 0 0 0 rg BT 83.94 301.10 Td (passport ) Tj ET Q q 0 0 0 rg BT 119.00 301.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 143.51 301.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.02 301.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 185.30 301.10 Td (cross-border ) Tj ET Q q 0 0 0 rg BT 237.02 301.10 Td (services ) Tj ET Q q 0 0 0 rg BT 270.96 301.10 Td (into ) Tj ET Q q 0 0 0 rg BT 288.24 301.10 Td (a ) Tj ET Q q 0 0 0 rg BT 294.42 301.10 Td (number ) Tj ET Q q 0 0 0 rg BT 326.69 301.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.76 301.10 Td (other ) Tj ET Q q 0 0 0 rg BT 359.04 301.10 Td (members ) Tj ET Q q 0 0 0 rg BT 397.42 301.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.49 301.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.44 301.10 Td (European ) Tj ET Q q 0 0 0 rg BT 461.48 301.10 Td (Economic ) Tj ET Q q 0 0 0 rg BT 503.38 301.10 Td (Area ) Tj ET Q q 0 0 0 rg BT 524.54 301.10 Td (\(EEA\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (This ) Tj ET Q q 0 0 0 rg BT 70.19 289.10 Td (passport ) Tj ET Q q 0 0 0 rg BT 114.80 289.10 Td (derives ) Tj ET Q q 0 0 0 rg BT 146.09 289.10 Td (from ) Tj ET Q q 0 0 0 rg BT 167.94 289.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.56 289.10 Td (pan-European ) Tj ET Q q 0 0 0 rg BT 241.05 289.10 Td (regime ) Tj ET Q q 0 0 0 rg BT 271.23 289.10 Td (established ) Tj ET Q q 0 0 0 rg BT 318.07 289.10 Td (by ) Tj ET Q q 0 0 0 rg BT 330.48 289.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.10 289.10 Td (EU ) Tj ET Q q 0 0 0 rg BT 360.84 289.10 Td (Markets ) Tj ET Q q 0 0 0 rg BT 396.02 289.10 Td (in ) Tj ET Q q 0 0 0 rg BT 406.21 289.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 445.83 289.10 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 495.45 289.10 Td (Directive, ) Tj ET Q q 0 0 0 rg BT 537.56 289.10 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (regulates ) Tj ET Q q 0 0 0 rg BT 88.59 277.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.31 277.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 143.59 277.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.42 277.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 191.90 277.10 Td (services ) Tj ET Q q 0 0 0 rg BT 226.61 277.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.54 277.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 282.14 277.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 328.53 277.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.25 277.10 Td (EEA.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 253.10 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 104.40 253.10 Td (& ) Tj ET Q q 0 0 0 rg BT 115.31 253.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 132.61 253.10 Td (Sweden ) Tj ET Q q 0 0 0 rg BT 166.71 253.10 Td (AB ) Tj ET Q q 0 0 0 rg BT 183.73 253.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 221.30 253.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 259.42 253.10 Td (advice ) Tj ET Q q 0 0 0 rg BT 288.64 253.10 Td (to ) Tj ET Q q 0 0 0 rg BT 299.55 253.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 328.79 253.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.70 253.10 Td (Sweden ) Tj ET Q q 0 0 0 rg BT 374.49 253.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.06 253.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.41 253.10 Td (wider ) Tj ET Q q 0 0 0 rg BT 433.31 253.10 Td (Nordic ) Tj ET Q q 0 0 0 rg BT 464.21 253.10 Td (region, ) Tj ET Q q 0 0 0 rg BT 495.39 253.10 Td (and ) Tj ET Q q 0 0 0 rg BT 512.96 253.10 Td (is ) Tj ET Q q 0 0 0 rg BT 522.77 253.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.22 253.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 93.04 241.10 Td (by ) Tj ET Q q 0 0 0 rg BT 105.54 241.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.26 241.10 Td (Swedish ) Tj ET Q q 0 0 0 rg BT 156.65 241.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 196.36 241.10 Td (Supervisory ) Tj ET Q q 0 0 0 rg BT 246.64 241.10 Td (Authority) Tj ET Q q 0 0 0 rg BT 284.88 241.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (Australia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 193.10 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 103.67 193.10 Td (& ) Tj ET Q q 0 0 0 rg BT 113.86 193.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 129.91 193.10 Td (Australia ) Tj ET Q q 0 0 0 rg BT 168.97 193.10 Td (Pty ) Tj ET Q q 0 0 0 rg BT 184.72 193.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 218.79 193.10 Td (\("Greenhill ) Tj ET Q q 0 0 0 rg BT 265.84 193.10 Td (Australia"\), ) Tj ET Q q 0 0 0 rg BT 314.82 193.10 Td (our ) Tj ET Q q 0 0 0 rg BT 330.02 193.10 Td (Australian ) Tj ET Q q 0 0 0 rg BT 374.09 193.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 414.55 193.10 Td (, ) Tj ET Q q 0 0 0 rg BT 419.46 193.10 Td (is ) Tj ET Q q 0 0 0 rg BT 428.53 193.10 Td (licensed ) Tj ET Q q 0 0 0 rg BT 463.71 193.10 Td (and ) Tj ET Q q 0 0 0 rg BT 480.55 193.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 511.29 193.10 Td (to ) Tj ET Q q 0 0 0 rg BT 521.47 193.10 Td (regulation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (by ) Tj ET Q q 0 0 0 rg BT 63.55 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.53 181.10 Td (Australian ) Tj ET Q q 0 0 0 rg BT 123.73 181.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 166.71 181.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.70 181.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 236.57 181.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 290.68 181.10 Td (\(ASIC\) ) Tj ET Q q 0 0 0 rg BT 332.55 181.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.54 181.10 Td (must ) Tj ET Q q 0 0 0 rg BT 373.53 181.10 Td (also ) Tj ET Q q 0 0 0 rg BT 393.19 181.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 426.73 181.10 Td (with ) Tj ET Q q 0 0 0 rg BT 448.06 181.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 492.69 181.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 537.91 181.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 181.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (Corporations ) Tj ET Q q 0 0 0 rg BT 105.57 169.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 124.30 169.10 Td (2001 ) Tj ET Q q 0 0 0 rg BT 148.60 169.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.33 169.10 Td (other ) Tj ET Q q 0 0 0 rg BT 191.23 169.10 Td (Australian ) Tj ET Q q 0 0 0 rg BT 237.18 169.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 260.91 169.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.65 169.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 325.04 169.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 384.04 169.10 Td (including ) Tj ET Q q 0 0 0 rg BT 426.11 169.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 457.06 169.10 Td (adequacy ) Tj ET Q q 0 0 0 rg BT 499.11 169.10 Td (rules, ) Tj ET Q q 0 0 0 rg BT 525.35 169.10 Td (customer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 93.04 157.10 Td (rules, ) Tj ET Q q 0 0 0 rg BT 117.48 157.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.42 157.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 183.01 157.10 Td (with ) Tj ET Q q 0 0 0 rg BT 203.29 157.10 Td (other ) Tj ET Q q 0 0 0 rg BT 226.33 157.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 269.92 157.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 300.75 157.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.69 157.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 364.07 157.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 398.78 157.10 Td (regulations. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (Asia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 109.10 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 103.12 109.10 Td (& ) Tj ET Q q 0 0 0 rg BT 112.76 109.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 128.78 109.10 Td (Japan ) Tj ET Q q 0 0 0 rg BT 153.41 109.10 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 171.65 109.10 Td (is ) Tj ET Q q 0 0 0 rg BT 180.18 109.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 221.46 109.10 Td (with ) Tj ET Q q 0 0 0 rg BT 241.09 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.17 109.10 Td (Kanto ) Tj ET Q q 0 0 0 rg BT 281.46 109.10 Td (Local ) Tj ET Q q 0 0 0 rg BT 306.08 109.10 Td (Finance ) Tj ET Q q 0 0 0 rg BT 339.60 109.10 Td (Bureau ) Tj ET Q q 0 0 0 rg BT 370.33 109.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.52 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.59 109.10 Td (Ministry ) Tj ET Q q 0 0 0 rg BT 430.90 109.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.08 109.10 Td (Finance ) Tj ET Q q 0 0 0 rg BT 474.60 109.10 Td (in ) Tj ET Q q 0 0 0 rg BT 484.23 109.10 Td (Japan ) Tj ET Q q 0 0 0 rg BT 508.86 109.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.15 109.10 Td (is ) Tj ET Q q 0 0 0 rg BT 533.68 109.10 Td (subject ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.87 97.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 104.50 97.10 Td (by ) Tj ET Q q 0 0 0 rg BT 117.59 97.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.90 97.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 173.20 97.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 209.48 97.10 Td (Agency ) Tj ET Q q 0 0 0 rg BT 243.67 97.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.20 97.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.51 97.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 319.03 97.10 Td (and ) Tj ET Q q 0 0 0 rg BT 336.56 97.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 379.07 97.10 Td (Surveillance ) Tj ET Q q 0 0 0 rg BT 432.14 97.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 485.80 97.10 Td (in ) Tj ET Q q 0 0 0 rg BT 496.67 97.10 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 525.02 97.10 Td (and ) Tj ET Q q 0 0 0 rg BT 542.55 97.10 Td (must ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 81.28 85.10 Td (with ) Tj ET Q q 0 0 0 rg BT 100.35 85.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 142.73 85.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 185.69 85.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.31 85.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.81 85.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 247.31 85.10 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 295.82 85.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.55 85.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 351.98 85.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 367.70 85.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.43 85.10 Td (other ) Tj ET Q q 0 0 0 rg BT 405.27 85.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 447.65 85.10 Td (Japanese ) Tj ET Q q 0 0 0 rg BT 484.47 85.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 505.19 85.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.92 85.10 Td (regulatory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 109.63 73.10 Td (including ) Tj ET Q q 0 0 0 rg BT 152.33 73.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 193.92 73.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 239.39 73.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 263.76 73.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.13 73.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 334.15 73.10 Td (with ) Tj ET Q q 0 0 0 rg BT 356.85 73.10 Td (other ) Tj ET Q q 0 0 0 rg BT 382.33 73.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 428.35 73.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 461.60 73.10 Td (and ) Tj ET Q q 0 0 0 rg BT 480.97 73.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 529.78 73.10 Td (banking ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (regulations.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 742.10 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 102.89 742.10 Td (& ) Tj ET Q q 0 0 0 rg BT 112.30 742.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 127.73 742.10 Td (Asia ) Tj ET Q q 0 0 0 rg BT 147.69 742.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 180.98 742.10 Td (is ) Tj ET Q q 0 0 0 rg BT 189.28 742.10 Td (licensed ) Tj ET Q q 0 0 0 rg BT 223.67 742.10 Td (under ) Tj ET Q q 0 0 0 rg BT 248.06 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.91 742.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 285.76 742.10 Td (Kong ) Tj ET Q q 0 0 0 rg BT 309.61 742.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 350.67 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.73 742.10 Td (Futures ) Tj ET Q q 0 0 0 rg BT 398.36 742.10 Td (Ordinance ) Tj ET Q q 0 0 0 rg BT 441.63 742.10 Td (with ) Tj ET Q q 0 0 0 rg BT 461.04 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.88 742.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 515.95 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.01 742.10 Td (Futures ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 103.70 730.10 Td (\(SFC\) ) Tj ET Q q 0 0 0 rg BT 140.17 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.75 730.10 Td (is ) Tj ET Q q 0 0 0 rg BT 167.55 730.10 Td (regulated ) Tj ET Q q 0 0 0 rg BT 207.89 730.10 Td (by ) Tj ET Q q 0 0 0 rg BT 221.03 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.38 730.10 Td (SFC. ) Tj ET Q q 0 0 0 rg BT 259.59 730.10 Td (The ) Tj ET Q q 0 0 0 rg BT 278.27 730.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 327.50 730.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 382.84 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.30 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.66 730.10 Td (SFC ) Tj ET Q q 0 0 0 rg BT 430.59 730.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 465.66 730.10 Td (among ) Tj ET Q q 0 0 0 rg BT 496.01 730.10 Td (other ) Tj ET Q q 0 0 0 rg BT 519.70 730.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 549.78 730.10 Td (net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 81.67 718.10 Td (stockholders' ) Tj ET Q q 0 0 0 rg BT 136.55 718.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 164.06 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.03 718.10 Td (periodic ) Tj ET Q q 0 0 0 rg BT 216.31 718.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 255.49 718.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 312.72 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.68 718.10 Td (also ) Tj ET Q q 0 0 0 rg BT 348.31 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.05 718.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 411.12 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.08 718.10 Td (training ) Tj ET Q q 0 0 0 rg BT 461.71 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.56 718.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 502.29 718.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 547.57 718.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 98.05 706.10 Td (of) Tj ET Q q 0 0 0 rg BT 106.20 706.10 Td (ficers.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (General) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 658.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 81.36 658.10 Td (business ) Tj ET Q q 0 0 0 rg BT 117.56 658.10 Td (may ) Tj ET Q q 0 0 0 rg BT 137.08 658.10 Td (also ) Tj ET Q q 0 0 0 rg BT 155.49 658.10 Td (be ) Tj ET Q q 0 0 0 rg BT 167.24 658.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 197.87 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 207.95 658.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 250.80 658.10 Td (by ) Tj ET Q q 0 0 0 rg BT 263.11 658.10 Td (other ) Tj ET Q q 0 0 0 rg BT 285.96 658.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 343.25 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.99 658.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 403.39 658.10 Td (bodies ) Tj ET Q q 0 0 0 rg BT 431.81 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.55 658.10 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 509.72 658.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 554.24 658.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.05 646.10 Td (countries ) Tj ET Q q 0 0 0 rg BT 112.20 646.10 Td (where ) Tj ET Q q 0 0 0 rg BT 139.13 646.10 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 179.39 646.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 215.21 646.10 Td (or ) Tj ET Q q 0 0 0 rg BT 226.04 646.10 Td (conducts ) Tj ET Q q 0 0 0 rg BT 264.09 646.10 Td (business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 72.14 622.10 Td (e ) Tj ET Q q 0 0 0 rg BT 78.87 622.10 Td (are ) Tj ET Q q 0 0 0 rg BT 93.36 622.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 123.98 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.05 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.55 622.10 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 181.95 622.10 Td (Corrupt ) Tj ET Q q 0 0 0 rg BT 215.35 622.10 Td (Practices ) Tj ET Q q 0 0 0 rg BT 253.23 622.10 Td (Act, ) Tj ET Q q 0 0 0 rg BT 272.46 622.10 Td (which ) Tj ET Q q 0 0 0 rg BT 299.19 622.10 Td (prohibits ) Tj ET Q q 0 0 0 rg BT 337.03 622.10 Td (of) Tj ET Q q 0 0 0 rg BT 345.18 622.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 373.85 622.10 Td (promising, ) Tj ET Q q 0 0 0 rg BT 419.20 622.10 Td (giving, ) Tj ET Q q 0 0 0 rg BT 449.54 622.10 Td (or ) Tj ET Q q 0 0 0 rg BT 460.16 622.10 Td (authorizing ) Tj ET Q q 0 0 0 rg BT 507.99 622.10 Td (others ) Tj ET Q q 0 0 0 rg BT 534.72 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 544.79 622.10 Td (give ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (anything ) Tj ET Q q 0 0 0 rg BT 87.30 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.93 610.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 124.39 610.10 Td (either ) Tj ET Q q 0 0 0 rg BT 149.45 610.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 182.30 610.10 Td (or ) Tj ET Q q 0 0 0 rg BT 192.93 610.10 Td (indirectly) Tj ET Q q 0 0 0 rg BT 230.60 610.10 Td (, ) Tj ET Q q 0 0 0 rg BT 235.40 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.48 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 252.22 610.10 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 290.64 610.10 Td (government ) Tj ET Q q 0 0 0 rg BT 340.71 610.10 Td (of) Tj ET Q q 0 0 0 rg BT 348.85 610.10 Td (ficial ) Tj ET Q q 0 0 0 rg BT 371.70 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 381.78 610.10 Td (order ) Tj ET Q q 0 0 0 rg BT 405.18 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.26 610.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 454.77 610.10 Td (of) Tj ET Q q 0 0 0 rg BT 462.92 610.10 Td (ficial ) Tj ET Q q 0 0 0 rg BT 485.76 610.10 Td (action ) Tj ET Q q 0 0 0 rg BT 512.50 610.10 Td (or ) Tj ET Q q 0 0 0 rg BT 523.13 610.10 Td (otherwise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 69.75 598.10 Td (an ) Tj ET Q q 0 0 0 rg BT 81.72 598.10 Td (unfair ) Tj ET Q q 0 0 0 rg BT 108.12 598.10 Td (business ) Tj ET Q q 0 0 0 rg BT 144.55 598.10 Td (advantage, ) Tj ET Q q 0 0 0 rg BT 190.11 598.10 Td (such ) Tj ET Q q 0 0 0 rg BT 210.97 598.10 Td (as ) Tj ET Q q 0 0 0 rg BT 221.83 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.14 598.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 259.67 598.10 Td (or ) Tj ET Q q 0 0 0 rg BT 270.53 598.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 295.82 598.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 334.74 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 337.09 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 345.73 598.10 Td (e ) Tj ET Q q 0 0 0 rg BT 352.70 598.10 Td (are ) Tj ET Q q 0 0 0 rg BT 367.44 598.10 Td (also ) Tj ET Q q 0 0 0 rg BT 386.08 598.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 416.93 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.24 598.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 470.86 598.10 Td (anti-corruption ) Tj ET Q q 0 0 0 rg BT 533.37 598.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 554.23 598.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.28 586.10 Td (United ) Tj ET Q q 0 0 0 rg BT 93.57 586.10 Td (States ) Tj ET Q q 0 0 0 rg BT 119.52 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.03 586.10 Td (in ) Tj ET Q q 0 0 0 rg BT 145.88 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.16 586.10 Td (other ) Tj ET Q q 0 0 0 rg BT 182.78 586.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 234.29 586.10 Td (in ) Tj ET Q q 0 0 0 rg BT 244.13 586.10 Td (which ) Tj ET Q q 0 0 0 rg BT 270.64 586.10 Td (we ) Tj ET Q q 0 0 0 rg BT 284.37 586.10 Td (operate, ) Tj ET Q q 0 0 0 rg BT 318.36 586.10 Td (such ) Tj ET Q q 0 0 0 rg BT 338.76 586.10 Td (as ) Tj ET Q q 0 0 0 rg BT 349.16 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.44 586.10 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 384.95 586.10 Td (Bribery ) Tj ET Q q 0 0 0 rg BT 417.11 586.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 436.12 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.03 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 446.67 586.10 Td (e ) Tj ET Q q 0 0 0 rg BT 453.18 586.10 Td (have ) Tj ET Q q 0 0 0 rg BT 474.12 586.10 Td (implemented ) Tj ET Q q 0 0 0 rg BT 528.40 586.10 Td (policies, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 98.87 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 115.81 574.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 148.85 574.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 183.56 574.10 Td (that ) Tj ET Q q 0 0 0 rg BT 201.06 574.10 Td (are ) Tj ET Q q 0 0 0 rg BT 215.77 574.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 253.81 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 264.09 574.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 296.59 574.10 Td (with ) Tj ET Q q 0 0 0 rg BT 316.87 574.10 Td (such ) Tj ET Q q 0 0 0 rg BT 337.70 574.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 361.03 574.10 Td (rules, ) Tj ET Q q 0 0 0 rg BT 385.46 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.40 574.10 Td (regulations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (Wher) Tj ET Q q 0 0 0 rg BT 74.26 550.10 Td (e ) Tj ET Q q 0 0 0 rg BT 80.83 550.10 Td (Y) Tj ET Q q 0 0 0 rg BT 86.94 550.10 Td (ou ) Tj ET Q q 0 0 0 rg BT 100.00 550.10 Td (Can ) Tj ET Q q 0 0 0 rg BT 120.28 550.10 Td (Find ) Tj ET Q q 0 0 0 rg BT 142.24 550.10 Td (Additional ) Tj ET Q q 0 0 0 rg BT 190.31 550.10 Td (Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 529.10 Td (Greenhill& ) Tj ET Q q 0 0 0 rg BT 111.33 529.10 Td (Co., ) Tj ET Q q 0 0 0 rg BT 129.28 529.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 145.83 529.10 Td (files ) Tj ET Q q 0 0 0 rg BT 164.33 529.10 Td (current, ) Tj ET Q q 0 0 0 rg BT 196.43 529.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 224.37 529.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.10 529.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 277.47 529.10 Td (reports, ) Tj ET Q q 0 0 0 rg BT 309.03 529.10 Td (proxy ) Tj ET Q q 0 0 0 rg BT 333.64 529.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 377.14 529.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.86 529.10 Td (other ) Tj ET Q q 0 0 0 rg BT 414.69 529.10 Td (information ) Tj ET Q q 0 0 0 rg BT 463.19 529.10 Td (required ) Tj ET Q q 0 0 0 rg BT 497.79 529.10 Td (by ) Tj ET Q q 0 0 0 rg BT 509.07 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.57 529.10 Td (Securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 91.00 517.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 107.46 517.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.81 517.10 Td (1934, ) Tj ET Q q 0 0 0 rg BT 142.33 517.10 Td (as ) Tj ET Q q 0 0 0 rg BT 152.68 517.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 190.79 517.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 208.36 517.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 253.80 517.10 Td (Act\), ) Tj ET Q q 0 0 0 rg BT 280.52 517.10 Td (with ) Tj ET Q q 0 0 0 rg BT 300.32 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.56 517.10 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 337.12 517.10 Td (Y) Tj ET Q q 0 0 0 rg BT 343.34 517.10 Td (ou ) Tj ET Q q 0 0 0 rg BT 355.36 517.10 Td (may ) Tj ET Q q 0 0 0 rg BT 374.60 517.10 Td (read ) Tj ET Q q 0 0 0 rg BT 393.83 517.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.29 517.10 Td (copy ) Tj ET Q q 0 0 0 rg BT 431.74 517.10 Td (any ) Tj ET Q q 0 0 0 rg BT 448.20 517.10 Td (document ) Tj ET Q q 0 0 0 rg BT 489.66 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.90 517.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 544.80 517.10 Td (files ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (at ) Tj ET Q q 0 0 0 rg BT 59.73 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.47 505.10 Td (SEC) Tj ET Q q 0 0 0 rg BT 95.59 505.10 Td (s ) Tj ET Q q 0 0 0 rg BT 101.99 505.10 Td (public ) Tj ET Q q 0 0 0 rg BT 129.51 505.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 169.21 505.10 Td (room ) Tj ET Q q 0 0 0 rg BT 192.83 505.10 Td (located ) Tj ET Q q 0 0 0 rg BT 224.22 505.10 Td (at ) Tj ET Q q 0 0 0 rg BT 233.96 505.10 Td (100FStreet, ) Tj ET Q q 0 0 0 rg BT 287.86 505.10 Td (N.E., ) Tj ET Q q 0 0 0 rg BT 311.02 505.10 Td (W) Tj ET Q q 0 0 0 rg BT 319.66 505.10 Td (ashington,D.C. ) Tj ET Q q 0 0 0 rg BT 384.96 505.10 Td (20549, ) Tj ET Q q 0 0 0 rg BT 414.97 505.10 Td (U.S.A. ) Tj ET Q q 0 0 0 rg BT 445.00 505.10 Td (Please ) Tj ET Q q 0 0 0 rg BT 473.06 505.10 Td (call ) Tj ET Q q 0 0 0 rg BT 490.01 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.74 505.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 525.60 505.10 Td (at ) Tj ET Q q 0 0 0 rg BT 535.34 505.10 Td (1-800-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (SEC-0330 ) Tj ET Q q 0 0 0 rg BT 94.21 493.10 Td (for ) Tj ET Q q 0 0 0 rg BT 108.41 493.10 Td (further ) Tj ET Q q 0 0 0 rg BT 138.15 493.10 Td (information ) Tj ET Q q 0 0 0 rg BT 187.90 493.10 Td (on ) Tj ET Q q 0 0 0 rg BT 200.44 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.19 493.10 Td (public ) Tj ET Q q 0 0 0 rg BT 242.73 493.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 282.45 493.10 Td (room. ) Tj ET Q q 0 0 0 rg BT 308.59 493.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 326.68 493.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 347.56 493.10 Td (filings ) Tj ET Q q 0 0 0 rg BT 375.66 493.10 Td (are ) Tj ET Q q 0 0 0 rg BT 390.40 493.10 Td (also ) Tj ET Q q 0 0 0 rg BT 409.05 493.10 Td (available ) Tj ET Q q 0 0 0 rg BT 447.68 493.10 Td (to ) Tj ET Q q 0 0 0 rg BT 457.99 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.75 493.10 Td (public ) Tj ET Q q 0 0 0 rg BT 500.28 493.10 Td (from ) Tj ET Q q 0 0 0 rg BT 522.26 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.01 493.10 Td (SEC) Tj ET Q q 0 0 0 rg BT 558.13 493.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (internet ) Tj ET Q q 0 0 0 rg BT 83.29 481.10 Td (site ) Tj ET Q q 0 0 0 rg BT 99.93 481.10 Td (at ) Tj ET Q q 0 0 0 rg BT 109.90 481.10 Td (http://www) Tj ET Q q 0 0 0 rg BT 154.81 481.10 Td (.sec.gov) Tj ET Q q 0 0 0 rg BT 186.93 481.10 Td (. ) Tj ET Q q 0 0 0 rg BT 192.18 481.10 Td (Copies ) Tj ET Q q 0 0 0 rg BT 222.71 481.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.80 481.10 Td (these ) Tj ET Q q 0 0 0 rg BT 257.10 481.10 Td (reports, ) Tj ET Q q 0 0 0 rg BT 290.12 481.10 Td (proxy ) Tj ET Q q 0 0 0 rg BT 316.20 481.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 361.17 481.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.36 481.10 Td (other ) Tj ET Q q 0 0 0 rg BT 401.66 481.10 Td (information ) Tj ET Q q 0 0 0 rg BT 451.62 481.10 Td (can ) Tj ET Q q 0 0 0 rg BT 468.25 481.10 Td (also ) Tj ET Q q 0 0 0 rg BT 487.11 481.10 Td (be ) Tj ET Q q 0 0 0 rg BT 499.31 481.10 Td (inspected ) Tj ET Q q 0 0 0 rg BT 539.82 481.10 Td (at ) Tj ET Q q 0 0 0 rg BT 549.79 481.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 469.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 79.53 469.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.36 469.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.07 469.10 Td (New ) Tj ET Q q 0 0 0 rg BT 126.08 469.10 Td (Y) Tj ET Q q 0 0 0 rg BT 132.30 469.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 148.13 469.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 173.41 469.10 Td (Exchange, ) Tj ET Q q 0 0 0 rg BT 217.84 469.10 Td (Inc., 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155.04 217.10 Td (, ) Tj ET Q q 0 0 0 rg BT 158.82 217.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.32 217.10 Td (retention ) Tj ET Q q 0 0 0 rg BT 209.15 217.10 Td (of ) Tj ET Q q 0 0 0 rg BT 218.76 217.10 Td (our ) Tj ET Q q 0 0 0 rg BT 233.37 217.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 274.09 217.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 312.86 217.10 Td (who ) Tj ET Q q 0 0 0 rg BT 331.36 217.10 Td (are ) Tj ET Q q 0 0 0 rg BT 344.85 217.10 Td (not ) Tj ET Q q 0 0 0 rg BT 358.92 217.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 397.41 217.10 Td (to ) Tj ET Q q 0 0 0 rg BT 406.47 217.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 435.52 217.10 Td (employed ) Tj ET Q q 0 0 0 rg BT 476.24 217.10 Td (with ) Tj ET Q q 0 0 0 rg BT 495.30 217.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 507.97 217.10 Td (is ) Tj ET Q q 0 0 0 rg BT 515.92 217.10 Td (particularly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (crucial ) Tj ET Q q 0 0 0 rg BT 79.35 205.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.28 205.10 Td (our ) Tj ET Q q 0 0 0 rg BT 104.76 205.10 Td (future ) Tj ET Q q 0 0 0 rg BT 130.79 205.10 Td (success. ) Tj ET Q q 0 0 0 rg BT 165.43 205.10 Td ( ) Tj ET Q q 0 0 0 rg BT 167.58 205.10 Td (Managing ) Tj ET Q q 0 0 0 rg BT 210.28 205.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 247.42 205.10 Td (have ) Tj ET Q q 0 0 0 rg BT 268.44 205.10 Td (left ) Tj ET Q q 0 0 0 rg BT 283.92 205.10 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 323.84 205.10 Td (in ) Tj ET Q q 0 0 0 rg BT 333.76 205.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.13 205.10 Td (past ) Tj ET Q q 0 0 0 rg BT 366.39 205.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.98 205.10 Td (others ) Tj ET Q q 0 0 0 rg BT 409.57 205.10 Td (may ) Tj ET Q q 0 0 0 rg BT 428.94 205.10 Td (do ) Tj ET Q q 0 0 0 rg BT 441.09 205.10 Td (so ) Tj ET Q q 0 0 0 rg BT 452.13 205.10 Td (in ) Tj ET Q q 0 0 0 rg BT 462.06 205.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.43 205.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 504.96 205.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.55 205.10 Td (we ) Tj ET Q q 0 0 0 rg BT 535.36 205.10 Td (cannot ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 79.05 193.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.54 193.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 121.04 193.10 Td (that ) Tj ET Q q 0 0 0 rg BT 137.31 193.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.81 193.10 Td (departure ) Tj ET Q q 0 0 0 rg BT 189.85 193.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.46 193.10 Td (any ) Tj ET Q q 0 0 0 rg BT 215.18 193.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 255.90 193.10 Td (director ) Tj ET Q q 0 0 0 rg BT 288.27 193.10 Td (will ) Tj ET Q q 0 0 0 rg BT 305.11 193.10 Td (have ) Tj ET Q q 0 0 0 rg BT 325.27 193.10 Td (on ) Tj ET Q q 0 0 0 rg BT 336.55 193.10 Td (our ) Tj ET Q q 0 0 0 rg BT 351.16 193.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 388.84 193.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.02 193.10 Td (The ) Tj ET Q q 0 0 0 rg BT 406.85 193.10 Td (departure ) Tj ET Q q 0 0 0 rg BT 445.89 193.10 Td (or ) Tj ET Q q 0 0 0 rg BT 455.50 193.10 Td (other ) Tj ET Q q 0 0 0 rg BT 477.33 193.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 494.17 193.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.78 193.10 Td ( ) Tj ET Q q 0 0 0 rg BT 505.07 193.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 516.74 193.10 Td (.Greenhill, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.38 181.10 Td (founder ) Tj ET Q q 0 0 0 rg BT 98.53 181.10 Td (and ) Tj ET Q q 0 0 0 rg BT 115.02 181.10 Td (Chairman, ) Tj ET Q q 0 0 0 rg BT 159.00 181.10 Td (Scott ) Tj ET Q q 0 0 0 rg BT 181.61 181.10 Td (L. ) Tj ET Q q 0 0 0 rg BT 192.26 181.10 Td (Bok, ) Tj ET Q q 0 0 0 rg BT 213.48 181.10 Td (our ) Tj ET Q q 0 0 0 rg BT 228.86 181.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 253.13 181.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 295.16 181.10 Td (Of) Tj ET Q q 0 0 0 rg BT 305.53 181.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 323.45 181.10 Td (, ) Tj ET Q q 0 0 0 rg BT 328.00 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.26 181.10 Td (regional ) Tj ET Q q 0 0 0 rg BT 377.08 181.10 Td (heads ) Tj ET Q q 0 0 0 rg BT 401.90 181.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.28 181.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 456.55 181.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.38 181.10 Td (North) Tj ET Q q 0 0 0 rg BT 491.65 181.10 Td (America, ) Tj ET Q q 0 0 0 rg BT 530.63 181.10 Td (Europe, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 92.21 169.10 Td (Japan ) Tj ET Q q 0 0 0 rg BT 118.03 169.10 Td (or ) Tj ET Q q 0 0 0 rg BT 129.41 169.10 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 159.40 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.67 169.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 210.50 169.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 237.43 169.10 Td (heads, ) Tj ET Q q 0 0 0 rg BT 265.75 169.10 Td (or ) Tj ET Q q 0 0 0 rg BT 277.14 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.41 169.10 Td (departure ) Tj ET Q q 0 0 0 rg BT 333.21 169.10 Td (or ) Tj ET Q q 0 0 0 rg BT 344.60 169.10 Td (other ) Tj ET Q q 0 0 0 rg BT 368.20 169.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 386.81 169.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.20 169.10 Td (other ) Tj ET Q q 0 0 0 rg BT 421.80 169.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 449.29 169.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 491.77 169.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 532.31 169.10 Td (each ) Tj ET Q q 0 0 0 rg BT 553.68 169.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (whom ) Tj ET Q q 0 0 0 rg BT 78.31 157.10 Td (manages ) Tj ET Q q 0 0 0 rg BT 116.60 157.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 162.68 157.10 Td (client ) Tj ET Q q 0 0 0 rg BT 188.19 157.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 242.60 157.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.35 157.10 Td (possesses ) Tj ET Q q 0 0 0 rg BT 301.99 157.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 348.07 157.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 394.67 157.10 Td (and ) Tj ET Q q 0 0 0 rg BT 412.42 157.10 Td (expertise, ) Tj ET Q q 0 0 0 rg BT 454.32 157.10 Td (could ) Tj ET Q q 0 0 0 rg BT 479.84 157.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 523.68 157.10 Td (adversely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 145.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 76.57 145.10 Td (our ) Tj ET Q q 0 0 0 rg BT 93.89 145.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 123.44 145.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.22 145.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 164.75 145.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.18 145.10 Td (successfully ) Tj ET Q q 0 0 0 rg BT 236.06 145.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 276.70 145.10 Td (engagements, ) Tj ET Q q 0 0 0 rg BT 335.40 145.10 Td (which ) Tj ET Q q 0 0 0 rg BT 363.83 145.10 Td (would ) Tj ET Q q 0 0 0 rg BT 392.83 145.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 437.36 145.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 479.67 145.10 Td (af) Tj ET Q q 0 0 0 rg BT 487.26 145.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 506.24 145.10 Td (our ) Tj ET Q q 0 0 0 rg BT 523.57 145.10 Td (results ) Tj ET Q q 0 0 0 rg BT 553.67 145.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 112.10 Td (In ) Tj ET Q q 0 0 0 rg BT 74.47 112.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 112.38 112.10 Td (if ) Tj ET Q q 0 0 0 rg BT 121.13 112.10 Td (any ) Tj ET Q q 0 0 0 rg BT 138.20 112.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.17 112.10 Td (our ) Tj ET Q q 0 0 0 rg BT 165.14 112.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 207.21 112.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 244.83 112.10 Td (were ) Tj ET Q q 0 0 0 rg BT 266.90 112.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.32 112.10 Td (join ) Tj ET Q q 0 0 0 rg BT 295.51 112.10 Td (an ) Tj ET Q q 0 0 0 rg BT 307.59 112.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 341.89 112.10 Td (competitor ) Tj ET Q q 0 0 0 rg BT 387.85 112.10 Td (or ) Tj ET Q q 0 0 0 rg BT 398.82 112.10 Td (form ) Tj ET Q q 0 0 0 rg BT 420.90 112.10 Td (a ) Tj ET Q q 0 0 0 rg BT 427.97 112.10 Td (competing ) Tj ET Q q 0 0 0 rg BT 472.82 112.10 Td (company) Tj ET Q q 0 0 0 rg BT 508.83 112.10 Td (, ) Tj ET Q q 0 0 0 rg BT 513.97 112.10 Td (some ) Tj ET Q q 0 0 0 rg BT 537.71 112.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.68 112.10 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 78.22 100.10 Td (could ) Tj ET Q q 0 0 0 rg BT 102.54 100.10 Td (choose ) Tj ET Q q 0 0 0 rg BT 132.42 100.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.31 100.10 Td (use ) Tj ET Q q 0 0 0 rg BT 157.76 100.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.08 100.10 Td (services ) Tj ET Q q 0 0 0 rg BT 206.40 100.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.85 100.10 Td (that ) Tj ET Q q 0 0 0 rg BT 233.95 100.10 Td (competitor ) Tj ET Q q 0 0 0 rg BT 279.38 100.10 Td (instead ) Tj ET Q q 0 0 0 rg BT 309.82 100.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.26 100.10 Td (our ) Tj ET Q q 0 0 0 rg BT 335.71 100.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 372.06 100.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 411.95 100.10 Td (we ) Tj ET Q q 0 0 0 rg BT 425.72 100.10 Td (have ) Tj ET Q q 0 0 0 rg BT 446.71 100.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 478.24 100.10 Td (into ) Tj ET Q q 0 0 0 rg BT 495.91 100.10 Td (non-competition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 97.85 88.10 Td (with ) Tj ET Q q 0 0 0 rg BT 117.94 88.10 Td (each ) Tj ET Q q 0 0 0 rg BT 138.57 88.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.21 88.10 Td (our ) Tj ET Q q 0 0 0 rg BT 164.86 88.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 206.61 88.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 246.41 88.10 Td (there ) Tj ET Q q 0 0 0 rg BT 268.71 88.10 Td (is ) Tj ET Q q 0 0 0 rg BT 277.69 88.10 Td (no ) Tj ET Q q 0 0 0 rg BT 290.00 88.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 331.18 88.10 Td (that ) Tj ET Q q 0 0 0 rg BT 348.49 88.10 Td (these ) Tj ET Q q 0 0 0 rg BT 371.35 88.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 419.20 88.10 Td (are ) Tj ET Q q 0 0 0 rg BT 433.72 88.10 Td (suf) Tj ET Q q 0 0 0 rg BT 445.76 88.10 Td (ficiently ) Tj ET Q q 0 0 0 rg BT 481.40 88.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 506.48 88.10 Td (or ) Tj ET Q q 0 0 0 rg BT 517.12 88.10 Td (ef) Tj ET Q q 0 0 0 rg BT 524.71 88.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 554.23 88.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (prevent ) Tj ET Q q 0 0 0 rg BT 82.63 76.10 Td (our ) Tj ET Q q 0 0 0 rg BT 98.60 76.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 140.67 76.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 178.30 76.10 Td (from ) Tj ET Q q 0 0 0 rg BT 200.38 76.10 Td (resigning ) Tj ET Q q 0 0 0 rg BT 240.24 76.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.66 76.10 Td (join ) Tj ET Q q 0 0 0 rg BT 268.86 76.10 Td (our ) Tj ET Q q 0 0 0 rg BT 284.83 76.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 334.68 76.10 Td (or ) Tj ET Q q 0 0 0 rg BT 345.65 76.10 Td (that ) Tj ET Q q 0 0 0 rg BT 363.29 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.15 76.10 Td (non-competition ) Tj ET Q q 0 0 0 rg BT 446.89 76.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 495.06 76.10 Td (would ) Tj ET Q q 0 0 0 rg BT 522.71 76.10 Td (be ) Tj ET Q q 0 0 0 rg BT 534.79 76.10 Td (upheld ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (if ) Tj ET Q q 0 0 0 rg BT 58.61 64.10 Td (we ) Tj ET Q q 0 0 0 rg BT 72.77 64.10 Td (were ) Tj ET Q q 0 0 0 rg BT 94.70 64.10 Td (to ) Tj ET Q q 0 0 0 rg BT 104.98 64.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 125.24 64.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.52 64.10 Td (enforce ) Tj ET Q q 0 0 0 rg BT 168.00 64.10 Td (our ) Tj ET Q q 0 0 0 rg BT 183.83 64.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 209.11 64.10 Td (under ) Tj ET Q q 0 0 0 rg BT 234.38 64.10 Td (these ) Tj ET Q q 0 0 0 rg BT 257.42 64.10 Td (agreements.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 742.25 Td (Almost ) Tj ET Q q 0 0 0 rg BT 93.40 742.25 Td (all ) Tj ET Q q 0 0 0 rg BT 106.45 742.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.28 742.25 Td (our ) Tj ET Q q 0 0 0 rg BT 134.24 742.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 173.40 742.25 Td (are ) Tj ET Q q 0 0 0 rg BT 189.23 742.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 221.71 742.25 Td (from ) Tj ET Q q 0 0 0 rg BT 244.21 742.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 281.15 742.25 Td (fees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 721.25 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 721.25 Td (e ) Tj ET Q q 0 0 0 rg BT 78.05 721.25 Td (are ) Tj ET Q q 0 0 0 rg BT 93.23 721.25 Td (entirely ) Tj ET Q q 0 0 0 rg BT 126.75 721.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 160.82 721.25 Td (on ) Tj ET Q q 0 0 0 rg BT 173.80 721.25 Td (the ) Tj ET Q q 0 0 0 rg BT 188.99 721.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.95 721.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 264.36 721.25 Td (business ) Tj ET Q q 0 0 0 rg BT 301.23 721.25 Td (and ) Tj ET Q q 0 0 0 rg BT 318.64 721.25 Td (we ) Tj ET Q q 0 0 0 rg BT 333.28 721.25 Td (earn ) Tj ET Q q 0 0 0 rg BT 353.46 721.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 406.98 721.25 Td (all ) Tj ET Q q 0 0 0 rg BT 419.96 721.25 Td (of ) Tj ET Q q 0 0 0 rg BT 431.26 721.25 Td (our ) Tj ET Q q 0 0 0 rg BT 447.57 721.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 486.08 721.25 Td (from ) Tj ET Q q 0 0 0 rg BT 508.49 721.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 545.90 721.25 Td (fees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 69.94 709.25 Td (to ) Tj ET Q q 0 0 0 rg BT 80.44 709.25 Td (us ) Tj ET Q q 0 0 0 rg BT 92.06 709.25 Td (by ) Tj ET Q q 0 0 0 rg BT 104.79 709.25 Td (each ) Tj ET Q q 0 0 0 rg BT 125.83 709.25 Td (of ) Tj ET Q q 0 0 0 rg BT 136.88 709.25 Td (our ) Tj ET Q q 0 0 0 rg BT 152.93 709.25 Td (clients, ) Tj ET Q q 0 0 0 rg BT 184.26 709.25 Td (in ) Tj ET Q q 0 0 0 rg BT 194.77 709.25 Td (lar) Tj ET Q q 0 0 0 rg BT 205.13 709.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 217.29 709.25 Td (part ) Tj ET Q q 0 0 0 rg BT 235.57 709.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 258.29 709.25 Td (the ) Tj ET Q q 0 0 0 rg BT 273.23 709.25 Td (successful ) Tj ET Q q 0 0 0 rg BT 317.06 709.25 Td (completion ) Tj ET Q q 0 0 0 rg BT 364.77 709.25 Td (of ) Tj ET Q q 0 0 0 rg BT 375.83 709.25 Td (the ) Tj ET Q q 0 0 0 rg BT 390.77 709.25 Td (client's ) Tj ET Q q 0 0 0 rg BT 421.40 709.25 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 470.49 709.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 524.31 709.25 Td (or ) Tj ET Q q 0 0 0 rg BT 535.37 709.25 Td (capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (raising. ) Tj ET Q q 0 0 0 rg BT 81.81 697.25 Td (Unlike ) Tj ET Q q 0 0 0 rg BT 111.11 697.25 Td (diversified ) Tj ET Q q 0 0 0 rg BT 155.96 697.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 201.93 697.25 Td (banks, ) Tj ET Q q 0 0 0 rg BT 229.85 697.25 Td (which ) Tj ET Q q 0 0 0 rg BT 256.38 697.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 292.33 697.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 329.96 697.25 Td (from ) Tj ET Q q 0 0 0 rg BT 351.49 697.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 391.34 697.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 421.75 697.25 Td (and ) Tj ET Q q 0 0 0 rg BT 438.28 697.25 Td (underwriting, ) Tj ET Q q 0 0 0 rg BT 494.52 697.25 Td (or ) Tj ET Q q 0 0 0 rg BT 504.94 697.25 Td (other ) Tj ET Q q 0 0 0 rg BT 527.58 697.25 Td (advisory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (firms, ) Tj ET Q q 0 0 0 rg BT 76.37 685.25 Td (which ) Tj ET Q q 0 0 0 rg BT 103.56 685.25 Td (have ) Tj ET Q q 0 0 0 rg BT 125.20 685.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 147.39 685.25 Td (management ) Tj ET Q q 0 0 0 rg BT 201.24 685.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 248.72 685.25 Td (and ) Tj ET Q q 0 0 0 rg BT 265.92 685.25 Td (as ) Tj ET Q q 0 0 0 rg BT 277.00 685.25 Td (a ) Tj ET Q q 0 0 0 rg BT 284.20 685.25 Td (result ) Tj ET Q q 0 0 0 rg BT 309.17 685.25 Td (of ) Tj ET Q q 0 0 0 rg BT 320.26 685.25 Td (our ) Tj ET Q q 0 0 0 rg BT 336.35 685.25 Td (monetization ) Tj ET Q q 0 0 0 rg BT 391.32 685.25 Td (of ) Tj ET Q q 0 0 0 rg BT 402.40 685.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 455.71 685.25 Td (all ) Tj ET Q q 0 0 0 rg BT 468.47 685.25 Td (of ) Tj ET Q q 0 0 0 rg BT 479.55 685.25 Td (our ) Tj ET Q q 0 0 0 rg BT 495.64 685.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 548.67 685.25 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (generation ) Tj ET Q q 0 0 0 rg BT 94.71 673.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.55 673.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 143.60 673.25 Td (from ) Tj ET Q q 0 0 0 rg BT 165.55 673.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 198.05 673.25 Td (other ) Tj ET Q q 0 0 0 rg BT 221.11 673.25 Td (than ) Tj ET Q q 0 0 0 rg BT 240.84 673.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 277.79 673.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 296.40 673.25 Td (is ) Tj ET Q q 0 0 0 rg BT 305.58 673.25 Td (minimal. ) Tj ET Q q 0 0 0 rg BT 343.37 673.25 Td (As ) Tj ET Q q 0 0 0 rg BT 356.99 673.25 Td (a ) Tj ET Q q 0 0 0 rg BT 363.94 673.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 391.17 673.25 Td (a ) Tj ET Q q 0 0 0 rg BT 398.12 673.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 429.50 673.25 Td (in ) Tj ET Q q 0 0 0 rg BT 439.79 673.25 Td (our ) Tj ET Q q 0 0 0 rg BT 455.63 673.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 492.58 673.25 Td (engagements, ) Tj ET Q q 0 0 0 rg BT 549.80 673.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (number ) Tj ET Q q 0 0 0 rg BT 82.40 661.25 Td (and ) Tj ET Q q 0 0 0 rg BT 98.69 661.25 Td (scale ) Tj ET Q q 0 0 0 rg BT 120.52 661.25 Td (of ) Tj ET Q q 0 0 0 rg BT 130.70 661.25 Td (successfully ) Tj ET Q q 0 0 0 rg BT 181.43 661.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 224.93 661.25 Td (client ) Tj ET Q q 0 0 0 rg BT 248.99 661.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 298.61 661.25 Td (or ) Tj ET Q q 0 0 0 rg BT 308.79 661.25 Td (the ) Tj ET Q q 0 0 0 rg BT 322.86 661.25 Td (market ) Tj ET Q q 0 0 0 rg BT 352.47 661.25 Td (for ) Tj ET Q q 0 0 0 rg BT 365.98 661.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 402.27 661.25 Td (services ) Tj ET Q q 0 0 0 rg BT 436.33 661.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 475.38 661.25 Td (would ) Tj ET Q q 0 0 0 rg BT 502.23 661.25 Td (have ) Tj ET Q q 0 0 0 rg BT 522.96 661.25 Td (a ) Tj ET Q q 0 0 0 rg BT 529.25 661.25 Td (material ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 83.04 649.25 Td (ef) Tj ET Q q 0 0 0 rg BT 90.63 649.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 108.11 649.25 Td (on ) Tj ET Q q 0 0 0 rg BT 120.61 649.25 Td (our ) Tj ET Q q 0 0 0 rg BT 136.44 649.25 Td (business ) Tj ET Q q 0 0 0 rg BT 172.83 649.25 Td (and ) Tj ET Q q 0 0 0 rg BT 189.77 649.25 Td (results ) Tj ET Q q 0 0 0 rg BT 218.38 649.25 Td (of ) Tj ET Q q 0 0 0 rg BT 229.21 649.25 Td (operations. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 628.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 81.17 628.25 Td (engagements ) Tj ET Q q 0 0 0 rg BT 137.56 628.25 Td (are ) Tj ET Q q 0 0 0 rg BT 153.39 628.25 Td (singular ) Tj ET Q q 0 0 0 rg BT 190.35 628.25 Td (in ) Tj ET Q q 0 0 0 rg BT 201.19 628.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 230.93 628.25 Td (and ) Tj ET Q q 0 0 0 rg BT 248.99 628.25 Td (do ) Tj ET Q q 0 0 0 rg BT 261.49 628.25 Td (not ) Tj ET Q q 0 0 0 rg BT 277.33 628.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 310.37 628.25 Td (for ) Tj ET Q q 0 0 0 rg BT 325.10 628.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 373.72 628.25 Td (engagements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 607.25 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 607.25 Td (e ) Tj ET Q q 0 0 0 rg BT 79.66 607.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 113.67 607.25 Td (in ) Tj ET Q q 0 0 0 rg BT 126.03 607.25 Td (a ) Tj ET Q q 0 0 0 rg BT 135.05 607.25 Td (highly-competitive ) Tj ET Q q 0 0 0 rg BT 215.72 607.25 Td (environment ) Tj ET Q q 0 0 0 rg BT 270.85 607.25 Td (where ) Tj ET Q q 0 0 0 rg BT 299.86 607.25 Td (our ) Tj ET Q q 0 0 0 rg BT 317.77 607.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 348.46 607.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 390.24 607.25 Td (retain ) Tj ET Q q 0 0 0 rg BT 417.59 607.25 Td (us ) Tj ET Q q 0 0 0 rg BT 431.06 607.25 Td (on ) Tj ET Q q 0 0 0 rg BT 445.65 607.25 Td (a ) Tj ET Q q 0 0 0 rg BT 454.67 607.25 Td (non-exclusive, ) Tj ET Q q 0 0 0 rg BT 517.84 607.25 Td (short-term, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 595.25 Td (engagement-by-engagement ) Tj ET Q q 0 0 0 rg BT 167.06 595.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 190.84 595.25 Td (in ) Tj ET Q q 0 0 0 rg BT 202.39 595.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 250.04 595.25 Td (with ) Tj ET Q q 0 0 0 rg BT 271.60 595.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 306.47 595.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 358.02 595.25 Td (or ) Tj ET Q q 0 0 0 rg BT 370.12 595.25 Td (projects, ) Tj ET Q q 0 0 0 rg BT 408.06 595.25 Td (rather ) Tj ET Q q 0 0 0 rg BT 435.15 595.25 Td (than ) Tj ET Q q 0 0 0 rg BT 456.15 595.25 Td (under ) Tj ET Q q 0 0 0 rg BT 482.69 595.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 525.91 595.25 Td (contracts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 583.25 Td (covering ) Tj ET Q q 0 0 0 rg BT 88.67 583.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 127.35 583.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 171.03 583.25 Td (future ) Tj ET Q q 0 0 0 rg BT 198.59 583.25 Td (services. ) Tj ET Q q 0 0 0 rg BT 236.18 583.25 Td (As ) Tj ET Q q 0 0 0 rg BT 250.98 583.25 Td (these ) Tj ET Q q 0 0 0 rg BT 275.21 583.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 326.66 583.25 Td (and ) Tj ET Q q 0 0 0 rg BT 344.79 583.25 Td (projects ) Tj ET Q q 0 0 0 rg BT 380.13 583.25 Td (are ) Tj ET Q q 0 0 0 rg BT 396.03 583.25 Td (singular ) Tj ET Q q 0 0 0 rg BT 431.93 583.25 Td (in ) Tj ET Q q 0 0 0 rg BT 443.40 583.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 472.07 583.25 Td (and ) Tj ET Q q 0 0 0 rg BT 490.20 583.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 522.21 583.25 Td (to ) Tj ET Q q 0 0 0 rg BT 533.68 583.25 Td (intense ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 571.25 Td (competition, ) Tj ET Q q 0 0 0 rg BT 102.42 571.25 Td (we ) Tj ET Q q 0 0 0 rg BT 116.23 571.25 Td (must ) Tj ET Q q 0 0 0 rg BT 137.83 571.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 157.75 571.25 Td (out ) Tj ET Q q 0 0 0 rg BT 172.67 571.25 Td (new ) Tj ET Q q 0 0 0 rg BT 191.48 571.25 Td (engagements ) Tj ET Q q 0 0 0 rg BT 245.84 571.25 Td (when ) Tj ET Q q 0 0 0 rg BT 269.65 571.25 Td (our ) Tj ET Q q 0 0 0 rg BT 285.13 571.25 Td (current ) Tj ET Q q 0 0 0 rg BT 315.59 571.25 Td (engagements ) Tj ET Q q 0 0 0 rg BT 369.94 571.25 Td (are ) Tj ET Q q 0 0 0 rg BT 384.30 571.25 Td (successfully ) Tj ET Q q 0 0 0 rg BT 435.33 571.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 479.13 571.25 Td (or ) Tj ET Q q 0 0 0 rg BT 489.61 571.25 Td (are ) Tj ET Q q 0 0 0 rg BT 503.96 571.25 Td (terminated. ) Tj ET Q q 0 0 0 rg BT 550.90 571.25 Td (As ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.59 559.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 83.46 559.25 Td (high ) Tj ET Q q 0 0 0 rg BT 103.38 559.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 135.52 559.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 161.00 559.25 Td (in ) Tj ET Q q 0 0 0 rg BT 170.93 559.25 Td (any ) Tj ET Q q 0 0 0 rg BT 187.52 559.25 Td (period ) Tj ET Q q 0 0 0 rg BT 215.21 559.25 Td (are ) Tj ET Q q 0 0 0 rg BT 229.57 559.25 Td (not ) Tj ET Q q 0 0 0 rg BT 244.50 559.25 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 291.07 559.25 Td (indicative ) Tj ET Q q 0 0 0 rg BT 332.65 559.25 Td (of ) Tj ET Q q 0 0 0 rg BT 343.13 559.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 384.71 559.25 Td (high ) Tj ET Q q 0 0 0 rg BT 404.64 559.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 430.12 559.25 Td (of ) Tj ET Q q 0 0 0 rg BT 440.60 559.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 472.74 559.25 Td (in ) Tj ET Q q 0 0 0 rg BT 482.66 559.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.03 559.25 Td (next-succeeding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (period ) Tj ET Q q 0 0 0 rg BT 77.72 547.25 Td (or ) Tj ET Q q 0 0 0 rg BT 88.23 547.25 Td (any ) Tj ET Q q 0 0 0 rg BT 104.85 547.25 Td (other ) Tj ET Q q 0 0 0 rg BT 127.57 547.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 157.80 547.25 Td ( ) Tj ET Q q 0 0 0 rg BT 159.98 547.25 Td (In ) Tj ET Q q 0 0 0 rg BT 170.48 547.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 207.93 547.25 Td (we ) Tj ET Q q 0 0 0 rg BT 221.77 547.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 261.15 547.25 Td (derive ) Tj ET Q q 0 0 0 rg BT 288.32 547.25 Td (most ) Tj ET Q q 0 0 0 rg BT 309.94 547.25 Td (of ) Tj ET Q q 0 0 0 rg BT 320.45 547.25 Td (our ) Tj ET Q q 0 0 0 rg BT 335.96 547.25 Td (engagement ) Tj ET Q q 0 0 0 rg BT 386.45 547.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 424.16 547.25 Td (at ) Tj ET Q q 0 0 0 rg BT 433.55 547.25 Td (key ) Tj ET Q q 0 0 0 rg BT 450.17 547.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 496.22 547.25 Td (milestones, ) Tj ET Q q 0 0 0 rg BT 543.67 547.25 Td (such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.35 535.25 Td (announcement ) Tj ET Q q 0 0 0 rg BT 120.69 535.25 Td (or ) Tj ET Q q 0 0 0 rg BT 131.04 535.25 Td (closing, ) Tj ET Q q 0 0 0 rg BT 164.45 535.25 Td (and ) Tj ET Q q 0 0 0 rg BT 180.92 535.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.16 535.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 223.29 535.25 Td (of ) Tj ET Q q 0 0 0 rg BT 233.65 535.25 Td (these ) Tj ET Q q 0 0 0 rg BT 256.22 535.25 Td (milestones ) Tj ET Q q 0 0 0 rg BT 301.02 535.25 Td (is ) Tj ET Q q 0 0 0 rg BT 309.71 535.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 340.62 535.25 Td (our ) Tj ET Q q 0 0 0 rg BT 355.97 535.25 Td (control. ) Tj ET Q q 0 0 0 rg BT 388.82 535.25 Td (In ) Tj ET Q q 0 0 0 rg BT 399.18 535.25 Td (cases ) Tj ET Q q 0 0 0 rg BT 422.30 535.25 Td (where ) Tj ET Q q 0 0 0 rg BT 448.75 535.25 Td (an ) Tj ET Q q 0 0 0 rg BT 460.21 535.25 Td (engagement ) Tj ET Q q 0 0 0 rg BT 510.55 535.25 Td (is ) Tj ET Q q 0 0 0 rg BT 519.24 535.25 Td (terminated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 72.19 523.25 Td (to ) Tj ET Q q 0 0 0 rg BT 82.71 523.25 Td (the ) Tj ET Q q 0 0 0 rg BT 97.68 523.25 Td (successful ) Tj ET Q q 0 0 0 rg BT 141.52 523.25 Td (completion ) Tj ET Q q 0 0 0 rg BT 189.26 523.25 Td (of ) Tj ET Q q 0 0 0 rg BT 200.34 523.25 Td (a ) Tj ET Q q 0 0 0 rg BT 207.53 523.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 254.15 523.25 Td (or ) Tj ET Q q 0 0 0 rg BT 265.23 523.25 Td (project, ) Tj ET Q q 0 0 0 rg BT 298.24 523.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 333.19 523.25 Td (due ) Tj ET Q q 0 0 0 rg BT 350.38 523.25 Td (to ) Tj ET Q q 0 0 0 rg BT 360.91 523.25 Td (market ) Tj ET Q q 0 0 0 rg BT 391.42 523.25 Td (reasons ) Tj ET Q q 0 0 0 rg BT 424.16 523.25 Td (or ) Tj ET Q q 0 0 0 rg BT 435.23 523.25 Td (otherwise, ) Tj ET Q q 0 0 0 rg BT 479.36 523.25 Td (we ) Tj ET Q q 0 0 0 rg BT 493.77 523.25 Td (may ) Tj ET Q q 0 0 0 rg BT 513.73 523.25 Td (earn ) Tj ET Q q 0 0 0 rg BT 533.69 523.25 Td (limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.83 511.25 Td (no ) Tj ET Q q 0 0 0 rg BT 73.33 511.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 91.93 511.25 Td (and ) Tj ET Q q 0 0 0 rg BT 108.87 511.25 Td (may ) Tj ET Q q 0 0 0 rg BT 128.58 511.25 Td (not ) Tj ET Q q 0 0 0 rg BT 143.86 511.25 Td (be ) Tj ET Q q 0 0 0 rg BT 155.80 511.25 Td (able ) Tj ET Q q 0 0 0 rg BT 174.96 511.25 Td (to ) Tj ET Q q 0 0 0 rg BT 185.23 511.25 Td (recoup ) Tj ET Q q 0 0 0 rg BT 214.94 511.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.66 511.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 252.16 511.25 Td (we ) Tj ET Q q 0 0 0 rg BT 266.32 511.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 302.13 511.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 324.07 511.25 Td (to ) Tj ET Q q 0 0 0 rg BT 334.35 511.25 Td (the ) Tj ET Q q 0 0 0 rg BT 349.07 511.25 Td (termination. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 490.25 Td (A) Tj ET Q q 0 0 0 rg BT 68.12 490.25 Td ( ) Tj ET Q q 0 0 0 rg BT 69.81 490.25 Td (high ) Tj ET Q q 0 0 0 rg BT 90.41 490.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 137.08 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 147.11 490.25 Td (our ) Tj ET Q q 0 0 0 rg BT 163.25 490.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 199.39 490.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 237.74 490.25 Td (is ) Tj ET Q q 0 0 0 rg BT 246.10 490.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 277.78 490.25 Td (from ) Tj ET Q q 0 0 0 rg BT 299.48 490.25 Td (a ) Tj ET Q q 0 0 0 rg BT 306.17 490.25 Td (small ) Tj ET Q q 0 0 0 rg BT 330.09 490.25 Td (number ) Tj ET Q q 0 0 0 rg BT 364.01 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.04 490.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 402.40 490.25 Td (and ) Tj ET Q q 0 0 0 rg BT 419.65 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 434.12 490.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 484.16 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 494.18 490.25 Td (any ) Tj ET Q q 0 0 0 rg BT 510.88 490.25 Td (one ) Tj ET Q q 0 0 0 rg BT 527.57 490.25 Td (advisory ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (engagement ) Tj ET Q q 0 0 0 rg BT 102.50 478.25 Td (could ) Tj ET Q q 0 0 0 rg BT 127.77 478.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 158.04 478.25 Td (our ) Tj ET Q q 0 0 0 rg BT 175.00 478.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 214.16 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.22 478.25 Td (harm ) Tj ET Q q 0 0 0 rg BT 256.95 478.25 Td (our ) Tj ET Q q 0 0 0 rg BT 273.90 478.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 315.85 478.25 Td (results) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 457.25 Td (Each ) Tj ET Q q 0 0 0 rg BT 84.61 457.25 Td (year) Tj ET Q q 0 0 0 rg BT 101.41 457.25 Td (, ) Tj ET Q q 0 0 0 rg BT 106.53 457.25 Td (we ) Tj ET Q q 0 0 0 rg BT 120.82 457.25 Td (advise ) Tj ET Q q 0 0 0 rg BT 148.98 457.25 Td (a ) Tj ET Q q 0 0 0 rg BT 156.04 457.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 186.99 457.25 Td (number ) Tj ET Q q 0 0 0 rg BT 220.16 457.25 Td (of ) Tj ET Q q 0 0 0 rg BT 231.11 457.25 Td (clients. ) Tj ET Q q 0 0 0 rg BT 262.34 457.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 280.51 457.25 Td (top ) Tj ET Q q 0 0 0 rg BT 295.91 457.25 Td (ten ) Tj ET Q q 0 0 0 rg BT 310.75 457.25 Td (client ) Tj ET Q q 0 0 0 rg BT 335.58 457.25 Td (engagements ) Tj ET Q q 0 0 0 rg BT 390.40 457.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 433.56 457.25 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.84 457.25 Td (43%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.17 457.25 Td ( ) Tj ET Q q 0 0 0 rg BT 468.79 457.25 Td (of ) Tj ET Q q 0 0 0 rg BT 479.74 457.25 Td (our ) Tj ET Q q 0 0 0 rg BT 495.69 457.25 Td (total ) Tj ET Q q 0 0 0 rg BT 516.09 457.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 554.25 457.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 445.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 445.25 Td ( ) Tj ET Q q 0 0 0 rg BT 72.27 445.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.99 445.25 Td (36%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.32 445.25 Td ( ) Tj ET Q q 0 0 0 rg BT 109.59 445.25 Td (of ) Tj ET Q q 0 0 0 rg BT 120.20 445.25 Td (our ) Tj ET Q q 0 0 0 rg BT 135.80 445.25 Td (total ) Tj ET Q q 0 0 0 rg BT 155.85 445.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 193.66 445.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.71 445.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.71 445.25 Td (. ) Tj ET Q q 0 0 0 rg BT 228.32 445.25 Td (W) Tj ET Q q 0 0 0 rg BT 236.96 445.25 Td (e ) Tj ET Q q 0 0 0 rg BT 243.67 445.25 Td (had ) Tj ET Q q 0 0 0 rg BT 260.39 445.25 Td (one ) Tj ET Q q 0 0 0 rg BT 277.10 445.25 Td (client ) Tj ET Q q 0 0 0 rg BT 301.59 445.25 Td (engagement ) Tj ET Q q 0 0 0 rg BT 352.17 445.25 Td (that ) Tj ET Q q 0 0 0 rg BT 369.44 445.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 412.25 445.25 Td (for ) Tj ET Q q 0 0 0 rg BT 426.18 445.25 Td (10% ) Tj ET Q q 0 0 0 rg BT 446.79 445.25 Td (or ) Tj ET Q q 0 0 0 rg BT 457.39 445.25 Td (more ) Tj ET Q q 0 0 0 rg BT 480.21 445.25 Td (of ) Tj ET Q q 0 0 0 rg BT 490.82 445.25 Td (our ) Tj ET Q q 0 0 0 rg BT 506.42 445.25 Td (total ) Tj ET Q q 0 0 0 rg BT 526.47 445.25 Td (revenues ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 433.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.39 433.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.39 433.25 Td ( ) Tj ET Q q 0 0 0 rg BT 83.00 433.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.04 433.25 Td (none ) Tj ET Q q 0 0 0 rg BT 122.09 433.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.48 433.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.48 433.25 Td (. ) Tj ET Q q 0 0 0 rg BT 157.40 433.25 Td (W) Tj ET Q q 0 0 0 rg BT 166.04 433.25 Td (e ) Tj ET Q q 0 0 0 rg BT 173.08 433.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 202.34 433.25 Td ($1 ) Tj ET Q q 0 0 0 rg BT 214.95 433.25 Td (million ) Tj ET Q q 0 0 0 rg BT 246.45 433.25 Td (or ) Tj ET Q q 0 0 0 rg BT 257.39 433.25 Td (more ) Tj ET Q q 0 0 0 rg BT 280.54 433.25 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.59 433.25 Td (58) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.59 433.25 Td ( ) Tj ET Q q 0 0 0 rg BT 315.20 433.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 343.91 433.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.30 433.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.30 433.25 Td (, ) Tj ET Q q 0 0 0 rg BT 379.41 433.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 421.44 433.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.83 433.25 Td (66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.83 433.25 Td ( ) Tj ET Q q 0 0 0 rg BT 444.44 433.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.82 433.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.82 433.25 Td (, ) Tj ET Q q 0 0 0 rg BT 479.93 433.25 Td (of ) Tj ET Q q 0 0 0 rg BT 490.87 433.25 Td (which ) Tj ET Q q 0 0 0 rg BT 517.92 433.25 Td (26% ) Tj ET Q q 0 0 0 rg BT 538.86 433.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 433.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 421.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 78.49 421.25 Td (were ) Tj ET Q q 0 0 0 rg BT 100.31 421.25 Td (new ) Tj ET Q q 0 0 0 rg BT 119.36 421.25 Td (to ) Tj ET Q q 0 0 0 rg BT 129.53 421.25 Td (the ) Tj ET Q q 0 0 0 rg BT 144.14 421.25 Td (Firm ) Tj ET Q q 0 0 0 rg BT 165.98 421.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.15 421.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.15 421.25 Td ( ) Tj ET Q q 0 0 0 rg BT 198.54 421.25 Td (and ) Tj ET Q q 0 0 0 rg BT 215.36 421.25 Td (32% ) Tj ET Q q 0 0 0 rg BT 236.08 421.25 Td (in ) Tj ET Q q 0 0 0 rg BT 246.25 421.25 Td (2012. ) Tj ET Q q 0 0 0 rg BT 271.14 421.25 Td ( ) Tj ET Q q 0 0 0 rg BT 273.36 421.25 Td (While ) Tj ET Q q 0 0 0 rg BT 300.18 421.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.79 421.25 Td (composition ) Tj ET Q q 0 0 0 rg BT 366.62 421.25 Td (of ) Tj ET Q q 0 0 0 rg BT 377.34 421.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.95 421.25 Td (group ) Tj ET Q q 0 0 0 rg BT 417.67 421.25 Td (comprising ) Tj ET Q q 0 0 0 rg BT 465.06 421.25 Td (our ) Tj ET Q q 0 0 0 rg BT 480.78 421.25 Td (lar) Tj ET Q q 0 0 0 rg BT 491.14 421.25 Td (gest ) Tj ET Q q 0 0 0 rg BT 509.64 421.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 538.14 421.25 Td (varies ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 102.38 409.25 Td (from ) Tj ET Q q 0 0 0 rg BT 124.21 409.25 Td (year ) Tj ET Q q 0 0 0 rg BT 143.81 409.25 Td (to ) Tj ET Q q 0 0 0 rg BT 153.98 409.25 Td (year) Tj ET Q q 0 0 0 rg BT 170.79 409.25 Td (, ) Tj ET Q q 0 0 0 rg BT 175.68 409.25 Td (we ) Tj ET Q q 0 0 0 rg BT 189.74 409.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 218.22 409.25 Td (that ) Tj ET Q q 0 0 0 rg BT 235.61 409.25 Td (our ) Tj ET Q q 0 0 0 rg BT 251.33 409.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 288.16 409.25 Td (engagements ) Tj ET Q q 0 0 0 rg BT 342.76 409.25 Td (will ) Tj ET Q q 0 0 0 rg BT 360.71 409.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 397.53 409.25 Td (to ) Tj ET Q q 0 0 0 rg BT 407.71 409.25 Td (be ) Tj ET Q q 0 0 0 rg BT 419.54 409.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 450.26 409.25 Td (to ) Tj ET Q q 0 0 0 rg BT 460.43 409.25 Td (a ) Tj ET Q q 0 0 0 rg BT 467.26 409.25 Td (relatively ) Tj ET Q q 0 0 0 rg BT 507.41 409.25 Td (small ) Tj ET Q q 0 0 0 rg BT 531.47 409.25 Td (number ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 397.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.99 397.25 Td (clients, ) Tj ET Q q 0 0 0 rg BT 92.25 397.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 134.33 397.25 Td (to ) Tj ET Q q 0 0 0 rg BT 144.77 397.25 Td (some ) Tj ET Q q 0 0 0 rg BT 168.53 397.25 Td (of ) Tj ET Q q 0 0 0 rg BT 179.52 397.25 Td (our ) Tj ET Q q 0 0 0 rg BT 195.51 397.25 Td (lar) Tj ET Q q 0 0 0 rg BT 205.87 397.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 221.30 397.25 Td (competitors, ) Tj ET Q q 0 0 0 rg BT 273.67 397.25 Td (and ) Tj ET Q q 0 0 0 rg BT 290.77 397.25 Td (that ) Tj ET Q q 0 0 0 rg BT 308.42 397.25 Td (an ) Tj ET Q q 0 0 0 rg BT 320.52 397.25 Td (even ) Tj ET Q q 0 0 0 rg BT 342.05 397.25 Td (smaller ) Tj ET Q q 0 0 0 rg BT 374.14 397.25 Td (number ) Tj ET Q q 0 0 0 rg BT 407.35 397.25 Td (of ) Tj ET Q q 0 0 0 rg BT 418.33 397.25 Td (those ) Tj ET Q q 0 0 0 rg BT 442.10 397.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 470.86 397.25 Td (will ) Tj ET Q q 0 0 0 rg BT 489.08 397.25 Td (account ) Tj ET Q q 0 0 0 rg BT 522.83 397.25 Td (for ) Tj ET Q q 0 0 0 rg BT 537.15 397.25 Td (a ) Tj ET Q q 0 0 0 rg BT 544.24 397.25 Td (high ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 96.00 385.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.02 385.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 145.25 385.25 Td (in ) Tj ET Q q 0 0 0 rg BT 155.73 385.25 Td (any ) Tj ET Q q 0 0 0 rg BT 172.86 385.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 213.87 385.25 Td (year) Tj ET Q q 0 0 0 rg BT 230.52 385.25 Td (. ) Tj ET Q q 0 0 0 rg BT 235.12 385.25 Td (As ) Tj ET Q q 0 0 0 rg BT 248.93 385.25 Td (a ) Tj ET Q q 0 0 0 rg BT 256.07 385.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 283.48 385.25 Td (the ) Tj ET Q q 0 0 0 rg BT 298.39 385.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 331.62 385.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 361.53 385.25 Td (on ) Tj ET Q q 0 0 0 rg BT 374.22 385.25 Td (our ) Tj ET Q q 0 0 0 rg BT 390.25 385.25 Td (results ) Tj ET Q q 0 0 0 rg BT 419.05 385.25 Td (of ) Tj ET Q q 0 0 0 rg BT 430.08 385.25 Td (operation ) Tj ET Q q 0 0 0 rg BT 470.54 385.25 Td (from ) Tj ET Q q 0 0 0 rg BT 492.67 385.25 Td (lost ) Tj ET Q q 0 0 0 rg BT 509.82 385.25 Td (engagements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 373.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.83 373.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.55 373.25 Td (non-completion ) Tj ET Q q 0 0 0 rg BT 141.37 373.25 Td (of ) Tj ET Q q 0 0 0 rg BT 152.20 373.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 202.46 373.25 Td (or ) Tj ET Q q 0 0 0 rg BT 213.29 373.25 Td (restructurings ) Tj ET Q q 0 0 0 rg BT 270.78 373.25 Td (or ) Tj ET Q q 0 0 0 rg BT 281.61 373.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 302.44 373.25 Td (raisings ) Tj ET Q q 0 0 0 rg BT 336.04 373.25 Td (on ) Tj ET Q q 0 0 0 rg BT 348.54 373.25 Td (which ) Tj ET Q q 0 0 0 rg BT 375.48 373.25 Td (we ) Tj ET Q q 0 0 0 rg BT 389.64 373.25 Td (are ) Tj ET Q q 0 0 0 rg BT 404.35 373.25 Td (advising ) Tj ET Q q 0 0 0 rg BT 440.74 373.25 Td (can ) Tj ET Q q 0 0 0 rg BT 457.11 373.25 Td (be ) Tj ET Q q 0 0 0 rg BT 469.05 373.25 Td (significant.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 352.25 Td (W) Tj ET Q q 0 0 0 rg BT 70.15 352.25 Td (e ) Tj ET Q q 0 0 0 rg BT 77.38 352.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 115.71 352.25 Td (a ) Tj ET Q q 0 0 0 rg BT 123.50 352.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 170.18 352.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 202.98 352.25 Td (of ) Tj ET Q q 0 0 0 rg BT 214.09 352.25 Td (our ) Tj ET Q q 0 0 0 rg BT 231.33 352.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 270.78 352.25 Td (from ) Tj ET Q q 0 0 0 rg BT 293.57 352.25 Td (our ) Tj ET Q q 0 0 0 rg BT 310.81 352.25 Td (services ) Tj ET Q q 0 0 0 rg BT 345.80 352.25 Td (in ) Tj ET Q q 0 0 0 rg BT 356.93 352.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 405.27 352.25 Td (with ) Tj ET Q q 0 0 0 rg BT 425.85 352.25 Td (mergers ) Tj ET Q q 0 0 0 rg BT 461.97 352.25 Td (and ) Tj ET Q q 0 0 0 rg BT 480.31 352.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 532.56 352.25 Td (and ) Tj ET Q q 0 0 0 rg BT 550.91 352.25 Td (we ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (have ) Tj ET Q q 0 0 0 rg BT 72.10 340.25 Td (not ) Tj ET Q q 0 0 0 rg BT 88.10 340.25 Td (historically ) Tj ET Q q 0 0 0 rg BT 136.88 340.25 Td (been ) Tj ET Q q 0 0 0 rg BT 158.97 340.25 Td (able ) Tj ET Q q 0 0 0 rg BT 178.85 340.25 Td (to ) Tj ET Q q 0 0 0 rg BT 189.29 340.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 210.84 340.25 Td (of) Tj ET Q q 0 0 0 rg BT 218.99 340.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 236.09 340.25 Td (a ) Tj ET Q q 0 0 0 rg BT 243.75 340.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 275.84 340.25 Td (in ) Tj ET Q q 0 0 0 rg BT 286.85 340.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 326.17 340.25 Td (from ) Tj ET Q q 0 0 0 rg BT 348.83 340.25 Td (merger ) Tj ET Q q 0 0 0 rg BT 380.93 340.25 Td (and ) Tj ET Q q 0 0 0 rg BT 399.15 340.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 447.38 340.25 Td (services ) Tj ET Q q 0 0 0 rg BT 482.25 340.25 Td (with ) Tj ET Q q 0 0 0 rg BT 502.70 340.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 542.02 340.25 Td (from ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (our ) Tj ET Q q 0 0 0 rg BT 66.95 328.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 109.46 328.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 146.40 328.25 Td (and ) Tj ET Q q 0 0 0 rg BT 164.46 328.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 221.43 328.25 Td (services ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 307.25 Td (The ) Tj ET Q q 0 0 0 rg BT 80.17 307.25 Td (vast ) Tj ET Q q 0 0 0 rg BT 98.89 307.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 135.40 307.25 Td (of ) Tj ET Q q 0 0 0 rg BT 146.35 307.25 Td (our ) Tj ET Q q 0 0 0 rg BT 162.30 307.25 Td (bankers ) Tj ET Q q 0 0 0 rg BT 196.01 307.25 Td (are ) Tj ET Q q 0 0 0 rg BT 210.84 307.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 244.56 307.25 Td (on ) Tj ET Q q 0 0 0 rg BT 257.18 307.25 Td (covering ) Tj ET Q q 0 0 0 rg BT 294.78 307.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 323.51 307.25 Td (in ) Tj ET Q q 0 0 0 rg BT 333.90 307.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.74 307.25 Td (context ) Tj ET Q q 0 0 0 rg BT 380.79 307.25 Td (of ) Tj ET Q q 0 0 0 rg BT 391.74 307.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 433.25 307.25 Td (mer) Tj ET Q q 0 0 0 rg BT 448.62 307.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 464.00 307.25 Td (and ) Tj ET Q q 0 0 0 rg BT 481.06 307.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 527.56 307.25 Td (advisory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 295.25 Td (services ) Tj ET Q q 0 0 0 rg BT 84.04 295.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.32 295.25 Td (those ) Tj ET Q q 0 0 0 rg BT 123.26 295.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 161.19 295.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 196.89 295.25 Td (a ) Tj ET Q q 0 0 0 rg BT 203.16 295.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 247.21 295.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 277.93 295.25 Td (of ) Tj ET Q q 0 0 0 rg BT 288.10 295.25 Td (our ) Tj ET Q q 0 0 0 rg BT 303.26 295.25 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 343.13 295.25 Td ( ) Tj ET Q q 0 0 0 rg BT 344.97 295.25 Td (During ) Tj ET Q q 0 0 0 rg BT 375.13 295.25 Td (a ) Tj ET Q q 0 0 0 rg BT 381.41 295.25 Td (period ) Tj ET Q q 0 0 0 rg BT 408.79 295.25 Td (when ) Tj ET Q q 0 0 0 rg BT 432.28 295.25 Td (mer) Tj ET Q q 0 0 0 rg BT 447.65 295.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 466.15 295.25 Td (and ) Tj ET Q q 0 0 0 rg BT 482.42 295.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 532.03 295.25 Td (activity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 283.25 Td (declines ) Tj ET Q q 0 0 0 rg BT 85.85 283.25 Td (and ) Tj ET Q q 0 0 0 rg BT 103.37 283.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 123.68 283.25 Td (defaults ) Tj ET Q q 0 0 0 rg BT 158.42 283.25 Td (increase, ) Tj ET Q q 0 0 0 rg BT 196.76 283.25 Td (we ) Tj ET Q q 0 0 0 rg BT 211.50 283.25 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 263.46 283.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 282.09 283.25 Td (on ) Tj ET Q q 0 0 0 rg BT 295.18 283.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 336.03 283.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 373.55 283.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.08 283.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 445.26 283.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.78 283.25 Td (bankruptcy ) Tj ET Q q 0 0 0 rg BT 510.85 283.25 Td (services ) Tj ET Q q 0 0 0 rg BT 546.15 283.25 Td (as ) Tj ET Q q 0 0 0 rg BT 557.56 283.25 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 271.25 Td (source ) Tj ET Q q 0 0 0 rg BT 79.02 271.25 Td (of ) Tj ET Q q 0 0 0 rg BT 90.28 271.25 Td (new ) Tj ET Q q 0 0 0 rg BT 109.86 271.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 148.97 271.25 Td (W) Tj ET Q q 0 0 0 rg BT 157.61 271.25 Td (e ) Tj ET Q q 0 0 0 rg BT 164.97 271.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 198.44 271.25 Td (various ) Tj ET Q q 0 0 0 rg BT 230.80 271.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 284.82 271.25 Td (and ) Tj ET Q q 0 0 0 rg BT 302.19 271.25 Td (restructuring-related ) Tj ET Q q 0 0 0 rg BT 386.74 271.25 Td (advice ) Tj ET Q q 0 0 0 rg BT 415.76 271.25 Td (to ) Tj ET Q q 0 0 0 rg BT 426.46 271.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 472.15 271.25 Td (in ) Tj ET Q q 0 0 0 rg BT 482.85 271.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.76 271.25 Td (distress ) Tj ET Q q 0 0 0 rg BT 553.68 271.25 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 259.25 Td (their ) Tj ET Q q 0 0 0 rg BT 70.88 259.25 Td (creditors ) Tj ET Q q 0 0 0 rg BT 108.43 259.25 Td (or ) Tj ET Q q 0 0 0 rg BT 119.32 259.25 Td (other ) Tj ET Q q 0 0 0 rg BT 142.42 259.25 Td (stakeholders. ) Tj ET Q q 0 0 0 rg BT 196.90 259.25 Td (A) Tj ET Q q 0 0 0 rg BT 203.57 259.25 Td ( ) Tj ET Q q 0 0 0 rg BT 206.13 259.25 Td (number ) Tj ET Q q 0 0 0 rg BT 239.24 259.25 Td (of ) Tj ET Q q 0 0 0 rg BT 250.12 259.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 279.89 259.25 Td (af) Tj ET Q q 0 0 0 rg BT 287.48 259.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 305.02 259.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 339.24 259.25 Td (for ) Tj ET Q q 0 0 0 rg BT 353.45 259.25 Td (these ) Tj ET Q q 0 0 0 rg BT 376.56 259.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 413.56 259.25 Td (services, ) Tj ET Q q 0 0 0 rg BT 450.82 259.25 Td (including ) Tj ET Q q 0 0 0 rg BT 491.15 259.25 Td (general ) Tj ET Q q 0 0 0 rg BT 523.14 259.25 Td (economic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 247.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 94.29 247.25 Td (and ) Tj ET Q q 0 0 0 rg BT 111.36 247.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.20 247.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 173.81 247.25 Td (and ) Tj ET Q q 0 0 0 rg BT 190.87 247.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 209.61 247.25 Td (of ) Tj ET Q q 0 0 0 rg BT 220.56 247.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 240.41 247.25 Td (and ) Tj ET Q q 0 0 0 rg BT 257.47 247.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 285.09 247.25 Td (financing. ) Tj ET Q q 0 0 0 rg BT 327.98 247.25 Td (Because ) Tj ET Q q 0 0 0 rg BT 363.92 247.25 Td (our ) Tj ET Q q 0 0 0 rg BT 379.88 247.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 420.27 247.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 457.33 247.25 Td (and ) Tj ET Q q 0 0 0 rg BT 474.40 247.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 528.12 247.25 Td (business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 235.25 Td (is ) Tj ET Q q 0 0 0 rg BT 59.33 235.25 Td (intentionally ) Tj ET Q q 0 0 0 rg BT 112.55 235.25 Td (smaller ) Tj ET Q q 0 0 0 rg BT 144.65 235.25 Td (than ) Tj ET Q q 0 0 0 rg BT 164.53 235.25 Td (our ) Tj ET Q q 0 0 0 rg BT 180.52 235.25 Td (mer) Tj ET Q q 0 0 0 rg BT 195.89 235.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 215.21 235.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.32 235.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 282.76 235.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 319.86 235.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 358.92 235.25 Td (it ) Tj ET Q q 0 0 0 rg BT 367.14 235.25 Td (is ) Tj ET Q q 0 0 0 rg BT 376.47 235.25 Td (unlikely ) Tj ET Q q 0 0 0 rg BT 411.91 235.25 Td (that ) Tj ET Q q 0 0 0 rg BT 429.57 235.25 Td (we ) Tj ET Q q 0 0 0 rg BT 443.90 235.25 Td (will ) Tj ET Q q 0 0 0 rg BT 462.12 235.25 Td (be ) Tj ET Q q 0 0 0 rg BT 474.22 235.25 Td (able ) Tj ET Q q 0 0 0 rg BT 493.54 235.25 Td (to ) Tj ET Q q 0 0 0 rg BT 503.99 235.25 Td (of) Tj ET Q q 0 0 0 rg BT 512.13 235.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 529.24 235.25 Td (declines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 223.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.68 223.25 Td (mer) Tj ET Q q 0 0 0 rg BT 76.04 223.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 95.60 223.25 Td (and ) Tj ET Q q 0 0 0 rg BT 112.94 223.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 163.61 223.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 198.15 223.25 Td (with ) Tj ET Q q 0 0 0 rg BT 218.83 223.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 253.37 223.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 295.13 223.25 Td (from ) Tj ET Q q 0 0 0 rg BT 317.47 223.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 358.13 223.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 395.47 223.25 Td (and ) Tj ET Q q 0 0 0 rg BT 412.80 223.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 466.79 223.25 Td (assignments ) Tj ET Q q 0 0 0 rg BT 518.58 223.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.92 223.25 Td (expect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 211.25 Td (that ) Tj ET Q q 0 0 0 rg BT 67.50 211.25 Td (it ) Tj ET Q q 0 0 0 rg BT 75.55 211.25 Td (will ) Tj ET Q q 0 0 0 rg BT 93.61 211.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 123.87 211.25 Td (that ) Tj ET Q q 0 0 0 rg BT 141.37 211.25 Td (way ) Tj ET Q q 0 0 0 rg BT 160.53 211.25 Td (for ) Tj ET Q q 0 0 0 rg BT 174.69 211.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.40 211.25 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 237.43 211.25 Td (future. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 190.25 Td (Fees ) Tj ET Q q 0 0 0 rg BT 83.76 190.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 114.41 190.25 Td (in ) Tj ET Q q 0 0 0 rg BT 125.07 190.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 172.94 190.25 Td (with ) Tj ET Q q 0 0 0 rg BT 193.05 190.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 229.81 190.25 Td (assignments ) Tj ET Q q 0 0 0 rg BT 282.70 190.25 Td (in ) Tj ET Q q 0 0 0 rg BT 293.36 190.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.46 190.25 Td (bankruptcy ) Tj ET Q q 0 0 0 rg BT 357.44 190.25 Td (context ) Tj ET Q q 0 0 0 rg BT 389.76 190.25 Td (may ) Tj ET Q q 0 0 0 rg BT 409.29 190.25 Td (be ) Tj ET Q q 0 0 0 rg BT 421.05 190.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 452.26 190.25 Td (to ) Tj ET Q q 0 0 0 rg BT 462.36 190.25 Td (challenge ) Tj ET Q q 0 0 0 rg BT 504.67 190.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.55 190.25 Td (reduction) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 169.25 Td (In ) Tj ET Q q 0 0 0 rg BT 72.50 169.25 Td (our ) Tj ET Q q 0 0 0 rg BT 88.00 169.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 127.94 169.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 164.55 169.25 Td (and ) Tj ET Q q 0 0 0 rg BT 181.16 169.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 234.43 169.25 Td (business ) Tj ET Q q 0 0 0 rg BT 270.49 169.25 Td (we, ) Tj ET Q q 0 0 0 rg BT 286.82 169.25 Td (from ) Tj ET Q q 0 0 0 rg BT 308.43 169.25 Td (time ) Tj ET Q q 0 0 0 rg BT 328.38 169.25 Td (to ) Tj ET Q q 0 0 0 rg BT 338.33 169.25 Td (time, ) Tj ET Q q 0 0 0 rg BT 360.77 169.25 Td (advise ) Tj ET Q q 0 0 0 rg BT 388.49 169.25 Td (debtors ) Tj ET Q q 0 0 0 rg BT 420.10 169.25 Td (or ) Tj ET Q q 0 0 0 rg BT 430.60 169.25 Td (creditors ) Tj ET Q q 0 0 0 rg BT 467.76 169.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.26 169.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 523.20 169.25 Td (which ) Tj ET Q q 0 0 0 rg BT 549.81 169.25 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (involved ) Tj ET Q q 0 0 0 rg BT 87.52 157.25 Td (in ) Tj ET Q q 0 0 0 rg BT 97.83 157.25 Td (bankruptcy ) Tj ET Q q 0 0 0 rg BT 145.34 157.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 196.18 157.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.48 157.25 Td (the ) Tj ET Q q 0 0 0 rg BT 221.22 157.25 Td (United ) Tj ET Q q 0 0 0 rg BT 250.97 157.25 Td (States ) Tj ET Q q 0 0 0 rg BT 277.38 157.25 Td (Bankruptcy ) Tj ET Q q 0 0 0 rg BT 326.56 157.25 Td (Courts. ) Tj ET Q q 0 0 0 rg BT 358.26 157.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 385.77 157.25 Td (the ) Tj ET Q q 0 0 0 rg BT 400.52 157.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 444.13 157.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 466.09 157.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.95 157.25 Td (those ) Tj ET Q q 0 0 0 rg BT 500.58 157.25 Td (courts, ) Tj ET Q q 0 0 0 rg BT 530.05 157.25 Td (our ) Tj ET Q q 0 0 0 rg BT 545.91 157.25 Td (fees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.16 145.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 94.45 145.25 Td (to ) Tj ET Q q 0 0 0 rg BT 104.18 145.25 Td (approval ) Tj ET Q q 0 0 0 rg BT 141.12 145.25 Td (by ) Tj ET Q q 0 0 0 rg BT 153.08 145.25 Td (the ) Tj ET Q q 0 0 0 rg BT 167.25 145.25 Td (court ) Tj ET Q q 0 0 0 rg BT 189.76 145.25 Td (and ) Tj ET Q q 0 0 0 rg BT 206.15 145.25 Td (other ) Tj ET Q q 0 0 0 rg BT 228.66 145.25 Td (interested ) Tj ET Q q 0 0 0 rg BT 269.49 145.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 298.10 145.25 Td (have ) Tj ET Q q 0 0 0 rg BT 318.93 145.25 Td (the ) Tj ET Q q 0 0 0 rg BT 333.11 145.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 360.62 145.25 Td (to ) Tj ET Q q 0 0 0 rg BT 370.35 145.25 Td (challenge ) Tj ET Q q 0 0 0 rg BT 410.62 145.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.79 145.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 461.18 145.25 Td (of ) Tj ET Q q 0 0 0 rg BT 471.47 145.25 Td (those ) Tj ET Q q 0 0 0 rg BT 494.54 145.25 Td (fees. ) Tj ET Q q 0 0 0 rg BT 515.09 145.25 Td (Fees ) Tj ET Q q 0 0 0 rg BT 535.38 145.25 Td (earned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.65 133.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 105.83 133.25 Td (in ) Tj ET Q q 0 0 0 rg BT 116.82 133.25 Td (our ) Tj ET Q q 0 0 0 rg BT 133.37 133.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 172.11 133.25 Td (may ) Tj ET Q q 0 0 0 rg BT 192.54 133.25 Td (from ) Tj ET Q q 0 0 0 rg BT 215.19 133.25 Td (time ) Tj ET Q q 0 0 0 rg BT 236.18 133.25 Td (to ) Tj ET Q q 0 0 0 rg BT 247.17 133.25 Td (time ) Tj ET Q q 0 0 0 rg BT 268.15 133.25 Td (be ) Tj ET Q q 0 0 0 rg BT 280.80 133.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 312.34 133.25 Td (to ) Tj ET Q q 0 0 0 rg BT 323.33 133.25 Td (successful ) Tj ET Q q 0 0 0 rg BT 367.64 133.25 Td (challenges, ) Tj ET Q q 0 0 0 rg BT 415.56 133.25 Td (which ) Tj ET Q q 0 0 0 rg BT 443.21 133.25 Td (could ) Tj ET Q q 0 0 0 rg BT 468.64 133.25 Td (result ) Tj ET Q q 0 0 0 rg BT 494.06 133.25 Td (in ) Tj ET Q q 0 0 0 rg BT 505.05 133.25 Td (a ) Tj ET Q q 0 0 0 rg BT 512.71 133.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 553.68 133.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 88.04 121.25 Td (and ) Tj ET Q q 0 0 0 rg BT 104.98 121.25 Td (af) Tj ET Q q 0 0 0 rg BT 112.56 121.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 130.05 121.25 Td (our ) Tj ET Q q 0 0 0 rg BT 145.88 121.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 169.49 121.25 Td (price ) Tj ET Q q 0 0 0 rg BT 191.97 121.25 Td (adversely) Tj ET Q q 0 0 0 rg BT 229.64 121.25 Td (.) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 742.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 81.17 742.25 Td (business ) Tj ET Q q 0 0 0 rg BT 118.69 742.25 Td (may ) Tj ET Q q 0 0 0 rg BT 138.41 742.25 Td (be ) Tj ET Q q 0 0 0 rg BT 150.34 742.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 191.16 742.25 Td (af) Tj ET Q q 0 0 0 rg BT 199.31 742.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 226.23 742.25 Td (by ) Tj ET Q q 0 0 0 rg BT 238.17 742.25 Td (dif) Tj ET Q q 0 0 0 rg BT 249.10 742.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 273.26 742.25 Td (market ) Tj ET Q q 0 0 0 rg BT 304.65 742.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 349.94 742.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.00 742.25 Td (a ) Tj ET Q q 0 0 0 rg BT 375.50 742.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 407.43 742.25 Td (in ) Tj ET Q q 0 0 0 rg BT 418.27 742.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 467.45 742.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 499.38 742.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 721.25 Td (Adverse ) Tj ET Q q 0 0 0 rg BT 97.88 721.25 Td (market ) Tj ET Q q 0 0 0 rg BT 128.20 721.25 Td (or ) Tj ET Q q 0 0 0 rg BT 139.08 721.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 180.51 721.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 224.73 721.25 Td (would ) Tj ET Q q 0 0 0 rg BT 252.29 721.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 277.62 721.25 Td (af) Tj ET Q q 0 0 0 rg BT 285.21 721.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 302.75 721.25 Td (the ) Tj ET Q q 0 0 0 rg BT 317.52 721.25 Td (number) Tj ET Q q 0 0 0 rg BT 347.67 721.25 Td (, ) Tj ET Q q 0 0 0 rg BT 352.72 721.25 Td (size ) Tj ET Q q 0 0 0 rg BT 370.83 721.25 Td (and ) Tj ET Q q 0 0 0 rg BT 387.82 721.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 416.49 721.25 Td (of ) Tj ET Q q 0 0 0 rg BT 427.38 721.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 477.70 721.25 Td (on ) Tj ET Q q 0 0 0 rg BT 490.25 721.25 Td (which ) Tj ET Q q 0 0 0 rg BT 517.25 721.25 Td (we ) Tj ET Q q 0 0 0 rg BT 531.46 721.25 Td (provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (advice ) Tj ET Q q 0 0 0 rg BT 78.21 709.25 Td (and ) Tj ET Q q 0 0 0 rg BT 94.76 709.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 132.96 709.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 173.39 709.25 Td (af) Tj ET Q q 0 0 0 rg BT 180.98 709.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 198.08 709.25 Td (our ) Tj ET Q q 0 0 0 rg BT 213.53 709.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 250.08 709.25 Td (fees. ) Tj ET Q q 0 0 0 rg BT 270.80 709.25 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 325.40 709.25 Td (as ) Tj ET Q q 0 0 0 rg BT 335.84 709.25 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 391.83 709.25 Td (over ) Tj ET Q q 0 0 0 rg BT 411.72 709.25 Td (the ) Tj ET Q q 0 0 0 rg BT 426.05 709.25 Td (past ) Tj ET Q q 0 0 0 rg BT 444.27 709.25 Td (year) Tj ET Q q 0 0 0 rg BT 461.08 709.25 Td (, ) Tj ET Q q 0 0 0 rg BT 465.70 709.25 Td (rapid ) Tj ET Q q 0 0 0 rg BT 488.36 709.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 527.12 709.25 Td (in ) Tj ET Q q 0 0 0 rg BT 537.01 709.25 Td (equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (valuations ) Tj ET Q q 0 0 0 rg BT 94.79 697.25 Td (and ) Tj ET Q q 0 0 0 rg BT 112.92 697.25 Td (market ) Tj ET Q q 0 0 0 rg BT 144.37 697.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 184.17 697.25 Td (can ) Tj ET Q q 0 0 0 rg BT 201.73 697.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 247.07 697.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 277.97 697.25 Td (mer) Tj ET Q q 0 0 0 rg BT 293.34 697.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 309.79 697.25 Td (and ) Tj ET Q q 0 0 0 rg BT 327.92 697.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 375.49 697.25 Td (activity) Tj ET Q q 0 0 0 rg BT 404.83 697.25 Td (. ) Tj ET Q q 0 0 0 rg BT 411.02 697.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 430.26 697.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 460.05 697.25 Td (engaging ) Tj ET Q q 0 0 0 rg BT 500.39 697.25 Td (in ) Tj ET Q q 0 0 0 rg BT 511.86 697.25 Td (mer) Tj ET Q q 0 0 0 rg BT 527.22 697.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 547.57 697.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 100.95 685.25 Td (often ) Tj ET Q q 0 0 0 rg BT 124.67 685.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 143.39 685.25 Td (on ) Tj ET Q q 0 0 0 rg BT 156.56 685.25 Td (access ) Tj ET Q q 0 0 0 rg BT 185.27 685.25 Td (to ) Tj ET Q q 0 0 0 rg BT 196.23 685.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.62 685.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 237.55 685.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 266.27 685.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 294.44 685.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 329.27 685.25 Td (to ) Tj ET Q q 0 0 0 rg BT 340.22 685.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 372.82 685.25 Td (their ) Tj ET Q q 0 0 0 rg BT 394.32 685.25 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 447.53 685.25 Td (The ) Tj ET Q q 0 0 0 rg BT 466.25 685.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 514.40 685.25 Td (of ) Tj ET Q q 0 0 0 rg BT 525.91 685.25 Td (available ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.44 673.25 Td (and ) Tj ET Q q 0 0 0 rg BT 92.55 673.25 Td (the ) Tj ET Q q 0 0 0 rg BT 107.44 673.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 146.22 673.25 Td (of ) Tj ET Q q 0 0 0 rg BT 157.22 673.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 184.89 673.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 219.21 673.25 Td (can ) Tj ET Q q 0 0 0 rg BT 235.76 673.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 276.75 673.25 Td (af) Tj ET Q q 0 0 0 rg BT 284.34 673.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 302.00 673.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.89 673.25 Td (size, ) Tj ET Q q 0 0 0 rg BT 337.61 673.25 Td (volume, ) Tj ET Q q 0 0 0 rg BT 372.77 673.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 401.56 673.25 Td (and ) Tj ET Q q 0 0 0 rg BT 418.67 673.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 446.89 673.25 Td (of ) Tj ET Q q 0 0 0 rg BT 457.90 673.25 Td (our ) Tj ET Q q 0 0 0 rg BT 473.90 673.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 502.67 673.25 Td (to ) Tj ET Q q 0 0 0 rg BT 513.13 673.25 Td (successfully ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (complete ) Tj ET Q q 0 0 0 rg BT 88.17 661.25 Td (mer) Tj ET Q q 0 0 0 rg BT 103.53 661.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 117.82 661.25 Td (and ) Tj ET Q q 0 0 0 rg BT 133.77 661.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 179.17 661.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 228.44 661.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.40 661.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 284.23 661.25 Td (af) Tj ET Q q 0 0 0 rg BT 291.82 661.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 308.32 661.25 Td (our ) Tj ET Q q 0 0 0 rg BT 323.16 661.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 359.12 661.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 397.02 661.25 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 451.02 661.25 Td (market ) Tj ET Q q 0 0 0 rg BT 480.30 661.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 517.93 661.25 Td (also ) Tj ET Q q 0 0 0 rg BT 535.55 661.25 Td (af) Tj ET Q q 0 0 0 rg BT 543.14 661.25 Td (fects ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.83 649.25 Td (clients) Tj ET Q q 0 0 0 rg BT 94.52 649.25 Td ( ) Tj ET Q q 0 0 0 rg BT 97.02 649.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 125.07 649.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.01 649.25 Td (willingness ) Tj ET Q q 0 0 0 rg BT 190.07 649.25 Td (to ) Tj ET Q q 0 0 0 rg BT 200.35 649.25 Td (engage ) Tj ET Q q 0 0 0 rg BT 231.16 649.25 Td (in ) Tj ET Q q 0 0 0 rg BT 241.44 649.25 Td (stock-for) Tj ET Q q 0 0 0 rg BT 277.34 649.25 Td (-stock ) Tj ET Q q 0 0 0 rg BT 304.28 649.25 Td (transactions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 628.25 Td (While ) Tj ET Q q 0 0 0 rg BT 89.05 628.25 Td (we ) Tj ET Q q 0 0 0 rg BT 103.34 628.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 135.38 628.25 Td (in ) Tj ET Q q 0 0 0 rg BT 145.78 628.25 Td (North ) Tj ET Q q 0 0 0 rg BT 171.15 628.25 Td (America, ) Tj ET Q q 0 0 0 rg BT 210.70 628.25 Td (Europe, ) Tj ET Q q 0 0 0 rg BT 244.12 628.25 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 285.31 628.25 Td (Asia ) Tj ET Q q 0 0 0 rg BT 306.27 628.25 Td (and ) Tj ET Q q 0 0 0 rg BT 323.33 628.25 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 352.88 628.25 Td (our ) Tj ET Q q 0 0 0 rg BT 368.83 628.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 413.11 628.25 Td (in ) Tj ET Q q 0 0 0 rg BT 423.51 628.25 Td (the ) Tj ET Q q 0 0 0 rg BT 438.35 628.25 Td (UnitedStates ) Tj ET Q q 0 0 0 rg BT 494.57 628.25 Td (and ) Tj ET Q q 0 0 0 rg BT 511.63 628.25 Td (Europe ) Tj ET Q q 0 0 0 rg BT 543.13 628.25 Td (have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (historically ) Tj ET Q q 0 0 0 rg BT 97.85 616.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 136.26 616.25 Td (most ) Tj ET Q q 0 0 0 rg BT 158.57 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 169.76 616.25 Td (our ) Tj ET Q q 0 0 0 rg BT 185.95 616.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 224.35 616.25 Td (and ) Tj ET Q q 0 0 0 rg BT 241.65 616.25 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 280.89 616.25 Td ( ) Tj ET Q q 0 0 0 rg BT 283.75 616.25 Td (Consequently) Tj ET Q q 0 0 0 rg BT 338.10 616.25 Td (, ) Tj ET Q q 0 0 0 rg BT 343.46 616.25 Td (our ) Tj ET Q q 0 0 0 rg BT 359.65 616.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 398.05 616.25 Td (and ) Tj ET Q q 0 0 0 rg BT 415.35 616.25 Td (profitability ) Tj ET Q q 0 0 0 rg BT 465.98 616.25 Td (are ) Tj ET Q q 0 0 0 rg BT 481.04 616.25 Td (particularly ) Tj ET Q q 0 0 0 rg BT 530.00 616.25 Td (af) Tj ET Q q 0 0 0 rg BT 537.58 616.25 Td (fected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (by ) Tj ET Q q 0 0 0 rg BT 62.50 604.25 Td (market ) Tj ET Q q 0 0 0 rg BT 92.76 604.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 136.93 604.25 Td (in ) Tj ET Q q 0 0 0 rg BT 147.21 604.25 Td (these ) Tj ET Q q 0 0 0 rg BT 170.25 604.25 Td (locations. ) Tj ET Q q 0 0 0 rg BT 211.36 604.25 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 583.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 80.84 583.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 110.77 583.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 147.37 583.25 Td (business ) Tj ET Q q 0 0 0 rg BT 184.54 583.25 Td (is ) Tj ET Q q 0 0 0 rg BT 193.37 583.25 Td (dependent ) Tj ET Q q 0 0 0 rg BT 237.75 583.25 Td (on ) Tj ET Q q 0 0 0 rg BT 250.47 583.25 Td (the ) Tj ET Q q 0 0 0 rg BT 265.41 583.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 313.12 583.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.61 583.25 Td (private ) Tj ET Q q 0 0 0 rg BT 354.10 583.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 384.03 583.25 Td (for ) Tj ET Q q 0 0 0 rg BT 398.41 583.25 Td (deployment ) Tj ET Q q 0 0 0 rg BT 447.79 583.25 Td (in ) Tj ET Q q 0 0 0 rg BT 458.29 583.25 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 489.90 583.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 512.06 583.25 Td (classes ) Tj ET Q q 0 0 0 rg BT 542.55 583.25 Td (such ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 571.25 Td (as ) Tj ET Q q 0 0 0 rg BT 61.39 571.25 Td (private ) Tj ET Q q 0 0 0 rg BT 92.22 571.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 119.71 571.25 Td (and ) Tj ET Q q 0 0 0 rg BT 137.77 571.25 Td (real ) Tj ET Q q 0 0 0 rg BT 156.38 571.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 182.21 571.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 208.05 571.25 Td (for ) Tj ET Q q 0 0 0 rg BT 222.77 571.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 251.94 571.25 Td (we ) Tj ET Q q 0 0 0 rg BT 265.55 571.25 Td (serve) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 550.25 Td (In ) Tj ET Q q 0 0 0 rg BT 72.96 550.25 Td (our ) Tj ET Q q 0 0 0 rg BT 88.92 550.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 118.20 550.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 155.27 550.25 Td (business ) Tj ET Q q 0 0 0 rg BT 191.79 550.25 Td (we ) Tj ET Q q 0 0 0 rg BT 206.09 550.25 Td (assist ) Tj ET Q q 0 0 0 rg BT 230.39 550.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 251.35 550.25 Td (managers ) Tj ET Q q 0 0 0 rg BT 292.29 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 309.36 550.25 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 347.00 550.25 Td (in ) Tj ET Q q 0 0 0 rg BT 357.41 550.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 387.26 550.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 416.54 550.25 Td (for ) Tj ET Q q 0 0 0 rg BT 430.83 550.25 Td (new ) Tj ET Q q 0 0 0 rg BT 450.12 550.25 Td (private ) Tj ET Q q 0 0 0 rg BT 480.51 550.25 Td (funds. ) Tj ET Q q 0 0 0 rg BT 507.87 550.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 526.05 550.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 554.23 550.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (find ) Tj ET Q q 0 0 0 rg BT 68.59 538.25 Td (suitable ) Tj ET Q q 0 0 0 rg BT 102.18 538.25 Td (engagements ) Tj ET Q q 0 0 0 rg BT 156.86 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 173.78 538.25 Td (earn ) Tj ET Q q 0 0 0 rg BT 193.47 538.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 212.05 538.25 Td (in ) Tj ET Q q 0 0 0 rg BT 222.31 538.25 Td (this ) Tj ET Q q 0 0 0 rg BT 239.24 538.25 Td (business ) Tj ET Q q 0 0 0 rg BT 275.61 538.25 Td (depends ) Tj ET Q q 0 0 0 rg BT 310.86 538.25 Td (on ) Tj ET Q q 0 0 0 rg BT 323.35 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.04 538.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 385.51 538.25 Td (of ) Tj ET Q q 0 0 0 rg BT 396.32 538.25 Td (private ) Tj ET Q q 0 0 0 rg BT 426.57 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 443.49 538.25 Td (public ) Tj ET Q q 0 0 0 rg BT 470.97 538.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 500.10 538.25 Td (for ) Tj ET Q q 0 0 0 rg BT 514.24 538.25 Td (investments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.50 526.25 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 92.12 526.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 118.17 526.25 Td (such ) Tj ET Q q 0 0 0 rg BT 139.22 526.25 Td (as ) Tj ET Q q 0 0 0 rg BT 150.28 526.25 Td (private ) Tj ET Q q 0 0 0 rg BT 180.77 526.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 208.48 526.25 Td (and ) Tj ET Q q 0 0 0 rg BT 225.65 526.25 Td (real ) Tj ET Q q 0 0 0 rg BT 243.36 526.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 268.84 526.25 Td (funds. ) Tj ET Q q 0 0 0 rg BT 296.29 526.25 Td (Following ) Tj ET Q q 0 0 0 rg BT 340.13 526.25 Td (the ) Tj ET Q q 0 0 0 rg BT 355.07 526.25 Td (onset ) Tj ET Q q 0 0 0 rg BT 378.90 526.25 Td (of ) Tj ET Q q 0 0 0 rg BT 389.96 526.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.90 526.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 442.60 526.25 Td (crisis, ) Tj ET Q q 0 0 0 rg BT 468.93 526.25 Td (there ) Tj ET Q q 0 0 0 rg BT 491.64 526.25 Td (was ) Tj ET Q q 0 0 0 rg BT 509.92 526.25 Td (a ) Tj ET Q q 0 0 0 rg BT 517.08 526.25 Td (shortage ) Tj ET Q q 0 0 0 rg BT 553.68 526.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (such ) Tj ET Q q 0 0 0 rg BT 70.94 514.25 Td (capital, ) Tj ET Q q 0 0 0 rg BT 102.70 514.25 Td (and ) Tj ET Q q 0 0 0 rg BT 119.75 514.25 Td (far ) Tj ET Q q 0 0 0 rg BT 133.45 514.25 Td (fewer ) Tj ET Q q 0 0 0 rg BT 158.82 514.25 Td (new ) Tj ET Q q 0 0 0 rg BT 178.09 514.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 202.92 514.25 Td (were ) Tj ET Q q 0 0 0 rg BT 224.96 514.25 Td (raised ) Tj ET Q q 0 0 0 rg BT 251.44 514.25 Td (than ) Tj ET Q q 0 0 0 rg BT 271.27 514.25 Td (in ) Tj ET Q q 0 0 0 rg BT 281.66 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 296.48 514.25 Td (period ) Tj ET Q q 0 0 0 rg BT 324.64 514.25 Td (preceding ) Tj ET Q q 0 0 0 rg BT 366.67 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 381.50 514.25 Td (crisis. ) Tj ET Q q 0 0 0 rg BT 407.71 514.25 Td (More ) Tj ET Q q 0 0 0 rg BT 431.98 514.25 Td (recently) Tj ET Q q 0 0 0 rg BT 463.54 514.25 Td (, ) Tj ET Q q 0 0 0 rg BT 468.64 514.25 Td (while ) Tj ET Q q 0 0 0 rg BT 493.47 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 508.30 514.25 Td (absolute ) Tj ET Q q 0 0 0 rg BT 544.23 514.25 Td (pool ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.90 502.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 119.91 502.25 Td (for ) Tj ET Q q 0 0 0 rg BT 135.14 502.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 180.91 502.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 207.81 502.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 259.15 502.25 Td (has ) Tj ET Q q 0 0 0 rg BT 276.06 502.25 Td (increased, ) Tj ET Q q 0 0 0 rg BT 319.88 502.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 359.56 502.25 Td (have ) Tj ET Q q 0 0 0 rg BT 382.01 502.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 423.33 502.25 Td (their ) Tj ET Q q 0 0 0 rg BT 445.23 502.25 Td (concentration ) Tj ET Q q 0 0 0 rg BT 503.22 502.25 Td (of ) Tj ET Q q 0 0 0 rg BT 515.12 502.25 Td (new ) Tj ET Q q 0 0 0 rg BT 535.35 502.25 Td (capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 106.78 490.25 Td (with ) Tj ET Q q 0 0 0 rg BT 126.89 490.25 Td (lar) Tj ET Q q 0 0 0 rg BT 137.26 490.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 149.04 490.25 Td (mega ) Tj ET Q q 0 0 0 rg BT 173.03 490.25 Td (funds, ) Tj ET Q q 0 0 0 rg BT 200.09 490.25 Td (which ) Tj ET Q q 0 0 0 rg BT 226.86 490.25 Td (are ) Tj ET Q q 0 0 0 rg BT 241.41 490.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 280.95 490.25 Td (perceived ) Tj ET Q q 0 0 0 rg BT 322.15 490.25 Td (as ) Tj ET Q q 0 0 0 rg BT 332.82 490.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 357.92 490.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 375.26 490.25 Td (platforms ) Tj ET Q q 0 0 0 rg BT 415.92 490.25 Td (because ) Tj ET Q q 0 0 0 rg BT 449.91 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 460.58 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 475.13 490.25 Td (breadth ) Tj ET Q q 0 0 0 rg BT 507.45 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.12 490.25 Td (investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (professionals ) Tj ET Q q 0 0 0 rg BT 105.40 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 122.48 478.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 148.44 478.25 Td (under ) Tj ET Q q 0 0 0 rg BT 173.85 478.25 Td (management. ) Tj ET Q q 0 0 0 rg BT 230.07 478.25 Td ( ) Tj ET Q q 0 0 0 rg BT 232.71 478.25 Td ( ) Tj ET Q q 0 0 0 rg BT 235.34 478.25 Td (Because ) Tj ET Q q 0 0 0 rg BT 271.30 478.25 Td (the ) Tj ET Q q 0 0 0 rg BT 286.15 478.25 Td (mega ) Tj ET Q q 0 0 0 rg BT 310.44 478.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 335.30 478.25 Td (have ) Tj ET Q q 0 0 0 rg BT 356.81 478.25 Td (in ) Tj ET Q q 0 0 0 rg BT 367.22 478.25 Td (house ) Tj ET Q q 0 0 0 rg BT 393.19 478.25 Td (fundraising ) Tj ET Q q 0 0 0 rg BT 441.37 478.25 Td (teams, ) Tj ET Q q 0 0 0 rg BT 469.83 478.25 Td (they ) Tj ET Q q 0 0 0 rg BT 489.69 478.25 Td (are ) Tj ET Q q 0 0 0 rg BT 504.53 478.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 542.15 478.25 Td (not ) Tj ET Q q 0 0 0 rg BT 557.57 478.25 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 86.95 466.25 Td (source ) Tj ET Q q 0 0 0 rg BT 115.01 466.25 Td (of ) Tj ET Q q 0 0 0 rg BT 125.30 466.25 Td (business ) Tj ET Q q 0 0 0 rg BT 161.15 466.25 Td (for ) Tj ET Q q 0 0 0 rg BT 174.77 466.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 188.13 466.25 Td ( ) Tj ET Q q 0 0 0 rg BT 189.65 466.25 Td (As ) Tj ET Q q 0 0 0 rg BT 202.73 466.25 Td (a ) Tj ET Q q 0 0 0 rg BT 209.13 466.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 235.80 466.25 Td (we ) Tj ET Q q 0 0 0 rg BT 249.42 466.25 Td (must ) Tj ET Q q 0 0 0 rg BT 270.83 466.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 290.56 466.25 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 345.29 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 355.03 466.25 Td (raise ) Tj ET Q q 0 0 0 rg BT 375.87 466.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 404.48 466.25 Td (for ) Tj ET Q q 0 0 0 rg BT 418.10 466.25 Td (other ) Tj ET Q q 0 0 0 rg BT 440.61 466.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 460.90 466.25 Td (managers ) Tj ET Q q 0 0 0 rg BT 501.18 466.25 Td (with ) Tj ET Q q 0 0 0 rg BT 520.92 466.25 Td (successful ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (track ) Tj ET Q q 0 0 0 rg BT 72.50 454.25 Td (records ) Tj ET Q q 0 0 0 rg BT 104.44 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 121.39 454.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 167.78 454.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 208.06 454.25 Td (that ) Tj ET Q q 0 0 0 rg BT 225.57 454.25 Td (are ) Tj ET Q q 0 0 0 rg BT 240.29 454.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 280.00 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 290.29 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 305.01 454.25 Td (market. ) Tj ET Q q 0 0 0 rg BT 337.79 454.25 Td ( ) Tj ET Q q 0 0 0 rg BT 340.30 454.25 Td (Due ) Tj ET Q q 0 0 0 rg BT 359.48 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 369.77 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 384.49 454.25 Td (competition ) Tj ET Q q 0 0 0 rg BT 434.78 454.25 Td (for ) Tj ET Q q 0 0 0 rg BT 448.95 454.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 478.11 454.25 Td (with ) Tj ET Q q 0 0 0 rg BT 498.40 454.25 Td (mega ) Tj ET Q q 0 0 0 rg BT 522.57 454.25 Td (funds, ) Tj ET Q q 0 0 0 rg BT 549.80 454.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 70.29 442.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 99.46 442.25 Td (process ) Tj ET Q q 0 0 0 rg BT 131.40 442.25 Td (may ) Tj ET Q q 0 0 0 rg BT 150.58 442.25 Td (take ) Tj ET Q q 0 0 0 rg BT 169.19 442.25 Td (longer ) Tj ET Q q 0 0 0 rg BT 196.69 442.25 Td (to ) Tj ET Q q 0 0 0 rg BT 206.42 442.25 Td (complete ) Tj ET Q q 0 0 0 rg BT 245.03 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 261.42 442.25 Td (there ) Tj ET Q q 0 0 0 rg BT 283.36 442.25 Td (can ) Tj ET Q q 0 0 0 rg BT 299.20 442.25 Td (be ) Tj ET Q q 0 0 0 rg BT 310.59 442.25 Td (no ) Tj ET Q q 0 0 0 rg BT 322.55 442.25 Td (certainty ) Tj ET Q q 0 0 0 rg BT 359.48 442.25 Td (that ) Tj ET Q q 0 0 0 rg BT 376.43 442.25 Td (our ) Tj ET Q q 0 0 0 rg BT 391.72 442.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 412.00 442.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 441.18 442.25 Td (engagement ) Tj ET Q q 0 0 0 rg BT 491.44 442.25 Td (will ) Tj ET Q q 0 0 0 rg BT 508.96 442.25 Td (be ) Tj ET Q q 0 0 0 rg BT 520.35 442.25 Td (completed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (successfully) Tj ET Q q 0 0 0 rg BT 98.23 430.25 Td (. ) Tj ET Q q 0 0 0 rg BT 102.93 430.25 Td (T) Tj ET Q q 0 0 0 rg BT 108.34 430.25 Td (o ) Tj ET Q q 0 0 0 rg BT 115.71 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 130.30 430.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 157.10 430.25 Td (private ) Tj ET Q q 0 0 0 rg BT 187.24 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 204.05 430.25 Td (public ) Tj ET Q q 0 0 0 rg BT 231.42 430.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 260.44 430.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 293.91 430.25 Td (on ) Tj ET Q q 0 0 0 rg BT 306.28 430.25 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 337.55 430.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 383.80 430.25 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 438.95 430.25 Td (for ) Tj ET Q q 0 0 0 rg BT 452.98 430.25 Td (our ) Tj ET Q q 0 0 0 rg BT 468.68 430.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 497.16 430.25 Td (remains ) Tj ET Q q 0 0 0 rg BT 531.18 430.25 Td (limited, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.83 418.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 93.88 418.25 Td (to ) Tj ET Q q 0 0 0 rg BT 104.16 418.25 Td (earn ) Tj ET Q q 0 0 0 rg BT 123.87 418.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 142.47 418.25 Td (in ) Tj ET Q q 0 0 0 rg BT 152.74 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 167.46 418.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 196.61 418.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 233.55 418.25 Td (business ) Tj ET Q q 0 0 0 rg BT 269.94 418.25 Td (may ) Tj ET Q q 0 0 0 rg BT 289.66 418.25 Td (be ) Tj ET Q q 0 0 0 rg BT 301.60 418.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 342.41 418.25 Td (af) Tj ET Q q 0 0 0 rg BT 350.00 418.25 Td (fected. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 397.25 Td (W) Tj ET Q q 0 0 0 rg BT 70.15 397.25 Td (e face strong competition from far larger firms and other independent firms ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 376.25 Td (The ) Tj ET Q q 0 0 0 rg BT 79.86 376.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 126.06 376.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 160.59 376.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 195.68 376.25 Td (is ) Tj ET Q q 0 0 0 rg BT 204.67 376.25 Td (intensely ) Tj ET Q q 0 0 0 rg BT 243.08 376.25 Td (competitive ) Tj ET Q q 0 0 0 rg BT 292.61 376.25 Td (and ) Tj ET Q q 0 0 0 rg BT 309.36 376.25 Td (we ) Tj ET Q q 0 0 0 rg BT 323.33 376.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 351.74 376.25 Td (it ) Tj ET Q q 0 0 0 rg BT 359.61 376.25 Td (to ) Tj ET Q q 0 0 0 rg BT 369.71 376.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 399.78 376.25 Td (so. ) Tj ET Q q 0 0 0 rg BT 413.32 376.25 Td (W) Tj ET Q q 0 0 0 rg BT 421.96 376.25 Td (e ) Tj ET Q q 0 0 0 rg BT 428.71 376.25 Td (compete ) Tj ET Q q 0 0 0 rg BT 464.90 376.25 Td (on ) Tj ET Q q 0 0 0 rg BT 477.21 376.25 Td (the ) Tj ET Q q 0 0 0 rg BT 491.74 376.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 514.06 376.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.70 376.25 Td (a ) Tj ET Q q 0 0 0 rg BT 531.46 376.25 Td (number ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.34 364.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 92.05 364.25 Td (including ) Tj ET Q q 0 0 0 rg BT 131.84 364.25 Td (the ) Tj ET Q q 0 0 0 rg BT 146.06 364.25 Td (quality ) Tj ET Q q 0 0 0 rg BT 175.84 364.25 Td (of ) Tj ET Q q 0 0 0 rg BT 186.18 364.25 Td (our ) Tj ET Q q 0 0 0 rg BT 201.52 364.25 Td (advice ) Tj ET Q q 0 0 0 rg BT 229.62 364.25 Td (and ) Tj ET Q q 0 0 0 rg BT 246.07 364.25 Td (service, ) Tj ET Q q 0 0 0 rg BT 278.89 364.25 Td (innovation, ) Tj ET Q q 0 0 0 rg BT 326.17 364.25 Td (reputation ) Tj ET Q q 0 0 0 rg BT 368.72 364.25 Td (and ) Tj ET Q q 0 0 0 rg BT 385.17 364.25 Td (price. ) Tj ET Q q 0 0 0 rg BT 409.52 364.25 Td (W) Tj ET Q q 0 0 0 rg BT 418.16 364.25 Td (e ) Tj ET Q q 0 0 0 rg BT 424.60 364.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 455.48 364.25 Td (we ) Tj ET Q q 0 0 0 rg BT 469.15 364.25 Td (may ) Tj ET Q q 0 0 0 rg BT 488.38 364.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 533.69 364.25 Td (pricing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (pressures ) Tj ET Q q 0 0 0 rg BT 90.00 352.25 Td (in ) Tj ET Q q 0 0 0 rg BT 100.56 352.25 Td (our ) Tj ET Q q 0 0 0 rg BT 116.67 352.25 Td (areas ) Tj ET Q q 0 0 0 rg BT 139.99 352.25 Td (of ) Tj ET Q q 0 0 0 rg BT 151.10 352.25 Td (operation ) Tj ET Q q 0 0 0 rg BT 191.65 352.25 Td (in ) Tj ET Q q 0 0 0 rg BT 202.21 352.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.21 352.25 Td (future ) Tj ET Q q 0 0 0 rg BT 243.87 352.25 Td (as ) Tj ET Q q 0 0 0 rg BT 254.99 352.25 Td (some ) Tj ET Q q 0 0 0 rg BT 278.88 352.25 Td (of ) Tj ET Q q 0 0 0 rg BT 289.99 352.25 Td (our ) Tj ET Q q 0 0 0 rg BT 306.10 352.25 Td (competitors ) Tj ET Q q 0 0 0 rg BT 356.10 352.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 376.65 352.25 Td (to ) Tj ET Q q 0 0 0 rg BT 387.21 352.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 414.99 352.25 Td (market ) Tj ET Q q 0 0 0 rg BT 445.54 352.25 Td (share ) Tj ET Q q 0 0 0 rg BT 469.42 352.25 Td (by ) Tj ET Q q 0 0 0 rg BT 482.20 352.25 Td (reducing ) Tj ET Q q 0 0 0 rg BT 519.97 352.25 Td (prices. ) Tj ET Q q 0 0 0 rg BT 548.93 352.25 Td (W) Tj ET Q q 0 0 0 rg BT 557.57 352.25 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (are ) Tj ET Q q 0 0 0 rg BT 63.97 340.25 Td (a ) Tj ET Q q 0 0 0 rg BT 70.18 340.25 Td (relatively ) Tj ET Q q 0 0 0 rg BT 109.70 340.25 Td (small ) Tj ET Q q 0 0 0 rg BT 133.14 340.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 178.78 340.25 Td (bank, ) Tj ET Q q 0 0 0 rg BT 202.49 340.25 Td (with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.03 340.25 Td (319) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.03 340.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 284.06 340.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 326.93 340.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 368.13 340.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 404.89 340.25 Td (and ) Tj ET Q q 0 0 0 rg BT 421.09 340.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 447.30 340.25 Td (advisors\) ) Tj ET Q q 0 0 0 rg BT 485.72 340.25 Td (as ) Tj ET Q q 0 0 0 rg BT 495.82 340.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.92 340.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 328.25 Td ( ) Tj ET Q q 0 0 0 rg BT 73.30 328.25 Td (and ) Tj ET Q q 0 0 0 rg BT 91.04 328.25 Td (total ) Tj ET Q q 0 0 0 rg BT 112.11 328.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 150.94 328.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.57 328.25 Td ($287.2 ) Tj ET Q q 0 0 0 rg BT 193.37 328.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.26 328.25 Td ( ) Tj ET Q q 0 0 0 rg BT 225.56 328.25 Td (for ) Tj ET Q q 0 0 0 rg BT 240.52 328.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.03 328.25 Td (year ) Tj ET Q q 0 0 0 rg BT 276.54 328.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.71 328.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 363.10 328.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.10 328.25 Td (. ) Tj ET Q q 0 0 0 rg BT 388.89 328.25 Td (Most ) Tj ET Q q 0 0 0 rg BT 412.75 328.25 Td (of ) Tj ET Q q 0 0 0 rg BT 424.38 328.25 Td (our ) Tj ET Q q 0 0 0 rg BT 441.01 328.25 Td (competitors ) Tj ET Q q 0 0 0 rg BT 491.52 328.25 Td (in ) Tj ET Q q 0 0 0 rg BT 502.60 328.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.11 328.25 Td (investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 85.33 316.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 121.23 316.25 Td (have ) Tj ET Q q 0 0 0 rg BT 143.22 316.25 Td (a ) Tj ET Q q 0 0 0 rg BT 150.77 316.25 Td (far ) Tj ET Q q 0 0 0 rg BT 164.99 316.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 195.85 316.25 Td (range ) Tj ET Q q 0 0 0 rg BT 221.18 316.25 Td (of ) Tj ET Q q 0 0 0 rg BT 232.62 316.25 Td (products ) Tj ET Q q 0 0 0 rg BT 270.18 316.25 Td (and ) Tj ET Q q 0 0 0 rg BT 287.73 316.25 Td (services, ) Tj ET Q q 0 0 0 rg BT 325.55 316.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 356.42 316.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 394.52 316.25 Td (and ) Tj ET Q q 0 0 0 rg BT 412.07 316.25 Td (marketing ) Tj ET Q q 0 0 0 rg BT 455.73 316.25 Td (resources, ) Tj ET Q q 0 0 0 rg BT 499.10 316.25 Td (lar) Tj ET Q q 0 0 0 rg BT 509.47 316.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 525.35 316.25 Td (customer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (bases, ) Tj ET Q q 0 0 0 rg BT 75.61 304.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 104.80 304.25 Td (name ) Tj ET Q q 0 0 0 rg BT 127.91 304.25 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 177.39 304.25 Td (more ) Tj ET Q q 0 0 0 rg BT 199.38 304.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 240.26 304.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 276.69 304.25 Td (to ) Tj ET Q q 0 0 0 rg BT 285.92 304.25 Td (serve ) Tj ET Q q 0 0 0 rg BT 308.46 304.25 Td (their ) Tj ET Q q 0 0 0 rg BT 328.23 304.25 Td (clients' ) Tj ET Q q 0 0 0 rg BT 357.58 304.25 Td (needs, ) Tj ET Q q 0 0 0 rg BT 384.30 304.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 413.50 304.25 Td (global ) Tj ET Q q 0 0 0 rg BT 439.94 304.25 Td (reach ) Tj ET Q q 0 0 0 rg BT 463.03 304.25 Td (and ) Tj ET Q q 0 0 0 rg BT 478.91 304.25 Td (broader ) Tj ET Q q 0 0 0 rg BT 510.89 304.25 Td (relationships ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (with ) Tj ET Q q 0 0 0 rg BT 70.61 292.25 Td (their ) Tj ET Q q 0 0 0 rg BT 91.77 292.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 120.71 292.25 Td (than ) Tj ET Q q 0 0 0 rg BT 140.76 292.25 Td (we ) Tj ET Q q 0 0 0 rg BT 155.26 292.25 Td (have. ) Tj ET Q q 0 0 0 rg BT 179.26 292.25 Td (These ) Tj ET Q q 0 0 0 rg BT 205.97 292.25 Td (lar) Tj ET Q q 0 0 0 rg BT 216.34 292.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 231.94 292.25 Td (and ) Tj ET Q q 0 0 0 rg BT 249.22 292.25 Td (better ) Tj ET Q q 0 0 0 rg BT 274.81 292.25 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 320.95 292.25 Td (competitors ) Tj ET Q q 0 0 0 rg BT 371.00 292.25 Td (may ) Tj ET Q q 0 0 0 rg BT 391.05 292.25 Td (be ) Tj ET Q q 0 0 0 rg BT 403.33 292.25 Td (better ) Tj ET Q q 0 0 0 rg BT 428.92 292.25 Td (able ) Tj ET Q q 0 0 0 rg BT 448.41 292.25 Td (to ) Tj ET Q q 0 0 0 rg BT 459.03 292.25 Td (respond ) Tj ET Q q 0 0 0 rg BT 493.52 292.25 Td (to ) Tj ET Q q 0 0 0 rg BT 504.13 292.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 539.17 292.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 292.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.34 280.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 131.02 280.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 163.75 280.25 Td (to ) Tj ET Q q 0 0 0 rg BT 173.99 280.25 Td (compete ) Tj ET Q q 0 0 0 rg BT 210.32 280.25 Td (for ) Tj ET Q q 0 0 0 rg BT 224.45 280.25 Td (skilled ) Tj ET Q q 0 0 0 rg BT 253.57 280.25 Td (professionals, ) Tj ET Q q 0 0 0 rg BT 311.31 280.25 Td (to ) Tj ET Q q 0 0 0 rg BT 321.55 280.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 353.43 280.25 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 406.17 280.25 Td (to ) Tj ET Q q 0 0 0 rg BT 416.41 280.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 437.20 280.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 470.21 280.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 501.00 280.25 Td (and ) Tj ET Q q 0 0 0 rg BT 517.90 280.25 Td (to ) Tj ET Q q 0 0 0 rg BT 528.14 280.25 Td (compete ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (for ) Tj ET Q q 0 0 0 rg BT 64.16 268.25 Td (market ) Tj ET Q q 0 0 0 rg BT 94.42 268.25 Td (share ) Tj ET Q q 0 0 0 rg BT 118.02 268.25 Td (generally) Tj ET Q q 0 0 0 rg BT 154.58 268.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 247.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 79.58 247.25 Td (integrated ) Tj ET Q q 0 0 0 rg BT 121.59 247.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 167.50 247.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 201.75 247.25 Td (competitors ) Tj ET Q q 0 0 0 rg BT 250.99 247.25 Td (and ) Tj ET Q q 0 0 0 rg BT 267.46 247.25 Td (other ) Tj ET Q q 0 0 0 rg BT 290.04 247.25 Td (lar) Tj ET Q q 0 0 0 rg BT 300.41 247.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 311.88 247.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 361.10 247.25 Td (banks, ) Tj ET Q q 0 0 0 rg BT 388.96 247.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 429.31 247.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 474.10 247.25 Td (and ) Tj ET Q q 0 0 0 rg BT 490.57 247.25 Td (other ) Tj ET Q q 0 0 0 rg BT 513.15 247.25 Td (broad-based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 235.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.16 235.25 Td (services ) Tj ET Q q 0 0 0 rg BT 123.55 235.25 Td (firms ) Tj ET Q q 0 0 0 rg BT 147.84 235.25 Td (that ) Tj ET Q q 0 0 0 rg BT 166.02 235.25 Td (have ) Tj ET Q q 0 0 0 rg BT 188.08 235.25 Td (established ) Tj ET Q q 0 0 0 rg BT 235.70 235.25 Td (or ) Tj ET Q q 0 0 0 rg BT 247.21 235.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 284.82 235.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 322.98 235.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 360.60 235.25 Td (practices ) Tj ET Q q 0 0 0 rg BT 399.32 235.25 Td (and ) Tj ET Q q 0 0 0 rg BT 416.94 235.25 Td (broker) Tj ET Q q 0 0 0 rg BT 442.83 235.25 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 477.66 235.25 Td (or ) Tj ET Q q 0 0 0 rg BT 489.18 235.25 Td (have ) Tj ET Q q 0 0 0 rg BT 511.24 235.25 Td (mer) Tj ET Q q 0 0 0 rg BT 526.60 235.25 Td (ged ) Tj ET Q q 0 0 0 rg BT 544.22 235.25 Td (with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 223.25 Td (other ) Tj ET Q q 0 0 0 rg BT 72.32 223.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 109.08 223.25 Td (institutions ) Tj ET Q q 0 0 0 rg BT 155.31 223.25 Td (have ) Tj ET Q q 0 0 0 rg BT 175.96 223.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.95 223.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 217.28 223.25 Td (to ) Tj ET Q q 0 0 0 rg BT 226.83 223.25 Td (of) Tj ET Q q 0 0 0 rg BT 234.98 223.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 247.85 223.25 Td (a ) Tj ET Q q 0 0 0 rg BT 254.06 223.25 Td (wide ) Tj ET Q q 0 0 0 rg BT 275.28 223.25 Td (range ) Tj ET Q q 0 0 0 rg BT 299.26 223.25 Td (of ) Tj ET Q q 0 0 0 rg BT 309.37 223.25 Td (products, ) Tj ET Q q 0 0 0 rg BT 348.08 223.25 Td (from ) Tj ET Q q 0 0 0 rg BT 369.29 223.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 394.68 223.25 Td (deposit-taking ) Tj ET Q q 0 0 0 rg BT 453.66 223.25 Td (and ) Tj ET Q q 0 0 0 rg BT 469.88 223.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 509.97 223.25 Td (to ) Tj ET Q q 0 0 0 rg BT 519.52 223.25 Td (brokerage, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 211.25 Td (hedging, ) Tj ET Q q 0 0 0 rg BT 87.41 211.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 118.98 211.25 Td (exchange, ) Tj ET Q q 0 0 0 rg BT 161.93 211.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 184.06 211.25 Td (management ) Tj ET Q q 0 0 0 rg BT 237.85 211.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.98 211.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 301.56 211.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 336.47 211.25 Td (services, ) Tj ET Q q 0 0 0 rg BT 373.87 211.25 Td (which ) Tj ET Q q 0 0 0 rg BT 401.00 211.25 Td (may ) Tj ET Q q 0 0 0 rg BT 420.91 211.25 Td (enhance ) Tj ET Q q 0 0 0 rg BT 456.36 211.25 Td (their ) Tj ET Q q 0 0 0 rg BT 477.38 211.25 Td (competitive ) Tj ET Q q 0 0 0 rg BT 527.28 211.25 Td (position. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 199.25 Td (They ) Tj ET Q q 0 0 0 rg BT 72.26 199.25 Td (also ) Tj ET Q q 0 0 0 rg BT 90.08 199.25 Td (have ) Tj ET Q q 0 0 0 rg BT 110.67 199.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.60 199.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 151.87 199.25 Td (to ) Tj ET Q q 0 0 0 rg BT 161.36 199.25 Td (support ) Tj ET Q q 0 0 0 rg BT 193.07 199.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 238.66 199.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 272.59 199.25 Td (with ) Tj ET Q q 0 0 0 rg BT 292.08 199.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 341.00 199.25 Td (banking, ) Tj ET Q q 0 0 0 rg BT 377.42 199.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 417.45 199.25 Td (and ) Tj ET Q q 0 0 0 rg BT 433.60 199.25 Td (other ) Tj ET Q q 0 0 0 rg BT 455.86 199.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 492.56 199.25 Td (services ) Tj ET Q q 0 0 0 rg BT 526.48 199.25 Td (revenues ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 187.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.99 187.25 Td (an ) Tj ET Q q 0 0 0 rg BT 73.64 187.25 Td (ef) Tj ET Q q 0 0 0 rg BT 81.23 187.25 Td (fort ) Tj ET Q q 0 0 0 rg BT 98.88 187.25 Td (to ) Tj ET Q q 0 0 0 rg BT 109.87 187.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 130.30 187.25 Td (market ) Tj ET Q q 0 0 0 rg BT 161.27 187.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 188.08 187.25 Td (which ) Tj ET Q q 0 0 0 rg BT 215.73 187.25 Td (could ) Tj ET Q q 0 0 0 rg BT 241.16 187.25 Td (result ) Tj ET Q q 0 0 0 rg BT 266.59 187.25 Td (in ) Tj ET Q q 0 0 0 rg BT 277.58 187.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 309.12 187.25 Td (pressure ) Tj ET Q q 0 0 0 rg BT 345.65 187.25 Td (in ) Tj ET Q q 0 0 0 rg BT 356.64 187.25 Td (our ) Tj ET Q q 0 0 0 rg BT 373.18 187.25 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 421.12 187.25 Td (In ) Tj ET Q q 0 0 0 rg BT 432.66 187.25 Td (particular) Tj ET Q q 0 0 0 rg BT 470.57 187.25 Td (, ) Tj ET Q q 0 0 0 rg BT 476.28 187.25 Td (the ) Tj ET Q q 0 0 0 rg BT 491.71 187.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 520.47 187.25 Td (to ) Tj ET Q q 0 0 0 rg BT 531.46 187.25 Td (provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 175.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 89.92 175.25 Td (as ) Tj ET Q q 0 0 0 rg BT 100.42 175.25 Td (well ) Tj ET Q q 0 0 0 rg BT 119.79 175.25 Td (as ) Tj ET Q q 0 0 0 rg BT 130.28 175.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 166.88 175.25 Td (services ) Tj ET Q q 0 0 0 rg BT 201.25 175.25 Td (has ) Tj ET Q q 0 0 0 rg BT 216.74 175.25 Td (become ) Tj ET Q q 0 0 0 rg BT 250.00 175.25 Td (an ) Tj ET Q q 0 0 0 rg BT 261.59 175.25 Td (important ) Tj ET Q q 0 0 0 rg BT 302.64 175.25 Td (advantage ) Tj ET Q q 0 0 0 rg BT 345.33 175.25 Td (for ) Tj ET Q q 0 0 0 rg BT 359.15 175.25 Td (some ) Tj ET Q q 0 0 0 rg BT 382.42 175.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.91 175.25 Td (our ) Tj ET Q q 0 0 0 rg BT 408.40 175.25 Td (lar) Tj ET Q q 0 0 0 rg BT 418.77 175.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 433.70 175.25 Td (competitors, ) Tj ET Q q 0 0 0 rg BT 485.57 175.25 Td (and ) Tj ET Q q 0 0 0 rg BT 502.17 175.25 Td (because ) Tj ET Q q 0 0 0 rg BT 535.97 175.25 Td (we ) Tj ET Q q 0 0 0 rg BT 549.79 175.25 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 163.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 79.16 163.25 Td (to ) Tj ET Q q 0 0 0 rg BT 89.43 163.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 122.48 163.25 Td (such ) Tj ET Q q 0 0 0 rg BT 143.31 163.25 Td (financing, ) Tj ET Q q 0 0 0 rg BT 186.07 163.25 Td (we ) Tj ET Q q 0 0 0 rg BT 200.23 163.25 Td (may ) Tj ET Q q 0 0 0 rg BT 219.95 163.25 Td (be ) Tj ET Q q 0 0 0 rg BT 231.89 163.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 261.04 163.25 Td (to ) Tj ET Q q 0 0 0 rg BT 271.32 163.25 Td (compete ) Tj ET Q q 0 0 0 rg BT 307.70 163.25 Td (for ) Tj ET Q q 0 0 0 rg BT 321.86 163.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 358.79 163.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 387.40 163.25 Td (in ) Tj ET Q q 0 0 0 rg BT 397.68 163.25 Td (a ) Tj ET Q q 0 0 0 rg BT 404.61 163.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 449.33 163.25 Td (part ) Tj ET Q q 0 0 0 rg BT 467.37 163.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.20 163.25 Td (the ) Tj ET Q q 0 0 0 rg BT 492.92 163.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 529.86 163.25 Td (market. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 142.25 Td (In ) Tj ET Q q 0 0 0 rg BT 72.73 142.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 107.90 142.25 Td (to ) Tj ET Q q 0 0 0 rg BT 118.07 142.25 Td (our ) Tj ET Q q 0 0 0 rg BT 133.80 142.25 Td (lar) Tj ET Q q 0 0 0 rg BT 144.16 142.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 159.33 142.25 Td (competitors, ) Tj ET Q q 0 0 0 rg BT 211.44 142.25 Td (over ) Tj ET Q q 0 0 0 rg BT 231.60 142.25 Td (the ) Tj ET Q q 0 0 0 rg BT 246.22 142.25 Td (last ) Tj ET Q q 0 0 0 rg BT 262.50 142.25 Td (few ) Tj ET Q q 0 0 0 rg BT 279.89 142.25 Td (years, ) Tj ET Q q 0 0 0 rg BT 305.88 142.25 Td (a ) Tj ET Q q 0 0 0 rg BT 312.72 142.25 Td (number ) Tj ET Q q 0 0 0 rg BT 345.66 142.25 Td (of ) Tj ET Q q 0 0 0 rg BT 356.39 142.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 407.65 142.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 453.93 142.25 Td (banks ) Tj ET Q q 0 0 0 rg BT 479.66 142.25 Td (have ) Tj ET Q q 0 0 0 rg BT 500.93 142.25 Td (emer) Tj ET Q q 0 0 0 rg BT 520.74 142.25 Td (ged ) Tj ET Q q 0 0 0 rg BT 537.57 142.25 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 130.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 72.11 130.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 123.84 130.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 161.14 130.25 Td (services ) Tj ET Q q 0 0 0 rg BT 196.21 130.25 Td (and ) Tj ET Q q 0 0 0 rg BT 213.51 130.25 Td (some ) Tj ET Q q 0 0 0 rg BT 237.47 130.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.67 130.25 Td (these ) Tj ET Q q 0 0 0 rg BT 272.07 130.25 Td (firms ) Tj ET Q q 0 0 0 rg BT 296.04 130.25 Td (are ) Tj ET Q q 0 0 0 rg BT 311.11 130.25 Td (lar) Tj ET Q q 0 0 0 rg BT 321.47 130.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 337.10 130.25 Td (and ) Tj ET Q q 0 0 0 rg BT 354.40 130.25 Td (have ) Tj ET Q q 0 0 0 rg BT 376.14 130.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 406.75 130.25 Td (general ) Tj ET Q q 0 0 0 rg BT 439.04 130.25 Td (and ) Tj ET Q q 0 0 0 rg BT 456.34 130.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 491.98 130.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 525.93 130.25 Td (coverage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (resources ) Tj ET Q q 0 0 0 rg BT 90.65 118.25 Td (than ) Tj ET Q q 0 0 0 rg BT 110.77 118.25 Td (we ) Tj ET Q q 0 0 0 rg BT 125.32 118.25 Td (do. ) Tj ET Q q 0 0 0 rg BT 140.72 118.25 Td ( ) Tj ET Q q 0 0 0 rg BT 143.61 118.25 Td (Further) Tj ET Q q 0 0 0 rg BT 172.65 118.25 Td (, ) Tj ET Q q 0 0 0 rg BT 178.05 118.25 Td (over ) Tj ET Q q 0 0 0 rg BT 198.71 118.25 Td (the ) Tj ET Q q 0 0 0 rg BT 213.82 118.25 Td (past ) Tj ET Q q 0 0 0 rg BT 232.83 118.25 Td (few ) Tj ET Q q 0 0 0 rg BT 250.71 118.25 Td (years ) Tj ET Q q 0 0 0 rg BT 274.71 118.25 Td (there ) Tj ET Q q 0 0 0 rg BT 297.59 118.25 Td (has ) Tj ET Q q 0 0 0 rg BT 313.81 118.25 Td (been ) Tj ET Q q 0 0 0 rg BT 335.59 118.25 Td (an ) Tj ET Q q 0 0 0 rg BT 347.92 118.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 383.57 118.25 Td (in ) Tj ET Q q 0 0 0 rg BT 394.24 118.25 Td (the ) Tj ET Q q 0 0 0 rg BT 409.36 118.25 Td (number ) Tj ET Q q 0 0 0 rg BT 442.80 118.25 Td (of ) Tj ET Q q 0 0 0 rg BT 454.02 118.25 Td (newly ) Tj ET Q q 0 0 0 rg BT 481.36 118.25 Td (formed ) Tj ET Q q 0 0 0 rg BT 513.13 118.25 Td (independent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 85.91 106.25 Td (firms ) Tj ET Q q 0 0 0 rg BT 108.48 106.25 Td (some ) Tj ET Q q 0 0 0 rg BT 131.06 106.25 Td (of ) Tj ET Q q 0 0 0 rg BT 140.85 106.25 Td (which ) Tj ET Q q 0 0 0 rg BT 166.76 106.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 198.77 106.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 233.02 106.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 265.58 106.25 Td (advice. ) Tj ET Q q 0 0 0 rg BT 295.64 106.25 Td (Since ) Tj ET Q q 0 0 0 rg BT 319.33 106.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 369.67 106.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 405.57 106.25 Td (firms ) Tj ET Q q 0 0 0 rg BT 428.15 106.25 Td (require ) Tj ET Q q 0 0 0 rg BT 457.93 106.25 Td (minimal ) Tj ET Q q 0 0 0 rg BT 492.73 106.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 520.84 106.25 Td (to ) Tj ET Q q 0 0 0 rg BT 530.09 106.25 Td (operate, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (there ) Tj ET Q q 0 0 0 rg BT 72.87 94.25 Td (are ) Tj ET Q q 0 0 0 rg BT 87.96 94.25 Td (few ) Tj ET Q q 0 0 0 rg BT 105.84 94.25 Td (barriers ) Tj ET Q q 0 0 0 rg BT 139.26 94.25 Td (to ) Tj ET Q q 0 0 0 rg BT 149.92 94.25 Td (entry) Tj ET Q q 0 0 0 rg BT 169.82 94.25 Td (. ) Tj ET Q q 0 0 0 rg BT 175.20 94.25 Td ( ) Tj ET Q q 0 0 0 rg BT 177.45 94.25 Td (As ) Tj ET Q q 0 0 0 rg BT 191.45 94.25 Td (these ) Tj ET Q q 0 0 0 rg BT 214.88 94.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 266.64 94.25 Td (firms ) Tj ET Q q 0 0 0 rg BT 290.63 94.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 311.29 94.25 Td (to ) Tj ET Q q 0 0 0 rg BT 321.95 94.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 342.05 94.25 Td (market ) Tj ET Q q 0 0 0 rg BT 372.70 94.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 399.18 94.25 Td (our ) Tj ET Q q 0 0 0 rg BT 415.40 94.25 Td (share ) Tj ET Q q 0 0 0 rg BT 439.38 94.25 Td (of ) Tj ET Q q 0 0 0 rg BT 450.59 94.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.70 94.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 503.02 94.25 Td (business ) Tj ET Q q 0 0 0 rg BT 539.80 94.25 Td (could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (diminish ) Tj ET Q q 0 0 0 rg BT 87.50 82.25 Td (and ) Tj ET Q q 0 0 0 rg BT 104.44 82.25 Td (there ) Tj ET Q q 0 0 0 rg BT 126.93 82.25 Td (could ) Tj ET Q q 0 0 0 rg BT 151.65 82.25 Td (be ) Tj ET Q q 0 0 0 rg BT 163.58 82.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 194.41 82.25 Td (pressure, ) Tj ET Q q 0 0 0 rg BT 232.73 82.25 Td (which ) Tj ET Q q 0 0 0 rg BT 259.67 82.25 Td (would ) Tj ET Q q 0 0 0 rg BT 287.17 82.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 327.98 82.25 Td (af) Tj ET Q q 0 0 0 rg BT 335.57 82.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 353.06 82.25 Td (our ) Tj ET Q q 0 0 0 rg BT 368.89 82.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 406.92 82.25 Td (and ) Tj ET Q q 0 0 0 rg BT 423.86 82.25 Td (earnings. ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 742.25 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 100.53 742.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 153.23 742.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 204.55 742.25 Td (and ) Tj ET Q q 0 0 0 rg BT 221.98 742.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 242.74 742.25 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 282.11 742.25 Td (or ) Tj ET Q q 0 0 0 rg BT 292.86 742.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 324.73 742.25 Td (expansion, ) Tj ET Q q 0 0 0 rg BT 371.33 742.25 Td (may ) Tj ET Q q 0 0 0 rg BT 390.41 742.25 Td (result ) Tj ET Q q 0 0 0 rg BT 415.61 742.25 Td (in ) Tj ET Q q 0 0 0 rg BT 425.82 742.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 469.36 742.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 490.68 742.25 Td (and ) Tj ET Q q 0 0 0 rg BT 508.10 742.25 Td (uncertainties ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.84 730.25 Td (our ) Tj ET Q q 0 0 0 rg BT 77.79 730.25 Td (business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 709.25 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 709.25 Td (e ) Tj ET Q q 0 0 0 rg BT 79.21 709.25 Td (intend ) Tj ET Q q 0 0 0 rg BT 108.35 709.25 Td (to ) Tj ET Q q 0 0 0 rg BT 120.26 709.25 Td (grow ) Tj ET Q q 0 0 0 rg BT 144.95 709.25 Td (our ) Tj ET Q q 0 0 0 rg BT 162.42 709.25 Td (core ) Tj ET Q q 0 0 0 rg BT 183.76 709.25 Td (business ) Tj ET Q q 0 0 0 rg BT 221.79 709.25 Td (through ) Tj ET Q q 0 0 0 rg BT 257.04 709.25 Td (both ) Tj ET Q q 0 0 0 rg BT 278.95 709.25 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 321.96 709.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.54 709.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 375.22 709.25 Td (expansion ) Tj ET Q q 0 0 0 rg BT 419.90 709.25 Td (and ) Tj ET Q q 0 0 0 rg BT 438.48 709.25 Td (through ) Tj ET Q q 0 0 0 rg BT 473.72 709.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 511.73 709.25 Td (investments, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 100.85 697.25 Td (or ) Tj ET Q q 0 0 0 rg BT 112.27 697.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 133.68 697.25 Td (ventures. ) Tj ET Q q 0 0 0 rg BT 173.14 697.25 Td (In ) Tj ET Q q 0 0 0 rg BT 184.55 697.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.85 697.25 Td (event ) Tj ET Q q 0 0 0 rg BT 224.58 697.25 Td (we ) Tj ET Q q 0 0 0 rg BT 239.33 697.25 Td (make ) Tj ET Q q 0 0 0 rg BT 264.06 697.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 301.02 697.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 351.87 697.25 Td (or ) Tj ET Q q 0 0 0 rg BT 363.28 697.25 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 416.64 697.25 Td (such ) Tj ET Q q 0 0 0 rg BT 438.05 697.25 Td (as ) Tj ET Q q 0 0 0 rg BT 449.46 697.25 Td (our ) Tj ET Q q 0 0 0 rg BT 465.87 697.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 512.83 697.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.24 697.25 Td (Greenhill ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 91.57 685.25 Td (or ) Tj ET Q q 0 0 0 rg BT 102.31 685.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 124.71 685.25 Td (into ) Tj ET Q q 0 0 0 rg BT 142.69 685.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 163.44 685.25 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 202.23 685.25 Td (we ) Tj ET Q q 0 0 0 rg BT 216.30 685.25 Td (face ) Tj ET Q q 0 0 0 rg BT 235.36 685.25 Td (numerous ) Tj ET Q q 0 0 0 rg BT 277.21 685.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 298.52 685.25 Td (and ) Tj ET Q q 0 0 0 rg BT 315.37 685.25 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 368.88 685.25 Td (combining ) Tj ET Q q 0 0 0 rg BT 414.06 685.25 Td (or ) Tj ET Q q 0 0 0 rg BT 424.81 685.25 Td (integrating ) Tj ET Q q 0 0 0 rg BT 470.54 685.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.18 685.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 519.79 685.25 Td (businesses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.45 673.25 Td (systems, ) Tj ET Q q 0 0 0 rg BT 102.63 673.25 Td (including ) Tj ET Q q 0 0 0 rg BT 142.42 673.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.65 673.25 Td (need ) Tj ET Q q 0 0 0 rg BT 177.54 673.25 Td (to ) Tj ET Q q 0 0 0 rg BT 187.33 673.25 Td (combine ) Tj ET Q q 0 0 0 rg BT 223.78 673.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 269.67 673.25 Td (and ) Tj ET Q q 0 0 0 rg BT 286.12 673.25 Td (data ) Tj ET Q q 0 0 0 rg BT 304.79 673.25 Td (processing ) Tj ET Q q 0 0 0 rg BT 349.57 673.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 383.25 673.25 Td (and ) Tj ET Q q 0 0 0 rg BT 399.70 673.25 Td (management ) Tj ET Q q 0 0 0 rg BT 452.80 673.25 Td (controls. ) Tj ET Q q 0 0 0 rg BT 489.53 673.25 Td (In ) Tj ET Q q 0 0 0 rg BT 499.88 673.25 Td (the ) Tj ET Q q 0 0 0 rg BT 514.11 673.25 Td (case ) Tj ET Q q 0 0 0 rg BT 533.33 673.25 Td (of ) Tj ET Q q 0 0 0 rg BT 543.67 673.25 Td (joint ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 88.80 661.25 Td (we ) Tj ET Q q 0 0 0 rg BT 102.88 661.25 Td (are ) Tj ET Q q 0 0 0 rg BT 117.51 661.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 148.25 661.25 Td (to ) Tj ET Q q 0 0 0 rg BT 158.45 661.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 200.86 661.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 222.18 661.25 Td (and ) Tj ET Q q 0 0 0 rg BT 239.04 661.25 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 292.54 661.25 Td (in ) Tj ET Q q 0 0 0 rg BT 302.74 661.25 Td (that ) Tj ET Q q 0 0 0 rg BT 320.16 661.25 Td (we ) Tj ET Q q 0 0 0 rg BT 334.24 661.25 Td (may ) Tj ET Q q 0 0 0 rg BT 353.88 661.25 Td (be ) Tj ET Q q 0 0 0 rg BT 365.74 661.25 Td (dependent ) Tj ET Q q 0 0 0 rg BT 409.25 661.25 Td (upon, ) Tj ET Q q 0 0 0 rg BT 434.17 661.25 Td (and ) Tj ET Q q 0 0 0 rg BT 451.03 661.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 481.78 661.25 Td (to ) Tj ET Q q 0 0 0 rg BT 491.98 661.25 Td (liability) Tj ET Q q 0 0 0 rg BT 522.44 661.25 Td (, ) Tj ET Q q 0 0 0 rg BT 527.36 661.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 553.67 661.25 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (reputational ) Tj ET Q q 0 0 0 rg BT 99.13 649.25 Td (damage ) Tj ET Q q 0 0 0 rg BT 131.59 649.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 163.50 649.25 Td (to ) Tj ET Q q 0 0 0 rg BT 172.65 649.25 Td (systems, ) Tj ET Q q 0 0 0 rg BT 208.19 649.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 241.78 649.25 Td (and ) Tj ET Q q 0 0 0 rg BT 257.59 649.25 Td (personnel ) Tj ET Q q 0 0 0 rg BT 297.83 649.25 Td (that ) Tj ET Q q 0 0 0 rg BT 314.20 649.25 Td (are ) Tj ET Q q 0 0 0 rg BT 327.77 649.25 Td (not ) Tj ET Q q 0 0 0 rg BT 341.92 649.25 Td (under ) Tj ET Q q 0 0 0 rg BT 366.06 649.25 Td (our ) Tj ET Q q 0 0 0 rg BT 380.76 649.25 Td (control. ) Tj ET Q q 0 0 0 rg BT 412.95 649.25 Td (In ) Tj ET Q q 0 0 0 rg BT 422.65 649.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 459.30 649.25 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 495.10 649.25 Td (or ) Tj ET Q q 0 0 0 rg BT 504.80 649.25 Td (disagreements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (between ) Tj ET Q q 0 0 0 rg BT 85.82 637.25 Td (us ) Tj ET Q q 0 0 0 rg BT 97.21 637.25 Td (and ) Tj ET Q q 0 0 0 rg BT 114.15 637.25 Td (our ) Tj ET Q q 0 0 0 rg BT 129.98 637.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 150.81 637.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 183.30 637.25 Td (partners ) Tj ET Q q 0 0 0 rg BT 218.00 637.25 Td (may ) Tj ET Q q 0 0 0 rg BT 237.72 637.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 281.87 637.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 311.58 637.25 Td (our ) Tj ET Q q 0 0 0 rg BT 327.41 637.25 Td (business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 616.25 Td (T) Tj ET Q q 0 0 0 rg BT 67.41 616.25 Td (o ) Tj ET Q q 0 0 0 rg BT 75.08 616.25 Td (the ) Tj ET Q q 0 0 0 rg BT 89.96 616.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 117.07 616.25 Td (that ) Tj ET Q q 0 0 0 rg BT 134.73 616.25 Td (we ) Tj ET Q q 0 0 0 rg BT 149.06 616.25 Td (pursue ) Tj ET Q q 0 0 0 rg BT 178.39 616.25 Td (business ) Tj ET Q q 0 0 0 rg BT 214.95 616.25 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 270.39 616.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 301.94 616.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.83 616.25 Td (United ) Tj ET Q q 0 0 0 rg BT 346.71 616.25 Td (States, ) Tj ET Q q 0 0 0 rg BT 375.77 616.25 Td (including ) Tj ET Q q 0 0 0 rg BT 416.21 616.25 Td (our ) Tj ET Q q 0 0 0 rg BT 432.21 616.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 459.30 616.25 Td (expansion ) Tj ET Q q 0 0 0 rg BT 502.52 616.25 Td (into ) Tj ET Q q 0 0 0 rg BT 520.74 616.25 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 550.34 616.25 Td (we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (will ) Tj ET Q q 0 0 0 rg BT 68.89 604.25 Td (be ) Tj ET Q q 0 0 0 rg BT 81.66 604.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 113.31 604.25 Td (to ) Tj ET Q q 0 0 0 rg BT 124.42 604.25 Td (political, ) Tj ET Q q 0 0 0 rg BT 163.02 604.25 Td (economic, ) Tj ET Q q 0 0 0 rg BT 207.72 604.25 Td (legal, ) Tj ET Q q 0 0 0 rg BT 232.98 604.25 Td (operational, ) Tj ET Q q 0 0 0 rg BT 283.79 604.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 328.22 604.25 Td (and ) Tj ET Q q 0 0 0 rg BT 345.99 604.25 Td (other ) Tj ET Q q 0 0 0 rg BT 369.86 604.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 392.08 604.25 Td (that ) Tj ET Q q 0 0 0 rg BT 410.41 604.25 Td (are ) Tj ET Q q 0 0 0 rg BT 425.95 604.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 462.04 604.25 Td (in ) Tj ET Q q 0 0 0 rg BT 473.15 604.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 514.24 604.25 Td (in ) Tj ET Q q 0 0 0 rg BT 525.35 604.25 Td (a ) Tj ET Q q 0 0 0 rg BT 533.12 604.25 Td (foreign ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (country) Tj ET Q q 0 0 0 rg BT 79.90 592.25 Td (, ) Tj ET Q q 0 0 0 rg BT 85.56 592.25 Td (including ) Tj ET Q q 0 0 0 rg BT 126.50 592.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 148.55 592.25 Td (of ) Tj ET Q q 0 0 0 rg BT 160.04 592.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 195.99 592.25 Td (nationalization, ) Tj ET Q q 0 0 0 rg BT 261.07 592.25 Td (expropriation, ) Tj ET Q q 0 0 0 rg BT 320.61 592.25 Td (price ) Tj ET Q q 0 0 0 rg BT 343.76 592.25 Td (controls, ) Tj ET Q q 0 0 0 rg BT 381.64 592.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 411.45 592.25 Td (controls, ) Tj ET Q q 0 0 0 rg BT 449.33 592.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 490.25 592.25 Td (controls, ) Tj ET Q q 0 0 0 rg BT 528.13 592.25 Td (inflation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (controls, ) Tj ET Q q 0 0 0 rg BT 86.35 580.25 Td (licensing ) Tj ET Q q 0 0 0 rg BT 124.08 580.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 177.91 580.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.98 580.25 Td (other ) Tj ET Q q 0 0 0 rg BT 216.16 580.25 Td (restrictive ) Tj ET Q q 0 0 0 rg BT 257.77 580.25 Td (governmental ) Tj ET Q q 0 0 0 rg BT 314.38 580.25 Td (actions, ) Tj ET Q q 0 0 0 rg BT 346.83 580.25 Td (as ) Tj ET Q q 0 0 0 rg BT 356.79 580.25 Td (well ) Tj ET Q q 0 0 0 rg BT 375.64 580.25 Td (as ) Tj ET Q q 0 0 0 rg BT 385.60 580.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.45 580.25 Td (outbreak ) Tj ET Q q 0 0 0 rg BT 436.06 580.25 Td (of ) Tj ET Q q 0 0 0 rg BT 446.02 580.25 Td (hostilities. ) Tj ET Q q 0 0 0 rg BT 489.04 580.25 Td (In ) Tj ET Q q 0 0 0 rg BT 499.00 580.25 Td (many ) Tj ET Q q 0 0 0 rg BT 522.85 580.25 Td (countries, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.07 568.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 84.26 568.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.55 568.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 146.84 568.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 189.78 568.25 Td (to ) Tj ET Q q 0 0 0 rg BT 199.41 568.25 Td (the ) Tj ET Q q 0 0 0 rg BT 213.48 568.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 250.32 568.25 Td (services ) Tj ET Q q 0 0 0 rg BT 284.38 568.25 Td (industries ) Tj ET Q q 0 0 0 rg BT 325.12 568.25 Td (are ) Tj ET Q q 0 0 0 rg BT 339.18 568.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 378.24 568.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.53 568.25 Td (evolving, ) Tj ET Q q 0 0 0 rg BT 433.88 568.25 Td (and ) Tj ET Q q 0 0 0 rg BT 450.18 568.25 Td (it ) Tj ET Q q 0 0 0 rg BT 457.59 568.25 Td (may ) Tj ET Q q 0 0 0 rg BT 476.66 568.25 Td (be ) Tj ET Q q 0 0 0 rg BT 487.95 568.25 Td (dif) Tj ET Q q 0 0 0 rg BT 498.88 568.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 521.84 568.25 Td (and ) Tj ET Q q 0 0 0 rg BT 538.13 568.25 Td (costly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.94 556.25 Td (us ) Tj ET Q q 0 0 0 rg BT 75.12 556.25 Td (to ) Tj ET Q q 0 0 0 rg BT 85.18 556.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 127.44 556.25 Td (the ) Tj ET Q q 0 0 0 rg BT 141.94 556.25 Td (exact ) Tj ET Q q 0 0 0 rg BT 165.32 556.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 219.80 556.25 Td (of ) Tj ET Q q 0 0 0 rg BT 230.42 556.25 Td (local ) Tj ET Q q 0 0 0 rg BT 252.13 556.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 272.74 556.25 Td (in ) Tj ET Q q 0 0 0 rg BT 282.81 556.25 Td (every ) Tj ET Q q 0 0 0 rg BT 307.29 556.25 Td (market. ) Tj ET Q q 0 0 0 rg BT 339.84 556.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 357.68 556.25 Td (inability ) Tj ET Q q 0 0 0 rg BT 393.29 556.25 Td (to ) Tj ET Q q 0 0 0 rg BT 403.35 556.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 433.40 556.25 Td (in ) Tj ET Q q 0 0 0 rg BT 443.46 556.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 491.83 556.25 Td (with ) Tj ET Q q 0 0 0 rg BT 511.89 556.25 Td (local ) Tj ET Q q 0 0 0 rg BT 533.61 556.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 554.22 556.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.94 544.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 97.76 544.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 129.15 544.25 Td (market ) Tj ET Q q 0 0 0 rg BT 159.42 544.25 Td (could ) Tj ET Q q 0 0 0 rg BT 184.14 544.25 Td (have ) Tj ET Q q 0 0 0 rg BT 205.52 544.25 Td (a ) Tj ET Q q 0 0 0 rg BT 212.47 544.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 257.18 544.25 Td (and ) Tj ET Q q 0 0 0 rg BT 274.13 544.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 310.51 544.25 Td (ef) Tj ET Q q 0 0 0 rg BT 318.10 544.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 335.59 544.25 Td (not ) Tj ET Q q 0 0 0 rg BT 350.87 544.25 Td (only ) Tj ET Q q 0 0 0 rg BT 371.16 544.25 Td (on ) Tj ET Q q 0 0 0 rg BT 383.66 544.25 Td (our ) Tj ET Q q 0 0 0 rg BT 399.50 544.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 444.23 544.25 Td (in ) Tj ET Q q 0 0 0 rg BT 454.51 544.25 Td (that ) Tj ET Q q 0 0 0 rg BT 472.01 544.25 Td (market ) Tj ET Q q 0 0 0 rg BT 502.28 544.25 Td (but ) Tj ET Q q 0 0 0 rg BT 517.57 544.25 Td (also ) Tj ET Q q 0 0 0 rg BT 536.18 544.25 Td (on ) Tj ET Q q 0 0 0 rg BT 548.69 544.25 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (reputation ) Tj ET Q q 0 0 0 rg BT 93.04 532.25 Td (generally) Tj ET Q q 0 0 0 rg BT 129.59 532.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 511.25 Td (If ) Tj ET Q q 0 0 0 rg BT 71.55 511.25 Td (we ) Tj ET Q q 0 0 0 rg BT 86.11 511.25 Td (expand ) Tj ET Q q 0 0 0 rg BT 117.88 511.25 Td (to ) Tj ET Q q 0 0 0 rg BT 128.55 511.25 Td (new ) Tj ET Q q 0 0 0 rg BT 148.11 511.25 Td (geographic ) Tj ET Q q 0 0 0 rg BT 195.43 511.25 Td (locations, ) Tj ET Q q 0 0 0 rg BT 236.92 511.25 Td (such ) Tj ET Q q 0 0 0 rg BT 258.15 511.25 Td (as ) Tj ET Q q 0 0 0 rg BT 269.37 511.25 Td (our ) Tj ET Q q 0 0 0 rg BT 285.60 511.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 312.92 511.25 Td (expansion ) Tj ET Q q 0 0 0 rg BT 356.36 511.25 Td (into ) Tj ET Q q 0 0 0 rg BT 374.81 511.25 Td (Brazil, ) Tj ET Q q 0 0 0 rg BT 404.64 511.25 Td (we ) Tj ET Q q 0 0 0 rg BT 419.19 511.25 Td (will ) Tj ET Q q 0 0 0 rg BT 437.64 511.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 461.08 511.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 503.97 511.25 Td (compensation, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (occupancy) Tj ET Q q 0 0 0 rg BT 92.10 499.25 Td (, ) Tj ET Q q 0 0 0 rg BT 97.42 499.25 Td (integration, ) Tj ET Q q 0 0 0 rg BT 146.06 499.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 168.31 499.25 Td (and ) Tj ET Q q 0 0 0 rg BT 185.57 499.25 Td (business ) Tj ET Q q 0 0 0 rg BT 222.28 499.25 Td (development ) Tj ET Q q 0 0 0 rg BT 276.75 499.25 Td (costs. ) Tj ET Q q 0 0 0 rg BT 301.45 499.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 351.35 499.25 Td (, ) Tj ET Q q 0 0 0 rg BT 356.67 499.25 Td (it ) Tj ET Q q 0 0 0 rg BT 365.04 499.25 Td (may ) Tj ET Q q 0 0 0 rg BT 385.08 499.25 Td (take ) Tj ET Q q 0 0 0 rg BT 404.55 499.25 Td (more ) Tj ET Q q 0 0 0 rg BT 427.92 499.25 Td (than ) Tj ET Q q 0 0 0 rg BT 447.96 499.25 Td (one ) Tj ET Q q 0 0 0 rg BT 465.21 499.25 Td (year ) Tj ET Q q 0 0 0 rg BT 485.24 499.25 Td (for ) Tj ET Q q 0 0 0 rg BT 499.72 499.25 Td (us ) Tj ET Q q 0 0 0 rg BT 511.43 499.25 Td (to ) Tj ET Q q 0 0 0 rg BT 522.03 499.25 Td (determine ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 84.42 487.25 Td (new ) Tj ET Q q 0 0 0 rg BT 103.30 487.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 144.94 487.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 182.14 487.25 Td (will ) Tj ET Q q 0 0 0 rg BT 199.91 487.25 Td (be ) Tj ET Q q 0 0 0 rg BT 211.57 487.25 Td (profitable ) Tj ET Q q 0 0 0 rg BT 252.65 487.25 Td (or ) Tj ET Q q 0 0 0 rg BT 263.20 487.25 Td (ef) Tj ET Q q 0 0 0 rg BT 270.79 487.25 Td (fective, ) Tj ET Q q 0 0 0 rg BT 302.70 487.25 Td (during ) Tj ET Q q 0 0 0 rg BT 331.03 487.25 Td (which ) Tj ET Q q 0 0 0 rg BT 357.68 487.25 Td (time ) Tj ET Q q 0 0 0 rg BT 377.67 487.25 Td (we ) Tj ET Q q 0 0 0 rg BT 391.54 487.25 Td (may ) Tj ET Q q 0 0 0 rg BT 410.97 487.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 433.73 487.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 478.16 487.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 516.47 487.25 Td (and ) Tj ET Q q 0 0 0 rg BT 533.13 487.25 Td (expend ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 475.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 95.04 475.25 Td (time ) Tj ET Q q 0 0 0 rg BT 115.63 475.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.90 475.25 Td (resources ) Tj ET Q q 0 0 0 rg BT 173.48 475.25 Td (on ) Tj ET Q q 0 0 0 rg BT 186.30 475.25 Td (training, ) Tj ET Q q 0 0 0 rg BT 222.73 475.25 Td (integration ) Tj ET Q q 0 0 0 rg BT 268.87 475.25 Td (and ) Tj ET Q q 0 0 0 rg BT 286.13 475.25 Td (business ) Tj ET Q q 0 0 0 rg BT 322.85 475.25 Td (development. ) Tj ET Q q 0 0 0 rg BT 379.82 475.25 Td (Depending ) Tj ET Q q 0 0 0 rg BT 426.52 475.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 449.35 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 464.39 475.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 491.65 475.25 Td (of ) Tj ET Q q 0 0 0 rg BT 502.80 475.25 Td (our ) Tj ET Q q 0 0 0 rg BT 518.95 475.25 Td (expansion, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 463.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 463.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 102.36 463.25 Td (it ) Tj ET Q q 0 0 0 rg BT 110.77 463.25 Td (is ) Tj ET Q q 0 0 0 rg BT 120.29 463.25 Td (done ) Tj ET Q q 0 0 0 rg BT 142.59 463.25 Td (by ) Tj ET Q q 0 0 0 rg BT 155.44 463.25 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 197.17 463.25 Td (new ) Tj ET Q q 0 0 0 rg BT 216.69 463.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 258.98 463.25 Td (directors, ) Tj ET Q q 0 0 0 rg BT 299.32 463.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 336.04 463.25 Td (investment, ) Tj ET Q q 0 0 0 rg BT 385.28 463.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 432.02 463.25 Td (or ) Tj ET Q q 0 0 0 rg BT 443.20 463.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 464.39 463.25 Td (venture, ) Tj ET Q q 0 0 0 rg BT 499.74 463.25 Td (the ) Tj ET Q q 0 0 0 rg BT 514.81 463.25 Td (incremental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 451.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 72.58 451.25 Td (of ) Tj ET Q q 0 0 0 rg BT 83.48 451.25 Td (our ) Tj ET Q q 0 0 0 rg BT 99.39 451.25 Td (expansion ) Tj ET Q q 0 0 0 rg BT 142.52 451.25 Td (may ) Tj ET Q q 0 0 0 rg BT 162.31 451.25 Td (be ) Tj ET Q q 0 0 0 rg BT 174.33 451.25 Td (funded ) Tj ET Q q 0 0 0 rg BT 204.67 451.25 Td (from ) Tj ET Q q 0 0 0 rg BT 226.69 451.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 247.03 451.25 Td (from ) Tj ET Q q 0 0 0 rg BT 269.05 451.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 313.28 451.25 Td (or ) Tj ET Q q 0 0 0 rg BT 324.19 451.25 Td (other ) Tj ET Q q 0 0 0 rg BT 347.31 451.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 387.65 451.25 Td (alternatives. ) Tj ET Q q 0 0 0 rg BT 438.63 451.25 Td (There ) Tj ET Q q 0 0 0 rg BT 464.52 451.25 Td (can ) Tj ET Q q 0 0 0 rg BT 480.98 451.25 Td (be ) Tj ET Q q 0 0 0 rg BT 492.99 451.25 Td (no ) Tj ET Q q 0 0 0 rg BT 505.57 451.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 547.02 451.25 Td (that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 439.25 Td (we ) Tj ET Q q 0 0 0 rg BT 64.60 439.25 Td (will ) Tj ET Q q 0 0 0 rg BT 83.10 439.25 Td (be ) Tj ET Q q 0 0 0 rg BT 95.48 439.25 Td (able ) Tj ET Q q 0 0 0 rg BT 115.08 439.25 Td (to ) Tj ET Q q 0 0 0 rg BT 125.80 439.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 162.60 439.25 Td (or ) Tj ET Q q 0 0 0 rg BT 173.87 439.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 201.81 439.25 Td (suf) Tj ET Q q 0 0 0 rg BT 213.85 439.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 242.34 439.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 271.93 439.25 Td (on ) Tj ET Q q 0 0 0 rg BT 284.87 439.25 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 330.00 439.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 355.16 439.25 Td (to ) Tj ET Q q 0 0 0 rg BT 365.88 439.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 387.15 439.25 Td (our ) Tj ET Q q 0 0 0 rg BT 403.42 439.25 Td (expansion ) Tj ET Q q 0 0 0 rg BT 446.91 439.25 Td (needs ) Tj ET Q q 0 0 0 rg BT 472.62 439.25 Td (which ) Tj ET Q q 0 0 0 rg BT 500.00 439.25 Td (would ) Tj ET Q q 0 0 0 rg BT 527.94 439.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 549.78 439.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 427.25 Td (future ) Tj ET Q q 0 0 0 rg BT 76.38 427.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 107.21 427.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.04 427.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.75 427.25 Td (business ) Tj ET Q q 0 0 0 rg BT 169.15 427.25 Td (and ) Tj ET Q q 0 0 0 rg BT 186.08 427.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 226.90 427.25 Td (af) Tj ET Q q 0 0 0 rg BT 234.49 427.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 251.97 427.25 Td (our ) Tj ET Q q 0 0 0 rg BT 267.80 427.25 Td (share ) Tj ET Q q 0 0 0 rg BT 291.40 427.25 Td (price.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 406.25 Td (There ) Tj ET Q q 0 0 0 rg BT 88.91 406.25 Td (will ) Tj ET Q q 0 0 0 rg BT 106.38 406.25 Td (not ) Tj ET Q q 0 0 0 rg BT 122.20 406.25 Td (be ) Tj ET Q q 0 0 0 rg BT 134.10 406.25 Td (a ) Tj ET Q q 0 0 0 rg BT 141.58 406.25 Td (consistent ) Tj ET Q q 0 0 0 rg BT 185.16 406.25 Td (pattern ) Tj ET Q q 0 0 0 rg BT 217.08 406.25 Td (in ) Tj ET Q q 0 0 0 rg BT 227.89 406.25 Td (our ) Tj ET Q q 0 0 0 rg BT 244.82 406.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 284.51 406.25 Td (results ) Tj ET Q q 0 0 0 rg BT 314.22 406.25 Td (from ) Tj ET Q q 0 0 0 rg BT 336.69 406.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 369.72 406.25 Td (to ) Tj ET Q q 0 0 0 rg BT 379.97 406.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 409.98 406.25 Td (, ) Tj ET Q q 0 0 0 rg BT 414.95 406.25 Td (which ) Tj ET Q q 0 0 0 rg BT 442.43 406.25 Td (may ) Tj ET Q q 0 0 0 rg BT 462.12 406.25 Td (result ) Tj ET Q q 0 0 0 rg BT 487.93 406.25 Td (in ) Tj ET Q q 0 0 0 rg BT 498.74 406.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 536.76 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 547.56 406.25 Td (our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.61 394.25 Td (price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 373.25 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 373.25 Td (e ) Tj ET Q q 0 0 0 rg BT 77.67 373.25 Td (can ) Tj ET Q q 0 0 0 rg BT 94.14 373.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 140.03 373.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 184.84 373.25 Td (variations ) Tj ET Q q 0 0 0 rg BT 226.86 373.25 Td (in ) Tj ET Q q 0 0 0 rg BT 237.23 373.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 275.36 373.25 Td (and ) Tj ET Q q 0 0 0 rg BT 292.40 373.25 Td (profits ) Tj ET Q q 0 0 0 rg BT 321.10 373.25 Td (during ) Tj ET Q q 0 0 0 rg BT 349.80 373.25 Td (each ) Tj ET Q q 0 0 0 rg BT 370.71 373.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 409.39 373.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 439.84 373.25 Td (These ) Tj ET Q q 0 0 0 rg BT 466.31 373.25 Td (variations ) Tj ET Q q 0 0 0 rg BT 508.34 373.25 Td (can ) Tj ET Q q 0 0 0 rg BT 524.81 373.25 Td (generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 361.25 Td (be ) Tj ET Q q 0 0 0 rg BT 61.67 361.25 Td (attributed ) Tj ET Q q 0 0 0 rg BT 102.22 361.25 Td (to ) Tj ET Q q 0 0 0 rg BT 112.22 361.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.67 361.25 Td (fact ) Tj ET Q q 0 0 0 rg BT 143.88 361.25 Td (that ) Tj ET Q q 0 0 0 rg BT 161.11 361.25 Td (our ) Tj ET Q q 0 0 0 rg BT 176.67 361.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 214.43 361.25 Td (are ) Tj ET Q q 0 0 0 rg BT 228.87 361.25 Td (usually ) Tj ET Q q 0 0 0 rg BT 259.99 361.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 288.86 361.25 Td (in ) Tj ET Q q 0 0 0 rg BT 298.87 361.25 Td (lar) Tj ET Q q 0 0 0 rg BT 309.23 361.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 320.90 361.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 357.02 361.25 Td (throughout ) Tj ET Q q 0 0 0 rg BT 403.13 361.25 Td (the ) Tj ET Q q 0 0 0 rg BT 417.58 361.25 Td (year ) Tj ET Q q 0 0 0 rg BT 437.01 361.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 459.24 361.25 Td (the ) Tj ET Q q 0 0 0 rg BT 473.69 361.25 Td (successful ) Tj ET Q q 0 0 0 rg BT 517.02 361.25 Td (completion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 349.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 349.25 Td (a ) Tj ET Q q 0 0 0 rg BT 67.77 349.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 114.14 349.25 Td (or ) Tj ET Q q 0 0 0 rg BT 124.97 349.25 Td (restructuring, ) Tj ET Q q 0 0 0 rg BT 181.06 349.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.78 349.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 224.39 349.25 Td (of ) Tj ET Q q 0 0 0 rg BT 235.22 349.25 Td (which ) Tj ET Q q 0 0 0 rg BT 262.16 349.25 Td (is ) Tj ET Q q 0 0 0 rg BT 271.33 349.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 311.04 349.25 Td (and ) Tj ET Q q 0 0 0 rg BT 327.97 349.25 Td (is ) Tj ET Q q 0 0 0 rg BT 337.14 349.25 Td (not ) Tj ET Q q 0 0 0 rg BT 352.42 349.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 383.25 349.25 Td (to ) Tj ET Q q 0 0 0 rg BT 393.53 349.25 Td (our ) Tj ET Q q 0 0 0 rg BT 409.36 349.25 Td (control. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 328.25 Td (Compared ) Tj ET Q q 0 0 0 rg BT 106.21 328.25 Td (to ) Tj ET Q q 0 0 0 rg BT 116.54 328.25 Td (our ) Tj ET Q q 0 0 0 rg BT 132.43 328.25 Td (lar) Tj ET Q q 0 0 0 rg BT 142.80 328.25 Td (ger) Tj ET Q q 0 0 0 rg BT 155.16 328.25 Td (, ) Tj ET Q q 0 0 0 rg BT 160.22 328.25 Td (more ) Tj ET Q q 0 0 0 rg BT 183.32 328.25 Td (diversified ) Tj ET Q q 0 0 0 rg BT 228.64 328.25 Td (competitors ) Tj ET Q q 0 0 0 rg BT 278.41 328.25 Td (in ) Tj ET Q q 0 0 0 rg BT 288.74 328.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.51 328.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 341.05 328.25 Td (services ) Tj ET Q q 0 0 0 rg BT 375.81 328.25 Td (industry) Tj ET Q q 0 0 0 rg BT 407.94 328.25 Td (, ) Tj ET Q q 0 0 0 rg BT 412.99 328.25 Td (we ) Tj ET Q q 0 0 0 rg BT 427.21 328.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 466.97 328.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 512.82 328.25 Td (even ) Tj ET Q q 0 0 0 rg BT 534.25 328.25 Td (greater ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (variations ) Tj ET Q q 0 0 0 rg BT 91.97 316.25 Td (in ) Tj ET Q q 0 0 0 rg BT 102.28 316.25 Td (our ) Tj ET Q q 0 0 0 rg BT 118.14 316.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 156.77 316.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 194.84 316.25 Td (and ) Tj ET Q q 0 0 0 rg BT 211.81 316.25 Td (profits. ) Tj ET Q q 0 0 0 rg BT 242.77 316.25 Td (This ) Tj ET Q q 0 0 0 rg BT 263.08 316.25 Td (is ) Tj ET Q q 0 0 0 rg BT 272.28 316.25 Td (due ) Tj ET Q q 0 0 0 rg BT 289.26 316.25 Td (to ) Tj ET Q q 0 0 0 rg BT 299.57 316.25 Td (our ) Tj ET Q q 0 0 0 rg BT 315.43 316.25 Td (dependence ) Tj ET Q q 0 0 0 rg BT 365.16 316.25 Td (on ) Tj ET Q q 0 0 0 rg BT 377.69 316.25 Td (a ) Tj ET Q q 0 0 0 rg BT 384.66 316.25 Td (relatively ) Tj ET Q q 0 0 0 rg BT 424.95 316.25 Td (small ) Tj ET Q q 0 0 0 rg BT 449.15 316.25 Td (number ) Tj ET Q q 0 0 0 rg BT 482.23 316.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.09 316.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 543.39 316.25 Td (for ) Tj ET Q q 0 0 0 rg BT 557.58 316.25 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (lar) Tj ET Q q 0 0 0 rg BT 60.37 304.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 72.18 304.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 117.85 304.25 Td (of ) Tj ET Q q 0 0 0 rg BT 128.55 304.25 Td (our ) Tj ET Q q 0 0 0 rg BT 144.26 304.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 182.17 304.25 Td (in ) Tj ET Q q 0 0 0 rg BT 192.32 304.25 Td (each ) Tj ET Q q 0 0 0 rg BT 213.01 304.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 251.47 304.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 290.50 304.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 320.92 304.25 Td (with ) Tj ET Q q 0 0 0 rg BT 341.07 304.25 Td (the ) Tj ET Q q 0 0 0 rg BT 355.66 304.25 Td (result ) Tj ET Q q 0 0 0 rg BT 380.25 304.25 Td (that ) Tj ET Q q 0 0 0 rg BT 397.62 304.25 Td (our ) Tj ET Q q 0 0 0 rg BT 413.33 304.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 449.58 304.25 Td (can ) Tj ET Q q 0 0 0 rg BT 465.83 304.25 Td (be ) Tj ET Q q 0 0 0 rg BT 477.64 304.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 530.00 304.25 Td (af) Tj ET Q q 0 0 0 rg BT 537.59 304.25 Td (fected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (by ) Tj ET Q q 0 0 0 rg BT 62.50 292.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.22 292.25 Td (size ) Tj ET Q q 0 0 0 rg BT 95.26 292.25 Td (and ) Tj ET Q q 0 0 0 rg BT 112.20 292.25 Td (number ) Tj ET Q q 0 0 0 rg BT 145.25 292.25 Td (of ) Tj ET Q q 0 0 0 rg BT 156.08 292.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 206.34 292.25 Td (closed ) Tj ET Q q 0 0 0 rg BT 234.39 292.25 Td (in ) Tj ET Q q 0 0 0 rg BT 244.67 292.25 Td (any ) Tj ET Q q 0 0 0 rg BT 261.61 292.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 302.42 292.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 330.18 292.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 271.25 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 117.40 271.25 Td (since ) Tj ET Q q 0 0 0 rg BT 140.87 271.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 194.34 271.25 Td (all ) Tj ET Q q 0 0 0 rg BT 207.25 271.25 Td (of ) Tj ET Q q 0 0 0 rg BT 218.50 271.25 Td (our ) Tj ET Q q 0 0 0 rg BT 234.75 271.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 273.21 271.25 Td (are ) Tj ET Q q 0 0 0 rg BT 288.33 271.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 330.12 271.25 Td (from ) Tj ET Q q 0 0 0 rg BT 352.47 271.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 389.83 271.25 Td (fees, ) Tj ET Q q 0 0 0 rg BT 411.35 271.25 Td (we ) Tj ET Q q 0 0 0 rg BT 425.93 271.25 Td (lack ) Tj ET Q q 0 0 0 rg BT 445.50 271.25 Td (other) Tj ET Q q 0 0 0 rg BT 465.65 271.25 Td (, ) Tj ET Q q 0 0 0 rg BT 471.07 271.25 Td (more ) Tj ET Q q 0 0 0 rg BT 494.53 271.25 Td (stable ) Tj ET Q q 0 0 0 rg BT 520.78 271.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 553.69 271.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 259.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 83.19 259.25 Td (in ) Tj ET Q q 0 0 0 rg BT 92.52 259.25 Td (material ) Tj ET Q q 0 0 0 rg BT 126.83 259.25 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 164.76 259.25 Td (such ) Tj ET Q q 0 0 0 rg BT 184.64 259.25 Td (as ) Tj ET Q q 0 0 0 rg BT 194.52 259.25 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 236.04 259.25 Td (and ) Tj ET Q q 0 0 0 rg BT 252.03 259.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 273.01 259.25 Td (management ) Tj ET Q q 0 0 0 rg BT 325.65 259.25 Td (fees, ) Tj ET Q q 0 0 0 rg BT 345.80 259.25 Td (which ) Tj ET Q q 0 0 0 rg BT 371.78 259.25 Td (could ) Tj ET Q q 0 0 0 rg BT 395.55 259.25 Td (moderate ) Tj ET Q q 0 0 0 rg BT 434.30 259.25 Td (some ) Tj ET Q q 0 0 0 rg BT 456.95 259.25 Td (of ) Tj ET Q q 0 0 0 rg BT 466.83 259.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.60 259.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 518.25 259.25 Td (in ) Tj ET Q q 0 0 0 rg BT 527.58 259.25 Td (advisory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 247.25 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 89.64 247.25 Td (As ) Tj ET Q q 0 0 0 rg BT 102.81 247.25 Td (a ) Tj ET Q q 0 0 0 rg BT 109.31 247.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 136.08 247.25 Td (it ) Tj ET Q q 0 0 0 rg BT 143.70 247.25 Td (may ) Tj ET Q q 0 0 0 rg BT 162.97 247.25 Td (be ) Tj ET Q q 0 0 0 rg BT 174.47 247.25 Td (dif) Tj ET Q q 0 0 0 rg BT 185.40 247.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 208.56 247.25 Td (for ) Tj ET Q q 0 0 0 rg BT 222.28 247.25 Td (us ) Tj ET Q q 0 0 0 rg BT 233.23 247.25 Td (to ) Tj ET Q q 0 0 0 rg BT 243.06 247.25 Td (achieve ) Tj ET Q q 0 0 0 rg BT 275.65 247.25 Td (consistent ) Tj ET Q q 0 0 0 rg BT 317.71 247.25 Td (results ) Tj ET Q q 0 0 0 rg BT 345.87 247.25 Td (and ) Tj ET Q q 0 0 0 rg BT 362.37 247.25 Td (steady ) Tj ET Q q 0 0 0 rg BT 389.98 247.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 425.91 247.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 456.30 247.25 Td (on ) Tj ET Q q 0 0 0 rg BT 468.36 247.25 Td (a ) Tj ET Q q 0 0 0 rg BT 474.85 247.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 513.01 247.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 537.56 247.25 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 235.25 Td (could ) Tj ET Q q 0 0 0 rg BT 74.72 235.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 115.53 235.25 Td (af) Tj ET Q q 0 0 0 rg BT 123.12 235.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 140.61 235.25 Td (our ) Tj ET Q q 0 0 0 rg BT 156.44 235.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 180.04 235.25 Td (price.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 214.25 Td (In ) Tj ET Q q 0 0 0 rg BT 72.65 214.25 Td (many ) Tj ET Q q 0 0 0 rg BT 97.19 214.25 Td (cases, ) Tj ET Q q 0 0 0 rg BT 123.11 214.25 Td (we ) Tj ET Q q 0 0 0 rg BT 137.09 214.25 Td (are ) Tj ET Q q 0 0 0 rg BT 151.62 214.25 Td (not ) Tj ET Q q 0 0 0 rg BT 166.72 214.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 186.26 214.25 Td (for ) Tj ET Q q 0 0 0 rg BT 200.24 214.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 237.00 214.25 Td (engagements ) Tj ET Q q 0 0 0 rg BT 291.53 214.25 Td (that ) Tj ET Q q 0 0 0 rg BT 308.84 214.25 Td (do ) Tj ET Q q 0 0 0 rg BT 321.17 214.25 Td (not ) Tj ET Q q 0 0 0 rg BT 336.27 214.25 Td (result ) Tj ET Q q 0 0 0 rg BT 360.80 214.25 Td (in ) Tj ET Q q 0 0 0 rg BT 370.90 214.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.44 214.25 Td (successful ) Tj ET Q q 0 0 0 rg BT 428.86 214.25 Td (consummation ) Tj ET Q q 0 0 0 rg BT 490.07 214.25 Td (of ) Tj ET Q q 0 0 0 rg BT 500.72 214.25 Td (a ) Tj ET Q q 0 0 0 rg BT 507.48 214.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 553.67 214.25 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 103.17 202.25 Td (or ) Tj ET Q q 0 0 0 rg BT 113.58 202.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 144.55 202.25 Td (of ) Tj ET Q q 0 0 0 rg BT 154.96 202.25 Td (a ) Tj ET Q q 0 0 0 rg BT 161.48 202.25 Td (fund. ) Tj ET Q q 0 0 0 rg BT 183.93 202.25 Td (As ) Tj ET Q q 0 0 0 rg BT 197.12 202.25 Td (a ) Tj ET Q q 0 0 0 rg BT 203.64 202.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 230.44 202.25 Td (our ) Tj ET Q q 0 0 0 rg BT 245.85 202.25 Td (business ) Tj ET Q q 0 0 0 rg BT 281.82 202.25 Td (is ) Tj ET Q q 0 0 0 rg BT 290.57 202.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 318.21 202.25 Td (dependent ) Tj ET Q q 0 0 0 rg BT 361.38 202.25 Td (on ) Tj ET Q q 0 0 0 rg BT 373.46 202.25 Td (market ) Tj ET Q q 0 0 0 rg BT 403.31 202.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 447.05 202.25 Td (and ) Tj ET Q q 0 0 0 rg BT 463.57 202.25 Td (the ) Tj ET Q q 0 0 0 rg BT 477.87 202.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 517.16 202.25 Td (and ) Tj ET Q q 0 0 0 rg BT 533.68 202.25 Td (actions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.50 190.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.00 190.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 104.28 190.25 Td (and ) Tj ET Q q 0 0 0 rg BT 120.89 190.25 Td (interested ) Tj ET Q q 0 0 0 rg BT 161.93 190.25 Td (third ) Tj ET Q q 0 0 0 rg BT 182.99 190.25 Td (parties. ) Tj ET Q q 0 0 0 rg BT 214.32 190.25 Td (For ) Tj ET Q q 0 0 0 rg BT 230.38 190.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 268.93 190.25 Td (a ) Tj ET Q q 0 0 0 rg BT 275.54 190.25 Td (client ) Tj ET Q q 0 0 0 rg BT 299.92 190.25 Td (could ) Tj ET Q q 0 0 0 rg BT 324.31 190.25 Td (delay ) Tj ET Q q 0 0 0 rg BT 348.14 190.25 Td (or ) Tj ET Q q 0 0 0 rg BT 358.64 190.25 Td (terminate ) Tj ET Q q 0 0 0 rg BT 398.57 190.25 Td (a ) Tj ET Q q 0 0 0 rg BT 405.18 190.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 451.22 190.25 Td (because ) Tj ET Q q 0 0 0 rg BT 485.04 190.25 Td (of ) Tj ET Q q 0 0 0 rg BT 495.54 190.25 Td (a ) Tj ET Q q 0 0 0 rg BT 502.15 190.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 530.42 190.25 Td (to ) Tj ET Q q 0 0 0 rg BT 540.37 190.25 Td (agree ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 72.49 178.25 Td (final ) Tj ET Q q 0 0 0 rg BT 93.30 178.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 118.00 178.25 Td (with ) Tj ET Q q 0 0 0 rg BT 138.27 178.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.97 178.25 Td (counterparty) Tj ET Q q 0 0 0 rg BT 202.85 178.25 Td (, ) Tj ET Q q 0 0 0 rg BT 207.84 178.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 236.42 178.25 Td (to ) Tj ET Q q 0 0 0 rg BT 246.69 178.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 274.17 178.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 315.52 178.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 359.10 178.25 Td (consents ) Tj ET Q q 0 0 0 rg BT 396.03 178.25 Td (or ) Tj ET Q q 0 0 0 rg BT 406.85 178.25 Td (board ) Tj ET Q q 0 0 0 rg BT 432.10 178.25 Td (or ) Tj ET Q q 0 0 0 rg BT 442.92 178.25 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 492.05 178.25 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 535.91 178.25 Td (failure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (to ) Tj ET Q q 0 0 0 rg BT 61.42 166.25 Td (secure ) Tj ET Q q 0 0 0 rg BT 90.59 166.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 133.10 166.25 Td (financing, ) Tj ET Q q 0 0 0 rg BT 177.00 166.25 Td (or ) Tj ET Q q 0 0 0 rg BT 188.97 166.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 223.15 166.25 Td (market ) Tj ET Q q 0 0 0 rg BT 254.55 166.25 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 301.55 166.25 Td (Anticipated ) Tj ET Q q 0 0 0 rg BT 351.84 166.25 Td (bidders ) Tj ET Q q 0 0 0 rg BT 384.92 166.25 Td (for ) Tj ET Q q 0 0 0 rg BT 400.22 166.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 427.19 166.25 Td (of ) Tj ET Q q 0 0 0 rg BT 439.16 166.25 Td (a ) Tj ET Q q 0 0 0 rg BT 447.23 166.25 Td (client ) Tj ET Q q 0 0 0 rg BT 473.09 166.25 Td (during ) Tj ET Q q 0 0 0 rg BT 502.83 166.25 Td (a ) Tj ET Q q 0 0 0 rg BT 510.91 166.25 Td (restructuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 96.14 154.25 Td (may ) Tj ET Q q 0 0 0 rg BT 115.63 154.25 Td (not ) Tj ET Q q 0 0 0 rg BT 130.68 154.25 Td (materialize ) Tj ET Q q 0 0 0 rg BT 177.37 154.25 Td (or ) Tj ET Q q 0 0 0 rg BT 187.97 154.25 Td (our ) Tj ET Q q 0 0 0 rg BT 203.57 154.25 Td (client ) Tj ET Q q 0 0 0 rg BT 228.06 154.25 Td (may ) Tj ET Q q 0 0 0 rg BT 247.55 154.25 Td (not ) Tj ET Q q 0 0 0 rg BT 262.60 154.25 Td (be ) Tj ET Q q 0 0 0 rg BT 274.31 154.25 Td (able ) Tj ET Q q 0 0 0 rg BT 293.23 154.25 Td (to ) Tj ET Q q 0 0 0 rg BT 303.28 154.25 Td (restructure ) Tj ET Q q 0 0 0 rg BT 348.31 154.25 Td (its ) Tj ET Q q 0 0 0 rg BT 360.03 154.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 403.96 154.25 Td (or ) Tj ET Q q 0 0 0 rg BT 414.56 154.25 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 468.49 154.25 Td (due ) Tj ET Q q 0 0 0 rg BT 485.20 154.25 Td (to ) Tj ET Q q 0 0 0 rg BT 495.25 154.25 Td (a ) Tj ET Q q 0 0 0 rg BT 501.96 154.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 530.32 154.25 Td (to ) Tj ET Q q 0 0 0 rg BT 540.37 154.25 Td (reach ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 93.71 142.25 Td (with ) Tj ET Q q 0 0 0 rg BT 113.56 142.25 Td (its ) Tj ET Q q 0 0 0 rg BT 125.08 142.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 162.69 142.25 Td (creditors. ) Tj ET Q q 0 0 0 rg BT 202.24 142.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 219.86 142.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 248.04 142.25 Td (may ) Tj ET Q q 0 0 0 rg BT 267.32 142.25 Td (not ) Tj ET Q q 0 0 0 rg BT 282.17 142.25 Td (raise ) Tj ET Q q 0 0 0 rg BT 303.12 142.25 Td (suf) Tj ET Q q 0 0 0 rg BT 315.16 142.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 342.77 142.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 371.49 142.25 Td (to ) Tj ET Q q 0 0 0 rg BT 381.33 142.25 Td (start ) Tj ET Q q 0 0 0 rg BT 400.62 142.25 Td (a ) Tj ET Q q 0 0 0 rg BT 407.13 142.25 Td (new ) Tj ET Q q 0 0 0 rg BT 425.86 142.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 446.26 142.25 Td (because ) Tj ET Q q 0 0 0 rg BT 479.97 142.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 525.91 142.25 Td (investors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (may ) Tj ET Q q 0 0 0 rg BT 69.49 130.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 100.64 130.25 Td (to ) Tj ET Q q 0 0 0 rg BT 110.69 130.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 136.86 130.25 Td (in ) Tj ET Q q 0 0 0 rg BT 146.91 130.25 Td (such ) Tj ET Q q 0 0 0 rg BT 167.51 130.25 Td (a ) Tj ET Q q 0 0 0 rg BT 174.23 130.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 194.83 130.25 Td (due ) Tj ET Q q 0 0 0 rg BT 211.55 130.25 Td (to ) Tj ET Q q 0 0 0 rg BT 221.60 130.25 Td (lack ) Tj ET Q q 0 0 0 rg BT 240.53 130.25 Td (of ) Tj ET Q q 0 0 0 rg BT 251.14 130.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 284.38 130.25 Td (, ) Tj ET Q q 0 0 0 rg BT 289.16 130.25 Td (change ) Tj ET Q q 0 0 0 rg BT 319.75 130.25 Td (in ) Tj ET Q q 0 0 0 rg BT 329.80 130.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 365.95 130.25 Td (direction ) Tj ET Q q 0 0 0 rg BT 403.76 130.25 Td (of ) Tj ET Q q 0 0 0 rg BT 414.37 130.25 Td (the ) Tj ET Q q 0 0 0 rg BT 428.86 130.25 Td (investor) Tj ET Q q 0 0 0 rg BT 460.68 130.25 Td (, ) Tj ET Q q 0 0 0 rg BT 465.45 130.25 Td (or ) Tj ET Q q 0 0 0 rg BT 476.06 130.25 Td (other ) Tj ET Q q 0 0 0 rg BT 498.88 130.25 Td (factors. ) Tj ET Q q 0 0 0 rg BT 530.86 130.25 Td (In ) Tj ET Q q 0 0 0 rg BT 541.47 130.25 Td (these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 111.79 118.25 Td (we ) Tj ET Q q 0 0 0 rg BT 126.11 118.25 Td (may ) Tj ET Q q 0 0 0 rg BT 145.98 118.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 177.50 118.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 208.48 118.25 Td (or ) Tj ET Q q 0 0 0 rg BT 219.46 118.25 Td (no ) Tj ET Q q 0 0 0 rg BT 232.12 118.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 269.21 118.25 Td (fees. ) Tj ET Q q 0 0 0 rg BT 290.27 118.25 Td (The ) Tj ET Q q 0 0 0 rg BT 308.47 118.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 337.22 118.25 Td (of ) Tj ET Q q 0 0 0 rg BT 348.20 118.25 Td (the ) Tj ET Q q 0 0 0 rg BT 363.07 118.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 392.38 118.25 Td (to ) Tj ET Q q 0 0 0 rg BT 402.81 118.25 Td (complete ) Tj ET Q q 0 0 0 rg BT 442.12 118.25 Td (a ) Tj ET Q q 0 0 0 rg BT 449.21 118.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 495.74 118.25 Td (on ) Tj ET Q q 0 0 0 rg BT 508.39 118.25 Td (which ) Tj ET Q q 0 0 0 rg BT 535.48 118.25 Td (we ) Tj ET Q q 0 0 0 rg BT 549.80 118.25 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (advising, ) Tj ET Q q 0 0 0 rg BT 88.89 106.25 Td (and ) Tj ET Q q 0 0 0 rg BT 105.83 106.25 Td (the ) Tj ET Q q 0 0 0 rg BT 120.54 106.25 Td (consequent ) Tj ET Q q 0 0 0 rg BT 168.03 106.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 186.09 106.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.92 106.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 231.06 106.25 Td (to ) Tj ET Q q 0 0 0 rg BT 241.34 106.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 255.23 106.25 Td (could ) Tj ET Q q 0 0 0 rg BT 279.95 106.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 299.11 106.25 Td (to ) Tj ET Q q 0 0 0 rg BT 309.38 106.25 Td (lar) Tj ET Q q 0 0 0 rg BT 319.75 106.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 331.69 106.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 364.73 106.25 Td (movements ) Tj ET Q q 0 0 0 rg BT 413.33 106.25 Td (in ) Tj ET Q q 0 0 0 rg BT 423.61 106.25 Td (our ) Tj ET Q q 0 0 0 rg BT 439.44 106.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 463.05 106.25 Td (price.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 68.12 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 71.03 742.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 117.83 742.25 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 174.08 742.25 Td (in ) Tj ET Q q 0 0 0 rg BT 185.33 742.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.02 742.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 227.25 742.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 262.94 742.25 Td (or ) Tj ET Q q 0 0 0 rg BT 274.74 742.25 Td (the ) Tj ET Q q 0 0 0 rg BT 290.43 742.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 321.12 742.25 Td (of ) Tj ET Q q 0 0 0 rg BT 332.36 742.25 Td (one ) Tj ET Q q 0 0 0 rg BT 350.27 742.25 Td (or ) Tj ET Q q 0 0 0 rg BT 362.07 742.25 Td (more ) Tj ET Q q 0 0 0 rg BT 386.09 742.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 422.90 742.25 Td (institutions ) Tj ET Q q 0 0 0 rg BT 471.95 742.25 Td (could ) Tj ET Q q 0 0 0 rg BT 497.64 742.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 538.87 742.25 Td (af) Tj ET Q q 0 0 0 rg BT 547.01 742.25 Td (fect ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (our ) Tj ET Q q 0 0 0 rg BT 66.95 730.25 Td (liquidity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 709.25 Td (As ) Tj ET Q q 0 0 0 rg BT 76.00 709.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.21 709.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 146.17 709.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.17 709.25 Td (, ) Tj ET Q q 0 0 0 rg BT 171.56 709.25 Td (we ) Tj ET Q q 0 0 0 rg BT 186.10 709.25 Td (had ) Tj ET Q q 0 0 0 rg BT 203.42 709.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 224.07 709.25 Td (and ) Tj ET Q q 0 0 0 rg BT 241.39 709.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 262.04 709.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 310.47 709.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.68 709.25 Td ($42.7 ) Tj ET Q q 0 0 0 rg BT 347.06 709.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.95 709.25 Td (. ) Tj ET Q q 0 0 0 rg BT 381.13 709.25 Td (W) Tj ET Q q 0 0 0 rg BT 389.76 709.25 Td (e ) Tj ET Q q 0 0 0 rg BT 397.09 709.25 Td (have ) Tj ET Q q 0 0 0 rg BT 418.84 709.25 Td (invested ) Tj ET Q q 0 0 0 rg BT 455.05 709.25 Td (these ) Tj ET Q q 0 0 0 rg BT 478.48 709.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 504.69 709.25 Td (in ) Tj ET Q q 0 0 0 rg BT 515.35 709.25 Td (instruments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (which ) Tj ET Q q 0 0 0 rg BT 76.79 697.25 Td (we ) Tj ET Q q 0 0 0 rg BT 90.81 697.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 122.04 697.25 Td (are ) Tj ET Q q 0 0 0 rg BT 136.60 697.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 164.51 697.25 Td (liquid, ) Tj ET Q q 0 0 0 rg BT 192.71 697.25 Td (and ) Tj ET Q q 0 0 0 rg BT 209.50 697.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 243.52 697.25 Td (developments ) Tj ET Q q 0 0 0 rg BT 301.42 697.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 334.32 697.25 Td (to ) Tj ET Q q 0 0 0 rg BT 344.45 697.25 Td (the ) Tj ET Q q 0 0 0 rg BT 359.02 697.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 395.27 697.25 Td (of ) Tj ET Q q 0 0 0 rg BT 405.96 697.25 Td (these ) Tj ET Q q 0 0 0 rg BT 428.86 697.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 478.99 697.25 Td (on ) Tj ET Q q 0 0 0 rg BT 491.35 697.25 Td (a ) Tj ET Q q 0 0 0 rg BT 498.14 697.25 Td (regular ) Tj ET Q q 0 0 0 rg BT 528.81 697.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 553.67 697.25 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (the ) Tj ET Q q 0 0 0 rg BT 65.23 685.25 Td (event ) Tj ET Q q 0 0 0 rg BT 89.90 685.25 Td (of ) Tj ET Q q 0 0 0 rg BT 101.25 685.25 Td (a ) Tj ET Q q 0 0 0 rg BT 108.70 685.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 153.93 685.25 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 208.03 685.25 Td (of ) Tj ET Q q 0 0 0 rg BT 219.38 685.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.61 685.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 260.39 685.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 295.06 685.25 Td (or ) Tj ET Q q 0 0 0 rg BT 306.40 685.25 Td (the ) Tj ET Q q 0 0 0 rg BT 321.64 685.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 350.74 685.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.09 685.25 Td (one ) Tj ET Q q 0 0 0 rg BT 379.54 685.25 Td (or ) Tj ET Q q 0 0 0 rg BT 390.89 685.25 Td (more ) Tj ET Q q 0 0 0 rg BT 414.45 685.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 449.68 685.25 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 499.65 685.25 Td (there ) Tj ET Q q 0 0 0 rg BT 522.65 685.25 Td (can ) Tj ET Q q 0 0 0 rg BT 539.54 685.25 Td (be ) Tj ET Q q 0 0 0 rg BT 552.00 685.25 Td (no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 91.07 673.25 Td (that ) Tj ET Q q 0 0 0 rg BT 108.28 673.25 Td (we ) Tj ET Q q 0 0 0 rg BT 122.14 673.25 Td (will ) Tj ET Q q 0 0 0 rg BT 139.91 673.25 Td (be ) Tj ET Q q 0 0 0 rg BT 151.55 673.25 Td (able ) Tj ET Q q 0 0 0 rg BT 170.42 673.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.40 673.25 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 217.60 673.25 Td (these ) Tj ET Q q 0 0 0 rg BT 240.35 673.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 265.89 673.25 Td (or ) Tj ET Q q 0 0 0 rg BT 276.43 673.25 Td (access ) Tj ET Q q 0 0 0 rg BT 304.17 673.25 Td (our ) Tj ET Q q 0 0 0 rg BT 319.71 673.25 Td (cash. ) Tj ET Q q 0 0 0 rg BT 342.18 673.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 359.94 673.25 Td (inability ) Tj ET Q q 0 0 0 rg BT 395.48 673.25 Td (to ) Tj ET Q q 0 0 0 rg BT 405.46 673.25 Td (access ) Tj ET Q q 0 0 0 rg BT 433.21 673.25 Td (our ) Tj ET Q q 0 0 0 rg BT 448.75 673.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 468.72 673.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 518.70 673.25 Td (could ) Tj ET Q q 0 0 0 rg BT 543.13 673.25 Td (have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.88 661.25 Td (material ) Tj ET Q q 0 0 0 rg BT 92.08 661.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 125.05 661.25 Td (ef) Tj ET Q q 0 0 0 rg BT 132.64 661.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 150.06 661.25 Td (on ) Tj ET Q q 0 0 0 rg BT 162.50 661.25 Td (our ) Tj ET Q q 0 0 0 rg BT 178.27 661.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 214.60 661.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.48 661.25 Td (result ) Tj ET Q q 0 0 0 rg BT 256.14 661.25 Td (in ) Tj ET Q q 0 0 0 rg BT 266.35 661.25 Td (a ) Tj ET Q q 0 0 0 rg BT 273.23 661.25 Td (char) Tj ET Q q 0 0 0 rg BT 290.26 661.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 302.13 661.25 Td (to ) Tj ET Q q 0 0 0 rg BT 312.35 661.25 Td (our ) Tj ET Q q 0 0 0 rg BT 328.12 661.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 364.44 661.25 Td (which ) Tj ET Q q 0 0 0 rg BT 391.31 661.25 Td (could ) Tj ET Q q 0 0 0 rg BT 415.97 661.25 Td (have ) Tj ET Q q 0 0 0 rg BT 437.29 661.25 Td (a ) Tj ET Q q 0 0 0 rg BT 444.16 661.25 Td (material ) Tj ET Q q 0 0 0 rg BT 479.36 661.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 512.34 661.25 Td (ef) Tj ET Q q 0 0 0 rg BT 519.92 661.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 537.35 661.25 Td (on ) Tj ET Q q 0 0 0 rg BT 549.79 661.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (value ) Tj ET Q q 0 0 0 rg BT 74.16 649.25 Td (of ) Tj ET Q q 0 0 0 rg BT 84.99 649.25 Td (our ) Tj ET Q q 0 0 0 rg BT 100.82 649.25 Td (stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 628.25 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 628.25 Td (e ) Tj ET Q q 0 0 0 rg BT 77.90 628.25 Td (have ) Tj ET Q q 0 0 0 rg BT 99.60 628.25 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.86 628.25 Td ($45.0 ) Tj ET Q q 0 0 0 rg BT 132.18 628.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.07 628.25 Td ( ) Tj ET Q q 0 0 0 rg BT 163.89 628.25 Td (revolving ) Tj ET Q q 0 0 0 rg BT 205.04 628.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 225.08 628.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 256.22 628.25 Td (from ) Tj ET Q q 0 0 0 rg BT 278.48 628.25 Td (a ) Tj ET Q q 0 0 0 rg BT 285.75 628.25 Td (U.S.commercial ) Tj ET Q q 0 0 0 rg BT 356.05 628.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 378.31 628.25 Td (which ) Tj ET Q q 0 0 0 rg BT 405.57 628.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 444.49 628.25 Td (expires ) Tj ET Q q 0 0 0 rg BT 476.18 628.25 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.38 628.25 Td (April30, ) Tj ET Q q 0 0 0 rg BT 527.31 628.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.31 628.25 Td (. ) Tj ET Q q 0 0 0 rg BT 552.01 628.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.06 616.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.06 616.25 Td ( ) Tj ET Q q 0 0 0 rg BT 130.04 616.25 Td (we ) Tj ET Q q 0 0 0 rg BT 143.68 616.25 Td (had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.10 616.25 Td ($30.8 ) Tj ET Q q 0 0 0 rg BT 184.58 616.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.47 616.25 Td ( ) Tj ET Q q 0 0 0 rg BT 215.45 616.25 Td (drawn ) Tj ET Q q 0 0 0 rg BT 242.42 616.25 Td (down ) Tj ET Q q 0 0 0 rg BT 266.63 616.25 Td (from ) Tj ET Q q 0 0 0 rg BT 288.04 616.25 Td (this ) Tj ET Q q 0 0 0 rg BT 304.47 616.25 Td (facility) Tj ET Q q 0 0 0 rg BT 332.14 616.25 Td (. ) Tj ET Q q 0 0 0 rg BT 336.48 616.25 Td (W) Tj ET Q q 0 0 0 rg BT 345.12 616.25 Td (e ) Tj ET Q q 0 0 0 rg BT 351.54 616.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 378.51 616.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.70 616.25 Td (revolving ) Tj ET Q q 0 0 0 rg BT 433.01 616.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 452.21 616.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 482.51 616.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 521.70 616.25 Td (to ) Tj ET Q q 0 0 0 rg BT 531.46 616.25 Td (provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (for ) Tj ET Q q 0 0 0 rg BT 64.16 604.25 Td (our ) Tj ET Q q 0 0 0 rg BT 79.99 604.25 Td (domestic ) Tj ET Q q 0 0 0 rg BT 118.59 604.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 138.86 604.25 Td (needs, ) Tj ET Q q 0 0 0 rg BT 166.63 604.25 Td (which ) Tj ET Q q 0 0 0 rg BT 193.57 604.25 Td (include ) Tj ET Q q 0 0 0 rg BT 225.50 604.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 263.00 604.25 Td (payments, ) Tj ET Q q 0 0 0 rg BT 306.32 604.25 Td (share ) Tj ET Q q 0 0 0 rg BT 329.92 604.25 Td (repurchases, ) Tj ET Q q 0 0 0 rg BT 382.12 604.25 Td (and ) Tj ET Q q 0 0 0 rg BT 399.06 604.25 Td (working ) Tj ET Q q 0 0 0 rg BT 434.89 604.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 464.04 604.25 Td (needs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 583.25 Td (Historically) Tj ET Q q 0 0 0 rg BT 108.56 583.25 Td (, ) Tj ET Q q 0 0 0 rg BT 113.45 583.25 Td (we ) Tj ET Q q 0 0 0 rg BT 127.50 583.25 Td (have ) Tj ET Q q 0 0 0 rg BT 148.76 583.25 Td (rolled ) Tj ET Q q 0 0 0 rg BT 174.47 583.25 Td (over ) Tj ET Q q 0 0 0 rg BT 194.63 583.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.23 583.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 245.50 583.25 Td (date ) Tj ET Q q 0 0 0 rg BT 264.54 583.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.26 583.25 Td (our ) Tj ET Q q 0 0 0 rg BT 290.97 583.25 Td (revolving ) Tj ET Q q 0 0 0 rg BT 331.69 583.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 351.29 583.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 382.00 583.25 Td (annually) Tj ET Q q 0 0 0 rg BT 415.78 583.25 Td (. ) Tj ET Q q 0 0 0 rg BT 420.67 583.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 438.61 583.25 Td (inability ) Tj ET Q q 0 0 0 rg BT 474.32 583.25 Td (to ) Tj ET Q q 0 0 0 rg BT 484.49 583.25 Td (extend ) Tj ET Q q 0 0 0 rg BT 513.53 583.25 Td (the ) Tj ET Q q 0 0 0 rg BT 528.13 583.25 Td (maturity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 571.25 Td (date ) Tj ET Q q 0 0 0 rg BT 69.12 571.25 Td (of ) Tj ET Q q 0 0 0 rg BT 79.92 571.25 Td (the ) Tj ET Q q 0 0 0 rg BT 94.60 571.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 114.28 571.25 Td (or ) Tj ET Q q 0 0 0 rg BT 125.08 571.25 Td (renew ) Tj ET Q q 0 0 0 rg BT 151.97 571.25 Td (the ) Tj ET Q q 0 0 0 rg BT 166.66 571.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 197.44 571.25 Td (on ) Tj ET Q q 0 0 0 rg BT 209.91 571.25 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 254.56 571.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 279.24 571.25 Td (with ) Tj ET Q q 0 0 0 rg BT 299.49 571.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.17 571.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 348.30 571.25 Td (lender ) Tj ET Q q 0 0 0 rg BT 375.75 571.25 Td (could ) Tj ET Q q 0 0 0 rg BT 400.43 571.25 Td (require ) Tj ET Q q 0 0 0 rg BT 431.22 571.25 Td (us ) Tj ET Q q 0 0 0 rg BT 442.57 571.25 Td (to ) Tj ET Q q 0 0 0 rg BT 452.82 571.25 Td (repay ) Tj ET Q q 0 0 0 rg BT 477.49 571.25 Td (all ) Tj ET Q q 0 0 0 rg BT 489.95 571.25 Td (or ) Tj ET Q q 0 0 0 rg BT 500.75 571.25 Td (a ) Tj ET Q q 0 0 0 rg BT 507.65 571.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 539.00 571.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 571.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 69.96 559.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 103.24 559.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 152.64 559.25 Td (at ) Tj ET Q q 0 0 0 rg BT 162.60 559.25 Td (maturity) Tj ET Q q 0 0 0 rg BT 195.84 559.25 Td (. ) Tj ET Q q 0 0 0 rg BT 200.88 559.25 Td (There ) Tj ET Q q 0 0 0 rg BT 226.94 559.25 Td (is ) Tj ET Q q 0 0 0 rg BT 236.35 559.25 Td (no ) Tj ET Q q 0 0 0 rg BT 249.10 559.25 Td (assurance, ) Tj ET Q q 0 0 0 rg BT 293.21 559.25 Td (if ) Tj ET Q q 0 0 0 rg BT 302.06 559.25 Td (our ) Tj ET Q q 0 0 0 rg BT 318.13 559.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 343.64 559.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 374.70 559.25 Td (is ) Tj ET Q q 0 0 0 rg BT 384.11 559.25 Td (not ) Tj ET Q q 0 0 0 rg BT 399.64 559.25 Td (renewed ) Tj ET Q q 0 0 0 rg BT 436.25 559.25 Td (with ) Tj ET Q q 0 0 0 rg BT 456.77 559.25 Td (the ) Tj ET Q q 0 0 0 rg BT 471.73 559.25 Td (current ) Tj ET Q q 0 0 0 rg BT 502.79 559.25 Td (lender) Tj ET Q q 0 0 0 rg BT 527.37 559.25 Td (, ) Tj ET Q q 0 0 0 rg BT 532.61 559.25 Td (that ) Tj ET Q q 0 0 0 rg BT 550.35 559.25 Td (we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (would ) Tj ET Q q 0 0 0 rg BT 77.75 547.25 Td (be ) Tj ET Q q 0 0 0 rg BT 89.94 547.25 Td (able ) Tj ET Q q 0 0 0 rg BT 109.35 547.25 Td (to ) Tj ET Q q 0 0 0 rg BT 119.87 547.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 147.62 547.25 Td (a ) Tj ET Q q 0 0 0 rg BT 154.81 547.25 Td (new ) Tj ET Q q 0 0 0 rg BT 174.22 547.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 199.73 547.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 230.80 547.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.88 547.25 Td (a ) Tj ET Q q 0 0 0 rg BT 249.07 547.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 279.60 547.25 Td (size ) Tj ET Q q 0 0 0 rg BT 297.90 547.25 Td (and ) Tj ET Q q 0 0 0 rg BT 315.08 547.25 Td (on ) Tj ET Q q 0 0 0 rg BT 327.83 547.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 358.36 547.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 383.33 547.25 Td (from ) Tj ET Q q 0 0 0 rg BT 405.51 547.25 Td (a ) Tj ET Q q 0 0 0 rg BT 412.70 547.25 Td (dif) Tj ET Q q 0 0 0 rg BT 423.63 547.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 449.70 547.25 Td (lender) Tj ET Q q 0 0 0 rg BT 474.13 547.25 Td (. ) Tj ET Q q 0 0 0 rg BT 479.38 547.25 Td (In ) Tj ET Q q 0 0 0 rg BT 490.46 547.25 Td (order ) Tj ET Q q 0 0 0 rg BT 514.31 547.25 Td (to ) Tj ET Q q 0 0 0 rg BT 524.84 547.25 Td (repay ) Tj ET Q q 0 0 0 rg BT 549.80 547.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 99.10 535.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 132.07 535.25 Td (of ) Tj ET Q q 0 0 0 rg BT 142.84 535.25 Td (our ) Tj ET Q q 0 0 0 rg BT 158.61 535.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 183.81 535.25 Td (facility) Tj ET Q q 0 0 0 rg BT 211.48 535.25 Td (, ) Tj ET Q q 0 0 0 rg BT 216.42 535.25 Td (we ) Tj ET Q q 0 0 0 rg BT 230.52 535.25 Td (could ) Tj ET Q q 0 0 0 rg BT 255.17 535.25 Td (be ) Tj ET Q q 0 0 0 rg BT 267.05 535.25 Td (required ) Tj ET Q q 0 0 0 rg BT 302.80 535.25 Td (to ) Tj ET Q q 0 0 0 rg BT 313.02 535.25 Td (repatriate ) Tj ET Q q 0 0 0 rg BT 353.21 535.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 377.87 535.25 Td (to ) Tj ET Q q 0 0 0 rg BT 388.08 535.25 Td (the ) Tj ET Q q 0 0 0 rg BT 402.74 535.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 422.96 535.25 Td (or ) Tj ET Q q 0 0 0 rg BT 433.73 535.25 Td (issue ) Tj ET Q q 0 0 0 rg BT 456.16 535.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 475.82 535.25 Td (or ) Tj ET Q q 0 0 0 rg BT 486.59 535.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 514.02 535.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 554.22 535.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.68 523.25 Td (public ) Tj ET Q q 0 0 0 rg BT 92.14 523.25 Td (or ) Tj ET Q q 0 0 0 rg BT 102.93 523.25 Td (private ) Tj ET Q q 0 0 0 rg BT 133.16 523.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 169.77 523.25 Td (in ) Tj ET Q q 0 0 0 rg BT 180.01 523.25 Td (each ) Tj ET Q q 0 0 0 rg BT 200.79 523.25 Td (case ) Tj ET Q q 0 0 0 rg BT 220.46 523.25 Td (on ) Tj ET Q q 0 0 0 rg BT 232.92 523.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 257.60 523.25 Td (which ) Tj ET Q q 0 0 0 rg BT 284.50 523.25 Td (may ) Tj ET Q q 0 0 0 rg BT 304.18 523.25 Td (not ) Tj ET Q q 0 0 0 rg BT 319.42 523.25 Td (be ) Tj ET Q q 0 0 0 rg BT 331.32 523.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 371.54 523.25 Td (to ) Tj ET Q q 0 0 0 rg BT 381.78 523.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 395.64 523.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 413.65 523.25 Td (inability ) Tj ET Q q 0 0 0 rg BT 449.44 523.25 Td (to ) Tj ET Q q 0 0 0 rg BT 459.68 523.25 Td (refinance ) Tj ET Q q 0 0 0 rg BT 499.34 523.25 Td (the ) Tj ET Q q 0 0 0 rg BT 514.02 523.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 533.70 523.25 Td (facility ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (could ) Tj ET Q q 0 0 0 rg BT 74.13 511.25 Td (have ) Tj ET Q q 0 0 0 rg BT 94.92 511.25 Td (a ) Tj ET Q q 0 0 0 rg BT 101.27 511.25 Td (material ) Tj ET Q q 0 0 0 rg BT 135.94 511.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 168.39 511.25 Td (ef) Tj ET Q q 0 0 0 rg BT 175.98 511.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 192.88 511.25 Td (on ) Tj ET Q q 0 0 0 rg BT 204.79 511.25 Td (our ) Tj ET Q q 0 0 0 rg BT 220.04 511.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 255.84 511.25 Td (and ) Tj ET Q q 0 0 0 rg BT 272.19 511.25 Td (result ) Tj ET Q q 0 0 0 rg BT 296.32 511.25 Td (in ) Tj ET Q q 0 0 0 rg BT 306.01 511.25 Td (our ) Tj ET Q q 0 0 0 rg BT 321.26 511.25 Td (inability ) Tj ET Q q 0 0 0 rg BT 356.50 511.25 Td (to ) Tj ET Q q 0 0 0 rg BT 366.19 511.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 387.54 511.25 Td (our ) Tj ET Q q 0 0 0 rg BT 402.78 511.25 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 451.64 511.25 Td (which ) Tj ET Q q 0 0 0 rg BT 477.99 511.25 Td (could ) Tj ET Q q 0 0 0 rg BT 502.12 511.25 Td (have ) Tj ET Q q 0 0 0 rg BT 522.91 511.25 Td (a ) Tj ET Q q 0 0 0 rg BT 529.26 511.25 Td (material ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 83.04 499.25 Td (ef) Tj ET Q q 0 0 0 rg BT 90.63 499.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 108.11 499.25 Td (on ) Tj ET Q q 0 0 0 rg BT 120.61 499.25 Td (our ) Tj ET Q q 0 0 0 rg BT 136.44 499.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 160.05 499.25 Td (price.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 478.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 82.16 478.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 127.85 478.25 Td (own ) Tj ET Q q 0 0 0 rg BT 148.57 478.25 Td (a ) Tj ET Q q 0 0 0 rg BT 157.06 478.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 204.44 478.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 237.94 478.25 Td (of ) Tj ET Q q 0 0 0 rg BT 249.76 478.25 Td (our ) Tj ET Q q 0 0 0 rg BT 267.70 478.25 Td (common ) Tj ET Q q 0 0 0 rg BT 306.74 478.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 331.34 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 350.39 478.25 Td (their ) Tj ET Q q 0 0 0 rg BT 373.33 478.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 411.26 478.25 Td (may ) Tj ET Q q 0 0 0 rg BT 431.97 478.25 Td (dif) Tj ET Q q 0 0 0 rg BT 442.89 478.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 458.04 478.25 Td (from ) Tj ET Q q 0 0 0 rg BT 481.53 478.25 Td (those ) Tj ET Q q 0 0 0 rg BT 506.69 478.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.51 478.25 Td (our ) Tj ET Q q 0 0 0 rg BT 536.45 478.25 Td (public ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 445.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 81.76 445.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 128.74 445.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.39 445.25 Td (their ) Tj ET Q q 0 0 0 rg BT 169.92 445.25 Td (af) Tj ET Q q 0 0 0 rg BT 177.51 445.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 210.04 445.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 243.13 445.25 Td (collectively ) Tj ET Q q 0 0 0 rg BT 293.99 445.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 324.86 445.25 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.83 445.25 Td (1) Tj ET Q q 0 0 0 rg BT 391.46 445.25 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.79 445.25 Td ( ) Tj ET Q q 0 0 0 rg BT 409.00 445.25 Td (of ) Tj ET Q q 0 0 0 rg BT 421.54 445.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.96 445.25 Td (total ) Tj ET Q q 0 0 0 rg BT 459.95 445.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 489.15 445.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.69 445.25 Td (common ) Tj ET Q q 0 0 0 rg BT 540.90 445.25 Td (stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 433.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 98.66 433.25 Td (as ) Tj ET Q q 0 0 0 rg BT 108.99 433.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.32 433.25 Td (February ) Tj ET Q q 0 0 0 rg BT 157.42 433.25 Td (21, ) Tj ET Q q 0 0 0 rg BT 171.92 433.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.92 433.25 Td (. ) Tj ET Q q 0 0 0 rg BT 196.42 433.25 Td ( ) Tj ET Q q 0 0 0 rg BT 197.98 433.25 Td (Assuming ) Tj ET Q q 0 0 0 rg BT 240.54 433.25 Td (the ) Tj ET Q q 0 0 0 rg BT 254.76 433.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 293.96 433.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 317.07 433.25 Td (units ) Tj ET Q q 0 0 0 rg BT 338.51 433.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 365.51 433.25 Td (to ) Tj ET Q q 0 0 0 rg BT 375.29 433.25 Td (our ) Tj ET Q q 0 0 0 rg BT 390.62 433.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 435.38 433.25 Td (were ) Tj ET Q q 0 0 0 rg BT 456.81 433.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 477.70 433.25 Td (vested ) Tj ET Q q 0 0 0 rg BT 505.24 433.25 Td (as ) Tj ET Q q 0 0 0 rg BT 515.57 433.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.90 433.25 Td (February ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 421.25 Td (21, ) Tj ET Q q 0 0 0 rg BT 65.00 421.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.00 421.25 Td (, ) Tj ET Q q 0 0 0 rg BT 90.00 421.25 Td (our ) Tj ET Q q 0 0 0 rg BT 105.83 421.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 151.09 421.25 Td (and ) Tj ET Q q 0 0 0 rg BT 168.03 421.25 Td (their ) Tj ET Q q 0 0 0 rg BT 188.86 421.25 Td (af) Tj ET Q q 0 0 0 rg BT 196.45 421.25 Td (filiates ) Tj ET Q q 0 0 0 rg BT 226.16 421.25 Td (would ) Tj ET Q q 0 0 0 rg BT 253.66 421.25 Td (have ) Tj ET Q q 0 0 0 rg BT 275.03 421.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 304.19 421.25 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.45 421.25 Td (20%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.78 421.25 Td ( ) Tj ET Q q 0 0 0 rg BT 385.28 421.25 Td (of ) Tj ET Q q 0 0 0 rg BT 396.11 421.25 Td (our ) Tj ET Q q 0 0 0 rg BT 411.94 421.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 439.43 421.25 Td (of ) Tj ET Q q 0 0 0 rg BT 450.26 421.25 Td (common ) Tj ET Q q 0 0 0 rg BT 487.76 421.25 Td (stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 400.25 Td (As ) Tj ET Q q 0 0 0 rg BT 75.80 400.25 Td (a ) Tj ET Q q 0 0 0 rg BT 82.92 400.25 Td (result ) Tj ET Q q 0 0 0 rg BT 107.83 400.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.84 400.25 Td (these ) Tj ET Q q 0 0 0 rg BT 142.07 400.25 Td (shareholdings, ) Tj ET Q q 0 0 0 rg BT 202.81 400.25 Td (our ) Tj ET Q q 0 0 0 rg BT 218.82 400.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 264.27 400.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 303.05 400.25 Td (are ) Tj ET Q q 0 0 0 rg BT 317.94 400.25 Td (able ) Tj ET Q q 0 0 0 rg BT 337.28 400.25 Td (to ) Tj ET Q q 0 0 0 rg BT 347.75 400.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 383.19 400.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 428.08 400.25 Td (influence ) Tj ET Q q 0 0 0 rg BT 467.97 400.25 Td (over ) Tj ET Q q 0 0 0 rg BT 488.43 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 503.33 400.25 Td (election ) Tj ET Q q 0 0 0 rg BT 537.66 400.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.68 400.25 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (entire ) Tj ET Q q 0 0 0 rg BT 75.17 388.25 Td (board ) Tj ET Q q 0 0 0 rg BT 100.35 388.25 Td (of ) Tj ET Q q 0 0 0 rg BT 111.10 388.25 Td (directors, ) Tj ET Q q 0 0 0 rg BT 150.99 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.62 388.25 Td (management ) Tj ET Q q 0 0 0 rg BT 219.12 388.25 Td (and ) Tj ET Q q 0 0 0 rg BT 235.97 388.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 269.48 388.25 Td (of ) Tj ET Q q 0 0 0 rg BT 280.23 388.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 320.40 388.25 Td (and ) Tj ET Q q 0 0 0 rg BT 337.25 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.88 388.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 388.72 388.25 Td (of ) Tj ET Q q 0 0 0 rg BT 399.46 388.25 Td (any ) Tj ET Q q 0 0 0 rg BT 416.31 388.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 456.48 388.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 502.76 388.25 Td (or ) Tj ET Q q 0 0 0 rg BT 513.50 388.25 Td (other ) Tj ET Q q 0 0 0 rg BT 536.46 388.25 Td (matter ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (submitted ) Tj ET Q q 0 0 0 rg BT 91.66 376.25 Td (to ) Tj ET Q q 0 0 0 rg BT 101.65 376.25 Td (the ) Tj ET Q q 0 0 0 rg BT 116.08 376.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 168.83 376.25 Td (for ) Tj ET Q q 0 0 0 rg BT 182.71 376.25 Td (approval, ) Tj ET Q q 0 0 0 rg BT 222.41 376.25 Td (including ) Tj ET Q q 0 0 0 rg BT 262.40 376.25 Td (mer) Tj ET Q q 0 0 0 rg BT 277.76 376.25 Td (gers, ) Tj ET Q q 0 0 0 rg BT 299.14 376.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.57 376.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 331.33 376.25 Td (of ) Tj ET Q q 0 0 0 rg BT 341.87 376.25 Td (all ) Tj ET Q q 0 0 0 rg BT 354.08 376.25 Td (or ) Tj ET Q q 0 0 0 rg BT 364.63 376.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 417.39 376.25 Td (all ) Tj ET Q q 0 0 0 rg BT 429.60 376.25 Td (of ) Tj ET Q q 0 0 0 rg BT 440.15 376.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.58 376.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 480.12 376.25 Td (of ) Tj ET Q q 0 0 0 rg BT 490.67 376.25 Td (Greenhill, ) Tj ET Q q 0 0 0 rg BT 533.14 376.25 Td (and ) Tj ET Q q 0 0 0 rg BT 549.80 376.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (declaration ) Tj ET Q q 0 0 0 rg BT 96.92 364.25 Td (and ) Tj ET Q q 0 0 0 rg BT 113.86 364.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 150.79 364.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.62 364.25 Td (dividends. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 343.25 Td (Sales ) Tj ET Q q 0 0 0 rg BT 85.25 343.25 Td (of ) Tj ET Q q 0 0 0 rg BT 95.72 343.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 140.63 343.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 176.66 343.25 Td (of ) Tj ET Q q 0 0 0 rg BT 187.13 343.25 Td (common ) Tj ET Q q 0 0 0 rg BT 224.26 343.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 247.51 343.25 Td (by ) Tj ET Q q 0 0 0 rg BT 259.65 343.25 Td (our ) Tj ET Q q 0 0 0 rg BT 275.12 343.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 316.70 343.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 353.82 343.25 Td (and ) Tj ET Q q 0 0 0 rg BT 370.40 343.25 Td (other ) Tj ET Q q 0 0 0 rg BT 393.09 343.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 440.49 343.25 Td (or ) Tj ET Q q 0 0 0 rg BT 450.96 343.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.32 343.25 Td (possibility ) Tj ET Q q 0 0 0 rg BT 509.13 343.25 Td (of ) Tj ET Q q 0 0 0 rg BT 519.60 343.25 Td (such ) Tj ET Q q 0 0 0 rg BT 540.07 343.25 Td (sales, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 331.25 Td (may ) Tj ET Q q 0 0 0 rg BT 69.04 331.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 109.17 331.25 Td (af) Tj ET Q q 0 0 0 rg BT 116.76 331.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 133.56 331.25 Td (the ) Tj ET Q q 0 0 0 rg BT 147.60 331.25 Td (price ) Tj ET Q q 0 0 0 rg BT 169.40 331.25 Td (of ) Tj ET Q q 0 0 0 rg BT 179.55 331.25 Td (the ) Tj ET Q q 0 0 0 rg BT 193.59 331.25 Td (common ) Tj ET Q q 0 0 0 rg BT 230.40 331.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 253.33 331.25 Td (and ) Tj ET Q q 0 0 0 rg BT 269.58 331.25 Td (impede ) Tj ET Q q 0 0 0 rg BT 300.84 331.25 Td (our ) Tj ET Q q 0 0 0 rg BT 315.99 331.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 343.36 331.25 Td (to ) Tj ET Q q 0 0 0 rg BT 352.95 331.25 Td (raise ) Tj ET Q q 0 0 0 rg BT 373.65 331.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 402.12 331.25 Td (through ) Tj ET Q q 0 0 0 rg BT 435.05 331.25 Td (the ) Tj ET Q q 0 0 0 rg BT 449.08 331.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 484.78 331.25 Td (of ) Tj ET Q q 0 0 0 rg BT 494.93 331.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 521.74 331.25 Td (securities. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 319.25 Td (There ) Tj ET Q q 0 0 0 rg BT 75.11 319.25 Td (are ) Tj ET Q q 0 0 0 rg BT 89.11 319.25 Td (no ) Tj ET Q q 0 0 0 rg BT 100.91 319.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 147.14 319.25 Td (on ) Tj ET Q q 0 0 0 rg BT 158.94 319.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.95 319.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 190.29 319.25 Td (of ) Tj ET Q q 0 0 0 rg BT 200.42 319.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.43 319.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 241.22 319.25 Td (held ) Tj ET Q q 0 0 0 rg BT 260.23 319.25 Td (by ) Tj ET Q q 0 0 0 rg BT 272.02 319.25 Td (our ) Tj ET Q q 0 0 0 rg BT 287.15 319.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 331.71 319.25 Td (other ) Tj ET Q q 0 0 0 rg BT 354.05 319.25 Td (than ) Tj ET Q q 0 0 0 rg BT 373.07 319.25 Td (prohibitions ) Tj ET Q q 0 0 0 rg BT 423.20 319.25 Td (on ) Tj ET Q q 0 0 0 rg BT 434.99 319.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 456.23 319.25 Td (during ) Tj ET Q q 0 0 0 rg BT 484.13 319.25 Td (black-out ) Tj ET Q q 0 0 0 rg BT 532.57 319.25 Td (periods ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 307.25 Td (imposed ) Tj ET Q q 0 0 0 rg BT 86.39 307.25 Td (by ) Tj ET Q q 0 0 0 rg BT 98.89 307.25 Td (us ) Tj ET Q q 0 0 0 rg BT 110.28 307.25 Td (between ) Tj ET Q q 0 0 0 rg BT 146.09 307.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 182.47 307.25 Td (releases.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 286.25 Td (A) Tj ET Q q 0 0 0 rg BT 68.12 286.25 Td ( ) Tj ET Q q 0 0 0 rg BT 69.92 286.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 115.62 286.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 147.43 286.25 Td (of ) Tj ET Q q 0 0 0 rg BT 157.57 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.15 286.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 231.18 286.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.31 286.25 Td (our ) Tj ET Q q 0 0 0 rg BT 257.57 286.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 301.05 286.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 338.96 286.25 Td (is ) Tj ET Q q 0 0 0 rg BT 347.44 286.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 367.02 286.25 Td (in ) Tj ET Q q 0 0 0 rg BT 377.16 286.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 417.29 286.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 440.20 286.25 Td (units ) Tj ET Q q 0 0 0 rg BT 462.58 286.25 Td (and ) Tj ET Q q 0 0 0 rg BT 479.94 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.52 286.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 523.00 286.25 Td (we ) Tj ET Q q 0 0 0 rg BT 535.91 286.25 Td (expect ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.11 274.25 Td (issue ) Tj ET Q q 0 0 0 rg BT 83.01 274.25 Td (on ) Tj ET Q q 0 0 0 rg BT 95.91 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.03 274.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 142.25 274.25 Td (of ) Tj ET Q q 0 0 0 rg BT 152.92 274.25 Td (those ) Tj ET Q q 0 0 0 rg BT 176.92 274.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 217.58 274.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 241.03 274.25 Td (units ) Tj ET Q q 0 0 0 rg BT 263.94 274.25 Td (could ) Tj ET Q q 0 0 0 rg BT 289.05 274.25 Td (result ) Tj ET Q q 0 0 0 rg BT 314.73 274.25 Td (in ) Tj ET Q q 0 0 0 rg BT 325.40 274.25 Td (a ) Tj ET Q q 0 0 0 rg BT 332.74 274.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 378.97 274.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 415.75 274.25 Td (in ) Tj ET Q q 0 0 0 rg BT 426.42 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 441.54 274.25 Td (number ) Tj ET Q q 0 0 0 rg BT 476.11 274.25 Td (of ) Tj ET Q q 0 0 0 rg BT 486.77 274.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 515.78 274.25 Td (of ) Tj ET Q q 0 0 0 rg BT 526.45 274.25 Td (common ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.61 262.25 Td (outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 241.25 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 241.25 Td (e ) Tj ET Q q 0 0 0 rg BT 76.63 241.25 Td (award ) Tj ET Q q 0 0 0 rg BT 102.61 241.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 141.36 241.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 164.02 241.25 Td (units, ) Tj ET Q q 0 0 0 rg BT 187.52 241.25 Td (as ) Tj ET Q q 0 0 0 rg BT 197.40 241.25 Td (part ) Tj ET Q q 0 0 0 rg BT 214.49 241.25 Td (of ) Tj ET Q q 0 0 0 rg BT 224.37 241.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 252.58 241.25 Td (bonus ) Tj ET Q q 0 0 0 rg BT 278.02 241.25 Td (and ) Tj ET Q q 0 0 0 rg BT 294.01 241.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 332.21 241.25 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 391.80 241.25 Td (to ) Tj ET Q q 0 0 0 rg BT 401.13 241.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 442.11 241.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 478.65 241.25 Td (and ) Tj ET Q q 0 0 0 rg BT 494.64 241.25 Td (other ) Tj ET Q q 0 0 0 rg BT 516.74 241.25 Td (employees. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 229.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 229.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.71 229.25 Td (also ) Tj ET Q q 0 0 0 rg BT 84.44 229.25 Td (award ) Tj ET Q q 0 0 0 rg BT 111.50 229.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 151.33 229.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 175.07 229.25 Td (units ) Tj ET Q q 0 0 0 rg BT 197.15 229.25 Td (as ) Tj ET Q q 0 0 0 rg BT 208.11 229.25 Td (a ) Tj ET Q q 0 0 0 rg BT 215.18 229.25 Td (long ) Tj ET Q q 0 0 0 rg BT 235.58 229.25 Td (term ) Tj ET Q q 0 0 0 rg BT 256.54 229.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 295.82 229.25 Td (to ) Tj ET Q q 0 0 0 rg BT 306.23 229.25 Td (new ) Tj ET Q q 0 0 0 rg BT 325.52 229.25 Td (hires ) Tj ET Q q 0 0 0 rg BT 347.58 229.25 Td (at ) Tj ET Q q 0 0 0 rg BT 357.43 229.25 Td (the ) Tj ET Q q 0 0 0 rg BT 372.28 229.25 Td (time ) Tj ET Q q 0 0 0 rg BT 392.68 229.25 Td (they ) Tj ET Q q 0 0 0 rg BT 412.52 229.25 Td (join ) Tj ET Q q 0 0 0 rg BT 430.71 229.25 Td (Greenhill. ) Tj ET Q q 0 0 0 rg BT 473.02 229.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 229.25 Td (February ) Tj ET Q q 0 0 0 rg BT 524.38 229.25 Td (21, ) Tj ET Q q 0 0 0 rg BT 539.51 229.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.51 229.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (3,745,107) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 217.25 Td (, ) Tj ET Q q 0 0 0 rg BT 95.71 217.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 136.13 217.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 160.45 217.25 Td (units ) Tj ET Q q 0 0 0 rg BT 183.12 217.25 Td (were ) Tj ET Q q 0 0 0 rg BT 205.76 217.25 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 258.14 217.25 Td (including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.13 217.25 Td (1,182,109) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.13 217.25 Td ( ) Tj ET Q q 0 0 0 rg BT 342.34 217.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 382.76 217.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 407.08 217.25 Td (units ) Tj ET Q q 0 0 0 rg BT 429.74 217.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 462.94 217.25 Td (to ) Tj ET Q q 0 0 0 rg BT 473.94 217.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 519.91 217.25 Td (in ) Tj ET Q q 0 0 0 rg BT 530.91 217.25 Td (January ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 205.25 Td ( ) Tj ET Q q 0 0 0 rg BT 71.62 205.25 Td (as ) Tj ET Q q 0 0 0 rg BT 81.57 205.25 Td (part ) Tj ET Q q 0 0 0 rg BT 98.73 205.25 Td (of ) Tj ET Q q 0 0 0 rg BT 108.68 205.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.52 205.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 163.57 205.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 201.84 205.25 Td (award ) Tj ET Q q 0 0 0 rg BT 227.89 205.25 Td (component ) Tj ET Q q 0 0 0 rg BT 273.94 205.25 Td (of ) Tj ET Q q 0 0 0 rg BT 283.89 205.25 Td (our ) Tj ET Q q 0 0 0 rg BT 298.84 205.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 327.11 205.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 384.27 205.25 Td (package. ) Tj ET Q q 0 0 0 rg BT 421.14 205.25 Td (Each ) Tj ET Q q 0 0 0 rg BT 442.75 205.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 481.57 205.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 504.29 205.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 521.47 205.25 Td (represents ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (the ) Tj ET Q q 0 0 0 rg BT 65.29 193.25 Td (holder) Tj ET Q q 0 0 0 rg BT 91.21 193.25 Td () Tj ET Q q 0 0 0 rg BT 93.99 193.25 Td (s ) Tj ET Q q 0 0 0 rg BT 100.95 193.25 Td (right ) Tj ET Q q 0 0 0 rg BT 122.91 193.25 Td (to ) Tj ET Q q 0 0 0 rg BT 133.76 193.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 165.70 193.25 Td (one ) Tj ET Q q 0 0 0 rg BT 183.21 193.25 Td (share ) Tj ET Q q 0 0 0 rg BT 207.39 193.25 Td (of ) Tj ET Q q 0 0 0 rg BT 218.79 193.25 Td (our ) Tj ET Q q 0 0 0 rg BT 235.19 193.25 Td (common ) Tj ET Q q 0 0 0 rg BT 273.26 193.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 297.44 193.25 Td (or ) Tj ET Q q 0 0 0 rg BT 308.85 193.25 Td (a ) Tj ET Q q 0 0 0 rg BT 316.36 193.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 337.20 193.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 374.71 193.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 399.44 193.25 Td (to ) Tj ET Q q 0 0 0 rg BT 410.29 193.25 Td (the ) Tj ET Q q 0 0 0 rg BT 425.58 193.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 442.53 193.25 Td (value ) Tj ET Q q 0 0 0 rg BT 467.26 193.25 Td (thereof, ) Tj ET Q q 0 0 0 rg BT 501.15 193.25 Td (at ) Tj ET Q q 0 0 0 rg BT 511.44 193.25 Td (our ) Tj ET Q q 0 0 0 rg BT 527.84 193.25 Td (election, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (following ) Tj ET Q q 0 0 0 rg BT 92.33 181.25 Td (the ) Tj ET Q q 0 0 0 rg BT 107.99 181.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 152.52 181.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 184.85 181.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 206.69 181.25 Td (A) Tj ET Q q 0 0 0 rg BT 213.00 181.25 Td (wards ) Tj ET Q q 0 0 0 rg BT 240.32 181.25 Td (of ) Tj ET Q q 0 0 0 rg BT 252.10 181.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 292.74 181.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 317.29 181.25 Td (units ) Tj ET Q q 0 0 0 rg BT 340.19 181.25 Td (to ) Tj ET Q q 0 0 0 rg BT 351.41 181.25 Td (our ) Tj ET Q q 0 0 0 rg BT 368.18 181.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 411.06 181.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 449.49 181.25 Td (and ) Tj ET Q q 0 0 0 rg BT 467.37 181.25 Td (other ) Tj ET Q q 0 0 0 rg BT 491.36 181.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 519.25 181.25 Td (employees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 89.61 169.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 108.12 169.25 Td (either ) Tj ET Q q 0 0 0 rg BT 133.29 169.25 Td (ratably ) Tj ET Q q 0 0 0 rg BT 163.46 169.25 Td (over ) Tj ET Q q 0 0 0 rg BT 183.64 169.25 Td (a ) Tj ET Q q 0 0 0 rg BT 190.48 169.25 Td (five ) Tj ET Q q 0 0 0 rg BT 208.44 169.25 Td (year ) Tj ET Q q 0 0 0 rg BT 228.05 169.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 258.50 169.25 Td (with ) Tj ET Q q 0 0 0 rg BT 278.69 169.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.31 169.25 Td (first ) Tj ET Q q 0 0 0 rg BT 311.82 169.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 343.12 169.25 Td (on ) Tj ET Q q 0 0 0 rg BT 355.52 169.25 Td (the ) Tj ET Q q 0 0 0 rg BT 370.15 169.25 Td (first ) Tj ET Q q 0 0 0 rg BT 388.66 169.25 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 437.71 169.25 Td (of ) Tj ET Q q 0 0 0 rg BT 448.45 169.25 Td (the ) Tj ET Q q 0 0 0 rg BT 463.07 169.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 486.03 169.25 Td (date, ) Tj ET Q q 0 0 0 rg BT 507.59 169.25 Td (or ) Tj ET Q q 0 0 0 rg BT 518.32 169.25 Td (do ) Tj ET Q q 0 0 0 rg BT 530.73 169.25 Td (not ) Tj ET Q q 0 0 0 rg BT 545.91 169.25 Td (vest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (until ) Tj ET Q q 0 0 0 rg BT 70.55 157.25 Td (the ) Tj ET Q q 0 0 0 rg BT 84.99 157.25 Td (fifth ) Tj ET Q q 0 0 0 rg BT 104.43 157.25 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 153.29 157.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.84 157.25 Td (their ) Tj ET Q q 0 0 0 rg BT 184.38 157.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 207.15 157.25 Td (date, ) Tj ET Q q 0 0 0 rg BT 228.53 157.25 Td (when ) Tj ET Q q 0 0 0 rg BT 252.40 157.25 Td (they ) Tj ET Q q 0 0 0 rg BT 271.84 157.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 290.17 157.25 Td (in ) Tj ET Q q 0 0 0 rg BT 300.17 157.25 Td (full, ) Tj ET Q q 0 0 0 rg BT 318.77 157.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 349.32 157.25 Td (to ) Tj ET Q q 0 0 0 rg BT 359.31 157.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 400.97 157.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 453.18 157.25 Td (on ) Tj ET Q q 0 0 0 rg BT 465.40 157.25 Td (the ) Tj ET Q q 0 0 0 rg BT 479.83 157.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 510.94 157.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 531.82 157.25 Td (A) Tj ET Q q 0 0 0 rg BT 538.13 157.25 Td (wards ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.07 145.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 101.00 145.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 124.85 145.25 Td (to ) Tj ET Q q 0 0 0 rg BT 135.36 145.25 Td (our ) Tj ET Q q 0 0 0 rg BT 151.43 145.25 Td (more ) Tj ET Q q 0 0 0 rg BT 174.71 145.25 Td (junior ) Tj ET Q q 0 0 0 rg BT 201.33 145.25 Td (professionals ) Tj ET Q q 0 0 0 rg BT 256.84 145.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 296.78 145.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 315.62 145.25 Td (ratably ) Tj ET Q q 0 0 0 rg BT 346.12 145.25 Td (over ) Tj ET Q q 0 0 0 rg BT 366.62 145.25 Td (a ) Tj ET Q q 0 0 0 rg BT 373.80 145.25 Td (three ) Tj ET Q q 0 0 0 rg BT 396.52 145.25 Td (to ) Tj ET Q q 0 0 0 rg BT 407.03 145.25 Td (four ) Tj ET Q q 0 0 0 rg BT 426.43 145.25 Td (year ) Tj ET Q q 0 0 0 rg BT 446.37 145.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 477.16 145.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 506.55 145.25 Td (will ) Tj ET Q q 0 0 0 rg BT 524.84 145.25 Td (be ) Tj ET Q q 0 0 0 rg BT 537.02 145.25 Td (issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (in ) Tj ET Q q 0 0 0 rg BT 61.20 133.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 92.94 133.25 Td (of ) Tj ET Q q 0 0 0 rg BT 104.70 133.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 145.32 133.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 169.86 133.25 Td (units ) Tj ET Q q 0 0 0 rg BT 192.73 133.25 Td (only ) Tj ET Q q 0 0 0 rg BT 213.93 133.25 Td (under ) Tj ET Q q 0 0 0 rg BT 240.12 133.25 Td (the ) Tj ET Q q 0 0 0 rg BT 255.77 133.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 315.83 133.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 355.35 133.25 Td (in ) Tj ET Q q 0 0 0 rg BT 366.55 133.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.19 133.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 426.71 133.25 Td (award ) Tj ET Q q 0 0 0 rg BT 454.56 133.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 503.51 133.25 Td (and ) Tj ET Q q 0 0 0 rg BT 521.38 133.25 Td (the ) Tj ET Q q 0 0 0 rg BT 537.02 133.25 Td (equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 89.33 121.25 Td (plan, ) Tj ET Q q 0 0 0 rg BT 111.74 121.25 Td (and ) Tj ET Q q 0 0 0 rg BT 128.86 121.25 Td (may ) Tj ET Q q 0 0 0 rg BT 148.76 121.25 Td (be ) Tj ET Q q 0 0 0 rg BT 160.88 121.25 Td (forfeited ) Tj ET Q q 0 0 0 rg BT 197.99 121.25 Td (in ) Tj ET Q q 0 0 0 rg BT 208.46 121.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 238.34 121.25 Td (cases. ) Tj ET Q q 0 0 0 rg BT 264.03 121.25 Td (Assuming ) Tj ET Q q 0 0 0 rg BT 307.28 121.25 Td (all ) Tj ET Q q 0 0 0 rg BT 319.96 121.25 Td (of ) Tj ET Q q 0 0 0 rg BT 330.97 121.25 Td (the ) Tj ET Q q 0 0 0 rg BT 345.87 121.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 390.22 121.25 Td (to ) Tj ET Q q 0 0 0 rg BT 400.69 121.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 432.26 121.25 Td (are ) Tj ET Q q 0 0 0 rg BT 447.15 121.25 Td (fulfilled, ) Tj ET Q q 0 0 0 rg BT 484.55 121.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 512.22 121.25 Td (in ) Tj ET Q q 0 0 0 rg BT 522.68 121.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 553.68 121.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.71 109.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 104.41 109.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 128.01 109.25 Td (units ) Tj ET Q q 0 0 0 rg BT 149.95 109.25 Td (that ) Tj ET Q q 0 0 0 rg BT 167.44 109.25 Td (were ) Tj ET Q q 0 0 0 rg BT 189.36 109.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 238.52 109.25 Td (as ) Tj ET Q q 0 0 0 rg BT 249.35 109.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.17 109.25 Td (February ) Tj ET Q q 0 0 0 rg BT 298.76 109.25 Td (21, ) Tj ET Q q 0 0 0 rg BT 313.76 109.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.76 109.25 Td ( ) Tj ET Q q 0 0 0 rg BT 336.25 109.25 Td (would ) Tj ET Q q 0 0 0 rg BT 363.75 109.25 Td (be ) Tj ET Q q 0 0 0 rg BT 375.68 109.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 403.17 109.25 Td (as ) Tj ET Q q 0 0 0 rg BT 414.00 109.25 Td (follows: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.27 109.25 Td (200,523) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.77 109.25 Td ( ) Tj ET Q q 0 0 0 rg BT 484.26 109.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 526.75 109.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 554.23 109.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 97.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 97.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.44 97.25 Td (972,074) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.94 97.25 Td ( ) Tj ET Q q 0 0 0 rg BT 110.87 97.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 138.80 97.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.51 97.25 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.51 97.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.95 97.25 Td (817,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.45 97.25 Td ( ) Tj ET Q q 0 0 0 rg BT 210.38 97.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 238.31 97.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.03 97.25 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.03 97.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.46 97.25 Td (850,984) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.96 97.25 Td ( ) Tj ET Q q 0 0 0 rg BT 309.90 97.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 337.82 97.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.54 97.25 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.54 97.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.97 97.25 Td (576,721) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.47 97.25 Td ( ) Tj ET Q q 0 0 0 rg BT 409.41 97.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 437.34 97.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.05 97.25 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.05 97.25 Td (, ) Tj ET Q q 0 0 0 rg BT 473.49 97.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.86 97.25 Td (327,153) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.36 97.25 Td ( ) Tj ET Q q 0 0 0 rg BT 526.30 97.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 554.22 97.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 85.25 Td (. ) Tj ET Q q 0 0 0 rg BT 75.09 85.25 Td (In ) Tj ET Q q 0 0 0 rg BT 86.02 85.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 123.89 85.25 Td (in ) Tj ET Q q 0 0 0 rg BT 134.26 85.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 180.73 85.25 Td (with ) Tj ET Q q 0 0 0 rg BT 201.10 85.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.91 85.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 262.38 85.25 Td (of ) Tj ET Q q 0 0 0 rg BT 273.31 85.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 313.09 85.25 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 354.84 85.25 Td (we ) Tj ET Q q 0 0 0 rg BT 369.10 85.25 Td (issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.69 85.25 Td (1,099,877) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.69 85.25 Td ( ) Tj ET Q q 0 0 0 rg BT 439.29 85.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 466.87 85.25 Td (of ) Tj ET Q q 0 0 0 rg BT 477.80 85.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 525.37 85.25 Td (preferred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 73.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 72.52 73.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.27 73.25 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.12 73.25 Td (659,926) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.62 73.25 Td ( ) Tj ET Q q 0 0 0 rg BT 142.04 73.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 168.44 73.25 Td (were ) Tj ET Q q 0 0 0 rg BT 189.29 73.25 Td (converted ) Tj ET Q q 0 0 0 rg BT 230.13 73.25 Td (into ) Tj ET Q q 0 0 0 rg BT 247.10 73.25 Td (common ) Tj ET Q q 0 0 0 rg BT 283.51 73.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 306.03 73.25 Td (in ) Tj ET Q q 0 0 0 rg BT 314.91 73.25 Td (April ) Tj ET Q q 0 0 0 rg BT 337.43 73.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 361.35 73.25 Td (and ) Tj ET Q q 0 0 0 rg BT 377.20 73.25 Td (the ) Tj ET Q q 0 0 0 rg BT 390.83 73.25 Td (remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.79 73.25 Td (439,951) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.29 73.25 Td ( ) Tj ET Q q 0 0 0 rg BT 466.71 73.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 493.11 73.25 Td (may ) Tj ET Q q 0 0 0 rg BT 511.74 73.25 Td (be ) Tj ET Q q 0 0 0 rg BT 522.60 73.25 Td (converted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 61.25 Td (into ) Tj ET Q q 0 0 0 rg BT 68.44 61.25 Td (common ) Tj ET Q q 0 0 0 rg BT 106.33 61.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 130.32 61.25 Td (in ) Tj ET Q q 0 0 0 rg BT 140.35 61.25 Td (April ) Tj ET Q q 0 0 0 rg BT 164.35 61.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 189.74 61.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 220.95 61.25 Td (to ) Tj ET Q q 0 0 0 rg BT 231.62 61.25 Td (the ) Tj ET Q q 0 0 0 rg BT 246.72 61.25 Td (achievement ) Tj ET Q q 0 0 0 rg BT 300.14 61.25 Td (of ) Tj ET Q q 0 0 0 rg BT 311.36 61.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.46 61.25 Td (second ) Tj ET Q q 0 0 0 rg BT 357.12 61.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 391.65 61.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 445.06 61.25 Td (tar) Tj ET Q q 0 0 0 rg BT 455.43 61.25 Td (get. ) Tj ET Q q 0 0 0 rg BT 473.03 61.25 Td (Further) Tj ET Q q 0 0 0 rg BT 502.07 61.25 Td (, ) Tj ET Q q 0 0 0 rg BT 507.46 61.25 Td (in ) Tj ET Q q 0 0 0 rg BT 518.13 61.25 Td (connection ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 49.25 Td (with ) Tj ET Q q 0 0 0 rg BT 70.79 49.25 Td (the ) Tj ET Q q 0 0 0 rg BT 86.01 49.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 132.90 49.25 Td (of ) Tj ET Q q 0 0 0 rg BT 144.24 49.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 184.35 49.25 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 226.51 49.25 Td (we ) Tj ET Q q 0 0 0 rg BT 241.18 49.25 Td (awarded ) Tj ET Q q 0 0 0 rg BT 278.05 49.25 Td (an ) Tj ET Q q 0 0 0 rg BT 290.50 49.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 333.50 49.25 Td (41,794 ) Tj ET Q q 0 0 0 rg BT 364.00 49.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 404.21 49.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 428.33 49.25 Td (units ) Tj ET Q q 0 0 0 rg BT 450.79 49.25 Td (\(not ) Tj ET Q q 0 0 0 rg BT 469.90 49.25 Td (included ) Tj ET Q q 0 0 0 rg BT 507.34 49.25 Td (above\) ) Tj ET Q q 0 0 0 rg BT 537.56 49.25 Td (which ) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.52 742.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 87.94 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.51 742.10 Td (April ) Tj ET Q q 0 0 0 rg BT 120.93 742.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 145.73 742.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 176.36 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 186.45 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.97 742.10 Td (achievement ) Tj ET Q q 0 0 0 rg BT 253.81 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.44 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 271.19 742.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 305.14 742.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 357.97 742.10 Td (tar) Tj ET Q q 0 0 0 rg BT 368.33 742.10 Td (get. ) Tj ET Q q 0 0 0 rg BT 385.36 742.10 Td (Upon ) Tj ET Q q 0 0 0 rg BT 409.88 742.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 444.95 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.59 742.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 495.10 742.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 518.51 742.10 Td (units ) Tj ET Q q 0 0 0 rg BT 540.27 742.10 Td (at ) Tj ET Q q 0 0 0 rg BT 549.79 742.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (time ) Tj ET Q q 0 0 0 rg BT 70.19 730.10 Td (they ) Tj ET Q q 0 0 0 rg BT 89.82 730.10 Td (vest, ) Tj ET Q q 0 0 0 rg BT 110.85 730.10 Td (we ) Tj ET Q q 0 0 0 rg BT 124.93 730.10 Td (have ) Tj ET Q q 0 0 0 rg BT 146.22 730.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 193.63 730.10 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 244.35 730.10 Td (from ) Tj ET Q q 0 0 0 rg BT 266.21 730.10 Td (31% ) Tj ET Q q 0 0 0 rg BT 286.95 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.15 730.10 Td (43% ) Tj ET Q q 0 0 0 rg BT 317.90 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.64 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.28 730.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 374.01 730.10 Td (for ) Tj ET Q q 0 0 0 rg BT 388.09 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.72 730.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 439.58 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.32 730.10 Td (income ) Tj ET Q q 0 0 0 rg BT 482.17 730.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 496.81 730.10 Td (withholding ) Tj ET Q q 0 0 0 rg BT 547.56 730.10 Td (due ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 73.19 718.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 117.48 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.00 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.41 718.10 Td (awards. ) Tj ET Q q 0 0 0 rg BT 178.42 718.10 Td (Further) Tj ET Q q 0 0 0 rg BT 207.45 718.10 Td (, ) Tj ET Q q 0 0 0 rg BT 213.14 718.10 Td (we ) Tj ET Q q 0 0 0 rg BT 227.99 718.10 Td (have ) Tj ET Q q 0 0 0 rg BT 250.06 718.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 298.24 718.10 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 349.74 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 360.70 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.11 718.10 Td (open ) Tj ET Q q 0 0 0 rg BT 398.74 718.10 Td (market ) Tj ET Q q 0 0 0 rg BT 429.69 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.32 718.10 Td (through ) Tj ET Q q 0 0 0 rg BT 481.62 718.10 Td (privately ) Tj ET Q q 0 0 0 rg BT 520.35 718.10 Td (negotiated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 100.48 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 107.63 706.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 152.56 706.10 Td (number ) Tj ET Q q 0 0 0 rg BT 185.82 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.86 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 212.90 706.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 240.61 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.65 706.10 Td (common ) Tj ET Q q 0 0 0 rg BT 289.36 706.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 315.68 706.10 Td (If ) Tj ET Q q 0 0 0 rg BT 325.06 706.10 Td (we ) Tj ET Q q 0 0 0 rg BT 339.43 706.10 Td (were ) Tj ET Q q 0 0 0 rg BT 361.57 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 372.07 706.10 Td (cease ) Tj ET Q q 0 0 0 rg BT 396.43 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 406.92 706.10 Td (or ) Tj ET Q q 0 0 0 rg BT 417.96 706.10 Td (were ) Tj ET Q q 0 0 0 rg BT 440.10 706.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 469.47 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 479.97 706.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 525.99 706.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 553.69 706.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (common ) Tj ET Q q 0 0 0 rg BT 87.50 694.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 113.60 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.32 694.10 Td (number ) Tj ET Q q 0 0 0 rg BT 161.37 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.20 694.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 199.69 694.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 248.85 694.10 Td (would ) Tj ET Q q 0 0 0 rg BT 276.35 694.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 311.61 694.10 Td (over ) Tj ET Q q 0 0 0 rg BT 331.88 694.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 354.65 694.10 Td (diluting ) Tj ET Q q 0 0 0 rg BT 388.26 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.98 694.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 447.14 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 457.97 694.10 Td (our ) Tj ET Q q 0 0 0 rg BT 473.80 694.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 507.96 694.10 Td (stockholders.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 673.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 105.04 673.10 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 154.77 673.10 Td (could ) Tj ET Q q 0 0 0 rg BT 180.05 673.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 204.78 673.10 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 246.73 673.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.79 673.10 Td (is ) Tj ET Q q 0 0 0 rg BT 273.96 673.10 Td (dif) Tj ET Q q 0 0 0 rg BT 284.89 673.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 309.05 673.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.33 673.10 Td (detect ) Tj ET Q q 0 0 0 rg BT 345.70 673.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.76 673.10 Td (deter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 652.10 Td (There ) Tj ET Q q 0 0 0 rg BT 87.53 652.10 Td (have ) Tj ET Q q 0 0 0 rg BT 108.62 652.10 Td (been ) Tj ET Q q 0 0 0 rg BT 129.72 652.10 Td (a ) Tj ET Q q 0 0 0 rg BT 136.37 652.10 Td (number ) Tj ET Q q 0 0 0 rg BT 169.13 652.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.68 652.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 207.45 652.10 Td (publicized ) Tj ET Q q 0 0 0 rg BT 251.32 652.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 274.63 652.10 Td (involving ) Tj ET Q q 0 0 0 rg BT 315.18 652.10 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 341.00 652.10 Td (insider ) Tj ET Q q 0 0 0 rg BT 370.43 652.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 400.97 652.10 Td (or ) Tj ET Q q 0 0 0 rg BT 411.52 652.10 Td (other ) Tj ET Q q 0 0 0 rg BT 434.28 652.10 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 482.60 652.10 Td (by ) Tj ET Q q 0 0 0 rg BT 494.82 652.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 539.79 652.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 652.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.48 640.10 Td (services ) Tj ET Q q 0 0 0 rg BT 122.18 640.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 157.46 640.10 Td (in ) Tj ET Q q 0 0 0 rg BT 167.73 640.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 194.66 640.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 220.75 640.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.69 640.10 Td (we ) Tj ET Q q 0 0 0 rg BT 251.85 640.10 Td (run ) Tj ET Q q 0 0 0 rg BT 267.67 640.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.39 640.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 299.89 640.10 Td (that ) Tj ET Q q 0 0 0 rg BT 317.38 640.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 358.75 640.10 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 407.35 640.10 Td (could ) Tj ET Q q 0 0 0 rg BT 432.06 640.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 456.77 640.10 Td (at ) Tj ET Q q 0 0 0 rg BT 466.48 640.10 Td (Greenhill. ) Tj ET Q q 0 0 0 rg BT 509.24 640.10 Td (For ) Tj ET Q q 0 0 0 rg BT 525.63 640.10 Td (example, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 97.65 628.10 Td (by ) Tj ET Q q 0 0 0 rg BT 109.20 628.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 153.51 628.10 Td (could ) Tj ET Q q 0 0 0 rg BT 177.27 628.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 208.81 628.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.58 628.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 260.78 628.10 Td (use ) Tj ET Q q 0 0 0 rg BT 275.66 628.10 Td (or ) Tj ET Q q 0 0 0 rg BT 285.53 628.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 327.63 628.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.50 628.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 386.81 628.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 438.07 628.10 Td (which ) Tj ET Q q 0 0 0 rg BT 464.05 628.10 Td (could ) Tj ET Q q 0 0 0 rg BT 487.82 628.10 Td (result ) Tj ET Q q 0 0 0 rg BT 511.58 628.10 Td (in ) Tj ET Q q 0 0 0 rg BT 520.91 628.10 Td (regulatory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (sanctions ) Tj ET Q q 0 0 0 rg BT 89.97 616.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.17 616.10 Td (serious ) Tj ET Q q 0 0 0 rg BT 138.25 616.10 Td (reputational ) Tj ET Q q 0 0 0 rg BT 188.77 616.10 Td (or ) Tj ET Q q 0 0 0 rg BT 199.86 616.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 237.59 616.10 Td (harm. ) Tj ET Q q 0 0 0 rg BT 263.40 616.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 281.70 616.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 318.90 616.10 Td (business ) Tj ET Q q 0 0 0 rg BT 355.55 616.10 Td (often ) Tj ET Q q 0 0 0 rg BT 378.85 616.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 413.81 616.10 Td (that ) Tj ET Q q 0 0 0 rg BT 431.56 616.10 Td (we ) Tj ET Q q 0 0 0 rg BT 445.98 616.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 465.39 616.10 Td (with ) Tj ET Q q 0 0 0 rg BT 485.93 616.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 514.24 616.10 Td (confidential ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (client ) Tj ET Q q 0 0 0 rg BT 75.65 604.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 128.79 604.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.44 604.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 184.53 604.10 Td (use ) Tj ET Q q 0 0 0 rg BT 201.30 604.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.06 604.10 Td (which ) Tj ET Q q 0 0 0 rg BT 240.93 604.10 Td (may ) Tj ET Q q 0 0 0 rg BT 261.58 604.10 Td (have ) Tj ET Q q 0 0 0 rg BT 283.90 604.10 Td (a ) Tj ET Q q 0 0 0 rg BT 291.77 604.10 Td (material ) Tj ET Q q 0 0 0 rg BT 327.96 604.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 361.93 604.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 392.58 604.10 Td (on ) Tj ET Q q 0 0 0 rg BT 406.01 604.10 Td (our ) Tj ET Q q 0 0 0 rg BT 422.78 604.10 Td (clients. ) Tj ET Q q 0 0 0 rg BT 454.06 604.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 474.71 604.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 504.79 604.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.55 604.10 Td (our ) Tj ET Q q 0 0 0 rg BT 533.32 604.10 Td (clients) Tj ET Q q 0 0 0 rg BT 562.01 604.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (confidences ) Tj ET Q q 0 0 0 rg BT 99.40 592.10 Td (as ) Tj ET Q q 0 0 0 rg BT 109.38 592.10 Td (a ) Tj ET Q q 0 0 0 rg BT 115.47 592.10 Td (result ) Tj ET Q q 0 0 0 rg BT 139.34 592.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.32 592.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 189.84 592.10 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 237.60 592.10 Td (may ) Tj ET Q q 0 0 0 rg BT 256.46 592.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 284.22 592.10 Td (our ) Tj ET Q q 0 0 0 rg BT 299.20 592.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 326.40 592.10 Td (to ) Tj ET Q q 0 0 0 rg BT 335.83 592.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 362.46 592.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.55 592.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 402.96 592.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 439.05 592.10 Td (clients. ) Tj ET Q q 0 0 0 rg BT 469.31 592.10 Td (It ) Tj ET Q q 0 0 0 rg BT 477.07 592.10 Td (is ) Tj ET Q q 0 0 0 rg BT 485.39 592.10 Td (not ) Tj ET Q q 0 0 0 rg BT 499.81 592.10 Td (always ) Tj ET Q q 0 0 0 rg BT 529.23 592.10 Td (possible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 580.10 Td (deter ) Tj ET Q q 0 0 0 rg BT 82.76 580.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 124.14 580.10 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 172.74 580.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.68 580.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.39 580.10 Td (precautions ) Tj ET Q q 0 0 0 rg BT 252.99 580.10 Td (we ) Tj ET Q q 0 0 0 rg BT 267.15 580.10 Td (take ) Tj ET Q q 0 0 0 rg BT 286.30 580.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.58 580.10 Td (detect ) Tj ET Q q 0 0 0 rg BT 322.95 580.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.89 580.10 Td (prevent ) Tj ET Q q 0 0 0 rg BT 372.38 580.10 Td (this ) Tj ET Q q 0 0 0 rg BT 389.33 580.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 421.82 580.10 Td (may ) Tj ET Q q 0 0 0 rg BT 441.53 580.10 Td (not ) Tj ET Q q 0 0 0 rg BT 456.81 580.10 Td (be ) Tj ET Q q 0 0 0 rg BT 468.75 580.10 Td (ef) Tj ET Q q 0 0 0 rg BT 476.34 580.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 506.04 580.10 Td (in ) Tj ET Q q 0 0 0 rg BT 516.32 580.10 Td (all ) Tj ET Q q 0 0 0 rg BT 528.81 580.10 Td (cases.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 559.10 Td (In ) Tj ET Q q 0 0 0 rg BT 73.49 559.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 101.08 559.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 127.84 559.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.22 559.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 164.16 559.10 Td (Department ) Tj ET Q q 0 0 0 rg BT 214.52 559.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.02 559.10 Td (Justice ) Tj ET Q q 0 0 0 rg BT 256.39 559.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.99 559.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.37 559.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 310.87 559.10 Td (have ) Tj ET Q q 0 0 0 rg BT 332.91 559.10 Td (also ) Tj ET Q q 0 0 0 rg BT 352.18 559.10 Td (devoted ) Tj ET Q q 0 0 0 rg BT 387.00 559.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 417.92 559.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 458.84 559.10 Td (to ) Tj ET Q q 0 0 0 rg BT 469.78 559.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.15 559.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 538.29 559.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.78 559.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 83.69 547.10 Td (Corrupt ) Tj ET Q q 0 0 0 rg BT 117.37 547.10 Td (Practices ) Tj ET Q q 0 0 0 rg BT 155.48 547.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 174.99 547.10 Td (In ) Tj ET Q q 0 0 0 rg BT 185.90 547.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 223.75 547.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.55 547.10 Td (United ) Tj ET Q q 0 0 0 rg BT 268.34 547.10 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 308.70 547.10 Td (has ) Tj ET Q q 0 0 0 rg BT 324.61 547.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 359.39 547.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 411.96 547.10 Td (expanded ) Tj ET Q q 0 0 0 rg BT 452.85 547.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.64 547.10 Td (reach ) Tj ET Q q 0 0 0 rg BT 491.87 547.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.78 547.10 Td (its ) Tj ET Q q 0 0 0 rg BT 514.80 547.10 Td (anti-bribery ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (laws. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 514.10 Td (While ) Tj ET Q q 0 0 0 rg BT 88.49 514.10 Td (we ) Tj ET Q q 0 0 0 rg BT 102.21 514.10 Td (have ) Tj ET Q q 0 0 0 rg BT 123.15 514.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 166.30 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 182.80 514.10 Td (implemented ) Tj ET Q q 0 0 0 rg BT 237.07 514.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 270.23 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 286.73 514.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 332.66 514.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 370.26 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.10 514.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 408.26 514.10 Td (strict ) Tj ET Q q 0 0 0 rg BT 430.31 514.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 478.46 514.10 Td (with ) Tj ET Q q 0 0 0 rg BT 498.30 514.10 Td (anti-bribery ) Tj ET Q q 0 0 0 rg BT 547.56 514.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.48 502.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 97.25 502.10 Td (such ) Tj ET Q q 0 0 0 rg BT 118.51 502.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 152.55 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 169.92 502.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 216.72 502.10 Td (may ) Tj ET Q q 0 0 0 rg BT 236.88 502.10 Td (not ) Tj ET Q q 0 0 0 rg BT 252.59 502.10 Td (be ) Tj ET Q q 0 0 0 rg BT 264.96 502.10 Td (ef) Tj ET Q q 0 0 0 rg BT 272.55 502.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 302.69 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 313.40 502.10 Td (all ) Tj ET Q q 0 0 0 rg BT 326.33 502.10 Td (instances ) Tj ET Q q 0 0 0 rg BT 365.92 502.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.63 502.10 Td (prevent ) Tj ET Q q 0 0 0 rg BT 409.55 502.10 Td (violations. ) Tj ET Q q 0 0 0 rg BT 453.78 502.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 473.94 502.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 532.41 502.10 Td (that ) Tj ET Q q 0 0 0 rg BT 550.34 502.10 Td (we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (have ) Tj ET Q q 0 0 0 rg BT 71.28 490.10 Td (violated ) Tj ET Q q 0 0 0 rg BT 105.89 490.10 Td (these ) Tj ET Q q 0 0 0 rg BT 128.84 490.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 149.57 490.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 163.63 490.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 193.81 490.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 214.54 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.27 490.10 Td (other ) Tj ET Q q 0 0 0 rg BT 248.22 490.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 300.06 490.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.24 490.10 Td (which ) Tj ET Q q 0 0 0 rg BT 337.08 490.10 Td (we ) Tj ET Q q 0 0 0 rg BT 351.14 490.10 Td (do ) Tj ET Q q 0 0 0 rg BT 363.55 490.10 Td (business\) ) Tj ET Q q 0 0 0 rg BT 403.17 490.10 Td (could ) Tj ET Q q 0 0 0 rg BT 427.79 490.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 458.51 490.10 Td (us ) Tj ET Q q 0 0 0 rg BT 469.81 490.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 482.49 490.10 Td (among ) Tj ET Q q 0 0 0 rg BT 512.10 490.10 Td (other ) Tj ET Q q 0 0 0 rg BT 535.05 490.10 Td (things, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (civil ) Tj ET Q q 0 0 0 rg BT 69.78 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 86.23 478.10 Td (criminal ) Tj ET Q q 0 0 0 rg BT 121.55 478.10 Td (penalties, ) Tj ET Q q 0 0 0 rg BT 161.60 478.10 Td (material ) Tj ET Q q 0 0 0 rg BT 196.37 478.10 Td (fines, ) Tj ET Q q 0 0 0 rg BT 220.31 478.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 244.54 478.10 Td (disgor) Tj ET Q q 0 0 0 rg BT 269.36 478.10 Td (gement, ) Tj ET Q q 0 0 0 rg BT 303.30 478.10 Td (injunction ) Tj ET Q q 0 0 0 rg BT 345.85 478.10 Td (on ) Tj ET Q q 0 0 0 rg BT 357.86 478.10 Td (future ) Tj ET Q q 0 0 0 rg BT 383.75 478.10 Td (conduct, ) Tj ET Q q 0 0 0 rg BT 419.91 478.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 459.68 478.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 497.79 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.24 478.10 Td (reputational ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (damage, ) Tj ET Q q 0 0 0 rg BT 86.35 466.10 Td (any ) Tj ET Q q 0 0 0 rg BT 103.54 466.10 Td (one ) Tj ET Q q 0 0 0 rg BT 120.74 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.82 466.10 Td (which ) Tj ET Q q 0 0 0 rg BT 159.02 466.10 Td (could ) Tj ET Q q 0 0 0 rg BT 183.99 466.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 225.06 466.10 Td (af) Tj ET Q q 0 0 0 rg BT 232.65 466.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 250.39 466.10 Td (our ) Tj ET Q q 0 0 0 rg BT 266.47 466.10 Td (business ) Tj ET Q q 0 0 0 rg BT 303.12 466.10 Td (prospects, ) Tj ET Q q 0 0 0 rg BT 346.14 466.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 383.88 466.10 Td (position ) Tj ET Q q 0 0 0 rg BT 418.86 466.10 Td (or ) Tj ET Q q 0 0 0 rg BT 429.95 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.92 466.10 Td (market ) Tj ET Q q 0 0 0 rg BT 475.44 466.10 Td (value ) Tj ET Q q 0 0 0 rg BT 499.85 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.93 466.10 Td (our ) Tj ET Q q 0 0 0 rg BT 527.02 466.10 Td (common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (stock.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 433.10 Td (W) Tj ET Q q 0 0 0 rg BT 70.15 433.10 Td (e ) Tj ET Q q 0 0 0 rg BT 76.64 433.10 Td (may ) Tj ET Q q 0 0 0 rg BT 95.90 433.10 Td (face ) Tj ET Q q 0 0 0 rg BT 115.15 433.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 149.42 433.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.24 433.10 Td (our ) Tj ET Q q 0 0 0 rg BT 175.74 433.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 228.35 433.10 Td (reputation ) Tj ET Q q 0 0 0 rg BT 273.19 433.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.80 433.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 312.84 433.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 346.00 433.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.82 433.10 Td (our ) Tj ET Q q 0 0 0 rg BT 372.32 433.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 401.03 433.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.64 433.10 Td (af) Tj ET Q q 0 0 0 rg BT 426.79 433.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 453.26 433.10 Td (third ) Tj ET Q q 0 0 0 rg BT 475.32 433.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 505.15 433.10 Td (if ) Tj ET Q q 0 0 0 rg BT 513.30 433.10 Td (our ) Tj ET Q q 0 0 0 rg BT 529.80 433.10 Td (services ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (are ) Tj ET Q q 0 0 0 rg BT 65.83 421.10 Td (not ) Tj ET Q q 0 0 0 rg BT 81.67 421.10 Td (regarded ) Tj ET Q q 0 0 0 rg BT 120.83 421.10 Td (as ) Tj ET Q q 0 0 0 rg BT 132.22 421.10 Td (satisfactory ) Tj ET Q q 0 0 0 rg BT 181.94 421.10 Td (or ) Tj ET Q q 0 0 0 rg BT 193.33 421.10 Td (if ) Tj ET Q q 0 0 0 rg BT 201.94 421.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 239.43 421.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.26 421.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 287.21 421.10 Td (should ) Tj ET Q q 0 0 0 rg BT 317.50 421.10 Td (arise) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 400.10 Td (As ) Tj ET Q q 0 0 0 rg BT 75.07 400.10 Td (an ) Tj ET Q q 0 0 0 rg BT 86.47 400.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 132.31 400.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 166.49 400.10 Td (firm, ) Tj ET Q q 0 0 0 rg BT 188.16 400.10 Td (we ) Tj ET Q q 0 0 0 rg BT 201.78 400.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 232.62 400.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.36 400.10 Td (a ) Tj ET Q q 0 0 0 rg BT 248.76 400.10 Td (lar) Tj ET Q q 0 0 0 rg BT 259.12 400.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 270.52 400.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 296.91 400.10 Td (on ) Tj ET Q q 0 0 0 rg BT 308.87 400.10 Td (our ) Tj ET Q q 0 0 0 rg BT 324.16 400.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 377.23 400.10 Td (with ) Tj ET Q q 0 0 0 rg BT 396.96 400.10 Td (our ) Tj ET Q q 0 0 0 rg BT 412.25 400.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 440.32 400.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.71 400.10 Td (our ) Tj ET Q q 0 0 0 rg BT 472.00 400.10 Td (reputation ) Tj ET Q q 0 0 0 rg BT 514.50 400.10 Td (for ) Tj ET Q q 0 0 0 rg BT 528.12 400.10 Td (integrity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.97 388.10 Td (high-caliber ) Tj ET Q q 0 0 0 rg BT 117.82 388.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 169.23 388.10 Td (services ) Tj ET Q q 0 0 0 rg BT 203.98 388.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.29 388.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 241.81 388.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.78 388.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 284.08 388.10 Td (clients. ) Tj ET Q q 0 0 0 rg BT 314.66 388.10 Td (As ) Tj ET Q q 0 0 0 rg BT 328.31 388.10 Td (a ) Tj ET Q q 0 0 0 rg BT 335.28 388.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 362.53 388.10 Td (if ) Tj ET Q q 0 0 0 rg BT 371.18 388.10 Td (a ) Tj ET Q q 0 0 0 rg BT 378.15 388.10 Td (client ) Tj ET Q q 0 0 0 rg BT 402.90 388.10 Td (is ) Tj ET Q q 0 0 0 rg BT 412.10 388.10 Td (not ) Tj ET Q q 0 0 0 rg BT 427.42 388.10 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 463.28 388.10 Td (with ) Tj ET Q q 0 0 0 rg BT 483.59 388.10 Td (our ) Tj ET Q q 0 0 0 rg BT 499.46 388.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 536.70 388.10 Td (it ) Tj ET Q q 0 0 0 rg BT 544.79 388.10 Td (may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.66 376.10 Td (more ) Tj ET Q q 0 0 0 rg BT 84.42 376.10 Td (damaging ) Tj ET Q q 0 0 0 rg BT 126.08 376.10 Td (in ) Tj ET Q q 0 0 0 rg BT 136.07 376.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.62 376.10 Td (business ) Tj ET Q q 0 0 0 rg BT 187.73 376.10 Td (than ) Tj ET Q q 0 0 0 rg BT 207.17 376.10 Td (in ) Tj ET Q q 0 0 0 rg BT 217.17 376.10 Td (other ) Tj ET Q q 0 0 0 rg BT 239.93 376.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 286.88 376.10 Td (Moreover) Tj ET Q q 0 0 0 rg BT 325.90 376.10 Td (, ) Tj ET Q q 0 0 0 rg BT 330.62 376.10 Td (our ) Tj ET Q q 0 0 0 rg BT 346.17 376.10 Td (role ) Tj ET Q q 0 0 0 rg BT 363.94 376.10 Td (as ) Tj ET Q q 0 0 0 rg BT 374.49 376.10 Td (advisor ) Tj ET Q q 0 0 0 rg BT 406.15 376.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.14 376.10 Td (our ) Tj ET Q q 0 0 0 rg BT 431.69 376.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 460.01 376.10 Td (on ) Tj ET Q q 0 0 0 rg BT 472.23 376.10 Td (important ) Tj ET Q q 0 0 0 rg BT 513.33 376.10 Td (mer) Tj ET Q q 0 0 0 rg BT 528.70 376.10 Td (gers ) Tj ET Q q 0 0 0 rg BT 547.58 376.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 99.45 364.10 Td (or ) Tj ET Q q 0 0 0 rg BT 109.47 364.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 162.24 364.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 211.69 364.10 Td (involves ) Tj ET Q q 0 0 0 rg BT 247.25 364.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 283.37 364.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 317.27 364.10 Td (and ) Tj ET Q q 0 0 0 rg BT 333.39 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.28 364.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 381.72 364.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.73 364.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 442.29 364.10 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 484.24 364.10 Td (including ) Tj ET Q q 0 0 0 rg BT 523.70 364.10 Td (rendering ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (fairness ) Tj ET Q q 0 0 0 rg BT 87.63 352.10 Td (opinions ) Tj ET Q q 0 0 0 rg BT 128.62 352.10 Td (in ) Tj ET Q q 0 0 0 rg BT 138.49 352.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 184.46 352.10 Td (with ) Tj ET Q q 0 0 0 rg BT 204.33 352.10 Td (mer) Tj ET Q q 0 0 0 rg BT 219.70 352.10 Td (gers ) Tj ET Q q 0 0 0 rg BT 238.46 352.10 Td (and ) Tj ET Q q 0 0 0 rg BT 254.99 352.10 Td (other ) Tj ET Q q 0 0 0 rg BT 277.63 352.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 329.99 352.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 347.64 352.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 385.84 352.10 Td (may ) Tj ET Q q 0 0 0 rg BT 405.15 352.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 435.57 352.10 Td (us ) Tj ET Q q 0 0 0 rg BT 446.56 352.10 Td (to ) Tj ET Q q 0 0 0 rg BT 456.43 352.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.75 352.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 487.84 352.10 Td (of ) Tj ET Q q 0 0 0 rg BT 498.27 352.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 542.58 352.10 Td (legal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 89.99 340.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.54 340.10 Td (our ) Tj ET Q q 0 0 0 rg BT 116.64 340.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 145.52 340.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.73 340.10 Td (aggrieved ) Tj ET Q q 0 0 0 rg BT 204.93 340.10 Td (third ) Tj ET Q q 0 0 0 rg BT 226.58 340.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 258.51 340.10 Td (including ) Tj ET Q q 0 0 0 rg BT 299.06 340.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 352.37 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.47 340.10 Td (our ) Tj ET Q q 0 0 0 rg BT 379.57 340.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 408.45 340.10 Td (who ) Tj ET Q q 0 0 0 rg BT 428.44 340.10 Td (could ) Tj ET Q q 0 0 0 rg BT 453.43 340.10 Td (bring ) Tj ET Q q 0 0 0 rg BT 477.31 340.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 508.41 340.10 Td (against ) Tj ET Q q 0 0 0 rg BT 539.51 340.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 553.67 340.10 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 77.77 328.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 104.72 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.28 328.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 153.62 328.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.30 328.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 194.75 328.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.54 328.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 245.88 328.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.56 328.10 Td (damages ) Tj ET Q q 0 0 0 rg BT 295.89 328.10 Td (claimed ) Tj ET Q q 0 0 0 rg BT 330.89 328.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.01 328.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 381.47 328.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.25 328.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 443.69 328.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 495.36 328.10 Td (against ) Tj ET Q q 0 0 0 rg BT 527.03 328.10 Td (financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 110.04 316.10 Td (have ) Tj ET Q q 0 0 0 rg BT 131.76 316.10 Td (been ) Tj ET Q q 0 0 0 rg BT 153.48 316.10 Td (increasing. ) Tj ET Q q 0 0 0 rg BT 199.71 316.10 Td (These ) Tj ET Q q 0 0 0 rg BT 226.43 316.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 248.17 316.10 Td (often ) Tj ET Q q 0 0 0 rg BT 271.56 316.10 Td (may ) Tj ET Q q 0 0 0 rg BT 291.62 316.10 Td (be ) Tj ET Q q 0 0 0 rg BT 303.90 316.10 Td (dif) Tj ET Q q 0 0 0 rg BT 314.83 316.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 338.77 316.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.40 316.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 376.68 316.10 Td (or ) Tj ET Q q 0 0 0 rg BT 387.86 316.10 Td (quantify ) Tj ET Q q 0 0 0 rg BT 424.02 316.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.31 316.10 Td (their ) Tj ET Q q 0 0 0 rg BT 462.47 316.10 Td (existence ) Tj ET Q q 0 0 0 rg BT 502.52 316.10 Td (and ) Tj ET Q q 0 0 0 rg BT 519.80 316.10 Td (magnitude ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (often ) Tj ET Q q 0 0 0 rg BT 73.05 304.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 103.31 304.10 Td (unknown ) Tj ET Q q 0 0 0 rg BT 143.03 304.10 Td (for ) Tj ET Q q 0 0 0 rg BT 157.19 304.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 202.47 304.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 234.40 304.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.23 304.10 Td (time.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 283.10 Td (In ) Tj ET Q q 0 0 0 rg BT 72.96 283.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 110.86 283.10 Td (our ) Tj ET Q q 0 0 0 rg BT 126.82 283.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 155.55 283.10 Td (are ) Tj ET Q q 0 0 0 rg BT 170.39 283.10 Td (often ) Tj ET Q q 0 0 0 rg BT 193.57 283.10 Td (concerned ) Tj ET Q q 0 0 0 rg BT 237.28 283.10 Td (about ) Tj ET Q q 0 0 0 rg BT 262.13 283.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 299.19 283.10 Td (of ) Tj ET Q q 0 0 0 rg BT 310.15 283.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 342.21 283.10 Td (that ) Tj ET Q q 0 0 0 rg BT 359.84 283.10 Td (may ) Tj ET Q q 0 0 0 rg BT 379.68 283.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 401.19 283.10 Td (in ) Tj ET Q q 0 0 0 rg BT 411.60 283.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.44 283.10 Td (course ) Tj ET Q q 0 0 0 rg BT 455.17 283.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.13 283.10 Td (engagements. ) Tj ET Q q 0 0 0 rg BT 523.27 283.10 Td (While ) Tj ET Q q 0 0 0 rg BT 550.34 283.10 Td (we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (have ) Tj ET Q q 0 0 0 rg BT 72.50 271.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 107.78 271.10 Td (various ) Tj ET Q q 0 0 0 rg BT 140.84 271.10 Td (policies, ) Tj ET Q q 0 0 0 rg BT 178.07 271.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 213.91 271.10 Td (and ) Tj ET Q q 0 0 0 rg BT 231.98 271.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 279.47 271.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.87 271.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 321.14 271.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.98 271.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 359.50 271.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 404.22 271.10 Td (with ) Tj ET Q q 0 0 0 rg BT 425.62 271.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.46 271.10 Td (execution ) Tj ET Q q 0 0 0 rg BT 483.96 271.10 Td (of ) Tj ET Q q 0 0 0 rg BT 495.91 271.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 549.80 271.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (rendering ) Tj ET Q q 0 0 0 rg BT 91.38 259.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.78 259.10 Td (fairness ) Tj ET Q q 0 0 0 rg BT 136.94 259.10 Td (opinions ) Tj ET Q q 0 0 0 rg BT 174.46 259.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.96 259.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 230.02 259.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 267.52 259.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.92 259.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 313.92 259.10 Td (these ) Tj ET Q q 0 0 0 rg BT 337.53 259.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 371.70 259.10 Td (may ) Tj ET Q q 0 0 0 rg BT 391.98 259.10 Td (not ) Tj ET Q q 0 0 0 rg BT 407.83 259.10 Td (be ) Tj ET Q q 0 0 0 rg BT 420.33 259.10 Td (adhered ) Tj ET Q q 0 0 0 rg BT 455.04 259.10 Td (to ) Tj ET Q q 0 0 0 rg BT 465.89 259.10 Td (by ) Tj ET Q q 0 0 0 rg BT 478.96 259.10 Td (our ) Tj ET Q q 0 0 0 rg BT 495.35 259.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 541.18 259.10 Td (or ) Tj ET Q q 0 0 0 rg BT 552.58 259.10 Td (be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 247.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 87.74 247.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.46 247.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 136.39 247.10 Td (these ) Tj ET Q q 0 0 0 rg BT 159.88 247.10 Td (risks. ) Tj ET Q q 0 0 0 rg BT 184.22 247.10 Td (Failure ) Tj ET Q q 0 0 0 rg BT 215.49 247.10 Td (to ) Tj ET Q q 0 0 0 rg BT 226.22 247.10 Td (adhere ) Tj ET Q q 0 0 0 rg BT 255.81 247.10 Td (to ) Tj ET Q q 0 0 0 rg BT 266.53 247.10 Td (these ) Tj ET Q q 0 0 0 rg BT 290.02 247.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 324.07 247.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.46 247.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 388.27 247.10 Td (may ) Tj ET Q q 0 0 0 rg BT 408.43 247.10 Td (result ) Tj ET Q q 0 0 0 rg BT 433.60 247.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.32 247.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 488.36 247.10 Td (sanctions ) Tj ET Q q 0 0 0 rg BT 528.52 247.10 Td (or ) Tj ET Q q 0 0 0 rg BT 539.80 247.10 Td (client ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (litigation. ) Tj ET Q q 0 0 0 rg BT 91.28 235.10 Td ( ) Tj ET Q q 0 0 0 rg BT 93.76 235.10 Td (W) Tj ET Q q 0 0 0 rg BT 102.40 235.10 Td (e ) Tj ET Q q 0 0 0 rg BT 109.51 235.10 Td (are ) Tj ET Q q 0 0 0 rg BT 124.39 235.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 153.72 235.10 Td (to ) Tj ET Q q 0 0 0 rg BT 164.17 235.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 200.16 235.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.05 235.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 247.72 235.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.72 235.10 Td (monetary ) Tj ET Q q 0 0 0 rg BT 299.15 235.10 Td (damages ) Tj ET Q q 0 0 0 rg BT 336.81 235.10 Td (which ) Tj ET Q q 0 0 0 rg BT 363.92 235.10 Td (could ) Tj ET Q q 0 0 0 rg BT 388.81 235.10 Td (be ) Tj ET Q q 0 0 0 rg BT 400.92 235.10 Td (assessed ) Tj ET Q q 0 0 0 rg BT 437.48 235.10 Td (or ) Tj ET Q q 0 0 0 rg BT 448.48 235.10 Td (reputational ) Tj ET Q q 0 0 0 rg BT 498.91 235.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 522.13 235.10 Td (that ) Tj ET Q q 0 0 0 rg BT 539.80 235.10 Td (could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 74.71 223.10 Td (as ) Tj ET Q q 0 0 0 rg BT 85.54 223.10 Td (a ) Tj ET Q q 0 0 0 rg BT 92.48 223.10 Td (result ) Tj ET Q q 0 0 0 rg BT 117.19 223.10 Td (of ) Tj ET Q q 0 0 0 rg BT 128.02 223.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 171.62 223.10 Td (sanction ) Tj ET Q q 0 0 0 rg BT 207.44 223.10 Td (or ) Tj ET Q q 0 0 0 rg BT 218.27 223.10 Td (client ) Tj ET Q q 0 0 0 rg BT 242.98 223.10 Td (litigation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 202.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 80.73 202.10 Td (engagements ) Tj ET Q q 0 0 0 rg BT 136.11 202.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 174.27 202.10 Td (include ) Tj ET Q q 0 0 0 rg BT 206.88 202.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 232.83 202.10 Td (indemnities ) Tj ET Q q 0 0 0 rg BT 282.66 202.10 Td (from ) Tj ET Q q 0 0 0 rg BT 305.28 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 321.79 202.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 351.06 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.68 202.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 413.53 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.48 202.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 446.55 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 463.05 202.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 502.33 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 513.28 202.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 535.89 202.10 Td (claims ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 83.00 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 93.25 190.10 Td (our ) Tj ET Q q 0 0 0 rg BT 109.04 190.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 146.21 190.10 Td (but ) Tj ET Q q 0 0 0 rg BT 161.45 190.10 Td (these ) Tj ET Q q 0 0 0 rg BT 184.46 190.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 228.59 190.10 Td (may ) Tj ET Q q 0 0 0 rg BT 248.27 190.10 Td (not ) Tj ET Q q 0 0 0 rg BT 263.51 190.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 293.74 190.10 Td (us ) Tj ET Q q 0 0 0 rg BT 305.09 190.10 Td (or ) Tj ET Q q 0 0 0 rg BT 315.88 190.10 Td (may ) Tj ET Q q 0 0 0 rg BT 335.56 190.10 Td (not ) Tj ET Q q 0 0 0 rg BT 350.80 190.10 Td (be ) Tj ET Q q 0 0 0 rg BT 362.70 190.10 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 411.80 190.10 Td (in ) Tj ET Q q 0 0 0 rg BT 422.04 190.10 Td (all ) Tj ET Q q 0 0 0 rg BT 434.49 190.10 Td (cases. ) Tj ET Q q 0 0 0 rg BT 460.01 190.10 Td (As ) Tj ET Q q 0 0 0 rg BT 473.59 190.10 Td (a ) Tj ET Q q 0 0 0 rg BT 480.49 190.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 507.67 190.10 Td (we ) Tj ET Q q 0 0 0 rg BT 521.79 190.10 Td (may ) Tj ET Q q 0 0 0 rg BT 541.47 190.10 Td (incur ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 94.03 178.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 115.28 178.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 153.20 178.10 Td (in ) Tj ET Q q 0 0 0 rg BT 162.79 178.10 Td (defending ) Tj ET Q q 0 0 0 rg BT 204.60 178.10 Td (against ) Tj ET Q q 0 0 0 rg BT 234.74 178.10 Td (litigation. ) Tj ET Q q 0 0 0 rg BT 275.17 178.10 Td (Substantial ) Tj ET Q q 0 0 0 rg BT 321.43 178.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 342.68 178.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 375.61 178.10 Td (or ) Tj ET Q q 0 0 0 rg BT 385.75 178.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 429.78 178.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 472.69 178.10 Td (action ) Tj ET Q q 0 0 0 rg BT 498.95 178.10 Td (against ) Tj ET Q q 0 0 0 rg BT 529.09 178.10 Td (us ) Tj ET Q q 0 0 0 rg BT 539.80 178.10 Td (could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (have ) Tj ET Q q 0 0 0 rg BT 72.27 166.10 Td (material ) Tj ET Q q 0 0 0 rg BT 108.42 166.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 142.34 166.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 180.71 166.10 Td (ef) Tj ET Q q 0 0 0 rg BT 188.30 166.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 210.57 166.10 Td (or ) Tj ET Q q 0 0 0 rg BT 222.29 166.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 247.89 166.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 293.49 166.10 Td (reputational ) Tj ET Q q 0 0 0 rg BT 344.64 166.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 368.57 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 379.74 166.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 394.52 166.10 Td (which ) Tj ET Q q 0 0 0 rg BT 422.35 166.10 Td (could ) Tj ET Q q 0 0 0 rg BT 447.96 166.10 Td (seriously ) Tj ET Q q 0 0 0 rg BT 487.46 166.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 511.40 166.10 Td (our ) Tj ET Q q 0 0 0 rg BT 528.12 166.10 Td (business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (prospects. ) Tj ET Q q 0 0 0 rg BT 92.36 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.29 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 102.93 154.10 Td (e ) Tj ET Q q 0 0 0 rg BT 109.46 154.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 140.43 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.29 154.10 Td (a ) Tj ET Q q 0 0 0 rg BT 156.82 154.10 Td (lar) Tj ET Q q 0 0 0 rg BT 167.19 154.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 178.71 154.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 205.24 154.10 Td (on ) Tj ET Q q 0 0 0 rg BT 217.33 154.10 Td (our ) Tj ET Q q 0 0 0 rg BT 232.74 154.10 Td (business ) Tj ET Q q 0 0 0 rg BT 268.72 154.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 321.92 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.44 154.10 Td (our ) Tj ET Q q 0 0 0 rg BT 353.86 154.10 Td (reputation ) Tj ET Q q 0 0 0 rg BT 396.49 154.10 Td (for ) Tj ET Q q 0 0 0 rg BT 410.24 154.10 Td (integrity ) Tj ET Q q 0 0 0 rg BT 446.21 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.74 154.10 Td (high-caliber ) Tj ET Q q 0 0 0 rg BT 513.14 154.10 Td (professional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (services ) Tj ET Q q 0 0 0 rg BT 85.18 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.93 142.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 123.88 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 141.29 142.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 167.02 142.10 Td (clients. ) Tj ET Q q 0 0 0 rg BT 197.94 142.10 Td (As ) Tj ET Q q 0 0 0 rg BT 212.02 142.10 Td (a ) Tj ET Q q 0 0 0 rg BT 219.43 142.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 247.12 142.10 Td (allegations ) Tj ET Q q 0 0 0 rg BT 293.41 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.71 142.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 344.33 142.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 378.96 142.10 Td (by ) Tj ET Q q 0 0 0 rg BT 391.93 142.10 Td (private ) Tj ET Q q 0 0 0 rg BT 422.66 142.10 Td (litigants ) Tj ET Q q 0 0 0 rg BT 457.85 142.10 Td (or ) Tj ET Q q 0 0 0 rg BT 469.15 142.10 Td (regulators, ) Tj ET Q q 0 0 0 rg BT 514.61 142.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 549.79 142.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 85.49 130.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 122.64 130.10 Td (is ) Tj ET Q q 0 0 0 rg BT 132.03 130.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 172.50 130.10 Td (or ) Tj ET Q q 0 0 0 rg BT 183.55 130.10 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 234.02 130.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.52 130.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 258.63 130.10 Td (as ) Tj ET Q q 0 0 0 rg BT 269.68 130.10 Td (well ) Tj ET Q q 0 0 0 rg BT 289.61 130.10 Td (as ) Tj ET Q q 0 0 0 rg BT 300.66 130.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 337.25 130.10 Td (publicity ) Tj ET Q q 0 0 0 rg BT 375.52 130.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.68 130.10 Td (press ) Tj ET Q q 0 0 0 rg BT 415.95 130.10 Td (speculation ) Tj ET Q q 0 0 0 rg BT 464.21 130.10 Td (about ) Tj ET Q q 0 0 0 rg BT 489.15 130.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 503.26 130.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 538.18 130.10 Td (or ) Tj ET Q q 0 0 0 rg BT 549.23 130.10 Td (not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (valid, ) Tj ET Q q 0 0 0 rg BT 75.00 118.10 Td (may ) Tj ET Q q 0 0 0 rg BT 94.71 118.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 117.76 118.10 Td (our ) Tj ET Q q 0 0 0 rg BT 133.59 118.10 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 179.13 118.10 Td (which ) Tj ET Q q 0 0 0 rg BT 206.07 118.10 Td (may ) Tj ET Q q 0 0 0 rg BT 225.79 118.10 Td (be ) Tj ET Q q 0 0 0 rg BT 237.72 118.10 Td (more ) Tj ET Q q 0 0 0 rg BT 260.77 118.10 Td (damaging ) Tj ET Q q 0 0 0 rg BT 302.71 118.10 Td (to ) Tj ET Q q 0 0 0 rg BT 312.98 118.10 Td (our ) Tj ET Q q 0 0 0 rg BT 328.81 118.10 Td (business ) Tj ET Q q 0 0 0 rg BT 365.21 118.10 Td (than ) Tj ET Q q 0 0 0 rg BT 384.92 118.10 Td (to ) Tj ET Q q 0 0 0 rg BT 395.20 118.10 Td (other ) Tj ET Q q 0 0 0 rg BT 418.25 118.10 Td (types ) Tj ET Q q 0 0 0 rg BT 441.86 118.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.69 118.10 Td (businesses.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 70.15 742.25 Td (e ) Tj ET Q q 0 0 0 rg BT 77.09 742.25 Td (are ) Tj ET Q q 0 0 0 rg BT 92.92 742.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 124.30 742.25 Td (to ) Tj ET Q q 0 0 0 rg BT 134.58 742.25 Td (extensive ) Tj ET Q q 0 0 0 rg BT 174.85 742.25 Td (regulation ) Tj ET Q q 0 0 0 rg BT 220.13 742.25 Td (in ) Tj ET Q q 0 0 0 rg BT 230.97 742.25 Td (the ) Tj ET Q q 0 0 0 rg BT 246.25 742.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 285.98 742.25 Td (services ) Tj ET Q q 0 0 0 rg BT 320.69 742.25 Td (industry) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 721.25 Td (Because ) Tj ET Q q 0 0 0 rg BT 98.68 721.25 Td (we ) Tj ET Q q 0 0 0 rg BT 113.70 721.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 146.49 721.25 Td (in ) Tj ET Q q 0 0 0 rg BT 157.63 721.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.21 721.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 211.55 721.25 Td (services ) Tj ET Q q 0 0 0 rg BT 247.13 721.25 Td (industry) Tj ET Q q 0 0 0 rg BT 279.25 721.25 Td (, ) Tj ET Q q 0 0 0 rg BT 285.12 721.25 Td (we ) Tj ET Q q 0 0 0 rg BT 300.14 721.25 Td (are ) Tj ET Q q 0 0 0 rg BT 315.71 721.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 347.40 721.25 Td (to ) Tj ET Q q 0 0 0 rg BT 358.54 721.25 Td (extensive ) Tj ET Q q 0 0 0 rg BT 399.67 721.25 Td (regulation ) Tj ET Q q 0 0 0 rg BT 443.57 721.25 Td (in ) Tj ET Q q 0 0 0 rg BT 454.71 721.25 Td (the ) Tj ET Q q 0 0 0 rg BT 470.29 721.25 Td (United ) Tj ET Q q 0 0 0 rg BT 500.88 721.25 Td (States, ) Tj ET Q q 0 0 0 rg BT 530.63 721.25 Td (Europe, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (Australia ) Tj ET Q q 0 0 0 rg BT 88.96 709.25 Td (and ) Tj ET Q q 0 0 0 rg BT 105.20 709.25 Td (Asia. ) Tj ET Q q 0 0 0 rg BT 128.34 709.25 Td (In ) Tj ET Q q 0 0 0 rg BT 138.98 709.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 176.56 709.25 Td (as ) Tj ET Q q 0 0 0 rg BT 187.20 709.25 Td (we ) Tj ET Q q 0 0 0 rg BT 201.17 709.25 Td (expand ) Tj ET Q q 0 0 0 rg BT 232.35 709.25 Td (our ) Tj ET Q q 0 0 0 rg BT 247.99 709.25 Td (international ) Tj ET Q q 0 0 0 rg BT 300.84 709.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 344.80 709.25 Td (by ) Tj ET Q q 0 0 0 rg BT 357.11 709.25 Td (opening ) Tj ET Q q 0 0 0 rg BT 391.64 709.25 Td (new ) Tj ET Q q 0 0 0 rg BT 410.60 709.25 Td (of) Tj ET Q q 0 0 0 rg BT 418.75 709.25 Td (fices ) Tj ET Q q 0 0 0 rg BT 439.94 709.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 471.13 709.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.66 709.25 Td (United ) Tj ET Q q 0 0 0 rg BT 515.19 709.25 Td (States ) Tj ET Q q 0 0 0 rg BT 541.38 709.25 Td (or ) Tj ET Q q 0 0 0 rg BT 552.02 709.25 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 84.88 697.25 Td (out ) Tj ET Q q 0 0 0 rg BT 99.21 697.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 148.54 697.25 Td (or ) Tj ET Q q 0 0 0 rg BT 158.43 697.25 Td (private ) Tj ET Q q 0 0 0 rg BT 187.75 697.25 Td (placement ) Tj ET Q q 0 0 0 rg BT 230.40 697.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 268.06 697.25 Td (internationally) Tj ET Q q 0 0 0 rg BT 325.73 697.25 Td (, ) Tj ET Q q 0 0 0 rg BT 329.79 697.25 Td (we ) Tj ET Q q 0 0 0 rg BT 343.01 697.25 Td (are ) Tj ET Q q 0 0 0 rg BT 356.77 697.25 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 407.20 697.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 437.09 697.25 Td (to ) Tj ET Q q 0 0 0 rg BT 446.43 697.25 Td (new ) Tj ET Q q 0 0 0 rg BT 464.65 697.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 507.30 697.25 Td (requirements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 97.34 685.25 Td (and ) Tj ET Q q 0 0 0 rg BT 114.68 685.25 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 176.44 685.25 Td (agencies ) Tj ET Q q 0 0 0 rg BT 213.77 685.25 Td (as ) Tj ET Q q 0 0 0 rg BT 225.00 685.25 Td (well ) Tj ET Q q 0 0 0 rg BT 245.12 685.25 Td (as ) Tj ET Q q 0 0 0 rg BT 256.35 685.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 297.02 685.25 Td (commissions ) Tj ET Q q 0 0 0 rg BT 352.15 685.25 Td (in ) Tj ET Q q 0 0 0 rg BT 362.83 685.25 Td (various ) Tj ET Q q 0 0 0 rg BT 395.17 685.25 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 447.52 685.25 Td (in ) Tj ET Q q 0 0 0 rg BT 458.20 685.25 Td (which ) Tj ET Q q 0 0 0 rg BT 485.54 685.25 Td (we ) Tj ET Q q 0 0 0 rg BT 500.10 685.25 Td (do ) Tj ET Q q 0 0 0 rg BT 513.01 685.25 Td (business ) Tj ET Q q 0 0 0 rg BT 549.80 685.25 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (empowered ) Tj ET Q q 0 0 0 rg BT 99.25 673.25 Td (to ) Tj ET Q q 0 0 0 rg BT 109.63 673.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 143.89 673.25 Td (periodic ) Tj ET Q q 0 0 0 rg BT 179.25 673.25 Td (examinations ) Tj ET Q q 0 0 0 rg BT 235.18 673.25 Td (and ) Tj ET Q q 0 0 0 rg BT 252.22 673.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 312.03 673.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 362.94 673.25 Td (that ) Tj ET Q q 0 0 0 rg BT 380.54 673.25 Td (can ) Tj ET Q q 0 0 0 rg BT 397.02 673.25 Td (result ) Tj ET Q q 0 0 0 rg BT 421.84 673.25 Td (in ) Tj ET Q q 0 0 0 rg BT 432.22 673.25 Td (censure, ) Tj ET Q q 0 0 0 rg BT 467.86 673.25 Td (fine, ) Tj ET Q q 0 0 0 rg BT 488.51 673.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 524.99 673.25 Td (of ) Tj ET Q q 0 0 0 rg BT 535.92 673.25 Td (cease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.91 661.25 Td (desist ) Tj ET Q q 0 0 0 rg BT 94.60 661.25 Td (orders ) Tj ET Q q 0 0 0 rg BT 121.06 661.25 Td (or ) Tj ET Q q 0 0 0 rg BT 130.86 661.25 Td (suspension ) Tj ET Q q 0 0 0 rg BT 176.23 661.25 Td (of ) Tj ET Q q 0 0 0 rg BT 186.03 661.25 Td (personnel ) Tj ET Q q 0 0 0 rg BT 226.38 661.25 Td (or ) Tj ET Q q 0 0 0 rg BT 236.18 661.25 Td (other ) Tj ET Q q 0 0 0 rg BT 258.20 661.25 Td (sanctions, ) Tj ET Q q 0 0 0 rg BT 299.39 661.25 Td (including ) Tj ET Q q 0 0 0 rg BT 338.64 661.25 Td (revocation ) Tj ET Q q 0 0 0 rg BT 382.31 661.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.11 661.25 Td (our ) Tj ET Q q 0 0 0 rg BT 406.91 661.25 Td (license ) Tj ET Q q 0 0 0 rg BT 436.15 661.25 Td (or ) Tj ET Q q 0 0 0 rg BT 445.95 661.25 Td (registration ) Tj ET Q q 0 0 0 rg BT 492.97 661.25 Td (or ) Tj ET Q q 0 0 0 rg BT 502.77 661.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.46 661.25 Td (registration ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.65 649.25 Td (any ) Tj ET Q q 0 0 0 rg BT 77.41 649.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.06 649.25 Td (our ) Tj ET Q q 0 0 0 rg BT 103.71 649.25 Td (regulated ) Tj ET Q q 0 0 0 rg BT 143.23 649.25 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 195.27 649.25 Td (In ) Tj ET Q q 0 0 0 rg BT 205.92 649.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 243.52 649.25 Td (as ) Tj ET Q q 0 0 0 rg BT 254.17 649.25 Td (a ) Tj ET Q q 0 0 0 rg BT 260.93 649.25 Td (result ) Tj ET Q q 0 0 0 rg BT 285.47 649.25 Td (of ) Tj ET Q q 0 0 0 rg BT 296.12 649.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 322.86 649.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 350.74 649.25 Td (publicized ) Tj ET Q q 0 0 0 rg BT 394.71 649.25 Td (scandals ) Tj ET Q q 0 0 0 rg BT 430.91 649.25 Td (in ) Tj ET Q q 0 0 0 rg BT 441.01 649.25 Td (the ) Tj ET Q q 0 0 0 rg BT 455.54 649.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 492.85 649.25 Td (services ) Tj ET Q q 0 0 0 rg BT 527.37 649.25 Td (industry) Tj ET Q q 0 0 0 rg BT 559.50 649.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (scrutiny ) Tj ET Q q 0 0 0 rg BT 84.02 637.25 Td (by ) Tj ET Q q 0 0 0 rg BT 95.82 637.25 Td (regulators ) Tj ET Q q 0 0 0 rg BT 137.60 637.25 Td (of ) Tj ET Q q 0 0 0 rg BT 147.73 637.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 184.51 637.25 Td (services ) Tj ET Q q 0 0 0 rg BT 218.52 637.25 Td (firms ) Tj ET Q q 0 0 0 rg BT 241.42 637.25 Td (has ) Tj ET Q q 0 0 0 rg BT 256.55 637.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 296.11 637.25 Td (significantly) Tj ET Q q 0 0 0 rg BT 345.45 637.25 Td (. ) Tj ET Q q 0 0 0 rg BT 349.75 637.25 Td (Even ) Tj ET Q q 0 0 0 rg BT 372.09 637.25 Td (if ) Tj ET Q q 0 0 0 rg BT 380.00 637.25 Td (a ) Tj ET Q q 0 0 0 rg BT 386.24 637.25 Td (sanction ) Tj ET Q q 0 0 0 rg BT 421.36 637.25 Td (imposed ) Tj ET Q q 0 0 0 rg BT 457.05 637.25 Td (against ) Tj ET Q q 0 0 0 rg BT 487.17 637.25 Td (us ) Tj ET Q q 0 0 0 rg BT 497.86 637.25 Td (or ) Tj ET Q q 0 0 0 rg BT 507.99 637.25 Td (our ) Tj ET Q q 0 0 0 rg BT 523.12 637.25 Td (personnel ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (is ) Tj ET Q q 0 0 0 rg BT 59.31 625.25 Td (small ) Tj ET Q q 0 0 0 rg BT 83.62 625.25 Td (in ) Tj ET Q q 0 0 0 rg BT 94.04 625.25 Td (monetary ) Tj ET Q q 0 0 0 rg BT 134.44 625.25 Td (amount, ) Tj ET Q q 0 0 0 rg BT 169.58 625.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.43 625.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 217.61 625.25 Td (publicity ) Tj ET Q q 0 0 0 rg BT 255.80 625.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 285.66 625.25 Td (from ) Tj ET Q q 0 0 0 rg BT 307.74 625.25 Td (the ) Tj ET Q q 0 0 0 rg BT 322.60 625.25 Td (imposition ) Tj ET Q q 0 0 0 rg BT 368.02 625.25 Td (of ) Tj ET Q q 0 0 0 rg BT 378.99 625.25 Td (sanctions ) Tj ET Q q 0 0 0 rg BT 418.85 625.25 Td (against ) Tj ET Q q 0 0 0 rg BT 449.81 625.25 Td (us ) Tj ET Q q 0 0 0 rg BT 461.35 625.25 Td (by ) Tj ET Q q 0 0 0 rg BT 473.99 625.25 Td (regulators ) Tj ET Q q 0 0 0 rg BT 516.61 625.25 Td (could ) Tj ET Q q 0 0 0 rg BT 541.47 625.25 Td (harm ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 613.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.83 613.25 Td (reputation ) Tj ET Q q 0 0 0 rg BT 108.87 613.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.81 613.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 150.52 613.25 Td (us ) Tj ET Q q 0 0 0 rg BT 161.91 613.25 Td (to ) Tj ET Q q 0 0 0 rg BT 172.19 613.25 Td (lose ) Tj ET Q q 0 0 0 rg BT 190.80 613.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 224.96 613.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 253.56 613.25 Td (or ) Tj ET Q q 0 0 0 rg BT 264.39 613.25 Td (fail ) Tj ET Q q 0 0 0 rg BT 280.22 613.25 Td (to ) Tj ET Q q 0 0 0 rg BT 290.50 613.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 310.21 613.25 Td (new ) Tj ET Q q 0 0 0 rg BT 329.38 613.25 Td (clients.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 592.25 Td (Change ) Tj ET Q q 0 0 0 rg BT 96.73 592.25 Td (in ) Tj ET Q q 0 0 0 rg BT 107.57 592.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 152.28 592.25 Td (law ) Tj ET Q q 0 0 0 rg BT 169.23 592.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.29 592.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 232.57 592.25 Td (schemes ) Tj ET Q q 0 0 0 rg BT 269.51 592.25 Td (could ) Tj ET Q q 0 0 0 rg BT 294.79 592.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 335.60 592.25 Td (af) Tj ET Q q 0 0 0 rg BT 343.75 592.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 361.24 592.25 Td (our ) Tj ET Q q 0 0 0 rg BT 378.19 592.25 Td (business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 571.25 Td (From ) Tj ET Q q 0 0 0 rg BT 85.55 571.25 Td (time ) Tj ET Q q 0 0 0 rg BT 105.21 571.25 Td (to ) Tj ET Q q 0 0 0 rg BT 114.87 571.25 Td (time, ) Tj ET Q q 0 0 0 rg BT 137.02 571.25 Td (the ) Tj ET Q q 0 0 0 rg BT 151.12 571.25 Td (United ) Tj ET Q q 0 0 0 rg BT 180.22 571.25 Td (States ) Tj ET Q q 0 0 0 rg BT 205.99 571.25 Td (and ) Tj ET Q q 0 0 0 rg BT 222.31 571.25 Td (other ) Tj ET Q q 0 0 0 rg BT 244.74 571.25 Td (national ) Tj ET Q q 0 0 0 rg BT 278.84 571.25 Td (governments ) Tj ET Q q 0 0 0 rg BT 332.37 571.25 Td (in ) Tj ET Q q 0 0 0 rg BT 342.03 571.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.13 571.25 Td (countries ) Tj ET Q q 0 0 0 rg BT 394.67 571.25 Td (in ) Tj ET Q q 0 0 0 rg BT 404.33 571.25 Td (which ) Tj ET Q q 0 0 0 rg BT 430.65 571.25 Td (we ) Tj ET Q q 0 0 0 rg BT 444.19 571.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 475.50 571.25 Td (and ) Tj ET Q q 0 0 0 rg BT 491.82 571.25 Td (related ) Tj ET Q q 0 0 0 rg BT 520.91 571.25 Td (regulatory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (authorities, ) Tj ET Q q 0 0 0 rg BT 97.09 559.25 Td (as ) Tj ET Q q 0 0 0 rg BT 107.80 559.25 Td (well ) Tj ET Q q 0 0 0 rg BT 127.40 559.25 Td (as ) Tj ET Q q 0 0 0 rg BT 138.11 559.25 Td (local ) Tj ET Q q 0 0 0 rg BT 159.92 559.25 Td (governments, ) Tj ET Q q 0 0 0 rg BT 216.46 559.25 Td (may ) Tj ET Q q 0 0 0 rg BT 236.06 559.25 Td (adopt ) Tj ET Q q 0 0 0 rg BT 260.65 559.25 Td (new ) Tj ET Q q 0 0 0 rg BT 279.69 559.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 301.51 559.25 Td (which ) Tj ET Q q 0 0 0 rg BT 328.33 559.25 Td (af) Tj ET Q q 0 0 0 rg BT 335.92 559.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 353.29 559.25 Td (our ) Tj ET Q q 0 0 0 rg BT 369.00 559.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 407.77 559.25 Td ( ) Tj ET Q q 0 0 0 rg BT 410.15 559.25 Td (Many ) Tj ET Q q 0 0 0 rg BT 435.86 559.25 Td (of ) Tj ET Q q 0 0 0 rg BT 446.57 559.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.17 559.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 515.75 559.25 Td (imposed ) Tj ET Q q 0 0 0 rg BT 552.02 559.25 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (our ) Tj ET Q q 0 0 0 rg BT 66.10 547.25 Td (regulators ) Tj ET Q q 0 0 0 rg BT 108.87 547.25 Td (are ) Tj ET Q q 0 0 0 rg BT 123.85 547.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 162.17 547.25 Td (to ) Tj ET Q q 0 0 0 rg BT 172.72 547.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 201.60 547.25 Td (the ) Tj ET Q q 0 0 0 rg BT 216.59 547.25 Td (integrity ) Tj ET Q q 0 0 0 rg BT 253.24 547.25 Td (of ) Tj ET Q q 0 0 0 rg BT 264.35 547.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.34 547.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 317.10 547.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 351.53 547.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.74 547.25 Td (to ) Tj ET Q q 0 0 0 rg BT 379.29 547.25 Td (protect ) Tj ET Q q 0 0 0 rg BT 409.83 547.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 453.15 547.25 Td (and ) Tj ET Q q 0 0 0 rg BT 470.37 547.25 Td (other ) Tj ET Q q 0 0 0 rg BT 493.69 547.25 Td (third ) Tj ET Q q 0 0 0 rg BT 515.35 547.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 544.78 547.25 Td (who ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (deal ) Tj ET Q q 0 0 0 rg BT 69.45 535.25 Td (with ) Tj ET Q q 0 0 0 rg BT 90.02 535.25 Td (us ) Tj ET Q q 0 0 0 rg BT 101.70 535.25 Td (and ) Tj ET Q q 0 0 0 rg BT 118.93 535.25 Td (are ) Tj ET Q q 0 0 0 rg BT 133.93 535.25 Td (not ) Tj ET Q q 0 0 0 rg BT 149.50 535.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 187.84 535.25 Td (to ) Tj ET Q q 0 0 0 rg BT 198.41 535.25 Td (protect ) Tj ET Q q 0 0 0 rg BT 228.97 535.25 Td (our ) Tj ET Q q 0 0 0 rg BT 245.09 535.25 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 300.93 535.25 Td (Consequently) Tj ET Q q 0 0 0 rg BT 355.27 535.25 Td (, ) Tj ET Q q 0 0 0 rg BT 360.56 535.25 Td (these ) Tj ET Q q 0 0 0 rg BT 383.90 535.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 431.13 535.25 Td (may ) Tj ET Q q 0 0 0 rg BT 451.14 535.25 Td (serve ) Tj ET Q q 0 0 0 rg BT 475.03 535.25 Td (to ) Tj ET Q q 0 0 0 rg BT 485.60 535.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 507.28 535.25 Td (our ) Tj ET Q q 0 0 0 rg BT 523.40 535.25 Td (activities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (including ) Tj ET Q q 0 0 0 rg BT 90.20 523.25 Td (through ) Tj ET Q q 0 0 0 rg BT 123.74 523.25 Td (net ) Tj ET Q q 0 0 0 rg BT 138.38 523.25 Td (capital, ) Tj ET Q q 0 0 0 rg BT 169.96 523.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 209.04 523.25 Td (protection ) Tj ET Q q 0 0 0 rg BT 252.01 523.25 Td (and ) Tj ET Q q 0 0 0 rg BT 268.87 523.25 Td (market ) Tj ET Q q 0 0 0 rg BT 299.06 523.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 333.14 523.25 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 390.27 523.25 Td ( ) Tj ET Q q 0 0 0 rg BT 392.52 523.25 Td (There ) Tj ET Q q 0 0 0 rg BT 418.27 523.25 Td (can ) Tj ET Q q 0 0 0 rg BT 434.57 523.25 Td (be ) Tj ET Q q 0 0 0 rg BT 446.44 523.25 Td (no ) Tj ET Q q 0 0 0 rg BT 458.86 523.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 500.16 523.25 Td (that ) Tj ET Q q 0 0 0 rg BT 517.58 523.25 Td (regulations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (will ) Tj ET Q q 0 0 0 rg BT 68.06 511.25 Td (not ) Tj ET Q q 0 0 0 rg BT 83.33 511.25 Td (be ) Tj ET Q q 0 0 0 rg BT 95.27 511.25 Td (imposed ) Tj ET Q q 0 0 0 rg BT 131.66 511.25 Td (which ) Tj ET Q q 0 0 0 rg BT 158.60 511.25 Td (may ) Tj ET Q q 0 0 0 rg BT 178.32 511.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 221.35 511.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 262.17 511.25 Td (af) Tj ET Q q 0 0 0 rg BT 269.76 511.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 287.24 511.25 Td (our ) Tj ET Q q 0 0 0 rg BT 303.07 511.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 341.96 511.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 379.44 511.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 419.72 511.25 Td (or ) Tj ET Q q 0 0 0 rg BT 430.55 511.25 Td (results ) Tj ET Q q 0 0 0 rg BT 459.16 511.25 Td (of ) Tj ET Q q 0 0 0 rg BT 469.99 511.25 Td (operation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 490.25 Td (Recently) Tj ET Q q 0 0 0 rg BT 96.89 490.25 Td (, ) Tj ET Q q 0 0 0 rg BT 102.39 490.25 Td (several ) Tj ET Q q 0 0 0 rg BT 133.70 490.25 Td (states ) Tj ET Q q 0 0 0 rg BT 158.92 490.25 Td (and ) Tj ET Q q 0 0 0 rg BT 176.35 490.25 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 236.00 490.25 Td (in ) Tj ET Q q 0 0 0 rg BT 246.78 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 261.99 490.25 Td (United ) Tj ET Q q 0 0 0 rg BT 292.21 490.25 Td (States, ) Tj ET Q q 0 0 0 rg BT 321.59 490.25 Td (such ) Tj ET Q q 0 0 0 rg BT 342.92 490.25 Td (as ) Tj ET Q q 0 0 0 rg BT 354.25 490.25 Td (California, ) Tj ET Q q 0 0 0 rg BT 400.28 490.25 Td (Illinois, ) Tj ET Q q 0 0 0 rg BT 434.12 490.25 Td (New ) Tj ET Q q 0 0 0 rg BT 455.55 490.25 Td (Y) Tj ET Q q 0 0 0 rg BT 461.77 490.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 478.10 490.25 Td (State, ) Tj ET Q q 0 0 0 rg BT 503.59 490.25 Td (and ) Tj ET Q q 0 0 0 rg BT 521.03 490.25 Td (New ) Tj ET Q q 0 0 0 rg BT 542.46 490.25 Td (Y) Tj ET Q q 0 0 0 rg BT 548.68 490.25 Td (ork ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (City ) Tj ET Q q 0 0 0 rg BT 70.43 478.25 Td (have ) Tj ET Q q 0 0 0 rg BT 92.52 478.25 Td (recently ) Tj ET Q q 0 0 0 rg BT 127.93 478.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 162.79 478.25 Td (pay-to-play ) Tj ET Q q 0 0 0 rg BT 220.97 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 238.62 478.25 Td (placement ) Tj ET Q q 0 0 0 rg BT 282.92 478.25 Td (agent ) Tj ET Q q 0 0 0 rg BT 307.78 478.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 330.42 478.25 Td (which, ) Tj ET Q q 0 0 0 rg BT 360.57 478.25 Td (in ) Tj ET Q q 0 0 0 rg BT 371.56 478.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 407.54 478.25 Td (to ) Tj ET Q q 0 0 0 rg BT 418.53 478.25 Td (imposing ) Tj ET Q q 0 0 0 rg BT 458.96 478.25 Td (registration ) Tj ET Q q 0 0 0 rg BT 507.71 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 525.36 478.25 Td (reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 108.03 466.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 130.25 466.25 Td (our ) Tj ET Q q 0 0 0 rg BT 146.90 466.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 175.78 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 186.89 466.25 Td (char) Tj ET Q q 0 0 0 rg BT 203.91 466.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 216.68 466.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 236.10 466.25 Td (in ) Tj ET Q q 0 0 0 rg BT 247.21 466.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 294.41 466.25 Td (with ) Tj ET Q q 0 0 0 rg BT 315.51 466.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 346.04 466.25 Td (of ) Tj ET Q q 0 0 0 rg BT 357.70 466.25 Td (our ) Tj ET Q q 0 0 0 rg BT 374.35 466.25 Td (private ) Tj ET Q q 0 0 0 rg BT 405.45 466.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 435.42 466.25 Td (and ) Tj ET Q q 0 0 0 rg BT 453.19 466.25 Td (real ) Tj ET Q q 0 0 0 rg BT 471.50 466.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 497.59 466.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 527.57 466.25 Td (advisory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (engagements ) Tj ET Q q 0 0 0 rg BT 104.91 454.25 Td (or ) Tj ET Q q 0 0 0 rg BT 115.95 454.25 Td (restrict ) Tj ET Q q 0 0 0 rg BT 146.43 454.25 Td (or ) Tj ET Q q 0 0 0 rg BT 157.47 454.25 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 191.84 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 206.77 454.25 Td (use ) Tj ET Q q 0 0 0 rg BT 222.81 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 233.85 454.25 Td (placement ) Tj ET Q q 0 0 0 rg BT 277.65 454.25 Td (agents ) Tj ET Q q 0 0 0 rg BT 305.90 454.25 Td (in ) Tj ET Q q 0 0 0 rg BT 316.39 454.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 362.97 454.25 Td (with ) Tj ET Q q 0 0 0 rg BT 383.46 454.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 433.95 454.25 Td (by ) Tj ET Q q 0 0 0 rg BT 446.66 454.25 Td (public ) Tj ET Q q 0 0 0 rg BT 474.36 454.25 Td (pension ) Tj ET Q q 0 0 0 rg BT 508.18 454.25 Td (funds. ) Tj ET Q q 0 0 0 rg BT 535.61 454.25 Td ( ) Tj ET Q q 0 0 0 rg BT 538.12 454.25 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (types ) Tj ET Q q 0 0 0 rg BT 73.61 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 84.44 442.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 124.15 442.25 Td (could ) Tj ET Q q 0 0 0 rg BT 148.86 442.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 191.90 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 208.84 442.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 249.65 442.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 279.37 442.25 Td (our ) Tj ET Q q 0 0 0 rg BT 295.20 442.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 324.35 442.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 361.28 442.25 Td (business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 421.25 Td (Compliance with any new laws or regulations could also make compliance more dif) Tj ET Q q 0 0 0 rg BT 397.83 421.25 Td (ficult and expensive, af) Tj ET Q q 0 0 0 rg BT 490.95 421.25 Td (fect the manner ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (in which we conduct our business and adversely af) Tj ET Q q 0 0 0 rg BT 253.10 409.25 Td (fect our profitability) Tj ET Q q 0 0 0 rg BT 333.53 409.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 388.25 Td (Legal ) Tj ET Q q 0 0 0 rg BT 87.83 388.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 136.44 388.25 Td (on ) Tj ET Q q 0 0 0 rg BT 149.50 388.25 Td (our ) Tj ET Q q 0 0 0 rg BT 166.46 388.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 195.62 388.25 Td (may ) Tj ET Q q 0 0 0 rg BT 215.34 388.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 245.61 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.89 388.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 296.17 388.25 Td (for ) Tj ET Q q 0 0 0 rg BT 310.89 388.25 Td (our ) Tj ET Q q 0 0 0 rg BT 327.84 388.25 Td (services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 367.25 Td (New ) Tj ET Q q 0 0 0 rg BT 83.02 367.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 103.50 367.25 Td (or ) Tj ET Q q 0 0 0 rg BT 113.97 367.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 160.55 367.25 Td (or ) Tj ET Q q 0 0 0 rg BT 171.02 367.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 205.37 367.25 Td (in ) Tj ET Q q 0 0 0 rg BT 215.29 367.25 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 267.40 367.25 Td (of ) Tj ET Q q 0 0 0 rg BT 277.88 367.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 311.68 367.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 332.16 367.25 Td (or ) Tj ET Q q 0 0 0 rg BT 342.63 367.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 389.20 367.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 432.44 367.25 Td (to ) Tj ET Q q 0 0 0 rg BT 442.36 367.25 Td (our ) Tj ET Q q 0 0 0 rg BT 457.83 367.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 486.08 367.25 Td (may ) Tj ET Q q 0 0 0 rg BT 505.43 367.25 Td (also ) Tj ET Q q 0 0 0 rg BT 523.69 367.25 Td (adversely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 355.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 355.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 75.48 355.25 Td (our ) Tj ET Q q 0 0 0 rg BT 91.71 355.25 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 139.34 355.25 Td (For ) Tj ET Q q 0 0 0 rg BT 156.14 355.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 195.42 355.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 230.53 355.25 Td (in ) Tj ET Q q 0 0 0 rg BT 241.21 355.25 Td (antitrust ) Tj ET Q q 0 0 0 rg BT 276.89 355.25 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 329.77 355.25 Td (could ) Tj ET Q q 0 0 0 rg BT 354.89 355.25 Td (af) Tj ET Q q 0 0 0 rg BT 362.48 355.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 380.37 355.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.49 355.25 Td (level ) Tj ET Q q 0 0 0 rg BT 417.83 355.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.06 355.25 Td (mer) Tj ET Q q 0 0 0 rg BT 444.43 355.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 463.99 355.25 Td (and ) Tj ET Q q 0 0 0 rg BT 481.34 355.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 532.02 355.25 Td (activity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 343.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.36 343.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 100.48 343.25 Td (in ) Tj ET Q q 0 0 0 rg BT 110.18 343.25 Td (regulation ) Tj ET Q q 0 0 0 rg BT 152.64 343.25 Td (could ) Tj ET Q q 0 0 0 rg BT 176.77 343.25 Td (restrict ) Tj ET Q q 0 0 0 rg BT 206.45 343.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.59 343.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 258.61 343.25 Td (of ) Tj ET Q q 0 0 0 rg BT 268.85 343.25 Td (our ) Tj ET Q q 0 0 0 rg BT 284.10 343.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 312.12 343.25 Td (and ) Tj ET Q q 0 0 0 rg BT 328.48 343.25 Td (their ) Tj ET Q q 0 0 0 rg BT 348.72 343.25 Td (need ) Tj ET Q q 0 0 0 rg BT 369.52 343.25 Td (for ) Tj ET Q q 0 0 0 rg BT 383.10 343.25 Td (the ) Tj ET Q q 0 0 0 rg BT 397.23 343.25 Td (types ) Tj ET Q q 0 0 0 rg BT 420.26 343.25 Td (of ) Tj ET Q q 0 0 0 rg BT 430.50 343.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 466.86 343.25 Td (services ) Tj ET Q q 0 0 0 rg BT 500.99 343.25 Td (that ) Tj ET Q q 0 0 0 rg BT 517.90 343.25 Td (we ) Tj ET Q q 0 0 0 rg BT 531.48 343.25 Td (provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 331.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 331.25 Td (them.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 310.25 Td (The ) Tj ET Q q 0 0 0 rg BT 79.92 310.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 97.85 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 108.00 310.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 157.02 310.25 Td (with ) Tj ET Q q 0 0 0 rg BT 176.63 310.25 Td (international ) Tj ET Q q 0 0 0 rg BT 232.35 310.25 Td (employment, ) Tj ET Q q 0 0 0 rg BT 286.66 310.25 Td (labor) Tj ET Q q 0 0 0 rg BT 307.78 310.25 Td (, ) Tj ET Q q 0 0 0 rg BT 312.09 310.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 346.13 310.25 Td (and ) Tj ET Q q 0 0 0 rg BT 363.50 310.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 378.10 310.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 426.59 310.25 Td (may ) Tj ET Q q 0 0 0 rg BT 445.63 310.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 485.76 310.25 Td (af) Tj ET Q q 0 0 0 rg BT 493.91 310.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 510.71 310.25 Td (our ) Tj ET Q q 0 0 0 rg BT 526.98 310.25 Td (business ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (and ) Tj ET Q q 0 0 0 rg BT 68.06 298.25 Td (hamper ) Tj ET Q q 0 0 0 rg BT 102.23 298.25 Td (our ) Tj ET Q q 0 0 0 rg BT 119.18 298.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 147.24 298.25 Td (to ) Tj ET Q q 0 0 0 rg BT 157.51 298.25 Td (expand ) Tj ET Q q 0 0 0 rg BT 190.01 298.25 Td (internationally) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 277.25 Td (Since ) Tj ET Q q 0 0 0 rg BT 86.28 277.25 Td (we ) Tj ET Q q 0 0 0 rg BT 100.01 277.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 131.50 277.25 Td (our ) Tj ET Q q 0 0 0 rg BT 146.89 277.25 Td (business ) Tj ET Q q 0 0 0 rg BT 182.85 277.25 Td (both ) Tj ET Q q 0 0 0 rg BT 202.69 277.25 Td (in ) Tj ET Q q 0 0 0 rg BT 212.54 277.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.82 277.25 Td (United ) Tj ET Q q 0 0 0 rg BT 256.10 277.25 Td (States ) Tj ET Q q 0 0 0 rg BT 282.05 277.25 Td (and ) Tj ET Q q 0 0 0 rg BT 298.56 277.25 Td (internationally) Tj ET Q q 0 0 0 rg BT 356.22 277.25 Td (, ) Tj ET Q q 0 0 0 rg BT 360.79 277.25 Td (we ) Tj ET Q q 0 0 0 rg BT 374.51 277.25 Td (are ) Tj ET Q q 0 0 0 rg BT 388.79 277.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 419.18 277.25 Td (to ) Tj ET Q q 0 0 0 rg BT 429.02 277.25 Td (many ) Tj ET Q q 0 0 0 rg BT 453.30 277.25 Td (distinct ) Tj ET Q q 0 0 0 rg BT 484.81 277.25 Td (employment, ) Tj ET Q q 0 0 0 rg BT 539.37 277.25 Td (labor) Tj ET Q q 0 0 0 rg BT 559.51 277.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 265.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 83.72 265.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.23 265.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 114.52 265.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 134.92 265.25 Td (in ) Tj ET Q q 0 0 0 rg BT 144.77 265.25 Td (each ) Tj ET Q q 0 0 0 rg BT 165.15 265.25 Td (state ) Tj ET Q q 0 0 0 rg BT 185.54 265.25 Td (and ) Tj ET Q q 0 0 0 rg BT 202.05 265.25 Td (country ) Tj ET Q q 0 0 0 rg BT 234.67 265.25 Td (in ) Tj ET Q q 0 0 0 rg BT 244.52 265.25 Td (which ) Tj ET Q q 0 0 0 rg BT 271.02 265.25 Td (we ) Tj ET Q q 0 0 0 rg BT 284.75 265.25 Td (operate, ) Tj ET Q q 0 0 0 rg BT 318.75 265.25 Td (including ) Tj ET Q q 0 0 0 rg BT 358.59 265.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 405.09 265.25 Td (af) Tj ET Q q 0 0 0 rg BT 412.68 265.25 Td (fecting ) Tj ET Q q 0 0 0 rg BT 442.51 265.25 Td (our ) Tj ET Q q 0 0 0 rg BT 457.91 265.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 509.97 265.25 Td (practices ) Tj ET Q q 0 0 0 rg BT 547.57 265.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 253.25 Td (our ) Tj ET Q q 0 0 0 rg BT 64.60 253.25 Td (relations ) Tj ET Q q 0 0 0 rg BT 100.30 253.25 Td (with ) Tj ET Q q 0 0 0 rg BT 119.35 253.25 Td (our ) Tj ET Q q 0 0 0 rg BT 133.95 253.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 177.98 253.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.69 253.25 Td (service ) Tj ET Q q 0 0 0 rg BT 223.28 253.25 Td (providers. ) Tj ET Q q 0 0 0 rg BT 264.81 253.25 Td (If ) Tj ET Q q 0 0 0 rg BT 272.74 253.25 Td (the ) Tj ET Q q 0 0 0 rg BT 286.23 253.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 319.17 253.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 364.87 253.25 Td (under ) Tj ET Q q 0 0 0 rg BT 388.91 253.25 Td (which ) Tj ET Q q 0 0 0 rg BT 414.61 253.25 Td (we ) Tj ET Q q 0 0 0 rg BT 427.54 253.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 458.24 253.25 Td (are ) Tj ET Q q 0 0 0 rg BT 471.71 253.25 Td (modified ) Tj ET Q q 0 0 0 rg BT 509.09 253.25 Td (or ) Tj ET Q q 0 0 0 rg BT 518.69 253.25 Td (interpreted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 241.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 241.25 Td (ferently ) Tj ET Q q 0 0 0 rg BT 94.12 241.25 Td (or ) Tj ET Q q 0 0 0 rg BT 104.54 241.25 Td (new ) Tj ET Q q 0 0 0 rg BT 123.30 241.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 169.83 241.25 Td (are ) Tj ET Q q 0 0 0 rg BT 184.13 241.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 211.23 241.25 Td (and ) Tj ET Q q 0 0 0 rg BT 227.76 241.25 Td (we ) Tj ET Q q 0 0 0 rg BT 241.52 241.25 Td (are ) Tj ET Q q 0 0 0 rg BT 255.82 241.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 284.58 241.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.45 241.25 Td (comply ) Tj ET Q q 0 0 0 rg BT 326.54 241.25 Td (with ) Tj ET Q q 0 0 0 rg BT 346.42 241.25 Td (these ) Tj ET Q q 0 0 0 rg BT 369.06 241.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 415.59 241.25 Td (or ) Tj ET Q q 0 0 0 rg BT 426.01 241.25 Td (interpretations, ) Tj ET Q q 0 0 0 rg BT 488.37 241.25 Td (our ) Tj ET Q q 0 0 0 rg BT 503.80 241.25 Td (business ) Tj ET Q q 0 0 0 rg BT 539.78 241.25 Td (could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 229.25 Td (be ) Tj ET Q q 0 0 0 rg BT 61.86 229.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 102.59 229.25 Td (af) Tj ET Q q 0 0 0 rg BT 110.18 229.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 137.02 229.25 Td (or ) Tj ET Q q 0 0 0 rg BT 147.77 229.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.40 229.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 180.93 229.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.68 229.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 240.19 229.25 Td (may ) Tj ET Q q 0 0 0 rg BT 259.82 229.25 Td (make ) Tj ET Q q 0 0 0 rg BT 283.90 229.25 Td (it ) Tj ET Q q 0 0 0 rg BT 291.87 229.25 Td (dif) Tj ET Q q 0 0 0 rg BT 302.80 229.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 326.32 229.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.52 229.25 Td (expand ) Tj ET Q q 0 0 0 rg BT 367.81 229.25 Td (into ) Tj ET Q q 0 0 0 rg BT 385.79 229.25 Td (new ) Tj ET Q q 0 0 0 rg BT 404.87 229.25 Td (international ) Tj ET Q q 0 0 0 rg BT 457.82 229.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 493.86 229.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 543.76 229.25 Td (, ) Tj ET Q q 0 0 0 rg BT 548.68 229.25 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (competitiveness ) Tj ET Q q 0 0 0 rg BT 116.59 217.25 Td (in ) Tj ET Q q 0 0 0 rg BT 126.53 217.25 Td (international ) Tj ET Q q 0 0 0 rg BT 179.23 217.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 213.04 217.25 Td (may ) Tj ET Q q 0 0 0 rg BT 232.42 217.25 Td (be ) Tj ET Q q 0 0 0 rg BT 244.02 217.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 284.49 217.25 Td (af) Tj ET Q q 0 0 0 rg BT 292.08 217.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 318.67 217.25 Td (by ) Tj ET Q q 0 0 0 rg BT 330.83 217.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 377.42 217.25 Td (requiring, ) Tj ET Q q 0 0 0 rg BT 418.74 217.25 Td (among ) Tj ET Q q 0 0 0 rg BT 448.12 217.25 Td (other ) Tj ET Q q 0 0 0 rg BT 470.82 217.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 499.93 217.25 Td (the ) Tj ET Q q 0 0 0 rg BT 514.31 217.25 Td (awarding ) Tj ET Q q 0 0 0 rg BT 553.68 217.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 88.45 205.25 Td (to ) Tj ET Q q 0 0 0 rg BT 98.59 205.25 Td (local ) Tj ET Q q 0 0 0 rg BT 120.38 205.25 Td (contractors, ) Tj ET Q q 0 0 0 rg BT 169.66 205.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.24 205.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 236.59 205.25 Td (of ) Tj ET Q q 0 0 0 rg BT 247.28 205.25 Td (local ) Tj ET Q q 0 0 0 rg BT 269.07 205.25 Td (citizens, ) Tj ET Q q 0 0 0 rg BT 304.47 205.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.04 205.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 356.94 205.25 Td (of ) Tj ET Q q 0 0 0 rg BT 367.63 205.25 Td (services ) Tj ET Q q 0 0 0 rg BT 402.19 205.25 Td (from ) Tj ET Q q 0 0 0 rg BT 423.99 205.25 Td (local ) Tj ET Q q 0 0 0 rg BT 445.78 205.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 492.86 205.25 Td (or ) Tj ET Q q 0 0 0 rg BT 503.55 205.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 542.56 205.25 Td (local ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (ownership.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 172.25 Td (A) Tj ET Q q 0 0 0 rg BT 68.12 172.25 Td ( ) Tj ET Q q 0 0 0 rg BT 70.51 172.25 Td (change ) Tj ET Q q 0 0 0 rg BT 102.91 172.25 Td (in ) Tj ET Q q 0 0 0 rg BT 113.65 172.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 149.37 172.25 Td (income ) Tj ET Q q 0 0 0 rg BT 181.76 172.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 196.94 172.25 Td (laws, ) Tj ET Q q 0 0 0 rg BT 220.17 172.25 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 271.75 172.25 Td (or ) Tj ET Q q 0 0 0 rg BT 283.04 172.25 Td (treaties ) Tj ET Q q 0 0 0 rg BT 315.43 172.25 Td (or ) Tj ET Q q 0 0 0 rg BT 326.72 172.25 Td (an ) Tj ET Q q 0 0 0 rg BT 339.67 172.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 373.17 172.25 Td (interpretation ) Tj ET Q q 0 0 0 rg BT 432.24 172.25 Td (of ) Tj ET Q q 0 0 0 rg BT 442.97 172.25 Td (these ) Tj ET Q q 0 0 0 rg BT 466.47 172.25 Td (items ) Tj ET Q q 0 0 0 rg BT 490.53 172.25 Td (by ) Tj ET Q q 0 0 0 rg BT 502.37 172.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 517.54 172.25 Td (authorities ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (could ) Tj ET Q q 0 0 0 rg BT 76.00 160.25 Td (result ) Tj ET Q q 0 0 0 rg BT 102.57 160.25 Td (in ) Tj ET Q q 0 0 0 rg BT 114.13 160.25 Td (an ) Tj ET Q q 0 0 0 rg BT 127.92 160.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 152.26 160.25 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 201.05 160.25 Td (or ) Tj ET Q q 0 0 0 rg BT 213.17 160.25 Td (revaluation ) Tj ET Q q 0 0 0 rg BT 263.62 160.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.18 160.25 Td (our ) Tj ET Q q 0 0 0 rg BT 292.86 160.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 330.51 160.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 346.51 160.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 373.63 160.25 Td (that ) Tj ET Q q 0 0 0 rg BT 392.97 160.25 Td (may ) Tj ET Q q 0 0 0 rg BT 413.42 160.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 439.97 160.25 Td (our ) Tj ET Q q 0 0 0 rg BT 457.65 160.25 Td (ef) Tj ET Q q 0 0 0 rg BT 465.24 160.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 495.10 160.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 511.11 160.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 530.44 160.25 Td (and ) Tj ET Q q 0 0 0 rg BT 549.23 160.25 Td (tax ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 83.61 148.25 Td (to ) Tj ET Q q 0 0 0 rg BT 93.89 148.25 Td (be ) Tj ET Q q 0 0 0 rg BT 105.83 148.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 135.56 148.25 Td (than ) Tj ET Q q 0 0 0 rg BT 156.96 148.25 Td (what ) Tj ET Q q 0 0 0 rg BT 179.47 148.25 Td (is ) Tj ET Q q 0 0 0 rg BT 188.64 148.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 228.92 148.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 270.85 148.25 Td (in ) Tj ET Q q 0 0 0 rg BT 281.69 148.25 Td (the ) Tj ET Q q 0 0 0 rg BT 296.97 148.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 351.14 148.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 390.86 148.25 Td (statements) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 63.50 123.05 Td (O) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.44 123.05 Td (ur ) Tj ET Q q 0 0 0 rg BT 82.19 123.05 Td (ef) Tj ET Q q 0 0 0 rg BT 89.78 123.05 Td (fective ) Tj ET Q q 0 0 0 rg BT 119.40 123.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 134.03 123.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 151.43 123.05 Td (and ) Tj ET Q q 0 0 0 rg BT 168.28 123.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 182.92 123.05 Td (liability ) Tj ET Q q 0 0 0 rg BT 216.44 123.05 Td (is ) Tj ET Q q 0 0 0 rg BT 225.53 123.05 Td (based ) Tj ET Q q 0 0 0 rg BT 250.71 123.05 Td (on ) Tj ET Q q 0 0 0 rg BT 263.13 123.05 Td (the ) Tj ET Q q 0 0 0 rg BT 277.76 123.05 Td (application ) Tj ET Q q 0 0 0 rg BT 324.61 123.05 Td (of ) Tj ET Q q 0 0 0 rg BT 335.35 123.05 Td (current ) Tj ET Q q 0 0 0 rg BT 366.08 123.05 Td (income ) Tj ET Q q 0 0 0 rg BT 397.93 123.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 412.57 123.05 Td (laws, ) Tj ET Q q 0 0 0 rg BT 435.81 123.05 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 485.16 123.05 Td (and ) Tj ET Q q 0 0 0 rg BT 502.02 123.05 Td (treaties. ) Tj ET Q q 0 0 0 rg BT 538.13 123.05 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 111.05 Td (laws, ) Tj ET Q q 0 0 0 rg BT 73.53 111.05 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 123.17 111.05 Td (and ) Tj ET Q q 0 0 0 rg BT 140.31 111.05 Td (treaties ) Tj ET Q q 0 0 0 rg BT 171.88 111.05 Td (are ) Tj ET Q q 0 0 0 rg BT 186.79 111.05 Td (complex, ) Tj ET Q q 0 0 0 rg BT 226.42 111.05 Td (and ) Tj ET Q q 0 0 0 rg BT 243.56 111.05 Td (the ) Tj ET Q q 0 0 0 rg BT 258.48 111.05 Td (manner ) Tj ET Q q 0 0 0 rg BT 291.17 111.05 Td (which ) Tj ET Q q 0 0 0 rg BT 318.31 111.05 Td (they ) Tj ET Q q 0 0 0 rg BT 338.23 111.05 Td (apply ) Tj ET Q q 0 0 0 rg BT 363.15 111.05 Td (to ) Tj ET Q q 0 0 0 rg BT 373.63 111.05 Td (our ) Tj ET Q q 0 0 0 rg BT 389.66 111.05 Td (facts ) Tj ET Q q 0 0 0 rg BT 411.24 111.05 Td (and ) Tj ET Q q 0 0 0 rg BT 428.38 111.05 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 487.72 111.05 Td (is ) Tj ET Q q 0 0 0 rg BT 497.09 111.05 Td (sometimes ) Tj ET Q q 0 0 0 rg BT 542.57 111.05 Td (open ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 99.05 Td (to ) Tj ET Q q 0 0 0 rg BT 59.83 99.05 Td (interpretation. ) Tj ET Q q 0 0 0 rg BT 120.76 99.05 Td (Management ) Tj ET Q q 0 0 0 rg BT 175.01 99.05 Td (believes ) Tj ET Q q 0 0 0 rg BT 209.83 99.05 Td (its ) Tj ET Q q 0 0 0 rg BT 221.34 99.05 Td (application ) Tj ET Q q 0 0 0 rg BT 267.82 99.05 Td (of ) Tj ET Q q 0 0 0 rg BT 278.21 99.05 Td (current ) Tj ET Q q 0 0 0 rg BT 308.58 99.05 Td (laws, ) Tj ET Q q 0 0 0 rg BT 331.46 99.05 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 380.45 99.05 Td (and ) Tj ET Q q 0 0 0 rg BT 396.95 99.05 Td (treaties ) Tj ET Q q 0 0 0 rg BT 427.88 99.05 Td (to ) Tj ET Q q 0 0 0 rg BT 437.71 99.05 Td (be ) Tj ET Q q 0 0 0 rg BT 449.20 99.05 Td (correct ) Tj ET Q q 0 0 0 rg BT 479.01 99.05 Td (and ) Tj ET Q q 0 0 0 rg BT 495.51 99.05 Td (sustainable ) Tj ET Q q 0 0 0 rg BT 542.00 99.05 Td (upon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 87.05 Td (examination ) Tj ET Q q 0 0 0 rg BT 101.98 87.05 Td (by ) Tj ET Q q 0 0 0 rg BT 114.53 87.05 Td (the ) Tj ET Q q 0 0 0 rg BT 129.30 87.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 144.07 87.05 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 193.84 87.05 Td (However) Tj ET Q q 0 0 0 rg BT 230.09 87.05 Td (, ) Tj ET Q q 0 0 0 rg BT 235.14 87.05 Td (the ) Tj ET Q q 0 0 0 rg BT 249.91 87.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 264.68 87.05 Td (authorities ) Tj ET Q q 0 0 0 rg BT 309.44 87.05 Td (could ) Tj ET Q q 0 0 0 rg BT 334.21 87.05 Td (challenge ) Tj ET Q q 0 0 0 rg BT 375.08 87.05 Td (our ) Tj ET Q q 0 0 0 rg BT 390.96 87.05 Td (interpretation ) Tj ET Q q 0 0 0 rg BT 447.38 87.05 Td (resulting ) Tj ET Q q 0 0 0 rg BT 484.93 87.05 Td (in ) Tj ET Q q 0 0 0 rg BT 495.26 87.05 Td (an ) Tj ET Q q 0 0 0 rg BT 507.25 87.05 Td (additional ) Tj ET Q q 0 0 0 rg BT 549.79 87.05 Td (tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 75.05 Td (liability ) Tj ET Q q 0 0 0 rg BT 83.41 75.05 Td (or ) Tj ET Q q 0 0 0 rg BT 94.03 75.05 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 140.21 75.05 Td (to ) Tj ET Q q 0 0 0 rg BT 150.29 75.05 Td (our ) Tj ET Q q 0 0 0 rg BT 165.92 75.05 Td (income ) Tj ET Q q 0 0 0 rg BT 197.65 75.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 212.16 75.05 Td (provision ) Tj ET Q q 0 0 0 rg BT 252.24 75.05 Td (that ) Tj ET Q q 0 0 0 rg BT 269.53 75.05 Td (could ) Tj ET Q q 0 0 0 rg BT 294.04 75.05 Td (increase ) Tj ET Q q 0 0 0 rg BT 329.09 75.05 Td (our ) Tj ET Q q 0 0 0 rg BT 344.72 75.05 Td (ef) Tj ET Q q 0 0 0 rg BT 352.31 75.05 Td (fective ) Tj ET Q q 0 0 0 rg BT 381.81 75.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 396.32 75.05 Td (rate. ) Tj ET Q q 0 0 0 rg BT 418.61 75.05 Td (In ) Tj ET Q q 0 0 0 rg BT 429.23 75.05 Td (addition, ) Tj ET Q q 0 0 0 rg BT 466.80 75.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 481.32 75.05 Td (laws, ) Tj ET Q q 0 0 0 rg BT 504.45 75.05 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 553.68 75.05 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 63.05 Td (treaties ) Tj ET Q q 0 0 0 rg BT 81.33 63.05 Td (enacted ) Tj ET Q q 0 0 0 rg BT 114.33 63.05 Td (in ) Tj ET Q q 0 0 0 rg BT 124.57 63.05 Td (the ) Tj ET Q q 0 0 0 rg BT 139.24 63.05 Td (future ) Tj ET Q q 0 0 0 rg BT 165.58 63.05 Td (may ) Tj ET Q q 0 0 0 rg BT 185.26 63.05 Td (cause ) Tj ET Q q 0 0 0 rg BT 209.93 63.05 Td (us ) Tj ET Q q 0 0 0 rg BT 221.28 63.05 Td (to ) Tj ET Q q 0 0 0 rg BT 231.52 63.05 Td (revalue ) Tj ET Q q 0 0 0 rg BT 263.40 63.05 Td (our ) Tj ET Q q 0 0 0 rg BT 279.19 63.05 Td (deferred ) Tj ET Q q 0 0 0 rg BT 314.96 63.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 329.64 63.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 355.43 63.05 Td (and ) Tj ET Q q 0 0 0 rg BT 372.33 63.05 Td (have ) Tj ET Q q 0 0 0 rg BT 393.67 63.05 Td (a ) Tj ET Q q 0 0 0 rg BT 400.57 63.05 Td (material ) Tj ET Q q 0 0 0 rg BT 435.79 63.05 Td (change ) Tj ET Q q 0 0 0 rg BT 466.56 63.05 Td (to ) Tj ET Q q 0 0 0 rg BT 476.80 63.05 Td (our ) Tj ET Q q 0 0 0 rg BT 492.59 63.05 Td (ef) Tj ET Q q 0 0 0 rg BT 500.18 63.05 Td (fective ) Tj ET Q q 0 0 0 rg BT 529.84 63.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 544.52 63.05 Td (rate. ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.50 742.25 Td (The ) Tj ET Q q 0 0 0 rg BT 81.29 742.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 119.08 742.25 Td (requirement ) Tj ET Q q 0 0 0 rg BT 171.31 742.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.77 742.25 Td (convert ) Tj ET Q q 0 0 0 rg BT 212.99 742.25 Td (our ) Tj ET Q q 0 0 0 rg BT 229.12 742.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 268.02 742.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 313.04 742.25 Td (from ) Tj ET Q q 0 0 0 rg BT 334.71 742.25 Td (being ) Tj ET Q q 0 0 0 rg BT 359.17 742.25 Td (prepared ) Tj ET Q q 0 0 0 rg BT 397.51 742.25 Td (in ) Tj ET Q q 0 0 0 rg BT 407.52 742.25 Td (conformity ) Tj ET Q q 0 0 0 rg BT 454.20 742.25 Td (with ) Tj ET Q q 0 0 0 rg BT 473.66 742.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 521.46 742.25 Td (principles ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 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121.95 718.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 153.92 718.25 Td (expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 697.25 Td (As ) Tj ET Q q 0 0 0 rg BT 88.63 697.25 Td (a ) Tj ET Q q 0 0 0 rg BT 96.59 697.25 Td (public ) Tj ET Q q 0 0 0 rg BT 125.10 697.25 Td (entity) Tj ET Q q 0 0 0 rg BT 147.23 697.25 Td (, ) Tj ET Q q 0 0 0 rg BT 153.24 697.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.98 697.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 190.84 697.25 Td (may ) Tj ET Q q 0 0 0 rg BT 211.57 697.25 Td (require ) Tj ET Q q 0 0 0 rg BT 243.40 697.25 Td (in ) Tj ET Q q 0 0 0 rg BT 254.70 697.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.44 697.25 Td (future ) Tj ET Q q 0 0 0 rg BT 297.83 697.25 Td (that ) Tj ET Q q 0 0 0 rg BT 316.34 697.25 Td (we ) Tj ET Q q 0 0 0 rg BT 331.52 697.25 Td (report ) Tj ET Q q 0 0 0 rg BT 358.92 697.25 Td (our ) Tj ET Q q 0 0 0 rg BT 375.77 697.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 414.26 697.25 Td (results ) Tj ET Q q 0 0 0 rg BT 443.89 697.25 Td (under ) Tj ET Q q 0 0 0 rg BT 470.18 697.25 Td (International ) Tj ET Q q 0 0 0 rg BT 524.78 697.25 Td (Financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 92.63 685.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 134.71 685.25 Td (\(IFRS\) ) Tj ET Q q 0 0 0 rg BT 174.00 685.25 Td (instead ) Tj ET Q q 0 0 0 rg BT 204.97 685.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.93 685.25 Td (under ) Tj ET Q q 0 0 0 rg BT 241.34 685.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 287.85 685.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 329.92 685.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 369.76 685.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 407.36 685.25 Td (in ) Tj ET Q q 0 0 0 rg BT 417.78 685.25 Td (the ) Tj ET Q q 0 0 0 rg BT 432.63 685.25 Td (United ) Tj ET Q q 0 0 0 rg BT 462.49 685.25 Td (States ) Tj ET Q q 0 0 0 rg BT 489.01 685.25 Td (of ) Tj ET Q q 0 0 0 rg BT 499.39 685.25 Td (America ) Tj ET Q q 0 0 0 rg BT 536.45 685.25 Td (\(U.S. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (GAAP\). ) Tj ET Q q 0 0 0 rg BT 90.93 673.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 115.48 673.25 Td (is ) Tj ET Q q 0 0 0 rg BT 125.58 673.25 Td (a ) Tj ET Q q 0 0 0 rg BT 133.45 673.25 Td (set ) Tj ET Q q 0 0 0 rg BT 147.99 673.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.75 673.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 207.05 673.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 249.91 673.25 Td (that ) Tj ET Q q 0 0 0 rg BT 268.34 673.25 Td (has ) Tj ET Q q 0 0 0 rg BT 285.10 673.25 Td (been ) Tj ET Q q 0 0 0 rg BT 307.40 673.25 Td (gaining ) Tj ET Q q 0 0 0 rg BT 340.83 673.25 Td (acceptance ) Tj ET Q q 0 0 0 rg BT 388.11 673.25 Td (on ) Tj ET Q q 0 0 0 rg BT 401.54 673.25 Td (a ) Tj ET Q q 0 0 0 rg BT 409.41 673.25 Td (worldwide ) Tj ET Q q 0 0 0 rg BT 455.61 673.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 481.29 673.25 Td (These ) Tj ET Q q 0 0 0 rg BT 508.59 673.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 549.79 673.25 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (published ) Tj ET Q q 0 0 0 rg BT 92.30 661.25 Td (by ) Tj ET Q q 0 0 0 rg BT 105.72 661.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.35 661.25 Td (London-based ) Tj ET Q q 0 0 0 rg BT 181.97 661.25 Td (International ) Tj ET Q q 0 0 0 rg BT 235.72 661.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 285.79 661.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 328.65 661.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 356.50 661.25 Td (\(IASB\) ) Tj ET Q q 0 0 0 rg BT 398.24 661.25 Td (and ) Tj ET Q q 0 0 0 rg BT 416.09 661.25 Td (are ) Tj ET Q q 0 0 0 rg BT 431.71 661.25 Td (more ) Tj ET Q q 0 0 0 rg BT 455.68 661.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 490.19 661.25 Td (on ) Tj ET Q q 0 0 0 rg BT 503.61 661.25 Td (objectives ) Tj ET Q q 0 0 0 rg BT 547.56 661.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 92.53 649.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.07 649.25 Td (less ) Tj ET Q q 0 0 0 rg BT 128.17 649.25 Td (reliant ) Tj ET Q q 0 0 0 rg BT 156.81 649.25 Td (on ) Tj ET Q q 0 0 0 rg BT 169.90 649.25 Td (detailed ) Tj ET Q q 0 0 0 rg BT 204.65 649.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 227.19 649.25 Td (than ) Tj ET Q q 0 0 0 rg BT 247.50 649.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 268.39 649.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 294.50 649.25 Td (. ) Tj ET Q q 0 0 0 rg BT 300.10 649.25 Td ( ) Tj ET Q q 0 0 0 rg BT 303.20 649.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 324.08 649.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 350.94 649.25 Td ( ) Tj ET Q q 0 0 0 rg BT 354.04 649.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 391.57 649.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 425.76 649.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 464.96 649.25 Td (in ) Tj ET Q q 0 0 0 rg BT 475.83 649.25 Td (classes ) Tj ET Q q 0 0 0 rg BT 506.70 649.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.13 649.25 Td (accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 100.50 637.25 Td (for ) Tj ET Q q 0 0 0 rg BT 114.90 637.25 Td (which ) Tj ET Q q 0 0 0 rg BT 142.08 637.25 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 186.47 637.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 225.30 637.25 Td (in ) Tj ET Q q 0 0 0 rg BT 235.82 637.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 259.68 637.25 Td (does ) Tj ET Q q 0 0 0 rg BT 280.75 637.25 Td (not ) Tj ET Q q 0 0 0 rg BT 296.27 637.25 Td (exist. ) Tj ET Q q 0 0 0 rg BT 320.20 637.25 Td (The ) Tj ET Q q 0 0 0 rg BT 338.48 637.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 376.22 637.25 Td (of ) Tj ET Q q 0 0 0 rg BT 387.29 637.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 411.15 637.25 Td (is ) Tj ET Q q 0 0 0 rg BT 420.56 637.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 448.85 637.25 Td (complex ) Tj ET Q q 0 0 0 rg BT 486.03 637.25 Td (and ) Tj ET Q q 0 0 0 rg BT 503.21 637.25 Td (would ) Tj ET Q q 0 0 0 rg BT 530.94 637.25 Td (have ) Tj ET Q q 0 0 0 rg BT 552.56 637.25 Td (an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 78.83 625.25 Td (on ) Tj ET Q q 0 0 0 rg BT 90.44 625.25 Td (many ) Tj ET Q q 0 0 0 rg BT 114.27 625.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 144.77 625.25 Td (of ) Tj ET Q q 0 0 0 rg BT 154.71 625.25 Td (our ) Tj ET Q q 0 0 0 rg BT 169.66 625.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 215.43 625.25 Td (including ) Tj ET Q q 0 0 0 rg BT 254.82 625.25 Td (but ) Tj ET Q q 0 0 0 rg BT 269.21 625.25 Td (not ) Tj ET Q q 0 0 0 rg BT 283.60 625.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 313.55 625.25 Td (to ) Tj ET Q q 0 0 0 rg BT 322.94 625.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 359.54 625.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 405.03 625.25 Td (and ) Tj ET Q q 0 0 0 rg BT 421.08 625.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 459.35 625.25 Td (systems, ) Tj ET Q q 0 0 0 rg BT 495.13 625.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 527.29 625.25 Td (controls, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 613.25 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 75.16 613.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 118.93 613.25 Td (covenants ) Tj ET Q q 0 0 0 rg BT 161.03 613.25 Td (and ) Tj ET Q q 0 0 0 rg BT 177.58 613.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 197.46 613.25 Td (management. ) Tj ET Q q 0 0 0 rg BT 253.16 613.25 Td (It ) Tj ET Q q 0 0 0 rg BT 261.38 613.25 Td (is ) Tj ET Q q 0 0 0 rg BT 270.16 613.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 307.81 613.25 Td (that ) Tj ET Q q 0 0 0 rg BT 324.91 613.25 Td (a ) Tj ET Q q 0 0 0 rg BT 331.46 613.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 375.79 613.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 407.89 613.25 Td (of ) Tj ET Q q 0 0 0 rg BT 418.33 613.25 Td (time, ) Tj ET Q q 0 0 0 rg BT 440.72 613.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 473.37 613.25 Td (and ) Tj ET Q q 0 0 0 rg BT 489.92 613.25 Td (external ) Tj ET Q q 0 0 0 rg BT 524.24 613.25 Td (resources ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 601.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 601.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 105.54 601.25 Td (over ) Tj ET Q q 0 0 0 rg BT 125.81 601.25 Td (a ) Tj ET Q q 0 0 0 rg BT 132.74 601.25 Td (multi-year ) Tj ET Q q 0 0 0 rg BT 176.89 601.25 Td (period ) Tj ET Q q 0 0 0 rg BT 204.94 601.25 Td (would ) Tj ET Q q 0 0 0 rg BT 232.44 601.25 Td (be ) Tj ET Q q 0 0 0 rg BT 244.38 601.25 Td (required ) Tj ET Q q 0 0 0 rg BT 280.20 601.25 Td (for ) Tj ET Q q 0 0 0 rg BT 294.36 601.25 Td (this ) Tj ET Q q 0 0 0 rg BT 311.30 601.25 Td (conversion.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 580.25 Td (The ) Tj ET Q q 0 0 0 rg BT 80.61 580.25 Td (value ) Tj ET Q q 0 0 0 rg BT 105.33 580.25 Td (of ) Tj ET Q q 0 0 0 rg BT 116.16 580.25 Td (our ) Tj ET Q q 0 0 0 rg BT 133.11 580.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 170.61 580.25 Td (may ) Tj ET Q q 0 0 0 rg BT 190.33 580.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 222.26 580.25 Td (in ) Tj ET Q q 0 0 0 rg BT 233.10 580.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.38 580.25 Td (future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 559.25 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 559.25 Td ( ) Tj ET Q q 0 0 0 rg BT 82.39 559.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 126.31 559.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 156.90 559.25 Td (in ) Tj ET Q q 0 0 0 rg BT 166.40 559.25 Td (our ) Tj ET Q q 0 0 0 rg BT 181.44 559.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 218.69 559.25 Td (future ) Tj ET Q q 0 0 0 rg BT 244.29 559.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 263.77 559.25 Td (flows, ) Tj ET Q q 0 0 0 rg BT 290.21 559.25 Td (a ) Tj ET Q q 0 0 0 rg BT 296.36 559.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 340.29 559.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 372.54 559.25 Td (change ) Tj ET Q q 0 0 0 rg BT 402.58 559.25 Td (in ) Tj ET Q q 0 0 0 rg BT 412.07 559.25 Td (the ) Tj ET Q q 0 0 0 rg BT 426.00 559.25 Td (business ) Tj ET Q q 0 0 0 rg BT 461.61 559.25 Td (climate, ) Tj ET Q q 0 0 0 rg BT 495.26 559.25 Td (or ) Tj ET Q q 0 0 0 rg BT 505.30 559.25 Td (slower ) Tj ET Q q 0 0 0 rg BT 533.68 559.25 Td (growth ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 74.41 547.25 Td (any ) Tj ET Q q 0 0 0 rg BT 91.87 547.25 Td (or ) Tj ET Q q 0 0 0 rg BT 103.23 547.25 Td (all ) Tj ET Q q 0 0 0 rg BT 116.26 547.25 Td (of ) Tj ET Q q 0 0 0 rg BT 127.61 547.25 Td (which ) Tj ET Q q 0 0 0 rg BT 155.08 547.25 Td (could ) Tj ET Q q 0 0 0 rg BT 180.33 547.25 Td (be ) Tj ET Q q 0 0 0 rg BT 192.79 547.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 236.36 547.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 276.04 547.25 Td (by ) Tj ET Q q 0 0 0 rg BT 289.07 547.25 Td (many ) Tj ET Q q 0 0 0 rg BT 314.31 547.25 Td (of ) Tj ET Q q 0 0 0 rg BT 325.67 547.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.92 547.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 358.95 547.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 389.18 547.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 430.54 547.25 Td (herein, ) Tj ET Q q 0 0 0 rg BT 461.06 547.25 Td (may ) Tj ET Q q 0 0 0 rg BT 481.30 547.25 Td (require ) Tj ET Q q 0 0 0 rg BT 512.65 547.25 Td (that ) Tj ET Q q 0 0 0 rg BT 530.67 547.25 Td (we ) Tj ET Q q 0 0 0 rg BT 545.36 547.25 Td (take ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 535.25 Td (ges ) Tj ET Q q 0 0 0 rg BT 84.09 535.25 Td (in ) Tj ET Q q 0 0 0 rg BT 95.60 535.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.55 535.25 Td (future ) Tj ET Q q 0 0 0 rg BT 139.17 535.25 Td (related ) Tj ET Q q 0 0 0 rg BT 170.10 535.25 Td (to ) Tj ET Q q 0 0 0 rg BT 181.62 535.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.57 535.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 247.40 535.25 Td (of ) Tj ET Q q 0 0 0 rg BT 259.46 535.25 Td (goodwill. ) Tj ET Q q 0 0 0 rg BT 301.25 535.25 Td (Future ) Tj ET Q q 0 0 0 rg BT 331.10 535.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 375.93 535.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 407.99 535.25 Td (could ) Tj ET Q q 0 0 0 rg BT 433.94 535.25 Td (also ) Tj ET Q q 0 0 0 rg BT 453.78 535.25 Td (have ) Tj ET Q q 0 0 0 rg BT 476.39 535.25 Td (a ) Tj ET Q q 0 0 0 rg BT 484.56 535.25 Td (material ) Tj ET Q q 0 0 0 rg BT 521.06 535.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 552.00 535.25 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (assessments ) Tj ET Q q 0 0 0 rg BT 101.29 523.25 Td (of ) Tj ET Q q 0 0 0 rg BT 112.59 523.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 151.11 523.25 Td (for ) Tj ET Q q 0 0 0 rg BT 165.73 523.25 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 217.29 523.25 Td (If ) Tj ET Q q 0 0 0 rg BT 226.92 523.25 Td (we ) Tj ET Q q 0 0 0 rg BT 241.54 523.25 Td (were ) Tj ET Q q 0 0 0 rg BT 263.94 523.25 Td (to ) Tj ET Q q 0 0 0 rg BT 274.68 523.25 Td (conclude ) Tj ET Q q 0 0 0 rg BT 313.74 523.25 Td (that ) Tj ET Q q 0 0 0 rg BT 331.69 523.25 Td (a ) Tj ET Q q 0 0 0 rg BT 339.10 523.25 Td (future ) Tj ET Q q 0 0 0 rg BT 365.94 523.25 Td (write-down ) Tj ET Q q 0 0 0 rg BT 415.00 523.25 Td (of ) Tj ET Q q 0 0 0 rg BT 426.29 523.25 Td (our ) Tj ET Q q 0 0 0 rg BT 442.59 523.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 481.11 523.25 Td (and ) Tj ET Q q 0 0 0 rg BT 498.51 523.25 Td (other ) Tj ET Q q 0 0 0 rg BT 522.02 523.25 Td (intangible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.19 511.25 Td (is ) Tj ET Q q 0 0 0 rg BT 83.71 511.25 Td (necessary) Tj ET Q q 0 0 0 rg BT 121.93 511.25 Td (, ) Tj ET Q q 0 0 0 rg BT 126.28 511.25 Td (we ) Tj ET Q q 0 0 0 rg BT 139.80 511.25 Td (would ) Tj ET Q q 0 0 0 rg BT 166.66 511.25 Td (record ) Tj ET Q q 0 0 0 rg BT 194.05 511.25 Td (the ) Tj ET Q q 0 0 0 rg BT 208.12 511.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 255.51 511.25 Td (char) Tj ET Q q 0 0 0 rg BT 272.53 511.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 283.83 511.25 Td (which ) Tj ET Q q 0 0 0 rg BT 310.12 511.25 Td (could ) Tj ET Q q 0 0 0 rg BT 334.19 511.25 Td (have ) Tj ET Q q 0 0 0 rg BT 354.93 511.25 Td (a ) Tj ET Q q 0 0 0 rg BT 361.22 511.25 Td (material ) Tj ET Q q 0 0 0 rg BT 395.83 511.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 428.23 511.25 Td (ef) Tj ET Q q 0 0 0 rg BT 435.82 511.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 452.66 511.25 Td (on ) Tj ET Q q 0 0 0 rg BT 464.51 511.25 Td (our ) Tj ET Q q 0 0 0 rg BT 479.70 511.25 Td (results ) Tj ET Q q 0 0 0 rg BT 507.66 511.25 Td (of ) Tj ET Q q 0 0 0 rg BT 517.85 511.25 Td (operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 490.25 Td (Operational ) Tj ET Q q 0 0 0 rg BT 113.95 490.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 135.90 490.25 Td (and ) Tj ET Q q 0 0 0 rg BT 153.96 490.25 Td (heightened ) Tj ET Q q 0 0 0 rg BT 202.02 490.25 Td (cyber-security ) Tj ET Q q 0 0 0 rg BT 262.27 490.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 284.23 490.25 Td (may ) Tj ET Q q 0 0 0 rg BT 303.94 490.25 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 335.34 490.25 Td (our ) Tj ET Q q 0 0 0 rg BT 352.30 490.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 400.64 490.25 Td (result ) Tj ET Q q 0 0 0 rg BT 426.48 490.25 Td (in ) Tj ET Q q 0 0 0 rg BT 437.32 490.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 463.71 490.25 Td (or ) Tj ET Q q 0 0 0 rg BT 475.11 490.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 496.50 490.25 Td (our ) Tj ET Q q 0 0 0 rg BT 513.45 490.25 Td (growth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 469.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 469.25 Td (e ) Tj ET Q q 0 0 0 rg BT 88.99 469.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 106.46 469.25 Td (heavily ) Tj ET Q q 0 0 0 rg BT 137.81 469.25 Td (on ) Tj ET Q q 0 0 0 rg BT 149.72 469.25 Td (our ) Tj ET Q q 0 0 0 rg BT 164.97 469.25 Td (financial, ) Tj ET Q q 0 0 0 rg BT 204.37 469.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 250.15 469.25 Td (and ) Tj ET Q q 0 0 0 rg BT 266.51 469.25 Td (other ) Tj ET Q q 0 0 0 rg BT 288.97 469.25 Td (data ) Tj ET Q q 0 0 0 rg BT 307.54 469.25 Td (processing ) Tj ET Q q 0 0 0 rg BT 352.23 469.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.58 469.25 Td (communications ) Tj ET Q q 0 0 0 rg BT 436.60 469.25 Td (systems. ) Tj ET Q q 0 0 0 rg BT 472.69 469.25 Td (If ) Tj ET Q q 0 0 0 rg BT 481.26 469.25 Td (any ) Tj ET Q q 0 0 0 rg BT 497.62 469.25 Td (of ) Tj ET Q q 0 0 0 rg BT 507.86 469.25 Td (these ) Tj ET Q q 0 0 0 rg BT 530.33 469.25 Td (systems ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 457.25 Td (do ) Tj ET Q q 0 0 0 rg BT 62.65 457.25 Td (not ) Tj ET Q q 0 0 0 rg BT 78.08 457.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 110.16 457.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 146.68 457.25 Td (or ) Tj ET Q q 0 0 0 rg BT 157.67 457.25 Td (are ) Tj ET Q q 0 0 0 rg BT 172.52 457.25 Td (disabled, ) Tj ET Q q 0 0 0 rg BT 211.00 457.25 Td (we ) Tj ET Q q 0 0 0 rg BT 225.31 457.25 Td (could ) Tj ET Q q 0 0 0 rg BT 250.18 457.25 Td (suf) Tj ET Q q 0 0 0 rg BT 262.22 457.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 275.97 457.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 313.60 457.25 Td (loss, ) Tj ET Q q 0 0 0 rg BT 334.32 457.25 Td (a ) Tj ET Q q 0 0 0 rg BT 341.41 457.25 Td (disruption ) Tj ET Q q 0 0 0 rg BT 384.61 457.25 Td (of ) Tj ET Q q 0 0 0 rg BT 395.60 457.25 Td (our ) Tj ET Q q 0 0 0 rg BT 411.58 457.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 458.95 457.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 502.70 457.25 Td (intervention ) Tj ET Q q 0 0 0 rg BT 553.67 457.25 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 445.25 Td (reputational ) Tj ET Q q 0 0 0 rg BT 99.93 445.25 Td (damage. ) Tj ET Q q 0 0 0 rg BT 135.70 445.25 Td (In ) Tj ET Q q 0 0 0 rg BT 146.21 445.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 183.65 445.25 Td (we ) Tj ET Q q 0 0 0 rg BT 197.49 445.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 229.09 445.25 Td (in ) Tj ET Q q 0 0 0 rg BT 239.04 445.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 283.43 445.25 Td (that ) Tj ET Q q 0 0 0 rg BT 300.60 445.25 Td (are ) Tj ET Q q 0 0 0 rg BT 314.99 445.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 342.72 445.25 Td (dependent ) Tj ET Q q 0 0 0 rg BT 385.98 445.25 Td (on ) Tj ET Q q 0 0 0 rg BT 398.16 445.25 Td (information ) Tj ET Q q 0 0 0 rg BT 447.54 445.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 481.39 445.25 Td (and ) Tj ET Q q 0 0 0 rg BT 498.00 445.25 Td (technology) Tj ET Q q 0 0 0 rg BT 541.79 445.25 Td (. ) Tj ET Q q 0 0 0 rg BT 546.46 445.25 Td (Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 433.25 Td (information ) Tj ET Q q 0 0 0 rg BT 99.91 433.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 134.28 433.25 Td (and ) Tj ET Q q 0 0 0 rg BT 151.42 433.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 198.55 433.25 Td (may ) Tj ET Q q 0 0 0 rg BT 218.47 433.25 Td (not ) Tj ET Q q 0 0 0 rg BT 233.95 433.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 271.08 433.25 Td (to ) Tj ET Q q 0 0 0 rg BT 281.56 433.25 Td (be ) Tj ET Q q 0 0 0 rg BT 293.70 433.25 Td (able ) Tj ET Q q 0 0 0 rg BT 313.06 433.25 Td (to ) Tj ET Q q 0 0 0 rg BT 323.54 433.25 Td (accommodate ) Tj ET Q q 0 0 0 rg BT 381.76 433.25 Td (our ) Tj ET Q q 0 0 0 rg BT 397.79 433.25 Td (growth, ) Tj ET Q q 0 0 0 rg BT 431.32 433.25 Td (and ) Tj ET Q q 0 0 0 rg BT 448.46 433.25 Td (the ) Tj ET Q q 0 0 0 rg BT 463.38 433.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 482.19 433.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.22 433.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 543.69 433.25 Td (such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 421.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 82.99 421.25 Td (may ) Tj ET Q q 0 0 0 rg BT 101.53 421.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 135.60 421.25 Td (from ) Tj ET Q q 0 0 0 rg BT 156.36 421.25 Td (its ) Tj ET Q q 0 0 0 rg BT 167.13 421.25 Td (current ) Tj ET Q q 0 0 0 rg BT 196.77 421.25 Td (level. ) Tj ET Q q 0 0 0 rg BT 220.02 421.25 Td (Such ) Tj ET Q q 0 0 0 rg BT 241.34 421.25 Td (a ) Tj ET Q q 0 0 0 rg BT 247.10 421.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 274.52 421.25 Td (to ) Tj ET Q q 0 0 0 rg BT 283.62 421.25 Td (accommodate ) Tj ET Q q 0 0 0 rg BT 340.46 421.25 Td (growth, ) Tj ET Q q 0 0 0 rg BT 372.61 421.25 Td (or ) Tj ET Q q 0 0 0 rg BT 382.27 421.25 Td (an ) Tj ET Q q 0 0 0 rg BT 393.02 421.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 427.10 421.25 Td (in ) Tj ET Q q 0 0 0 rg BT 436.20 421.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 457.52 421.25 Td (related ) Tj ET Q q 0 0 0 rg BT 486.04 421.25 Td (to ) Tj ET Q q 0 0 0 rg BT 495.14 421.25 Td (such ) Tj ET Q q 0 0 0 rg BT 514.79 421.25 Td (information ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (systems, ) Tj ET Q q 0 0 0 rg BT 86.67 409.25 Td (could ) Tj ET Q q 0 0 0 rg BT 111.39 409.25 Td (have ) Tj ET Q q 0 0 0 rg BT 132.76 409.25 Td (a ) Tj ET Q q 0 0 0 rg BT 139.70 409.25 Td (material ) Tj ET Q q 0 0 0 rg BT 174.96 409.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 208.00 409.25 Td (ef) Tj ET Q q 0 0 0 rg BT 215.59 409.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 233.07 409.25 Td (on ) Tj ET Q q 0 0 0 rg BT 245.57 409.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 259.46 409.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 388.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 388.25 Td (e ) Tj ET Q q 0 0 0 rg BT 89.23 388.25 Td (may ) Tj ET Q q 0 0 0 rg BT 108.59 388.25 Td (also ) Tj ET Q q 0 0 0 rg BT 126.85 388.25 Td (be ) Tj ET Q q 0 0 0 rg BT 138.44 388.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 168.92 388.25 Td (to ) Tj ET Q q 0 0 0 rg BT 178.85 388.25 Td (cyber) Tj ET Q q 0 0 0 rg BT 200.86 388.25 Td (-attacks ) Tj ET Q q 0 0 0 rg BT 234.10 388.25 Td (on ) Tj ET Q q 0 0 0 rg BT 246.25 388.25 Td (our ) Tj ET Q q 0 0 0 rg BT 261.73 388.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 291.64 388.25 Td (data ) Tj ET Q q 0 0 0 rg BT 310.45 388.25 Td (and ) Tj ET Q q 0 0 0 rg BT 327.04 388.25 Td (we ) Tj ET Q q 0 0 0 rg BT 340.85 388.25 Td (may ) Tj ET Q q 0 0 0 rg BT 360.22 388.25 Td (not ) Tj ET Q q 0 0 0 rg BT 375.15 388.25 Td (be ) Tj ET Q q 0 0 0 rg BT 386.73 388.25 Td (able ) Tj ET Q q 0 0 0 rg BT 405.54 388.25 Td (to ) Tj ET Q q 0 0 0 rg BT 415.47 388.25 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 456.49 388.25 Td (or ) Tj ET Q q 0 0 0 rg BT 466.97 388.25 Td (prevent ) Tj ET Q q 0 0 0 rg BT 499.10 388.25 Td (all ) Tj ET Q q 0 0 0 rg BT 511.25 388.25 Td (such ) Tj ET Q q 0 0 0 rg BT 531.73 388.25 Td (attacks. ) Tj ET Q q 0 0 0 rg BT 564.50 388.25 Td ( ) Tj ET Q q 0 0 0 rg BT 567.00 388.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 376.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.48 376.25 Td (may ) Tj ET Q q 0 0 0 rg BT 85.10 376.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 108.05 376.25 Td (increasing ) Tj ET Q q 0 0 0 rg BT 151.55 376.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 173.95 376.25 Td (in ) Tj ET Q q 0 0 0 rg BT 184.13 376.25 Td (an ) Tj ET Q q 0 0 0 rg BT 195.98 376.25 Td (ef) Tj ET Q q 0 0 0 rg BT 203.56 376.25 Td (fort ) Tj ET Q q 0 0 0 rg BT 220.41 376.25 Td (to ) Tj ET Q q 0 0 0 rg BT 230.59 376.25 Td (minimize ) Tj ET Q q 0 0 0 rg BT 270.76 376.25 Td (these ) Tj ET Q q 0 0 0 rg BT 293.71 376.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 315.01 376.25 Td (and ) Tj ET Q q 0 0 0 rg BT 331.85 376.25 Td (could ) Tj ET Q q 0 0 0 rg BT 356.47 376.25 Td (be ) Tj ET Q q 0 0 0 rg BT 368.31 376.25 Td (held ) Tj ET Q q 0 0 0 rg BT 387.93 376.25 Td (liable ) Tj ET Q q 0 0 0 rg BT 412.55 376.25 Td (for ) Tj ET Q q 0 0 0 rg BT 426.61 376.25 Td (any ) Tj ET Q q 0 0 0 rg BT 443.46 376.25 Td (security ) Tj ET Q q 0 0 0 rg BT 477.51 376.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 506.56 376.25 Td (or ) Tj ET Q q 0 0 0 rg BT 517.30 376.25 Td (loss. ) Tj ET Q q 0 0 0 rg BT 537.59 376.25 Td (While ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (we ) Tj ET Q q 0 0 0 rg BT 64.29 364.25 Td (have ) Tj ET Q q 0 0 0 rg BT 85.80 364.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 119.54 364.25 Td (and ) Tj ET Q q 0 0 0 rg BT 136.61 364.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 183.11 364.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 221.28 364.25 Td (to ) Tj ET Q q 0 0 0 rg BT 231.69 364.25 Td (prevent ) Tj ET Q q 0 0 0 rg BT 264.31 364.25 Td (or ) Tj ET Q q 0 0 0 rg BT 275.27 364.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 296.80 364.25 Td (the ) Tj ET Q q 0 0 0 rg BT 311.65 364.25 Td (ef) Tj ET Q q 0 0 0 rg BT 319.23 364.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 336.85 364.25 Td (of ) Tj ET Q q 0 0 0 rg BT 347.81 364.25 Td (the ) Tj ET Q q 0 0 0 rg BT 362.66 364.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 398.07 364.25 Td (failure, ) Tj ET Q q 0 0 0 rg BT 429.30 364.25 Td (interruption ) Tj ET Q q 0 0 0 rg BT 479.14 364.25 Td (or ) Tj ET Q q 0 0 0 rg BT 490.10 364.25 Td (security ) Tj ET Q q 0 0 0 rg BT 524.39 364.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 553.67 364.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.70 352.25 Td (information ) Tj ET Q q 0 0 0 rg BT 115.29 352.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.10 352.25 Td (communication ) Tj ET Q q 0 0 0 rg BT 196.68 352.25 Td (systems, ) Tj ET Q q 0 0 0 rg BT 233.22 352.25 Td (there ) Tj ET Q q 0 0 0 rg BT 255.58 352.25 Td (can ) Tj ET Q q 0 0 0 rg BT 271.83 352.25 Td (be ) Tj ET Q q 0 0 0 rg BT 283.64 352.25 Td (no ) Tj ET Q q 0 0 0 rg BT 296.02 352.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 337.26 352.25 Td (that ) Tj ET Q q 0 0 0 rg BT 354.62 352.25 Td (any ) Tj ET Q q 0 0 0 rg BT 371.44 352.25 Td (such ) Tj ET Q q 0 0 0 rg BT 392.14 352.25 Td (failure, ) Tj ET Q q 0 0 0 rg BT 423.11 352.25 Td (interruption ) Tj ET Q q 0 0 0 rg BT 472.69 352.25 Td (or ) Tj ET Q q 0 0 0 rg BT 483.39 352.25 Td (security ) Tj ET Q q 0 0 0 rg BT 517.42 352.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 546.44 352.25 Td (will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (not ) Tj ET Q q 0 0 0 rg BT 64.78 340.25 Td (occur ) Tj ET Q q 0 0 0 rg BT 88.99 340.25 Td (or) Tj ET Q q 0 0 0 rg BT 96.92 340.25 Td (, ) Tj ET Q q 0 0 0 rg BT 101.42 340.25 Td (if ) Tj ET Q q 0 0 0 rg BT 109.53 340.25 Td (they ) Tj ET Q q 0 0 0 rg BT 128.75 340.25 Td (do ) Tj ET Q q 0 0 0 rg BT 140.75 340.25 Td (occur) Tj ET Q q 0 0 0 rg BT 162.56 340.25 Td (, ) Tj ET Q q 0 0 0 rg BT 167.06 340.25 Td (that ) Tj ET Q q 0 0 0 rg BT 184.06 340.25 Td (they ) Tj ET Q q 0 0 0 rg BT 203.28 340.25 Td (will ) Tj ET Q q 0 0 0 rg BT 220.83 340.25 Td (be ) Tj ET Q q 0 0 0 rg BT 232.28 340.25 Td (adequately ) Tj ET Q q 0 0 0 rg BT 277.59 340.25 Td (addressed. ) Tj ET Q q 0 0 0 rg BT 321.37 340.25 Td (The ) Tj ET Q q 0 0 0 rg BT 338.92 340.25 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 384.78 340.25 Td (of ) Tj ET Q q 0 0 0 rg BT 395.11 340.25 Td (any ) Tj ET Q q 0 0 0 rg BT 411.55 340.25 Td (failure, ) Tj ET Q q 0 0 0 rg BT 442.15 340.25 Td (interruption ) Tj ET Q q 0 0 0 rg BT 491.36 340.25 Td (or ) Tj ET Q q 0 0 0 rg BT 501.69 340.25 Td (security ) Tj ET Q q 0 0 0 rg BT 535.35 340.25 Td (breach ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.04 328.25 Td (our ) Tj ET Q q 0 0 0 rg BT 77.08 328.25 Td (information ) Tj ET Q q 0 0 0 rg BT 127.01 328.25 Td (or ) Tj ET Q q 0 0 0 rg BT 138.05 328.25 Td (communication ) Tj ET Q q 0 0 0 rg BT 202.97 328.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 237.35 328.25 Td (could ) Tj ET Q q 0 0 0 rg BT 262.28 328.25 Td (damage ) Tj ET Q q 0 0 0 rg BT 296.09 328.25 Td (our ) Tj ET Q q 0 0 0 rg BT 312.13 328.25 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 357.89 328.25 Td (result ) Tj ET Q q 0 0 0 rg BT 382.81 328.25 Td (in ) Tj ET Q q 0 0 0 rg BT 393.31 328.25 Td (a ) Tj ET Q q 0 0 0 rg BT 400.46 328.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 418.73 328.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.77 328.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 468.88 328.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 499.91 328.25 Td (us ) Tj ET Q q 0 0 0 rg BT 511.52 328.25 Td (to ) Tj ET Q q 0 0 0 rg BT 522.01 328.25 Td (additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 93.59 316.25 Td (scrutiny) Tj ET Q q 0 0 0 rg BT 125.16 316.25 Td (, ) Tj ET Q q 0 0 0 rg BT 130.16 316.25 Td (or ) Tj ET Q q 0 0 0 rg BT 140.99 316.25 Td (expose ) Tj ET Q q 0 0 0 rg BT 171.26 316.25 Td (us ) Tj ET Q q 0 0 0 rg BT 182.65 316.25 Td (to ) Tj ET Q q 0 0 0 rg BT 192.93 316.25 Td (civil ) Tj ET Q q 0 0 0 rg BT 213.20 316.25 Td (litigation ) Tj ET Q q 0 0 0 rg BT 251.81 316.25 Td (and ) Tj ET Q q 0 0 0 rg BT 268.75 316.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 304.03 316.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 341.51 316.25 Td (liability) Tj ET Q q 0 0 0 rg BT 371.97 316.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 295.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 295.25 Td (e ) Tj ET Q q 0 0 0 rg BT 90.08 295.25 Td (depend ) Tj ET Q q 0 0 0 rg BT 121.97 295.25 Td (on ) Tj ET Q q 0 0 0 rg BT 134.98 295.25 Td (our ) Tj ET Q q 0 0 0 rg BT 151.31 295.25 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 205.41 295.25 Td (in ) Tj ET Q q 0 0 0 rg BT 216.19 295.25 Td (New ) Tj ET Q q 0 0 0 rg BT 237.64 295.25 Td (Y) Tj ET Q q 0 0 0 rg BT 243.86 295.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 260.19 295.25 Td (City) Tj ET Q q 0 0 0 rg BT 276.77 295.25 Td (, ) Tj ET Q q 0 0 0 rg BT 282.28 295.25 Td (where ) Tj ET Q q 0 0 0 rg BT 309.72 295.25 Td (a ) Tj ET Q q 0 0 0 rg BT 317.16 295.25 Td (lar) Tj ET Q q 0 0 0 rg BT 327.53 295.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 339.97 295.25 Td (number ) Tj ET Q q 0 0 0 rg BT 373.53 295.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.87 295.25 Td (our ) Tj ET Q q 0 0 0 rg BT 401.21 295.25 Td (personnel ) Tj ET Q q 0 0 0 rg BT 443.09 295.25 Td (are ) Tj ET Q q 0 0 0 rg BT 458.30 295.25 Td (located, ) Tj ET Q q 0 0 0 rg BT 492.68 295.25 Td (for ) Tj ET Q q 0 0 0 rg BT 507.35 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 522.58 295.25 Td (continued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 283.25 Td (operation ) Tj ET Q q 0 0 0 rg BT 89.63 283.25 Td (of ) Tj ET Q q 0 0 0 rg BT 99.83 283.25 Td (our ) Tj ET Q q 0 0 0 rg BT 115.03 283.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 152.88 283.25 Td (A) Tj ET Q q 0 0 0 rg BT 159.55 283.25 Td ( ) Tj ET Q q 0 0 0 rg BT 161.42 283.25 Td (disaster ) Tj ET Q q 0 0 0 rg BT 193.83 283.25 Td (or ) Tj ET Q q 0 0 0 rg BT 204.03 283.25 Td (a ) Tj ET Q q 0 0 0 rg BT 210.34 283.25 Td (disruption ) Tj ET Q q 0 0 0 rg BT 252.77 283.25 Td (in ) Tj ET Q q 0 0 0 rg BT 262.41 283.25 Td (the ) Tj ET Q q 0 0 0 rg BT 276.50 283.25 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 332.23 283.25 Td (that ) Tj ET Q q 0 0 0 rg BT 349.10 283.25 Td (supports ) Tj ET Q q 0 0 0 rg BT 384.86 283.25 Td (our ) Tj ET Q q 0 0 0 rg BT 400.06 283.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 446.65 283.25 Td (including ) Tj ET Q q 0 0 0 rg BT 486.29 283.25 Td (catastrophic ) Tj ET Q q 0 0 0 rg BT 536.47 283.25 Td (events ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 271.25 Td (such ) Tj ET Q q 0 0 0 rg BT 70.77 271.25 Td (as ) Tj ET Q q 0 0 0 rg BT 81.55 271.25 Td (hurricanes ) Tj ET Q q 0 0 0 rg BT 125.63 271.25 Td (or ) Tj ET Q q 0 0 0 rg BT 136.41 271.25 Td (other ) Tj ET Q q 0 0 0 rg BT 159.40 271.25 Td (lar) Tj ET Q q 0 0 0 rg BT 169.76 271.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 184.97 271.25 Td (scale ) Tj ET Q q 0 0 0 rg BT 207.40 271.25 Td (catastrophes, ) Tj ET Q q 0 0 0 rg BT 261.77 271.25 Td (a ) Tj ET Q q 0 0 0 rg BT 268.65 271.25 Td (disruption ) Tj ET Q q 0 0 0 rg BT 311.65 271.25 Td (involving ) Tj ET Q q 0 0 0 rg BT 352.43 271.25 Td (electronic ) Tj ET Q q 0 0 0 rg BT 394.29 271.25 Td (communications ) Tj ET Q q 0 0 0 rg BT 462.83 271.25 Td (or ) Tj ET Q q 0 0 0 rg BT 473.60 271.25 Td (other ) Tj ET Q q 0 0 0 rg BT 496.59 271.25 Td (services ) Tj ET Q q 0 0 0 rg BT 531.24 271.25 Td (used ) Tj ET Q q 0 0 0 rg BT 552.02 271.25 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 259.25 Td (us ) Tj ET Q q 0 0 0 rg BT 61.50 259.25 Td (or ) Tj ET Q q 0 0 0 rg BT 72.44 259.25 Td (third ) Tj ET Q q 0 0 0 rg BT 93.94 259.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 123.20 259.25 Td (with ) Tj ET Q q 0 0 0 rg BT 143.59 259.25 Td (whom ) Tj ET Q q 0 0 0 rg BT 171.20 259.25 Td (we ) Tj ET Q q 0 0 0 rg BT 185.47 259.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 219.74 259.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 258.74 259.25 Td (or ) Tj ET Q q 0 0 0 rg BT 269.68 259.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 302.83 259.25 Td (af) Tj ET Q q 0 0 0 rg BT 310.42 259.25 Td (fecting ) Tj ET Q q 0 0 0 rg BT 340.79 259.25 Td (our ) Tj ET Q q 0 0 0 rg BT 356.73 259.25 Td (headquarters, ) Tj ET Q q 0 0 0 rg BT 412.92 259.25 Td (could ) Tj ET Q q 0 0 0 rg BT 437.75 259.25 Td (have ) Tj ET Q q 0 0 0 rg BT 459.24 259.25 Td (a ) Tj ET Q q 0 0 0 rg BT 466.29 259.25 Td (material ) Tj ET Q q 0 0 0 rg BT 501.66 259.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 534.80 259.25 Td (impact ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 247.25 Td (on ) Tj ET Q q 0 0 0 rg BT 61.54 247.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.40 247.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 103.49 247.25 Td (to ) Tj ET Q q 0 0 0 rg BT 112.81 247.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 148.78 247.25 Td (to ) Tj ET Q q 0 0 0 rg BT 158.09 247.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 189.06 247.25 Td (our ) Tj ET Q q 0 0 0 rg BT 203.92 247.25 Td (business ) Tj ET Q q 0 0 0 rg BT 239.35 247.25 Td (without ) Tj ET Q q 0 0 0 rg BT 271.45 247.25 Td (interruption. ) Tj ET Q q 0 0 0 rg BT 322.58 247.25 Td (The ) Tj ET Q q 0 0 0 rg BT 339.67 247.25 Td (incidence ) Tj ET Q q 0 0 0 rg BT 379.51 247.25 Td (and ) Tj ET Q q 0 0 0 rg BT 395.49 247.25 Td (severity ) Tj ET Q q 0 0 0 rg BT 428.68 247.25 Td (of ) Tj ET Q q 0 0 0 rg BT 438.55 247.25 Td (catastrophes ) Tj ET Q q 0 0 0 rg BT 489.51 247.25 Td (and ) Tj ET Q q 0 0 0 rg BT 505.49 247.25 Td (other ) Tj ET Q q 0 0 0 rg BT 527.57 247.25 Td (disasters ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 235.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.26 235.25 Td (inherently ) Tj ET Q q 0 0 0 rg BT 106.85 235.25 Td (unpredictable. ) Tj ET Q q 0 0 0 rg BT 165.81 235.25 Td ( ) Tj ET Q q 0 0 0 rg BT 167.86 235.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 185.46 235.25 Td (disaster ) Tj ET Q q 0 0 0 rg BT 218.06 235.25 Td (recovery ) Tj ET Q q 0 0 0 rg BT 255.08 235.25 Td (programs ) Tj ET Q q 0 0 0 rg BT 294.90 235.25 Td (may ) Tj ET Q q 0 0 0 rg BT 314.16 235.25 Td (not ) Tj ET Q q 0 0 0 rg BT 328.99 235.25 Td (be ) Tj ET Q q 0 0 0 rg BT 340.48 235.25 Td (suf) Tj ET Q q 0 0 0 rg BT 352.52 235.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 380.11 235.25 Td (to ) Tj ET Q q 0 0 0 rg BT 389.93 235.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 424.75 235.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.02 235.25 Td (harm ) Tj ET Q q 0 0 0 rg BT 461.61 235.25 Td (that ) Tj ET Q q 0 0 0 rg BT 478.65 235.25 Td (may ) Tj ET Q q 0 0 0 rg BT 497.92 235.25 Td (result ) Tj ET Q q 0 0 0 rg BT 522.19 235.25 Td (from ) Tj ET Q q 0 0 0 rg BT 543.67 235.25 Td (such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 223.25 Td (a ) Tj ET Q q 0 0 0 rg BT 57.47 223.25 Td (disaster ) Tj ET Q q 0 0 0 rg BT 91.04 223.25 Td (or ) Tj ET Q q 0 0 0 rg BT 102.40 223.25 Td (disruption. ) Tj ET Q q 0 0 0 rg BT 147.81 223.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 188.62 223.25 Td (we ) Tj ET Q q 0 0 0 rg BT 203.31 223.25 Td (carry ) Tj ET Q q 0 0 0 rg BT 226.87 223.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 268.21 223.25 Td (to ) Tj ET Q q 0 0 0 rg BT 279.02 223.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 314.82 223.25 Td (its ) Tj ET Q q 0 0 0 rg BT 327.29 223.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 366.42 223.25 Td (to ) Tj ET Q q 0 0 0 rg BT 377.22 223.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 407.45 223.25 Td (catastrophic ) Tj ET Q q 0 0 0 rg BT 458.79 223.25 Td (events, ) Tj ET Q q 0 0 0 rg BT 489.86 223.25 Td (our ) Tj ET Q q 0 0 0 rg BT 506.22 223.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 547.56 223.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 211.25 Td (other ) Tj ET Q q 0 0 0 rg BT 73.05 211.25 Td (safeguards ) Tj ET Q q 0 0 0 rg BT 118.31 211.25 Td (might ) Tj ET Q q 0 0 0 rg BT 144.14 211.25 Td (only ) Tj ET Q q 0 0 0 rg BT 164.42 211.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 200.24 211.25 Td (reimburse ) Tj ET Q q 0 0 0 rg BT 242.72 211.25 Td (us ) Tj ET Q q 0 0 0 rg BT 254.12 211.25 Td (for ) Tj ET Q q 0 0 0 rg BT 268.28 211.25 Td (our ) Tj ET Q q 0 0 0 rg BT 284.11 211.25 Td (losses, ) Tj ET Q q 0 0 0 rg BT 313.00 211.25 Td (if ) Tj ET Q q 0 0 0 rg BT 321.61 211.25 Td (at ) Tj ET Q q 0 0 0 rg BT 331.32 211.25 Td (all.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 190.25 Td (If ) Tj ET Q q 0 0 0 rg BT 71.72 190.25 Td (we ) Tj ET Q q 0 0 0 rg BT 85.33 190.25 Td (grow ) Tj ET Q q 0 0 0 rg BT 108.39 190.25 Td (rapidly ) Tj ET Q q 0 0 0 rg BT 139.78 190.25 Td (we ) Tj ET Q q 0 0 0 rg BT 153.39 190.25 Td (may ) Tj ET Q q 0 0 0 rg BT 173.10 190.25 Td (place ) Tj ET Q q 0 0 0 rg BT 197.26 190.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 243.66 190.25 Td (demands ) Tj ET Q q 0 0 0 rg BT 282.83 190.25 Td (on ) Tj ET Q q 0 0 0 rg BT 295.89 190.25 Td (our ) Tj ET Q q 0 0 0 rg BT 312.84 190.25 Td (administrative, ) Tj ET Q q 0 0 0 rg BT 376.73 190.25 Td (operational ) Tj ET Q q 0 0 0 rg BT 426.46 190.25 Td (and ) Tj ET Q q 0 0 0 rg BT 444.52 190.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 484.25 190.25 Td (resources ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 169.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 92.15 169.25 Td (future ) Tj ET Q q 0 0 0 rg BT 118.63 169.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 149.56 169.25 Td (will ) Tj ET Q q 0 0 0 rg BT 167.72 169.25 Td (depend, ) Tj ET Q q 0 0 0 rg BT 201.70 169.25 Td (among ) Tj ET Q q 0 0 0 rg BT 231.52 169.25 Td (other ) Tj ET Q q 0 0 0 rg BT 254.67 169.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 284.22 169.25 Td (on ) Tj ET Q q 0 0 0 rg BT 296.82 169.25 Td (our ) Tj ET Q q 0 0 0 rg BT 312.75 169.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 340.90 169.25 Td (to ) Tj ET Q q 0 0 0 rg BT 351.28 169.25 Td (successfully ) Tj ET Q q 0 0 0 rg BT 402.76 169.25 Td (identify ) Tj ET Q q 0 0 0 rg BT 436.47 169.25 Td (practice ) Tj ET Q q 0 0 0 rg BT 470.71 169.25 Td (groups ) Tj ET Q q 0 0 0 rg BT 500.53 169.25 Td (and ) Tj ET Q q 0 0 0 rg BT 517.57 169.25 Td (individuals ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.80 157.25 Td (join ) Tj ET Q q 0 0 0 rg BT 79.38 157.25 Td (Greenhill. ) Tj ET Q q 0 0 0 rg BT 122.67 157.25 Td (It ) Tj ET Q q 0 0 0 rg BT 131.80 157.25 Td (may ) Tj ET Q q 0 0 0 rg BT 152.04 157.25 Td (take ) Tj ET Q q 0 0 0 rg BT 171.71 157.25 Td (more ) Tj ET Q q 0 0 0 rg BT 195.28 157.25 Td (than ) Tj ET Q q 0 0 0 rg BT 215.52 157.25 Td (one ) Tj ET Q q 0 0 0 rg BT 232.98 157.25 Td (year ) Tj ET Q q 0 0 0 rg BT 253.21 157.25 Td (for ) Tj ET Q q 0 0 0 rg BT 267.90 157.25 Td (us ) Tj ET Q q 0 0 0 rg BT 279.81 157.25 Td (to ) Tj ET Q q 0 0 0 rg BT 290.61 157.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 333.61 157.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 368.84 157.25 Td (new ) Tj ET Q q 0 0 0 rg BT 388.53 157.25 Td (professionals ) Tj ET Q q 0 0 0 rg BT 444.32 157.25 Td (will ) Tj ET Q q 0 0 0 rg BT 462.90 157.25 Td (be ) Tj ET Q q 0 0 0 rg BT 475.36 157.25 Td (ef) Tj ET Q q 0 0 0 rg BT 482.94 157.25 Td (fective. ) Tj ET Q q 0 0 0 rg BT 515.67 157.25 Td (During ) Tj ET Q q 0 0 0 rg BT 547.02 157.25 Td (that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (time, ) Tj ET Q q 0 0 0 rg BT 73.74 145.25 Td (we ) Tj ET Q q 0 0 0 rg BT 88.87 145.25 Td (may ) Tj ET Q q 0 0 0 rg BT 109.55 145.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 133.56 145.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 179.24 145.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 218.81 145.25 Td (and ) Tj ET Q q 0 0 0 rg BT 236.71 145.25 Td (expend ) Tj ET Q q 0 0 0 rg BT 269.06 145.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 314.74 145.25 Td (time ) Tj ET Q q 0 0 0 rg BT 335.98 145.25 Td (and ) Tj ET Q q 0 0 0 rg BT 353.88 145.25 Td (resources ) Tj ET Q q 0 0 0 rg BT 395.11 145.25 Td (toward ) Tj ET Q q 0 0 0 rg BT 426.34 145.25 Td (training, ) Tj ET Q q 0 0 0 rg BT 463.41 145.25 Td (integration ) Tj ET Q q 0 0 0 rg BT 510.20 145.25 Td (and ) Tj ET Q q 0 0 0 rg BT 528.11 145.25 Td (business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (development. ) Tj ET Q q 0 0 0 rg BT 106.84 133.25 Td (If ) Tj ET Q q 0 0 0 rg BT 116.19 133.25 Td (we ) Tj ET Q q 0 0 0 rg BT 130.55 133.25 Td (are ) Tj ET Q q 0 0 0 rg BT 145.45 133.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 174.79 133.25 Td (to ) Tj ET Q q 0 0 0 rg BT 185.26 133.25 Td (hire ) Tj ET Q q 0 0 0 rg BT 203.50 133.25 Td (and ) Tj ET Q q 0 0 0 rg BT 220.63 133.25 Td (retain ) Tj ET Q q 0 0 0 rg BT 246.09 133.25 Td (successful ) Tj ET Q q 0 0 0 rg BT 289.88 133.25 Td (professionals, ) Tj ET Q q 0 0 0 rg BT 347.84 133.25 Td (we ) Tj ET Q q 0 0 0 rg BT 362.19 133.25 Td (will ) Tj ET Q q 0 0 0 rg BT 380.44 133.25 Td (not ) Tj ET Q q 0 0 0 rg BT 395.91 133.25 Td (be ) Tj ET Q q 0 0 0 rg BT 408.04 133.25 Td (able ) Tj ET Q q 0 0 0 rg BT 427.39 133.25 Td (to ) Tj ET Q q 0 0 0 rg BT 437.86 133.25 Td (implement ) Tj ET Q q 0 0 0 rg BT 483.32 133.25 Td (our ) Tj ET Q q 0 0 0 rg BT 499.34 133.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 530.36 133.25 Td (strategy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 121.25 Td (our ) Tj ET Q q 0 0 0 rg BT 82.77 121.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 120.25 121.25 Td (results ) Tj ET Q q 0 0 0 rg BT 148.86 121.25 Td (may ) Tj ET Q q 0 0 0 rg BT 168.57 121.25 Td (be ) Tj ET Q q 0 0 0 rg BT 180.51 121.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 223.55 121.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 264.37 121.25 Td (af) Tj ET Q q 0 0 0 rg BT 271.95 121.25 Td (fected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 100.25 Td (Sustaining ) Tj ET Q q 0 0 0 rg BT 118.19 100.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 148.49 100.25 Td (will ) Tj ET Q q 0 0 0 rg BT 166.01 100.25 Td (also ) Tj ET Q q 0 0 0 rg BT 184.08 100.25 Td (require ) Tj ET Q q 0 0 0 rg BT 214.36 100.25 Td (us ) Tj ET Q q 0 0 0 rg BT 225.22 100.25 Td (to ) Tj ET Q q 0 0 0 rg BT 234.96 100.25 Td (commit ) Tj ET Q q 0 0 0 rg BT 267.48 100.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 309.44 100.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 364.99 100.25 Td (operational, ) Tj ET Q q 0 0 0 rg BT 414.44 100.25 Td (and ) Tj ET Q q 0 0 0 rg BT 430.84 100.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 467.79 100.25 Td (resources ) Tj ET Q q 0 0 0 rg BT 507.51 100.25 Td (to ) Tj ET Q q 0 0 0 rg BT 517.25 100.25 Td (this ) Tj ET Q q 0 0 0 rg BT 533.67 100.25 Td (growth ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.31 88.25 Td (to ) Tj ET Q q 0 0 0 rg BT 77.95 88.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 115.81 88.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 164.21 88.25 Td (operational ) Tj ET Q q 0 0 0 rg BT 212.06 88.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.37 88.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 267.22 88.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 301.76 88.25 Td (to ) Tj ET Q q 0 0 0 rg BT 312.40 88.25 Td (adequately ) Tj ET Q q 0 0 0 rg BT 358.58 88.25 Td (support ) Tj ET Q q 0 0 0 rg BT 391.45 88.25 Td (expansion. ) Tj ET Q q 0 0 0 rg BT 437.16 88.25 Td (There ) Tj ET Q q 0 0 0 rg BT 463.34 88.25 Td (can ) Tj ET Q q 0 0 0 rg BT 480.09 88.25 Td (be ) Tj ET Q q 0 0 0 rg BT 492.40 88.25 Td (no ) Tj ET Q q 0 0 0 rg BT 505.27 88.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 547.00 88.25 Td (that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (we ) Tj ET Q q 0 0 0 rg BT 64.24 76.25 Td (will ) Tj ET Q q 0 0 0 rg BT 82.38 76.25 Td (be ) Tj ET Q q 0 0 0 rg BT 94.40 76.25 Td (able ) Tj ET Q q 0 0 0 rg BT 113.64 76.25 Td (to ) Tj ET Q q 0 0 0 rg BT 124.00 76.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 157.68 76.25 Td (our ) Tj ET Q q 0 0 0 rg BT 173.59 76.25 Td (expanding ) Tj ET Q q 0 0 0 rg BT 217.83 76.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 262.07 76.25 Td (ef) Tj ET Q q 0 0 0 rg BT 269.66 76.25 Td (fectively ) Tj ET Q q 0 0 0 rg BT 307.22 76.25 Td (or ) Tj ET Q q 0 0 0 rg BT 318.13 76.25 Td (that ) Tj ET Q q 0 0 0 rg BT 335.71 76.25 Td (we ) Tj ET Q q 0 0 0 rg BT 349.96 76.25 Td (will ) Tj ET Q q 0 0 0 rg BT 368.10 76.25 Td (be ) Tj ET Q q 0 0 0 rg BT 380.12 76.25 Td (able ) Tj ET Q q 0 0 0 rg BT 399.36 76.25 Td (to ) Tj ET Q q 0 0 0 rg BT 409.72 76.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 447.29 76.25 Td (or ) Tj ET Q q 0 0 0 rg BT 458.20 76.25 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 500.74 76.25 Td (our ) Tj ET Q q 0 0 0 rg BT 516.66 76.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 547.57 76.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 64.25 Td (any ) Tj ET Q q 0 0 0 rg BT 66.94 64.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 95.53 64.25 Td (to ) Tj ET Q q 0 0 0 rg BT 105.81 64.25 Td (do ) Tj ET Q q 0 0 0 rg BT 118.31 64.25 Td (so ) Tj ET Q q 0 0 0 rg BT 129.70 64.25 Td (could ) Tj ET Q q 0 0 0 rg BT 154.42 64.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 195.23 64.25 Td (af) Tj ET Q q 0 0 0 rg BT 202.82 64.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 220.31 64.25 Td (our ) Tj ET Q q 0 0 0 rg BT 236.14 64.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 264.19 64.25 Td (to ) Tj ET Q q 0 0 0 rg BT 274.47 64.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 310.83 64.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 344.98 64.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.91 64.25 Td (control ) Tj ET Q q 0 0 0 rg BT 392.74 64.25 Td (our ) Tj ET Q q 0 0 0 rg BT 408.57 64.25 Td (expenses.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 742.25 Td (Fluctuations ) Tj ET Q q 0 0 0 rg BT 117.30 742.25 Td (in ) Tj ET Q q 0 0 0 rg BT 128.14 742.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 160.64 742.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 199.80 742.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 241.74 742.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 264.24 742.25 Td (could ) Tj ET Q q 0 0 0 rg BT 289.51 742.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 330.33 742.25 Td (af) Tj ET Q q 0 0 0 rg BT 338.48 742.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 355.96 742.25 Td (our ) Tj ET Q q 0 0 0 rg BT 372.92 742.25 Td (results ) Tj ET Q q 0 0 0 rg BT 402.65 742.25 Td (of ) Tj ET Q q 0 0 0 rg BT 413.48 742.25 Td (operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (Because ) Tj ET Q q 0 0 0 rg BT 109.11 721.25 Td (our ) Tj ET Q q 0 0 0 rg BT 124.23 721.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 161.00 721.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 205.00 721.25 Td (are ) Tj ET Q q 0 0 0 rg BT 219.00 721.25 Td (denominated ) Tj ET Q q 0 0 0 rg BT 272.44 721.25 Td (in ) Tj ET Q q 0 0 0 rg BT 282.01 721.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 301.58 721.25 Td (dollars ) Tj ET Q q 0 0 0 rg BT 330.59 721.25 Td (and ) Tj ET Q q 0 0 0 rg BT 346.82 721.25 Td (we ) Tj ET Q q 0 0 0 rg BT 360.27 721.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 390.93 721.25 Td (a ) Tj ET Q q 0 0 0 rg BT 397.16 721.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 427.83 721.25 Td (of ) Tj ET Q q 0 0 0 rg BT 437.96 721.25 Td (our ) Tj ET Q q 0 0 0 rg BT 453.08 721.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 486.51 721.25 Td (in ) Tj ET Q q 0 0 0 rg BT 496.08 721.25 Td (other ) Tj ET Q q 0 0 0 rg BT 518.42 721.25 Td (currencies, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 110.81 709.25 Td (in ) Tj ET Q q 0 0 0 rg BT 121.09 709.25 Td (British ) Tj ET Q q 0 0 0 rg BT 150.81 709.25 Td (pounds, ) Tj ET Q q 0 0 0 rg BT 184.69 709.25 Td (euros, ) Tj ET Q q 0 0 0 rg BT 211.35 709.25 Td (and ) Tj ET Q q 0 0 0 rg BT 227.73 709.25 Td (Australian ) Tj ET Q q 0 0 0 rg BT 271.88 709.25 Td (dollars, ) Tj ET Q q 0 0 0 rg BT 304.09 709.25 Td (we ) Tj ET Q q 0 0 0 rg BT 318.24 709.25 Td (are ) Tj ET Q q 0 0 0 rg BT 332.95 709.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 368.21 709.25 Td (to ) Tj ET Q q 0 0 0 rg BT 378.48 709.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 428.19 709.25 Td (in ) Tj ET Q q 0 0 0 rg BT 438.46 709.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 469.83 709.25 Td (currencies. ) Tj ET Q q 0 0 0 rg BT 515.91 709.25 Td (In ) Tj ET Q q 0 0 0 rg BT 526.73 709.25 Td (addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (we ) Tj ET Q q 0 0 0 rg BT 63.53 697.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 79.84 697.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 108.92 697.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.12 697.25 Td (our ) Tj ET Q q 0 0 0 rg BT 134.32 697.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 172.29 697.25 Td (in ) Tj ET Q q 0 0 0 rg BT 181.95 697.25 Td (such ) Tj ET Q q 0 0 0 rg BT 202.15 697.25 Td (currencies. ) Tj ET Q q 0 0 0 rg BT 247.47 697.25 Td (W) Tj ET Q q 0 0 0 rg BT 256.11 697.25 Td (e ) Tj ET Q q 0 0 0 rg BT 262.42 697.25 Td (have ) Tj ET Q q 0 0 0 rg BT 283.17 697.25 Td (not ) Tj ET Q q 0 0 0 rg BT 297.82 697.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 329.12 697.25 Td (into ) Tj ET Q q 0 0 0 rg BT 346.54 697.25 Td (any ) Tj ET Q q 0 0 0 rg BT 362.86 697.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 412.49 697.25 Td (to ) Tj ET Q q 0 0 0 rg BT 422.14 697.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 447.89 697.25 Td (our ) Tj ET Q q 0 0 0 rg BT 463.09 697.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 501.07 697.25 Td (to ) Tj ET Q q 0 0 0 rg BT 510.72 697.25 Td (these ) Tj ET Q q 0 0 0 rg BT 533.14 697.25 Td (foreign ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 91.01 685.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 141.48 685.25 Td (through ) Tj ET Q q 0 0 0 rg BT 175.85 685.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.32 685.25 Td (use ) Tj ET Q q 0 0 0 rg BT 207.91 685.25 Td (of ) Tj ET Q q 0 0 0 rg BT 219.50 685.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 262.74 685.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 312.66 685.25 Td (or ) Tj ET Q q 0 0 0 rg BT 324.25 685.25 Td (otherwise. ) Tj ET Q q 0 0 0 rg BT 368.17 685.25 Td (An ) Tj ET Q q 0 0 0 rg BT 383.65 685.25 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 436.32 685.25 Td (or ) Tj ET Q q 0 0 0 rg BT 447.91 685.25 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 500.59 685.25 Td (of ) Tj ET Q q 0 0 0 rg BT 512.18 685.25 Td (any ) Tj ET Q q 0 0 0 rg BT 529.88 685.25 Td (of ) Tj ET Q q 0 0 0 rg BT 541.46 685.25 Td (these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (currencies ) Tj ET Q q 0 0 0 rg BT 93.58 673.25 Td (relative ) Tj ET Q q 0 0 0 rg BT 126.06 673.25 Td (to ) Tj ET Q q 0 0 0 rg BT 136.34 673.25 Td (the ) Tj ET Q q 0 0 0 rg BT 151.06 673.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 171.34 673.25 Td (dollar ) Tj ET Q q 0 0 0 rg BT 197.17 673.25 Td (could ) Tj ET Q q 0 0 0 rg BT 221.88 673.25 Td (result ) Tj ET Q q 0 0 0 rg BT 246.60 673.25 Td (in ) Tj ET Q q 0 0 0 rg BT 256.88 673.25 Td (an ) Tj ET Q q 0 0 0 rg BT 268.82 673.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 301.86 673.25 Td (or ) Tj ET Q q 0 0 0 rg BT 312.69 673.25 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 354.60 673.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 384.32 673.25 Td (to ) Tj ET Q q 0 0 0 rg BT 394.59 673.25 Td (our ) Tj ET Q q 0 0 0 rg BT 410.42 673.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 447.91 673.25 Td (results.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 652.25 Td (The ) Tj ET Q q 0 0 0 rg BT 80.61 652.25 Td (market ) Tj ET Q q 0 0 0 rg BT 112.00 652.25 Td (price ) Tj ET Q q 0 0 0 rg BT 135.04 652.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.87 652.25 Td (our ) Tj ET Q q 0 0 0 rg BT 162.83 652.25 Td (common ) Tj ET Q q 0 0 0 rg BT 200.88 652.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 224.49 652.25 Td (may ) Tj ET Q q 0 0 0 rg BT 244.21 652.25 Td (decline ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 631.25 Td (The ) Tj ET Q q 0 0 0 rg BT 80.90 631.25 Td (price ) Tj ET Q q 0 0 0 rg BT 104.23 631.25 Td (of ) Tj ET Q q 0 0 0 rg BT 115.91 631.25 Td (our ) Tj ET Q q 0 0 0 rg BT 132.59 631.25 Td (common ) Tj ET Q q 0 0 0 rg BT 170.93 631.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 195.39 631.25 Td (may ) Tj ET Q q 0 0 0 rg BT 215.95 631.25 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 254.28 631.25 Td (widely) Tj ET Q q 0 0 0 rg BT 280.85 631.25 Td (, ) Tj ET Q q 0 0 0 rg BT 286.70 631.25 Td (depending ) Tj ET Q q 0 0 0 rg BT 331.70 631.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 355.05 631.25 Td (many ) Tj ET Q q 0 0 0 rg BT 380.62 631.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 413.67 631.25 Td (including ) Tj ET Q q 0 0 0 rg BT 454.79 631.25 Td (the ) Tj ET Q q 0 0 0 rg BT 470.36 631.25 Td (perceived ) Tj ET Q q 0 0 0 rg BT 512.57 631.25 Td (prospects ) Tj ET Q q 0 0 0 rg BT 553.69 631.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 619.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 90.37 619.25 Td (and ) Tj ET Q q 0 0 0 rg BT 107.42 619.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.24 619.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.83 619.25 Td (services ) Tj ET Q q 0 0 0 rg BT 194.64 619.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 230.03 619.25 Td (in ) Tj ET Q q 0 0 0 rg BT 240.42 619.25 Td (general, ) Tj ET Q q 0 0 0 rg BT 274.95 619.25 Td (dif) Tj ET Q q 0 0 0 rg BT 285.87 619.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 321.79 619.25 Td (between ) Tj ET Q q 0 0 0 rg BT 357.71 619.25 Td (our ) Tj ET Q q 0 0 0 rg BT 373.65 619.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 400.13 619.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 437.71 619.25 Td (and ) Tj ET Q q 0 0 0 rg BT 454.76 619.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 495.13 619.25 Td (results ) Tj ET Q q 0 0 0 rg BT 523.85 619.25 Td (and ) Tj ET Q q 0 0 0 rg BT 540.89 619.25 Td (those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 607.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 87.26 607.25 Td (by ) Tj ET Q q 0 0 0 rg BT 98.99 607.25 Td (investors, ) Tj ET Q q 0 0 0 rg BT 139.33 607.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 173.26 607.25 Td (in ) Tj ET Q q 0 0 0 rg BT 182.77 607.25 Td (general ) Tj ET Q q 0 0 0 rg BT 213.92 607.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 254.52 607.25 Td (or ) Tj ET Q q 0 0 0 rg BT 264.58 607.25 Td (market ) Tj ET Q q 0 0 0 rg BT 294.07 607.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 337.47 607.25 Td (and ) Tj ET Q q 0 0 0 rg BT 353.63 607.25 Td (broad ) Tj ET Q q 0 0 0 rg BT 378.13 607.25 Td (market ) Tj ET Q q 0 0 0 rg BT 407.62 607.25 Td (fluctuations. ) Tj ET Q q 0 0 0 rg BT 459.06 607.25 Td (Since ) Tj ET Q q 0 0 0 rg BT 483.01 607.25 Td (a ) Tj ET Q q 0 0 0 rg BT 489.17 607.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 533.12 607.25 Td (portion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 595.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.22 595.25 Td (the ) Tj ET Q q 0 0 0 rg BT 76.33 595.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 134.76 595.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.98 595.25 Td (our ) Tj ET Q q 0 0 0 rg BT 162.20 595.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 204.53 595.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 242.40 595.25 Td (and ) Tj ET Q q 0 0 0 rg BT 259.73 595.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 289.82 595.25 Td (other ) Tj ET Q q 0 0 0 rg BT 313.26 595.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 358.92 595.25 Td (is ) Tj ET Q q 0 0 0 rg BT 368.48 595.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 388.58 595.25 Td (in ) Tj ET Q q 0 0 0 rg BT 399.25 595.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 439.35 595.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 463.34 595.25 Td (units ) Tj ET Q q 0 0 0 rg BT 485.68 595.25 Td (and ) Tj ET Q q 0 0 0 rg BT 503.01 595.25 Td (our ) Tj ET Q q 0 0 0 rg BT 519.23 595.25 Td (employees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 583.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 68.28 583.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 91.00 583.25 Td (the ) Tj ET Q q 0 0 0 rg BT 105.95 583.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 134.23 583.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.29 583.25 Td (share ) Tj ET Q q 0 0 0 rg BT 169.12 583.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 191.28 583.25 Td (to ) Tj ET Q q 0 0 0 rg BT 201.79 583.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 238.38 583.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 281.10 583.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 301.60 583.25 Td (flow) Tj ET Q q 0 0 0 rg BT 319.28 583.25 Td (, ) Tj ET Q q 0 0 0 rg BT 324.50 583.25 Td (a ) Tj ET Q q 0 0 0 rg BT 331.67 583.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 363.27 583.25 Td (in ) Tj ET Q q 0 0 0 rg BT 373.78 583.25 Td (the ) Tj ET Q q 0 0 0 rg BT 388.72 583.25 Td (price ) Tj ET Q q 0 0 0 rg BT 411.44 583.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.50 583.25 Td (our ) Tj ET Q q 0 0 0 rg BT 438.56 583.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 462.39 583.25 Td (may ) Tj ET Q q 0 0 0 rg BT 482.34 583.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 523.38 583.25 Td (af) Tj ET Q q 0 0 0 rg BT 530.97 583.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 548.68 583.25 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 571.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 78.38 571.25 Td (to ) Tj ET Q q 0 0 0 rg BT 88.98 571.25 Td (retain ) Tj ET Q q 0 0 0 rg BT 114.58 571.25 Td (key ) Tj ET Q q 0 0 0 rg BT 131.84 571.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 179.93 571.25 Td (including ) Tj ET Q q 0 0 0 rg BT 220.53 571.25 Td (our ) Tj ET Q q 0 0 0 rg BT 236.69 571.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 278.95 571.25 Td (directors. ) Tj ET Q q 0 0 0 rg BT 319.26 571.25 Td (Similarly) Tj ET Q q 0 0 0 rg BT 355.83 571.25 Td (, ) Tj ET Q q 0 0 0 rg BT 361.16 571.25 Td (our ) Tj ET Q q 0 0 0 rg BT 377.32 571.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 405.70 571.25 Td (to ) Tj ET Q q 0 0 0 rg BT 416.30 571.25 Td (recruit ) Tj ET Q q 0 0 0 rg BT 445.22 571.25 Td (new ) Tj ET Q q 0 0 0 rg BT 464.71 571.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 506.97 571.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 544.79 571.25 Td (may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (be ) Tj ET Q q 0 0 0 rg BT 61.94 559.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 102.75 559.25 Td (af) Tj ET Q q 0 0 0 rg BT 110.34 559.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 137.27 559.25 Td (by ) Tj ET Q q 0 0 0 rg BT 149.77 559.25 Td (a ) Tj ET Q q 0 0 0 rg BT 156.70 559.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 188.08 559.25 Td (in ) Tj ET Q q 0 0 0 rg BT 198.35 559.25 Td (the ) Tj ET Q q 0 0 0 rg BT 213.07 559.25 Td (price ) Tj ET Q q 0 0 0 rg BT 235.56 559.25 Td (of ) Tj ET Q q 0 0 0 rg BT 246.39 559.25 Td (our ) Tj ET Q q 0 0 0 rg BT 262.22 559.25 Td (stock.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 70.15 538.25 Td (e ) Tj ET Q q 0 0 0 rg BT 77.09 538.25 Td (could ) Tj ET Q q 0 0 0 rg BT 102.37 538.25 Td (change ) Tj ET Q q 0 0 0 rg BT 134.87 538.25 Td (our ) Tj ET Q q 0 0 0 rg BT 151.82 538.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 186.55 538.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 224.04 538.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 250.97 538.25 Td (in ) Tj ET Q q 0 0 0 rg BT 261.81 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.09 538.25 Td (future) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 517.25 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 517.25 Td (e ) Tj ET Q q 0 0 0 rg BT 77.61 517.25 Td (began ) Tj ET Q q 0 0 0 rg BT 104.02 517.25 Td (paying ) Tj ET Q q 0 0 0 rg BT 133.77 517.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 172.40 517.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 192.70 517.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 234.12 517.25 Td (to ) Tj ET Q q 0 0 0 rg BT 244.43 517.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 276.40 517.25 Td (of ) Tj ET Q q 0 0 0 rg BT 287.26 517.25 Td (record ) Tj ET Q q 0 0 0 rg BT 315.33 517.25 Td (of ) Tj ET Q q 0 0 0 rg BT 326.20 517.25 Td (our ) Tj ET Q q 0 0 0 rg BT 342.06 517.25 Td (common ) Tj ET Q q 0 0 0 rg BT 379.59 517.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 403.23 517.25 Td (in ) Tj ET Q q 0 0 0 rg BT 413.54 517.25 Td (June ) Tj ET Q q 0 0 0 rg BT 434.41 517.25 Td (2004.Since ) Tj ET Q q 0 0 0 rg BT 484.16 517.25 Td (2007, ) Tj ET Q q 0 0 0 rg BT 509.19 517.25 Td (we ) Tj ET Q q 0 0 0 rg BT 523.38 517.25 Td (have ) Tj ET Q q 0 0 0 rg BT 544.79 517.25 Td (paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 505.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 89.21 505.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 110.09 505.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 152.09 505.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.54 505.25 Td ($0.45 ) Tj ET Q q 0 0 0 rg BT 189.16 505.25 Td (per ) Tj ET Q q 0 0 0 rg BT 205.04 505.25 Td (share ) Tj ET Q q 0 0 0 rg BT 229.25 505.25 Td (of ) Tj ET Q q 0 0 0 rg BT 240.70 505.25 Td (our ) Tj ET Q q 0 0 0 rg BT 257.14 505.25 Td (common ) Tj ET Q q 0 0 0 rg BT 295.25 505.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 319.48 505.25 Td (to ) Tj ET Q q 0 0 0 rg BT 330.37 505.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 362.92 505.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.37 505.25 Td (record.) Tj ET Q q 0 0 0 rg BT 404.73 505.25 Td (W) Tj ET Q q 0 0 0 rg BT 413.36 505.25 Td (e ) Tj ET Q q 0 0 0 rg BT 420.92 505.25 Td (intend ) Tj ET Q q 0 0 0 rg BT 449.03 505.25 Td (to ) Tj ET Q q 0 0 0 rg BT 459.92 505.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 497.47 505.25 Td (to ) Tj ET Q q 0 0 0 rg BT 508.36 505.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 525.92 505.25 Td (quarterly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 493.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 94.04 493.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 127.53 493.25 Td (to ) Tj ET Q q 0 0 0 rg BT 140.46 493.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 172.27 493.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 222.42 493.25 Td (and ) Tj ET Q q 0 0 0 rg BT 242.01 493.25 Td (periodic ) Tj ET Q q 0 0 0 rg BT 279.94 493.25 Td (determinations ) Tj ET Q q 0 0 0 rg BT 344.52 493.25 Td (that ) Tj ET Q q 0 0 0 rg BT 364.68 493.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 387.60 493.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 431.65 493.25 Td (are ) Tj ET Q q 0 0 0 rg BT 449.01 493.25 Td (in ) Tj ET Q q 0 0 0 rg BT 461.95 493.25 Td (the ) Tj ET Q q 0 0 0 rg BT 479.32 493.25 Td (best ) Tj ET Q q 0 0 0 rg BT 500.59 493.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 535.18 493.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.67 493.25 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 481.25 Td (stockholders.Future ) Tj ET Q q 0 0 0 rg BT 133.90 481.25 Td (declaration ) Tj ET Q q 0 0 0 rg BT 180.57 481.25 Td (and ) Tj ET Q q 0 0 0 rg BT 197.26 481.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 233.94 481.25 Td (of ) Tj ET Q q 0 0 0 rg BT 244.51 481.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 285.65 481.25 Td (on ) Tj ET Q q 0 0 0 rg BT 297.90 481.25 Td (our ) Tj ET Q q 0 0 0 rg BT 313.47 481.25 Td (common ) Tj ET Q q 0 0 0 rg BT 350.72 481.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 374.07 481.25 Td (is ) Tj ET Q q 0 0 0 rg BT 382.99 481.25 Td (at ) Tj ET Q q 0 0 0 rg BT 392.45 481.25 Td (the ) Tj ET Q q 0 0 0 rg BT 406.92 481.25 Td (discretion ) Tj ET Q q 0 0 0 rg BT 448.60 481.25 Td (of ) Tj ET Q q 0 0 0 rg BT 459.18 481.25 Td (our ) Tj ET Q q 0 0 0 rg BT 474.75 481.25 Td (board ) Tj ET Q q 0 0 0 rg BT 499.77 481.25 Td (of ) Tj ET Q q 0 0 0 rg BT 510.35 481.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 547.58 481.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 469.25 Td (depend ) Tj ET Q q 0 0 0 rg BT 80.56 469.25 Td (upon, ) Tj ET Q q 0 0 0 rg BT 104.74 469.25 Td (among ) Tj ET Q q 0 0 0 rg BT 133.63 469.25 Td (other ) Tj ET Q q 0 0 0 rg BT 155.86 469.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 184.49 469.25 Td (our ) Tj ET Q q 0 0 0 rg BT 199.50 469.25 Td (future ) Tj ET Q q 0 0 0 rg BT 225.05 469.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 268.39 469.25 Td (and ) Tj ET Q q 0 0 0 rg BT 284.51 469.25 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 322.56 469.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 350.89 469.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 404.78 469.25 Td (and ) Tj ET Q q 0 0 0 rg BT 420.89 469.25 Td (surplus, ) Tj ET Q q 0 0 0 rg BT 453.96 469.25 Td (general ) Tj ET Q q 0 0 0 rg BT 485.07 469.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 521.73 469.25 Td (condition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 457.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 97.82 457.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 145.66 457.25 Td (and ) Tj ET Q q 0 0 0 rg BT 163.51 457.25 Td (other ) Tj ET Q q 0 0 0 rg BT 187.46 457.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 218.07 457.25 Td (as ) Tj ET Q q 0 0 0 rg BT 229.80 457.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.43 457.25 Td (board ) Tj ET Q q 0 0 0 rg BT 271.60 457.25 Td (of ) Tj ET Q q 0 0 0 rg BT 283.33 457.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 321.72 457.25 Td (may ) Tj ET Q q 0 0 0 rg BT 342.35 457.25 Td (deem ) Tj ET Q q 0 0 0 rg BT 367.41 457.25 Td (relevant.For ) Tj ET Q q 0 0 0 rg BT 421.90 457.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 461.68 457.25 Td (in ) Tj ET Q q 0 0 0 rg BT 472.86 457.25 Td (the ) Tj ET Q q 0 0 0 rg BT 488.49 457.25 Td (event ) Tj ET Q q 0 0 0 rg BT 513.55 457.25 Td (that ) Tj ET Q q 0 0 0 rg BT 531.95 457.25 Td (there ) Tj ET Q q 0 0 0 rg BT 555.34 457.25 Td (is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 445.25 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 103.46 445.25 Td (in ) Tj ET Q q 0 0 0 rg BT 113.61 445.25 Td (our ) Tj ET Q q 0 0 0 rg BT 129.31 445.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 166.67 445.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 219.56 445.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 247.48 445.25 Td (our ) Tj ET Q q 0 0 0 rg BT 263.18 445.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 299.45 445.25 Td (position, ) Tj ET Q q 0 0 0 rg BT 336.54 445.25 Td (a ) Tj ET Q q 0 0 0 rg BT 343.35 445.25 Td (downturn ) Tj ET Q q 0 0 0 rg BT 384.06 445.25 Td (in ) Tj ET Q q 0 0 0 rg BT 394.21 445.25 Td (global ) Tj ET Q q 0 0 0 rg BT 421.57 445.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 462.82 445.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 506.86 445.25 Td (or ) Tj ET Q q 0 0 0 rg BT 517.56 445.25 Td (disruptions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 433.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.38 433.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.20 433.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 100.57 433.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 134.82 433.25 Td (and ) Tj ET Q q 0 0 0 rg BT 151.87 433.25 Td (our ) Tj ET Q q 0 0 0 rg BT 167.80 433.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 195.95 433.25 Td (to ) Tj ET Q q 0 0 0 rg BT 206.33 433.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 233.93 433.25 Td (financing, ) Tj ET Q q 0 0 0 rg BT 276.80 433.25 Td (our ) Tj ET Q q 0 0 0 rg BT 292.73 433.25 Td (board ) Tj ET Q q 0 0 0 rg BT 318.10 433.25 Td (of ) Tj ET Q q 0 0 0 rg BT 329.03 433.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 366.62 433.25 Td (could ) Tj ET Q q 0 0 0 rg BT 391.44 433.25 Td (decide ) Tj ET Q q 0 0 0 rg BT 420.14 433.25 Td (to ) Tj ET Q q 0 0 0 rg BT 430.52 433.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 459.77 433.25 Td (or ) Tj ET Q q 0 0 0 rg BT 470.70 433.25 Td (even ) Tj ET Q q 0 0 0 rg BT 492.18 433.25 Td (suspend ) Tj ET Q q 0 0 0 rg BT 527.00 433.25 Td (dividend ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 421.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 89.96 421.25 Td (in ) Tj ET Q q 0 0 0 rg BT 99.36 421.25 Td (the ) Tj ET Q q 0 0 0 rg BT 113.21 421.25 Td (future.) Tj ET Q q 0 0 0 rg BT 141.91 421.25 Td (W) Tj ET Q q 0 0 0 rg BT 150.54 421.25 Td (e ) Tj ET Q q 0 0 0 rg BT 156.61 421.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 184.90 421.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 217.07 421.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 257.57 421.25 Td (that ) Tj ET Q q 0 0 0 rg BT 274.20 421.25 Td (we ) Tj ET Q q 0 0 0 rg BT 287.49 421.25 Td (will ) Tj ET Q q 0 0 0 rg BT 304.67 421.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 340.74 421.25 Td (to ) Tj ET Q q 0 0 0 rg BT 350.14 421.25 Td (declare ) Tj ET Q q 0 0 0 rg BT 380.64 421.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 421.15 421.25 Td (at ) Tj ET Q q 0 0 0 rg BT 430.00 421.25 Td (all ) Tj ET Q q 0 0 0 rg BT 441.63 421.25 Td (or ) Tj ET Q q 0 0 0 rg BT 451.58 421.25 Td (in ) Tj ET Q q 0 0 0 rg BT 460.99 421.25 Td (any ) Tj ET Q q 0 0 0 rg BT 477.06 421.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 517.00 421.25 Td (amounts.) Tj ET Q q 0 0 0 rg BT 555.34 421.25 Td (A) Tj ET Q q 0 0 0 rg BT 562.01 421.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 90.26 409.25 Td (in ) Tj ET Q q 0 0 0 rg BT 100.54 409.25 Td (our ) Tj ET Q q 0 0 0 rg BT 116.37 409.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 153.87 409.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 194.69 409.25 Td (could ) Tj ET Q q 0 0 0 rg BT 219.41 409.25 Td (have ) Tj ET Q q 0 0 0 rg BT 240.79 409.25 Td (a ) Tj ET Q q 0 0 0 rg BT 247.72 409.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 284.10 409.25 Td (ef) Tj ET Q q 0 0 0 rg BT 291.68 409.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 309.17 409.25 Td (on ) Tj ET Q q 0 0 0 rg BT 321.67 409.25 Td (our ) Tj ET Q q 0 0 0 rg BT 337.50 409.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 361.11 409.25 Td (price.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (Cautionary Statement Concerning Forward-Looking Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 362.25 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 362.25 Td (e ) Tj ET Q q 0 0 0 rg BT 78.48 362.25 Td (have ) Tj ET Q q 0 0 0 rg BT 100.77 362.25 Td (made ) Tj ET Q q 0 0 0 rg BT 125.83 362.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 171.45 362.25 Td (under ) Tj ET Q q 0 0 0 rg BT 197.63 362.25 Td (the ) Tj ET Q q 0 0 0 rg BT 213.25 362.25 Td (captions ) Tj ET Q q 0 0 0 rg BT 249.99 362.25 Td (Business, ) Tj ET Q q 0 0 0 rg BT 300.33 362.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 326.52 362.25 Td (Factors, ) Tj ET Q q 0 0 0 rg BT 366.31 362.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.15 362.25 Td (Management) Tj ET Q q 0 0 0 rg BT 443.57 362.25 Td (s ) Tj ET Q q 0 0 0 rg BT 450.87 362.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 498.17 362.25 Td (and ) Tj ET Q q 0 0 0 rg BT 515.27 362.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 553.67 362.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 350.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.03 350.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 130.86 350.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.12 350.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 178.39 350.25 Td (of ) Tj ET Q q 0 0 0 rg BT 188.54 350.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 238.68 350.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.94 350.25 Td (in ) Tj ET Q q 0 0 0 rg BT 264.54 350.25 Td (other ) Tj ET Q q 0 0 0 rg BT 286.90 350.25 Td (sections ) Tj ET Q q 0 0 0 rg BT 320.94 350.25 Td (of ) Tj ET Q q 0 0 0 rg BT 331.09 350.25 Td (this ) Tj ET Q q 0 0 0 rg BT 346.96 350.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 378.22 350.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 407.26 350.25 Td (on ) Tj ET Q q 0 0 0 rg BT 419.08 350.25 Td (Form10-K ) Tj ET Q q 0 0 0 rg BT 465.62 350.25 Td (that ) Tj ET Q q 0 0 0 rg BT 482.44 350.25 Td (are ) Tj ET Q q 0 0 0 rg BT 496.47 350.25 Td (forward-looking ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 96.86 338.25 Td (In ) Tj ET Q q 0 0 0 rg BT 107.35 338.25 Td (some ) Tj ET Q q 0 0 0 rg BT 130.61 338.25 Td (cases, ) Tj ET Q q 0 0 0 rg BT 156.36 338.25 Td (you ) Tj ET Q q 0 0 0 rg BT 173.51 338.25 Td (can ) Tj ET Q q 0 0 0 rg BT 189.54 338.25 Td (identify ) Tj ET Q q 0 0 0 rg BT 222.80 338.25 Td (these ) Tj ET Q q 0 0 0 rg BT 245.50 338.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 289.86 338.25 Td (by ) Tj ET Q q 0 0 0 rg BT 302.01 338.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 369.70 338.25 Td (words ) Tj ET Q q 0 0 0 rg BT 396.30 338.25 Td (such ) Tj ET Q q 0 0 0 rg BT 416.78 338.25 Td (as ) Tj ET Q q 0 0 0 rg BT 427.26 338.25 Td (may, ) Tj ET Q q 0 0 0 rg BT 458.01 338.25 Td (might, ) Tj ET Q q 0 0 0 rg BT 494.87 338.25 Td (will, ) Tj ET Q q 0 0 0 rg BT 523.96 338.25 Td (should, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (expect, ) Tj ET Q q 0 0 0 rg BT 90.33 326.25 Td (plan, ) Tj ET Q q 0 0 0 rg BT 121.79 326.25 Td (anticipate, ) Tj ET Q q 0 0 0 rg BT 174.89 326.25 Td (believe, ) Tj ET Q q 0 0 0 rg BT 218.00 326.25 Td (estimate, ) Tj ET Q q 0 0 0 rg BT 265.56 326.25 Td (intend, ) Tj ET Q q 0 0 0 rg BT 304.79 326.25 Td (predict, ) Tj ET Q q 0 0 0 rg BT 346.79 326.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 393.52 326.25 Td (or ) Tj ET Q q 0 0 0 rg BT 404.71 326.25 Td (continue, ) Tj ET Q q 0 0 0 rg BT 453.38 326.25 Td (the ) Tj ET Q q 0 0 0 rg BT 468.46 326.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 505.19 326.25 Td (of ) Tj ET Q q 0 0 0 rg BT 516.38 326.25 Td (these ) Tj ET Q q 0 0 0 rg BT 539.79 326.25 Td (terms ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 314.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.05 314.25 Td (other ) Tj ET Q q 0 0 0 rg BT 90.21 314.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 139.47 314.25 Td (terminology) Tj ET Q q 0 0 0 rg BT 187.70 314.25 Td (. ) Tj ET Q q 0 0 0 rg BT 192.62 314.25 Td (These ) Tj ET Q q 0 0 0 rg BT 219.12 314.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 287.27 314.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 334.59 314.25 Td (which ) Tj ET Q q 0 0 0 rg BT 361.64 314.25 Td (are ) Tj ET Q q 0 0 0 rg BT 376.46 314.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 407.40 314.25 Td (to ) Tj ET Q q 0 0 0 rg BT 417.80 314.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 441.80 314.25 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 495.50 314.25 Td (and ) Tj ET Q q 0 0 0 rg BT 512.56 314.25 Td (assumptions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 302.25 Td (about ) Tj ET Q q 0 0 0 rg BT 75.05 302.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 89.28 302.25 Td (may ) Tj ET Q q 0 0 0 rg BT 109.34 302.25 Td (include ) Tj ET Q q 0 0 0 rg BT 141.61 302.25 Td (projections ) Tj ET Q q 0 0 0 rg BT 188.88 302.25 Td (of ) Tj ET Q q 0 0 0 rg BT 200.04 302.25 Td (our ) Tj ET Q q 0 0 0 rg BT 216.21 302.25 Td (future ) Tj ET Q q 0 0 0 rg BT 242.92 302.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 280.74 302.25 Td (performance, ) Tj ET Q q 0 0 0 rg BT 336.60 302.25 Td (based ) Tj ET Q q 0 0 0 rg BT 362.21 302.25 Td (on ) Tj ET Q q 0 0 0 rg BT 375.04 302.25 Td (our ) Tj ET Q q 0 0 0 rg BT 391.21 302.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 422.38 302.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 462.98 302.25 Td (and ) Tj ET Q q 0 0 0 rg BT 480.25 302.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 526.96 302.25 Td (trends ) Tj ET Q q 0 0 0 rg BT 554.23 302.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 290.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.77 290.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 104.42 290.25 Td (These ) Tj ET Q q 0 0 0 rg BT 130.73 290.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 175.38 290.25 Td (are ) Tj ET Q q 0 0 0 rg BT 190.02 290.25 Td (only ) Tj ET Q q 0 0 0 rg BT 210.23 290.25 Td (predictions ) Tj ET Q q 0 0 0 rg BT 257.10 290.25 Td (based ) Tj ET Q q 0 0 0 rg BT 282.31 290.25 Td (on ) Tj ET Q q 0 0 0 rg BT 294.74 290.25 Td (our ) Tj ET Q q 0 0 0 rg BT 310.51 290.25 Td (current ) Tj ET Q q 0 0 0 rg BT 341.26 290.25 Td (expectations ) Tj ET Q q 0 0 0 rg BT 393.67 290.25 Td (and ) Tj ET Q q 0 0 0 rg BT 410.55 290.25 Td (projections ) Tj ET Q q 0 0 0 rg BT 457.42 290.25 Td (about ) Tj ET Q q 0 0 0 rg BT 482.07 290.25 Td (future ) Tj ET Q q 0 0 0 rg BT 508.38 290.25 Td (events. ) Tj ET Q q 0 0 0 rg BT 538.69 290.25 Td (There ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 278.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.75 278.25 Td (important ) Tj ET Q q 0 0 0 rg BT 106.18 278.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 135.93 278.25 Td (that ) Tj ET Q q 0 0 0 rg BT 153.47 278.25 Td (could ) Tj ET Q q 0 0 0 rg BT 178.23 278.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 202.99 278.25 Td (our ) Tj ET Q q 0 0 0 rg BT 218.86 278.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 245.28 278.25 Td (results, ) Tj ET Q q 0 0 0 rg BT 276.43 278.25 Td (level ) Tj ET Q q 0 0 0 rg BT 298.41 278.25 Td (of ) Tj ET Q q 0 0 0 rg BT 309.29 278.25 Td (activity) Tj ET Q q 0 0 0 rg BT 338.63 278.25 Td (, ) Tj ET Q q 0 0 0 rg BT 343.67 278.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 396.74 278.25 Td (or ) Tj ET Q q 0 0 0 rg BT 407.62 278.25 Td (achievements ) Tj ET Q q 0 0 0 rg BT 464.58 278.25 Td (to ) Tj ET Q q 0 0 0 rg BT 474.91 278.25 Td (dif) Tj ET Q q 0 0 0 rg BT 485.83 278.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 499.48 278.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 542.56 278.25 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 266.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.64 266.25 Td (results, ) Tj ET Q q 0 0 0 rg BT 95.67 266.25 Td (level ) Tj ET Q q 0 0 0 rg BT 117.53 266.25 Td (of ) Tj ET Q q 0 0 0 rg BT 128.29 266.25 Td (activity) Tj ET Q q 0 0 0 rg BT 157.63 266.25 Td (, ) Tj ET Q q 0 0 0 rg BT 162.55 266.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 215.50 266.25 Td (or ) Tj ET Q q 0 0 0 rg BT 226.25 266.25 Td (achievements ) Tj ET Q q 0 0 0 rg BT 283.10 266.25 Td (expressed ) Tj ET Q q 0 0 0 rg BT 324.95 266.25 Td (or ) Tj ET Q q 0 0 0 rg BT 335.70 266.25 Td (implied ) Tj ET Q q 0 0 0 rg BT 368.68 266.25 Td (by ) Tj ET Q q 0 0 0 rg BT 381.10 266.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.74 266.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 463.71 266.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 510.84 266.25 Td (In ) Tj ET Q q 0 0 0 rg BT 521.60 266.25 Td (particular) Tj ET Q q 0 0 0 rg BT 559.51 266.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 254.25 Td (you ) Tj ET Q q 0 0 0 rg BT 67.50 254.25 Td (should ) Tj ET Q q 0 0 0 rg BT 96.67 254.25 Td (consider ) Tj ET Q q 0 0 0 rg BT 133.05 254.25 Td (the ) Tj ET Q q 0 0 0 rg BT 147.76 254.25 Td (numerous ) Tj ET Q q 0 0 0 rg BT 189.70 254.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 211.09 254.25 Td (outlined ) Tj ET Q q 0 0 0 rg BT 246.37 254.25 Td (under ) Tj ET Q q 0 0 0 rg BT 271.64 254.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 296.91 254.25 Td (Factors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 233.25 Td (These ) Tj ET Q q 0 0 0 rg BT 87.98 233.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 108.97 233.25 Td (are ) Tj ET Q q 0 0 0 rg BT 123.28 233.25 Td (not ) Tj ET Q q 0 0 0 rg BT 138.16 233.25 Td (exhaustive. ) Tj ET Q q 0 0 0 rg BT 185.52 233.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 210.39 233.25 Td (sections ) Tj ET Q q 0 0 0 rg BT 244.71 233.25 Td (of ) Tj ET Q q 0 0 0 rg BT 255.14 233.25 Td (this ) Tj ET Q q 0 0 0 rg BT 271.23 233.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 302.77 233.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 332.08 233.25 Td (on ) Tj ET Q q 0 0 0 rg BT 344.19 233.25 Td (Form10-K ) Tj ET Q q 0 0 0 rg BT 391.01 233.25 Td (may ) Tj ET Q q 0 0 0 rg BT 410.33 233.25 Td (include ) Tj ET Q q 0 0 0 rg BT 441.86 233.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 483.95 233.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 513.26 233.25 Td (which ) Tj ET Q q 0 0 0 rg BT 539.80 233.25 Td (could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 221.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 91.92 221.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 122.73 221.25 Td (our ) Tj ET Q q 0 0 0 rg BT 139.66 221.25 Td (business ) Tj ET Q q 0 0 0 rg BT 177.15 221.25 Td (and ) Tj ET Q q 0 0 0 rg BT 195.19 221.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 233.77 221.25 Td (performance. ) Tj ET Q q 0 0 0 rg BT 290.39 221.25 Td (Moreover) Tj ET Q q 0 0 0 rg BT 329.42 221.25 Td (, ) Tj ET Q q 0 0 0 rg BT 335.52 221.25 Td (we ) Tj ET Q q 0 0 0 rg BT 350.78 221.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 383.80 221.25 Td (in ) Tj ET Q q 0 0 0 rg BT 395.18 221.25 Td (a ) Tj ET Q q 0 0 0 rg BT 403.22 221.25 Td (very ) Tj ET Q q 0 0 0 rg BT 424.59 221.25 Td (competitive ) Tj ET Q q 0 0 0 rg BT 475.40 221.25 Td (and ) Tj ET Q q 0 0 0 rg BT 493.44 221.25 Td (rapidly ) Tj ET Q q 0 0 0 rg BT 525.36 221.25 Td (changing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 209.25 Td (environment. ) Tj ET Q q 0 0 0 rg BT 105.50 209.25 Td (New ) Tj ET Q q 0 0 0 rg BT 126.83 209.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 144.29 209.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 173.95 209.25 Td (emer) Tj ET Q q 0 0 0 rg BT 193.76 209.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 205.65 209.25 Td (from ) Tj ET Q q 0 0 0 rg BT 227.54 209.25 Td (time ) Tj ET Q q 0 0 0 rg BT 247.77 209.25 Td (to ) Tj ET Q q 0 0 0 rg BT 258.00 209.25 Td (time ) Tj ET Q q 0 0 0 rg BT 278.23 209.25 Td (and ) Tj ET Q q 0 0 0 rg BT 295.13 209.25 Td (it ) Tj ET Q q 0 0 0 rg BT 303.14 209.25 Td (is ) Tj ET Q q 0 0 0 rg BT 312.26 209.25 Td (not ) Tj ET Q q 0 0 0 rg BT 327.50 209.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 362.73 209.25 Td (for ) Tj ET Q q 0 0 0 rg BT 376.85 209.25 Td (our ) Tj ET Q q 0 0 0 rg BT 392.63 209.25 Td (management ) Tj ET Q q 0 0 0 rg BT 446.17 209.25 Td (to ) Tj ET Q q 0 0 0 rg BT 456.41 209.25 Td (predict ) Tj ET Q q 0 0 0 rg BT 486.63 209.25 Td (all ) Tj ET Q q 0 0 0 rg BT 499.08 209.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 516.53 209.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 548.69 209.25 Td (nor ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 197.25 Td (can ) Tj ET Q q 0 0 0 rg BT 66.79 197.25 Td (we ) Tj ET Q q 0 0 0 rg BT 81.37 197.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 108.72 197.25 Td (the ) Tj ET Q q 0 0 0 rg BT 123.85 197.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 153.98 197.25 Td (of ) Tj ET Q q 0 0 0 rg BT 165.22 197.25 Td (all ) Tj ET Q q 0 0 0 rg BT 178.13 197.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 208.25 197.25 Td (on ) Tj ET Q q 0 0 0 rg BT 221.17 197.25 Td (our ) Tj ET Q q 0 0 0 rg BT 237.41 197.25 Td (business ) Tj ET Q q 0 0 0 rg BT 274.22 197.25 Td (or ) Tj ET Q q 0 0 0 rg BT 285.46 197.25 Td (the ) Tj ET Q q 0 0 0 rg BT 300.59 197.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 327.94 197.25 Td (to ) Tj ET Q q 0 0 0 rg BT 338.63 197.25 Td (which ) Tj ET Q q 0 0 0 rg BT 365.99 197.25 Td (any ) Tj ET Q q 0 0 0 rg BT 383.34 197.25 Td (factor) Tj ET Q q 0 0 0 rg BT 406.25 197.25 Td (, ) Tj ET Q q 0 0 0 rg BT 411.67 197.25 Td (or ) Tj ET Q q 0 0 0 rg BT 422.91 197.25 Td (combination ) Tj ET Q q 0 0 0 rg BT 475.82 197.25 Td (of ) Tj ET Q q 0 0 0 rg BT 487.06 197.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 519.68 197.25 Td (may ) Tj ET Q q 0 0 0 rg BT 539.81 197.25 Td (cause ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 185.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 76.37 185.25 Td (results ) Tj ET Q q 0 0 0 rg BT 104.98 185.25 Td (to ) Tj ET Q q 0 0 0 rg BT 115.26 185.25 Td (dif) Tj ET Q q 0 0 0 rg BT 126.19 185.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 139.79 185.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 182.82 185.25 Td (from ) Tj ET Q q 0 0 0 rg BT 204.76 185.25 Td (those ) Tj ET Q q 0 0 0 rg BT 228.37 185.25 Td (contained ) Tj ET Q q 0 0 0 rg BT 269.74 185.25 Td (in ) Tj ET Q q 0 0 0 rg BT 280.02 185.25 Td (any ) Tj ET Q q 0 0 0 rg BT 296.96 185.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 365.00 185.25 Td (statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 164.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 102.33 164.25 Td (we ) Tj ET Q q 0 0 0 rg BT 116.54 164.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 147.96 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.73 164.25 Td (expectations ) Tj ET Q q 0 0 0 rg BT 215.26 164.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 252.79 164.25 Td (in ) Tj ET Q q 0 0 0 rg BT 263.12 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.88 164.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 345.97 164.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 390.74 164.25 Td (are ) Tj ET Q q 0 0 0 rg BT 405.49 164.25 Td (reasonable, ) Tj ET Q q 0 0 0 rg BT 453.30 164.25 Td (we ) Tj ET Q q 0 0 0 rg BT 467.51 164.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 496.72 164.25 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 538.13 164.25 Td (future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 152.25 Td (results, ) Tj ET Q q 0 0 0 rg BT 80.99 152.25 Td (level ) Tj ET Q q 0 0 0 rg BT 102.80 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 113.51 152.25 Td (activity) Tj ET Q q 0 0 0 rg BT 142.85 152.25 Td (, ) Tj ET Q q 0 0 0 rg BT 147.73 152.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 200.63 152.25 Td (or ) Tj ET Q q 0 0 0 rg BT 211.34 152.25 Td (achievements. ) Tj ET Q q 0 0 0 rg BT 270.64 152.25 Td (Moreover) Tj ET Q q 0 0 0 rg BT 309.67 152.25 Td (, ) Tj ET Q q 0 0 0 rg BT 314.55 152.25 Td (neither ) Tj ET Q q 0 0 0 rg BT 344.69 152.25 Td (we ) Tj ET Q q 0 0 0 rg BT 358.73 152.25 Td (nor ) Tj ET Q q 0 0 0 rg BT 374.44 152.25 Td (any ) Tj ET Q q 0 0 0 rg BT 391.26 152.25 Td (other ) Tj ET Q q 0 0 0 rg BT 414.18 152.25 Td (person ) Tj ET Q q 0 0 0 rg BT 443.22 152.25 Td (assumes ) Tj ET Q q 0 0 0 rg BT 478.93 152.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 535.76 152.25 Td (for ) Tj ET Q q 0 0 0 rg BT 549.80 152.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 140.25 Td (accuracy ) Tj ET Q q 0 0 0 rg BT 88.37 140.25 Td (or ) Tj ET Q q 0 0 0 rg BT 99.54 140.25 Td (completeness ) Tj ET Q q 0 0 0 rg BT 156.26 140.25 Td (of ) Tj ET Q q 0 0 0 rg BT 167.43 140.25 Td (any ) Tj ET Q q 0 0 0 rg BT 184.71 140.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.89 140.25 Td (these ) Tj ET Q q 0 0 0 rg BT 219.28 140.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 287.66 140.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 334.79 140.25 Td (Y) Tj ET Q q 0 0 0 rg BT 341.02 140.25 Td (ou ) Tj ET Q q 0 0 0 rg BT 353.86 140.25 Td (should ) Tj ET Q q 0 0 0 rg BT 383.37 140.25 Td (not ) Tj ET Q q 0 0 0 rg BT 399.00 140.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 417.39 140.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 440.23 140.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 508.61 140.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 553.67 140.25 Td (as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 128.25 Td (predictions ) Tj ET Q q 0 0 0 rg BT 97.03 128.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.96 128.25 Td (future ) Tj ET Q q 0 0 0 rg BT 134.43 128.25 Td (events. ) Tj ET Q q 0 0 0 rg BT 164.89 128.25 Td (W) Tj ET Q q 0 0 0 rg BT 173.53 128.25 Td (e ) Tj ET Q q 0 0 0 rg BT 180.56 128.25 Td (are ) Tj ET Q q 0 0 0 rg BT 195.37 128.25 Td (under ) Tj ET Q q 0 0 0 rg BT 220.74 128.25 Td (no ) Tj ET Q q 0 0 0 rg BT 233.33 128.25 Td (duty ) Tj ET Q q 0 0 0 rg BT 253.71 128.25 Td (to ) Tj ET Q q 0 0 0 rg BT 264.08 128.25 Td (update ) Tj ET Q q 0 0 0 rg BT 293.34 128.25 Td (any ) Tj ET Q q 0 0 0 rg BT 310.37 128.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.30 128.25 Td (these ) Tj ET Q q 0 0 0 rg BT 344.45 128.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 412.58 128.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 457.39 128.25 Td (after ) Tj ET Q q 0 0 0 rg BT 478.30 128.25 Td (the ) Tj ET Q q 0 0 0 rg BT 493.12 128.25 Td (date ) Tj ET Q q 0 0 0 rg BT 512.37 128.25 Td (of ) Tj ET Q q 0 0 0 rg BT 523.30 128.25 Td (this ) Tj ET Q q 0 0 0 rg BT 540.34 128.25 Td (filing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 116.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.31 116.25 Td (conform ) Tj ET Q q 0 0 0 rg BT 94.72 116.25 Td (our ) Tj ET Q q 0 0 0 rg BT 109.58 116.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 130.55 116.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 174.30 116.25 Td (to ) Tj ET Q q 0 0 0 rg BT 183.61 116.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 209.01 116.25 Td (results ) Tj ET Q q 0 0 0 rg BT 236.65 116.25 Td (or ) Tj ET Q q 0 0 0 rg BT 246.51 116.25 Td (revised ) Tj ET Q q 0 0 0 rg BT 276.92 116.25 Td (expectations ) Tj ET Q q 0 0 0 rg BT 328.44 116.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 362.18 116.25 Td (as ) Tj ET Q q 0 0 0 rg BT 372.04 116.25 Td (a ) Tj ET Q q 0 0 0 rg BT 378.01 116.25 Td (result ) Tj ET Q q 0 0 0 rg BT 401.76 116.25 Td (of ) Tj ET Q q 0 0 0 rg BT 411.62 116.25 Td (new ) Tj ET Q q 0 0 0 rg BT 429.81 116.25 Td (information, ) Tj ET Q q 0 0 0 rg BT 481.06 116.25 Td (future ) Tj ET Q q 0 0 0 rg BT 506.47 116.25 Td (developments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 104.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.83 104.25 Td (otherwise.) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 742.10 Td (Forward-looking ) Tj ET Q q 0 0 0 rg BT 132.27 742.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 176.98 742.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 211.41 742.10 Td (but ) Tj ET Q q 0 0 0 rg BT 226.69 742.10 Td (are ) Tj ET Q q 0 0 0 rg BT 241.40 742.10 Td (not ) Tj ET Q q 0 0 0 rg BT 256.68 742.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 287.51 742.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 300.29 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.00 742.10 Td (following: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 721.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 721.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.75 721.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 141.59 721.10 Td (that ) Tj ET Q q 0 0 0 rg BT 159.12 721.10 Td (as ) Tj ET Q q 0 0 0 rg BT 169.98 721.10 Td (a ) Tj ET Q q 0 0 0 rg BT 176.94 721.10 Td (result ) Tj ET Q q 0 0 0 rg BT 201.69 721.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.55 721.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.29 721.10 Td (monetization ) Tj ET Q q 0 0 0 rg BT 282.03 721.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.88 721.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 345.96 721.10 Td (all ) Tj ET Q q 0 0 0 rg BT 358.49 721.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.35 721.10 Td (our ) Tj ET Q q 0 0 0 rg BT 385.21 721.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 435.51 721.10 Td (over ) Tj ET Q q 0 0 0 rg BT 455.80 721.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.55 721.10 Td (past ) Tj ET Q q 0 0 0 rg BT 489.19 721.10 Td (three ) Tj ET Q q 0 0 0 rg BT 511.70 721.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 537.83 721.10 Td (we ) Tj ET Q q 0 0 0 rg BT 552.01 721.10 Td (do ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 709.10 Td (not ) Tj ET Q q 0 0 0 rg BT 100.92 709.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 129.15 709.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.07 709.10 Td (report ) Tj ET Q q 0 0 0 rg BT 165.09 709.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 209.44 709.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 255.47 709.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 293.15 709.10 Td (in ) Tj ET Q q 0 0 0 rg BT 303.07 709.10 Td (future ) Tj ET Q q 0 0 0 rg BT 329.08 709.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 360.66 709.10 Td (in ) Tj ET Q q 0 0 0 rg BT 370.58 709.10 Td ("Business ) Tj ET Q q 0 0 0 rg BT 412.37 709.10 Td ( ) Tj ET Q q 0 0 0 rg BT 424.51 709.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 471.08 709.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.66 709.10 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 528.12 709.10 Td (Banking ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 697.10 Td (Revenues";) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 676.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 676.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.88 676.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 139.87 676.10 Td (that ) Tj ET Q q 0 0 0 rg BT 156.53 676.10 Td (we ) Tj ET Q q 0 0 0 rg BT 169.86 676.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 197.62 676.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.51 676.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 248.16 676.10 Td (services ) Tj ET Q q 0 0 0 rg BT 282.03 676.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 316.48 676.10 Td (to ) Tj ET Q q 0 0 0 rg BT 325.92 676.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 355.35 676.10 Td (intensely ) Tj ET Q q 0 0 0 rg BT 393.12 676.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 442.00 676.10 Td (in ) Tj ET Q q 0 0 0 rg BT 451.44 676.10 Td (Business ) Tj ET Q q 0 0 0 rg BT 493.11 676.10 Td ( ) Tj ET Q q 0 0 0 rg BT 504.78 676.10 Td (Competition;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 655.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 655.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.06 655.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 142.23 655.10 Td (that ) Tj ET Q q 0 0 0 rg BT 160.07 655.10 Td (our ) Tj ET Q q 0 0 0 rg BT 176.25 655.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 204.65 655.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.27 655.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 252.55 655.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.18 655.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 299.90 655.10 Td (ef) Tj ET Q q 0 0 0 rg BT 307.48 655.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 345.31 655.10 Td (in ) Tj ET Q q 0 0 0 rg BT 355.94 655.10 Td (our ) Tj ET Q q 0 0 0 rg BT 372.11 655.10 Td (business ) Tj ET Q q 0 0 0 rg BT 408.85 655.10 Td (will ) Tj ET Q q 0 0 0 rg BT 427.25 655.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 458.98 655.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 481.83 655.10 Td (our ) Tj ET Q q 0 0 0 rg BT 498.00 655.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 526.40 655.10 Td (to ) Tj ET Q q 0 0 0 rg BT 537.03 655.10 Td (attract ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 643.10 Td (new ) Tj ET Q q 0 0 0 rg BT 105.16 643.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 150.42 643.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.36 643.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 192.63 643.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.56 643.10 Td (motivate ) Tj ET Q q 0 0 0 rg BT 247.05 643.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.88 643.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 297.05 643.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 342.31 643.10 Td (in ) Tj ET Q q 0 0 0 rg BT 352.59 643.10 Td (Business ) Tj ET Q q 0 0 0 rg BT 395.09 643.10 Td ( ) Tj ET Q q 0 0 0 rg BT 407.59 643.10 Td (Competition;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.94 622.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 141.98 622.10 Td (that ) Tj ET Q q 0 0 0 rg BT 159.70 622.10 Td (we ) Tj ET Q q 0 0 0 rg BT 174.08 622.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 202.89 622.10 Td (that ) Tj ET Q q 0 0 0 rg BT 220.61 622.10 Td (our ) Tj ET Q q 0 0 0 rg BT 236.66 622.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 273.82 622.10 Td (engagements ) Tj ET Q q 0 0 0 rg BT 328.74 622.10 Td (will ) Tj ET Q q 0 0 0 rg BT 347.02 622.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 384.18 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 394.67 622.10 Td (be ) Tj ET Q q 0 0 0 rg BT 406.83 622.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 437.89 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.39 622.10 Td (a ) Tj ET Q q 0 0 0 rg BT 455.54 622.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 496.02 622.10 Td (small ) Tj ET Q q 0 0 0 rg BT 520.41 622.10 Td (number ) Tj ET Q q 0 0 0 rg BT 553.68 622.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 114.52 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.38 610.10 Td (that ) Tj ET Q q 0 0 0 rg BT 148.80 610.10 Td (an ) Tj ET Q q 0 0 0 rg BT 160.66 610.10 Td (even ) Tj ET Q q 0 0 0 rg BT 181.96 610.10 Td (smaller ) Tj ET Q q 0 0 0 rg BT 213.81 610.10 Td (number ) Tj ET Q q 0 0 0 rg BT 246.78 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.53 610.10 Td (those ) Tj ET Q q 0 0 0 rg BT 281.06 610.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 309.58 610.10 Td (will ) Tj ET Q q 0 0 0 rg BT 327.56 610.10 Td (account ) Tj ET Q q 0 0 0 rg BT 361.08 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 375.16 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 382.02 610.10 Td (high ) Tj ET Q q 0 0 0 rg BT 402.22 610.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 447.94 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.69 610.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 496.65 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 506.85 610.10 Td (any ) Tj ET Q q 0 0 0 rg BT 523.71 610.10 Td (particular ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (year ) Tj ET Q q 0 0 0 rg BT 105.62 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 115.80 598.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 140.99 598.10 Td (Factors ) Tj ET Q q 0 0 0 rg BT 172.84 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.71 598.10 Td (A) Tj ET Q q 0 0 0 rg BT 191.38 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.79 598.10 Td (high ) Tj ET Q q 0 0 0 rg BT 213.98 598.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 259.69 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.43 598.10 Td (our ) Tj ET Q q 0 0 0 rg BT 286.17 598.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 323.01 598.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 360.96 598.10 Td (are ) Tj ET Q q 0 0 0 rg BT 375.58 598.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 407.97 598.10 Td (from ) Tj ET Q q 0 0 0 rg BT 429.82 598.10 Td (a ) Tj ET Q q 0 0 0 rg BT 436.66 598.10 Td (small ) Tj ET Q q 0 0 0 rg BT 460.74 598.10 Td (number ) Tj ET Q q 0 0 0 rg BT 493.69 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 504.43 598.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 532.94 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 549.79 598.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 134.60 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 145.43 586.10 Td (any ) Tj ET Q q 0 0 0 rg BT 162.37 586.10 Td (one ) Tj ET Q q 0 0 0 rg BT 179.31 586.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 216.24 586.10 Td (engagement ) Tj ET Q q 0 0 0 rg BT 267.05 586.10 Td (could ) Tj ET Q q 0 0 0 rg BT 291.77 586.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 320.92 586.10 Td (our ) Tj ET Q q 0 0 0 rg BT 336.75 586.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 374.78 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.72 586.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 414.77 586.10 Td (our ) Tj ET Q q 0 0 0 rg BT 430.60 586.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 470.86 586.10 Td (results;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 565.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 565.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.76 565.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 141.63 565.10 Td (that ) Tj ET Q q 0 0 0 rg BT 159.18 565.10 Td (it ) Tj ET Q q 0 0 0 rg BT 167.28 565.10 Td (is ) Tj ET Q q 0 0 0 rg BT 176.50 565.10 Td (unlikely ) Tj ET Q q 0 0 0 rg BT 211.82 565.10 Td (that ) Tj ET Q q 0 0 0 rg BT 229.36 565.10 Td (we ) Tj ET Q q 0 0 0 rg BT 243.57 565.10 Td (will ) Tj ET Q q 0 0 0 rg BT 261.67 565.10 Td (be ) Tj ET Q q 0 0 0 rg BT 273.66 565.10 Td (able ) Tj ET Q q 0 0 0 rg BT 292.86 565.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.19 565.10 Td (of) Tj ET Q q 0 0 0 rg BT 311.34 565.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 328.33 565.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 363.64 565.10 Td (in ) Tj ET Q q 0 0 0 rg BT 373.96 565.10 Td (mer) Tj ET Q q 0 0 0 rg BT 389.33 565.10 Td (gers ) Tj ET Q q 0 0 0 rg BT 408.54 565.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.52 565.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 475.85 565.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 510.04 565.10 Td (with ) Tj ET Q q 0 0 0 rg BT 530.37 565.10 Td (revenue ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 553.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 126.37 553.10 Td (from ) Tj ET Q q 0 0 0 rg BT 147.32 553.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 186.59 553.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 222.53 553.10 Td (and ) Tj ET Q q 0 0 0 rg BT 238.48 553.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 291.08 553.10 Td (assignments ) Tj ET Q q 0 0 0 rg BT 341.48 553.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.42 553.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 385.02 553.10 Td (that ) Tj ET Q q 0 0 0 rg BT 401.53 553.10 Td (it ) Tj ET Q q 0 0 0 rg BT 408.59 553.10 Td (will ) Tj ET Q q 0 0 0 rg BT 425.66 553.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 454.93 553.10 Td (that ) Tj ET Q q 0 0 0 rg BT 471.43 553.10 Td (way ) Tj ET Q q 0 0 0 rg BT 489.60 553.10 Td (for ) Tj ET Q q 0 0 0 rg BT 502.77 553.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.49 553.10 Td (foreseeable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 541.10 Td (future ) Tj ET Q q 0 0 0 rg BT 111.80 541.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.50 541.10 Td ("Risk ) Tj ET Q q 0 0 0 rg BT 145.85 541.10 Td (Factors ) Tj ET Q q 0 0 0 rg BT 177.21 541.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.99 541.10 Td (W) Tj ET Q q 0 0 0 rg BT 197.63 541.10 Td (e ) Tj ET Q q 0 0 0 rg BT 203.99 541.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 239.77 541.10 Td (a ) Tj ET Q q 0 0 0 rg BT 246.14 541.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 290.27 541.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 321.08 541.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.33 541.10 Td (our ) Tj ET Q q 0 0 0 rg BT 346.59 541.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 384.05 541.10 Td (from ) Tj ET Q q 0 0 0 rg BT 405.41 541.10 Td (our ) Tj ET Q q 0 0 0 rg BT 420.66 541.10 Td (services ) Tj ET Q q 0 0 0 rg BT 454.79 541.10 Td (in ) Tj ET Q q 0 0 0 rg BT 464.49 541.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 510.29 541.10 Td (with ) Tj ET Q q 0 0 0 rg BT 529.99 541.10 Td (mer) Tj ET Q q 0 0 0 rg BT 545.35 541.10 Td (gers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 529.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.74 529.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 152.82 529.10 Td (and ) Tj ET Q q 0 0 0 rg BT 169.56 529.10 Td (we ) Tj ET Q q 0 0 0 rg BT 183.52 529.10 Td (have ) Tj ET Q q 0 0 0 rg BT 204.70 529.10 Td (not ) Tj ET Q q 0 0 0 rg BT 219.78 529.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 267.07 529.10 Td (been ) Tj ET Q q 0 0 0 rg BT 288.25 529.10 Td (able ) Tj ET Q q 0 0 0 rg BT 307.21 529.10 Td (to ) Tj ET Q q 0 0 0 rg BT 317.29 529.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 338.48 529.10 Td (of) Tj ET Q q 0 0 0 rg BT 346.63 529.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 363.37 529.10 Td (a ) Tj ET Q q 0 0 0 rg BT 370.11 529.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 401.28 529.10 Td (in ) Tj ET Q q 0 0 0 rg BT 411.36 529.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 449.20 529.10 Td (from ) Tj ET Q q 0 0 0 rg BT 470.94 529.10 Td (mer) Tj ET Q q 0 0 0 rg BT 486.31 529.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 501.38 529.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.12 529.10 Td (acquisition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 517.10 Td (services ) Tj ET Q q 0 0 0 rg BT 120.71 517.10 Td (with ) Tj ET Q q 0 0 0 rg BT 140.99 517.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 179.02 517.10 Td (from ) Tj ET Q q 0 0 0 rg BT 200.96 517.10 Td (our ) Tj ET Q q 0 0 0 rg BT 216.79 517.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 257.05 517.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 293.99 517.10 Td (and ) Tj ET Q q 0 0 0 rg BT 310.93 517.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 364.53 517.10 Td (services";) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 496.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.79 496.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 139.69 496.10 Td (that ) Tj ET Q q 0 0 0 rg BT 156.26 496.10 Td (we ) Tj ET Q q 0 0 0 rg BT 169.49 496.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 196.06 496.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.41 496.10 Td (grow ) Tj ET Q q 0 0 0 rg BT 227.54 496.10 Td (our ) Tj ET Q q 0 0 0 rg BT 242.45 496.10 Td (core ) Tj ET Q q 0 0 0 rg BT 261.23 496.10 Td (business ) Tj ET Q q 0 0 0 rg BT 296.69 496.10 Td (through ) Tj ET Q q 0 0 0 rg BT 329.38 496.10 Td (both ) Tj ET Q q 0 0 0 rg BT 348.73 496.10 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 389.18 496.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.19 496.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 437.31 496.10 Td (expansion ) Tj ET Q q 0 0 0 rg BT 479.43 496.10 Td (and ) Tj ET Q q 0 0 0 rg BT 495.44 496.10 Td (through ) Tj ET Q q 0 0 0 rg BT 528.12 496.10 Td (strategic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 484.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 138.72 484.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 188.94 484.10 Td (or ) Tj ET Q q 0 0 0 rg BT 199.72 484.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 220.50 484.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 256.83 484.10 Td (in ) Tj ET Q q 0 0 0 rg BT 267.05 484.10 Td ("Risk ) Tj ET Q q 0 0 0 rg BT 291.92 484.10 Td (Factors ) Tj ET Q q 0 0 0 rg BT 323.81 484.10 Td ( ) Tj ET Q q 0 0 0 rg BT 336.26 484.10 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 374.25 484.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 426.97 484.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 477.19 484.10 Td (and ) Tj ET Q q 0 0 0 rg BT 494.08 484.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 514.86 484.10 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 553.68 484.10 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 472.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 117.38 472.10 Td (expansion, ) Tj ET Q q 0 0 0 rg BT 162.92 472.10 Td (may ) Tj ET Q q 0 0 0 rg BT 182.64 472.10 Td (result ) Tj ET Q q 0 0 0 rg BT 207.36 472.10 Td (in ) Tj ET Q q 0 0 0 rg BT 217.64 472.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 260.13 472.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 281.52 472.10 Td (and ) Tj ET Q q 0 0 0 rg BT 298.46 472.10 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 352.04 472.10 Td (in ) Tj ET Q q 0 0 0 rg BT 362.32 472.10 Td (our ) Tj ET Q q 0 0 0 rg BT 378.15 472.10 Td (business";) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 451.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 451.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.17 451.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 142.43 451.10 Td (that ) Tj ET Q q 0 0 0 rg BT 160.38 451.10 Td (we ) Tj ET Q q 0 0 0 rg BT 174.99 451.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 202.93 451.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.66 451.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 251.04 451.10 Td (to ) Tj ET Q q 0 0 0 rg BT 261.76 451.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 279.15 451.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 318.19 451.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 360.03 451.10 Td (in ) Tj ET Q q 0 0 0 rg BT 370.75 451.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 396.48 451.10 Td (Factors ) Tj ET Q q 0 0 0 rg BT 428.87 451.10 Td ( ) Tj ET Q q 0 0 0 rg BT 441.60 451.10 Td (W) Tj ET Q q 0 0 0 rg BT 450.24 451.10 Td (e ) Tj ET Q q 0 0 0 rg BT 457.63 451.10 Td (could ) Tj ET Q q 0 0 0 rg BT 482.79 451.10 Td (change ) Tj ET Q q 0 0 0 rg BT 514.06 451.10 Td (our ) Tj ET Q q 0 0 0 rg BT 530.33 451.10 Td (existing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 439.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 123.50 439.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 150.99 439.10 Td (in ) Tj ET Q q 0 0 0 rg BT 161.27 439.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.99 439.10 Td (future;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.91 418.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 145.81 418.10 Td (that ) Tj ET Q q 0 0 0 rg BT 163.50 418.10 Td (we ) Tj ET Q q 0 0 0 rg BT 177.86 418.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 205.54 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 216.01 418.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 253.14 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 269.16 418.10 Td (ef) Tj ET Q q 0 0 0 rg BT 276.75 418.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 297.77 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 308.25 418.10 Td (recruit ) Tj ET Q q 0 0 0 rg BT 337.03 418.10 Td (new ) Tj ET Q q 0 0 0 rg BT 356.39 418.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 398.51 418.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 436.19 418.10 Td (with ) Tj ET Q q 0 0 0 rg BT 456.66 418.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 492.13 418.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 518.70 418.10 Td (experience ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.22 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.79 406.10 Td (recruit ) Tj ET Q q 0 0 0 rg BT 142.66 406.10 Td (new ) Tj ET Q q 0 0 0 rg BT 162.11 406.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 204.33 406.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 242.10 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 252.66 406.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 288.20 406.10 Td (our ) Tj ET Q q 0 0 0 rg BT 304.31 406.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 351.52 406.10 Td (reach ) Tj ET Q q 0 0 0 rg BT 375.95 406.10 Td (in ) Tj ET Q q 0 0 0 rg BT 386.52 406.10 Td (Management) Tj ET Q q 0 0 0 rg BT 445.93 406.10 Td (s ) Tj ET Q q 0 0 0 rg BT 452.61 406.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 499.29 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.90 406.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 553.68 406.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 125.71 394.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 168.22 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.16 394.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 217.10 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.93 394.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 286.81 394.10 Td (Overview;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 373.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 373.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.41 373.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 140.92 373.10 Td (that ) Tj ET Q q 0 0 0 rg BT 158.11 373.10 Td (we ) Tj ET Q q 0 0 0 rg BT 171.96 373.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 208.59 373.10 Td (to ) Tj ET Q q 0 0 0 rg BT 218.56 373.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 246.84 373.10 Td (M&A) Tj ET Q q 0 0 0 rg BT 270.18 373.10 Td ( ) Tj ET Q q 0 0 0 rg BT 272.38 373.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 304.56 373.10 Td (over ) Tj ET Q q 0 0 0 rg BT 324.52 373.10 Td (time ) Tj ET Q q 0 0 0 rg BT 344.49 373.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.46 373.10 Td (rebound ) Tj ET Q q 0 0 0 rg BT 389.42 373.10 Td (toward ) Tj ET Q q 0 0 0 rg BT 419.38 373.10 Td (its ) Tj ET Q q 0 0 0 rg BT 431.02 373.10 Td (historic ) Tj ET Q q 0 0 0 rg BT 463.21 373.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 488.72 373.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.70 373.10 Td (Management) Tj ET Q q 0 0 0 rg BT 558.11 373.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 361.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 132.39 361.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.78 361.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 186.28 361.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.11 361.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 236.82 361.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 279.33 361.10 Td (and ) Tj ET Q q 0 0 0 rg BT 296.26 361.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 328.21 361.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.04 361.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 397.92 361.10 Td (Business ) Tj ET Q q 0 0 0 rg BT 435.98 361.10 Td (Environment;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 340.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.54 340.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 141.19 340.10 Td (that ) Tj ET Q q 0 0 0 rg BT 158.51 340.10 Td (we ) Tj ET Q q 0 0 0 rg BT 172.50 340.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 203.69 340.10 Td (we ) Tj ET Q q 0 0 0 rg BT 217.68 340.10 Td (are ) Tj ET Q q 0 0 0 rg BT 232.21 340.10 Td (still ) Tj ET Q q 0 0 0 rg BT 249.54 340.10 Td (in ) Tj ET Q q 0 0 0 rg BT 259.65 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.19 340.10 Td (early ) Tj ET Q q 0 0 0 rg BT 296.50 340.10 Td (stages ) Tj ET Q q 0 0 0 rg BT 323.26 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.92 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.46 340.10 Td (process ) Tj ET Q q 0 0 0 rg BT 380.78 340.10 Td (to ) Tj ET Q q 0 0 0 rg BT 390.88 340.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 427.64 340.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.75 340.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 461.73 340.10 Td (on ) Tj ET Q q 0 0 0 rg BT 474.06 340.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 517.48 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.02 340.10 Td (breadth ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 328.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.81 328.10 Td (our ) Tj ET Q q 0 0 0 rg BT 110.61 328.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 146.53 328.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 184.11 328.10 Td (by ) Tj ET Q q 0 0 0 rg BT 195.58 328.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 229.84 328.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 255.19 328.10 Td (in ) Tj ET Q q 0 0 0 rg BT 264.45 328.10 Td (Management) Tj ET Q q 0 0 0 rg BT 323.87 328.10 Td (s ) Tj ET Q q 0 0 0 rg BT 329.23 328.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 374.60 328.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.19 328.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 426.67 328.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.48 328.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 475.17 328.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 516.65 328.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.56 328.10 Td (Results ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 316.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.83 316.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 155.71 316.10 Td (Business ) Tj ET Q q 0 0 0 rg BT 193.77 316.10 Td (Environment;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 295.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 295.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.78 295.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 141.66 295.10 Td (that ) Tj ET Q q 0 0 0 rg BT 159.21 295.10 Td (as ) Tj ET Q q 0 0 0 rg BT 170.10 295.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 216.53 295.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 249.08 295.10 Td (rebounds, ) Tj ET Q q 0 0 0 rg BT 290.81 295.10 Td (we ) Tj ET Q q 0 0 0 rg BT 305.03 295.10 Td (will ) Tj ET Q q 0 0 0 rg BT 323.14 295.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 343.47 295.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.81 295.10 Td (return ) Tj ET Q q 0 0 0 rg BT 380.25 295.10 Td (towards ) Tj ET Q q 0 0 0 rg BT 414.47 295.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.24 295.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 457.35 295.10 Td (end ) Tj ET Q q 0 0 0 rg BT 474.35 295.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.24 295.10 Td (our ) Tj ET Q q 0 0 0 rg BT 501.13 295.10 Td (historic ) Tj ET Q q 0 0 0 rg BT 533.68 295.10 Td (pre-tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 283.10 Td (mar) Tj ET Q q 0 0 0 rg BT 101.37 283.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 118.35 283.10 Td (in ) Tj ET Q q 0 0 0 rg BT 130.33 283.10 Td (Management) Tj ET Q q 0 0 0 rg BT 189.75 283.10 Td (s ) Tj ET Q q 0 0 0 rg BT 197.85 283.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 245.94 283.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.66 283.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 302.86 283.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.40 283.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 356.81 283.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 401.02 283.10 Td (and ) Tj ET Q q 0 0 0 rg BT 419.67 283.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 453.32 283.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.85 283.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 526.44 283.10 Td (Business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 271.10 Td (Environment;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 250.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.75 250.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 141.59 250.10 Td (that ) Tj ET Q q 0 0 0 rg BT 159.12 250.10 Td (as ) Tj ET Q q 0 0 0 rg BT 169.98 250.10 Td (a ) Tj ET Q q 0 0 0 rg BT 176.94 250.10 Td (result ) Tj ET Q q 0 0 0 rg BT 201.69 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.55 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.29 250.10 Td (monetization ) Tj ET Q q 0 0 0 rg BT 282.03 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.88 250.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 345.96 250.10 Td (all ) Tj ET Q q 0 0 0 rg BT 358.49 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.35 250.10 Td (our ) Tj ET Q q 0 0 0 rg BT 385.21 250.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 435.51 250.10 Td (over ) Tj ET Q q 0 0 0 rg BT 455.80 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.55 250.10 Td (past ) Tj ET Q q 0 0 0 rg BT 489.19 250.10 Td (three ) Tj ET Q q 0 0 0 rg BT 511.70 250.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 537.83 250.10 Td (we ) Tj ET Q q 0 0 0 rg BT 552.01 250.10 Td (do ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td (not ) Tj ET Q q 0 0 0 rg BT 102.16 238.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 131.64 238.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.80 238.10 Td (report ) Tj ET Q q 0 0 0 rg BT 170.06 238.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 215.66 238.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 262.92 238.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 301.84 238.10 Td (in ) Tj ET Q q 0 0 0 rg BT 313.01 238.10 Td (future ) Tj ET Q q 0 0 0 rg BT 340.27 238.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 373.09 238.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.25 238.10 Td (Management) Tj ET Q q 0 0 0 rg BT 443.67 238.10 Td (s ) Tj ET Q q 0 0 0 rg BT 450.95 238.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 498.22 238.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.30 238.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 553.68 238.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 226.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 125.71 226.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 168.22 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.16 226.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 217.10 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.93 226.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 286.81 226.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 333.74 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.68 226.10 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 391.50 226.10 Td (Banking ) Tj ET Q q 0 0 0 rg BT 427.88 226.10 Td (Revenues;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 205.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 205.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.16 205.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 144.43 205.10 Td (that ) Tj ET Q q 0 0 0 rg BT 163.38 205.10 Td (we ) Tj ET Q q 0 0 0 rg BT 178.98 205.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 209.02 205.10 Td (that ) Tj ET Q q 0 0 0 rg BT 227.97 205.10 Td (our ) Tj ET Q q 0 0 0 rg BT 245.25 205.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 269.74 205.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 329.23 205.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 353.18 205.10 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.79 205.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.79 205.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.73 205.10 Td (will ) Tj ET Q q 0 0 0 rg BT 412.24 205.10 Td (be ) Tj ET Q q 0 0 0 rg BT 425.62 205.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 476.21 205.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.94 205.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.94 205.10 Td ( ) Tj ET Q q 0 0 0 rg BT 511.89 205.10 Td (and ) Tj ET Q q 0 0 0 rg BT 530.27 205.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 554.22 205.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 193.10 Td (Management) Tj ET Q q 0 0 0 rg BT 145.42 193.10 Td (s ) Tj ET Q q 0 0 0 rg BT 150.85 193.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 196.28 193.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.92 193.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 248.46 193.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.33 193.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 297.09 193.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 338.63 193.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.61 193.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 385.60 193.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.47 193.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 453.39 193.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 512.70 193.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.68 193.10 Td (Benefits ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 181.10 Td (Expenses;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 160.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 160.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.37 160.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 140.84 160.10 Td (about ) Tj ET Q q 0 0 0 rg BT 165.20 160.10 Td (our ) Tj ET Q q 0 0 0 rg BT 180.68 160.10 Td (objective ) Tj ET Q q 0 0 0 rg BT 219.48 160.10 Td (to ) Tj ET Q q 0 0 0 rg BT 229.41 160.10 Td ( ) Tj ET Q q 0 0 0 rg BT 231.56 160.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 260.36 160.10 Td (our ) Tj ET Q q 0 0 0 rg BT 275.84 160.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 296.31 160.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.79 160.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 364.48 160.10 Td (to ) Tj ET Q q 0 0 0 rg BT 374.41 160.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 412.10 160.10 Td (over ) Tj ET Q q 0 0 0 rg BT 432.02 160.10 Td (time ) Tj ET Q q 0 0 0 rg BT 451.94 160.10 Td (to ) Tj ET Q q 0 0 0 rg BT 461.87 160.10 Td (a ) Tj ET Q q 0 0 0 rg BT 468.46 160.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 488.93 160.10 Td (not ) Tj ET Q q 0 0 0 rg BT 503.86 160.10 Td (to ) Tj ET Q q 0 0 0 rg BT 513.79 160.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 543.69 160.10 Td (50% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 148.10 Td (at ) Tj ET Q q 0 0 0 rg BT 96.56 148.10 Td (a ) Tj ET Q q 0 0 0 rg BT 104.35 148.10 Td (time ) Tj ET Q q 0 0 0 rg BT 125.47 148.10 Td (when ) Tj ET Q q 0 0 0 rg BT 150.47 148.10 Td (market ) Tj ET Q q 0 0 0 rg BT 181.58 148.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 214.92 148.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.70 148.10 Td (our ) Tj ET Q q 0 0 0 rg BT 249.38 148.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 284.37 148.10 Td (productivity ) Tj ET Q q 0 0 0 rg BT 336.60 148.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 373.27 148.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.40 148.10 Td (Management) Tj ET Q q 0 0 0 rg BT 443.82 148.10 Td (s ) Tj ET Q q 0 0 0 rg BT 451.05 148.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 498.29 148.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.34 148.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 553.68 148.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 136.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 125.71 136.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 168.22 136.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.16 136.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 217.10 136.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.93 136.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 286.81 136.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 347.08 136.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.02 136.10 Td (Benefits ) Tj ET Q q 0 0 0 rg BT 399.85 136.10 Td (Expenses;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 115.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 115.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.12 115.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 142.35 115.10 Td (that ) Tj ET Q q 0 0 0 rg BT 160.25 115.10 Td (we ) Tj ET Q q 0 0 0 rg BT 174.81 115.10 Td (do ) Tj ET Q q 0 0 0 rg BT 187.71 115.10 Td (not ) Tj ET Q q 0 0 0 rg BT 203.40 115.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 232.39 115.10 Td (any ) Tj ET Q q 0 0 0 rg BT 249.74 115.10 Td (material ) Tj ET Q q 0 0 0 rg BT 285.40 115.10 Td (short ) Tj ET Q q 0 0 0 rg BT 308.30 115.10 Td (term ) Tj ET Q q 0 0 0 rg BT 329.53 115.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 369.08 115.10 Td (in ) Tj ET Q q 0 0 0 rg BT 379.77 115.10 Td (our ) Tj ET Q q 0 0 0 rg BT 396.00 115.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 472.78 115.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 511.78 115.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.12 115.10 Td (over ) Tj ET Q q 0 0 0 rg BT 549.80 115.10 Td (the ) Tj ET Q BT 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ET Q q 0 0 0 rg BT 157.64 79.10 Td (our ) Tj ET Q q 0 0 0 rg BT 173.47 79.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 207.63 79.10 Td (locations ) Tj ET Q q 0 0 0 rg BT 246.23 79.10 Td (in ) Tj ET Q q 0 0 0 rg BT 256.51 79.10 Td (Management) Tj ET Q q 0 0 0 rg BT 315.93 79.10 Td (s ) Tj ET Q q 0 0 0 rg BT 322.31 79.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 368.70 79.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.09 79.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 422.58 79.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.41 79.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 473.12 79.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 515.62 79.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.55 79.10 Td (Results ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 67.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.83 67.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 155.71 67.10 Td (Non-Compensation ) Tj ET Q q 0 0 0 rg BT 236.53 67.10 Td (Costs ) Tj ET Q q 0 0 0 rg BT 261.26 67.10 Td (Expenses;) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.51 742.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 141.13 742.10 Td (that ) Tj ET Q q 0 0 0 rg BT 158.42 742.10 Td (we ) Tj ET Q q 0 0 0 rg BT 172.38 742.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 200.77 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 210.84 742.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 227.58 742.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.63 742.10 Td ($15.3 ) Tj ET Q q 0 0 0 rg BT 312.43 742.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.32 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.62 742.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.69 742.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.69 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.99 742.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 421.60 742.10 Td (related ) Tj ET Q q 0 0 0 rg BT 451.10 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 461.18 742.10 Td (income ) Tj ET Q q 0 0 0 rg BT 492.91 742.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 515.75 742.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 539.71 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.78 742.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (United ) Tj ET Q q 0 0 0 rg BT 114.98 730.10 Td (States ) Tj ET Q q 0 0 0 rg BT 140.63 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.83 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.81 730.10 Td (United ) Tj ET Q q 0 0 0 rg BT 199.78 730.10 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 239.32 730.10 Td (for ) Tj ET Q q 0 0 0 rg BT 252.75 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.72 730.10 Td (year ) Tj ET Q q 0 0 0 rg BT 285.69 730.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.33 730.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 369.18 730.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.18 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.94 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 400.48 730.10 Td (Management) Tj ET Q q 0 0 0 rg BT 459.90 730.10 Td (s ) Tj ET Q q 0 0 0 rg BT 465.55 730.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 511.21 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.02 730.10 Td (Analysis ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.83 718.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 136.54 718.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 179.05 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.99 718.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 227.93 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 238.76 718.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 297.64 718.10 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 337.36 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.30 718.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 385.68 718.10 Td (Resources;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 697.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 697.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.02 697.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 142.15 697.10 Td (that ) Tj ET Q q 0 0 0 rg BT 159.94 697.10 Td (we ) Tj ET Q q 0 0 0 rg BT 174.41 697.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 203.31 697.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.89 697.10 Td (renew ) Tj ET Q q 0 0 0 rg BT 241.12 697.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.14 697.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 297.27 697.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 317.29 697.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 348.42 697.10 Td (this ) Tj ET Q q 0 0 0 rg BT 365.67 697.10 Td (year ) Tj ET Q q 0 0 0 rg BT 385.68 697.10 Td (although ) Tj ET Q q 0 0 0 rg BT 423.48 697.10 Td (our ) Tj ET Q q 0 0 0 rg BT 439.62 697.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 467.97 697.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.55 697.10 Td (do ) Tj ET Q q 0 0 0 rg BT 491.36 697.10 Td (so ) Tj ET Q q 0 0 0 rg BT 503.05 697.10 Td (in ) Tj ET Q q 0 0 0 rg BT 513.64 697.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.66 697.10 Td (future ) Tj ET Q q 0 0 0 rg BT 555.34 697.10 Td (is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 685.10 Td (not ) Tj ET Q q 0 0 0 rg BT 101.70 685.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 131.82 685.10 Td (in ) Tj ET Q q 0 0 0 rg BT 142.52 685.10 Td (Management) Tj ET Q q 0 0 0 rg BT 201.94 685.10 Td (s ) Tj ET Q q 0 0 0 rg BT 208.75 685.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 255.56 685.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.27 685.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 310.19 685.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.44 685.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 361.58 685.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 404.50 685.10 Td (and ) Tj ET Q q 0 0 0 rg BT 421.86 685.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 454.23 685.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.48 685.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 524.77 685.10 Td (Liquidity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 673.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.94 673.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 134.32 673.10 Td (Resources;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 652.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 652.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.34 652.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 142.78 652.10 Td (that ) Tj ET Q q 0 0 0 rg BT 160.89 652.10 Td (we ) Tj ET Q q 0 0 0 rg BT 175.67 652.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 204.88 652.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.78 652.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 253.33 652.10 Td (to ) Tj ET Q q 0 0 0 rg BT 264.23 652.10 Td (be ) Tj ET Q q 0 0 0 rg BT 276.79 652.10 Td (compliant ) Tj ET Q q 0 0 0 rg BT 319.90 652.10 Td (with ) Tj ET Q q 0 0 0 rg BT 340.79 652.10 Td (all ) Tj ET Q q 0 0 0 rg BT 353.91 652.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 374.24 652.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 417.35 652.10 Td (in ) Tj ET Q q 0 0 0 rg BT 428.25 652.10 Td (future ) Tj ET Q q 0 0 0 rg BT 455.24 652.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 487.80 652.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.70 652.10 Td (Management) Tj ET Q q 0 0 0 rg BT 558.12 652.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 640.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 132.39 640.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.78 640.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 186.28 640.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.11 640.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 236.82 640.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 279.33 640.10 Td (and ) Tj ET Q q 0 0 0 rg BT 296.26 640.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 328.21 640.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.04 640.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 397.92 640.10 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 437.64 640.10 Td (and ) Tj ET Q q 0 0 0 rg BT 454.58 640.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 485.96 640.10 Td (Resources;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 619.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 619.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.22 619.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 140.54 619.10 Td (that ) Tj ET Q q 0 0 0 rg BT 157.54 619.10 Td (it ) Tj ET Q q 0 0 0 rg BT 165.10 619.10 Td (is ) Tj ET Q q 0 0 0 rg BT 173.77 619.10 Td (unlikely ) Tj ET Q q 0 0 0 rg BT 208.54 619.10 Td (that ) Tj ET Q q 0 0 0 rg BT 225.54 619.10 Td (we ) Tj ET Q q 0 0 0 rg BT 239.20 619.10 Td (will ) Tj ET Q q 0 0 0 rg BT 256.76 619.10 Td (have ) Tj ET Q q 0 0 0 rg BT 277.64 619.10 Td (future ) Tj ET Q q 0 0 0 rg BT 303.52 619.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 328.29 619.10 Td (that ) Tj ET Q q 0 0 0 rg BT 345.29 619.10 Td (require ) Tj ET Q q 0 0 0 rg BT 375.60 619.10 Td (us ) Tj ET Q q 0 0 0 rg BT 386.50 619.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.28 619.10 Td (permanently ) Tj ET Q q 0 0 0 rg BT 448.26 619.10 Td (reinvest ) Tj ET Q q 0 0 0 rg BT 481.92 619.10 Td (our ) Tj ET Q q 0 0 0 rg BT 497.25 619.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 528.13 619.10 Td (earnings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 607.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.71 607.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.86 607.10 Td (local ) Tj ET Q q 0 0 0 rg BT 131.23 607.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 182.61 607.10 Td (in ) Tj ET Q q 0 0 0 rg BT 192.32 607.10 Td (Management) Tj ET Q q 0 0 0 rg BT 251.74 607.10 Td (s ) Tj ET Q q 0 0 0 rg BT 257.56 607.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 303.39 607.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.33 607.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 356.27 607.10 Td (of ) Tj ET Q q 0 0 0 rg BT 366.53 607.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 405.68 607.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 447.61 607.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.99 607.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 495.37 607.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.63 607.10 Td (Operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 595.10 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 125.72 595.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.66 595.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 174.04 595.10 Td (Resources;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.67 574.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 141.44 574.10 Td (that ) Tj ET Q q 0 0 0 rg BT 158.89 574.10 Td (we ) Tj ET Q q 0 0 0 rg BT 173.00 574.10 Td (would ) Tj ET Q q 0 0 0 rg BT 200.45 574.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 228.99 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 239.22 574.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 262.22 574.10 Td (a ) Tj ET Q q 0 0 0 rg BT 269.11 574.10 Td (minimal ) Tj ET Q q 0 0 0 rg BT 304.89 574.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 339.84 574.10 Td (if ) Tj ET Q q 0 0 0 rg BT 348.40 574.10 Td (any) Tj ET Q q 0 0 0 rg BT 362.19 574.10 Td (, ) Tj ET Q q 0 0 0 rg BT 367.14 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.92 574.10 Td (incremental ) Tj ET Q q 0 0 0 rg BT 427.57 574.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 447.80 574.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 462.47 574.10 Td (from ) Tj ET Q q 0 0 0 rg BT 484.36 574.10 Td (any ) Tj ET Q q 0 0 0 rg BT 501.25 574.10 Td (repatriations ) Tj ET Q q 0 0 0 rg BT 553.68 574.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 118.04 562.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 155.09 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 166.04 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.42 562.10 Td (near ) Tj ET Q q 0 0 0 rg BT 201.80 562.10 Td (future ) Tj ET Q q 0 0 0 rg BT 228.84 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 239.79 562.10 Td (Management) Tj ET Q q 0 0 0 rg BT 299.21 562.10 Td (s ) Tj ET Q q 0 0 0 rg BT 306.27 562.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 353.33 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.23 562.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 408.40 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.90 562.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 460.28 562.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 503.45 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.06 562.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 553.67 562.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 144.88 550.10 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 184.60 550.10 Td (and ) Tj ET Q q 0 0 0 rg BT 201.54 550.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 232.92 550.10 Td (Resources;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 529.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.37 529.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 142.84 529.10 Td (that ) Tj ET Q q 0 0 0 rg BT 160.98 529.10 Td (we ) Tj ET Q q 0 0 0 rg BT 175.79 529.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 205.03 529.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.96 529.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 237.44 529.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 287.79 529.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.27 529.10 Td (common ) Tj ET Q q 0 0 0 rg BT 337.41 529.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 361.67 529.10 Td (from ) Tj ET Q q 0 0 0 rg BT 384.26 529.10 Td (our ) Tj ET Q q 0 0 0 rg BT 400.74 529.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 446.65 529.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.58 529.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 507.94 529.10 Td (with ) Tj ET Q q 0 0 0 rg BT 528.87 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 544.23 529.10 Td (cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 517.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 129.24 517.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.72 517.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 154.08 517.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 193.45 517.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 228.91 517.10 Td (on ) Tj ET Q q 0 0 0 rg BT 241.05 517.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 272.09 517.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.56 517.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 321.91 517.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 345.17 517.10 Td (units ) Tj ET Q q 0 0 0 rg BT 366.76 517.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.24 517.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.14 517.10 Td ($77.1 ) Tj ET Q q 0 0 0 rg BT 461.79 517.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.68 517.10 Td ( ) Tj ET Q q 0 0 0 rg BT 492.82 517.10 Td (over ) Tj ET Q q 0 0 0 rg BT 512.74 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.10 517.10 Td (next ) Tj ET Q q 0 0 0 rg BT 546.46 517.10 Td (five ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 505.10 Td (years ) Tj ET Q q 0 0 0 rg BT 110.34 505.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.36 505.10 Td (Management) Tj ET Q q 0 0 0 rg BT 180.78 505.10 Td (s ) Tj ET Q q 0 0 0 rg BT 187.92 505.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 235.05 505.10 Td (and ) Tj ET Q q 0 0 0 rg BT 252.02 505.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 290.26 505.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.84 505.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 342.29 505.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 385.54 505.10 Td (and ) Tj ET Q q 0 0 0 rg BT 403.22 505.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 435.92 505.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.49 505.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 507.11 505.10 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 547.57 505.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 493.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 117.38 493.10 Td (Resources;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 472.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 472.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.18 472.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 146.47 472.10 Td (that ) Tj ET Q q 0 0 0 rg BT 166.43 472.10 Td (we ) Tj ET Q q 0 0 0 rg BT 183.06 472.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 213.02 472.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.76 472.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 265.16 472.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.91 472.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 297.31 472.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 338.37 472.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 382.23 472.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 415.52 472.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.26 472.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 459.88 472.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 509.83 472.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.24 472.10 Td (periodic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 460.10 Td (determinations ) Tj ET Q q 0 0 0 rg BT 147.36 460.10 Td (that ) Tj ET Q q 0 0 0 rg BT 164.30 460.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 184.00 460.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 224.82 460.10 Td (are ) Tj ET Q q 0 0 0 rg BT 238.97 460.10 Td (in ) Tj ET Q q 0 0 0 rg BT 248.68 460.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.83 460.10 Td (best ) Tj ET Q q 0 0 0 rg BT 280.88 460.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 312.25 460.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.51 460.10 Td (our ) Tj ET Q q 0 0 0 rg BT 337.78 460.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 390.26 460.10 Td (in ) Tj ET Q q 0 0 0 rg BT 399.98 460.10 Td (Management) Tj ET Q q 0 0 0 rg BT 459.40 460.10 Td (s ) Tj ET Q q 0 0 0 rg BT 465.22 460.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 511.05 460.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.00 460.10 Td (Analysis ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 448.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.83 448.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 136.54 448.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 179.05 448.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.99 448.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 227.93 448.10 Td (of ) Tj ET Q q 0 0 0 rg BT 238.76 448.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 297.64 448.10 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 337.36 448.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.30 448.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 385.68 448.10 Td (Resources;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 427.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.47 427.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 141.05 427.10 Td (that ) Tj ET Q q 0 0 0 rg BT 158.30 427.10 Td (while ) Tj ET Q q 0 0 0 rg BT 182.78 427.10 Td (we ) Tj ET Q q 0 0 0 rg BT 196.70 427.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 227.83 427.10 Td (that ) Tj ET Q q 0 0 0 rg BT 245.08 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.55 427.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 279.58 427.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 320.70 427.10 Td (from ) Tj ET Q q 0 0 0 rg BT 342.39 427.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 386.31 427.10 Td (and ) Tj ET Q q 0 0 0 rg BT 403.00 427.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 427.48 427.10 Td (available ) Tj ET Q q 0 0 0 rg BT 465.83 427.10 Td (from ) Tj ET Q q 0 0 0 rg BT 487.52 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.00 427.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 542.58 427.10 Td (bank ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 415.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 105.57 415.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 136.25 415.10 Td (will ) Tj ET Q q 0 0 0 rg BT 154.17 415.10 Td (be ) Tj ET Q q 0 0 0 rg BT 165.96 415.10 Td (suf) Tj ET Q q 0 0 0 rg BT 178.00 415.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 205.90 415.10 Td (to ) Tj ET Q q 0 0 0 rg BT 216.04 415.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 237.83 415.10 Td (our ) Tj ET Q q 0 0 0 rg BT 253.52 415.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 291.41 415.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 331.53 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 664.25 Td (Scott ) Tj ET Q q 0 0 0 rg BT 85.93 664.25 Td (L. ) Tj ET Q q 0 0 0 rg BT 97.91 664.25 Td (Bok, ) Tj ET Q q 0 0 0 rg BT 120.45 664.25 Td (54, ) Tj ET Q q 0 0 0 rg BT 136.32 664.25 Td (has ) Tj ET Q q 0 0 0 rg BT 153.02 664.25 Td (served ) Tj ET Q q 0 0 0 rg BT 182.49 664.25 Td (as ) Tj ET Q q 0 0 0 rg BT 194.19 664.25 Td (our ) Tj ET Q q 0 0 0 rg BT 210.89 664.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 236.48 664.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 279.83 664.25 Td (Of) Tj ET Q q 0 0 0 rg BT 290.20 664.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 311.88 664.25 Td (since ) Tj ET Q q 0 0 0 rg BT 335.06 664.25 Td (April ) Tj ET Q q 0 0 0 rg BT 359.54 664.25 Td (2010, ) Tj ET Q q 0 0 0 rg BT 385.41 664.25 Td (served ) Tj ET Q q 0 0 0 rg BT 414.88 664.25 Td (as ) Tj ET Q q 0 0 0 rg BT 426.58 664.25 Td (Co-Chief ) Tj ET Q q 0 0 0 rg BT 467.16 664.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 510.52 664.25 Td (Of) Tj ET Q q 0 0 0 rg BT 520.89 664.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 542.57 664.25 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (October ) Tj ET Q q 0 0 0 rg BT 84.42 652.25 Td (2007 ) Tj ET Q q 0 0 0 rg BT 106.64 652.25 Td (until ) Tj ET Q q 0 0 0 rg BT 126.70 652.25 Td (April ) Tj ET Q q 0 0 0 rg BT 150.02 652.25 Td (2010, ) Tj ET Q q 0 0 0 rg BT 174.73 652.25 Td (served ) Tj ET Q q 0 0 0 rg BT 203.05 652.25 Td (as ) Tj ET Q q 0 0 0 rg BT 213.59 652.25 Td (our ) Tj ET Q q 0 0 0 rg BT 229.14 652.25 Td (U.S.President ) Tj ET Q q 0 0 0 rg BT 288.85 652.25 Td (from ) Tj ET Q q 0 0 0 rg BT 310.50 652.25 Td (January ) Tj ET Q q 0 0 0 rg BT 343.82 652.25 Td (2004 ) Tj ET Q q 0 0 0 rg BT 366.03 652.25 Td (until ) Tj ET Q q 0 0 0 rg BT 386.58 652.25 Td (October ) Tj ET Q q 0 0 0 rg BT 421.00 652.25 Td (2007 ) Tj ET Q q 0 0 0 rg BT 443.21 652.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.87 652.25 Td (has ) Tj ET Q q 0 0 0 rg BT 475.41 652.25 Td (been ) Tj ET Q q 0 0 0 rg BT 496.50 652.25 Td (a ) Tj ET Q q 0 0 0 rg BT 503.16 652.25 Td (member ) Tj ET Q q 0 0 0 rg BT 538.13 652.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.68 652.25 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 105.07 640.25 Td (Committee ) Tj ET Q q 0 0 0 rg BT 152.37 640.25 Td (since ) Tj ET Q q 0 0 0 rg BT 175.78 640.25 Td (its ) Tj ET Q q 0 0 0 rg BT 188.10 640.25 Td (formation ) Tj ET Q q 0 0 0 rg BT 230.40 640.25 Td (in ) Tj ET Q q 0 0 0 rg BT 241.04 640.25 Td (January ) Tj ET Q q 0 0 0 rg BT 275.00 640.25 Td (2004. ) Tj ET Q q 0 0 0 rg BT 300.37 640.25 Td (In ) Tj ET Q q 0 0 0 rg BT 311.56 640.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 349.70 640.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 361.37 640.25 Td (.Bok ) Tj ET Q q 0 0 0 rg BT 385.91 640.25 Td (has ) Tj ET Q q 0 0 0 rg BT 402.10 640.25 Td (been ) Tj ET Q q 0 0 0 rg BT 423.84 640.25 Td (a ) Tj ET Q q 0 0 0 rg BT 431.15 640.25 Td (director ) Tj ET Q q 0 0 0 rg BT 465.11 640.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.30 640.25 Td (Greenhill& ) Tj ET Q q 0 0 0 rg BT 527.21 640.25 Td (Co., ) Tj ET Q q 0 0 0 rg BT 546.75 640.25 Td (Inc. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (since ) Tj ET Q q 0 0 0 rg BT 72.22 628.25 Td (its ) Tj ET Q q 0 0 0 rg BT 83.35 628.25 Td (incorporation ) Tj ET Q q 0 0 0 rg BT 138.90 628.25 Td (in ) Tj ET Q q 0 0 0 rg BT 148.35 628.25 Td (March ) Tj ET Q q 0 0 0 rg BT 176.13 628.25 Td (2004. ) Tj ET Q q 0 0 0 rg BT 200.31 628.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 211.98 628.25 Td (.Bok ) Tj ET Q q 0 0 0 rg BT 235.32 628.25 Td (joined ) Tj ET Q q 0 0 0 rg BT 262.00 628.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 301.44 628.25 Td (as ) Tj ET Q q 0 0 0 rg BT 311.45 628.25 Td (a ) Tj ET Q q 0 0 0 rg BT 317.56 628.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 358.67 628.25 Td (director ) Tj ET Q q 0 0 0 rg BT 391.44 628.25 Td (in ) Tj ET Q q 0 0 0 rg BT 400.90 628.25 Td (February ) Tj ET Q q 0 0 0 rg BT 438.67 628.25 Td (1997. ) Tj ET Q q 0 0 0 rg BT 462.85 628.25 Td (Before ) Tj ET Q q 0 0 0 rg BT 491.74 628.25 Td (joining ) Tj ET Q q 0 0 0 rg BT 521.75 628.25 Td (Greenhill, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.67 616.25 Td (.Bok ) Tj ET Q q 0 0 0 rg BT 85.97 616.25 Td (was ) Tj ET Q q 0 0 0 rg BT 104.15 616.25 Td (a ) Tj ET Q q 0 0 0 rg BT 111.22 616.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 153.29 616.25 Td (director ) Tj ET Q q 0 0 0 rg BT 187.01 616.25 Td (in ) Tj ET Q q 0 0 0 rg BT 197.42 616.25 Td (the ) Tj ET Q q 0 0 0 rg BT 212.27 616.25 Td (mer) Tj ET Q q 0 0 0 rg BT 227.63 616.25 Td (gers, ) Tj ET Q q 0 0 0 rg BT 249.43 616.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 299.83 616.25 Td (and ) Tj ET Q q 0 0 0 rg BT 316.90 616.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 370.62 616.25 Td (department ) Tj ET Q q 0 0 0 rg BT 418.24 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.20 616.25 Td (Mor) Tj ET Q q 0 0 0 rg BT 446.24 616.25 Td (gan ) Tj ET Q q 0 0 0 rg BT 463.31 616.25 Td (Stanley& ) Tj ET Q q 0 0 0 rg BT 506.21 616.25 Td (Co., ) Tj ET Q q 0 0 0 rg BT 525.51 616.25 Td (where ) Tj ET Q q 0 0 0 rg BT 552.57 616.25 Td (he ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (worked ) Tj ET Q q 0 0 0 rg BT 82.24 604.25 Td (from ) Tj ET Q q 0 0 0 rg BT 103.93 604.25 Td (1986 ) Tj ET Q q 0 0 0 rg BT 126.18 604.25 Td (to ) Tj ET Q q 0 0 0 rg BT 136.21 604.25 Td (1997, ) Tj ET Q q 0 0 0 rg BT 160.96 604.25 Td (based ) Tj ET Q q 0 0 0 rg BT 185.98 604.25 Td (in ) Tj ET Q q 0 0 0 rg BT 196.00 604.25 Td (New ) Tj ET Q q 0 0 0 rg BT 216.80 604.25 Td (Y) Tj ET Q q 0 0 0 rg BT 223.02 604.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 238.60 604.25 Td (and ) Tj ET Q q 0 0 0 rg BT 255.29 604.25 Td (London. ) Tj ET Q q 0 0 0 rg BT 291.15 604.25 Td (From ) Tj ET Q q 0 0 0 rg BT 315.07 604.25 Td (1984 ) Tj ET Q q 0 0 0 rg BT 337.32 604.25 Td (to ) Tj ET Q q 0 0 0 rg BT 347.35 604.25 Td (1986, ) Tj ET Q q 0 0 0 rg BT 372.10 604.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 383.77 604.25 Td (.Bok ) Tj ET Q q 0 0 0 rg BT 407.69 604.25 Td (practiced ) Tj ET Q q 0 0 0 rg BT 446.58 604.25 Td (mer) Tj ET Q q 0 0 0 rg BT 461.94 604.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 480.85 604.25 Td (and ) Tj ET Q q 0 0 0 rg BT 497.54 604.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 547.57 604.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 90.65 592.25 Td (law ) Tj ET Q q 0 0 0 rg BT 107.98 592.25 Td (in ) Tj ET Q q 0 0 0 rg BT 118.65 592.25 Td (New ) Tj ET Q q 0 0 0 rg BT 139.99 592.25 Td (Y) Tj ET Q q 0 0 0 rg BT 146.21 592.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 162.43 592.25 Td (with ) Tj ET Q q 0 0 0 rg BT 182.88 592.25 Td (W) Tj ET Q q 0 0 0 rg BT 191.52 592.25 Td (achtell, ) Tj ET Q q 0 0 0 rg BT 223.56 592.25 Td (Lipton, ) Tj ET Q q 0 0 0 rg BT 255.61 592.25 Td (Rosen& ) Tj ET Q q 0 0 0 rg BT 293.78 592.25 Td (Katz. ) Tj ET Q q 0 0 0 rg BT 318.04 592.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 329.71 592.25 Td (.Bok ) Tj ET Q q 0 0 0 rg BT 354.27 592.25 Td (served ) Tj ET Q q 0 0 0 rg BT 383.26 592.25 Td (as ) Tj ET Q q 0 0 0 rg BT 394.48 592.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 419.58 592.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 462.45 592.25 Td (Of) Tj ET Q q 0 0 0 rg BT 472.82 592.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 494.03 592.25 Td (and ) Tj ET Q q 0 0 0 rg BT 511.35 592.25 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 553.67 592.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (the ) Tj ET Q q 0 0 0 rg BT 65.51 580.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 93.25 580.25 Td (of ) Tj ET Q q 0 0 0 rg BT 104.87 580.25 Td (GHL) Tj ET Q q 0 0 0 rg BT 125.05 580.25 Td ( ) Tj ET Q q 0 0 0 rg BT 127.62 580.25 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 177.58 580.25 Td (Corp. ) Tj ET Q q 0 0 0 rg BT 203.38 580.25 Td (from ) Tj ET Q q 0 0 0 rg BT 226.11 580.25 Td (2007 ) Tj ET Q q 0 0 0 rg BT 249.41 580.25 Td (to ) Tj ET Q q 0 0 0 rg BT 260.48 580.25 Td (2009 ) Tj ET Q q 0 0 0 rg BT 283.78 580.25 Td (and ) Tj ET Q q 0 0 0 rg BT 301.51 580.25 Td (as ) Tj ET Q q 0 0 0 rg BT 313.14 580.25 Td (a ) Tj ET Q q 0 0 0 rg BT 320.87 580.25 Td (member ) Tj ET Q q 0 0 0 rg BT 356.93 580.25 Td (of ) Tj ET Q q 0 0 0 rg BT 368.56 580.25 Td (the ) Tj ET Q q 0 0 0 rg BT 384.07 580.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 411.81 580.25 Td (of ) Tj ET Q q 0 0 0 rg BT 423.43 580.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 463.94 580.25 Td (of ) Tj ET Q q 0 0 0 rg BT 475.56 580.25 Td (its ) Tj ET Q q 0 0 0 rg BT 488.31 580.25 Td (successor) Tj ET Q q 0 0 0 rg BT 526.23 580.25 Td (, ) Tj ET Q q 0 0 0 rg BT 532.02 580.25 Td (Iridium ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 120.09 568.25 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 139.61 568.25 Td (from ) Tj ET Q q 0 0 0 rg BT 160.80 568.25 Td (2009 ) Tj ET Q q 0 0 0 rg BT 182.56 568.25 Td (to ) Tj ET Q q 0 0 0 rg BT 192.09 568.25 Td (2013. ) Tj ET Q q 0 0 0 rg BT 216.35 568.25 Td (He ) Tj ET Q q 0 0 0 rg BT 229.76 568.25 Td (has ) Tj ET Q q 0 0 0 rg BT 244.85 568.25 Td (also ) Tj ET Q q 0 0 0 rg BT 262.71 568.25 Td (served ) Tj ET Q q 0 0 0 rg BT 290.57 568.25 Td (as ) Tj ET Q q 0 0 0 rg BT 300.65 568.25 Td (a ) Tj ET Q q 0 0 0 rg BT 306.85 568.25 Td (member ) Tj ET Q q 0 0 0 rg BT 341.36 568.25 Td (of ) Tj ET Q q 0 0 0 rg BT 351.45 568.25 Td (the ) Tj ET Q q 0 0 0 rg BT 365.42 568.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 391.62 568.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.70 568.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 440.66 568.25 Td (of ) Tj ET Q q 0 0 0 rg BT 450.75 568.25 Td (Heartland ) Tj ET Q q 0 0 0 rg BT 491.93 568.25 Td (Payment ) Tj ET Q q 0 0 0 rg BT 528.68 568.25 Td (Systems ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (\(2001 ) Tj ET Q q 0 0 0 rg BT 88.33 556.25 Td (2005\)and ) Tj ET Q q 0 0 0 rg BT 131.10 556.25 Td (Republic ) Tj ET Q q 0 0 0 rg BT 169.70 556.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 197.75 556.25 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 239.12 556.25 Td (\(2003 ) Tj ET Q q 0 0 0 rg BT 277.45 556.25 Td (2007\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 535.25 Td (Christopher ) Tj ET Q q 0 0 0 rg BT 111.34 535.25 Td (T) Tj ET Q q 0 0 0 rg BT 116.71 535.25 Td (. ) Tj ET Q q 0 0 0 rg BT 121.50 535.25 Td (Grubb, ) Tj ET Q q 0 0 0 rg BT 151.85 535.25 Td (34, ) Tj ET Q q 0 0 0 rg BT 166.64 535.25 Td (has ) Tj ET Q q 0 0 0 rg BT 182.27 535.25 Td (served ) Tj ET Q q 0 0 0 rg BT 210.66 535.25 Td (as ) Tj ET Q q 0 0 0 rg BT 221.29 535.25 Td (our ) Tj ET Q q 0 0 0 rg BT 236.91 535.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 261.42 535.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 300.93 535.25 Td (Of) Tj ET Q q 0 0 0 rg BT 311.30 535.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 331.91 535.25 Td (since ) Tj ET Q q 0 0 0 rg BT 354.75 535.25 Td (May ) Tj ET Q q 0 0 0 rg BT 375.37 535.25 Td (2012 ) Tj ET Q q 0 0 0 rg BT 397.67 535.25 Td (and ) Tj ET Q q 0 0 0 rg BT 414.40 535.25 Td (is ) Tj ET Q q 0 0 0 rg BT 423.36 535.25 Td (also ) Tj ET Q q 0 0 0 rg BT 441.76 535.25 Td (a ) Tj ET Q q 0 0 0 rg BT 448.50 535.25 Td (member ) Tj ET Q q 0 0 0 rg BT 483.55 535.25 Td (of ) Tj ET Q q 0 0 0 rg BT 494.18 535.25 Td (our ) Tj ET Q q 0 0 0 rg BT 509.80 535.25 Td (Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (Committee. ) Tj ET Q q 0 0 0 rg BT 103.04 523.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 114.71 523.25 Td (. ) Tj ET Q q 0 0 0 rg BT 120.82 523.25 Td (Grubb ) Tj ET Q q 0 0 0 rg BT 149.97 523.25 Td (joined ) Tj ET Q q 0 0 0 rg BT 178.57 523.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 219.94 523.25 Td (in ) Tj ET Q q 0 0 0 rg BT 231.32 523.25 Td (2006 ) Tj ET Q q 0 0 0 rg BT 254.92 523.25 Td (and ) Tj ET Q q 0 0 0 rg BT 272.96 523.25 Td (was ) Tj ET Q q 0 0 0 rg BT 292.12 523.25 Td (promoted ) Tj ET Q q 0 0 0 rg BT 334.05 523.25 Td (to ) Tj ET Q q 0 0 0 rg BT 345.43 523.25 Td (Managing ) Tj ET Q q 0 0 0 rg BT 389.58 523.25 Td (Director ) Tj ET Q q 0 0 0 rg BT 426.50 523.25 Td (in ) Tj ET Q q 0 0 0 rg BT 437.88 523.25 Td (January ) Tj ET Q q 0 0 0 rg BT 472.58 523.25 Td (2014. ) Tj ET Q q 0 0 0 rg BT 498.69 523.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 522.29 523.25 Td (to ) Tj ET Q q 0 0 0 rg BT 533.67 523.25 Td (joining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (Greenhill, ) Tj ET Q q 0 0 0 rg BT 93.76 511.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 105.43 511.25 Td (. ) Tj ET Q q 0 0 0 rg BT 111.42 511.25 Td (Grubb ) Tj ET Q q 0 0 0 rg BT 140.47 511.25 Td (worked ) Tj ET Q q 0 0 0 rg BT 173.95 511.25 Td (in ) Tj ET Q q 0 0 0 rg BT 185.22 511.25 Td (the ) Tj ET Q q 0 0 0 rg BT 200.93 511.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 248.31 511.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 284.02 511.25 Td (group ) Tj ET Q q 0 0 0 rg BT 310.84 511.25 Td (at ) Tj ET Q q 0 0 0 rg BT 321.55 511.25 Td (UBS. ) Tj ET Q q 0 0 0 rg BT 347.00 511.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 358.67 511.25 Td (. ) Tj ET Q q 0 0 0 rg BT 364.66 511.25 Td (Grubb ) Tj ET Q q 0 0 0 rg BT 393.71 511.25 Td (advises ) Tj ET Q q 0 0 0 rg BT 426.64 511.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 456.24 511.25 Td (on ) Tj ET Q q 0 0 0 rg BT 469.73 511.25 Td (a ) Tj ET Q q 0 0 0 rg BT 477.66 511.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 508.92 511.25 Td (of ) Tj ET Q q 0 0 0 rg BT 520.74 511.25 Td (M&A) Tj ET Q q 0 0 0 rg BT 544.08 511.25 Td ( ) Tj ET Q q 0 0 0 rg BT 547.58 511.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 103.59 499.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 153.86 499.25 Td (and ) Tj ET Q q 0 0 0 rg BT 170.80 499.25 Td (is ) Tj ET Q q 0 0 0 rg BT 179.97 499.25 Td (also ) Tj ET Q q 0 0 0 rg BT 198.57 499.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 246.62 499.25 Td (for ) Tj ET Q q 0 0 0 rg BT 260.78 499.25 Td (a ) Tj ET Q q 0 0 0 rg BT 267.72 499.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 297.98 499.25 Td (of ) Tj ET Q q 0 0 0 rg BT 308.81 499.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 368.52 499.25 Td (roles ) Tj ET Q q 0 0 0 rg BT 390.46 499.25 Td (at ) Tj ET Q q 0 0 0 rg BT 400.18 499.25 Td (Greenhill. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 478.25 Td (Harold ) Tj ET Q q 0 0 0 rg BT 92.88 478.25 Td (J. ) Tj ET Q q 0 0 0 rg BT 102.39 478.25 Td (Rodriguez,Jr) Tj ET Q q 0 0 0 rg BT 155.71 478.25 Td (., ) Tj ET Q q 0 0 0 rg BT 163.83 478.25 Td (58, ) Tj ET Q q 0 0 0 rg BT 179.44 478.25 Td (has ) Tj ET Q q 0 0 0 rg BT 195.89 478.25 Td (served ) Tj ET Q q 0 0 0 rg BT 225.10 478.25 Td (as ) Tj ET Q q 0 0 0 rg BT 236.54 478.25 Td (our ) Tj ET Q q 0 0 0 rg BT 252.99 478.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 278.32 478.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 321.42 478.25 Td (Of) Tj ET Q q 0 0 0 rg BT 331.79 478.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 353.22 478.25 Td (since ) Tj ET Q q 0 0 0 rg BT 376.88 478.25 Td (January ) Tj ET Q q 0 0 0 rg BT 411.09 478.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 436.71 478.25 Td (served ) Tj ET Q q 0 0 0 rg BT 465.92 478.25 Td (as ) Tj ET Q q 0 0 0 rg BT 477.37 478.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 502.01 478.25 Td (Administrative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 466.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 81.51 466.25 Td (from ) Tj ET Q q 0 0 0 rg BT 103.76 466.25 Td (March ) Tj ET Q q 0 0 0 rg BT 132.68 466.25 Td (2008 ) Tj ET Q q 0 0 0 rg BT 155.50 466.25 Td (until ) Tj ET Q q 0 0 0 rg BT 176.65 466.25 Td (January ) Tj ET Q q 0 0 0 rg BT 210.57 466.25 Td (2012 ) Tj ET Q q 0 0 0 rg BT 233.39 466.25 Td (and ) Tj ET Q q 0 0 0 rg BT 250.65 466.25 Td (was ) Tj ET Q q 0 0 0 rg BT 269.02 466.25 Td (Managing ) Tj ET Q q 0 0 0 rg BT 312.38 466.25 Td (Director ) Tj ET Q q 0 0 0 rg BT 361.02 466.25 Td (Finance, ) Tj ET Q q 0 0 0 rg BT 397.99 466.25 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 444.69 466.25 Td (and ) Tj ET Q q 0 0 0 rg BT 461.95 466.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 508.65 466.25 Td (from ) Tj ET Q q 0 0 0 rg BT 530.90 466.25 Td (January ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (2004 ) Tj ET Q q 0 0 0 rg BT 72.33 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 82.44 454.25 Td (March ) Tj ET Q q 0 0 0 rg BT 110.86 454.25 Td (2008. ) Tj ET Q q 0 0 0 rg BT 135.69 454.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 147.36 454.25 Td (.Rodriguez ) Tj ET Q q 0 0 0 rg BT 196.35 454.25 Td (also ) Tj ET Q q 0 0 0 rg BT 214.79 454.25 Td (serves ) Tj ET Q q 0 0 0 rg BT 242.10 454.25 Td (as ) Tj ET Q q 0 0 0 rg BT 252.76 454.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 277.31 454.25 Td (Compliance ) Tj ET Q q 0 0 0 rg BT 327.96 454.25 Td (Of) Tj ET Q q 0 0 0 rg BT 338.33 454.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 358.97 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 375.57 454.25 Td (T) Tj ET Q q 0 0 0 rg BT 381.33 454.25 Td (reasurer ) Tj ET Q q 0 0 0 rg BT 415.86 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 432.62 454.25 Td (is ) Tj ET Q q 0 0 0 rg BT 441.62 454.25 Td (a ) Tj ET Q q 0 0 0 rg BT 448.39 454.25 Td (member ) Tj ET Q q 0 0 0 rg BT 483.48 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 494.14 454.25 Td (our ) Tj ET Q q 0 0 0 rg BT 509.80 454.25 Td (Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (Committee. ) Tj ET Q q 0 0 0 rg BT 99.26 442.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 110.93 442.25 Td (.Rodriguez ) Tj ET Q q 0 0 0 rg BT 159.91 442.25 Td (is ) Tj ET Q q 0 0 0 rg BT 168.90 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.43 442.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 207.97 442.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 247.50 442.25 Td (Of) Tj ET Q q 0 0 0 rg BT 257.88 442.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 278.51 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 289.16 442.25 Td (Greenhill) Tj ET Q q 0 0 0 rg BT 329.70 442.25 Td (s ) Tj ET Q q 0 0 0 rg BT 335.92 442.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 376.00 442.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 425.54 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 442.30 442.25 Td (from ) Tj ET Q q 0 0 0 rg BT 464.06 442.25 Td (November ) Tj ET Q q 0 0 0 rg BT 508.58 442.25 Td (2000 ) Tj ET Q q 0 0 0 rg BT 530.91 442.25 Td (through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (December ) Tj ET Q q 0 0 0 rg BT 93.80 430.25 Td (2003 ) Tj ET Q q 0 0 0 rg BT 116.51 430.25 Td (was ) Tj ET Q q 0 0 0 rg BT 134.78 430.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 159.71 430.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 199.64 430.25 Td (Of) Tj ET Q q 0 0 0 rg BT 210.01 430.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 231.04 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 242.08 430.25 Td (Greenhill. ) Tj ET Q q 0 0 0 rg BT 285.06 430.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 296.73 430.25 Td (.Rodriguez ) Tj ET Q q 0 0 0 rg BT 346.10 430.25 Td (has ) Tj ET Q q 0 0 0 rg BT 362.15 430.25 Td (served ) Tj ET Q q 0 0 0 rg BT 390.96 430.25 Td (as ) Tj ET Q q 0 0 0 rg BT 402.01 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.94 430.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 441.87 430.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 481.80 430.25 Td (Of) Tj ET Q q 0 0 0 rg BT 492.17 430.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 513.20 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.24 430.25 Td (Greenhill ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 80.80 418.25 Td (Partners ) Tj ET Q q 0 0 0 rg BT 115.48 418.25 Td (LLC ) Tj ET Q q 0 0 0 rg BT 136.29 418.25 Td (since ) Tj ET Q q 0 0 0 rg BT 158.75 418.25 Td (he ) Tj ET Q q 0 0 0 rg BT 170.10 418.25 Td (joined ) Tj ET Q q 0 0 0 rg BT 197.02 418.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 236.70 418.25 Td (in ) Tj ET Q q 0 0 0 rg BT 246.39 418.25 Td (June ) Tj ET Q q 0 0 0 rg BT 266.64 418.25 Td (2000. ) Tj ET Q q 0 0 0 rg BT 291.05 418.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 302.72 418.25 Td (.Rodriguez ) Tj ET Q q 0 0 0 rg BT 351.30 418.25 Td (served ) Tj ET Q q 0 0 0 rg BT 379.31 418.25 Td (as ) Tj ET Q q 0 0 0 rg BT 389.56 418.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 413.69 418.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 452.82 418.25 Td (Of) Tj ET Q q 0 0 0 rg BT 463.19 418.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 483.42 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.67 418.25 Td (GHL) Tj ET Q q 0 0 0 rg BT 513.85 418.25 Td ( ) Tj ET Q q 0 0 0 rg BT 515.34 418.25 Td (Acquisition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (Corp. ) Tj ET Q q 0 0 0 rg BT 76.07 406.25 Td (from ) Tj ET Q q 0 0 0 rg BT 99.08 406.25 Td (2008 ) Tj ET Q q 0 0 0 rg BT 122.65 406.25 Td (to ) Tj ET Q q 0 0 0 rg BT 134.00 406.25 Td (2009. ) Tj ET Q q 0 0 0 rg BT 160.08 406.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 183.65 406.25 Td (to ) Tj ET Q q 0 0 0 rg BT 195.00 406.25 Td (joining ) Tj ET Q q 0 0 0 rg BT 226.90 406.25 Td (Greenhill, ) Tj ET Q q 0 0 0 rg BT 270.74 406.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 282.41 406.25 Td (.Rodriguez ) Tj ET Q q 0 0 0 rg BT 332.64 406.25 Td (was ) Tj ET Q q 0 0 0 rg BT 351.50 406.25 Td (V) Tj ET Q q 0 0 0 rg BT 358.12 406.25 Td (ice ) Tj ET Q q 0 0 0 rg BT 373.35 406.25 Td (President ) Tj ET Q q 0 0 0 rg BT 426.64 406.25 Td (Finance ) Tj ET Q q 0 0 0 rg BT 461.87 406.25 Td (and ) Tj ET Q q 0 0 0 rg BT 479.88 406.25 Td (Controller ) Tj ET Q q 0 0 0 rg BT 524.55 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 536.45 406.25 Td (Silgan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 91.41 394.25 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 111.42 394.25 Td (a ) Tj ET Q q 0 0 0 rg BT 118.09 394.25 Td (major ) Tj ET Q q 0 0 0 rg BT 143.66 394.25 Td (consumer ) Tj ET Q q 0 0 0 rg BT 184.77 394.25 Td (packaging ) Tj ET Q q 0 0 0 rg BT 228.11 394.25 Td (goods ) Tj ET Q q 0 0 0 rg BT 254.24 394.25 Td (manufacturer) Tj ET Q q 0 0 0 rg BT 307.14 394.25 Td (, ) Tj ET Q q 0 0 0 rg BT 311.88 394.25 Td (from ) Tj ET Q q 0 0 0 rg BT 333.55 394.25 Td (1987 ) Tj ET Q q 0 0 0 rg BT 355.79 394.25 Td (to ) Tj ET Q q 0 0 0 rg BT 365.81 394.25 Td (2000. ) Tj ET Q q 0 0 0 rg BT 390.55 394.25 Td (From ) Tj ET Q q 0 0 0 rg BT 414.46 394.25 Td (1978 ) Tj ET Q q 0 0 0 rg BT 436.69 394.25 Td (to ) Tj ET Q q 0 0 0 rg BT 446.71 394.25 Td (1987, ) Tj ET Q q 0 0 0 rg BT 471.45 394.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 483.12 394.25 Td (.Rodriguez ) Tj ET Q q 0 0 0 rg BT 532.01 394.25 Td (worked ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (at ) Tj ET Q q 0 0 0 rg BT 59.72 382.25 Td (Ernst& ) Tj ET Q q 0 0 0 rg BT 93.23 382.25 Td (Y) Tj ET Q q 0 0 0 rg BT 99.45 382.25 Td (oung, ) Tj ET Q q 0 0 0 rg BT 124.45 382.25 Td (where ) Tj ET Q q 0 0 0 rg BT 151.38 382.25 Td (he ) Tj ET Q q 0 0 0 rg BT 163.32 382.25 Td (was ) Tj ET Q q 0 0 0 rg BT 181.37 382.25 Td (a ) Tj ET Q q 0 0 0 rg BT 188.31 382.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 215.25 382.25 Td (manager ) Tj ET Q q 0 0 0 rg BT 252.17 382.25 Td (specializing ) Tj ET Q q 0 0 0 rg BT 302.43 382.25 Td (in ) Tj ET Q q 0 0 0 rg BT 312.71 382.25 Td (taxation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 361.25 Td (Gavin ) Tj ET Q q 0 0 0 rg BT 88.85 361.25 Td (D. ) Tj ET Q q 0 0 0 rg BT 100.99 361.25 Td (Solotar) Tj ET Q q 0 0 0 rg BT 129.48 361.25 Td (, ) Tj ET Q q 0 0 0 rg BT 134.39 361.25 Td (49, ) Tj ET Q q 0 0 0 rg BT 149.30 361.25 Td (has ) Tj ET Q q 0 0 0 rg BT 165.05 361.25 Td (served ) Tj ET Q q 0 0 0 rg BT 193.56 361.25 Td (as ) Tj ET Q q 0 0 0 rg BT 204.31 361.25 Td (our ) Tj ET Q q 0 0 0 rg BT 220.05 361.25 Td (General ) Tj ET Q q 0 0 0 rg BT 254.11 361.25 Td (Counsel ) Tj ET Q q 0 0 0 rg BT 289.30 361.25 Td (and ) Tj ET Q q 0 0 0 rg BT 306.16 361.25 Td (Secretary ) Tj ET Q q 0 0 0 rg BT 346.33 361.25 Td (since ) Tj ET Q q 0 0 0 rg BT 369.29 361.25 Td (September ) Tj ET Q q 0 0 0 rg BT 414.47 361.25 Td (2012. ) Tj ET Q q 0 0 0 rg BT 439.38 361.25 Td ( ) Tj ET Q q 0 0 0 rg BT 441.79 361.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 464.21 361.25 Td (to ) Tj ET Q q 0 0 0 rg BT 474.40 361.25 Td (joining ) Tj ET Q q 0 0 0 rg BT 505.15 361.25 Td (Greenhill, ) Tj ET Q q 0 0 0 rg BT 547.83 361.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 559.50 361.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 349.25 Td (Solotar ) Tj ET Q q 0 0 0 rg BT 80.32 349.25 Td (was ) Tj ET Q q 0 0 0 rg BT 97.30 349.25 Td (a ) Tj ET Q q 0 0 0 rg BT 103.17 349.25 Td (partner ) Tj ET Q q 0 0 0 rg BT 132.92 349.25 Td (of ) Tj ET Q q 0 0 0 rg BT 142.57 349.25 Td (W) Tj ET Q q 0 0 0 rg BT 151.21 349.25 Td (achtell, ) Tj ET Q q 0 0 0 rg BT 181.79 349.25 Td (Lipton, ) Tj ET Q q 0 0 0 rg BT 212.39 349.25 Td (Rosen ) Tj ET Q q 0 0 0 rg BT 238.82 349.25 Td (& ) Tj ET Q q 0 0 0 rg BT 248.03 349.25 Td (Katz, ) Tj ET Q q 0 0 0 rg BT 270.83 349.25 Td (focusing ) Tj ET Q q 0 0 0 rg BT 306.70 349.25 Td (on ) Tj ET Q q 0 0 0 rg BT 318.13 349.25 Td (mer) Tj ET Q q 0 0 0 rg BT 333.50 349.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 351.59 349.25 Td (and ) Tj ET Q q 0 0 0 rg BT 367.46 349.25 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 419.16 349.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 458.35 349.25 Td (governance, ) Tj ET Q q 0 0 0 rg BT 508.36 349.25 Td (and ) Tj ET Q q 0 0 0 rg BT 524.23 349.25 Td (securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 337.25 Td (law ) Tj ET Q q 0 0 0 rg BT 66.94 337.25 Td (matters. ) Tj ET Q q 0 0 0 rg BT 101.37 337.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 113.04 337.25 Td (. ) Tj ET Q q 0 0 0 rg BT 118.04 337.25 Td (Solotar ) Tj ET Q q 0 0 0 rg BT 149.43 337.25 Td (joined ) Tj ET Q q 0 0 0 rg BT 176.74 337.25 Td (W) Tj ET Q q 0 0 0 rg BT 185.38 337.25 Td (achtell, ) Tj ET Q q 0 0 0 rg BT 217.03 337.25 Td (Lipton, ) Tj ET Q q 0 0 0 rg BT 248.70 337.25 Td (Rosen ) Tj ET Q q 0 0 0 rg BT 276.20 337.25 Td (& ) Tj ET Q q 0 0 0 rg BT 286.47 337.25 Td (Katz ) Tj ET Q q 0 0 0 rg BT 307.85 337.25 Td (in ) Tj ET Q q 0 0 0 rg BT 318.13 337.25 Td (1992. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 316.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 80.33 316.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 107.55 316.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.67 316.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 158.66 316.25 Td (has ) Tj ET Q q 0 0 0 rg BT 174.77 316.25 Td (seven ) Tj ET Q q 0 0 0 rg BT 200.32 316.25 Td (members, ) Tj ET Q q 0 0 0 rg BT 242.26 316.25 Td (two ) Tj ET Q q 0 0 0 rg BT 260.04 316.25 Td (of ) Tj ET Q q 0 0 0 rg BT 271.15 316.25 Td (whom ) Tj ET Q q 0 0 0 rg BT 298.93 316.25 Td (are ) Tj ET Q q 0 0 0 rg BT 313.92 316.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 359.47 316.25 Td (\(Robert ) Tj ET Q q 0 0 0 rg BT 392.80 316.25 Td (F) Tj ET Q q 0 0 0 rg BT 397.56 316.25 Td (. ) Tj ET Q q 0 0 0 rg BT 402.84 316.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 443.39 316.25 Td (and ) Tj ET Q q 0 0 0 rg BT 460.61 316.25 Td (Scott ) Tj ET Q q 0 0 0 rg BT 483.95 316.25 Td (L. ) Tj ET Q q 0 0 0 rg BT 495.34 316.25 Td (Bok\) ) Tj ET Q q 0 0 0 rg BT 518.12 316.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.34 316.25 Td (five ) Tj ET Q q 0 0 0 rg BT 553.67 316.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (whom ) Tj ET Q q 0 0 0 rg BT 77.43 304.25 Td (are ) Tj ET Q q 0 0 0 rg BT 92.07 304.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 143.37 304.25 Td (\(Robert ) Tj ET Q q 0 0 0 rg BT 176.18 304.25 Td (T) Tj ET Q q 0 0 0 rg BT 181.54 304.25 Td (. ) Tj ET Q q 0 0 0 rg BT 186.47 304.25 Td (Blakely) Tj ET Q q 0 0 0 rg BT 216.93 304.25 Td (, ) Tj ET Q q 0 0 0 rg BT 221.86 304.25 Td (John ) Tj ET Q q 0 0 0 rg BT 243.18 304.25 Td (C. ) Tj ET Q q 0 0 0 rg BT 254.79 304.25 Td (Danforth, ) Tj ET Q q 0 0 0 rg BT 295.82 304.25 Td (Steven ) Tj ET Q q 0 0 0 rg BT 325.46 304.25 Td (F) Tj ET Q q 0 0 0 rg BT 330.22 304.25 Td (. ) Tj ET Q q 0 0 0 rg BT 335.16 304.25 Td (Goldstone, ) Tj ET Q q 0 0 0 rg BT 381.20 304.25 Td (Stephen ) Tj ET Q q 0 0 0 rg BT 415.84 304.25 Td (L. ) Tj ET Q q 0 0 0 rg BT 426.88 304.25 Td (Key ) Tj ET Q q 0 0 0 rg BT 445.98 304.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.85 304.25 Td (Karen ) Tj ET Q q 0 0 0 rg BT 489.71 304.25 Td (P) Tj ET Q q 0 0 0 rg BT 494.16 304.25 Td (. ) Tj ET Q q 0 0 0 rg BT 499.09 304.25 Td (Robards\). ) Tj ET Q q 0 0 0 rg BT 540.68 304.25 Td ( ) Tj ET Q q 0 0 0 rg BT 543.12 304.25 Td (John ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (C. ) Tj ET Q q 0 0 0 rg BT 62.32 292.25 Td (Danforth ) Tj ET Q q 0 0 0 rg BT 101.57 292.25 Td (has ) Tj ET Q q 0 0 0 rg BT 118.04 292.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 149.50 292.25 Td (to ) Tj ET Q q 0 0 0 rg BT 160.43 292.25 Td (retire ) Tj ET Q q 0 0 0 rg BT 184.67 292.25 Td (from ) Tj ET Q q 0 0 0 rg BT 207.26 292.25 Td (our ) Tj ET Q q 0 0 0 rg BT 223.74 292.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 251.32 292.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.80 292.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 303.16 292.25 Td (ef) Tj ET Q q 0 0 0 rg BT 310.75 292.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 341.10 292.25 Td (as ) Tj ET Q q 0 0 0 rg BT 352.58 292.25 Td (of ) Tj ET Q q 0 0 0 rg BT 364.05 292.25 Td (March ) Tj ET Q q 0 0 0 rg BT 393.30 292.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 403.95 292.25 Td (2014. ) Tj ET Q q 0 0 0 rg BT 431.40 292.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 480.74 292.25 Td (, ) Tj ET Q q 0 0 0 rg BT 486.39 292.25 Td (as ) Tj ET Q q 0 0 0 rg BT 497.87 292.25 Td (of ) Tj ET Q q 0 0 0 rg BT 509.34 292.25 Td (that ) Tj ET Q q 0 0 0 rg BT 527.49 292.25 Td (date, ) Tj ET Q q 0 0 0 rg BT 549.79 292.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (number ) Tj ET Q q 0 0 0 rg BT 84.93 280.25 Td (of ) Tj ET Q q 0 0 0 rg BT 97.64 280.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 137.00 280.25 Td (serving ) Tj ET Q q 0 0 0 rg BT 170.82 280.25 Td (on ) Tj ET Q q 0 0 0 rg BT 185.21 280.25 Td (our ) Tj ET Q q 0 0 0 rg BT 202.92 280.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 231.74 280.25 Td (of ) Tj ET Q q 0 0 0 rg BT 244.45 280.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 286.03 280.25 Td (will ) Tj ET Q q 0 0 0 rg BT 305.97 280.25 Td (be ) Tj ET Q q 0 0 0 rg BT 319.79 280.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 355.82 280.25 Td (from ) Tj ET Q q 0 0 0 rg BT 379.64 280.25 Td (seven ) Tj ET Q q 0 0 0 rg BT 406.79 280.25 Td (to ) Tj ET Q q 0 0 0 rg BT 418.95 280.25 Td (six. ) Tj ET Q q 0 0 0 rg BT 439.03 280.25 Td (A) Tj ET Q q 0 0 0 rg BT 445.70 280.25 Td ( ) Tj ET Q q 0 0 0 rg BT 450.08 280.25 Td (brief ) Tj ET Q q 0 0 0 rg BT 473.34 280.25 Td (biography ) Tj ET Q q 0 0 0 rg BT 518.27 280.25 Td (of ) Tj ET Q q 0 0 0 rg BT 530.98 280.25 Td (each ) Tj ET Q q 0 0 0 rg BT 553.67 280.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (Messrs.Greenhill, ) Tj ET Q q 0 0 0 rg BT 126.10 268.25 Td (Blakely) Tj ET Q q 0 0 0 rg BT 156.55 268.25 Td (, ) Tj ET Q q 0 0 0 rg BT 161.55 268.25 Td (Danforth, ) Tj ET Q q 0 0 0 rg BT 202.65 268.25 Td (Goldstone ) Tj ET Q q 0 0 0 rg BT 246.26 268.25 Td (and ) Tj ET Q q 0 0 0 rg BT 263.20 268.25 Td (Key ) Tj ET Q q 0 0 0 rg BT 282.36 268.25 Td (and ) Tj ET Q q 0 0 0 rg BT 299.30 268.25 Td (Ms.Robards ) Tj ET Q q 0 0 0 rg BT 350.41 268.25 Td (is ) Tj ET Q q 0 0 0 rg BT 359.58 268.25 Td (set ) Tj ET Q q 0 0 0 rg BT 373.19 268.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 395.13 268.25 Td (below) Tj ET Q q 0 0 0 rg BT 418.92 268.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 247.25 Td (Robert ) Tj ET Q q 0 0 0 rg BT 92.57 247.25 Td (F) Tj ET Q q 0 0 0 rg BT 97.33 247.25 Td (. ) Tj ET Q q 0 0 0 rg BT 103.19 247.25 Td (Greenhill, ) Tj ET Q q 0 0 0 rg BT 146.81 247.25 Td (77, ) Tj ET Q q 0 0 0 rg BT 162.67 247.25 Td (our ) Tj ET Q q 0 0 0 rg BT 179.36 247.25 Td (founder) Tj ET Q q 0 0 0 rg BT 210.05 247.25 Td (, ) Tj ET Q q 0 0 0 rg BT 215.91 247.25 Td (has ) Tj ET Q q 0 0 0 rg BT 232.60 247.25 Td (served ) Tj ET Q q 0 0 0 rg BT 262.05 247.25 Td (as ) Tj ET Q q 0 0 0 rg BT 273.74 247.25 Td (our ) Tj ET Q q 0 0 0 rg BT 290.43 247.25 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 333.22 247.25 Td (since ) Tj ET Q q 0 0 0 rg BT 357.12 247.25 Td (the ) Tj ET Q q 0 0 0 rg BT 372.70 247.25 Td (time ) Tj ET Q q 0 0 0 rg BT 393.83 247.25 Td (of ) Tj ET Q q 0 0 0 rg BT 405.51 247.25 Td (our ) Tj ET Q q 0 0 0 rg BT 422.20 247.25 Td (founding ) Tj ET Q q 0 0 0 rg BT 461.67 247.25 Td (in ) Tj ET Q q 0 0 0 rg BT 472.80 247.25 Td (1996, ) Tj ET Q q 0 0 0 rg BT 498.66 247.25 Td (served ) Tj ET Q q 0 0 0 rg BT 528.11 247.25 Td (as ) Tj ET Q q 0 0 0 rg BT 539.80 247.25 Td (Chief ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 235.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 92.12 235.25 Td (Of) Tj ET Q q 0 0 0 rg BT 102.49 235.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 122.95 235.25 Td (from ) Tj ET Q q 0 0 0 rg BT 144.53 235.25 Td (1996 ) Tj ET Q q 0 0 0 rg BT 166.67 235.25 Td (until ) Tj ET Q q 0 0 0 rg BT 187.14 235.25 Td (October ) Tj ET Q q 0 0 0 rg BT 221.49 235.25 Td (2007 ) Tj ET Q q 0 0 0 rg BT 243.63 235.25 Td (and ) Tj ET Q q 0 0 0 rg BT 260.21 235.25 Td (was ) Tj ET Q q 0 0 0 rg BT 277.90 235.25 Td (a ) Tj ET Q q 0 0 0 rg BT 284.48 235.25 Td (member ) Tj ET Q q 0 0 0 rg BT 319.38 235.25 Td (of ) Tj ET Q q 0 0 0 rg BT 329.85 235.25 Td (our ) Tj ET Q q 0 0 0 rg BT 345.32 235.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 399.66 235.25 Td (Committee ) Tj ET Q q 0 0 0 rg BT 446.24 235.25 Td (from ) Tj ET Q q 0 0 0 rg BT 467.82 235.25 Td (its ) Tj ET Q q 0 0 0 rg BT 479.41 235.25 Td (formation ) Tj ET Q q 0 0 0 rg BT 520.98 235.25 Td (in ) Tj ET Q q 0 0 0 rg BT 530.90 235.25 Td (January ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 223.25 Td (2004 ) Tj ET Q q 0 0 0 rg BT 72.48 223.25 Td (until ) Tj ET Q q 0 0 0 rg BT 93.30 223.25 Td (October ) Tj ET Q q 0 0 0 rg BT 127.98 223.25 Td (2007. ) Tj ET Q q 0 0 0 rg BT 152.96 223.25 Td (In ) Tj ET Q q 0 0 0 rg BT 163.77 223.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 201.53 223.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 213.20 223.25 Td (.Greenhill ) Tj ET Q q 0 0 0 rg BT 258.44 223.25 Td (has ) Tj ET Q q 0 0 0 rg BT 274.25 223.25 Td (been ) Tj ET Q q 0 0 0 rg BT 295.61 223.25 Td (a ) Tj ET Q q 0 0 0 rg BT 302.53 223.25 Td (director ) Tj ET Q q 0 0 0 rg BT 336.10 223.25 Td (of ) Tj ET Q q 0 0 0 rg BT 346.91 223.25 Td (Greenhill& ) Tj ET Q q 0 0 0 rg BT 397.44 223.25 Td (Co., ) Tj ET Q q 0 0 0 rg BT 416.59 223.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 434.34 223.25 Td (since ) Tj ET Q q 0 0 0 rg BT 457.36 223.25 Td (its ) Tj ET Q q 0 0 0 rg BT 469.29 223.25 Td (incorporation ) Tj ET Q q 0 0 0 rg BT 525.64 223.25 Td (in ) Tj ET Q q 0 0 0 rg BT 535.90 223.25 Td (March ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 211.25 Td (2004. ) Tj ET Q q 0 0 0 rg BT 74.66 211.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 96.82 211.25 Td (to ) Tj ET Q q 0 0 0 rg BT 106.76 211.25 Td (founding ) Tj ET Q q 0 0 0 rg BT 145.04 211.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.64 211.25 Td (becoming ) Tj ET Q q 0 0 0 rg BT 203.23 211.25 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 244.83 211.25 Td (of ) Tj ET Q q 0 0 0 rg BT 255.32 211.25 Td (Greenhill, ) Tj ET Q q 0 0 0 rg BT 297.75 211.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 309.42 211.25 Td (.Greenhill ) Tj ET Q q 0 0 0 rg BT 354.34 211.25 Td (was ) Tj ET Q q 0 0 0 rg BT 372.05 211.25 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 413.65 211.25 Td (and ) Tj ET Q q 0 0 0 rg BT 430.25 211.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 454.63 211.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 496.77 211.25 Td (Of) Tj ET Q q 0 0 0 rg BT 507.14 211.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 527.62 211.25 Td (of ) Tj ET Q q 0 0 0 rg BT 538.11 211.25 Td (Smith ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 199.25 Td (Barney ) Tj ET Q q 0 0 0 rg BT 81.48 199.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 99.35 199.25 Td (and ) Tj ET Q q 0 0 0 rg BT 116.40 199.25 Td (a ) Tj ET Q q 0 0 0 rg BT 123.44 199.25 Td (member ) Tj ET Q q 0 0 0 rg BT 158.81 199.25 Td (of ) Tj ET Q q 0 0 0 rg BT 169.74 199.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.56 199.25 Td (board ) Tj ET Q q 0 0 0 rg BT 209.93 199.25 Td (of ) Tj ET Q q 0 0 0 rg BT 220.87 199.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 258.46 199.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.39 199.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.21 199.25 Td (predecessor ) Tj ET Q q 0 0 0 rg BT 334.01 199.25 Td (to ) Tj ET Q q 0 0 0 rg BT 344.40 199.25 Td (the ) Tj ET Q q 0 0 0 rg BT 359.22 199.25 Td (present ) Tj ET Q q 0 0 0 rg BT 390.51 199.25 Td (T) Tj ET Q q 0 0 0 rg BT 396.27 199.25 Td (ravelers ) Tj ET Q q 0 0 0 rg BT 430.52 199.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 481.44 199.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 499.60 199.25 Td (parent ) Tj ET Q q 0 0 0 rg BT 527.18 199.25 Td (of ) Tj ET Q q 0 0 0 rg BT 538.12 199.25 Td (Smith ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 187.25 Td (Barney\) ) Tj ET Q q 0 0 0 rg BT 85.17 187.25 Td (from ) Tj ET Q q 0 0 0 rg BT 107.57 187.25 Td (June ) Tj ET Q q 0 0 0 rg BT 128.86 187.25 Td (1993 ) Tj ET Q q 0 0 0 rg BT 151.82 187.25 Td (to ) Tj ET Q q 0 0 0 rg BT 162.56 187.25 Td (January ) Tj ET Q q 0 0 0 rg BT 196.62 187.25 Td (1996. ) Tj ET Q q 0 0 0 rg BT 222.08 187.25 Td (From ) Tj ET Q q 0 0 0 rg BT 246.71 187.25 Td (January ) Tj ET Q q 0 0 0 rg BT 280.77 187.25 Td (1991 ) Tj ET Q q 0 0 0 rg BT 303.74 187.25 Td (to ) Tj ET Q q 0 0 0 rg BT 314.48 187.25 Td (June ) Tj ET Q q 0 0 0 rg BT 335.77 187.25 Td (1993, ) Tj ET Q q 0 0 0 rg BT 361.23 187.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 372.90 187.25 Td (.Greenhill ) Tj ET Q q 0 0 0 rg BT 418.62 187.25 Td (was ) Tj ET Q q 0 0 0 rg BT 437.14 187.25 Td (President ) Tj ET Q q 0 0 0 rg BT 477.31 187.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 491.11 187.25 Td (and ) Tj ET Q q 0 0 0 rg BT 508.51 187.25 Td (from ) Tj ET Q q 0 0 0 rg BT 530.91 187.25 Td (January ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 175.25 Td (1989 ) Tj ET Q q 0 0 0 rg BT 72.48 175.25 Td (to ) Tj ET Q q 0 0 0 rg BT 82.74 175.25 Td (January ) Tj ET Q q 0 0 0 rg BT 116.32 175.25 Td (1991, ) Tj ET Q q 0 0 0 rg BT 141.29 175.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 152.96 175.25 Td (.Greenhill ) Tj ET Q q 0 0 0 rg BT 198.21 175.25 Td (was ) Tj ET Q q 0 0 0 rg BT 216.24 175.25 Td (a ) Tj ET Q q 0 0 0 rg BT 222.98 175.25 Td (V) Tj ET Q q 0 0 0 rg BT 229.60 175.25 Td (ice ) Tj ET Q q 0 0 0 rg BT 243.73 175.25 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 285.65 175.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 298.96 175.25 Td (Mor) Tj ET Q q 0 0 0 rg BT 316.00 175.25 Td (gan ) Tj ET Q q 0 0 0 rg BT 332.92 175.25 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 365.39 175.25 Td (Group, ) Tj ET Q q 0 0 0 rg BT 395.92 175.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 413.67 175.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 425.34 175.25 Td (.Greenhill ) Tj ET Q q 0 0 0 rg BT 470.58 175.25 Td (joined ) Tj ET Q q 0 0 0 rg BT 498.06 175.25 Td (Mor) Tj ET Q q 0 0 0 rg BT 515.10 175.25 Td (gan ) Tj ET Q q 0 0 0 rg BT 532.02 175.25 Td (Stanley ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 163.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.12 163.25 Td (1962 ) Tj ET Q q 0 0 0 rg BT 82.45 163.25 Td (and ) Tj ET Q q 0 0 0 rg BT 99.23 163.25 Td (became ) Tj ET Q q 0 0 0 rg BT 132.10 163.25 Td (a ) Tj ET Q q 0 0 0 rg BT 138.88 163.25 Td (partner ) Tj ET Q q 0 0 0 rg BT 169.53 163.25 Td (in ) Tj ET Q q 0 0 0 rg BT 179.65 163.25 Td (1970. ) Tj ET Q q 0 0 0 rg BT 204.48 163.25 Td (In ) Tj ET Q q 0 0 0 rg BT 215.15 163.25 Td (1972, ) Tj ET Q q 0 0 0 rg BT 239.99 163.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 251.66 163.25 Td (.Greenhill ) Tj ET Q q 0 0 0 rg BT 296.76 163.25 Td (directed ) Tj ET Q q 0 0 0 rg BT 331.30 163.25 Td (Mor) Tj ET Q q 0 0 0 rg BT 348.34 163.25 Td (gan ) Tj ET Q q 0 0 0 rg BT 365.12 163.25 Td (Stanley) Tj ET Q q 0 0 0 rg BT 397.89 163.25 Td (s ) Tj ET Q q 0 0 0 rg BT 404.12 163.25 Td (newly-formed ) Tj ET Q q 0 0 0 rg BT 463.11 163.25 Td (mer) Tj ET Q q 0 0 0 rg BT 478.47 163.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 497.47 163.25 Td (and ) Tj ET Q q 0 0 0 rg BT 514.25 163.25 Td (acquisitions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 151.25 Td (department. ) Tj ET Q q 0 0 0 rg BT 99.80 151.25 Td (In ) Tj ET Q q 0 0 0 rg BT 110.45 151.25 Td (1980, ) Tj ET Q q 0 0 0 rg BT 135.27 151.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 146.94 151.25 Td (.Greenhill ) Tj ET Q q 0 0 0 rg BT 192.02 151.25 Td (was ) Tj ET Q q 0 0 0 rg BT 209.89 151.25 Td (named ) Tj ET Q q 0 0 0 rg BT 238.86 151.25 Td (director ) Tj ET Q q 0 0 0 rg BT 272.27 151.25 Td (of ) Tj ET Q q 0 0 0 rg BT 282.92 151.25 Td (Mor) Tj ET Q q 0 0 0 rg BT 299.96 151.25 Td (gan ) Tj ET Q q 0 0 0 rg BT 316.72 151.25 Td (Stanley) Tj ET Q q 0 0 0 rg BT 349.49 151.25 Td (s ) Tj ET Q q 0 0 0 rg BT 355.70 151.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 401.90 151.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 436.44 151.25 Td (division, ) Tj ET Q q 0 0 0 rg BT 473.48 151.25 Td (with ) Tj ET Q q 0 0 0 rg BT 493.58 151.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 550.34 151.25 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 139.25 Td (domestic ) Tj ET Q q 0 0 0 rg BT 87.93 139.25 Td (and ) Tj ET Q q 0 0 0 rg BT 104.19 139.25 Td (international ) Tj ET Q q 0 0 0 rg BT 156.56 139.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 196.14 139.25 Td (finance, ) Tj ET Q q 0 0 0 rg BT 229.89 139.25 Td (mer) Tj ET Q q 0 0 0 rg BT 245.25 139.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 263.74 139.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.00 139.25 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 332.10 139.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 371.13 139.25 Td (banking, ) Tj ET Q q 0 0 0 rg BT 407.68 139.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 436.15 139.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 469.63 139.25 Td (services ) Tj ET Q q 0 0 0 rg BT 503.67 139.25 Td (and ) Tj ET Q q 0 0 0 rg BT 519.93 139.25 Td (real ) Tj ET Q q 0 0 0 rg BT 536.74 139.25 Td (estate. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 127.25 Td (Also ) Tj ET Q q 0 0 0 rg BT 71.39 127.25 Td (in ) Tj ET Q q 0 0 0 rg BT 81.67 127.25 Td (1980, ) Tj ET Q q 0 0 0 rg BT 106.67 127.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 118.34 127.25 Td (.Greenhill ) Tj ET Q q 0 0 0 rg BT 163.60 127.25 Td (became ) Tj ET Q q 0 0 0 rg BT 196.64 127.25 Td (a ) Tj ET Q q 0 0 0 rg BT 203.57 127.25 Td (member ) Tj ET Q q 0 0 0 rg BT 238.84 127.25 Td (of ) Tj ET Q q 0 0 0 rg BT 249.67 127.25 Td (Mor) Tj ET Q q 0 0 0 rg BT 266.71 127.25 Td (gan ) Tj ET Q q 0 0 0 rg BT 283.65 127.25 Td (Stanley) Tj ET Q q 0 0 0 rg BT 316.42 127.25 Td (s ) Tj ET Q q 0 0 0 rg BT 322.81 127.25 Td (management ) Tj ET Q q 0 0 0 rg BT 376.40 127.25 Td (committee.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 106.25 Td (Robert ) Tj ET Q q 0 0 0 rg BT 91.28 106.25 Td (Blakely) Tj ET Q q 0 0 0 rg BT 121.73 106.25 Td (, ) Tj ET Q q 0 0 0 rg BT 126.29 106.25 Td (72, ) Tj ET Q q 0 0 0 rg BT 140.85 106.25 Td (has ) Tj ET Q q 0 0 0 rg BT 156.24 106.25 Td (served ) Tj ET Q q 0 0 0 rg BT 184.40 106.25 Td (on ) Tj ET Q q 0 0 0 rg BT 196.46 106.25 Td (our ) Tj ET Q q 0 0 0 rg BT 211.85 106.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 238.35 106.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.74 106.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 288.01 106.25 Td (since ) Tj ET Q q 0 0 0 rg BT 310.16 106.25 Td (April ) Tj ET Q q 0 0 0 rg BT 333.33 106.25 Td (2009. ) Tj ET Q q 0 0 0 rg BT 357.89 106.25 Td (Since ) Tj ET Q q 0 0 0 rg BT 382.17 106.25 Td (2008, ) Tj ET Q q 0 0 0 rg BT 406.73 106.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 418.40 106.25 Td (.Blakely ) Tj ET Q q 0 0 0 rg BT 456.56 106.25 Td (has ) Tj ET Q q 0 0 0 rg BT 471.96 106.25 Td (served ) Tj ET Q q 0 0 0 rg BT 500.11 106.25 Td (as ) Tj ET Q q 0 0 0 rg BT 510.51 106.25 Td (the ) Tj ET Q q 0 0 0 rg BT 524.78 106.25 Td (President ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.43 94.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 115.61 94.25 Td (Enhancement ) Tj ET Q q 0 0 0 rg BT 173.12 94.25 Td (Group, ) Tj ET Q q 0 0 0 rg BT 204.27 94.25 Td (a ) Tj ET Q q 0 0 0 rg BT 211.80 94.25 Td (position ) Tj ET Q q 0 0 0 rg BT 247.12 94.25 Td (he ) Tj ET Q q 0 0 0 rg BT 259.66 94.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 304.97 94.25 Td (held ) Tj ET Q q 0 0 0 rg BT 325.28 94.25 Td (from ) Tj ET Q q 0 0 0 rg BT 347.82 94.25 Td (2002 ) Tj ET Q q 0 0 0 rg BT 370.91 94.25 Td (to ) Tj ET Q q 0 0 0 rg BT 381.79 94.25 Td (2003. ) Tj ET Q q 0 0 0 rg BT 407.38 94.25 Td (From ) Tj ET Q q 0 0 0 rg BT 432.15 94.25 Td (February ) Tj ET Q q 0 0 0 rg BT 471.34 94.25 Td (2006 ) Tj ET Q q 0 0 0 rg BT 494.44 94.25 Td (to ) Tj ET Q q 0 0 0 rg BT 505.31 94.25 Td (January ) Tj ET Q q 0 0 0 rg BT 539.51 94.25 Td (2008, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.67 82.25 Td (.Blakely ) Tj ET Q q 0 0 0 rg BT 100.70 82.25 Td (served ) Tj ET Q q 0 0 0 rg BT 129.72 82.25 Td (as ) Tj ET Q q 0 0 0 rg BT 140.97 82.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 183.66 82.25 Td (V) Tj ET Q q 0 0 0 rg BT 190.28 82.25 Td (ice ) Tj ET Q q 0 0 0 rg BT 204.86 82.25 Td (President ) Tj ET Q q 0 0 0 rg BT 245.00 82.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.25 82.25 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 286.39 82.25 Td (Mae ) Tj ET Q q 0 0 0 rg BT 307.08 82.25 Td (and ) Tj ET Q q 0 0 0 rg BT 324.44 82.25 Td (from ) Tj ET Q q 0 0 0 rg BT 346.80 82.25 Td (February ) Tj ET Q q 0 0 0 rg BT 385.82 82.25 Td (2006 ) Tj ET Q q 0 0 0 rg BT 408.75 82.25 Td (to ) Tj ET Q q 0 0 0 rg BT 418.80 82.25 Td (August ) Tj ET Q q 0 0 0 rg BT 450.62 82.25 Td (2007, ) Tj ET Q q 0 0 0 rg BT 476.04 82.25 Td (as ) Tj ET Q q 0 0 0 rg BT 487.29 82.25 Td (its ) Tj ET Q q 0 0 0 rg BT 499.66 82.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 524.80 82.25 Td (Financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 70.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 78.13 70.25 Td (. ) Tj ET Q q 0 0 0 rg BT 83.15 70.25 Td (From ) Tj ET Q q 0 0 0 rg BT 107.33 70.25 Td (2003 ) Tj ET Q q 0 0 0 rg BT 129.84 70.25 Td (to ) Tj ET Q q 0 0 0 rg BT 140.13 70.25 Td (2006, ) Tj ET Q q 0 0 0 rg BT 165.14 70.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 176.81 70.25 Td (.Blakely ) Tj ET Q q 0 0 0 rg BT 215.43 70.25 Td (served ) Tj ET Q q 0 0 0 rg BT 244.04 70.25 Td (as ) Tj ET Q q 0 0 0 rg BT 254.88 70.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 297.19 70.25 Td (V) Tj ET Q q 0 0 0 rg BT 303.81 70.25 Td (ice ) Tj ET Q q 0 0 0 rg BT 317.98 70.25 Td (President ) Tj ET Q q 0 0 0 rg BT 357.71 70.25 Td (and ) Tj ET Q q 0 0 0 rg BT 374.66 70.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 399.39 70.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 439.12 70.25 Td (Of) Tj ET Q q 0 0 0 rg BT 449.49 70.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 470.31 70.25 Td (of ) Tj ET Q q 0 0 0 rg BT 481.16 70.25 Td (MCI. ) Tj ET Q q 0 0 0 rg BT 505.06 70.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 516.73 70.25 Td (.Blakely ) Tj ET Q q 0 0 0 rg BT 555.35 70.25 Td (is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (a ) Tj ET Q q 0 0 0 rg BT 57.49 58.25 Td (member ) Tj ET Q q 0 0 0 rg BT 93.31 58.25 Td (of ) Tj ET Q q 0 0 0 rg BT 104.69 58.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.97 58.25 Td (board ) Tj ET Q q 0 0 0 rg BT 145.79 58.25 Td (of ) Tj ET Q q 0 0 0 rg BT 157.17 58.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 195.21 58.25 Td (of ) Tj ET Q q 0 0 0 rg BT 206.38 58.25 Td (W) Tj ET Q q 0 0 0 rg BT 215.01 58.25 Td (estlake ) Tj ET Q q 0 0 0 rg BT 245.83 58.25 Td (Chemical ) Tj ET Q q 0 0 0 rg BT 287.21 58.25 Td (Corporation, ) Tj ET Q q 0 0 0 rg BT 341.09 58.25 Td (Natural ) Tj ET Q q 0 0 0 rg BT 374.13 58.25 Td (Resource ) Tj ET Q q 0 0 0 rg BT 414.39 58.25 Td (Partners ) Tj ET Q q 0 0 0 rg BT 450.21 58.25 Td (L.P) Tj ET Q q 0 0 0 rg BT 463.27 58.25 Td (. ) Tj ET Q q 0 0 0 rg BT 468.82 58.25 Td (and ) Tj ET Q q 0 0 0 rg BT 485.64 58.25 Td (Ally ) Tj ET Q q 0 0 0 rg BT 506.48 58.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 546.74 58.25 Td (Inc. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (\(formerly ) Tj ET Q q 0 0 0 rg BT 90.82 46.25 Td (GMAC ) Tj ET Q q 0 0 0 rg BT 123.32 46.25 Td (Inc.\).) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 742.10 Td (John ) Tj ET Q q 0 0 0 rg BT 82.90 742.10 Td (C. ) Tj ET Q q 0 0 0 rg BT 94.08 742.10 Td (Danforth, ) Tj ET Q q 0 0 0 rg BT 134.68 742.10 Td (77, ) Tj ET Q q 0 0 0 rg BT 149.19 742.10 Td (has ) Tj ET Q q 0 0 0 rg BT 164.52 742.10 Td (served ) Tj ET Q q 0 0 0 rg BT 192.63 742.10 Td (on ) Tj ET Q q 0 0 0 rg BT 204.64 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 219.97 742.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 246.42 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 256.76 742.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 295.97 742.10 Td (since ) Tj ET Q q 0 0 0 rg BT 318.52 742.10 Td (February ) Tj ET Q q 0 0 0 rg BT 356.63 742.10 Td (2005. ) Tj ET Q q 0 0 0 rg BT 381.14 742.10 Td (He ) Tj ET Q q 0 0 0 rg BT 394.80 742.10 Td (served ) Tj ET Q q 0 0 0 rg BT 422.91 742.10 Td (as ) Tj ET Q q 0 0 0 rg BT 433.25 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.47 742.10 Td (United ) Tj ET Q q 0 0 0 rg BT 476.69 742.10 Td (States ) Tj ET Q q 0 0 0 rg BT 502.59 742.10 Td (Representative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.77 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.98 730.10 Td (United ) Tj ET Q q 0 0 0 rg BT 103.19 730.10 Td (Nations ) Tj ET Q q 0 0 0 rg BT 136.29 730.10 Td (between ) Tj ET Q q 0 0 0 rg BT 171.60 730.10 Td (July ) Tj ET Q q 0 0 0 rg BT 190.26 730.10 Td (2004 ) Tj ET Q q 0 0 0 rg BT 212.25 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.68 730.10 Td (January ) Tj ET Q q 0 0 0 rg BT 261.77 730.10 Td (2005 ) Tj ET Q q 0 0 0 rg BT 283.76 730.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 302.70 730.10 Td (except ) Tj ET Q q 0 0 0 rg BT 330.78 730.10 Td (during ) Tj ET Q q 0 0 0 rg BT 358.88 730.10 Td (his ) Tj ET Q q 0 0 0 rg BT 372.54 730.10 Td (service ) Tj ET Q q 0 0 0 rg BT 402.85 730.10 Td (at ) Tj ET Q q 0 0 0 rg BT 412.06 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.27 730.10 Td (United ) Tj ET Q q 0 0 0 rg BT 455.48 730.10 Td (Nations, ) Tj ET Q q 0 0 0 rg BT 491.08 730.10 Td (has ) Tj ET Q q 0 0 0 rg BT 506.40 730.10 Td (been ) Tj ET Q q 0 0 0 rg BT 527.27 730.10 Td (a ) Tj ET Q q 0 0 0 rg BT 533.70 730.10 Td (partner ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.43 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.30 718.10 Td (law ) Tj ET Q q 0 0 0 rg BT 92.38 718.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 112.25 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.23 718.10 Td (Bryan ) Tj ET Q q 0 0 0 rg BT 150.32 718.10 Td (Cave ) Tj ET Q q 0 0 0 rg BT 173.52 718.10 Td (LLP) Tj ET Q q 0 0 0 rg BT 190.93 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.58 718.10 Td (since ) Tj ET Q q 0 0 0 rg BT 216.77 718.10 Td (1995. ) Tj ET Q q 0 0 0 rg BT 241.92 718.10 Td (He ) Tj ET Q q 0 0 0 rg BT 256.23 718.10 Td (served ) Tj ET Q q 0 0 0 rg BT 284.98 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 295.41 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.28 718.10 Td (United ) Tj ET Q q 0 0 0 rg BT 340.15 718.10 Td (States ) Tj ET Q q 0 0 0 rg BT 366.68 718.10 Td (Senate ) Tj ET Q q 0 0 0 rg BT 395.99 718.10 Td (from ) Tj ET Q q 0 0 0 rg BT 418.08 718.10 Td (1976 ) Tj ET Q q 0 0 0 rg BT 440.73 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.16 718.10 Td (1995. ) Tj ET Q q 0 0 0 rg BT 476.31 718.10 Td (Senator ) Tj ET Q q 0 0 0 rg BT 509.50 718.10 Td (Danforth ) Tj ET Q q 0 0 0 rg BT 548.25 718.10 Td (is ) Tj ET Q q 0 0 0 rg BT 557.57 718.10 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (director ) Tj ET Q q 0 0 0 rg BT 83.82 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.88 706.10 Td (Cerner ) Tj ET Q q 0 0 0 rg BT 124.81 706.10 Td (Corporation. ) Tj ET Q q 0 0 0 rg BT 178.36 706.10 Td (He ) Tj ET Q q 0 0 0 rg BT 192.75 706.10 Td (is ) Tj ET Q q 0 0 0 rg BT 202.15 706.10 Td (ordained ) Tj ET Q q 0 0 0 rg BT 239.86 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.37 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.31 706.10 Td (cler) Tj ET Q q 0 0 0 rg BT 280.11 706.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 292.84 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.90 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.84 706.10 Td (Episcopal ) Tj ET Q q 0 0 0 rg BT 361.00 706.10 Td (Church. ) Tj ET Q q 0 0 0 rg BT 395.67 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.40 706.10 Td (On ) Tj ET Q q 0 0 0 rg BT 413.34 706.10 Td (February ) Tj ET Q q 0 0 0 rg BT 452.17 706.10 Td (12, ) Tj ET Q q 0 0 0 rg BT 467.40 706.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 492.62 706.10 Td (Senator ) Tj ET Q q 0 0 0 rg BT 525.90 706.10 Td (Danforth ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 95.82 694.10 Td (his ) Tj ET Q q 0 0 0 rg BT 109.99 694.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 153.57 694.10 Td (from ) Tj ET Q q 0 0 0 rg BT 175.51 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.23 694.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 217.17 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.00 694.10 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 270.21 694.10 Td (ef) Tj ET Q q 0 0 0 rg BT 277.79 694.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 307.50 694.10 Td (March ) Tj ET Q q 0 0 0 rg BT 336.09 694.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 346.09 694.10 Td (2014. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 673.10 Td (Steven ) Tj ET Q q 0 0 0 rg BT 91.78 673.10 Td (F) Tj ET Q q 0 0 0 rg BT 96.54 673.10 Td (. ) Tj ET Q q 0 0 0 rg BT 101.59 673.10 Td (Goldstone, ) Tj ET Q q 0 0 0 rg BT 147.76 673.10 Td (68, ) Tj ET Q q 0 0 0 rg BT 162.82 673.10 Td (has ) Tj ET Q q 0 0 0 rg BT 178.71 673.10 Td (served ) Tj ET Q q 0 0 0 rg BT 207.37 673.10 Td (on ) Tj ET Q q 0 0 0 rg BT 219.92 673.10 Td (our ) Tj ET Q q 0 0 0 rg BT 235.81 673.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 262.81 673.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.70 673.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 313.46 673.10 Td (since ) Tj ET Q q 0 0 0 rg BT 336.57 673.10 Td (July ) Tj ET Q q 0 0 0 rg BT 355.80 673.10 Td (2004. ) Tj ET Q q 0 0 0 rg BT 380.86 673.10 Td (He ) Tj ET Q q 0 0 0 rg BT 395.08 673.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 433.73 673.10 Td (manages ) Tj ET Q q 0 0 0 rg BT 471.27 673.10 Td (Silver ) Tj ET Q q 0 0 0 rg BT 497.72 673.10 Td (Spring ) Tj ET Q q 0 0 0 rg BT 526.95 673.10 Td (Group, ) Tj ET Q q 0 0 0 rg BT 557.56 673.10 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (private ) Tj ET Q q 0 0 0 rg BT 80.78 661.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 127.67 661.10 Td (firm. ) Tj ET Q q 0 0 0 rg BT 150.40 661.10 Td (From ) Tj ET Q q 0 0 0 rg BT 175.08 661.10 Td (1995 ) Tj ET Q q 0 0 0 rg BT 198.09 661.10 Td (until ) Tj ET Q q 0 0 0 rg BT 219.44 661.10 Td (his ) Tj ET Q q 0 0 0 rg BT 234.12 661.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 278.22 661.10 Td (in ) Tj ET Q q 0 0 0 rg BT 289.01 661.10 Td (2000, ) Tj ET Q q 0 0 0 rg BT 314.52 661.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 326.19 661.10 Td (.Goldstone ) Tj ET Q q 0 0 0 rg BT 375.31 661.10 Td (was ) Tj ET Q q 0 0 0 rg BT 393.88 661.10 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 436.32 661.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.77 661.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 479.00 661.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 521.99 661.10 Td (Of) Tj ET Q q 0 0 0 rg BT 532.36 661.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 553.69 661.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (RJR ) Tj ET Q q 0 0 0 rg BT 69.51 649.10 Td (Nabisco, ) Tj ET Q q 0 0 0 rg BT 107.06 649.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 124.60 649.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 154.65 649.10 Td (was ) Tj ET Q q 0 0 0 rg BT 172.48 649.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 226.97 649.10 Td (named ) Tj ET Q q 0 0 0 rg BT 255.91 649.10 Td (Nabisco ) Tj ET Q q 0 0 0 rg BT 290.95 649.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 318.78 649.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 357.73 649.10 Td (following ) Tj ET Q q 0 0 0 rg BT 398.89 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.39 649.10 Td (reor) Tj ET Q q 0 0 0 rg BT 429.31 649.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 473.23 649.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.84 649.10 Td (RJR ) Tj ET Q q 0 0 0 rg BT 503.35 649.10 Td (Nabisco, ) Tj ET Q q 0 0 0 rg BT 540.90 649.10 Td (Inc.\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 72.27 637.10 Td (to ) Tj ET Q q 0 0 0 rg BT 82.31 637.10 Td (joining ) Tj ET Q q 0 0 0 rg BT 112.91 637.10 Td (RJR ) Tj ET Q q 0 0 0 rg BT 132.41 637.10 Td (Nabisco, ) Tj ET Q q 0 0 0 rg BT 169.94 637.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 189.98 637.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 201.65 637.10 Td (.Goldstone ) Tj ET Q q 0 0 0 rg BT 250.02 637.10 Td (was ) Tj ET Q q 0 0 0 rg BT 267.84 637.10 Td (a ) Tj ET Q q 0 0 0 rg BT 274.54 637.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 305.12 637.10 Td (at ) Tj ET Q q 0 0 0 rg BT 314.60 637.10 Td (Davis ) Tj ET Q q 0 0 0 rg BT 340.20 637.10 Td (Polk& ) Tj ET Q q 0 0 0 rg BT 370.92 637.10 Td (W) Tj ET Q q 0 0 0 rg BT 379.56 637.10 Td (ardwell ) Tj ET Q q 0 0 0 rg BT 411.81 637.10 Td (LLP) Tj ET Q q 0 0 0 rg BT 428.48 637.10 Td (, ) Tj ET Q q 0 0 0 rg BT 433.24 637.10 Td (a ) Tj ET Q q 0 0 0 rg BT 439.95 637.10 Td (law ) Tj ET Q q 0 0 0 rg BT 456.65 637.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 476.14 637.10 Td (in ) Tj ET Q q 0 0 0 rg BT 486.18 637.10 Td (New) Tj ET Q q 0 0 0 rg BT 507.19 637.10 Td (Y) Tj ET Q q 0 0 0 rg BT 513.41 637.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 529.01 637.10 Td (City) Tj ET Q q 0 0 0 rg BT 545.58 637.10 Td (. ) Tj ET Q q 0 0 0 rg BT 550.35 637.10 Td (He ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.22 625.10 Td (also ) Tj ET Q q 0 0 0 rg BT 77.88 625.10 Td (Non-Executive ) Tj ET Q q 0 0 0 rg BT 140.97 625.10 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 182.96 625.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.84 625.10 Td (ConAgra ) Tj ET Q q 0 0 0 rg BT 233.05 625.10 Td (Foods, ) Tj ET Q q 0 0 0 rg BT 262.56 625.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 280.38 625.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 292.05 625.10 Td (.Goldstone ) Tj ET Q q 0 0 0 rg BT 340.71 625.10 Td (served ) Tj ET Q q 0 0 0 rg BT 369.36 625.10 Td (as ) Tj ET Q q 0 0 0 rg BT 380.24 625.10 Td (a ) Tj ET Q q 0 0 0 rg BT 387.23 625.10 Td (member ) Tj ET Q q 0 0 0 rg BT 422.55 625.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.43 625.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.20 625.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 475.19 625.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.08 625.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 525.84 625.10 Td (of ) Tj ET Q q 0 0 0 rg BT 536.54 625.10 Td (T) Tj ET Q q 0 0 0 rg BT 542.29 625.10 Td (rane, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 67.54 613.10 Td (\(f/k/a ) Tj ET Q q 0 0 0 rg BT 90.96 613.10 Td (American ) Tj ET Q q 0 0 0 rg BT 132.65 613.10 Td (Standard ) Tj ET Q q 0 0 0 rg BT 170.46 613.10 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 220.22 613.10 Td (Inc.\) ) Tj ET Q q 0 0 0 rg BT 241.09 613.10 Td (from ) Tj ET Q q 0 0 0 rg BT 262.80 613.10 Td (2002 ) Tj ET Q q 0 0 0 rg BT 285.06 613.10 Td (until ) Tj ET Q q 0 0 0 rg BT 305.67 613.10 Td (2008 ) Tj ET Q q 0 0 0 rg BT 327.93 613.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.64 613.10 Td (as ) Tj ET Q q 0 0 0 rg BT 355.23 613.10 Td (a ) Tj ET Q q 0 0 0 rg BT 361.94 613.10 Td (member ) Tj ET Q q 0 0 0 rg BT 396.97 613.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.57 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.05 613.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 448.76 613.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.35 613.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 498.83 613.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.43 613.10 Td (Merck ) Tj ET Q q 0 0 0 rg BT 537.79 613.10 Td (& ) Tj ET Q q 0 0 0 rg BT 547.84 613.10 Td (Co. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.94 601.10 Td (2008 ) Tj ET Q q 0 0 0 rg BT 94.44 601.10 Td (until ) Tj ET Q q 0 0 0 rg BT 115.27 601.10 Td (2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 580.10 Td (Stephen ) Tj ET Q q 0 0 0 rg BT 96.86 580.10 Td (L. ) Tj ET Q q 0 0 0 rg BT 108.11 580.10 Td (Key) Tj ET Q q 0 0 0 rg BT 124.12 580.10 Td (, ) Tj ET Q q 0 0 0 rg BT 129.27 580.10 Td (70, ) Tj ET Q q 0 0 0 rg BT 144.41 580.10 Td (has ) Tj ET Q q 0 0 0 rg BT 160.38 580.10 Td (served ) Tj ET Q q 0 0 0 rg BT 189.12 580.10 Td (on ) Tj ET Q q 0 0 0 rg BT 201.77 580.10 Td (our ) Tj ET Q q 0 0 0 rg BT 217.74 580.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 244.82 580.10 Td (of ) Tj ET Q q 0 0 0 rg BT 255.79 580.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 295.64 580.10 Td (since ) Tj ET Q q 0 0 0 rg BT 318.83 580.10 Td (May ) Tj ET Q q 0 0 0 rg BT 339.81 580.10 Td (2004. ) Tj ET Q q 0 0 0 rg BT 364.95 580.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 389.81 580.10 Td (2003, ) Tj ET Q q 0 0 0 rg BT 414.95 580.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 426.62 580.10 Td (.Key ) Tj ET Q q 0 0 0 rg BT 450.93 580.10 Td (has ) Tj ET Q q 0 0 0 rg BT 466.90 580.10 Td (been ) Tj ET Q q 0 0 0 rg BT 488.42 580.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.28 580.10 Td (sole ) Tj ET Q q 0 0 0 rg BT 522.03 580.10 Td (proprietor ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.92 568.10 Td (Key ) Tj ET Q q 0 0 0 rg BT 80.17 568.10 Td (Consulting, ) Tj ET Q q 0 0 0 rg BT 129.16 568.10 Td (LLC. ) Tj ET Q q 0 0 0 rg BT 153.14 568.10 Td (From ) Tj ET Q q 0 0 0 rg BT 177.40 568.10 Td (1995 ) Tj ET Q q 0 0 0 rg BT 199.99 568.10 Td (to ) Tj ET Q q 0 0 0 rg BT 210.36 568.10 Td (2001, ) Tj ET Q q 0 0 0 rg BT 235.46 568.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 247.13 568.10 Td (.Key ) Tj ET Q q 0 0 0 rg BT 271.38 568.10 Td (was ) Tj ET Q q 0 0 0 rg BT 289.52 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.33 568.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 346.71 568.10 Td (V) Tj ET Q q 0 0 0 rg BT 353.34 568.10 Td (ice ) Tj ET Q q 0 0 0 rg BT 367.58 568.10 Td (President ) Tj ET Q q 0 0 0 rg BT 407.39 568.10 Td (and ) Tj ET Q q 0 0 0 rg BT 424.42 568.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 449.23 568.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 489.03 568.10 Td (Of) Tj ET Q q 0 0 0 rg BT 499.41 568.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 520.31 568.10 Td (of ) Tj ET Q q 0 0 0 rg BT 531.05 568.10 Td (T) Tj ET Q q 0 0 0 rg BT 536.46 568.10 Td (extron ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 70.80 556.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.27 556.10 Td (from ) Tj ET Q q 0 0 0 rg BT 110.74 556.10 Td (1992 ) Tj ET Q q 0 0 0 rg BT 133.77 556.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.58 556.10 Td (1995, ) Tj ET Q q 0 0 0 rg BT 170.12 556.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 181.79 556.10 Td (.Key ) Tj ET Q q 0 0 0 rg BT 206.48 556.10 Td (was ) Tj ET Q q 0 0 0 rg BT 225.06 556.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.31 556.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 283.11 556.10 Td (V) Tj ET Q q 0 0 0 rg BT 289.73 556.10 Td (ice ) Tj ET Q q 0 0 0 rg BT 304.41 556.10 Td (President ) Tj ET Q q 0 0 0 rg BT 344.66 556.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.13 556.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 387.38 556.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 427.63 556.10 Td (Of) Tj ET Q q 0 0 0 rg BT 438.00 556.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 459.35 556.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.71 556.10 Td (ConAgra, ) Tj ET Q q 0 0 0 rg BT 512.90 556.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 531.20 556.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 554.23 556.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (joining ) Tj ET Q q 0 0 0 rg BT 81.81 544.10 Td (ConAgra, ) Tj ET Q q 0 0 0 rg BT 124.44 544.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 143.18 544.10 Td (from ) Tj ET Q q 0 0 0 rg BT 166.09 544.10 Td (1968 ) Tj ET Q q 0 0 0 rg BT 189.57 544.10 Td (to ) Tj ET Q q 0 0 0 rg BT 200.82 544.10 Td (1992, ) Tj ET Q q 0 0 0 rg BT 226.79 544.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 238.46 544.10 Td (.Key ) Tj ET Q q 0 0 0 rg BT 263.60 544.10 Td (worked ) Tj ET Q q 0 0 0 rg BT 297.06 544.10 Td (at ) Tj ET Q q 0 0 0 rg BT 307.75 544.10 Td (Ernst& ) Tj ET Q q 0 0 0 rg BT 342.09 544.10 Td (Y) Tj ET Q q 0 0 0 rg BT 348.31 544.10 Td (oung, ) Tj ET Q q 0 0 0 rg BT 374.29 544.10 Td (serving ) Tj ET Q q 0 0 0 rg BT 407.20 544.10 Td (in ) Tj ET Q q 0 0 0 rg BT 418.45 544.10 Td (various ) Tj ET Q q 0 0 0 rg BT 451.36 544.10 Td (capacities, ) Tj ET Q q 0 0 0 rg BT 496.75 544.10 Td (including ) Tj ET Q q 0 0 0 rg BT 538.00 544.10 Td (as ) Tj ET Q q 0 0 0 rg BT 549.80 544.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (Managing ) Tj ET Q q 0 0 0 rg BT 92.85 532.10 Td (Partner ) Tj ET Q q 0 0 0 rg BT 124.03 532.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.66 532.10 Td (Ernst& ) Tj ET Q q 0 0 0 rg BT 168.01 532.10 Td (Y) Tj ET Q q 0 0 0 rg BT 174.23 532.10 Td (oung) Tj ET Q q 0 0 0 rg BT 197.01 532.10 Td (s ) Tj ET Q q 0 0 0 rg BT 203.20 532.10 Td (New ) Tj ET Q q 0 0 0 rg BT 224.04 532.10 Td (Y) Tj ET Q q 0 0 0 rg BT 230.26 532.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 245.90 532.10 Td (Of) Tj ET Q q 0 0 0 rg BT 256.27 532.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 273.55 532.10 Td (from ) Tj ET Q q 0 0 0 rg BT 295.30 532.10 Td (1988 ) Tj ET Q q 0 0 0 rg BT 317.60 532.10 Td (to ) Tj ET Q q 0 0 0 rg BT 327.68 532.10 Td (1992. ) Tj ET Q q 0 0 0 rg BT 352.48 532.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 364.15 532.10 Td (.Key ) Tj ET Q q 0 0 0 rg BT 388.11 532.10 Td (is ) Tj ET Q q 0 0 0 rg BT 397.08 532.10 Td (a ) Tj ET Q q 0 0 0 rg BT 403.83 532.10 Td (Certified ) Tj ET Q q 0 0 0 rg BT 441.67 532.10 Td (Public ) Tj ET Q q 0 0 0 rg BT 469.02 532.10 Td (Accountant ) Tj ET Q q 0 0 0 rg BT 517.42 532.10 Td (in ) Tj ET Q q 0 0 0 rg BT 527.50 532.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.02 532.10 Td (State ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.56 520.10 Td (New ) Tj ET Q q 0 0 0 rg BT 81.33 520.10 Td (Y) Tj ET Q q 0 0 0 rg BT 87.55 520.10 Td (ork. ) Tj ET Q q 0 0 0 rg BT 105.61 520.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 117.28 520.10 Td (.Key ) Tj ET Q q 0 0 0 rg BT 141.16 520.10 Td (has ) Tj ET Q q 0 0 0 rg BT 156.72 520.10 Td (served ) Tj ET Q q 0 0 0 rg BT 185.04 520.10 Td (as ) Tj ET Q q 0 0 0 rg BT 195.60 520.10 Td (a ) Tj ET Q q 0 0 0 rg BT 202.26 520.10 Td (member ) Tj ET Q q 0 0 0 rg BT 237.25 520.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.81 520.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.25 520.10 Td (board ) Tj ET Q q 0 0 0 rg BT 287.25 520.10 Td (of ) Tj ET Q q 0 0 0 rg BT 297.80 520.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 335.01 520.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.57 520.10 Td (Fairway ) Tj ET Q q 0 0 0 rg BT 380.56 520.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 408.34 520.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 447.23 520.10 Td (Corp. ) Tj ET Q q 0 0 0 rg BT 471.96 520.10 Td (since ) Tj ET Q q 0 0 0 rg BT 494.24 520.10 Td (August ) Tj ET Q q 0 0 0 rg BT 525.36 520.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 547.58 520.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (as ) Tj ET Q q 0 0 0 rg BT 61.05 508.10 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 103.21 508.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.26 508.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.59 508.10 Td (Audit ) Tj ET Q q 0 0 0 rg BT 154.09 508.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 201.25 508.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.31 508.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.24 508.10 Td (board ) Tj ET Q q 0 0 0 rg BT 252.73 508.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.78 508.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 301.49 508.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.54 508.10 Td (Fairway ) Tj ET Q q 0 0 0 rg BT 348.03 508.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 376.30 508.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 415.70 508.10 Td (Corp. ) Tj ET Q q 0 0 0 rg BT 440.92 508.10 Td (since ) Tj ET Q q 0 0 0 rg BT 463.58 508.10 Td (April ) Tj ET Q q 0 0 0 rg BT 487.41 508.10 Td (2013. ) Tj ET Q q 0 0 0 rg BT 512.64 508.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 524.31 508.10 Td (.Key ) Tj ET Q q 0 0 0 rg BT 548.69 508.10 Td (has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (also ) Tj ET Q q 0 0 0 rg BT 69.01 496.10 Td (served ) Tj ET Q q 0 0 0 rg BT 98.00 496.10 Td (as ) Tj ET Q q 0 0 0 rg BT 109.23 496.10 Td (a ) Tj ET Q q 0 0 0 rg BT 116.57 496.10 Td (member ) Tj ET Q q 0 0 0 rg BT 152.23 496.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.46 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.57 496.10 Td (board ) Tj ET Q q 0 0 0 rg BT 204.24 496.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.47 496.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 253.35 496.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.58 496.10 Td (Sitel, ) Tj ET Q q 0 0 0 rg BT 288.31 496.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 306.48 496.10 Td (from ) Tj ET Q q 0 0 0 rg BT 328.81 496.10 Td (2007 ) Tj ET Q q 0 0 0 rg BT 351.71 496.10 Td (until ) Tj ET Q q 0 0 0 rg BT 372.94 496.10 Td (2008, ) Tj ET Q q 0 0 0 rg BT 398.34 496.10 Td (as ) Tj ET Q q 0 0 0 rg BT 409.57 496.10 Td (a ) Tj ET Q q 0 0 0 rg BT 416.91 496.10 Td (member ) Tj ET Q q 0 0 0 rg BT 452.57 496.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.80 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.91 496.10 Td (board ) Tj ET Q q 0 0 0 rg BT 504.58 496.10 Td (of ) Tj ET Q q 0 0 0 rg BT 515.81 496.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 553.69 496.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (Forward ) Tj ET Q q 0 0 0 rg BT 86.69 484.10 Td (Industries, ) Tj ET Q q 0 0 0 rg BT 131.45 484.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 149.53 484.10 Td (from ) Tj ET Q q 0 0 0 rg BT 171.78 484.10 Td (2010 ) Tj ET Q q 0 0 0 rg BT 194.59 484.10 Td (until ) Tj ET Q q 0 0 0 rg BT 215.74 484.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 241.05 484.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.30 484.10 Td (as ) Tj ET Q q 0 0 0 rg BT 269.44 484.10 Td (a ) Tj ET Q q 0 0 0 rg BT 276.69 484.10 Td (member ) Tj ET Q q 0 0 0 rg BT 312.27 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.41 484.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.44 484.10 Td (board ) Tj ET Q q 0 0 0 rg BT 364.02 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.17 484.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 412.96 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.11 484.10 Td (1-800-Contacts, ) Tj ET Q q 0 0 0 rg BT 491.07 484.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 509.16 484.10 Td (from ) Tj ET Q q 0 0 0 rg BT 531.41 484.10 Td (2005 ) Tj ET Q q 0 0 0 rg BT 554.22 484.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (2012. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 451.10 Td (Karen ) Tj ET Q q 0 0 0 rg BT 88.92 451.10 Td (P) Tj ET Q q 0 0 0 rg BT 93.37 451.10 Td (. ) Tj ET Q q 0 0 0 rg BT 98.37 451.10 Td (Robards, ) Tj ET Q q 0 0 0 rg BT 136.69 451.10 Td (63, ) Tj ET Q q 0 0 0 rg BT 151.68 451.10 Td (has ) Tj ET Q q 0 0 0 rg BT 167.51 451.10 Td (served ) Tj ET Q q 0 0 0 rg BT 196.10 451.10 Td (on ) Tj ET Q q 0 0 0 rg BT 208.59 451.10 Td (our ) Tj ET Q q 0 0 0 rg BT 224.41 451.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 251.34 451.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.17 451.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 301.87 451.10 Td (since ) Tj ET Q q 0 0 0 rg BT 324.35 451.10 Td (April ) Tj ET Q q 0 0 0 rg BT 347.96 451.10 Td (2013. ) Tj ET Q q 0 0 0 rg BT 372.95 451.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.44 451.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 400.15 451.10 Td (1987, ) Tj ET Q q 0 0 0 rg BT 425.14 451.10 Td (Ms.Robards ) Tj ET Q q 0 0 0 rg BT 478.75 451.10 Td (has ) Tj ET Q q 0 0 0 rg BT 494.57 451.10 Td (been ) Tj ET Q q 0 0 0 rg BT 515.94 451.10 Td (a ) Tj ET Q q 0 0 0 rg BT 522.87 451.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 553.68 451.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (Robards& ) Tj ET Q q 0 0 0 rg BT 96.66 439.10 Td (Company) Tj ET Q q 0 0 0 rg BT 134.89 439.10 Td (, ) Tj ET Q q 0 0 0 rg BT 140.44 439.10 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 164.88 439.10 Td (a ) Tj ET Q q 0 0 0 rg BT 172.36 439.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 210.39 439.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 247.88 439.10 Td (firm. ) Tj ET Q q 0 0 0 rg BT 270.65 439.10 Td ( ) Tj ET Q q 0 0 0 rg BT 273.69 439.10 Td (From ) Tj ET Q q 0 0 0 rg BT 298.41 439.10 Td (1976 ) Tj ET Q q 0 0 0 rg BT 321.46 439.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.29 439.10 Td (1987, ) Tj ET Q q 0 0 0 rg BT 357.83 439.10 Td (Ms.Robards ) Tj ET Q q 0 0 0 rg BT 412.00 439.10 Td (was ) Tj ET Q q 0 0 0 rg BT 430.60 439.10 Td (an ) Tj ET Q q 0 0 0 rg BT 443.08 439.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 490.01 439.10 Td (banker ) Tj ET Q q 0 0 0 rg BT 520.27 439.10 Td (at ) Tj ET Q q 0 0 0 rg BT 530.53 439.10 Td (Mor) Tj ET Q q 0 0 0 rg BT 547.58 439.10 Td (gan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 82.67 427.10 Td (where ) Tj ET Q q 0 0 0 rg BT 109.78 427.10 Td (she ) Tj ET Q q 0 0 0 rg BT 125.79 427.10 Td (served ) Tj ET Q q 0 0 0 rg BT 154.57 427.10 Td (as ) Tj ET Q q 0 0 0 rg BT 165.58 427.10 Td (head ) Tj ET Q q 0 0 0 rg BT 187.14 427.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.15 427.10 Td (its ) Tj ET Q q 0 0 0 rg BT 210.28 427.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 254.03 427.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 300.60 427.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 335.49 427.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 376.77 427.10 Td (Ms.Robards ) Tj ET Q q 0 0 0 rg BT 430.56 427.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 469.34 427.10 Td (serves ) Tj ET Q q 0 0 0 rg BT 497.01 427.10 Td (as ) Tj ET Q q 0 0 0 rg BT 507.82 427.10 Td (V) Tj ET Q q 0 0 0 rg BT 514.44 427.10 Td (ice ) Tj ET Q q 0 0 0 rg BT 528.78 427.10 Td (Chair ) Tj ET Q q 0 0 0 rg BT 553.68 427.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.23 415.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 92.68 415.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.13 415.10 Td (Chair ) Tj ET Q q 0 0 0 rg BT 135.36 415.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.70 415.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.27 415.10 Td (Audit ) Tj ET Q q 0 0 0 rg BT 187.06 415.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 234.51 415.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.85 415.10 Td (BlackRock ) Tj ET Q q 0 0 0 rg BT 293.30 415.10 Td (Closed-End ) Tj ET Q q 0 0 0 rg BT 343.53 415.10 Td (Funds. ) Tj ET Q q 0 0 0 rg BT 373.50 415.10 Td (Ms.Robards ) Tj ET Q q 0 0 0 rg BT 427.62 415.10 Td (is ) Tj ET Q q 0 0 0 rg BT 437.30 415.10 Td (also ) Tj ET Q q 0 0 0 rg BT 456.42 415.10 Td (a ) Tj ET Q q 0 0 0 rg BT 463.88 415.10 Td (member ) Tj ET Q q 0 0 0 rg BT 499.65 415.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.00 415.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.22 415.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 553.68 415.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 89.26 403.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.19 403.10 Td (AtriCure, ) Tj ET Q q 0 0 0 rg BT 139.28 403.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 159.10 403.10 Td (a ) Tj ET Q q 0 0 0 rg BT 165.59 403.10 Td (medical ) Tj ET Q q 0 0 0 rg BT 199.29 403.10 Td (device ) Tj ET Q q 0 0 0 rg BT 227.44 403.10 Td (company) Tj ET Q q 0 0 0 rg BT 263.44 403.10 Td (, ) Tj ET Q q 0 0 0 rg BT 267.99 403.10 Td (where ) Tj ET Q q 0 0 0 rg BT 294.47 403.10 Td (she ) Tj ET Q q 0 0 0 rg BT 309.85 403.10 Td (has ) Tj ET Q q 0 0 0 rg BT 325.24 403.10 Td (served ) Tj ET Q q 0 0 0 rg BT 353.39 403.10 Td (since ) Tj ET Q q 0 0 0 rg BT 375.98 403.10 Td (2000. ) Tj ET Q q 0 0 0 rg BT 400.53 403.10 Td ( ) Tj ET Q q 0 0 0 rg BT 402.58 403.10 Td (From ) Tj ET Q q 0 0 0 rg BT 426.31 403.10 Td (1996 ) Tj ET Q q 0 0 0 rg BT 448.36 403.10 Td (to ) Tj ET Q q 0 0 0 rg BT 458.19 403.10 Td (2005, ) Tj ET Q q 0 0 0 rg BT 482.74 403.10 Td (Ms.Robards ) Tj ET Q q 0 0 0 rg BT 535.90 403.10 Td (served ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (as ) Tj ET Q q 0 0 0 rg BT 59.76 391.10 Td (a ) Tj ET Q q 0 0 0 rg BT 65.63 391.10 Td (director ) Tj ET Q q 0 0 0 rg BT 98.15 391.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.92 391.10 Td (Enable ) Tj ET Q q 0 0 0 rg BT 137.11 391.10 Td (Medical ) Tj ET Q q 0 0 0 rg BT 171.30 391.10 Td (Corporation, ) Tj ET Q q 0 0 0 rg BT 223.56 391.10 Td (a ) Tj ET Q q 0 0 0 rg BT 229.43 391.10 Td (developer ) Tj ET Q q 0 0 0 rg BT 270.28 391.10 Td (and ) Tj ET Q q 0 0 0 rg BT 286.15 391.10 Td (manufacturer ) Tj ET Q q 0 0 0 rg BT 340.88 391.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.64 391.10 Td (sur) Tj ET Q q 0 0 0 rg BT 362.69 391.10 Td (gical ) Tj ET Q q 0 0 0 rg BT 383.55 391.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 434.15 391.10 Td (which ) Tj ET Q q 0 0 0 rg BT 460.01 391.10 Td (was ) Tj ET Q q 0 0 0 rg BT 477.00 391.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 512.85 391.10 Td (by ) Tj ET Q q 0 0 0 rg BT 523.97 391.10 Td (AtriCure, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 68.47 379.10 Td (in ) Tj ET Q q 0 0 0 rg BT 79.46 379.10 Td (2005. ) Tj ET Q q 0 0 0 rg BT 105.16 379.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.37 379.10 Td (From ) Tj ET Q q 0 0 0 rg BT 133.24 379.10 Td (2007 ) Tj ET Q q 0 0 0 rg BT 156.44 379.10 Td (to ) Tj ET Q q 0 0 0 rg BT 167.43 379.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 193.13 379.10 Td (Ms.Robards ) Tj ET Q q 0 0 0 rg BT 247.45 379.10 Td (also ) Tj ET Q q 0 0 0 rg BT 266.76 379.10 Td (served ) Tj ET Q q 0 0 0 rg BT 296.07 379.10 Td (as ) Tj ET Q q 0 0 0 rg BT 307.60 379.10 Td (a ) Tj ET Q q 0 0 0 rg BT 315.24 379.10 Td (director ) Tj ET Q q 0 0 0 rg BT 349.54 379.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.08 379.10 Td (Care ) Tj ET Q q 0 0 0 rg BT 383.16 379.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 430.56 379.10 Td (T) Tj ET Q q 0 0 0 rg BT 436.32 379.10 Td (rust, ) Tj ET Q q 0 0 0 rg BT 457.03 379.10 Td (a ) Tj ET Q q 0 0 0 rg BT 464.67 379.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 500.65 379.10 Td (held ) Tj ET Q q 0 0 0 rg BT 521.07 379.10 Td (real ) Tj ET Q q 0 0 0 rg BT 539.26 379.10 Td (estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.38 367.10 Td (trust ) Tj ET Q q 0 0 0 rg BT 116.66 367.10 Td (focusing ) Tj ET Q q 0 0 0 rg BT 153.60 367.10 Td (on ) Tj ET Q q 0 0 0 rg BT 166.10 367.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 212.48 367.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 267.75 367.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.03 367.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.75 367.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 336.33 367.10 Td (industry) Tj ET Q q 0 0 0 rg BT 368.46 367.10 Td (. ) Tj ET Q q 0 0 0 rg BT 373.46 367.10 Td ( ) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.85 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 742.25 Td (II) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Item5.Market for) Tj ET Q q 0 0 0 rg BT 132.29 718.25 Td ( Registrant) Tj ET Q q 0 0 0 rg BT 182.73 718.25 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 259.42 718.25 Td (, Related Stockholder) Tj ET Q q 0 0 0 rg BT 351.18 718.25 Td ( Matters and Issuer) Tj ET Q q 0 0 0 rg BT 434.60 718.25 Td ( Pur) Tj ET Q q 0 0 0 rg BT 453.03 718.25 Td (chases of Equity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 685.25 Td (The ) Tj ET Q q 0 0 0 rg BT 80.55 685.25 Td (New ) Tj ET Q q 0 0 0 rg BT 101.99 685.25 Td (Y) Tj ET Q q 0 0 0 rg BT 108.21 685.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 124.55 685.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 150.33 685.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 192.76 685.25 Td (is ) Tj ET Q q 0 0 0 rg BT 202.43 685.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.65 685.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 256.20 685.25 Td (market ) Tj ET Q q 0 0 0 rg BT 286.97 685.25 Td (on ) Tj ET Q q 0 0 0 rg BT 299.97 685.25 Td (which ) Tj ET Q q 0 0 0 rg BT 327.41 685.25 Td (our ) Tj ET Q q 0 0 0 rg BT 343.75 685.25 Td (common ) Tj ET Q q 0 0 0 rg BT 381.75 685.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 405.86 685.25 Td (\(ticker: ) Tj ET Q q 0 0 0 rg BT 437.74 685.25 Td (GHL\) ) Tj ET Q q 0 0 0 rg BT 464.62 685.25 Td (is ) Tj ET Q q 0 0 0 rg BT 474.30 685.25 Td (traded. ) Tj ET Q q 0 0 0 rg BT 504.57 685.25 Td (The ) Tj ET Q q 0 0 0 rg BT 523.12 685.25 Td (following ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (tables ) Tj ET Q q 0 0 0 rg BT 75.94 673.25 Td (set ) Tj ET Q q 0 0 0 rg BT 89.67 673.25 Td (forth, ) Tj ET Q q 0 0 0 rg BT 114.23 673.25 Td (for ) Tj ET Q q 0 0 0 rg BT 128.51 673.25 Td (the ) Tj ET Q q 0 0 0 rg BT 143.34 673.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 167.62 673.25 Td (quarters ) Tj ET Q q 0 0 0 rg BT 202.44 673.25 Td (indicated, ) Tj ET Q q 0 0 0 rg BT 244.21 673.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.05 673.25 Td (high ) Tj ET Q q 0 0 0 rg BT 279.44 673.25 Td (and ) Tj ET Q q 0 0 0 rg BT 296.50 673.25 Td (low ) Tj ET Q q 0 0 0 rg BT 314.12 673.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 336.18 673.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 362.67 673.25 Td (per ) Tj ET Q q 0 0 0 rg BT 378.06 673.25 Td (share ) Tj ET Q q 0 0 0 rg BT 401.78 673.25 Td (of ) Tj ET Q q 0 0 0 rg BT 412.73 673.25 Td (our ) Tj ET Q q 0 0 0 rg BT 428.67 673.25 Td (common ) Tj ET Q q 0 0 0 rg BT 466.29 673.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 492.51 673.25 Td (as ) Tj ET Q q 0 0 0 rg BT 503.46 673.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 539.40 673.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 673.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 103.04 661.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 149.41 661.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 188.57 661.25 Td (system, ) Tj ET Q q 0 0 0 rg BT 221.35 661.25 Td (and ) Tj ET Q q 0 0 0 rg BT 238.29 661.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.00 661.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 291.60 661.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 332.98 661.25 Td (declared.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 650.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 600.95 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 600.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 600.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 600.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 600.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 600.95 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 585.95 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 570.95 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 570.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 570.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 570.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 570.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 570.95 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 555.95 324.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 626.95 m 434.5 626.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 626.95 m 438.5 626.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 626.95 m 498.5 626.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 626.95 m 502.5 626.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 626.95 m 562.5 626.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 613.95 m 434.5 613.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 613.95 m 438.5 613.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 613.95 m 498.5 613.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 600.95 m 434.5 600.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 600.95 m 498.5 600.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 600.95 m 562.5 600.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 600.95 m 434.5 600.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 600.95 m 498.5 600.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 600.95 m 562.5 600.95 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.00 631.18 Td (Fiscal 2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.45 618.18 Td (Sales Price) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.15 619.03 Td (Dividendsper) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.40 611.03 Td (shar) Tj ET Q q 0 0 0 rg BT 533.37 611.03 Td (e of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.40 603.08 Td (commonstock) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.55 605.18 Td (High) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.40 605.18 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 591.52 Td (First quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 590.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 590.62 Td (61.79) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 590.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 590.62 Td (53.13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 590.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 590.62 Td (0.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 576.52 Td (Second quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 575.62 Td (54.04) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 575.62 Td (43.65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 575.62 Td (0.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 561.52 Td (Third quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 560.62 Td (53.22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 560.62 Td (45.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 560.62 Td (0.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 546.52 Td (Fourth quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 545.62 Td (58.59) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 545.62 Td (44.90) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 545.62 Td (0.45) Tj ET Q BT /F2 10.00 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RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 503.95 m 437.5 503.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 503.95 m 497.5 503.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 503.95 m 501.5 503.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 503.95 m 561.5 503.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 488.95 m 433.5 488.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 488.95 m 437.5 488.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 488.95 m 497.5 488.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 473.95 m 433.5 473.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 473.95 m 497.5 473.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 473.95 m 561.5 473.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 473.95 m 433.5 473.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 473.95 m 497.5 473.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 473.95 m 561.5 473.95 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.00 508.18 Td (Fiscal 2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 416.45 493.18 Td (Sales Price) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.15 494.18 Td (Dividends per) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.40 486.18 Td (shar) Tj ET Q q 0 0 0 rg BT 532.37 486.18 Td (e of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.40 478.18 Td (common stock) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.55 478.18 Td (High) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.40 478.18 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 464.52 Td (First quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 463.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 463.62 Td (50.14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 463.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 463.62 Td (35.99) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 463.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 463.62 Td (0.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 449.52 Td (Second quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 448.62 Td (44.75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 448.62 Td (31.93) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 448.62 Td (0.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 434.52 Td (Third quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 433.62 Td (53.33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 433.62 Td (34.30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 433.62 Td (0.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 419.52 Td (Fourth quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 418.62 Td (52.76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 418.62 Td (43.52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 418.62 Td (0.45) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 390.45 Td (As ) Tj ET Q q 0 0 0 rg BT 76.03 390.45 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.29 390.45 Td (February21, ) Tj ET Q q 0 0 0 rg BT 141.31 390.45 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.31 390.45 Td (, ) Tj ET Q q 0 0 0 rg BT 166.73 390.45 Td (there ) Tj ET Q q 0 0 0 rg BT 189.63 390.45 Td (were ) Tj ET Q q 0 0 0 rg BT 211.98 390.45 Td (6 ) Tj ET Q q 0 0 0 rg BT 219.91 390.45 Td (holders ) Tj ET Q q 0 0 0 rg BT 252.27 390.45 Td (of ) Tj ET Q q 0 0 0 rg BT 263.52 390.45 Td (record ) Tj ET Q q 0 0 0 rg BT 291.98 390.45 Td (of ) Tj ET Q q 0 0 0 rg BT 303.23 390.45 Td (our ) Tj ET Q q 0 0 0 rg BT 319.48 390.45 Td (common ) Tj ET Q q 0 0 0 rg BT 357.40 390.45 Td (stock. ) Tj ET Q q 0 0 0 rg BT 383.71 390.45 Td (The ) Tj ET Q q 0 0 0 rg BT 402.18 390.45 Td (majority ) Tj ET Q q 0 0 0 rg BT 438.98 390.45 Td (of ) Tj ET Q q 0 0 0 rg BT 450.24 390.45 Td (our ) Tj ET Q q 0 0 0 rg BT 466.49 390.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 494.40 390.45 Td (are ) Tj ET Q q 0 0 0 rg BT 509.53 390.45 Td (held ) Tj ET Q q 0 0 0 rg BT 529.67 390.45 Td (in ) Tj ET Q q 0 0 0 rg BT 540.37 390.45 Td (street ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 378.45 Td (name ) Tj ET Q q 0 0 0 rg BT 74.16 378.45 Td (by ) Tj ET Q q 0 0 0 rg BT 86.66 378.45 Td (diversified ) Tj ET Q q 0 0 0 rg BT 131.92 378.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 169.40 378.45 Td (broker ) Tj ET Q q 0 0 0 rg BT 198.00 378.45 Td (dealers ) Tj ET Q q 0 0 0 rg BT 228.81 378.45 Td (which ) Tj ET Q q 0 0 0 rg BT 255.75 378.45 Td (are ) Tj ET Q q 0 0 0 rg BT 270.46 378.45 Td (not ) Tj ET Q q 0 0 0 rg BT 285.74 378.45 Td (counted ) Tj ET Q q 0 0 0 rg BT 319.89 378.45 Td (as ) Tj ET Q q 0 0 0 rg BT 330.72 378.45 Td (record ) Tj ET Q q 0 0 0 rg BT 367.64 378.45 Td (holders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 357.45 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.02 357.45 Td (February21, ) Tj ET Q q 0 0 0 rg BT 130.92 357.45 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.92 357.45 Td (, ) Tj ET Q q 0 0 0 rg BT 156.22 357.45 Td (the ) Tj ET Q q 0 0 0 rg BT 171.23 357.45 Td (last ) Tj ET Q q 0 0 0 rg BT 187.92 357.45 Td (reported ) Tj ET Q q 0 0 0 rg BT 224.04 357.45 Td (sales ) Tj ET Q q 0 0 0 rg BT 246.27 357.45 Td (price ) Tj ET Q q 0 0 0 rg BT 269.06 357.45 Td (for ) Tj ET Q q 0 0 0 rg BT 283.52 357.45 Td (our ) Tj ET Q q 0 0 0 rg BT 299.65 357.45 Td (common ) Tj ET Q q 0 0 0 rg BT 337.44 357.45 Td (stock ) Tj ET Q q 0 0 0 rg BT 361.35 357.45 Td (on ) Tj ET Q q 0 0 0 rg BT 374.15 357.45 Td (the ) Tj ET Q q 0 0 0 rg BT 389.16 357.45 Td (New ) Tj ET Q q 0 0 0 rg BT 410.43 357.45 Td (Y) Tj ET Q q 0 0 0 rg BT 416.65 357.45 Td (ork ) Tj ET Q q 0 0 0 rg BT 432.78 357.45 Td (Stock ) Tj ET Q q 0 0 0 rg BT 458.36 357.45 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 500.58 357.45 Td (was ) Tj ET Q q 0 0 0 rg BT 518.93 357.45 Td ($54.15 ) Tj ET Q q 0 0 0 rg BT 549.23 357.45 Td (per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 345.45 Td (share.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 324.45 Td (The ) Tj ET Q q 0 0 0 rg BT 79.40 324.45 Td (following ) Tj ET Q q 0 0 0 rg BT 119.58 324.45 Td (performance ) Tj ET Q q 0 0 0 rg BT 173.08 324.45 Td (graph ) Tj ET Q q 0 0 0 rg BT 199.37 324.45 Td (and ) Tj ET Q q 0 0 0 rg BT 216.77 324.45 Td (r) Tj ET Q q 0 0 0 rg BT 220.29 324.45 Td (elated ) Tj ET Q q 0 0 0 rg BT 247.12 324.45 Td (information ) Tj ET Q q 0 0 0 rg BT 296.75 324.45 Td (shall ) Tj ET Q q 0 0 0 rg BT 318.59 324.45 Td (not ) Tj ET Q q 0 0 0 rg BT 333.77 324.45 Td (be ) Tj ET Q q 0 0 0 rg BT 345.61 324.45 Td (deemed ) Tj ET Q q 0 0 0 rg BT 378.54 324.45 Td (soliciting ) Tj ET Q q 0 0 0 rg BT 423.73 324.45 Td (material ) Tj ET Q q 0 0 0 rg BT 465.57 324.45 Td (or ) Tj ET Q q 0 0 0 rg BT 476.86 324.45 Td (to ) Tj ET Q q 0 0 0 rg BT 487.04 324.45 Td (be ) Tj ET Q q 0 0 0 rg BT 498.88 324.45 Td (filed ) Tj ET Q q 0 0 0 rg BT 530.17 324.45 Td (with ) Tj ET Q q 0 0 0 rg BT 549.80 324.45 Td (the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 312.45 Td (Securities ) Tj ET Q q 0 0 0 rg BT 92.32 312.45 Td (and ) Tj ET Q q 0 0 0 rg BT 110.20 312.45 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 152.51 312.45 Td (Commission, ) Tj ET Q q 0 0 0 rg BT 207.34 312.45 Td (nor ) Tj ET Q q 0 0 0 rg BT 224.12 312.45 Td (shall ) Tj ET Q q 0 0 0 rg BT 246.45 312.45 Td (such ) Tj ET Q q 0 0 0 rg BT 267.66 312.45 Td (information ) Tj ET Q q 0 0 0 rg BT 317.77 312.45 Td (be ) Tj ET Q q 0 0 0 rg BT 330.10 312.45 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 385.20 312.45 Td (by ) Tj ET Q q 0 0 0 rg BT 397.52 312.45 Td (r) Tj ET Q q 0 0 0 rg BT 401.04 312.45 Td (efer) Tj ET Q q 0 0 0 rg BT 416.21 312.45 Td (ence ) Tj ET Q q 0 0 0 rg BT 437.41 312.45 Td (into ) Tj ET Q q 0 0 0 rg BT 455.85 312.45 Td (any ) Tj ET Q q 0 0 0 rg BT 473.17 312.45 Td (futur) Tj ET Q q 0 0 0 rg BT 492.25 312.45 Td (e ) Tj ET Q q 0 0 0 rg BT 499.57 312.45 Td (filing ) Tj ET Q q 0 0 0 rg BT 523.57 312.45 Td (under ) Tj ET Q q 0 0 0 rg BT 549.78 312.45 Td (the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 300.45 Td (Securities ) Tj ET Q q 0 0 0 rg BT 92.00 300.45 Td (Act ) Tj ET Q q 0 0 0 rg BT 108.09 300.45 Td (of ) Tj ET Q q 0 0 0 rg BT 118.64 300.45 Td (1933 ) Tj ET Q q 0 0 0 rg BT 141.40 300.45 Td (or ) Tj ET Q q 0 0 0 rg BT 153.06 300.45 Td (Securities ) Tj ET Q q 0 0 0 rg BT 195.26 300.45 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 237.25 300.45 Td (Act ) Tj ET Q q 0 0 0 rg BT 253.34 300.45 Td (of ) Tj ET Q q 0 0 0 rg BT 263.89 300.45 Td (1934, ) Tj ET Q q 0 0 0 rg BT 289.15 300.45 Td (each ) Tj ET Q q 0 0 0 rg BT 310.79 300.45 Td (as ) Tj ET Q q 0 0 0 rg BT 322.45 300.45 Td (amended, ) Tj ET Q q 0 0 0 rg BT 363.82 300.45 Td (except ) Tj ET Q q 0 0 0 rg BT 392.12 300.45 Td (to ) Tj ET Q q 0 0 0 rg BT 402.66 300.45 Td (the ) Tj ET Q q 0 0 0 rg BT 417.64 300.45 Td (extent ) Tj ET Q q 0 0 0 rg BT 444.28 300.45 Td (we ) Tj ET Q q 0 0 0 rg BT 458.16 300.45 Td (specifically ) Tj ET Q q 0 0 0 rg BT 506.46 300.45 Td (incorporate ) Tj ET Q q 0 0 0 rg BT 556.44 300.45 Td (it ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 288.45 Td (by ) Tj ET Q q 0 0 0 rg BT 63.20 288.45 Td (r) Tj ET Q q 0 0 0 rg BT 66.72 288.45 Td (efer) Tj ET Q q 0 0 0 rg BT 81.89 288.45 Td (ence ) Tj ET Q q 0 0 0 rg BT 103.96 288.45 Td (into ) Tj ET Q q 0 0 0 rg BT 123.28 288.45 Td (such ) Tj ET Q q 0 0 0 rg BT 145.37 288.45 Td (filing. ) Tj ET Q q 0 0 0 rg BT 172.74 288.45 Td (Our ) Tj ET Q q 0 0 0 rg BT 192.61 288.45 Td (stock ) Tj ET Q q 0 0 0 rg BT 216.91 288.45 Td (price ) Tj ET Q q 0 0 0 rg BT 241.22 288.45 Td (performance ) Tj ET Q q 0 0 0 rg BT 296.07 288.45 Td (shown ) Tj ET Q q 0 0 0 rg BT 325.39 288.45 Td (in ) Tj ET Q q 0 0 0 rg BT 336.93 288.45 Td (the ) Tj ET Q q 0 0 0 rg BT 352.90 288.45 Td (graph ) Tj ET Q q 0 0 0 rg BT 380.55 288.45 Td (below ) Tj ET Q q 0 0 0 rg BT 408.19 288.45 Td (is ) Tj ET Q q 0 0 0 rg BT 418.62 288.45 Td (not ) Tj ET Q q 0 0 0 rg BT 435.16 288.45 Td (indicative ) Tj ET Q q 0 0 0 rg BT 478.34 288.45 Td (of ) Tj ET Q q 0 0 0 rg BT 489.88 288.45 Td (futur) Tj ET Q q 0 0 0 rg BT 508.96 288.45 Td (e ) Tj ET Q q 0 0 0 rg BT 517.15 288.45 Td (stock ) Tj ET Q q 0 0 0 rg BT 541.46 288.45 Td (price ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 276.45 Td (performance.) 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0 0 0 rg BT 281.70 631.56 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 330.20 635.03 Td (AveragePrice) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 328.35 627.03 Td (PaidPer Share) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.25 659.03 Td (T) Tj ET Q q 0 0 0 rg BT 406.85 659.03 Td (otalNumber) Tj ET Q q 0 0 0 rg BT 450.04 659.03 Td (of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.50 651.03 Td (Shar) Tj ET Q q 0 0 0 rg BT 410.80 651.03 Td (esPur) Tj ET Q q 0 0 0 rg BT 432.21 651.03 Td (chased as) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 403.60 643.03 Td (Part of Publicly) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.85 635.03 Td (Announced Plans or) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.65 627.03 Td (Pr) Tj ET Q q 0 0 0 rg BT 421.94 627.03 Td (ograms) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.05 675.03 Td (Appr) Tj ET Q q 0 0 0 rg BT 503.13 675.03 Td (oximateDollar) Tj ET Q q 0 0 0 rg BT 553.86 675.03 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.15 667.03 Td (V) Tj ET Q q 0 0 0 rg BT 490.19 667.03 Td (alue of Shar) Tj ET Q q 0 0 0 rg BT 531.38 667.03 Td (es that ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 499.85 659.03 Td (May ) Tj ET Q q 0 0 0 rg BT 517.10 659.03 Td (Y) Tj ET Q q 0 0 0 rg BT 521.99 659.03 Td (et Be ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 484.05 651.03 Td (Pur) Tj ET Q q 0 0 0 rg BT 496.79 651.03 Td (chasedunder) Tj ET Q q 0 0 0 rg BT 542.21 651.03 Td (the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.65 643.03 Td (Plansor) Tj ET Q q 0 0 0 rg BT 515.73 643.03 Td (Pr) Tj ET Q q 0 0 0 rg BT 526.02 643.03 Td (ograms) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.10 627.03 Td ( ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 512.10 631.56 Td (\(2\) \(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 613.37 Td (October1October31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 612.47 Td (0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.00 612.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.65 612.47 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 612.47 Td (0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 612.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.65 612.47 Td (57,465,882) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 598.37 Td (November1 November30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 597.47 Td (0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.65 597.47 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 597.47 Td (0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 597.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.65 597.47 Td (57,465,882) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 583.37 Td (December1 December31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 582.47 Td (0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.65 582.47 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 582.47 Td (0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 582.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.65 582.47 Td (57,465,882) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 568.37 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 567.47 Td (0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 567.47 Td (0) Tj ET Q BT /F2 10.00 Tf ET BT /F2 5.00 Tf ET q 0 0 0 rg BT 50.00 545.30 Td (_____________________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 533.30 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 533.30 Td (Excludes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.68 533.30 Td (12,202) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.18 533.30 Td ( ) Tj ET Q q 0 0 0 rg BT 141.71 533.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 169.22 533.30 Td (we ) Tj ET Q q 0 0 0 rg BT 183.41 533.30 Td (are ) Tj ET Q q 0 0 0 rg BT 198.14 533.30 Td (deemed ) Tj ET Q q 0 0 0 rg BT 231.76 533.30 Td (to ) Tj ET Q q 0 0 0 rg BT 242.07 533.30 Td (have ) Tj ET Q q 0 0 0 rg BT 263.47 533.30 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 314.30 533.30 Td (in ) Tj ET Q q 0 0 0 rg BT 324.60 533.30 Td (the ) Tj ET Q q 0 0 0 rg BT 339.35 533.30 Td (fourth ) Tj ET Q q 0 0 0 rg BT 366.31 533.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 397.15 533.30 Td (of ) Tj ET Q q 0 0 0 rg BT 408.01 533.30 Td (2013 ) Tj ET Q q 0 0 0 rg BT 430.53 533.30 Td (at ) Tj ET Q q 0 0 0 rg BT 440.28 533.30 Td (an ) Tj ET Q q 0 0 0 rg BT 452.24 533.30 Td (average ) Tj ET Q q 0 0 0 rg BT 485.85 533.30 Td (price ) Tj ET Q q 0 0 0 rg BT 508.36 533.30 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.22 533.30 Td ($50.04) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.72 533.30 Td ( ) Tj ET Q q 0 0 0 rg BT 549.24 533.30 Td (per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 521.30 Td (share, ) Tj ET Q q 0 0 0 rg BT 99.19 521.30 Td (or ) Tj ET Q q 0 0 0 rg BT 110.62 521.30 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 131.21 521.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 165.70 521.30 Td (from ) Tj ET Q q 0 0 0 rg BT 188.23 521.30 Td (employees ) Tj ET Q q 0 0 0 rg BT 234.09 521.30 Td (in ) Tj ET Q q 0 0 0 rg BT 244.96 521.30 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 295.27 521.30 Td (with ) Tj ET Q q 0 0 0 rg BT 316.14 521.30 Td (the ) Tj ET Q q 0 0 0 rg BT 331.46 521.30 Td (payment ) Tj ET Q q 0 0 0 rg BT 368.98 521.30 Td (of ) Tj ET Q q 0 0 0 rg BT 380.41 521.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 395.72 521.30 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 436.03 521.30 Td (in ) Tj ET Q q 0 0 0 rg BT 446.90 521.30 Td (respect ) Tj ET Q q 0 0 0 rg BT 478.31 521.30 Td (of ) Tj ET Q q 0 0 0 rg BT 489.74 521.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 513.94 521.30 Td (delivered ) Tj ET Q q 0 0 0 rg BT 554.24 521.30 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 509.30 Td (employees ) Tj ET Q q 0 0 0 rg BT 117.76 509.30 Td (in ) Tj ET Q q 0 0 0 rg BT 128.04 509.30 Td (settlement ) Tj ET Q q 0 0 0 rg BT 171.64 509.30 Td (of ) Tj ET Q q 0 0 0 rg BT 182.47 509.30 Td (restricted ) Tj ET Q q 0 0 0 rg BT 222.17 509.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 245.78 509.30 Td (units.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 488.30 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 488.30 Td (Shares ) Tj ET Q q 0 0 0 rg BT 100.96 488.30 Td (which ) Tj ET Q q 0 0 0 rg BT 127.21 488.30 Td (may ) Tj ET Q q 0 0 0 rg BT 146.23 488.30 Td (be ) Tj ET Q q 0 0 0 rg BT 157.47 488.30 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 207.58 488.30 Td (under ) Tj ET Q q 0 0 0 rg BT 232.15 488.30 Td (the ) Tj ET Q q 0 0 0 rg BT 246.17 488.30 Td (plan ) Tj ET Q q 0 0 0 rg BT 265.19 488.30 Td (authorized ) Tj ET Q q 0 0 0 rg BT 309.19 488.30 Td (by ) Tj ET Q q 0 0 0 rg BT 321.00 488.30 Td (the ) Tj ET Q q 0 0 0 rg BT 335.02 488.30 Td (Board ) Tj ET Q q 0 0 0 rg BT 361.26 488.30 Td (of ) Tj ET Q q 0 0 0 rg BT 371.39 488.30 Td (Directors ) Tj ET Q q 0 0 0 rg BT 410.40 488.30 Td (on ) Tj ET Q q 0 0 0 rg BT 422.20 488.30 Td (January ) Tj ET Q q 0 0 0 rg BT 455.11 488.30 Td (23, ) Tj ET Q q 0 0 0 rg BT 469.41 488.30 Td (2013 ) Tj ET Q q 0 0 0 rg BT 491.21 488.30 Td (for ) Tj ET Q q 0 0 0 rg BT 504.68 488.30 Td (the ) Tj ET Q q 0 0 0 rg BT 518.70 488.30 Td (repurchase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 476.30 Td (of ) Tj ET Q q 0 0 0 rg BT 82.73 476.30 Td (up ) Tj ET Q q 0 0 0 rg BT 94.64 476.30 Td (to ) Tj ET Q q 0 0 0 rg BT 104.32 476.30 Td ($100,000,000 ) Tj ET Q q 0 0 0 rg BT 161.23 476.30 Td (of ) Tj ET Q q 0 0 0 rg BT 171.46 476.30 Td (our ) Tj ET Q q 0 0 0 rg BT 186.69 476.30 Td (common ) Tj ET Q q 0 0 0 rg BT 223.59 476.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 246.61 476.30 Td (through ) Tj ET Q q 0 0 0 rg BT 279.62 476.30 Td (December ) Tj ET Q q 0 0 0 rg BT 322.61 476.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 337.01 476.30 Td (2013. ) Tj ET Q q 0 0 0 rg BT 361.42 476.30 Td ( ) Tj ET Q q 0 0 0 rg BT 363.32 476.30 Td (Ef) Tj ET Q q 0 0 0 rg BT 372.58 476.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 401.68 476.30 Td (January28, ) Tj ET Q q 0 0 0 rg BT 449.69 476.30 Td (2014, ) Tj ET Q q 0 0 0 rg BT 474.09 476.30 Td (the ) Tj ET Q q 0 0 0 rg BT 488.21 476.30 Td (Board ) Tj ET Q q 0 0 0 rg BT 514.56 476.30 Td (of ) Tj ET Q q 0 0 0 rg BT 524.79 476.30 Td (Directors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 464.30 Td (authorized ) Tj ET Q q 0 0 0 rg BT 116.27 464.30 Td (the ) Tj ET Q q 0 0 0 rg BT 130.06 464.30 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 174.93 464.30 Td (of ) Tj ET Q q 0 0 0 rg BT 184.83 464.30 Td (up ) Tj ET Q q 0 0 0 rg BT 196.40 464.30 Td (to ) Tj ET Q q 0 0 0 rg BT 205.75 464.30 Td ($75,000,000 ) Tj ET Q q 0 0 0 rg BT 257.31 464.30 Td (of ) Tj ET Q q 0 0 0 rg BT 267.21 464.30 Td (our ) Tj ET Q q 0 0 0 rg BT 282.11 464.30 Td (common ) Tj ET Q q 0 0 0 rg BT 318.68 464.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 341.35 464.30 Td (during ) Tj ET Q q 0 0 0 rg BT 369.03 464.30 Td (the ) Tj ET Q q 0 0 0 rg BT 382.82 464.30 Td (period ) Tj ET Q q 0 0 0 rg BT 409.93 464.30 Td (January ) Tj ET Q q 0 0 0 rg BT 442.60 464.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 451.67 464.30 Td (2014 ) Tj ET Q q 0 0 0 rg BT 473.24 464.30 Td (through ) Tj ET Q q 0 0 0 rg BT 505.92 464.30 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 452.30 Td (2014.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 431.30 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 431.30 Td (The ) Tj ET Q q 0 0 0 rg BT 90.34 431.30 Td (value ) Tj ET Q q 0 0 0 rg BT 114.29 431.30 Td (of ) Tj ET Q q 0 0 0 rg BT 124.92 431.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 152.20 431.30 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 202.80 431.30 Td (during ) Tj ET Q q 0 0 0 rg BT 231.21 431.30 Td (the ) Tj ET Q q 0 0 0 rg BT 245.72 431.30 Td (year ) Tj ET Q q 0 0 0 rg BT 265.22 431.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 291.39 431.30 Td (December ) Tj ET Q q 0 0 0 rg BT 334.77 431.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 349.57 431.30 Td (2013 ) Tj ET Q q 0 0 0 rg BT 371.86 431.30 Td (excludes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.14 431.30 Td (226,505) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.64 431.30 Td ( ) Tj ET Q q 0 0 0 rg BT 443.94 431.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 471.22 431.30 Td (we ) Tj ET Q q 0 0 0 rg BT 485.18 431.30 Td (are ) Tj ET Q q 0 0 0 rg BT 499.68 431.30 Td (deemed ) Tj ET Q q 0 0 0 rg BT 533.07 431.30 Td (to ) Tj ET Q q 0 0 0 rg BT 543.14 431.30 Td (have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 419.30 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 123.39 419.30 Td (at ) Tj ET Q q 0 0 0 rg BT 133.19 419.30 Td (an ) Tj ET Q q 0 0 0 rg BT 145.21 419.30 Td (average ) Tj ET Q q 0 0 0 rg BT 178.88 419.30 Td (price ) Tj ET Q q 0 0 0 rg BT 201.45 419.30 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.37 419.30 Td ($56.83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.87 419.30 Td ( ) Tj ET Q q 0 0 0 rg BT 242.45 419.30 Td (per ) Tj ET Q q 0 0 0 rg BT 257.80 419.30 Td (share, ) Tj ET Q q 0 0 0 rg BT 283.99 419.30 Td (or ) Tj ET Q q 0 0 0 rg BT 294.90 419.30 Td ($12.9 ) Tj ET Q q 0 0 0 rg BT 319.99 419.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 353.96 419.30 Td (from ) Tj ET Q q 0 0 0 rg BT 375.99 419.30 Td (employees ) Tj ET Q q 0 0 0 rg BT 421.33 419.30 Td (in ) Tj ET Q q 0 0 0 rg BT 431.70 419.30 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 481.49 419.30 Td (with ) Tj ET Q q 0 0 0 rg BT 501.86 419.30 Td (the ) Tj ET Q q 0 0 0 rg BT 516.66 419.30 Td (payment ) Tj ET Q q 0 0 0 rg BT 553.68 419.30 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 407.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 87.22 407.30 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 126.93 407.30 Td (in ) Tj ET Q q 0 0 0 rg BT 137.21 407.30 Td (respect ) Tj ET Q q 0 0 0 rg BT 168.03 407.30 Td (of ) Tj ET Q q 0 0 0 rg BT 178.86 407.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 202.47 407.30 Td (delivered ) Tj ET Q q 0 0 0 rg BT 242.17 407.30 Td (to ) Tj ET Q q 0 0 0 rg BT 252.45 407.30 Td (employees ) Tj ET Q q 0 0 0 rg BT 297.71 407.30 Td (in ) Tj ET Q q 0 0 0 rg BT 307.99 407.30 Td (settlement ) Tj ET Q q 0 0 0 rg BT 351.59 407.30 Td (of ) Tj ET Q q 0 0 0 rg BT 362.42 407.30 Td (restricted ) Tj ET Q q 0 0 0 rg BT 402.12 407.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 425.73 407.30 Td (units.) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 6.Selected Financial Data) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 731.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 681.95 185.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 681.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 681.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 681.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 681.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 681.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 681.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 681.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 681.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 681.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 652.95 185.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 652.95 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 652.95 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 652.95 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 652.95 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 652.95 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 652.95 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 652.95 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 652.95 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 652.95 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 612.95 185.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 612.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 612.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 612.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 612.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 612.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 612.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 612.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 612.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 612.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 572.95 185.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 572.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 572.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 572.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 572.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 572.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 572.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 572.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 572.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 572.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 542.95 185.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 542.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 542.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 542.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 542.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 542.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 542.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 542.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 542.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 542.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 502.95 185.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 502.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 502.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 502.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 502.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 502.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 502.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 502.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 502.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 502.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 472.95 185.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 472.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 472.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 472.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 472.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 472.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 472.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 472.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 472.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 472.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 443.95 185.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 443.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 443.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 443.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 443.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 443.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 443.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 443.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 443.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 443.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 413.95 185.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 413.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 413.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 413.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 413.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 413.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 413.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 413.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 413.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 413.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 383.95 185.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 383.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 383.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 383.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 383.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 383.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 383.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 383.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 383.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 383.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 355.95 185.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 355.95 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 355.95 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 355.95 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 355.95 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 355.95 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 355.95 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 355.95 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 355.95 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 355.95 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 315.95 185.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 315.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 315.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 315.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 315.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 315.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 315.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 315.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 315.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 315.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 285.95 185.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 285.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 285.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 285.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 285.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 285.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 285.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 285.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 285.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 285.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 255.95 185.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 255.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 255.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 255.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 255.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 255.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 255.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 255.95 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 255.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 255.95 62.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 707.95 m 297.5 707.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 707.95 m 301.5 707.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 707.95 m 363.5 707.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 707.95 m 367.5 707.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 707.95 m 429.5 707.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 707.95 m 433.5 707.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 707.95 m 495.5 707.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 707.95 m 499.5 707.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 707.95 m 561.5 707.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 707.95 m 297.5 707.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 694.95 m 297.5 694.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 707.95 m 363.5 707.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 694.95 m 363.5 694.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 707.95 m 429.5 707.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 694.95 m 429.5 694.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 707.95 m 495.5 707.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 694.95 m 495.5 694.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 707.95 m 561.5 707.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 694.95 m 561.5 694.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 627.95 m 297.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 627.95 m 363.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 627.95 m 429.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 627.95 m 495.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 627.95 m 561.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 557.95 m 297.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 557.95 m 363.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 557.95 m 429.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 557.95 m 495.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 557.95 m 561.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 240.95000000000005 m 297.5 240.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 240.95000000000005 m 363.5 240.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 240.95000000000005 m 429.5 240.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 240.95000000000005 m 495.5 240.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 240.95000000000005 m 561.5 240.95000000000005 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 712.20 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 327.00 712.18 Td (As of or for the Year Ended December31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 699.20 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 258.00 699.18 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 324.00 699.18 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.20 699.18 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.00 699.18 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 522.00 699.18 Td (2009) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 686.20 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 294.20 686.18 Td (\(in millions, except per share and number of employees data\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 672.68 Td (Statement of Income Data:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 658.52 Td (Advisory revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.00 657.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.15 657.62 Td (287.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.00 657.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.75 657.62 Td (291.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.00 657.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 657.62 Td (302.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 657.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.75 657.62 Td (252.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.00 657.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 657.62 Td (216.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 643.52 Td (Investment revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.15 632.62 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.45 632.62 Td (\(6.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.30 632.62 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.80 632.67 Td (\(8.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 632.62 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.80 632.62 Td (26.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 632.62 Td (82.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 618.52 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.15 617.62 Td (287.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.75 617.62 Td (285.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 617.62 Td (294.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.75 617.62 Td (278.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 617.62 Td (298.6) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 71.00 603.51 Td (% change from prior year) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 283.65 602.66 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 288.65 602.66 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 342.95 602.66 Td (\(3) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 351.30 602.66 Td (\)%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 415.65 602.66 Td (6) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 420.65 602.66 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 474.95 602.66 Td (\(7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 483.30 602.66 Td (\)%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 542.65 602.66 Td (35) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 552.65 602.66 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 587.62 Td (Employee compensation and benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 577.62 Td (expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.15 577.62 Td (155.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.75 577.62 Td (151.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 577.62 Td (162.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.75 577.62 Td (159.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 577.62 Td (138.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 563.52 Td (Non-compensation expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.15 562.62 Td (60.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.80 562.62 Td (62.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 562.62 Td (62.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.80 562.62 Td (59.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 562.62 Td (46.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 548.52 Td (Income before taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.15 547.62 Td (71.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.80 547.62 Td (70.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 547.62 Td (68.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.80 547.62 Td (58.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 547.62 Td (113.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 533.52 Td (Provision for taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.15 532.62 Td (24.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.80 532.62 Td (28.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 532.62 Td (24.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.80 532.62 Td (19.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 532.62 Td (42.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 518.52 Td (Net income allocated to common) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 508.52 Td (stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.15 507.62 Td (46.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.80 507.62 Td (42.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 507.62 Td (44.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.80 507.62 Td (39.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 507.62 Td (71.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 493.52 Td (Diluted average shares outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.60 492.62 Td (30,160,669) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.25 492.62 Td (30,561,682) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.60 492.62 Td (31,034,817) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.25 492.62 Td (30,776,034) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.60 492.62 Td (29,753,609) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 478.52 Td (Diluted earnings per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.15 477.62 Td (1.55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.80 477.62 Td (1.38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 477.62 Td (1.44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.80 477.62 Td (1.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 477.62 Td (2.39) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 463.68 Td (Balance Sheet Data:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 449.52 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.00 448.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.15 448.62 Td (353.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.00 448.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.75 448.62 Td (387.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.00 448.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 448.62 Td (460.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 448.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.75 448.62 Td (508.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.00 448.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 448.62 Td (328.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 434.52 Td (Total liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.15 433.62 Td (75.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.80 433.62 Td (83.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 433.62 Td (113.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.75 433.62 Td (135.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 433.62 Td (94.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 419.52 Td (Stockholders equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.15 418.62 Td (276.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.75 418.62 Td (302.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 418.62 Td (346.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.75 418.62 Td (370.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 418.62 Td (232.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 404.52 Td (Noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.15 403.62 Td (1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.80 403.62 Td (1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 403.62 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 403.62 Td (2.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 403.62 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 389.52 Td (Total equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.15 388.62 Td (277.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.75 388.62 Td (303.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 388.62 Td (347.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.75 388.62 Td (372.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 388.62 Td (233.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 374.52 Td (Dividends declared per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.15 373.62 Td (1.80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.80 373.62 Td (1.80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 373.62 Td (1.80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.80 373.62 Td (1.80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 373.62 Td (1.80) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 359.68 Td (Selected Data and Ratios \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 346.52 Td (Income before taxes as a percentage of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 336.52 Td (revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.65 335.62 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.65 335.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 335.62 Td (25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 335.62 Td (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 335.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 335.62 Td (21%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 335.62 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 335.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 320.62 Td (Revenues per employee ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 161.02 325.15 Td (\(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.00 320.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 320.62 Td (893) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.00 320.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.30 320.62 Td (891) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.00 320.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 320.62 Td (920) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 320.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 320.62 Td (908) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.00 320.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 320.62 Td (1,140) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 305.62 Td (Employees at year) Tj ET Q q 0 0 0 rg BT 136.66 305.62 Td (-end ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 156.93 310.15 Td (\(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 291.52 Td (Americas) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 290.62 Td (176) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.30 290.62 Td (179) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 290.62 Td (174) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 290.62 Td (180) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.65 290.62 Td (187) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 276.52 Td (Europe) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.65 275.62 Td (86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.30 275.62 Td (90) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 275.62 Td (81) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.30 275.62 Td (85) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 275.62 Td (93) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 261.52 Td (Asia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.65 260.62 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.30 260.62 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 260.62 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.30 260.62 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 260.62 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 246.52 Td (Australia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.65 245.62 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.30 245.62 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 245.62 Td (47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.30 245.62 Td (45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 245.62 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 231.52 Td (Total employees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 230.62 Td (319) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.30 230.62 Td (324) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 230.62 Td (316) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 230.62 Td (323) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.65 230.62 Td (290) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 203.95000000000005 m 561.5 203.95000000000005 l s BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.45 Td (\(a\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 179.45 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 179.45 Td (otal ) Tj ET Q q 0 0 0 rg BT 95.41 179.45 Td (revenues ) Tj ET Q q 0 0 0 rg BT 133.44 179.45 Td (divided ) Tj ET Q q 0 0 0 rg BT 165.94 179.45 Td (by ) Tj ET Q q 0 0 0 rg BT 178.44 179.45 Td (average ) Tj ET Q q 0 0 0 rg BT 212.02 179.45 Td (number ) Tj ET Q q 0 0 0 rg BT 245.07 179.45 Td (of ) Tj ET Q q 0 0 0 rg BT 255.90 179.45 Td (employees ) Tj ET Q q 0 0 0 rg BT 301.16 179.45 Td (\(including ) Tj ET Q q 0 0 0 rg BT 344.77 179.45 Td (managing ) Tj ET Q q 0 0 0 rg BT 386.70 179.45 Td (directors ) Tj ET Q q 0 0 0 rg BT 424.18 179.45 Td (and ) Tj ET Q q 0 0 0 rg BT 441.12 179.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 468.06 179.45 Td (advisors\) ) Tj ET Q q 0 0 0 rg BT 507.22 179.45 Td (in ) Tj ET Q q 0 0 0 rg BT 517.50 179.45 Td (each ) Tj ET Q q 0 0 0 rg BT 538.32 179.45 Td (year) Tj ET Q q 0 0 0 rg BT 554.97 179.45 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 158.45 Td (\(b\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 158.45 Td (Includes ) Tj ET Q q 0 0 0 rg BT 108.88 158.45 Td (our ) Tj ET Q q 0 0 0 rg BT 124.71 158.45 Td (managing ) Tj ET Q q 0 0 0 rg BT 166.64 158.45 Td (directors ) Tj ET Q q 0 0 0 rg BT 204.13 158.45 Td (and ) Tj ET Q q 0 0 0 rg BT 221.06 158.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 248.00 158.45 Td (advisors.) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item7.Management) Tj ET Q q 0 0 0 rg BT 144.05 742.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 216.03 742.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Overview) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 697.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 103.55 697.25 Td (is ) Tj ET Q q 0 0 0 rg BT 114.00 697.25 Td (a ) Tj ET Q q 0 0 0 rg BT 122.22 697.25 Td (leading ) Tj ET Q q 0 0 0 rg BT 155.43 697.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 208.09 697.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 255.75 697.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 278.97 697.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 313.85 697.25 Td (on ) Tj ET Q q 0 0 0 rg BT 327.63 697.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 370.30 697.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 409.06 697.25 Td (advice ) Tj ET Q q 0 0 0 rg BT 438.94 697.25 Td (related ) Tj ET Q q 0 0 0 rg BT 469.92 697.25 Td (to ) Tj ET Q q 0 0 0 rg BT 481.48 697.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 527.48 697.25 Td (mer) Tj ET Q q 0 0 0 rg BT 542.84 697.25 Td (gers, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 104.69 685.25 Td (restructurings, ) Tj ET Q q 0 0 0 rg BT 166.58 685.25 Td (financings ) Tj ET Q q 0 0 0 rg BT 212.65 685.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.50 685.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 262.56 685.25 Td (raisings ) Tj ET Q q 0 0 0 rg BT 298.08 685.25 Td (to ) Tj ET Q q 0 0 0 rg BT 310.27 685.25 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 367.17 685.25 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 422.96 685.25 Td (institutions ) Tj ET Q q 0 0 0 rg BT 471.83 685.25 Td (and ) Tj ET Q q 0 0 0 rg BT 490.68 685.25 Td (governments. ) Tj ET Q q 0 0 0 rg BT 548.93 685.25 Td (W) Tj ET Q q 0 0 0 rg BT 557.56 685.25 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 88.58 673.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 116.61 673.25 Td (throughout ) Tj ET Q q 0 0 0 rg BT 162.43 673.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.58 673.25 Td (world ) Tj ET Q q 0 0 0 rg BT 201.85 673.25 Td (and ) Tj ET Q q 0 0 0 rg BT 218.22 673.25 Td (have ) Tj ET Q q 0 0 0 rg BT 239.03 673.25 Td (of) Tj ET Q q 0 0 0 rg BT 247.18 673.25 Td (fices ) Tj ET Q q 0 0 0 rg BT 267.99 673.25 Td (in ) Tj ET Q q 0 0 0 rg BT 277.70 673.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.85 673.25 Td (United ) Tj ET Q q 0 0 0 rg BT 321.00 673.25 Td (States, ) Tj ET Q q 0 0 0 rg BT 349.31 673.25 Td (United ) Tj ET Q q 0 0 0 rg BT 378.46 673.25 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 420.67 673.25 Td (Germany) Tj ET Q q 0 0 0 rg BT 457.23 673.25 Td (, ) Tj ET Q q 0 0 0 rg BT 461.67 673.25 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 496.08 673.25 Td (Japan, ) Tj ET Q q 0 0 0 rg BT 522.86 673.25 Td (Australia, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (Sweden ) Tj ET Q q 0 0 0 rg BT 84.16 661.25 Td (and ) Tj ET Q q 0 0 0 rg BT 101.10 661.25 Td (Brazil.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 640.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 78.84 640.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 115.67 640.25 Td (are ) Tj ET Q q 0 0 0 rg BT 129.16 640.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 173.77 640.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 205.05 640.25 Td (from ) Tj ET Q q 0 0 0 rg BT 225.77 640.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 261.50 640.25 Td (services ) Tj ET Q q 0 0 0 rg BT 295.00 640.25 Td (on ) Tj ET Q q 0 0 0 rg BT 306.29 640.25 Td (mer) Tj ET Q q 0 0 0 rg BT 321.65 640.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 339.60 640.25 Td (and ) Tj ET Q q 0 0 0 rg BT 355.33 640.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 404.39 640.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 417.34 640.25 Td (M&A\), ) Tj ET Q q 0 0 0 rg BT 448.35 640.25 Td (financings ) Tj ET Q q 0 0 0 rg BT 491.30 640.25 Td (and ) Tj ET Q q 0 0 0 rg BT 507.02 640.25 Td (restructurings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.49 628.25 Td (are ) Tj ET Q q 0 0 0 rg BT 82.74 628.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 123.01 628.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 151.60 628.25 Td (by ) Tj ET Q q 0 0 0 rg BT 164.65 628.25 Td (total ) Tj ET Q q 0 0 0 rg BT 185.47 628.25 Td (deal ) Tj ET Q q 0 0 0 rg BT 205.18 628.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 238.22 628.25 Td (and ) Tj ET Q q 0 0 0 rg BT 255.71 628.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.98 628.25 Td (size ) Tj ET Q q 0 0 0 rg BT 289.57 628.25 Td (of ) Tj ET Q q 0 0 0 rg BT 300.95 628.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 344.55 628.25 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 397.19 628.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 447.10 628.25 Td (, ) Tj ET Q q 0 0 0 rg BT 452.65 628.25 Td (our ) Tj ET Q q 0 0 0 rg BT 469.02 628.25 Td (private ) Tj ET Q q 0 0 0 rg BT 499.84 628.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 529.54 628.25 Td (and ) Tj ET Q q 0 0 0 rg BT 547.02 628.25 Td (real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 76.22 616.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 106.32 616.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 144.21 616.25 Td (group ) Tj ET Q q 0 0 0 rg BT 171.00 616.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 208.89 616.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 230.67 616.25 Td (placement ) Tj ET Q q 0 0 0 rg BT 275.22 616.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.11 616.25 Td (other ) Tj ET Q q 0 0 0 rg BT 317.11 616.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 347.21 616.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 377.88 616.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 415.77 616.25 Td (services, ) Tj ET Q q 0 0 0 rg BT 453.94 616.25 Td (where ) Tj ET Q q 0 0 0 rg BT 481.82 616.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 520.81 616.25 Td (are ) Tj ET Q q 0 0 0 rg BT 536.47 616.25 Td (driven ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.71 604.25 Td (by ) Tj ET Q q 0 0 0 rg BT 102.21 604.25 Td (the ) Tj ET Q q 0 0 0 rg BT 116.93 604.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 149.42 604.25 Td (of ) Tj ET Q q 0 0 0 rg BT 160.25 604.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 189.40 604.25 Td (raised.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 583.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 102.42 583.25 Td (was ) Tj ET Q q 0 0 0 rg BT 120.62 583.25 Td (established ) Tj ET Q q 0 0 0 rg BT 167.71 583.25 Td (in ) Tj ET Q q 0 0 0 rg BT 178.14 583.25 Td (1996 ) Tj ET Q q 0 0 0 rg BT 200.80 583.25 Td (by ) Tj ET Q q 0 0 0 rg BT 213.45 583.25 Td (Robert ) Tj ET Q q 0 0 0 rg BT 243.32 583.25 Td (F) Tj ET Q q 0 0 0 rg BT 248.08 583.25 Td (. ) Tj ET Q q 0 0 0 rg BT 253.24 583.25 Td (Greenhill, ) Tj ET Q q 0 0 0 rg BT 296.15 583.25 Td (the ) Tj ET Q q 0 0 0 rg BT 311.02 583.25 Td (former ) Tj ET Q q 0 0 0 rg BT 340.88 583.25 Td (President ) Tj ET Q q 0 0 0 rg BT 380.75 583.25 Td (of ) Tj ET Q q 0 0 0 rg BT 391.74 583.25 Td (Mor) Tj ET Q q 0 0 0 rg BT 408.78 583.25 Td (gan ) Tj ET Q q 0 0 0 rg BT 425.87 583.25 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 458.52 583.25 Td (and ) Tj ET Q q 0 0 0 rg BT 475.61 583.25 Td (former ) Tj ET Q q 0 0 0 rg BT 505.47 583.25 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 547.56 583.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 571.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 75.32 571.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 118.41 571.25 Td (Of) Tj ET Q q 0 0 0 rg BT 128.78 571.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 150.20 571.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.64 571.25 Td (Smith ) Tj ET Q q 0 0 0 rg BT 188.64 571.25 Td (Barney) Tj ET Q q 0 0 0 rg BT 216.87 571.25 Td (. ) Tj ET Q q 0 0 0 rg BT 222.47 571.25 Td (Since ) Tj ET Q q 0 0 0 rg BT 247.79 571.25 Td (our ) Tj ET Q q 0 0 0 rg BT 264.23 571.25 Td (founding, ) Tj ET Q q 0 0 0 rg BT 305.94 571.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 346.81 571.25 Td (has ) Tj ET Q q 0 0 0 rg BT 363.25 571.25 Td (grown ) Tj ET Q q 0 0 0 rg BT 391.90 571.25 Td (steadily) Tj ET Q q 0 0 0 rg BT 422.36 571.25 Td (, ) Tj ET Q q 0 0 0 rg BT 427.96 571.25 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 469.94 571.25 Td (a ) Tj ET Q q 0 0 0 rg BT 477.49 571.25 Td (number ) Tj ET Q q 0 0 0 rg BT 511.14 571.25 Td (of ) Tj ET Q q 0 0 0 rg BT 522.57 571.25 Td (managing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 86.65 559.25 Td (from ) Tj ET Q q 0 0 0 rg BT 107.75 559.25 Td (major ) Tj ET Q q 0 0 0 rg BT 132.73 559.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 178.28 559.25 Td (banks ) Tj ET Q q 0 0 0 rg BT 203.27 559.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 216.59 559.25 Td (well ) Tj ET Q q 0 0 0 rg BT 235.47 559.25 Td (as ) Tj ET Q q 0 0 0 rg BT 245.46 559.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 271.56 559.25 Td (professionals ) Tj ET Q q 0 0 0 rg BT 325.99 559.25 Td (from ) Tj ET Q q 0 0 0 rg BT 347.09 559.25 Td (other ) Tj ET Q q 0 0 0 rg BT 369.30 559.25 Td (institutions\), ) Tj ET Q q 0 0 0 rg BT 421.24 559.25 Td (with ) Tj ET Q q 0 0 0 rg BT 440.68 559.25 Td (a ) Tj ET Q q 0 0 0 rg BT 446.78 559.25 Td (range ) Tj ET Q q 0 0 0 rg BT 470.65 559.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.65 559.25 Td (geographic, ) Tj ET Q q 0 0 0 rg BT 529.23 559.25 Td (industry ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.31 547.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 114.05 547.25 Td (specialties ) Tj ET Q q 0 0 0 rg BT 158.57 547.25 Td (as ) Tj ET Q q 0 0 0 rg BT 169.78 547.25 Td (well ) Tj ET Q q 0 0 0 rg BT 189.86 547.25 Td (as ) Tj ET Q q 0 0 0 rg BT 201.06 547.25 Td (dif) Tj ET Q q 0 0 0 rg BT 211.99 547.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 238.18 547.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 256.05 547.25 Td (of ) Tj ET Q q 0 0 0 rg BT 267.25 547.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 307.88 547.25 Td (and ) Tj ET Q q 0 0 0 rg BT 325.19 547.25 Td (other ) Tj ET Q q 0 0 0 rg BT 348.60 547.25 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 404.44 547.25 Td (As ) Tj ET Q q 0 0 0 rg BT 418.43 547.25 Td (part ) Tj ET Q q 0 0 0 rg BT 436.85 547.25 Td (of ) Tj ET Q q 0 0 0 rg BT 448.05 547.25 Td (this ) Tj ET Q q 0 0 0 rg BT 465.37 547.25 Td (expansion, ) Tj ET Q q 0 0 0 rg BT 511.29 547.25 Td (we ) Tj ET Q q 0 0 0 rg BT 525.82 547.25 Td (opened ) Tj ET Q q 0 0 0 rg BT 557.56 547.25 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (London ) Tj ET Q q 0 0 0 rg BT 83.61 535.25 Td (of) Tj ET Q q 0 0 0 rg BT 91.76 535.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 109.25 535.25 Td (in ) Tj ET Q q 0 0 0 rg BT 119.53 535.25 Td (1998, ) Tj ET Q q 0 0 0 rg BT 144.53 535.25 Td (opened ) Tj ET Q q 0 0 0 rg BT 175.91 535.25 Td (a ) Tj ET Q q 0 0 0 rg BT 182.85 535.25 Td (Frankfurt ) Tj ET Q q 0 0 0 rg BT 223.12 535.25 Td (of) Tj ET Q q 0 0 0 rg BT 231.27 535.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 248.75 535.25 Td (in ) Tj ET Q q 0 0 0 rg BT 259.03 535.25 Td (2000 ) Tj ET Q q 0 0 0 rg BT 281.53 535.25 Td (and ) Tj ET Q q 0 0 0 rg BT 298.47 535.25 Td (began ) Tj ET Q q 0 0 0 rg BT 324.85 535.25 Td (of) Tj ET Q q 0 0 0 rg BT 333.00 535.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 359.38 535.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 396.86 535.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 450.46 535.25 Td (advice ) Tj ET Q q 0 0 0 rg BT 479.05 535.25 Td (in ) Tj ET Q q 0 0 0 rg BT 489.33 535.25 Td (2001. ) Tj ET Q q 0 0 0 rg BT 514.33 535.25 Td (On ) Tj ET Q q 0 0 0 rg BT 529.06 535.25 Td (May1) Tj ET Q q 0 0 0 rg BT 554.52 535.25 Td (1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (2004, ) Tj ET Q q 0 0 0 rg BT 75.40 523.25 Td (we ) Tj ET Q q 0 0 0 rg BT 89.96 523.25 Td (converted ) Tj ET Q q 0 0 0 rg BT 132.29 523.25 Td (from ) Tj ET Q q 0 0 0 rg BT 154.62 523.25 Td (a ) Tj ET Q q 0 0 0 rg BT 161.96 523.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 193.19 523.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 227.20 523.25 Td (company ) Tj ET Q q 0 0 0 rg BT 266.76 523.25 Td (to ) Tj ET Q q 0 0 0 rg BT 277.44 523.25 Td (a ) Tj ET Q q 0 0 0 rg BT 284.78 523.25 Td (corporation, ) Tj ET Q q 0 0 0 rg BT 336.27 523.25 Td (and ) Tj ET Q q 0 0 0 rg BT 353.61 523.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 398.16 523.25 Td (an ) Tj ET Q q 0 0 0 rg BT 410.50 523.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 436.73 523.25 Td (public ) Tj ET Q q 0 0 0 rg BT 464.62 523.25 Td (of) Tj ET Q q 0 0 0 rg BT 472.77 523.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 499.55 523.25 Td (of ) Tj ET Q q 0 0 0 rg BT 510.78 523.25 Td (our ) Tj ET Q q 0 0 0 rg BT 527.01 523.25 Td (common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 75.95 511.25 Td (W) Tj ET Q q 0 0 0 rg BT 84.59 511.25 Td (e ) Tj ET Q q 0 0 0 rg BT 91.55 511.25 Td (opened ) Tj ET Q q 0 0 0 rg BT 122.95 511.25 Td (our ) Tj ET Q q 0 0 0 rg BT 138.80 511.25 Td (second ) Tj ET Q q 0 0 0 rg BT 169.09 511.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 189.40 511.25 Td (of) Tj ET Q q 0 0 0 rg BT 197.55 511.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 215.06 511.25 Td (in ) Tj ET Q q 0 0 0 rg BT 225.36 511.25 Td (2005, ) Tj ET Q q 0 0 0 rg BT 250.38 511.25 Td (and ) Tj ET Q q 0 0 0 rg BT 267.35 511.25 Td (we ) Tj ET Q q 0 0 0 rg BT 281.53 511.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 320.15 511.25 Td (have ) Tj ET Q q 0 0 0 rg BT 341.55 511.25 Td (five ) Tj ET Q q 0 0 0 rg BT 359.62 511.25 Td (of) Tj ET Q q 0 0 0 rg BT 367.77 511.25 Td (fices ) Tj ET Q q 0 0 0 rg BT 389.17 511.25 Td (in ) Tj ET Q q 0 0 0 rg BT 399.47 511.25 Td (the ) Tj ET Q q 0 0 0 rg BT 414.21 511.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 434.33 511.25 Td (W) Tj ET Q q 0 0 0 rg BT 442.97 511.25 Td (e ) Tj ET Q q 0 0 0 rg BT 449.93 511.25 Td (opened ) Tj ET Q q 0 0 0 rg BT 481.33 511.25 Td (a ) Tj ET Q q 0 0 0 rg BT 488.30 511.25 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 528.58 511.25 Td (of) Tj ET Q q 0 0 0 rg BT 536.73 511.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 554.24 511.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (2006. ) Tj ET Q q 0 0 0 rg BT 74.30 499.25 Td (In ) Tj ET Q q 0 0 0 rg BT 84.42 499.25 Td (2008, ) Tj ET Q q 0 0 0 rg BT 108.72 499.25 Td (we ) Tj ET Q q 0 0 0 rg BT 122.17 499.25 Td (opened ) Tj ET Q q 0 0 0 rg BT 152.85 499.25 Td (an ) Tj ET Q q 0 0 0 rg BT 164.08 499.25 Td (of) Tj ET Q q 0 0 0 rg BT 172.23 499.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 189.01 499.25 Td (in ) Tj ET Q q 0 0 0 rg BT 198.46 499.25 Td (T) Tj ET Q q 0 0 0 rg BT 203.87 499.25 Td (okyo. ) Tj ET Q q 0 0 0 rg BT 227.77 499.25 Td (Also ) Tj ET Q q 0 0 0 rg BT 248.45 499.25 Td (in ) Tj ET Q q 0 0 0 rg BT 258.03 499.25 Td (2008, ) Tj ET Q q 0 0 0 rg BT 282.32 499.25 Td (we ) Tj ET Q q 0 0 0 rg BT 295.78 499.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 327.00 499.25 Td (the ) Tj ET Q q 0 0 0 rg BT 341.01 499.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 369.46 499.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 405.69 499.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 443.88 499.25 Td (which ) Tj ET Q q 0 0 0 rg BT 470.11 499.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 506.35 499.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 534.79 499.25 Td (raising ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (advice ) Tj ET Q q 0 0 0 rg BT 79.13 487.25 Td (and ) Tj ET Q q 0 0 0 rg BT 96.59 487.25 Td (related ) Tj ET Q q 0 0 0 rg BT 126.83 487.25 Td (services ) Tj ET Q q 0 0 0 rg BT 162.07 487.25 Td (to ) Tj ET Q q 0 0 0 rg BT 172.88 487.25 Td (private ) Tj ET Q q 0 0 0 rg BT 203.67 487.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 231.70 487.25 Td (and ) Tj ET Q q 0 0 0 rg BT 249.17 487.25 Td (real ) Tj ET Q q 0 0 0 rg BT 267.18 487.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 292.98 487.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 318.23 487.25 Td (and ) Tj ET Q q 0 0 0 rg BT 335.70 487.25 Td (sponsors. ) Tj ET Q q 0 0 0 rg BT 376.24 487.25 Td ( ) Tj ET Q q 0 0 0 rg BT 379.27 487.25 Td (In ) Tj ET Q q 0 0 0 rg BT 390.63 487.25 Td (2010, ) Tj ET Q q 0 0 0 rg BT 416.16 487.25 Td (we ) Tj ET Q q 0 0 0 rg BT 430.85 487.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 468.31 487.25 Td (the ) Tj ET Q q 0 0 0 rg BT 482.89 487.25 Td (Australian ) Tj ET Q q 0 0 0 rg BT 527.57 487.25 Td (advisory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 475.25 Td (firm, ) Tj ET Q q 0 0 0 rg BT 72.26 475.25 Td (Caliburn, ) Tj ET Q q 0 0 0 rg BT 112.29 475.25 Td (which ) Tj ET Q q 0 0 0 rg BT 139.27 475.25 Td (has ) Tj ET Q q 0 0 0 rg BT 155.15 475.25 Td (two ) Tj ET Q q 0 0 0 rg BT 172.13 475.25 Td (Australian ) Tj ET Q q 0 0 0 rg BT 216.32 475.25 Td (of) Tj ET Q q 0 0 0 rg BT 224.47 475.25 Td (fices. ) Tj ET Q q 0 0 0 rg BT 248.39 475.25 Td (In ) Tj ET Q q 0 0 0 rg BT 259.26 475.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 284.30 475.25 Td (we ) Tj ET Q q 0 0 0 rg BT 298.51 475.25 Td (opened ) Tj ET Q q 0 0 0 rg BT 329.92 475.25 Td (our ) Tj ET Q q 0 0 0 rg BT 345.80 475.25 Td (Stockholm ) Tj ET Q q 0 0 0 rg BT 391.67 475.25 Td (of) Tj ET Q q 0 0 0 rg BT 399.82 475.25 Td (fice, ) Tj ET Q q 0 0 0 rg BT 419.85 475.25 Td (and ) Tj ET Q q 0 0 0 rg BT 436.83 475.25 Td (in ) Tj ET Q q 0 0 0 rg BT 447.15 475.25 Td (October ) Tj ET Q q 0 0 0 rg BT 481.90 475.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 506.94 475.25 Td (we ) Tj ET Q q 0 0 0 rg BT 521.14 475.25 Td (opened ) Tj ET Q q 0 0 0 rg BT 552.56 475.25 Td (an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 463.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 463.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 75.63 463.25 Td (in ) Tj ET Q q 0 0 0 rg BT 85.91 463.25 Td (So ) Tj ET Q q 0 0 0 rg BT 103.41 463.25 Td (Paulo, ) Tj ET Q q 0 0 0 rg BT 131.19 463.25 Td (Brazil.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 442.25 Td (Over ) Tj ET Q q 0 0 0 rg BT 85.16 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.55 442.25 Td (past ) Tj ET Q q 0 0 0 rg BT 119.84 442.25 Td (five ) Tj ET Q q 0 0 0 rg BT 138.56 442.25 Td (years, ) Tj ET Q q 0 0 0 rg BT 165.33 442.25 Td (we ) Tj ET Q q 0 0 0 rg BT 180.16 442.25 Td (have ) Tj ET Q q 0 0 0 rg BT 202.21 442.25 Td (recruited ) Tj ET Q q 0 0 0 rg BT 240.92 442.25 Td (new ) Tj ET Q q 0 0 0 rg BT 260.75 442.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 303.36 442.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 341.52 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 359.13 442.25 Td (made ) Tj ET Q q 0 0 0 rg BT 383.96 442.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 417.68 442.25 Td (promotions ) Tj ET Q q 0 0 0 rg BT 466.41 442.25 Td (to ) Tj ET Q q 0 0 0 rg BT 477.36 442.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 519.97 442.25 Td (director ) Tj ET Q q 0 0 0 rg BT 554.24 442.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 86.25 430.25 Td (our ) Tj ET Q q 0 0 0 rg BT 103.07 430.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 139.35 430.25 Td (sector ) Tj ET Q q 0 0 0 rg BT 166.72 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 184.65 430.25 Td (geographic ) Tj ET Q q 0 0 0 rg BT 232.57 430.25 Td (coverage. ) Tj ET Q q 0 0 0 rg BT 274.65 430.25 Td (Since ) Tj ET Q q 0 0 0 rg BT 300.36 430.25 Td (January1, ) Tj ET Q q 0 0 0 rg BT 344.96 430.25 Td (2009, ) Tj ET Q q 0 0 0 rg BT 370.95 430.25 Td (we ) Tj ET Q q 0 0 0 rg BT 386.11 430.25 Td (have ) Tj ET Q q 0 0 0 rg BT 408.48 430.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 449.73 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.44 430.25 Td (number ) Tj ET Q q 0 0 0 rg BT 499.48 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 511.31 430.25 Td (client ) Tj ET Q q 0 0 0 rg BT 537.01 430.25 Td (facing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 91.14 418.25 Td (directors, ) Tj ET Q q 0 0 0 rg BT 130.33 418.25 Td (mostly ) Tj ET Q q 0 0 0 rg BT 159.27 418.25 Td (through ) Tj ET Q q 0 0 0 rg BT 192.09 418.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 222.68 418.25 Td (hires, ) Tj ET Q q 0 0 0 rg BT 246.33 418.25 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 260.54 418.25 Td (times ) Tj ET Q q 0 0 0 rg BT 283.91 418.25 Td (from ) Tj ET Q q 0 0 0 rg BT 305.05 418.25 Td (47 ) Tj ET Q q 0 0 0 rg BT 316.76 418.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.25 418.25 Td (69) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.25 418.25 Td ( ) Tj ET Q q 0 0 0 rg BT 337.96 418.25 Td (as ) Tj ET Q q 0 0 0 rg BT 348.00 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 358.03 418.25 Td (January1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.84 418.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.84 418.25 Td (. ) Tj ET Q q 0 0 0 rg BT 424.92 418.25 Td (W) Tj ET Q q 0 0 0 rg BT 433.56 418.25 Td (e ) Tj ET Q q 0 0 0 rg BT 439.71 418.25 Td (have ) Tj ET Q q 0 0 0 rg BT 460.29 418.25 Td (added ) Tj ET Q q 0 0 0 rg BT 485.88 418.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 527.02 418.25 Td (directors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (with ) Tj ET Q q 0 0 0 rg BT 72.54 406.25 Td (sector ) Tj ET Q q 0 0 0 rg BT 101.18 406.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 149.25 406.25 Td (in ) Tj ET Q q 0 0 0 rg BT 161.79 406.25 Td (Consumer ) Tj ET Q q 0 0 0 rg BT 207.67 406.25 Td (Goods, ) Tj ET Q q 0 0 0 rg BT 241.04 406.25 Td (Ener) Tj ET Q q 0 0 0 rg BT 259.74 406.25 Td (gy) Tj ET Q q 0 0 0 rg BT 269.09 406.25 Td (, ) Tj ET Q q 0 0 0 rg BT 276.36 406.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 318.33 406.25 Td (Services, ) Tj ET Q q 0 0 0 rg BT 359.47 406.25 Td (Gaming ) Tj ET Q q 0 0 0 rg BT 396.46 406.25 Td (and ) Tj ET Q q 0 0 0 rg BT 415.66 406.25 Td (Hospitality) Tj ET Q q 0 0 0 rg BT 459.45 406.25 Td (, ) Tj ET Q q 0 0 0 rg BT 466.72 406.25 Td (Healthcare, ) Tj ET Q q 0 0 0 rg BT 517.28 406.25 Td (Industrials, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (Pharmaceuticals, ) Tj ET Q q 0 0 0 rg BT 122.05 394.25 Td (and ) Tj ET Q q 0 0 0 rg BT 140.22 394.25 Td (T) Tj ET Q q 0 0 0 rg BT 145.63 394.25 Td (elecommunications ) Tj ET Q q 0 0 0 rg BT 227.41 394.25 Td (as ) Tj ET Q q 0 0 0 rg BT 239.76 394.25 Td (well ) Tj ET Q q 0 0 0 rg BT 261.00 394.25 Td (as ) Tj ET Q q 0 0 0 rg BT 273.36 394.25 Td (a ) Tj ET Q q 0 0 0 rg BT 281.82 394.25 Td (team ) Tj ET Q q 0 0 0 rg BT 305.28 394.25 Td (of ) Tj ET Q q 0 0 0 rg BT 317.63 394.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 361.09 394.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 400.10 394.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 435.22 394.25 Td (on ) Tj ET Q q 0 0 0 rg BT 449.24 394.25 Td (real ) Tj ET Q q 0 0 0 rg BT 468.25 394.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 495.04 394.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 525.71 394.25 Td (advisory) Tj ET Q q 0 0 0 rg BT 559.50 394.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 382.25 Td (, ) Tj ET Q q 0 0 0 rg BT 104.58 382.25 Td (over ) Tj ET Q q 0 0 0 rg BT 124.52 382.25 Td (the ) Tj ET Q q 0 0 0 rg BT 138.91 382.25 Td (past ) Tj ET Q q 0 0 0 rg BT 157.20 382.25 Td (five ) Tj ET Q q 0 0 0 rg BT 174.92 382.25 Td (years ) Tj ET Q q 0 0 0 rg BT 198.19 382.25 Td (we ) Tj ET Q q 0 0 0 rg BT 212.03 382.25 Td (have ) Tj ET Q q 0 0 0 rg BT 233.08 382.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 285.25 382.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 325.18 382.25 Td (our ) Tj ET Q q 0 0 0 rg BT 340.68 382.25 Td (geographic ) Tj ET Q q 0 0 0 rg BT 387.28 382.25 Td (reach ) Tj ET Q q 0 0 0 rg BT 411.10 382.25 Td (by ) Tj ET Q q 0 0 0 rg BT 423.28 382.25 Td (adding ) Tj ET Q q 0 0 0 rg BT 452.67 382.25 Td (of) Tj ET Q q 0 0 0 rg BT 460.82 382.25 Td (fices ) Tj ET Q q 0 0 0 rg BT 481.87 382.25 Td (in ) Tj ET Q q 0 0 0 rg BT 491.82 382.25 Td (the ) Tj ET Q q 0 0 0 rg BT 506.22 382.25 Td (United ) Tj ET Q q 0 0 0 rg BT 535.61 382.25 Td (States, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 91.14 370.25 Td (Sweden ) Tj ET Q q 0 0 0 rg BT 124.78 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 141.20 370.25 Td (Brazil. ) Tj ET Q q 0 0 0 rg BT 169.68 370.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 209.44 370.25 Td (we ) Tj ET Q q 0 0 0 rg BT 223.08 370.25 Td (recruited ) Tj ET Q q 0 0 0 rg BT 260.59 370.25 Td (fewer ) Tj ET Q q 0 0 0 rg BT 285.33 370.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 326.75 370.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 363.71 370.25 Td (over ) Tj ET Q q 0 0 0 rg BT 383.46 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 397.66 370.25 Td (past ) Tj ET Q q 0 0 0 rg BT 415.75 370.25 Td (three ) Tj ET Q q 0 0 0 rg BT 437.72 370.25 Td (years ) Tj ET Q q 0 0 0 rg BT 460.80 370.25 Td (as ) Tj ET Q q 0 0 0 rg BT 471.11 370.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 512.51 370.25 Td (to ) Tj ET Q q 0 0 0 rg BT 522.27 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.47 370.25 Td (period ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (from ) Tj ET Q q 0 0 0 rg BT 71.56 358.25 Td (2008 ) Tj ET Q q 0 0 0 rg BT 93.69 358.25 Td (through ) Tj ET Q q 0 0 0 rg BT 126.92 358.25 Td (2010, ) Tj ET Q q 0 0 0 rg BT 151.55 358.25 Td (we ) Tj ET Q q 0 0 0 rg BT 165.33 358.25 Td (intend ) Tj ET Q q 0 0 0 rg BT 192.46 358.25 Td (to ) Tj ET Q q 0 0 0 rg BT 202.36 358.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 238.92 358.25 Td (our ) Tj ET Q q 0 0 0 rg BT 254.37 358.25 Td (ef) Tj ET Q q 0 0 0 rg BT 261.96 358.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 282.42 358.25 Td (to ) Tj ET Q q 0 0 0 rg BT 292.32 358.25 Td (recruit ) Tj ET Q q 0 0 0 rg BT 320.54 358.25 Td (new ) Tj ET Q q 0 0 0 rg BT 339.33 358.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 380.88 358.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 418.00 358.25 Td (with ) Tj ET Q q 0 0 0 rg BT 437.90 358.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 472.80 358.25 Td (sector ) Tj ET Q q 0 0 0 rg BT 498.81 358.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 544.23 358.25 Td (both ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.50 346.25 Td (expand ) Tj ET Q q 0 0 0 rg BT 92.10 346.25 Td (globally ) Tj ET Q q 0 0 0 rg BT 127.60 346.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.54 346.25 Td (depth ) Tj ET Q q 0 0 0 rg BT 167.49 346.25 Td (of ) Tj ET Q q 0 0 0 rg BT 178.54 346.25 Td (our ) Tj ET Q q 0 0 0 rg BT 194.59 346.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 230.10 346.25 Td (teams ) Tj ET Q q 0 0 0 rg BT 256.15 346.25 Td (and ) Tj ET Q q 0 0 0 rg BT 273.31 346.25 Td (to ) Tj ET Q q 0 0 0 rg BT 283.81 346.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 319.29 346.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.23 346.25 Td (sectors ) Tj ET Q q 0 0 0 rg BT 364.73 346.25 Td (we ) Tj ET Q q 0 0 0 rg BT 379.11 346.25 Td (cover) Tj ET Q q 0 0 0 rg BT 400.77 346.25 Td (. ) Tj ET Q q 0 0 0 rg BT 405.99 346.25 Td ( ) Tj ET Q q 0 0 0 rg BT 408.72 346.25 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 463.93 346.25 Td (we ) Tj ET Q q 0 0 0 rg BT 478.31 346.25 Td (intend ) Tj ET Q q 0 0 0 rg BT 506.03 346.25 Td (to ) Tj ET Q q 0 0 0 rg BT 516.53 346.25 Td (recruit ) Tj ET Q q 0 0 0 rg BT 545.35 346.25 Td (new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 91.93 334.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 129.42 334.25 Td (to ) Tj ET Q q 0 0 0 rg BT 139.70 334.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 174.95 334.25 Td (our ) Tj ET Q q 0 0 0 rg BT 190.78 334.25 Td (geographic ) Tj ET Q q 0 0 0 rg BT 237.71 334.25 Td (reach. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 313.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 84.48 313.25 Td (to ) Tj ET Q q 0 0 0 rg BT 94.73 313.25 Td (201) Tj ET Q q 0 0 0 rg BT 109.36 313.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 119.34 313.25 Td (we ) Tj ET Q q 0 0 0 rg BT 133.48 313.25 Td (also ) Tj ET Q q 0 0 0 rg BT 152.06 313.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 190.63 313.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 230.31 313.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 265.00 313.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 289.70 313.25 Td (and ) Tj ET Q q 0 0 0 rg BT 306.62 313.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 336.87 313.25 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 374.43 313.25 Td (W) Tj ET Q q 0 0 0 rg BT 383.07 313.25 Td (e ) Tj ET Q q 0 0 0 rg BT 389.98 313.25 Td (raised ) Tj ET Q q 0 0 0 rg BT 416.34 313.25 Td (our ) Tj ET Q q 0 0 0 rg BT 432.15 313.25 Td (first ) Tj ET Q q 0 0 0 rg BT 450.73 313.25 Td (private ) Tj ET Q q 0 0 0 rg BT 480.97 313.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 508.44 313.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 529.25 313.25 Td (in ) Tj ET Q q 0 0 0 rg BT 539.51 313.25 Td (2000, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 301.25 Td (our ) Tj ET Q q 0 0 0 rg BT 66.56 301.25 Td (first ) Tj ET Q q 0 0 0 rg BT 85.90 301.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 119.11 301.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 148.99 301.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 170.55 301.25 Td (in ) Tj ET Q q 0 0 0 rg BT 181.56 301.25 Td (2006 ) Tj ET Q q 0 0 0 rg BT 204.79 301.25 Td (and ) Tj ET Q q 0 0 0 rg BT 222.45 301.25 Td (our ) Tj ET Q q 0 0 0 rg BT 239.01 301.25 Td (first ) Tj ET Q q 0 0 0 rg BT 258.35 301.25 Td (European ) Tj ET Q q 0 0 0 rg BT 299.89 301.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 340.33 301.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 375.77 301.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 397.33 301.25 Td (in ) Tj ET Q q 0 0 0 rg BT 408.34 301.25 Td (2007. ) Tj ET Q q 0 0 0 rg BT 433.83 301.25 Td (W) Tj ET Q q 0 0 0 rg BT 442.47 301.25 Td (e ) Tj ET Q q 0 0 0 rg BT 450.14 301.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 495.02 301.25 Td (the ) Tj ET Q q 0 0 0 rg BT 510.46 301.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 537.02 301.25 Td (public ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 289.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 289.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 83.85 289.25 Td (of ) Tj ET Q q 0 0 0 rg BT 94.01 289.25 Td (our ) Tj ET Q q 0 0 0 rg BT 109.17 289.25 Td (special ) Tj ET Q q 0 0 0 rg BT 138.76 289.25 Td (purpose ) Tj ET Q q 0 0 0 rg BT 172.25 289.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 217.96 289.25 Td (company) Tj ET Q q 0 0 0 rg BT 253.96 289.25 Td (, ) Tj ET Q q 0 0 0 rg BT 258.29 289.25 Td (GHL) Tj ET Q q 0 0 0 rg BT 278.47 289.25 Td ( ) Tj ET Q q 0 0 0 rg BT 279.90 289.25 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 328.39 289.25 Td (Corp., ) Tj ET Q q 0 0 0 rg BT 355.22 289.25 Td (in ) Tj ET Q q 0 0 0 rg BT 364.82 289.25 Td (2008, ) Tj ET Q q 0 0 0 rg BT 389.15 289.25 Td (and ) Tj ET Q q 0 0 0 rg BT 405.42 289.25 Td (that ) Tj ET Q q 0 0 0 rg BT 422.24 289.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 446.84 289.25 Td (mer) Tj ET Q q 0 0 0 rg BT 462.21 289.25 Td (ged ) Tj ET Q q 0 0 0 rg BT 478.47 289.25 Td (with ) Tj ET Q q 0 0 0 rg BT 498.08 289.25 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 529.90 289.25 Td (in ) Tj ET Q q 0 0 0 rg BT 539.51 289.25 Td (2009. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 277.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.26 277.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 88.96 277.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 147.54 277.25 Td (2010, ) Tj ET Q q 0 0 0 rg BT 172.54 277.25 Td (we ) Tj ET Q q 0 0 0 rg BT 186.70 277.25 Td (exited ) Tj ET Q q 0 0 0 rg BT 213.64 277.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.35 277.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 268.06 277.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 302.77 277.25 Td (business ) Tj ET Q q 0 0 0 rg BT 339.17 277.25 Td (in ) Tj ET Q q 0 0 0 rg BT 349.44 277.25 Td (order ) Tj ET Q q 0 0 0 rg BT 373.04 277.25 Td (to ) Tj ET Q q 0 0 0 rg BT 383.32 277.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 407.48 277.25 Td (entirely ) Tj ET Q q 0 0 0 rg BT 440.52 277.25 Td (on ) Tj ET Q q 0 0 0 rg BT 453.02 277.25 Td (our ) Tj ET Q q 0 0 0 rg BT 468.85 277.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 505.79 277.25 Td (business. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 256.25 Td (Following ) Tj ET Q q 0 0 0 rg BT 106.67 256.25 Td (our ) Tj ET Q q 0 0 0 rg BT 123.55 256.25 Td (exit ) Tj ET Q q 0 0 0 rg BT 142.10 256.25 Td (from ) Tj ET Q q 0 0 0 rg BT 165.09 256.25 Td (the ) Tj ET Q q 0 0 0 rg BT 180.85 256.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 221.61 256.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 257.38 256.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 297.32 256.25 Td (we ) Tj ET Q q 0 0 0 rg BT 312.53 256.25 Td (began ) Tj ET Q q 0 0 0 rg BT 339.96 256.25 Td (the ) Tj ET Q q 0 0 0 rg BT 355.73 256.25 Td (monetization ) Tj ET Q q 0 0 0 rg BT 411.49 256.25 Td (of ) Tj ET Q q 0 0 0 rg BT 423.37 256.25 Td (our ) Tj ET Q q 0 0 0 rg BT 440.25 256.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 491.57 256.25 Td (in ) Tj ET Q q 0 0 0 rg BT 502.90 256.25 Td (our ) Tj ET Q q 0 0 0 rg BT 519.78 256.25 Td (previously ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 92.71 244.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 132.07 244.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 166.45 244.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 190.83 244.25 Td (and ) Tj ET Q q 0 0 0 rg BT 207.42 244.25 Td (Iridium. ) Tj ET Q q 0 0 0 rg BT 242.08 244.25 Td (In ) Tj ET Q q 0 0 0 rg BT 252.56 244.25 Td (201) Tj ET Q q 0 0 0 rg BT 267.19 244.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 276.85 244.25 Td (we ) Tj ET Q q 0 0 0 rg BT 290.67 244.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 309.50 244.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 362.21 244.25 Td (all ) Tj ET Q q 0 0 0 rg BT 374.36 244.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.85 244.25 Td (our ) Tj ET Q q 0 0 0 rg BT 400.34 244.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 435.82 244.25 Td (in ) Tj ET Q q 0 0 0 rg BT 445.76 244.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 464.84 244.25 Td ( ) Tj ET Q q 0 0 0 rg BT 467.00 244.25 Td (II ) Tj ET Q q 0 0 0 rg BT 475.82 244.25 Td (and ) Tj ET Q q 0 0 0 rg BT 492.41 244.25 Td (GSA) Tj ET Q q 0 0 0 rg BT 511.13 244.25 Td (VP) Tj ET Q q 0 0 0 rg BT 523.54 244.25 Td ( ) Tj ET Q q 0 0 0 rg BT 525.70 244.25 Td (for ) Tj ET Q q 0 0 0 rg BT 539.52 244.25 Td ($49.4 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 83.53 232.25 Td (which ) Tj ET Q q 0 0 0 rg BT 110.10 232.25 Td (represented ) Tj ET Q q 0 0 0 rg BT 158.32 232.25 Td (their ) Tj ET Q q 0 0 0 rg BT 178.78 232.25 Td (total ) Tj ET Q q 0 0 0 rg BT 198.69 232.25 Td (book ) Tj ET Q q 0 0 0 rg BT 220.83 232.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 247.12 232.25 Td (In ) Tj ET Q q 0 0 0 rg BT 257.59 232.25 Td (December ) Tj ET Q q 0 0 0 rg BT 300.81 232.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 325.44 232.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.80 232.25 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 384.69 232.25 Td (of ) Tj ET Q q 0 0 0 rg BT 395.16 232.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 414.24 232.25 Td ( ) Tj ET Q q 0 0 0 rg BT 416.38 232.25 Td (II ) Tj ET Q q 0 0 0 rg BT 425.17 232.25 Td (exercised ) Tj ET Q q 0 0 0 rg BT 465.06 232.25 Td (their ) Tj ET Q q 0 0 0 rg BT 485.52 232.25 Td (put ) Tj ET Q q 0 0 0 rg BT 500.44 232.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 525.35 232.25 Td (requiring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (us ) Tj ET Q q 0 0 0 rg BT 61.75 220.25 Td (to ) Tj ET Q q 0 0 0 rg BT 72.38 220.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 118.54 220.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 171.94 220.25 Td (all ) Tj ET Q q 0 0 0 rg BT 184.79 220.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.98 220.25 Td (our ) Tj ET Q q 0 0 0 rg BT 212.16 220.25 Td (original ) Tj ET Q q 0 0 0 rg BT 246.12 220.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 282.30 220.25 Td (in ) Tj ET Q q 0 0 0 rg BT 292.93 220.25 Td (two ) Tj ET Q q 0 0 0 rg BT 310.78 220.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 348.63 220.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 394.25 220.25 Td (for ) Tj ET Q q 0 0 0 rg BT 408.76 220.25 Td ($15.5 ) Tj ET Q q 0 0 0 rg BT 434.12 220.25 Td (million. ) Tj ET Q q 0 0 0 rg BT 468.36 220.25 Td ( ) Tj ET Q q 0 0 0 rg BT 470.59 220.25 Td (Also, ) Tj ET Q q 0 0 0 rg BT 494.83 220.25 Td (in ) Tj ET Q q 0 0 0 rg BT 505.47 220.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 530.82 220.25 Td (we ) Tj ET Q q 0 0 0 rg BT 545.33 220.25 Td (sold ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (our ) Tj ET Q q 0 0 0 rg BT 66.07 208.25 Td (entire ) Tj ET Q q 0 0 0 rg BT 91.57 208.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 123.74 208.25 Td (in ) Tj ET Q q 0 0 0 rg BT 134.25 208.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 153.33 208.25 Td ( ) Tj ET Q q 0 0 0 rg BT 156.07 208.25 Td (Europe ) Tj ET Q q 0 0 0 rg BT 187.69 208.25 Td (for ) Tj ET Q q 0 0 0 rg BT 202.08 208.25 Td ($27.2 ) Tj ET Q q 0 0 0 rg BT 227.32 208.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 261.45 208.25 Td (which ) Tj ET Q q 0 0 0 rg BT 288.62 208.25 Td (represented ) Tj ET Q q 0 0 0 rg BT 337.44 208.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 397.94 208.25 Td (90% ) Tj ET Q q 0 0 0 rg BT 419.01 208.25 Td (of ) Tj ET Q q 0 0 0 rg BT 430.07 208.25 Td (its ) Tj ET Q q 0 0 0 rg BT 442.26 208.25 Td (book ) Tj ET Q q 0 0 0 rg BT 465.00 208.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 491.89 208.25 Td ( ) Tj ET Q q 0 0 0 rg BT 494.62 208.25 Td (In ) Tj ET Q q 0 0 0 rg BT 505.69 208.25 Td (July ) Tj ET Q q 0 0 0 rg BT 525.10 208.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 550.33 208.25 Td (we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 68.54 196.25 Td (our ) Tj ET Q q 0 0 0 rg BT 83.74 196.25 Td (entire ) Tj ET Q q 0 0 0 rg BT 108.37 196.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 154.12 196.25 Td (in ) Tj ET Q q 0 0 0 rg BT 163.76 196.25 Td (GCP) Tj ET Q q 0 0 0 rg BT 182.84 196.25 Td ( ) Tj ET Q q 0 0 0 rg BT 184.71 196.25 Td (III ) Tj ET Q q 0 0 0 rg BT 196.57 196.25 Td (for ) Tj ET Q q 0 0 0 rg BT 210.10 196.25 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 229.47 196.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 262.72 196.25 Td (which ) Tj ET Q q 0 0 0 rg BT 289.03 196.25 Td (represented ) Tj ET Q q 0 0 0 rg BT 336.98 196.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.07 196.25 Td (book ) Tj ET Q q 0 0 0 rg BT 372.93 196.25 Td (value ) Tj ET Q q 0 0 0 rg BT 396.46 196.25 Td (of ) Tj ET Q q 0 0 0 rg BT 406.66 196.25 Td (our ) Tj ET Q q 0 0 0 rg BT 421.85 196.25 Td (investment. ) Tj ET Q q 0 0 0 rg BT 469.69 196.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.56 196.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 539.51 196.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.51 196.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (we ) Tj ET Q q 0 0 0 rg BT 64.16 184.25 Td (held ) Tj ET Q q 0 0 0 rg BT 83.88 184.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 126.92 184.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 177.19 184.25 Td (in ) Tj ET Q q 0 0 0 rg BT 187.47 184.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 227.17 184.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 261.89 184.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 286.61 184.25 Td (with ) Tj ET Q q 0 0 0 rg BT 306.89 184.25 Td (an ) Tj ET Q q 0 0 0 rg BT 318.83 184.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 359.65 184.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 376.03 184.25 Td (value ) Tj ET Q q 0 0 0 rg BT 400.18 184.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.01 184.25 Td ($1) Tj ET Q q 0 0 0 rg BT 420.64 184.25 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 435.64 184.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.53 184.25 Td (. ) Tj ET Q q 0 0 0 rg BT 469.53 184.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 163.25 Td (In ) Tj ET Q q 0 0 0 rg BT 72.62 163.25 Td (October ) Tj ET Q q 0 0 0 rg BT 107.11 163.25 Td (201) Tj ET Q q 0 0 0 rg BT 121.74 163.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 131.53 163.25 Td (we ) Tj ET Q q 0 0 0 rg BT 145.48 163.25 Td (initiated ) Tj ET Q q 0 0 0 rg BT 180.53 163.25 Td (a ) Tj ET Q q 0 0 0 rg BT 187.26 163.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 206.76 163.25 Td (to ) Tj ET Q q 0 0 0 rg BT 216.83 163.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 233.00 163.25 Td (our ) Tj ET Q q 0 0 0 rg BT 248.62 163.25 Td (entire ) Tj ET Q q 0 0 0 rg BT 273.67 163.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 305.39 163.25 Td (in ) Tj ET Q q 0 0 0 rg BT 315.46 163.25 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 347.74 163.25 Td (systematically ) Tj ET Q q 0 0 0 rg BT 407.24 163.25 Td (over ) Tj ET Q q 0 0 0 rg BT 427.29 163.25 Td (a ) Tj ET Q q 0 0 0 rg BT 434.02 163.25 Td (period ) Tj ET Q q 0 0 0 rg BT 461.85 163.25 Td (of ) Tj ET Q q 0 0 0 rg BT 472.47 163.25 Td (two ) Tj ET Q q 0 0 0 rg BT 489.76 163.25 Td (or ) Tj ET Q q 0 0 0 rg BT 500.38 163.25 Td (more ) Tj ET Q q 0 0 0 rg BT 523.21 163.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 549.10 163.25 Td ( ) Tj ET Q q 0 0 0 rg BT 550.88 163.25 Td (As ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 151.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.63 151.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 121.02 151.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.02 151.25 Td (, ) Tj ET Q q 0 0 0 rg BT 146.82 151.25 Td (we ) Tj ET Q q 0 0 0 rg BT 161.78 151.25 Td (had ) Tj ET Q q 0 0 0 rg BT 179.52 151.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 199.50 151.25 Td (all ) Tj ET Q q 0 0 0 rg BT 212.79 151.25 Td (of ) Tj ET Q q 0 0 0 rg BT 224.43 151.25 Td (our ) Tj ET Q q 0 0 0 rg BT 241.06 151.25 Td (holdings ) Tj ET Q q 0 0 0 rg BT 278.81 151.25 Td (in ) Tj ET Q q 0 0 0 rg BT 289.89 151.25 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 323.19 151.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.93 151.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 375.87 151.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 418.03 151.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 456.87 151.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.51 151.25 Td ($70.5 ) Tj ET Q q 0 0 0 rg BT 494.31 151.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.20 151.25 Td ( ) Tj ET Q q 0 0 0 rg BT 526.50 151.25 Td (since ) Tj ET Q q 0 0 0 rg BT 550.35 151.25 Td (we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 139.25 Td (initiated ) Tj ET Q q 0 0 0 rg BT 85.18 139.25 Td (the ) Tj ET Q q 0 0 0 rg BT 99.82 139.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 117.78 139.25 Td (of ) Tj ET Q q 0 0 0 rg BT 128.53 139.25 Td (our ) Tj ET Q q 0 0 0 rg BT 144.27 139.25 Td (holdings ) Tj ET Q q 0 0 0 rg BT 181.14 139.25 Td (in ) Tj ET Q q 0 0 0 rg BT 191.33 139.25 Td (Iridium. ) Tj ET Q q 0 0 0 rg BT 226.07 139.25 Td (The ) Tj ET Q q 0 0 0 rg BT 244.03 139.25 Td (net ) Tj ET Q q 0 0 0 rg BT 258.66 139.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 296.62 139.25 Td (from ) Tj ET Q q 0 0 0 rg BT 318.47 139.25 Td (the ) Tj ET Q q 0 0 0 rg BT 333.10 139.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 351.07 139.25 Td (of ) Tj ET Q q 0 0 0 rg BT 361.81 139.25 Td (our ) Tj ET Q q 0 0 0 rg BT 377.56 139.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 427.75 139.25 Td (in ) Tj ET Q q 0 0 0 rg BT 437.94 139.25 Td (the ) Tj ET Q q 0 0 0 rg BT 452.58 139.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 492.19 139.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 526.83 139.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 547.57 139.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 127.25 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 82.27 127.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 116.19 127.25 Td (over ) Tj ET Q q 0 0 0 rg BT 136.24 127.25 Td (the ) Tj ET Q q 0 0 0 rg BT 150.74 127.25 Td (past ) Tj ET Q q 0 0 0 rg BT 169.13 127.25 Td (three ) Tj ET Q q 0 0 0 rg BT 191.39 127.25 Td (years ) Tj ET Q q 0 0 0 rg BT 214.77 127.25 Td (were ) Tj ET Q q 0 0 0 rg BT 236.48 127.25 Td (in ) Tj ET Q q 0 0 0 rg BT 246.53 127.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 287.68 127.25 Td ($133.6 ) Tj ET Q q 0 0 0 rg BT 317.46 127.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 351.13 127.25 Td (and ) Tj ET Q q 0 0 0 rg BT 367.84 127.25 Td (were ) Tj ET Q q 0 0 0 rg BT 389.55 127.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 435.15 127.25 Td (used ) Tj ET Q q 0 0 0 rg BT 455.76 127.25 Td (to ) Tj ET Q q 0 0 0 rg BT 465.82 127.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 511.40 127.25 Td (our ) Tj ET Q q 0 0 0 rg BT 527.01 127.25 Td (common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 115.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.55 115.25 Td (and ) Tj ET Q q 0 0 0 rg BT 90.43 115.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 119.52 115.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.18 115.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 183.29 115.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 215.73 115.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.51 115.25 Td (our ) Tj ET Q q 0 0 0 rg BT 242.28 115.25 Td (revolving ) Tj ET Q q 0 0 0 rg BT 283.05 115.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 302.71 115.25 Td (facility) Tj ET Q q 0 0 0 rg BT 330.38 115.25 Td (. ) Tj ET Q q 0 0 0 rg BT 335.32 115.25 Td ( ) Tj ET Q q 0 0 0 rg BT 337.77 115.25 Td ( ) Tj ET Q q 0 0 0 rg BT 340.21 115.25 Td (See ) Tj ET Q q 0 0 0 rg BT 357.09 115.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 382.30 115.25 Td (2. ) Tj ET Q q 0 0 0 rg BT 392.25 115.25 Td (Management) Tj ET Q q 0 0 0 rg BT 447.23 115.25 Td (s ) Tj ET Q q 0 0 0 rg BT 453.56 115.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 499.90 115.25 Td (and ) Tj ET Q q 0 0 0 rg BT 516.24 115.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 553.68 115.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 103.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.71 103.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 132.22 103.25 Td (and ) Tj ET Q q 0 0 0 rg BT 149.16 103.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 181.10 103.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.93 103.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 238.31 103.25 Td ( ) Tj ET Q q 0 0 0 rg BT 250.81 103.25 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 290.53 103.25 Td (and ) Tj ET Q q 0 0 0 rg BT 307.47 103.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 338.85 103.25 Td (Resources.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 82.25 Td ( ) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 742.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.46 742.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 135.00 742.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.00 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 160.96 742.10 Td (we ) Tj ET Q q 0 0 0 rg BT 176.08 742.10 Td (employed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.98 742.10 Td (319) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.98 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.43 742.10 Td (people. ) Tj ET Q q 0 0 0 rg BT 269.80 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 278.44 742.10 Td (e ) Tj ET Q q 0 0 0 rg BT 286.33 742.10 Td (strive ) Tj ET Q q 0 0 0 rg BT 312.01 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.25 742.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 361.70 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 369.60 742.10 Td (work ) Tj ET Q q 0 0 0 rg BT 393.61 742.10 Td (environment ) Tj ET Q q 0 0 0 rg BT 447.61 742.10 Td (that ) Tj ET Q q 0 0 0 rg BT 466.06 742.10 Td (fosters ) Tj ET Q q 0 0 0 rg BT 496.18 742.10 Td (professionalism, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (excellence, ) Tj ET Q q 0 0 0 rg BT 97.19 730.10 Td (integrity) Tj ET Q q 0 0 0 rg BT 130.42 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 135.42 730.10 Td (diversity ) Tj ET Q q 0 0 0 rg BT 172.92 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.85 730.10 Td (cooperation ) Tj ET Q q 0 0 0 rg BT 239.56 730.10 Td (among ) Tj ET Q q 0 0 0 rg BT 269.27 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 285.10 730.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 330.37 730.10 Td (worldwide. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Business Envir) Tj ET Q q 0 0 0 rg BT 113.45 706.10 Td (onment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 685.10 Td (Economic ) Tj ET Q q 0 0 0 rg BT 105.46 685.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.81 685.10 Td (global ) Tj ET Q q 0 0 0 rg BT 150.72 685.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 188.62 685.10 Td (market ) Tj ET Q q 0 0 0 rg BT 219.29 685.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 263.88 685.10 Td (can ) Tj ET Q q 0 0 0 rg BT 280.67 685.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 324.12 685.10 Td (af) Tj ET Q q 0 0 0 rg BT 331.71 685.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 349.61 685.10 Td (our ) Tj ET Q q 0 0 0 rg BT 365.85 685.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 403.75 685.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 459.69 685.10 Td (In ) Tj ET Q q 0 0 0 rg BT 470.93 685.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 509.12 685.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 547.57 685.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (net ) Tj ET Q q 0 0 0 rg BT 64.94 673.10 Td (income ) Tj ET Q q 0 0 0 rg BT 97.10 673.10 Td (in ) Tj ET Q q 0 0 0 rg BT 107.60 673.10 Td (any ) Tj ET Q q 0 0 0 rg BT 124.77 673.10 Td (period ) Tj ET Q q 0 0 0 rg BT 153.04 673.10 Td (may ) Tj ET Q q 0 0 0 rg BT 172.98 673.10 Td (not ) Tj ET Q q 0 0 0 rg BT 188.48 673.10 Td (be ) Tj ET Q q 0 0 0 rg BT 200.64 673.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 242.80 673.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.85 673.10 Td (full-year ) Tj ET Q q 0 0 0 rg BT 291.00 673.10 Td (results ) Tj ET Q q 0 0 0 rg BT 319.83 673.10 Td (or ) Tj ET Q q 0 0 0 rg BT 330.89 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.83 673.10 Td (results ) Tj ET Q q 0 0 0 rg BT 374.66 673.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.72 673.10 Td (any ) Tj ET Q q 0 0 0 rg BT 402.88 673.10 Td (other ) Tj ET Q q 0 0 0 rg BT 426.15 673.10 Td (period ) Tj ET Q q 0 0 0 rg BT 454.42 673.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.59 673.10 Td (may ) Tj ET Q q 0 0 0 rg BT 491.53 673.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 512.02 673.10 Td (significantly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.94 661.10 Td (year ) Tj ET Q q 0 0 0 rg BT 91.65 661.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.92 661.10 Td (year ) Tj ET Q q 0 0 0 rg BT 121.63 661.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.57 661.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 169.38 661.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.66 661.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 207.43 661.10 Td (. ) Tj ET Q q 0 0 0 rg BT 212.43 661.10 Td (See ) Tj ET Q q 0 0 0 rg BT 229.37 661.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 254.64 661.10 Td (Factors. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 640.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 79.49 640.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 115.87 640.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 153.34 640.10 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.71 640.10 Td ($287.0 ) Tj ET Q q 0 0 0 rg BT 204.15 640.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.04 640.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.98 640.10 Td (in ) Tj ET Q q 0 0 0 rg BT 244.70 640.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.85 640.10 Td (year ) Tj ET Q q 0 0 0 rg BT 278.00 640.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.81 640.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 361.83 640.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.83 640.10 Td ( ) Tj ET Q q 0 0 0 rg BT 383.77 640.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 425.13 640.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.85 640.10 Td ($291.5 ) Tj ET Q q 0 0 0 rg BT 464.29 640.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.18 640.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.12 640.10 Td (in ) Tj ET Q q 0 0 0 rg BT 504.84 640.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.99 640.10 Td (year ) Tj ET Q q 0 0 0 rg BT 538.14 640.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 107.97 628.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.97 628.10 Td (, ) Tj ET Q q 0 0 0 rg BT 132.36 628.10 Td (which ) Tj ET Q q 0 0 0 rg BT 158.69 628.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 201.11 628.10 Td (a ) Tj ET Q q 0 0 0 rg BT 207.44 628.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 243.74 628.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.96 628.10 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.29 628.10 Td (. ) Tj ET Q q 0 0 0 rg BT 271.26 628.10 Td (At ) Tj ET Q q 0 0 0 rg BT 283.15 628.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.26 628.10 Td (same ) Tj ET Q q 0 0 0 rg BT 319.69 628.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 341.86 628.10 Td (worldwide ) Tj ET Q q 0 0 0 rg BT 386.51 628.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 430.05 628.10 Td (M&A) Tj ET Q q 0 0 0 rg BT 453.39 628.10 Td ( ) Tj ET Q q 0 0 0 rg BT 455.28 628.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 487.17 628.10 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.71 628.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.71 628.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.60 628.10 Td (decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.33 616.10 Td ( ) Tj ET Q q 0 0 0 rg BT 65.47 616.10 Td (from ) Tj ET Q q 0 0 0 rg BT 87.04 616.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 109.17 616.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.75 616.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.10 616.10 Td (number ) Tj ET Q q 0 0 0 rg BT 172.78 616.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.25 616.10 Td (worldwide ) Tj ET Q q 0 0 0 rg BT 228.15 616.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 271.94 616.10 Td (M&A) Tj ET Q q 0 0 0 rg BT 295.28 616.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.41 616.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 347.31 616.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 388.86 616.10 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.00 616.10 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.33 616.10 Td (, ) Tj ET Q q 0 0 0 rg BT 423.96 616.10 Td (while ) Tj ET Q q 0 0 0 rg BT 448.31 616.10 Td (worldwide ) Tj ET Q q 0 0 0 rg BT 493.22 616.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 538.67 616.10 Td (M&A) Tj ET Q q 0 0 0 rg BT 562.01 616.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 82.50 604.10 Td (decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.41 604.10 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.74 604.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.24 604.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.18 604.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.89 604.10 Td (number ) Tj ET Q q 0 0 0 rg BT 204.94 604.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.77 604.10 Td (worldwide ) Tj ET Q q 0 0 0 rg BT 261.04 604.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 306.86 604.10 Td (M&A) Tj ET Q q 0 0 0 rg BT 330.20 604.10 Td ( ) Tj ET Q q 0 0 0 rg BT 332.70 604.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 382.96 604.10 Td (decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.87 604.10 Td (8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.20 604.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 440.70 608.63 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.28 604.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 583.10 Td (While ) Tj ET Q q 0 0 0 rg BT 88.10 583.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.98 583.10 Td (general ) Tj ET Q q 0 0 0 rg BT 133.06 583.10 Td (level ) Tj ET Q q 0 0 0 rg BT 154.16 583.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.15 583.10 Td (global ) Tj ET Q q 0 0 0 rg BT 190.81 583.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 236.34 583.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 268.00 583.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 306.86 583.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 346.28 583.10 Td (weak ) Tj ET Q q 0 0 0 rg BT 369.04 583.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.48 583.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.48 583.10 Td (, ) Tj ET Q q 0 0 0 rg BT 402.65 583.10 Td (with ) Tj ET Q q 0 0 0 rg BT 422.09 583.10 Td (a ) Tj ET Q q 0 0 0 rg BT 428.19 583.10 Td (small ) Tj ET Q q 0 0 0 rg BT 451.52 583.10 Td (further ) Tj ET Q q 0 0 0 rg BT 480.39 583.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 510.92 583.10 Td (in ) Tj ET Q q 0 0 0 rg BT 520.36 583.10 Td (completed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 97.12 571.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 130.37 571.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.06 571.10 Td (a ) Tj ET Q q 0 0 0 rg BT 155.75 571.10 Td (lar) Tj ET Q q 0 0 0 rg BT 166.12 571.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 182.14 571.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 214.26 571.10 Td (in ) Tj ET Q q 0 0 0 rg BT 225.29 571.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.76 571.10 Td (number ) Tj ET Q q 0 0 0 rg BT 274.56 571.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.14 571.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 331.04 571.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 384.56 571.10 Td (our ) Tj ET Q q 0 0 0 rg BT 401.14 571.10 Td (business ) Tj ET Q q 0 0 0 rg BT 438.29 571.10 Td (proved ) Tj ET Q q 0 0 0 rg BT 469.31 571.10 Td (to ) Tj ET Q q 0 0 0 rg BT 480.34 571.10 Td (be ) Tj ET Q q 0 0 0 rg BT 493.03 571.10 Td (resilient, ) Tj ET Q q 0 0 0 rg BT 530.99 571.10 Td (and ) Tj ET Q q 0 0 0 rg BT 548.68 571.10 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 81.47 559.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.27 559.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 124.39 559.10 Td (proved ) Tj ET Q q 0 0 0 rg BT 153.64 559.10 Td (to ) Tj ET Q q 0 0 0 rg BT 162.89 559.10 Td (be ) Tj ET Q q 0 0 0 rg BT 173.81 559.10 Td (diverse, ) Tj ET Q q 0 0 0 rg BT 206.66 559.10 Td (allowing ) Tj ET Q q 0 0 0 rg BT 243.13 559.10 Td (us ) Tj ET Q q 0 0 0 rg BT 253.50 559.10 Td (to ) Tj ET Q q 0 0 0 rg BT 262.75 559.10 Td (again ) Tj ET Q q 0 0 0 rg BT 285.89 559.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 317.89 559.10 Td (all ) Tj ET Q q 0 0 0 rg BT 329.36 559.10 Td (four ) Tj ET Q q 0 0 0 rg BT 347.50 559.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.31 559.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.00 559.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 404.13 559.10 Td (objectives ) Tj ET Q q 0 0 0 rg BT 446.15 559.10 Td (on ) Tj ET Q q 0 0 0 rg BT 457.63 559.10 Td (which ) Tj ET Q q 0 0 0 rg BT 483.54 559.10 Td (we ) Tj ET Q q 0 0 0 rg BT 496.68 559.10 Td (have ) Tj ET Q q 0 0 0 rg BT 517.03 559.10 Td (historically ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (focused. ) Tj ET Q q 0 0 0 rg BT 87.06 547.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.08 547.10 Td (market ) Tj ET Q q 0 0 0 rg BT 137.31 547.10 Td (share ) Tj ET Q q 0 0 0 rg BT 161.88 547.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 203.10 547.10 Td (again, ) Tj ET Q q 0 0 0 rg BT 230.72 547.10 Td (as ) Tj ET Q q 0 0 0 rg BT 242.51 547.10 Td (our ) Tj ET Q q 0 0 0 rg BT 259.31 547.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 297.21 547.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 336.22 547.10 Td (for ) Tj ET Q q 0 0 0 rg BT 351.34 547.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.02 547.10 Td (year ) Tj ET Q q 0 0 0 rg BT 387.70 547.10 Td (were ) Tj ET Q q 0 0 0 rg BT 410.59 547.10 Td (down ) Tj ET Q q 0 0 0 rg BT 436.28 547.10 Td (only ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.52 547.10 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.85 547.10 Td (, ) Tj ET Q q 0 0 0 rg BT 476.82 547.10 Td (while ) Tj ET Q q 0 0 0 rg BT 502.50 547.10 Td (our ) Tj ET Q q 0 0 0 rg BT 519.30 547.10 Td (lar) Tj ET Q q 0 0 0 rg BT 529.66 547.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 542.57 547.10 Td (bank ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 99.08 535.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 149.26 535.10 Td (a ) Tj ET Q q 0 0 0 rg BT 155.57 535.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 185.19 535.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 225.93 535.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 256.67 535.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.87 535.10 Td (7% ) Tj ET Q q 0 0 0 rg BT 282.07 535.10 Td (in ) Tj ET Q q 0 0 0 rg BT 291.72 535.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 328.03 535.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 365.44 535.10 Td (for ) Tj ET Q q 0 0 0 rg BT 378.97 535.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.06 535.10 Td (year) Tj ET Q q 0 0 0 rg BT 409.72 535.10 Td (. ) Tj ET Q q 0 0 0 rg BT 414.09 535.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 438.18 535.10 Td (2008, ) Tj ET Q q 0 0 0 rg BT 462.55 535.10 Td (we ) Tj ET Q q 0 0 0 rg BT 476.08 535.10 Td (have ) Tj ET Q q 0 0 0 rg BT 496.83 535.10 Td (solidly ) Tj ET Q q 0 0 0 rg BT 525.93 535.10 Td (outpaced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.32 523.10 Td (group, ) Tj ET Q q 0 0 0 rg BT 95.48 523.10 Td (with ) Tj ET Q q 0 0 0 rg BT 115.59 523.10 Td (our ) Tj ET Q q 0 0 0 rg BT 131.25 523.10 Td (32% ) Tj ET Q q 0 0 0 rg BT 151.90 523.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 198.66 523.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 235.43 523.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 269.40 523.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 304.48 523.10 Td (over ) Tj ET Q q 0 0 0 rg BT 324.58 523.10 Td (that ) Tj ET Q q 0 0 0 rg BT 341.90 523.10 Td (period ) Tj ET Q q 0 0 0 rg BT 369.78 523.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 411.53 523.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.64 523.10 Td (a ) Tj ET Q q 0 0 0 rg BT 428.40 523.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 459.60 523.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.26 523.10 Td (32% ) Tj ET Q q 0 0 0 rg BT 490.92 523.10 Td (in ) Tj ET Q q 0 0 0 rg BT 501.03 523.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 542.22 523.10 Td (lar) Tj ET Q q 0 0 0 rg BT 552.58 523.10 Td (ge ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 70.96 511.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 106.92 511.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 143.98 511.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.28 511.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.01 511.10 Td (same ) Tj ET Q q 0 0 0 rg BT 189.08 511.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 218.31 511.10 Td (And, ) Tj ET Q q 0 0 0 rg BT 239.56 511.10 Td (in ) Tj ET Q q 0 0 0 rg BT 248.86 511.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.59 511.10 Td (past ) Tj ET Q q 0 0 0 rg BT 280.22 511.10 Td (three ) Tj ET Q q 0 0 0 rg BT 301.73 511.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.58 511.10 Td (those ) Tj ET Q q 0 0 0 rg BT 334.21 511.10 Td (years ) Tj ET Q q 0 0 0 rg BT 356.83 511.10 Td (we ) Tj ET Q q 0 0 0 rg BT 370.01 511.10 Td (accomplished ) Tj ET Q q 0 0 0 rg BT 426.51 511.10 Td (that ) Tj ET Q q 0 0 0 rg BT 443.03 511.10 Td (despite ) Tj ET Q q 0 0 0 rg BT 472.88 511.10 Td (keeping ) Tj ET Q q 0 0 0 rg BT 506.05 511.10 Td (our ) Tj ET Q q 0 0 0 rg BT 520.90 511.10 Td (headcount ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (flat. ) Tj ET Q q 0 0 0 rg BT 67.78 499.10 Td ( ) Tj ET Q q 0 0 0 rg BT 69.73 499.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 87.24 499.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 144.74 499.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 165.02 499.10 Td (rose ) Tj ET Q q 0 0 0 rg BT 183.63 499.10 Td (slightly ) Tj ET Q q 0 0 0 rg BT 215.59 499.10 Td (this ) Tj ET Q q 0 0 0 rg BT 231.99 499.10 Td (year) Tj ET Q q 0 0 0 rg BT 248.80 499.10 Td (, ) Tj ET Q q 0 0 0 rg BT 253.26 499.10 Td (but ) Tj ET Q q 0 0 0 rg BT 267.99 499.10 Td (was ) Tj ET Q q 0 0 0 rg BT 285.49 499.10 Td (of) Tj ET Q q 0 0 0 rg BT 293.64 499.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 310.04 499.10 Td (by ) Tj ET Q q 0 0 0 rg BT 321.99 499.10 Td (a ) Tj ET Q q 0 0 0 rg BT 328.38 499.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 359.21 499.10 Td (in ) Tj ET Q q 0 0 0 rg BT 368.94 499.10 Td (our ) Tj ET Q q 0 0 0 rg BT 384.23 499.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 460.06 499.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 484.51 499.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 521.46 499.10 Td (in ) Tj ET Q q 0 0 0 rg BT 531.19 499.10 Td (a ) Tj ET Q q 0 0 0 rg BT 537.59 499.10 Td (repeat ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.16 487.10 Td (last ) Tj ET Q q 0 0 0 rg BT 75.88 487.10 Td (year's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.61 487.10 Td (25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.94 487.10 Td ( ) Tj ET Q q 0 0 0 rg BT 120.78 487.10 Td (pretax ) Tj ET Q q 0 0 0 rg BT 147.60 487.10 Td (mar) Tj ET Q q 0 0 0 rg BT 162.96 487.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 180.07 487.10 Td (which ) Tj ET Q q 0 0 0 rg BT 206.34 487.10 Td (again ) Tj ET Q q 0 0 0 rg BT 229.83 487.10 Td (was ) Tj ET Q q 0 0 0 rg BT 247.22 487.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.26 487.10 Td (best ) Tj ET Q q 0 0 0 rg BT 279.21 487.10 Td (among ) Tj ET Q q 0 0 0 rg BT 308.25 487.10 Td (our ) Tj ET Q q 0 0 0 rg BT 323.42 487.10 Td (closest ) Tj ET Q q 0 0 0 rg BT 352.47 487.10 Td (peers ) Tj ET Q q 0 0 0 rg BT 375.40 487.10 Td (by ) Tj ET Q q 0 0 0 rg BT 387.23 487.10 Td (a ) Tj ET Q q 0 0 0 rg BT 393.50 487.10 Td (lar) Tj ET Q q 0 0 0 rg BT 403.87 487.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 415.14 487.10 Td (mar) Tj ET Q q 0 0 0 rg BT 430.50 487.10 Td (gin. ) Tj ET Q q 0 0 0 rg BT 447.62 487.10 Td (In ) Tj ET Q q 0 0 0 rg BT 457.78 487.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 482.11 487.10 Td (our ) Tj ET Q q 0 0 0 rg BT 497.27 487.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 511.32 487.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 528.14 487.10 Td (declined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.25 475.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.94 475.10 Td (level ) Tj ET Q q 0 0 0 rg BT 96.85 475.10 Td (it ) Tj ET Q q 0 0 0 rg BT 104.88 475.10 Td (was ) Tj ET Q q 0 0 0 rg BT 122.90 475.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 144.81 475.10 Td (to ) Tj ET Q q 0 0 0 rg BT 155.07 475.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.76 475.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 207.21 475.10 Td (crisis ) Tj ET Q q 0 0 0 rg BT 230.79 475.10 Td (because ) Tj ET Q q 0 0 0 rg BT 264.91 475.10 Td (we ) Tj ET Q q 0 0 0 rg BT 279.04 475.10 Td (returned ) Tj ET Q q 0 0 0 rg BT 314.83 475.10 Td (to ) Tj ET Q q 0 0 0 rg BT 325.08 475.10 Td (generating ) Tj ET Q q 0 0 0 rg BT 369.76 475.10 Td (more ) Tj ET Q q 0 0 0 rg BT 392.78 475.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 426.90 475.10 Td (from ) Tj ET Q q 0 0 0 rg BT 448.81 475.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 474.05 475.10 Td (taxed ) Tj ET Q q 0 0 0 rg BT 498.18 475.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 529.53 475.10 Td (sources. ) Tj ET Q q 0 0 0 rg BT 564.52 475.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (Finally) Tj ET Q q 0 0 0 rg BT 77.69 463.10 Td (, ) Tj ET Q q 0 0 0 rg BT 82.57 463.10 Td (we ) Tj ET Q q 0 0 0 rg BT 96.61 463.10 Td (not ) Tj ET Q q 0 0 0 rg BT 111.78 463.10 Td (only ) Tj ET Q q 0 0 0 rg BT 131.94 463.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 173.76 463.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.92 463.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 221.29 463.10 Td (our ) Tj ET Q q 0 0 0 rg BT 237.01 463.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 264.39 463.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 301.77 463.10 Td (level ) Tj ET Q q 0 0 0 rg BT 323.59 463.10 Td (but ) Tj ET Q q 0 0 0 rg BT 338.75 463.10 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 389.44 463.10 Td (suf) Tj ET Q q 0 0 0 rg BT 401.48 463.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 429.41 463.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 456.78 463.10 Td (to ) Tj ET Q q 0 0 0 rg BT 466.95 463.10 Td (bring ) Tj ET Q q 0 0 0 rg BT 490.44 463.10 Td (our ) Tj ET Q q 0 0 0 rg BT 506.15 463.10 Td (share ) Tj ET Q q 0 0 0 rg BT 529.64 463.10 Td (count ) Tj ET Q q 0 0 0 rg BT 554.24 463.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.94 451.10 Td (level ) Tj ET Q q 0 0 0 rg BT 78.87 451.10 Td (slightly ) Tj ET Q q 0 0 0 rg BT 111.38 451.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 136.65 451.10 Td (than ) Tj ET Q q 0 0 0 rg BT 156.36 451.10 Td (a ) Tj ET Q q 0 0 0 rg BT 163.30 451.10 Td (year ) Tj ET Q q 0 0 0 rg BT 183.01 451.10 Td (ago, ) Tj ET Q q 0 0 0 rg BT 202.45 451.10 Td (all ) Tj ET Q q 0 0 0 rg BT 214.94 451.10 Td (while ) Tj ET Q q 0 0 0 rg BT 239.66 451.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 289.93 451.10 Td (a ) Tj ET Q q 0 0 0 rg BT 296.87 451.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 329.90 451.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 352.94 451.10 Td (with ) Tj ET Q q 0 0 0 rg BT 373.22 451.10 Td (no ) Tj ET Q q 0 0 0 rg BT 385.72 451.10 Td (net ) Tj ET Q q 0 0 0 rg BT 400.44 451.10 Td (debt.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 430.10 Td (While ) Tj ET Q q 0 0 0 rg BT 88.81 430.10 Td (we ) Tj ET Q q 0 0 0 rg BT 102.84 430.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 139.65 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.80 430.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 178.26 430.10 Td (M&A) Tj ET Q q 0 0 0 rg BT 201.60 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.98 430.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 236.34 430.10 Td (over ) Tj ET Q q 0 0 0 rg BT 256.48 430.10 Td (time ) Tj ET Q q 0 0 0 rg BT 276.63 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.78 430.10 Td (rebound ) Tj ET Q q 0 0 0 rg BT 321.92 430.10 Td (toward ) Tj ET Q q 0 0 0 rg BT 352.06 430.10 Td (its ) Tj ET Q q 0 0 0 rg BT 363.88 430.10 Td (historic ) Tj ET Q q 0 0 0 rg BT 396.25 430.10 Td (levels, ) Tj ET Q q 0 0 0 rg BT 424.45 430.10 Td (we ) Tj ET Q q 0 0 0 rg BT 438.48 430.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 475.29 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 485.44 430.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 509.48 430.10 Td (on ) Tj ET Q q 0 0 0 rg BT 521.85 430.10 Td (building ) Tj ET Q q 0 0 0 rg BT 557.56 430.10 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (truly ) Tj ET Q q 0 0 0 rg BT 71.40 418.10 Td (global ) Tj ET Q q 0 0 0 rg BT 98.90 418.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 137.81 418.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.32 418.10 Td (In ) Tj ET Q q 0 0 0 rg BT 151.16 418.10 Td (that ) Tj ET Q q 0 0 0 rg BT 168.67 418.10 Td (regard, ) Tj ET Q q 0 0 0 rg BT 199.21 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 215.06 418.10 Td (European ) Tj ET Q q 0 0 0 rg BT 255.88 418.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 293.93 418.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 334.20 418.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 394.47 418.10 Td (50% ) Tj ET Q q 0 0 0 rg BT 415.31 418.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.60 418.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.60 418.10 Td ( ) Tj ET Q q 0 0 0 rg BT 448.11 418.10 Td (as ) Tj ET Q q 0 0 0 rg BT 458.95 418.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 500.88 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 511.17 418.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 533.69 418.10 Td (despite ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (market ) Tj ET Q q 0 0 0 rg BT 79.72 406.10 Td (statistics ) Tj ET Q q 0 0 0 rg BT 116.13 406.10 Td (showing ) Tj ET Q q 0 0 0 rg BT 151.98 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 158.38 406.10 Td (further ) Tj ET Q q 0 0 0 rg BT 187.55 406.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 218.38 406.10 Td (in ) Tj ET Q q 0 0 0 rg BT 228.12 406.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 273.95 406.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 305.90 406.10 Td (in ) Tj ET Q q 0 0 0 rg BT 315.64 406.10 Td (that ) Tj ET Q q 0 0 0 rg BT 332.60 406.10 Td (region. ) Tj ET Q q 0 0 0 rg BT 362.60 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.42 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 373.06 406.10 Td (e ) Tj ET Q q 0 0 0 rg BT 379.46 406.10 Td (also ) Tj ET Q q 0 0 0 rg BT 397.53 406.10 Td (had ) Tj ET Q q 0 0 0 rg BT 413.93 406.10 Td (small ) Tj ET Q q 0 0 0 rg BT 437.55 406.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 460.62 406.10 Td (in ) Tj ET Q q 0 0 0 rg BT 470.36 406.10 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 510.08 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 526.48 406.10 Td (Japanese ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (client ) Tj ET Q q 0 0 0 rg BT 73.96 394.10 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 109.73 394.10 Td (While ) Tj ET Q q 0 0 0 rg BT 135.53 394.10 Td (Australian ) Tj ET Q q 0 0 0 rg BT 178.94 394.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 212.33 394.10 Td (declined, ) Tj ET Q q 0 0 0 rg BT 250.45 394.10 Td (we ) Tj ET Q q 0 0 0 rg BT 263.86 394.10 Td (were ) Tj ET Q q 0 0 0 rg BT 285.04 394.10 Td (pleased ) Tj ET Q q 0 0 0 rg BT 316.78 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.31 394.10 Td (advise ) Tj ET Q q 0 0 0 rg BT 353.61 394.10 Td (on ) Tj ET Q q 0 0 0 rg BT 365.36 394.10 Td (several ) Tj ET Q q 0 0 0 rg BT 395.42 394.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 414.96 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.10 394.10 Td (Australia ) Tj ET Q q 0 0 0 rg BT 462.50 394.10 Td (cross-border ) Tj ET Q q 0 0 0 rg BT 514.24 394.10 Td (transactions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.86 382.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 86.38 382.10 Td (months, ) Tj ET Q q 0 0 0 rg BT 120.41 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.93 382.10 Td (we ) Tj ET Q q 0 0 0 rg BT 150.68 382.10 Td (aim ) Tj ET Q q 0 0 0 rg BT 167.76 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.63 382.10 Td (build ) Tj ET Q q 0 0 0 rg BT 200.27 382.10 Td (on ) Tj ET Q q 0 0 0 rg BT 212.36 382.10 Td (that ) Tj ET Q q 0 0 0 rg BT 229.44 382.10 Td (cross-border ) Tj ET Q q 0 0 0 rg BT 281.51 382.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 318.03 382.10 Td (capability) Tj ET Q q 0 0 0 rg BT 356.81 382.10 Td (. ) Tj ET Q q 0 0 0 rg BT 360.94 382.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 400.80 382.10 Td (our ) Tj ET Q q 0 0 0 rg BT 416.22 382.10 Td (Brazilian ) Tj ET Q q 0 0 0 rg BT 454.95 382.10 Td (presence ) Tj ET Q q 0 0 0 rg BT 492.02 382.10 Td (is ) Tj ET Q q 0 0 0 rg BT 500.77 382.10 Td (in ) Tj ET Q q 0 0 0 rg BT 510.64 382.10 Td (its ) Tj ET Q q 0 0 0 rg BT 522.17 382.10 Td (very ) Tj ET Q q 0 0 0 rg BT 542.03 382.10 Td (early ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (days, ) Tj ET Q q 0 0 0 rg BT 73.33 370.10 Td (we ) Tj ET Q q 0 0 0 rg BT 87.49 370.10 Td (are ) Tj ET Q q 0 0 0 rg BT 102.20 370.10 Td (already ) Tj ET Q q 0 0 0 rg BT 134.12 370.10 Td (encouraged ) Tj ET Q q 0 0 0 rg BT 182.71 370.10 Td (by ) Tj ET Q q 0 0 0 rg BT 195.21 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.92 370.10 Td (development ) Tj ET Q q 0 0 0 rg BT 264.07 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.90 370.10 Td (our ) Tj ET Q q 0 0 0 rg BT 290.73 370.10 Td (team ) Tj ET Q q 0 0 0 rg BT 312.67 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.60 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.32 370.10 Td (level ) Tj ET Q q 0 0 0 rg BT 366.25 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.08 370.10 Td (client ) Tj ET Q q 0 0 0 rg BT 401.80 370.10 Td (assignments ) Tj ET Q q 0 0 0 rg BT 453.18 370.10 Td (there. ) Tj ET Q q 0 0 0 rg BT 478.17 370.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 349.10 Td (Further) Tj ET Q q 0 0 0 rg BT 91.04 349.10 Td (, ) Tj ET Q q 0 0 0 rg BT 95.44 349.10 Td (while ) Tj ET Q q 0 0 0 rg BT 119.55 349.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 162.00 349.10 Td (solely ) Tj ET Q q 0 0 0 rg BT 187.78 349.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 220.78 349.10 Td (on ) Tj ET Q q 0 0 0 rg BT 232.68 349.10 Td (client ) Tj ET Q q 0 0 0 rg BT 256.79 349.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 293.13 349.10 Td (work, ) Tj ET Q q 0 0 0 rg BT 318.08 349.10 Td (we ) Tj ET Q q 0 0 0 rg BT 331.64 349.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 367.97 349.10 Td (to ) Tj ET Q q 0 0 0 rg BT 377.65 349.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 401.21 349.10 Td (on ) Tj ET Q q 0 0 0 rg BT 413.11 349.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 456.10 349.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.22 349.10 Td (breadth ) Tj ET Q q 0 0 0 rg BT 502.10 349.10 Td (of ) Tj ET Q q 0 0 0 rg BT 512.33 349.10 Td (our ) Tj ET Q q 0 0 0 rg BT 527.56 349.10 Td (advisory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 90.88 337.10 Td (On ) Tj ET Q q 0 0 0 rg BT 105.39 337.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.89 337.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 159.93 337.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 196.65 337.10 Td (side, ) Tj ET Q q 0 0 0 rg BT 217.54 337.10 Td (we ) Tj ET Q q 0 0 0 rg BT 231.49 337.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 268.21 337.10 Td (to ) Tj ET Q q 0 0 0 rg BT 278.27 337.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 312.21 337.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.82 337.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 364.54 337.10 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 412.37 337.10 Td (by ) Tj ET Q q 0 0 0 rg BT 424.65 337.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 459.71 337.10 Td (sector) Tj ET Q q 0 0 0 rg BT 483.19 337.10 Td (, ) Tj ET Q q 0 0 0 rg BT 487.97 337.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.70 337.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 535.85 337.10 Td (we ) Tj ET Q q 0 0 0 rg BT 549.80 337.10 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (still ) Tj ET Q q 0 0 0 rg BT 66.76 325.10 Td (in ) Tj ET Q q 0 0 0 rg BT 76.29 325.10 Td (the ) Tj ET Q q 0 0 0 rg BT 90.26 325.10 Td (early ) Tj ET Q q 0 0 0 rg BT 111.99 325.10 Td (stages ) Tj ET Q q 0 0 0 rg BT 138.18 325.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.27 325.10 Td (that ) Tj ET Q q 0 0 0 rg BT 165.01 325.10 Td (process. ) Tj ET Q q 0 0 0 rg BT 199.25 325.10 Td (In ) Tj ET Q q 0 0 0 rg BT 209.34 325.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 246.36 325.10 Td (we ) Tj ET Q q 0 0 0 rg BT 259.77 325.10 Td (are ) Tj ET Q q 0 0 0 rg BT 273.73 325.10 Td (pleased ) Tj ET Q q 0 0 0 rg BT 305.47 325.10 Td (by ) Tj ET Q q 0 0 0 rg BT 317.22 325.10 Td (our ) Tj ET Q q 0 0 0 rg BT 332.30 325.10 Td (progress ) Tj ET Q q 0 0 0 rg BT 367.94 325.10 Td (in ) Tj ET Q q 0 0 0 rg BT 377.47 325.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.44 325.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 419.84 325.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 456.03 325.10 Td (\(fund ) Tj ET Q q 0 0 0 rg BT 479.44 325.10 Td (placement\) ) Tj ET Q q 0 0 0 rg BT 525.61 325.10 Td (business, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (which ) Tj ET Q q 0 0 0 rg BT 77.14 313.10 Td (grew ) Tj ET Q q 0 0 0 rg BT 99.82 313.10 Td (in ) Tj ET Q q 0 0 0 rg BT 110.30 313.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 132.99 313.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.13 313.10 Td (we ) Tj ET Q q 0 0 0 rg BT 164.49 313.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 196.06 313.10 Td (has ) Tj ET Q q 0 0 0 rg BT 212.08 313.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 256.99 313.10 Td (further ) Tj ET Q q 0 0 0 rg BT 286.89 313.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 324.58 313.10 Td (still ) Tj ET Q q 0 0 0 rg BT 342.28 313.10 Td (to ) Tj ET Q q 0 0 0 rg BT 352.76 313.10 Td (be ) Tj ET Q q 0 0 0 rg BT 364.89 313.10 Td (developed. ) Tj ET Q q 0 0 0 rg BT 410.59 313.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 460.49 313.10 Td (, ) Tj ET Q q 0 0 0 rg BT 465.69 313.10 Td (we ) Tj ET Q q 0 0 0 rg BT 480.04 313.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 517.18 313.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.65 313.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 552.01 313.10 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 91.90 301.10 Td (our ) Tj ET Q q 0 0 0 rg BT 107.71 301.10 Td (business ) Tj ET Q q 0 0 0 rg BT 144.07 301.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.32 301.10 Td (a ) Tj ET Q q 0 0 0 rg BT 161.23 301.10 Td (disciplined ) Tj ET Q q 0 0 0 rg BT 207.58 301.10 Td (manner) Tj ET Q q 0 0 0 rg BT 237.01 301.10 Td (. ) Tj ET Q q 0 0 0 rg BT 241.98 301.10 Td (In ) Tj ET Q q 0 0 0 rg BT 252.78 301.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.47 301.10 Td (past ) Tj ET Q q 0 0 0 rg BT 286.05 301.10 Td (few ) Tj ET Q q 0 0 0 rg BT 303.51 301.10 Td (years ) Tj ET Q q 0 0 0 rg BT 327.08 301.10 Td (we ) Tj ET Q q 0 0 0 rg BT 341.21 301.10 Td (have ) Tj ET Q q 0 0 0 rg BT 362.56 301.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 394.45 301.10 Td (new ) Tj ET Q q 0 0 0 rg BT 413.58 301.10 Td (regions ) Tj ET Q q 0 0 0 rg BT 445.49 301.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.40 301.10 Td (upgraded ) Tj ET Q q 0 0 0 rg BT 502.08 301.10 Td (our ) Tj ET Q q 0 0 0 rg BT 517.88 301.10 Td (team ) Tj ET Q q 0 0 0 rg BT 539.79 301.10 Td (while ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 100.27 289.10 Td (a ) Tj ET Q q 0 0 0 rg BT 107.21 289.10 Td (flat ) Tj ET Q q 0 0 0 rg BT 123.03 289.10 Td (headcount ) Tj ET Q q 0 0 0 rg BT 166.63 289.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.56 289.10 Td (flat ) Tj ET Q q 0 0 0 rg BT 199.39 289.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 275.76 289.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 300.76 289.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 338.26 289.10 Td (in ) Tj ET Q q 0 0 0 rg BT 348.54 289.10 Td (repeatedly ) Tj ET Q q 0 0 0 rg BT 392.68 289.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 420.18 289.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 450.99 289.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 475.71 289.10 Td (mar) Tj ET Q q 0 0 0 rg BT 491.07 289.10 Td (gins. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 268.10 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.12 268.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.12 268.10 Td (, ) Tj ET Q q 0 0 0 rg BT 98.41 268.10 Td (we ) Tj ET Q q 0 0 0 rg BT 112.87 268.10 Td (advised ) Tj ET Q q 0 0 0 rg BT 146.21 268.10 Td (on ) Tj ET Q q 0 0 0 rg BT 159.00 268.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 209.55 268.10 Td (for ) Tj ET Q q 0 0 0 rg BT 224.00 268.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.01 268.10 Td (first ) Tj ET Q q 0 0 0 rg BT 257.91 268.10 Td (time ) Tj ET Q q 0 0 0 rg BT 278.48 268.10 Td (for ) Tj ET Q q 0 0 0 rg BT 292.93 268.10 Td (such ) Tj ET Q q 0 0 0 rg BT 314.05 268.10 Td (leading ) Tj ET Q q 0 0 0 rg BT 346.28 268.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 391.83 268.10 Td (around ) Tj ET Q q 0 0 0 rg BT 422.40 268.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.40 268.10 Td (world ) Tj ET Q q 0 0 0 rg BT 463.53 268.10 Td (as ) Tj ET Q q 0 0 0 rg BT 474.03 268.10 Td (Actavis, ) Tj ET Q q 0 0 0 rg BT 509.87 268.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 529.82 268.10 Td (Ameren ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (Corporation, ) Tj ET Q q 0 0 0 rg BT 102.25 256.10 Td (Danone ) Tj ET Q q 0 0 0 rg BT 134.78 256.10 Td (SA, ) Tj ET Q q 0 0 0 rg BT 151.48 256.10 Td (Dentsu ) Tj ET Q q 0 0 0 rg BT 181.24 256.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 200.43 256.10 Td (Hitachi, ) Tj ET Q q 0 0 0 rg BT 233.79 256.10 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 254.11 256.10 Td (Japan ) Tj ET Q q 0 0 0 rg BT 278.20 256.10 Td (T) Tj ET Q q 0 0 0 rg BT 283.61 256.10 Td (obacco ) Tj ET Q q 0 0 0 rg BT 313.35 256.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 330.04 256.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.91 256.10 Td (SUPER) Tj ET Q q 0 0 0 rg BT 376.23 256.10 Td (V) Tj ET Q q 0 0 0 rg BT 382.16 256.10 Td (ALU ) Tj ET Q q 0 0 0 rg BT 404.14 256.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 420.73 256.10 Td (W) Tj ET Q q 0 0 0 rg BT 429.37 256.10 Td (e ) Tj ET Q q 0 0 0 rg BT 435.23 256.10 Td (also ) Tj ET Q q 0 0 0 rg BT 452.77 256.10 Td (advised ) Tj ET Q q 0 0 0 rg BT 484.74 256.10 Td (on ) Tj ET Q q 0 0 0 rg BT 496.17 256.10 Td (new ) Tj ET Q q 0 0 0 rg BT 514.25 256.10 Td (transactions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.67 244.10 Td (all ) Tj ET Q q 0 0 0 rg BT 73.56 244.10 Td (major ) Tj ET Q q 0 0 0 rg BT 99.79 244.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 134.34 244.10 Td (for ) Tj ET Q q 0 0 0 rg BT 148.89 244.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 177.89 244.10 Td (for ) Tj ET Q q 0 0 0 rg BT 192.45 244.10 Td (whom ) Tj ET Q q 0 0 0 rg BT 220.34 244.10 Td (we ) Tj ET Q q 0 0 0 rg BT 234.90 244.10 Td (had ) Tj ET Q q 0 0 0 rg BT 252.23 244.10 Td (previous ) Tj ET Q q 0 0 0 rg BT 289.57 244.10 Td (engagements ) Tj ET Q q 0 0 0 rg BT 344.66 244.10 Td (such ) Tj ET Q q 0 0 0 rg BT 365.89 244.10 Td (as ) Tj ET Q q 0 0 0 rg BT 376.48 244.10 Td (A) Tj ET Q q 0 0 0 rg BT 382.59 244.10 Td (T&T) Tj ET Q q 0 0 0 rg BT 402.40 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.30 244.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 425.96 244.10 Td (Elders ) Tj ET Q q 0 0 0 rg BT 454.40 244.10 Td (Limited, ) Tj ET Q q 0 0 0 rg BT 491.46 244.10 Td (GlaxoSmithKline ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 73.45 232.10 Td (Inchcape ) Tj ET Q q 0 0 0 rg BT 111.60 232.10 Td (plc, ) Tj ET Q q 0 0 0 rg BT 128.38 232.10 Td (Iner) Tj ET Q q 0 0 0 rg BT 144.30 232.10 Td (gy) Tj ET Q q 0 0 0 rg BT 153.65 232.10 Td (, ) Tj ET Q q 0 0 0 rg BT 158.22 232.10 Td (L.P) Tj ET Q q 0 0 0 rg BT 171.28 232.10 Td (., ) Tj ET Q q 0 0 0 rg BT 178.34 232.10 Td (Kinder ) Tj ET Q q 0 0 0 rg BT 208.18 232.10 Td (Mor) Tj ET Q q 0 0 0 rg BT 225.22 232.10 Td (gan ) Tj ET Q q 0 0 0 rg BT 241.72 232.10 Td (Ener) Tj ET Q q 0 0 0 rg BT 260.42 232.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 272.49 232.10 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 309.82 232.10 Td (LINN ) Tj ET Q q 0 0 0 rg BT 335.77 232.10 Td (Ener) Tj ET Q q 0 0 0 rg BT 354.46 232.10 Td (gy) Tj ET Q q 0 0 0 rg BT 363.81 232.10 Td (, ) Tj ET Q q 0 0 0 rg BT 368.38 232.10 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 391.83 232.10 Td (Lion ) Tj ET Q q 0 0 0 rg BT 412.78 232.10 Td (Pty ) Tj ET Q q 0 0 0 rg BT 428.19 232.10 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 449.14 232.10 Td (Meadwestvaco ) Tj ET Q q 0 0 0 rg BT 511.18 232.10 Td (Corporation, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (Suncorp ) Tj ET Q q 0 0 0 rg BT 85.83 220.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 113.88 220.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 148.04 220.10 Td (and ) Tj ET Q q 0 0 0 rg BT 164.80 220.10 Td (T) Tj ET Q q 0 0 0 rg BT 170.21 220.10 Td (esco ) Tj ET Q q 0 0 0 rg BT 190.48 220.10 Td (Plc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 199.10 Td (By ) Tj ET Q q 0 0 0 rg BT 76.52 199.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 123.79 199.10 Td (region ) Tj ET Q q 0 0 0 rg BT 152.19 199.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.82 199.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.82 199.10 Td (, ) Tj ET Q q 0 0 0 rg BT 188.17 199.10 Td (our ) Tj ET Q q 0 0 0 rg BT 204.35 199.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 241.64 199.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 280.03 199.10 Td (were ) Tj ET Q q 0 0 0 rg BT 302.31 199.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 342.92 199.10 Td (well ) Tj ET Q q 0 0 0 rg BT 362.99 199.10 Td (dispersed ) Tj ET Q q 0 0 0 rg BT 403.60 199.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 450.34 199.10 Td (our ) Tj ET Q q 0 0 0 rg BT 466.52 199.10 Td (global ) Tj ET Q q 0 0 0 rg BT 494.37 199.10 Td (locations. ) Tj ET Q q 0 0 0 rg BT 535.82 199.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.67 199.10 Td (North ) Tj ET Q q 0 0 0 rg BT 564.50 199.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (America, ) Tj ET Q q 0 0 0 rg BT 88.58 187.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.68 187.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 152.43 187.10 Td (our ) Tj ET Q q 0 0 0 rg BT 167.42 187.10 Td (mer) Tj ET Q q 0 0 0 rg BT 182.79 187.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 197.22 187.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.32 187.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 258.86 187.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 296.62 187.10 Td (in ) Tj ET Q q 0 0 0 rg BT 306.05 187.10 Td (this ) Tj ET Q q 0 0 0 rg BT 322.16 187.10 Td (region, ) Tj ET Q q 0 0 0 rg BT 351.87 187.10 Td (where ) Tj ET Q q 0 0 0 rg BT 377.96 187.10 Td (we ) Tj ET Q q 0 0 0 rg BT 391.28 187.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 431.80 187.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.24 187.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 469.00 187.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.99 187.10 Td (56%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.32 187.10 Td ( ) Tj ET Q q 0 0 0 rg BT 498.98 187.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.97 187.10 Td (our ) Tj ET Q q 0 0 0 rg BT 523.96 187.10 Td (revenues, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 89.40 175.10 Td (our ) Tj ET Q q 0 0 0 rg BT 104.93 175.10 Td (lar) Tj ET Q q 0 0 0 rg BT 115.30 175.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 133.61 175.10 Td (contributor ) Tj ET Q q 0 0 0 rg BT 180.25 175.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.22 175.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.22 175.10 Td (. ) Tj ET Q q 0 0 0 rg BT 214.93 175.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.13 175.10 Td (Most ) Tj ET Q q 0 0 0 rg BT 239.89 175.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.42 175.10 Td (our ) Tj ET Q q 0 0 0 rg BT 265.95 175.10 Td (other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.70 175.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.70 175.10 Td ( ) Tj ET Q q 0 0 0 rg BT 310.90 175.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 347.54 175.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 385.28 175.10 Td (were ) Tj ET Q q 0 0 0 rg BT 406.91 175.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 447.97 175.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.95 175.10 Td (Europe, ) Tj ET Q q 0 0 0 rg BT 491.53 175.10 Td (where ) Tj ET Q q 0 0 0 rg BT 518.16 175.10 Td (we ) Tj ET Q q 0 0 0 rg BT 532.02 175.10 Td (derived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.48 163.10 Td (29%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.81 163.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.53 163.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.58 163.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.63 163.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 196.88 163.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.04 163.10 Td (in ) Tj ET Q q 0 0 0 rg BT 223.94 163.10 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 265.82 163.10 Td (where ) Tj ET Q q 0 0 0 rg BT 292.96 163.10 Td (we ) Tj ET Q q 0 0 0 rg BT 307.34 163.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 340.05 163.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.53 163.10 Td (12%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.86 163.10 Td ( ) Tj ET Q q 0 0 0 rg BT 421.58 163.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.63 163.10 Td (our ) Tj ET Q q 0 0 0 rg BT 448.68 163.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 489.43 163.10 Td (which ) Tj ET Q q 0 0 0 rg BT 516.59 163.10 Td (is ) Tj ET Q q 0 0 0 rg BT 525.98 163.10 Td (a ) Tj ET Q q 0 0 0 rg BT 533.14 163.10 Td (decline ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (from ) Tj ET Q q 0 0 0 rg BT 72.34 151.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 100.24 151.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 122.58 151.10 Td (years' ) Tj ET Q q 0 0 0 rg BT 148.38 151.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 174.61 151.10 Td (but ) Tj ET Q q 0 0 0 rg BT 190.29 151.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 233.19 151.10 Td (with ) Tj ET Q q 0 0 0 rg BT 253.87 151.10 Td (M&A) Tj ET Q q 0 0 0 rg BT 277.21 151.10 Td ( ) Tj ET Q q 0 0 0 rg BT 280.11 151.10 Td (market ) Tj ET Q q 0 0 0 rg BT 310.78 151.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 338.12 151.10 Td (in ) Tj ET Q q 0 0 0 rg BT 348.80 151.10 Td (that ) Tj ET Q q 0 0 0 rg BT 366.69 151.10 Td (region. ) Tj ET Q q 0 0 0 rg BT 397.64 151.10 Td ( ) Tj ET Q q 0 0 0 rg BT 399.90 151.10 Td (As ) Tj ET Q q 0 0 0 rg BT 413.92 151.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 456.24 151.10 Td (to ) Tj ET Q q 0 0 0 rg BT 466.92 151.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 492.33 151.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 527.99 151.10 Td (in ) Tj ET Q q 0 0 0 rg BT 538.67 151.10 Td (North ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (American ) Tj ET Q q 0 0 0 rg BT 92.20 139.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.80 139.10 Td (Australian ) Tj ET Q q 0 0 0 rg BT 153.23 139.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 191.54 139.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.09 139.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.09 139.10 Td ( ) Tj ET Q q 0 0 0 rg BT 224.87 139.10 Td (were ) Tj ET Q q 0 0 0 rg BT 247.07 139.10 Td (of) Tj ET Q q 0 0 0 rg BT 255.22 139.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 272.44 139.10 Td (by ) Tj ET Q q 0 0 0 rg BT 285.21 139.10 Td (an ) Tj ET Q q 0 0 0 rg BT 297.42 139.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 332.95 139.10 Td (in ) Tj ET Q q 0 0 0 rg BT 343.51 139.10 Td (European ) Tj ET Q q 0 0 0 rg BT 384.60 139.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 425.41 139.10 Td (where ) Tj ET Q q 0 0 0 rg BT 452.61 139.10 Td (we ) Tj ET Q q 0 0 0 rg BT 467.05 139.10 Td (advised ) Tj ET Q q 0 0 0 rg BT 500.37 139.10 Td (on ) Tj ET Q q 0 0 0 rg BT 513.14 139.10 Td (a ) Tj ET Q q 0 0 0 rg BT 520.36 139.10 Td (number ) Tj ET Q q 0 0 0 rg BT 553.68 139.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (lar) Tj ET Q q 0 0 0 rg BT 60.37 127.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 72.30 127.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 125.07 127.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.57 127.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 104.76699218750002 m 170.5 104.76699218750002 l s q 0 0 0 rg BT 50.00 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 52.50 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 158.00 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.50 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.00 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.50 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.00 106.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 88.10 Td (\(1\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 81.50 88.10 Td (Source: ) Tj ET Q q 0 0 0 rg BT 107.55 88.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 130.93 88.10 Td (M&A) Tj ET Q q 0 0 0 rg BT 149.61 88.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.22 88.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 186.15 88.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.31 88.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 235.57 88.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 272.28 88.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 297.89 88.10 Td (for ) Tj ET Q q 0 0 0 rg BT 308.83 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.21 88.10 Td (year ) Tj ET Q q 0 0 0 rg BT 335.59 88.10 Td (ended ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.30 88.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 402.78 88.10 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.78 88.10 Td ( ) Tj ET Q q 0 0 0 rg BT 420.39 88.10 Td (as ) Tj ET Q q 0 0 0 rg BT 428.67 88.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 461.82 88.10 Td (to ) Tj ET Q q 0 0 0 rg BT 469.65 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.04 88.10 Td (year ) Tj ET Q q 0 0 0 rg BT 496.42 88.10 Td (ended ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.13 88.10 Td (December31, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 81.50 78.50 Td (2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.50 78.50 Td (. ) Tj ET Q q 0 0 0 rg BT 101.50 78.50 Td (Source: ) Tj ET Q q 0 0 0 rg BT 127.79 78.50 Td (Thomson ) Tj ET Q q 0 0 0 rg BT 160.02 78.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 191.79 78.50 Td (as ) Tj ET Q q 0 0 0 rg BT 200.45 78.50 Td (of ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.11 78.50 Td (February21, ) Tj ET Q q 0 0 0 rg BT 251.99 78.50 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.99 78.50 Td (.) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 742.10 Td (By ) Tj ET Q q 0 0 0 rg BT 75.42 742.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 109.96 742.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.49 742.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.49 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 143.74 742.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 183.82 742.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 236.10 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 245.63 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.60 742.10 Td (consumer ) Tj ET Q q 0 0 0 rg BT 300.24 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.43 742.10 Td (retail, ) Tj ET Q q 0 0 0 rg BT 341.23 742.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 384.06 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 400.25 742.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 436.99 742.10 Td (services ) Tj ET Q q 0 0 0 rg BT 470.95 742.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 500.47 742.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 539.43 742.10 Td (of) Tj ET Q q 0 0 0 rg BT 547.58 742.10 Td (fset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.67 730.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 87.77 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.78 730.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 130.00 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 140.01 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.46 730.10 Td (technology) Tj ET Q q 0 0 0 rg BT 198.24 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 202.97 730.10 Td (industrial ) Tj ET Q q 0 0 0 rg BT 242.98 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.64 730.10 Td (ener) Tj ET Q q 0 0 0 rg BT 276.67 730.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 288.90 730.10 Td (sectors. ) Tj ET Q q 0 0 0 rg BT 321.40 730.10 Td (Further) Tj ET Q q 0 0 0 rg BT 350.44 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 355.17 730.10 Td (we ) Tj ET Q q 0 0 0 rg BT 369.06 730.10 Td (generated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.15 730.10 Td (1) Tj ET Q q 0 0 0 rg BT 414.78 730.10 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.11 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.34 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.90 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 456.46 730.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 493.13 730.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 527.01 730.10 Td (from ) Tj ET Q q 0 0 0 rg BT 548.68 730.10 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 78.82 718.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 115.43 718.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 154.00 718.10 Td (which ) Tj ET Q q 0 0 0 rg BT 180.61 718.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 220.00 718.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 256.61 718.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 285.43 718.10 Td (raising ) Tj ET Q q 0 0 0 rg BT 314.82 718.10 Td (advice ) Tj ET Q q 0 0 0 rg BT 343.09 718.10 Td (for ) Tj ET Q q 0 0 0 rg BT 356.92 718.10 Td (private ) Tj ET Q q 0 0 0 rg BT 386.86 718.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 414.02 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.63 718.10 Td (real ) Tj ET Q q 0 0 0 rg BT 447.79 718.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 472.73 718.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 497.12 718.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 538.72 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 548.67 718.10 Td (9% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 706.10 Td (2012. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 685.10 Td (After ) Tj ET Q q 0 0 0 rg BT 84.88 685.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.09 685.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 135.08 685.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 169.61 685.10 Td (in ) Tj ET Q q 0 0 0 rg BT 179.17 685.10 Td (headcount ) Tj ET Q q 0 0 0 rg BT 222.04 685.10 Td (from ) Tj ET Q q 0 0 0 rg BT 243.25 685.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.25 685.10 Td (time ) Tj ET Q q 0 0 0 rg BT 276.80 685.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.91 685.10 Td (our ) Tj ET Q q 0 0 0 rg BT 302.01 685.10 Td (IPO ) Tj ET Q q 0 0 0 rg BT 319.91 685.10 Td (through ) Tj ET Q q 0 0 0 rg BT 352.79 685.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 377.07 685.10 Td (our ) Tj ET Q q 0 0 0 rg BT 392.18 685.10 Td (headcount ) Tj ET Q q 0 0 0 rg BT 435.05 685.10 Td (has ) Tj ET Q q 0 0 0 rg BT 450.15 685.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 489.13 685.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 528.67 685.10 Td (constant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (since ) Tj ET Q q 0 0 0 rg BT 73.31 673.10 Td (then. ) Tj ET Q q 0 0 0 rg BT 95.79 673.10 Td (During ) Tj ET Q q 0 0 0 rg BT 126.88 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.86 673.10 Td (past ) Tj ET Q q 0 0 0 rg BT 160.73 673.10 Td (three ) Tj ET Q q 0 0 0 rg BT 183.48 673.10 Td (years ) Tj ET Q q 0 0 0 rg BT 207.34 673.10 Td (our ) Tj ET Q q 0 0 0 rg BT 223.43 673.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 281.74 673.10 Td (and ) Tj ET Q q 0 0 0 rg BT 298.94 673.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 333.36 673.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 370.83 673.10 Td (which ) Tj ET Q q 0 0 0 rg BT 398.03 673.10 Td (we ) Tj ET Q q 0 0 0 rg BT 412.45 673.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 448.53 673.10 Td (as ) Tj ET Q q 0 0 0 rg BT 459.62 673.10 Td (a ) Tj ET Q q 0 0 0 rg BT 466.82 673.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 512.89 673.10 Td (of ) Tj ET Q q 0 0 0 rg BT 523.98 673.10 Td (revenues, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (have ) Tj ET Q q 0 0 0 rg BT 71.59 661.10 Td (ranged ) Tj ET Q q 0 0 0 rg BT 101.50 661.10 Td (from ) Tj ET Q q 0 0 0 rg BT 123.65 661.10 Td (53% ) Tj ET Q q 0 0 0 rg BT 144.69 661.10 Td (to ) Tj ET Q q 0 0 0 rg BT 155.18 661.10 Td (55% ) Tj ET Q q 0 0 0 rg BT 176.21 661.10 Td (of ) Tj ET Q q 0 0 0 rg BT 187.25 661.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 228.00 661.10 Td ( ) Tj ET Q q 0 0 0 rg BT 230.71 661.10 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.75 661.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.75 661.10 Td (, ) Tj ET Q q 0 0 0 rg BT 266.96 661.10 Td (our ) Tj ET Q q 0 0 0 rg BT 283.00 661.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 304.03 661.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.07 661.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 373.32 661.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.47 661.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 424.83 661.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 459.75 661.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.24 661.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 508.48 661.10 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.74 661.10 Td (54%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.07 661.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (while ) Tj ET Q q 0 0 0 rg BT 74.07 649.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 125.91 649.10 Td (below ) Tj ET Q q 0 0 0 rg BT 152.20 649.10 Td (our ) Tj ET Q q 0 0 0 rg BT 167.38 649.10 Td (closest ) Tj ET Q q 0 0 0 rg BT 196.45 649.10 Td (peers, ) Tj ET Q q 0 0 0 rg BT 221.90 649.10 Td (it ) Tj ET Q q 0 0 0 rg BT 229.31 649.10 Td (was ) Tj ET Q q 0 0 0 rg BT 246.72 649.10 Td (still ) Tj ET Q q 0 0 0 rg BT 263.57 649.10 Td (above ) Tj ET Q q 0 0 0 rg BT 289.30 649.10 Td (our ) Tj ET Q q 0 0 0 rg BT 304.48 649.10 Td (historic ) Tj ET Q q 0 0 0 rg BT 336.33 649.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 361.51 649.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.80 649.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 404.65 649.10 Td (goal ) Tj ET Q q 0 0 0 rg BT 423.71 649.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.90 649.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 483.52 649.10 Td (a ) Tj ET Q q 0 0 0 rg BT 489.81 649.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 509.99 649.10 Td (not ) Tj ET Q q 0 0 0 rg BT 524.62 649.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.25 649.10 Td (exceed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (50%. ) Tj ET Q q 0 0 0 rg BT 72.76 637.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.68 637.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 92.16 637.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 167.96 637.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 189.88 637.10 Td (over ) Tj ET Q q 0 0 0 rg BT 209.57 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.72 637.10 Td (past ) Tj ET Q q 0 0 0 rg BT 241.75 637.10 Td (three ) Tj ET Q q 0 0 0 rg BT 263.66 637.10 Td (years ) Tj ET Q q 0 0 0 rg BT 286.68 637.10 Td (have ) Tj ET Q q 0 0 0 rg BT 307.49 637.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 346.61 637.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 386.30 637.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 428.22 637.10 Td (in ) Tj ET Q q 0 0 0 rg BT 437.92 637.10 Td (absolute ) Tj ET Q q 0 0 0 rg BT 473.17 637.10 Td (dollars ) Tj ET Q q 0 0 0 rg BT 502.31 637.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 544.24 637.10 Td (with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.01 625.10 Td (stable ) Tj ET Q q 0 0 0 rg BT 90.02 625.10 Td (headcount ) Tj ET Q q 0 0 0 rg BT 132.80 625.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.93 625.10 Td (disciplined ) Tj ET Q q 0 0 0 rg BT 194.49 625.10 Td (control ) Tj ET Q q 0 0 0 rg BT 224.50 625.10 Td (over ) Tj ET Q q 0 0 0 rg BT 243.96 625.10 Td (both ) Tj ET Q q 0 0 0 rg BT 263.42 625.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 285.65 625.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.77 625.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 335.66 625.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 359.47 625.10 Td (As ) Tj ET Q q 0 0 0 rg BT 372.27 625.10 Td (a ) Tj ET Q q 0 0 0 rg BT 378.39 625.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 423.38 625.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.39 625.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 473.11 625.10 Td (our ) Tj ET Q q 0 0 0 rg BT 488.13 625.10 Td (non-compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 72.03 613.10 Td (have ) Tj ET Q q 0 0 0 rg BT 92.93 613.10 Td (ranged ) Tj ET Q q 0 0 0 rg BT 122.17 613.10 Td (from ) Tj ET Q q 0 0 0 rg BT 143.63 613.10 Td (21% ) Tj ET Q q 0 0 0 rg BT 163.99 613.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.80 613.10 Td (22% ) Tj ET Q q 0 0 0 rg BT 194.16 613.10 Td (over ) Tj ET Q q 0 0 0 rg BT 213.95 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.20 613.10 Td (past ) Tj ET Q q 0 0 0 rg BT 246.33 613.10 Td (three ) Tj ET Q q 0 0 0 rg BT 268.35 613.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 293.97 613.10 Td (and ) Tj ET Q q 0 0 0 rg BT 310.44 613.10 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.90 613.10 Td (21%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.23 613.10 Td ( ) Tj ET Q q 0 0 0 rg BT 352.25 613.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.06 613.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.06 613.10 Td (. ) Tj ET Q q 0 0 0 rg BT 386.59 613.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.62 613.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 406.19 613.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 436.54 613.10 Td (mar) Tj ET Q q 0 0 0 rg BT 451.90 613.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 466.71 613.10 Td (over ) Tj ET Q q 0 0 0 rg BT 486.51 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.75 613.10 Td (past ) Tj ET Q q 0 0 0 rg BT 518.89 613.10 Td (three ) Tj ET Q q 0 0 0 rg BT 540.90 613.10 Td (years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (has ) Tj ET Q q 0 0 0 rg BT 65.50 601.10 Td (ranged ) Tj ET Q q 0 0 0 rg BT 94.88 601.10 Td (from ) Tj ET Q q 0 0 0 rg BT 116.49 601.10 Td (23% ) Tj ET Q q 0 0 0 rg BT 136.99 601.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.94 601.10 Td (25%, ) Tj ET Q q 0 0 0 rg BT 169.95 601.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.56 601.10 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.28 601.10 Td (25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.61 601.10 Td ( ) Tj ET Q q 0 0 0 rg BT 224.78 601.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.73 601.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.73 601.10 Td (. ) Tj ET Q q 0 0 0 rg BT 259.40 601.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.58 601.10 Td (Over ) Tj ET Q q 0 0 0 rg BT 283.74 601.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.13 601.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 310.30 601.10 Td (year ) Tj ET Q q 0 0 0 rg BT 329.68 601.10 Td (period ) Tj ET Q q 0 0 0 rg BT 357.40 601.10 Td (since ) Tj ET Q q 0 0 0 rg BT 380.11 601.10 Td (our ) Tj ET Q q 0 0 0 rg BT 395.62 601.10 Td (IPO, ) Tj ET Q q 0 0 0 rg BT 416.40 601.10 Td (our ) Tj ET Q q 0 0 0 rg BT 431.90 601.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 462.39 601.10 Td (mar) Tj ET Q q 0 0 0 rg BT 477.76 601.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 492.71 601.10 Td (ranged ) Tj ET Q q 0 0 0 rg BT 522.09 601.10 Td (from ) Tj ET Q q 0 0 0 rg BT 543.70 601.10 Td (21% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 589.10 Td (44% ) Tj ET Q q 0 0 0 rg BT 81.11 589.10 Td (and ) Tj ET Q q 0 0 0 rg BT 98.05 589.10 Td (as ) Tj ET Q q 0 0 0 rg BT 108.88 589.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 155.25 589.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 187.74 589.10 Td (rebounds, ) Tj ET Q q 0 0 0 rg BT 229.40 589.10 Td (we ) Tj ET Q q 0 0 0 rg BT 243.56 589.10 Td (will ) Tj ET Q q 0 0 0 rg BT 261.62 589.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 281.88 589.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.16 589.10 Td (return ) Tj ET Q q 0 0 0 rg BT 318.54 589.10 Td (towards ) Tj ET Q q 0 0 0 rg BT 352.70 589.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.42 589.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 395.46 589.10 Td (end ) Tj ET Q q 0 0 0 rg BT 412.40 589.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.23 589.10 Td (our ) Tj ET Q q 0 0 0 rg BT 439.06 589.10 Td (historic ) Tj ET Q q 0 0 0 rg BT 471.56 589.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 502.37 589.10 Td (mar) Tj ET Q q 0 0 0 rg BT 517.74 589.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 533.02 589.10 Td (range.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 568.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 80.35 568.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 128.13 568.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 155.93 568.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 180.94 568.10 Td (mar) Tj ET Q q 0 0 0 rg BT 196.31 568.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 211.88 568.10 Td (and ) Tj ET Q q 0 0 0 rg BT 229.11 568.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 269.67 568.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 290.24 568.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 311.36 568.10 Td (has ) Tj ET Q q 0 0 0 rg BT 327.49 568.10 Td (allowed ) Tj ET Q q 0 0 0 rg BT 361.94 568.10 Td (us ) Tj ET Q q 0 0 0 rg BT 373.63 568.10 Td (to ) Tj ET Q q 0 0 0 rg BT 384.20 568.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 421.99 568.10 Td (an ) Tj ET Q q 0 0 0 rg BT 434.22 568.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 474.21 568.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 512.00 568.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 539.79 568.10 Td (while ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (also ) Tj ET Q q 0 0 0 rg BT 68.66 556.10 Td (allowing ) Tj ET Q q 0 0 0 rg BT 106.21 556.10 Td (us ) Tj ET Q q 0 0 0 rg BT 117.65 556.10 Td (to ) Tj ET Q q 0 0 0 rg BT 127.98 556.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 173.84 556.10 Td (a ) Tj ET Q q 0 0 0 rg BT 180.83 556.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 225.59 556.10 Td (number ) Tj ET Q q 0 0 0 rg BT 258.69 556.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.57 556.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 297.11 556.10 Td (of ) Tj ET Q q 0 0 0 rg BT 307.99 556.10 Td (our ) Tj ET Q q 0 0 0 rg BT 323.87 556.10 Td (common ) Tj ET Q q 0 0 0 rg BT 361.42 556.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 387.58 556.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 405.68 556.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 434.89 556.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 472.43 556.10 Td (payout ) Tj ET Q q 0 0 0 rg BT 502.20 556.10 Td (has ) Tj ET Q q 0 0 0 rg BT 518.08 556.10 Td (been ) Tj ET Q q 0 0 0 rg BT 539.51 556.10 Td ($1.80 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (per ) Tj ET Q q 0 0 0 rg BT 65.13 544.10 Td (common ) Tj ET Q q 0 0 0 rg BT 102.48 544.10 Td (share ) Tj ET Q q 0 0 0 rg BT 125.93 544.10 Td (since ) Tj ET Q q 0 0 0 rg BT 148.84 544.10 Td (2008. ) Tj ET Q q 0 0 0 rg BT 173.70 544.10 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.38 544.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.38 544.10 Td (, ) Tj ET Q q 0 0 0 rg BT 209.24 544.10 Td (we ) Tj ET Q q 0 0 0 rg BT 223.26 544.10 Td (repurchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.92 544.10 Td (853,870) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.42 544.10 Td ( ) Tj ET Q q 0 0 0 rg BT 308.78 544.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 336.13 544.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.81 544.10 Td (our ) Tj ET Q q 0 0 0 rg BT 362.50 544.10 Td (common ) Tj ET Q q 0 0 0 rg BT 399.85 544.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 423.32 544.10 Td (in ) Tj ET Q q 0 0 0 rg BT 433.46 544.10 Td (open ) Tj ET Q q 0 0 0 rg BT 455.25 544.10 Td (market ) Tj ET Q q 0 0 0 rg BT 485.37 544.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 534.93 544.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 554.22 544.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 87.68 532.10 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 138.40 532.10 Td (from ) Tj ET Q q 0 0 0 rg BT 160.24 532.10 Td (employees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.42 532.10 Td (226,505) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.92 532.10 Td ( ) Tj ET Q q 0 0 0 rg BT 240.32 532.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 279.94 532.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 303.45 532.10 Td (units ) Tj ET Q q 0 0 0 rg BT 325.31 532.10 Td (at ) Tj ET Q q 0 0 0 rg BT 334.94 532.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.56 532.10 Td (time ) Tj ET Q q 0 0 0 rg BT 369.74 532.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.48 532.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 411.78 532.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.96 532.10 Td (settle ) Tj ET Q q 0 0 0 rg BT 445.48 532.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 460.10 532.10 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 502.23 532.10 Td (In ) Tj ET Q q 0 0 0 rg BT 512.97 532.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 554.24 532.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 520.10 Td (, ) Tj ET Q q 0 0 0 rg BT 75.05 520.10 Td (we ) Tj ET Q q 0 0 0 rg BT 89.27 520.10 Td (repurchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.12 520.10 Td (1,080,375) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.12 520.10 Td ( ) Tj ET Q q 0 0 0 rg BT 182.68 520.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 210.22 520.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.10 520.10 Td (our ) Tj ET Q q 0 0 0 rg BT 236.99 520.10 Td (common ) Tj ET Q q 0 0 0 rg BT 274.53 520.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 298.19 520.10 Td (and ) Tj ET Q q 0 0 0 rg BT 315.19 520.10 Td (common ) Tj ET Q q 0 0 0 rg BT 352.73 520.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 376.39 520.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 424.49 520.10 Td (at ) Tj ET Q q 0 0 0 rg BT 434.26 520.10 Td (an ) Tj ET Q q 0 0 0 rg BT 446.25 520.10 Td (average ) Tj ET Q q 0 0 0 rg BT 479.89 520.10 Td (price ) Tj ET Q q 0 0 0 rg BT 502.42 520.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.31 520.10 Td ($51.28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.81 520.10 Td ( ) Tj ET Q q 0 0 0 rg BT 543.36 520.10 Td (for ) Tj ET Q q 0 0 0 rg BT 557.57 520.10 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (total ) Tj ET Q q 0 0 0 rg BT 70.27 508.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 108.31 508.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 126.92 508.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.75 508.10 Td ($55.4 ) Tj ET Q q 0 0 0 rg BT 162.75 508.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.64 508.10 Td (. ) Tj ET Q q 0 0 0 rg BT 196.64 508.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 214.69 508.10 Td (board ) Tj ET Q q 0 0 0 rg BT 239.96 508.10 Td (has ) Tj ET Q q 0 0 0 rg BT 255.79 508.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 300.49 508.10 Td (up ) Tj ET Q q 0 0 0 rg BT 312.99 508.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.27 508.10 Td ($75 ) Tj ET Q q 0 0 0 rg BT 340.77 508.10 Td (million ) Tj ET Q q 0 0 0 rg BT 372.16 508.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.99 508.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 425.48 508.10 Td (share ) Tj ET Q q 0 0 0 rg BT 449.08 508.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 498.78 508.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.06 508.10 Td (2014.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 487.10 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 487.10 Td (e ) Tj ET Q q 0 0 0 rg BT 78.36 487.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 118.85 487.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 165.44 487.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 210.94 487.10 Td (variations ) Tj ET Q q 0 0 0 rg BT 253.66 487.10 Td (in ) Tj ET Q q 0 0 0 rg BT 264.73 487.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 303.55 487.10 Td (during ) Tj ET Q q 0 0 0 rg BT 332.95 487.10 Td (each ) Tj ET Q q 0 0 0 rg BT 354.55 487.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 393.93 487.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 425.03 487.10 Td (These ) Tj ET Q q 0 0 0 rg BT 452.19 487.10 Td (variations ) Tj ET Q q 0 0 0 rg BT 494.92 487.10 Td (can ) Tj ET Q q 0 0 0 rg BT 512.08 487.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 552.57 487.10 Td (be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (attributed ) Tj ET Q q 0 0 0 rg BT 90.60 475.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.67 475.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.17 475.10 Td (fact ) Tj ET Q q 0 0 0 rg BT 132.44 475.10 Td (that ) Tj ET Q q 0 0 0 rg BT 149.72 475.10 Td (our ) Tj ET Q q 0 0 0 rg BT 165.33 475.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 203.15 475.10 Td (are ) Tj ET Q q 0 0 0 rg BT 217.64 475.10 Td (usually ) Tj ET Q q 0 0 0 rg BT 248.81 475.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 277.74 475.10 Td (in ) Tj ET Q q 0 0 0 rg BT 287.81 475.10 Td (lar) Tj ET Q q 0 0 0 rg BT 298.17 475.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 309.90 475.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 346.07 475.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 392.24 475.10 Td (the ) Tj ET Q q 0 0 0 rg BT 406.74 475.10 Td (year ) Tj ET Q q 0 0 0 rg BT 426.23 475.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 448.51 475.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.01 475.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 506.40 475.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 553.67 475.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.02 463.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 103.48 463.10 Td (or ) Tj ET Q q 0 0 0 rg BT 114.40 463.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 168.08 463.10 Td (or ) Tj ET Q q 0 0 0 rg BT 178.99 463.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 210.46 463.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.38 463.10 Td (a ) Tj ET Q q 0 0 0 rg BT 228.40 463.10 Td (fund, ) Tj ET Q q 0 0 0 rg BT 251.82 463.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.62 463.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 295.32 463.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.24 463.10 Td (which ) Tj ET Q q 0 0 0 rg BT 333.26 463.10 Td (is ) Tj ET Q q 0 0 0 rg BT 342.51 463.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 382.30 463.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.33 463.10 Td (is ) Tj ET Q q 0 0 0 rg BT 408.58 463.10 Td (not ) Tj ET Q q 0 0 0 rg BT 423.95 463.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 454.86 463.10 Td (to ) Tj ET Q q 0 0 0 rg BT 465.22 463.10 Td (our ) Tj ET Q q 0 0 0 rg BT 481.14 463.10 Td (control. ) Tj ET Q q 0 0 0 rg BT 514.55 463.10 Td ( ) Tj ET Q q 0 0 0 rg BT 516.56 463.10 Td (As ) Tj ET Q q 0 0 0 rg BT 530.26 463.10 Td (a ) Tj ET Q q 0 0 0 rg BT 537.28 463.10 Td (result, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.83 451.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 104.42 451.10 Td (results ) Tj ET Q q 0 0 0 rg BT 133.03 451.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 153.30 451.10 Td (and ) Tj ET Q q 0 0 0 rg BT 170.24 451.10 Td (our ) Tj ET Q q 0 0 0 rg BT 186.07 451.10 Td (results ) Tj ET Q q 0 0 0 rg BT 214.68 451.10 Td (in ) Tj ET Q q 0 0 0 rg BT 224.96 451.10 Td (one ) Tj ET Q q 0 0 0 rg BT 241.89 451.10 Td (period ) Tj ET Q q 0 0 0 rg BT 269.94 451.10 Td (may ) Tj ET Q q 0 0 0 rg BT 289.66 451.10 Td (not ) Tj ET Q q 0 0 0 rg BT 304.94 451.10 Td (be ) Tj ET Q q 0 0 0 rg BT 316.88 451.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 358.80 451.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.63 451.10 Td (our ) Tj ET Q q 0 0 0 rg BT 385.46 451.10 Td (results ) Tj ET Q q 0 0 0 rg BT 414.07 451.10 Td (in ) Tj ET Q q 0 0 0 rg BT 424.35 451.10 Td (any ) Tj ET Q q 0 0 0 rg BT 441.29 451.10 Td (future ) Tj ET Q q 0 0 0 rg BT 467.67 451.10 Td (period.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.85 427.10 Td (Results of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 406.10 Td (The ) Tj ET Q q 0 0 0 rg BT 80.05 406.10 Td (following ) Tj ET Q q 0 0 0 rg BT 121.43 406.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 147.26 406.10 Td (set ) Tj ET Q q 0 0 0 rg BT 160.87 406.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 182.81 406.10 Td (data ) Tj ET Q q 0 0 0 rg BT 201.96 406.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 235.00 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.28 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.00 406.10 Td (Firm) Tj ET Q q 0 0 0 rg BT 282.22 406.10 Td (s ) Tj ET Q q 0 0 0 rg BT 288.62 406.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 321.11 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.94 406.10 Td (revenues:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 240.95 385.10 Td (Historical Revenues by Sour) Tj ET Q q 0 0 0 rg BT 362.16 385.10 Td (ce) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 324.80 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 324.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 324.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 324.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 324.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 324.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 324.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 324.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 324.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 324.80 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 309.80 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 294.80 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 294.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 294.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 294.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 294.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 294.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 294.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 294.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 294.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 294.80 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 350.8 m 306.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 350.8 m 310.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 350.8 m 370.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 350.8 m 374.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 350.8 m 434.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 350.8 m 438.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 350.8 m 498.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 350.8 m 502.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 350.8 m 562.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 350.8 m 306.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 337.8 m 306.5 337.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 350.8 m 370.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 337.8 m 370.5 337.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 350.8 m 434.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 337.8 m 434.5 337.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 350.8 m 498.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 337.8 m 498.5 337.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 350.8 m 562.5 350.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 337.8 m 562.5 337.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 294.8 m 306.5 294.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 294.8 m 370.5 294.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 294.8 m 434.5 294.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 294.8 m 498.5 294.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 294.8 m 562.5 294.8 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.35 355.03 Td (For the Year Ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 268.00 342.03 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.00 342.03 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.20 342.03 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.00 342.03 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.00 342.03 Td (2009) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 329.03 Td (\(in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 315.37 Td (Advisory revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.00 314.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 314.47 Td (287.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 314.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.15 314.47 Td (291.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 314.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 314.47 Td (302.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 314.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 314.47 Td (252.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 314.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 314.47 Td (216.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 300.37 Td (Investment revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.15 299.47 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.80 299.52 Td (\(6.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 299.47 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.80 299.52 Td (\(8.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 299.47 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 299.47 Td (26.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 299.47 Td (82.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 285.37 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.00 284.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 284.47 Td (287.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 284.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.15 284.47 Td (285.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 284.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 284.47 Td (294.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 284.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 284.47 Td (278.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 284.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 284.47 Td (298.6) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 256.30 Td (Advisory Revenues) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 201.95 235.30 Td (Historical ) Tj ET Q q 0 0 0 rg BT 246.11 235.30 Td (Advisory Revenues by Client Location) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 188.00 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 188.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 188.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 188.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 188.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 188.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 188.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 188.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 188.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 188.00 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 173.00 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 158.00 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 158.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 158.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 158.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 158.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 158.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 158.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 158.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 158.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 158.00 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 143.00 196.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 201 m 306.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 201 m 310.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 201 m 370.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 201 m 374.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 201 m 434.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 201 m 438.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 201 m 498.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 201 m 502.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 201 m 562.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 201 m 306.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 188 m 306.5 188 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 201 m 370.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 188 m 370.5 188 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 201 m 434.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 188 m 434.5 188 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 201 m 498.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 188 m 498.5 188 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 201 m 562.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 188 m 562.5 188 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 188 m 306.5 188 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 188 m 370.5 188 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 188 m 434.5 188 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 188 m 498.5 188 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 188 m 562.5 188 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.35 205.23 Td (For the Year Ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 268.00 192.23 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.00 192.23 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.20 192.23 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.00 192.23 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.00 192.23 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 178.57 Td (North America) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.65 177.67 Td (52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.65 177.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 177.67 Td (60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 177.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 177.67 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 177.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 177.67 Td (57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 177.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 177.67 Td (65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 177.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 163.57 Td (Europe) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.65 162.67 Td (33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.65 162.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 162.67 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 162.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 162.67 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 162.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 162.67 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 162.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 162.67 Td (34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 162.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 148.57 Td (Australia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.65 147.67 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.65 147.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 147.67 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 147.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 147.67 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 147.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 147.67 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 147.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 147.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 133.57 Td (Asia, Latin America& Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.65 132.67 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.65 132.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.65 132.67 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 132.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 132.67 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 132.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 132.67 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 132.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 132.67 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 132.67 Td (%) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 216.50 742.25 Td (Historical ) Tj ET Q q 0 0 0 rg BT 260.66 742.25 Td (Advisory Revenues by Industry) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 694.95 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 694.95 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 604.95 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 589.95 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 574.95 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 574.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 574.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 574.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 574.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 574.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 574.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 574.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 574.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 574.95 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 707.95 m 306.5 707.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i 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0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 694.95 m 434.5 694.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 707.95 m 498.5 707.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 694.95 m 498.5 694.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 707.95 m 562.5 707.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 694.95 m 562.5 694.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 694.95 m 306.5 694.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 694.95 m 370.5 694.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 694.95 m 434.5 694.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 694.95 m 498.5 694.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 694.95 m 562.5 694.95 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.35 712.18 Td (For the Year Ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 268.00 699.18 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.00 699.18 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.20 699.18 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.00 699.18 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.00 699.18 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 685.52 Td (Communications& Media) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.65 684.62 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.65 684.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.65 684.62 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 684.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 684.62 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 684.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 684.62 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 684.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 684.62 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 684.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 670.52 Td (Consumer Goods& Retail) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.65 669.62 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.65 669.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.65 669.62 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 669.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 669.62 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 669.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 669.62 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 669.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 669.62 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 669.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 655.52 Td (Energy& Utilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.65 654.62 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.65 654.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 654.62 Td (11) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 654.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 654.62 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 654.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 654.62 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 654.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 654.62 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 654.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 640.52 Td (Financial Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.65 639.62 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.65 639.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.65 639.62 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 639.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 639.62 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 639.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 639.62 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 639.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 639.62 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 639.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 625.52 Td (Healthcare) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.65 624.62 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.65 624.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.65 624.62 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 624.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 624.62 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 624.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 624.62 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 624.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 624.62 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 624.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 610.52 Td (Real Estate, Lodging& Leisure) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.65 609.62 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.65 609.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.65 609.62 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 609.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 609.62 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 609.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 609.62 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 609.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 609.62 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 609.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 595.52 Td (Technology) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.65 594.62 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.65 594.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 594.62 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 594.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 594.62 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 594.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 594.62 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 594.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 594.62 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 594.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 580.52 Td (General Industrial& Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.65 579.62 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.65 579.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 579.62 Td (31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 579.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 579.62 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 579.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 579.62 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 579.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 579.62 Td (34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 579.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 565.52 Td (Capital Advisory \(Fund Placement\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.65 564.62 Td (11) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.65 564.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.65 564.62 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 564.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 564.62 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 564.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 564.62 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 564.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 564.62 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 564.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 536.45 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 536.45 Td (e ) Tj ET Q q 0 0 0 rg BT 77.83 536.45 Td (operate ) Tj ET Q q 0 0 0 rg BT 110.01 536.45 Td (in ) Tj ET Q q 0 0 0 rg BT 120.55 536.45 Td (a ) Tj ET Q q 0 0 0 rg BT 127.74 536.45 Td (highly ) Tj ET Q q 0 0 0 rg BT 156.06 536.45 Td (competitive ) Tj ET Q q 0 0 0 rg BT 206.02 536.45 Td (environment ) Tj ET Q q 0 0 0 rg BT 259.32 536.45 Td (where ) Tj ET Q q 0 0 0 rg BT 286.50 536.45 Td (there ) Tj ET Q q 0 0 0 rg BT 309.24 536.45 Td (are ) Tj ET Q q 0 0 0 rg BT 324.21 536.45 Td (no ) Tj ET Q q 0 0 0 rg BT 336.96 536.45 Td (long-term ) Tj ET Q q 0 0 0 rg BT 379.15 536.45 Td (contracted ) Tj ET Q q 0 0 0 rg BT 423.55 536.45 Td (sources ) Tj ET Q q 0 0 0 rg BT 456.30 536.45 Td (of ) Tj ET Q q 0 0 0 rg BT 467.38 536.45 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 504.29 536.45 Td (Each ) Tj ET Q q 0 0 0 rg BT 527.03 536.45 Td (revenue-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 524.45 Td (generating ) Tj ET Q q 0 0 0 rg BT 94.54 524.45 Td (engagement ) Tj ET Q q 0 0 0 rg BT 145.18 524.45 Td (is ) Tj ET Q q 0 0 0 rg BT 154.19 524.45 Td (separately ) Tj ET Q q 0 0 0 rg BT 197.06 524.45 Td (awarded ) Tj ET Q q 0 0 0 rg BT 233.26 524.45 Td (and ) Tj ET Q q 0 0 0 rg BT 250.03 524.45 Td (negotiated. ) Tj ET Q q 0 0 0 rg BT 296.52 524.45 Td (Our ) Tj ET Q q 0 0 0 rg BT 314.41 524.45 Td (list ) Tj ET Q q 0 0 0 rg BT 328.97 524.45 Td (of ) Tj ET Q q 0 0 0 rg BT 339.63 524.45 Td (clients ) Tj ET Q q 0 0 0 rg BT 368.07 524.45 Td (with ) Tj ET Q q 0 0 0 rg BT 388.19 524.45 Td (whom ) Tj ET Q q 0 0 0 rg BT 415.52 524.45 Td (there ) Tj ET Q q 0 0 0 rg BT 437.84 524.45 Td (is ) Tj ET Q q 0 0 0 rg BT 446.85 524.45 Td (an ) Tj ET Q q 0 0 0 rg BT 458.62 524.45 Td (active ) Tj ET Q q 0 0 0 rg BT 484.83 524.45 Td (revenue-generating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 512.45 Td (engagement ) Tj ET Q q 0 0 0 rg BT 102.04 512.45 Td (changes ) Tj ET Q q 0 0 0 rg BT 137.98 512.45 Td (continually) Tj ET Q q 0 0 0 rg BT 182.32 512.45 Td (. ) Tj ET Q q 0 0 0 rg BT 188.29 512.45 Td (T) Tj ET Q q 0 0 0 rg BT 193.70 512.45 Td (o ) Tj ET Q q 0 0 0 rg BT 202.43 512.45 Td (develop ) Tj ET Q q 0 0 0 rg BT 237.82 512.45 Td (new ) Tj ET Q q 0 0 0 rg BT 258.21 512.45 Td (client ) Tj ET Q q 0 0 0 rg BT 284.16 512.45 Td (relationships, ) Tj ET Q q 0 0 0 rg BT 341.49 512.45 Td (and ) Tj ET Q q 0 0 0 rg BT 359.66 512.45 Td (to ) Tj ET Q q 0 0 0 rg BT 371.18 512.45 Td (develop ) Tj ET Q q 0 0 0 rg BT 406.56 512.45 Td (new ) Tj ET Q q 0 0 0 rg BT 426.96 512.45 Td (engagements ) Tj ET Q q 0 0 0 rg BT 482.89 512.45 Td (from ) Tj ET Q q 0 0 0 rg BT 506.06 512.45 Td (historic ) Tj ET Q q 0 0 0 rg BT 539.79 512.45 Td (client ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 500.45 Td (relationships, ) Tj ET Q q 0 0 0 rg BT 106.36 500.45 Td (we ) Tj ET Q q 0 0 0 rg BT 120.77 500.45 Td (maintain ) Tj ET Q q 0 0 0 rg BT 158.52 500.45 Td (an ) Tj ET Q q 0 0 0 rg BT 170.71 500.45 Td (active ) Tj ET Q q 0 0 0 rg BT 197.34 500.45 Td (business ) Tj ET Q q 0 0 0 rg BT 233.99 500.45 Td (dialogue ) Tj ET Q q 0 0 0 rg BT 271.18 500.45 Td (with ) Tj ET Q q 0 0 0 rg BT 291.71 500.45 Td (a ) Tj ET Q q 0 0 0 rg BT 298.90 500.45 Td (lar) Tj ET Q q 0 0 0 rg BT 309.27 500.45 Td (ge ) Tj ET Q q 0 0 0 rg BT 321.46 500.45 Td (number ) Tj ET Q q 0 0 0 rg BT 354.77 500.45 Td (of ) Tj ET Q q 0 0 0 rg BT 365.85 500.45 Td (clients ) Tj ET Q q 0 0 0 rg BT 394.71 500.45 Td (and ) Tj ET Q q 0 0 0 rg BT 411.91 500.45 Td (potential ) Tj ET Q q 0 0 0 rg BT 449.65 500.45 Td (clients, ) Tj ET Q q 0 0 0 rg BT 481.01 500.45 Td (as ) Tj ET Q q 0 0 0 rg BT 492.10 500.45 Td (well ) Tj ET Q q 0 0 0 rg BT 512.07 500.45 Td (as ) Tj ET Q q 0 0 0 rg BT 523.15 500.45 Td (with ) Tj ET Q q 0 0 0 rg BT 543.69 500.45 Td (their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 488.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.28 488.45 Td (and ) Tj ET Q q 0 0 0 rg BT 106.02 488.45 Td (legal ) Tj ET Q q 0 0 0 rg BT 128.75 488.45 Td (advisors, ) Tj ET Q q 0 0 0 rg BT 167.88 488.45 Td (on ) Tj ET Q q 0 0 0 rg BT 181.18 488.45 Td (an ) Tj ET Q q 0 0 0 rg BT 193.92 488.45 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 230.00 488.45 Td (basis. ) Tj ET Q q 0 0 0 rg BT 255.56 488.45 Td (W) Tj ET Q q 0 0 0 rg BT 264.20 488.45 Td (e ) Tj ET Q q 0 0 0 rg BT 271.94 488.45 Td (have ) Tj ET Q q 0 0 0 rg BT 294.11 488.45 Td (gained ) Tj ET Q q 0 0 0 rg BT 324.07 488.45 Td (a ) Tj ET Q q 0 0 0 rg BT 331.81 488.45 Td (significant ) Tj ET Q q 0 0 0 rg BT 377.32 488.45 Td (number ) Tj ET Q q 0 0 0 rg BT 411.16 488.45 Td (of ) Tj ET Q q 0 0 0 rg BT 422.79 488.45 Td (new ) Tj ET Q q 0 0 0 rg BT 442.75 488.45 Td (clients ) Tj ET Q q 0 0 0 rg BT 472.16 488.45 Td (each ) Tj ET Q q 0 0 0 rg BT 493.77 488.45 Td (year ) Tj ET Q q 0 0 0 rg BT 514.28 488.45 Td (through ) Tj ET Q q 0 0 0 rg BT 548.69 488.45 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 476.45 Td (business ) Tj ET Q q 0 0 0 rg BT 85.53 476.45 Td (development ) Tj ET Q q 0 0 0 rg BT 138.82 476.45 Td (initiatives, ) Tj ET Q q 0 0 0 rg BT 182.40 476.45 Td (through ) Tj ET Q q 0 0 0 rg BT 215.14 476.45 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 255.65 476.45 Td (additional ) Tj ET Q q 0 0 0 rg BT 297.28 476.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 323.36 476.45 Td (investment ) Tj ET Q q 0 0 0 rg BT 368.88 476.45 Td (banking ) Tj ET Q q 0 0 0 rg BT 402.73 476.45 Td (professionals ) Tj ET Q q 0 0 0 rg BT 457.14 476.45 Td (who ) Tj ET Q q 0 0 0 rg BT 476.00 476.45 Td (bring ) Tj ET Q q 0 0 0 rg BT 498.75 476.45 Td (with ) Tj ET Q q 0 0 0 rg BT 518.16 476.45 Td (them ) Tj ET Q q 0 0 0 rg BT 539.79 476.45 Td (client ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 464.45 Td (relationships ) Tj ET Q q 0 0 0 rg BT 105.43 464.45 Td (and ) Tj ET Q q 0 0 0 rg BT 124.19 464.45 Td (through ) Tj ET Q q 0 0 0 rg BT 159.63 464.45 Td (referrals ) Tj ET Q q 0 0 0 rg BT 197.26 464.45 Td (from ) Tj ET Q q 0 0 0 rg BT 221.02 464.45 Td (members ) Tj ET Q q 0 0 0 rg BT 262.00 464.45 Td (of ) Tj ET Q q 0 0 0 rg BT 274.66 464.45 Td (boards ) Tj ET Q q 0 0 0 rg BT 305.65 464.45 Td (of ) Tj ET Q q 0 0 0 rg BT 318.30 464.45 Td (directors, ) Tj ET Q q 0 0 0 rg BT 360.11 464.45 Td (attorneys ) Tj ET Q q 0 0 0 rg BT 401.09 464.45 Td (and ) Tj ET Q q 0 0 0 rg BT 419.86 464.45 Td (other ) Tj ET Q q 0 0 0 rg BT 444.73 464.45 Td (parties ) Tj ET Q q 0 0 0 rg BT 475.71 464.45 Td (with ) Tj ET Q q 0 0 0 rg BT 497.81 464.45 Td (whom ) Tj ET Q q 0 0 0 rg BT 527.14 464.45 Td (we ) Tj ET Q q 0 0 0 rg BT 543.13 464.45 Td (have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 452.45 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 105.50 452.45 Td (At ) Tj ET Q q 0 0 0 rg BT 117.93 452.45 Td (the ) Tj ET Q q 0 0 0 rg BT 132.58 452.45 Td (same ) Tj ET Q q 0 0 0 rg BT 155.55 452.45 Td (time, ) Tj ET Q q 0 0 0 rg BT 178.26 452.45 Td (we ) Tj ET Q q 0 0 0 rg BT 192.35 452.45 Td (lose ) Tj ET Q q 0 0 0 rg BT 210.89 452.45 Td (clients ) Tj ET Q q 0 0 0 rg BT 239.42 452.45 Td (each ) Tj ET Q q 0 0 0 rg BT 260.17 452.45 Td (year ) Tj ET Q q 0 0 0 rg BT 279.81 452.45 Td (as ) Tj ET Q q 0 0 0 rg BT 290.57 452.45 Td (a ) Tj ET Q q 0 0 0 rg BT 297.44 452.45 Td (result ) Tj ET Q q 0 0 0 rg BT 322.08 452.45 Td (of ) Tj ET Q q 0 0 0 rg BT 332.84 452.45 Td (the ) Tj ET Q q 0 0 0 rg BT 347.49 452.45 Td (sale ) Tj ET Q q 0 0 0 rg BT 365.47 452.45 Td (or ) Tj ET Q q 0 0 0 rg BT 376.23 452.45 Td (mer) Tj ET Q q 0 0 0 rg BT 391.60 452.45 Td (ger ) Tj ET Q q 0 0 0 rg BT 406.79 452.45 Td (of ) Tj ET Q q 0 0 0 rg BT 417.56 452.45 Td (a ) Tj ET Q q 0 0 0 rg BT 424.42 452.45 Td (client, ) Tj ET Q q 0 0 0 rg BT 451.57 452.45 Td (a ) Tj ET Q q 0 0 0 rg BT 458.44 452.45 Td (change ) Tj ET Q q 0 0 0 rg BT 489.18 452.45 Td (in ) Tj ET Q q 0 0 0 rg BT 499.39 452.45 Td (a ) Tj ET Q q 0 0 0 rg BT 506.26 452.45 Td (client) Tj ET Q q 0 0 0 rg BT 531.25 452.45 Td (s ) Tj ET Q q 0 0 0 rg BT 537.57 452.45 Td (senior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 440.45 Td (management ) Tj ET Q q 0 0 0 rg BT 103.59 440.45 Td (team, ) Tj ET Q q 0 0 0 rg BT 128.02 440.45 Td (competition ) Tj ET Q q 0 0 0 rg BT 178.29 440.45 Td (from ) Tj ET Q q 0 0 0 rg BT 200.23 440.45 Td (other ) Tj ET Q q 0 0 0 rg BT 223.28 440.45 Td (investment ) Tj ET Q q 0 0 0 rg BT 269.66 440.45 Td (banks ) Tj ET Q q 0 0 0 rg BT 295.49 440.45 Td (and ) Tj ET Q q 0 0 0 rg BT 312.43 440.45 Td (other ) Tj ET Q q 0 0 0 rg BT 335.47 440.45 Td (causes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 419.45 Td (A) Tj ET Q q 0 0 0 rg BT 68.67 419.45 Td ( ) Tj ET Q q 0 0 0 rg BT 71.55 419.45 Td (majority ) Tj ET Q q 0 0 0 rg BT 108.31 419.45 Td (of ) Tj ET Q q 0 0 0 rg BT 119.52 419.45 Td (our ) Tj ET Q q 0 0 0 rg BT 135.73 419.45 Td (advisory ) Tj ET Q q 0 0 0 rg BT 173.04 419.45 Td (revenue ) Tj ET Q q 0 0 0 rg BT 207.57 419.45 Td (is ) Tj ET Q q 0 0 0 rg BT 217.11 419.45 Td (contingent ) Tj ET Q q 0 0 0 rg BT 262.21 419.45 Td (upon ) Tj ET Q q 0 0 0 rg BT 285.08 419.45 Td (the ) Tj ET Q q 0 0 0 rg BT 300.18 419.45 Td (closing ) Tj ET Q q 0 0 0 rg BT 331.94 419.45 Td (of ) Tj ET Q q 0 0 0 rg BT 343.15 419.45 Td (a ) Tj ET Q q 0 0 0 rg BT 350.47 419.45 Td (mer) Tj ET Q q 0 0 0 rg BT 365.84 419.45 Td (ger) Tj ET Q q 0 0 0 rg BT 378.20 419.45 Td (, ) Tj ET Q q 0 0 0 rg BT 383.58 419.45 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 432.84 419.45 Td (financing, ) Tj ET Q q 0 0 0 rg BT 475.98 419.45 Td (restructuring, ) Tj ET Q q 0 0 0 rg BT 532.46 419.45 Td (fund ) Tj ET Q q 0 0 0 rg BT 553.67 419.45 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 407.45 Td (similar ) Tj ET Q q 0 0 0 rg BT 80.36 407.45 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 128.74 407.45 Td (A) Tj ET Q q 0 0 0 rg BT 135.41 407.45 Td ( ) Tj ET Q q 0 0 0 rg BT 137.99 407.45 Td (transaction ) Tj ET Q q 0 0 0 rg BT 184.45 407.45 Td (can ) Tj ET Q q 0 0 0 rg BT 200.90 407.45 Td (fail ) Tj ET Q q 0 0 0 rg BT 216.81 407.45 Td (to ) Tj ET Q q 0 0 0 rg BT 227.17 407.45 Td (be ) Tj ET Q q 0 0 0 rg BT 239.19 407.45 Td (completed ) Tj ET Q q 0 0 0 rg BT 283.43 407.45 Td (for ) Tj ET Q q 0 0 0 rg BT 297.67 407.45 Td (many ) Tj ET Q q 0 0 0 rg BT 322.47 407.45 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 357.54 407.45 Td (including ) Tj ET Q q 0 0 0 rg BT 397.89 407.45 Td (failure ) Tj ET Q q 0 0 0 rg BT 426.57 407.45 Td (to ) Tj ET Q q 0 0 0 rg BT 436.93 407.45 Td (agree ) Tj ET Q q 0 0 0 rg BT 461.16 407.45 Td (upon ) Tj ET Q q 0 0 0 rg BT 483.74 407.45 Td (final ) Tj ET Q q 0 0 0 rg BT 504.65 407.45 Td (terms ) Tj ET Q q 0 0 0 rg BT 529.45 407.45 Td (with ) Tj ET Q q 0 0 0 rg BT 549.81 407.45 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.45 Td (counterparty) Tj ET Q q 0 0 0 rg BT 99.88 395.45 Td (, ) Tj ET Q q 0 0 0 rg BT 104.84 395.45 Td (failure ) Tj ET Q q 0 0 0 rg BT 133.39 395.45 Td (to ) Tj ET Q q 0 0 0 rg BT 143.62 395.45 Td (secure ) Tj ET Q q 0 0 0 rg BT 171.61 395.45 Td (necessary ) Tj ET Q q 0 0 0 rg BT 212.93 395.45 Td (board ) Tj ET Q q 0 0 0 rg BT 238.16 395.45 Td (or ) Tj ET Q q 0 0 0 rg BT 248.94 395.45 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 298.04 395.45 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 341.88 395.45 Td (failure ) Tj ET Q q 0 0 0 rg BT 370.42 395.45 Td (to ) Tj ET Q q 0 0 0 rg BT 380.66 395.45 Td (secure ) Tj ET Q q 0 0 0 rg BT 408.65 395.45 Td (necessary ) Tj ET Q q 0 0 0 rg BT 449.97 395.45 Td (financing, ) Tj ET Q q 0 0 0 rg BT 492.69 395.45 Td (failure ) Tj ET Q q 0 0 0 rg BT 521.24 395.45 Td (to ) Tj ET Q q 0 0 0 rg BT 531.47 395.45 Td (achieve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.45 Td (necessary ) Tj ET Q q 0 0 0 rg BT 90.84 383.45 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 133.90 383.45 Td (approvals ) Tj ET Q q 0 0 0 rg BT 174.75 383.45 Td (and ) Tj ET Q q 0 0 0 rg BT 191.15 383.45 Td (adverse ) Tj ET Q q 0 0 0 rg BT 223.66 383.45 Td (market ) Tj ET Q q 0 0 0 rg BT 253.39 383.45 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 299.38 383.45 Td (While ) Tj ET Q q 0 0 0 rg BT 325.79 383.45 Td (fees ) Tj ET Q q 0 0 0 rg BT 343.85 383.45 Td (payable ) Tj ET Q q 0 0 0 rg BT 376.92 383.45 Td (upon ) Tj ET Q q 0 0 0 rg BT 398.89 383.45 Td (the ) Tj ET Q q 0 0 0 rg BT 413.07 383.45 Td (successful ) Tj ET Q q 0 0 0 rg BT 456.14 383.45 Td (conclusion ) Tj ET Q q 0 0 0 rg BT 501.44 383.45 Td (of ) Tj ET Q q 0 0 0 rg BT 511.73 383.45 Td (a ) Tj ET Q q 0 0 0 rg BT 518.14 383.45 Td (transaction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.45 Td (generally ) Tj ET Q q 0 0 0 rg BT 89.96 371.45 Td (represent ) Tj ET Q q 0 0 0 rg BT 129.36 371.45 Td (the ) Tj ET Q q 0 0 0 rg BT 144.33 371.45 Td (lar) Tj ET Q q 0 0 0 rg BT 154.70 371.45 Td (gest ) Tj ET Q q 0 0 0 rg BT 173.56 371.45 Td (portion ) Tj ET Q q 0 0 0 rg BT 205.21 371.45 Td (of ) Tj ET Q q 0 0 0 rg BT 216.29 371.45 Td (our ) Tj ET Q q 0 0 0 rg BT 232.38 371.45 Td (advisory ) Tj ET Q q 0 0 0 rg BT 269.58 371.45 Td (fees, ) Tj ET Q q 0 0 0 rg BT 290.93 371.45 Td (we ) Tj ET Q q 0 0 0 rg BT 305.35 371.45 Td (also ) Tj ET Q q 0 0 0 rg BT 324.21 371.45 Td (earn ) Tj ET Q q 0 0 0 rg BT 344.17 371.45 Td (on-going ) Tj ET Q q 0 0 0 rg BT 383.04 371.45 Td (retainer ) Tj ET Q q 0 0 0 rg BT 416.33 371.45 Td (and ) Tj ET Q q 0 0 0 rg BT 433.52 371.45 Td (strategic ) Tj ET Q q 0 0 0 rg BT 470.15 371.45 Td (advisory ) Tj ET Q q 0 0 0 rg BT 507.35 371.45 Td (fees, ) Tj ET Q q 0 0 0 rg BT 528.70 371.45 Td (and ) Tj ET Q q 0 0 0 rg BT 545.90 371.45 Td (fees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.45 Td (payable ) Tj ET Q q 0 0 0 rg BT 83.42 359.45 Td (upon ) Tj ET Q q 0 0 0 rg BT 105.75 359.45 Td (the ) Tj ET Q q 0 0 0 rg BT 120.29 359.45 Td (commencement ) Tj ET Q q 0 0 0 rg BT 185.93 359.45 Td (of ) Tj ET Q q 0 0 0 rg BT 196.59 359.45 Td (an ) Tj ET Q q 0 0 0 rg BT 208.35 359.45 Td (engagement ) Tj ET Q q 0 0 0 rg BT 258.99 359.45 Td (or ) Tj ET Q q 0 0 0 rg BT 269.65 359.45 Td (upon ) Tj ET Q q 0 0 0 rg BT 291.98 359.45 Td (the ) Tj ET Q q 0 0 0 rg BT 306.52 359.45 Td (achievement ) Tj ET Q q 0 0 0 rg BT 359.38 359.45 Td (of ) Tj ET Q q 0 0 0 rg BT 370.04 359.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 399.57 359.45 Td (milestones, ) Tj ET Q q 0 0 0 rg BT 447.17 359.45 Td (such ) Tj ET Q q 0 0 0 rg BT 467.83 359.45 Td (as ) Tj ET Q q 0 0 0 rg BT 478.49 359.45 Td (the ) Tj ET Q q 0 0 0 rg BT 493.03 359.45 Td (announcement ) Tj ET Q q 0 0 0 rg BT 553.67 359.45 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 347.45 Td (a ) Tj ET Q q 0 0 0 rg BT 57.13 347.45 Td (transaction ) Tj ET Q q 0 0 0 rg BT 103.69 347.45 Td (or ) Tj ET Q q 0 0 0 rg BT 114.72 347.45 Td (the ) Tj ET Q q 0 0 0 rg BT 129.63 347.45 Td (rendering ) Tj ET Q q 0 0 0 rg BT 170.63 347.45 Td (of ) Tj ET Q q 0 0 0 rg BT 181.65 347.45 Td (a ) Tj ET Q q 0 0 0 rg BT 188.78 347.45 Td (fairness ) Tj ET Q q 0 0 0 rg BT 222.58 347.45 Td (opinion ) Tj ET Q q 0 0 0 rg BT 255.82 347.45 Td (and, ) Tj ET Q q 0 0 0 rg BT 275.45 347.45 Td (in ) Tj ET Q q 0 0 0 rg BT 285.92 347.45 Td (our ) Tj ET Q q 0 0 0 rg BT 301.95 347.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 331.29 347.45 Td (advisory ) Tj ET Q q 0 0 0 rg BT 368.42 347.45 Td (business, ) Tj ET Q q 0 0 0 rg BT 407.50 347.45 Td (upon ) Tj ET Q q 0 0 0 rg BT 430.19 347.45 Td (our ) Tj ET Q q 0 0 0 rg BT 446.22 347.45 Td (client) Tj ET Q q 0 0 0 rg BT 471.21 347.45 Td (s ) Tj ET Q q 0 0 0 rg BT 477.79 347.45 Td (acceptance ) Tj ET Q q 0 0 0 rg BT 524.33 347.45 Td (of ) Tj ET Q q 0 0 0 rg BT 535.35 347.45 Td (capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 335.45 Td (commitments, ) Tj ET Q q 0 0 0 rg BT 109.44 335.45 Td (including ) Tj ET Q q 0 0 0 rg BT 149.71 335.45 Td (before ) Tj ET Q q 0 0 0 rg BT 177.75 335.45 Td (the ) Tj ET Q q 0 0 0 rg BT 192.47 335.45 Td (final ) Tj ET Q q 0 0 0 rg BT 213.29 335.45 Td (closing ) Tj ET Q q 0 0 0 rg BT 244.68 335.45 Td (of ) Tj ET Q q 0 0 0 rg BT 255.51 335.45 Td (the ) Tj ET Q q 0 0 0 rg BT 270.22 335.45 Td (fund.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 314.45 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 314.45 Td (e ) Tj ET Q q 0 0 0 rg BT 78.21 314.45 Td (do ) Tj ET Q q 0 0 0 rg BT 91.34 314.45 Td (not ) Tj ET Q q 0 0 0 rg BT 107.24 314.45 Td (allocate ) Tj ET Q q 0 0 0 rg BT 141.46 314.45 Td (our ) Tj ET Q q 0 0 0 rg BT 157.92 314.45 Td (advisory ) Tj ET Q q 0 0 0 rg BT 195.49 314.45 Td (revenue ) Tj ET Q q 0 0 0 rg BT 230.27 314.45 Td (by ) Tj ET Q q 0 0 0 rg BT 243.40 314.45 Td (type ) Tj ET Q q 0 0 0 rg BT 263.74 314.45 Td (of ) Tj ET Q q 0 0 0 rg BT 275.20 314.45 Td (advice ) Tj ET Q q 0 0 0 rg BT 304.43 314.45 Td (rendered ) Tj ET Q q 0 0 0 rg BT 342.53 314.45 Td (\(M&A, ) Tj ET Q q 0 0 0 rg BT 375.38 314.45 Td (financing ) Tj ET Q q 0 0 0 rg BT 416.28 314.45 Td (advisory ) Tj ET Q q 0 0 0 rg BT 453.85 314.45 Td (and ) Tj ET Q q 0 0 0 rg BT 471.41 314.45 Td (restructuring, ) Tj ET Q q 0 0 0 rg BT 528.14 314.45 Td (strategic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 302.45 Td (advisory ) Tj ET Q q 0 0 0 rg BT 86.94 302.45 Td (or ) Tj ET Q q 0 0 0 rg BT 97.77 302.45 Td (other\) ) Tj ET Q q 0 0 0 rg BT 124.14 302.45 Td (because ) Tj ET Q q 0 0 0 rg BT 158.29 302.45 Td (of ) Tj ET Q q 0 0 0 rg BT 169.12 302.45 Td (the ) Tj ET Q q 0 0 0 rg BT 183.83 302.45 Td (complexity ) Tj ET Q q 0 0 0 rg BT 231.32 302.45 Td (of ) Tj ET Q q 0 0 0 rg BT 242.15 302.45 Td (the ) Tj ET Q q 0 0 0 rg BT 256.87 302.45 Td (assignments ) Tj ET Q q 0 0 0 rg BT 308.25 302.45 Td (for ) Tj ET Q q 0 0 0 rg BT 322.41 302.45 Td (which ) Tj ET Q q 0 0 0 rg BT 349.35 302.45 Td (we ) Tj ET Q q 0 0 0 rg BT 363.51 302.45 Td (earn ) Tj ET Q q 0 0 0 rg BT 383.21 302.45 Td (revenue ) Tj ET Q q 0 0 0 rg BT 417.36 302.45 Td (and ) Tj ET Q q 0 0 0 rg BT 434.30 302.45 Td (because ) Tj ET Q q 0 0 0 rg BT 468.44 302.45 Td (a ) Tj ET Q q 0 0 0 rg BT 475.38 302.45 Td (single ) Tj ET Q q 0 0 0 rg BT 501.76 302.45 Td (transaction ) Tj ET Q q 0 0 0 rg BT 548.13 302.45 Td (can ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 290.45 Td (encompass ) Tj ET Q q 0 0 0 rg BT 96.19 290.45 Td (multiple ) Tj ET Q q 0 0 0 rg BT 131.83 290.45 Td (types ) Tj ET Q q 0 0 0 rg BT 155.25 290.45 Td (of ) Tj ET Q q 0 0 0 rg BT 165.89 290.45 Td (advice. ) Tj ET Q q 0 0 0 rg BT 196.79 290.45 Td (For ) Tj ET Q q 0 0 0 rg BT 213.00 290.45 Td (example, ) Tj ET Q q 0 0 0 rg BT 251.68 290.45 Td (a ) Tj ET Q q 0 0 0 rg BT 258.43 290.45 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 311.83 290.45 Td (assignment ) Tj ET Q q 0 0 0 rg BT 359.14 290.45 Td (can ) Tj ET Q q 0 0 0 rg BT 375.33 290.45 Td (involve, ) Tj ET Q q 0 0 0 rg BT 410.13 290.45 Td (and ) Tj ET Q q 0 0 0 rg BT 426.88 290.45 Td (in ) Tj ET Q q 0 0 0 rg BT 436.97 290.45 Td (some ) Tj ET Q q 0 0 0 rg BT 460.39 290.45 Td (cases ) Tj ET Q q 0 0 0 rg BT 483.80 290.45 Td (end ) Tj ET Q q 0 0 0 rg BT 500.55 290.45 Td (successfully ) Tj ET Q q 0 0 0 rg BT 551.74 290.45 Td (in, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 278.45 Td (a ) Tj ET Q q 0 0 0 rg BT 57.16 278.45 Td (sale ) Tj ET Q q 0 0 0 rg BT 75.42 278.45 Td (of ) Tj ET Q q 0 0 0 rg BT 86.47 278.45 Td (all ) Tj ET Q q 0 0 0 rg BT 99.19 278.45 Td (or ) Tj ET Q q 0 0 0 rg BT 110.24 278.45 Td (part ) Tj ET Q q 0 0 0 rg BT 128.51 278.45 Td (of ) Tj ET Q q 0 0 0 rg BT 139.56 278.45 Td (the ) Tj ET Q q 0 0 0 rg BT 154.49 278.45 Td (financially ) Tj ET Q q 0 0 0 rg BT 199.97 278.45 Td (distressed ) Tj ET Q q 0 0 0 rg BT 242.13 278.45 Td (client. ) Tj ET Q q 0 0 0 rg BT 269.56 278.45 Td (Likewise, ) Tj ET Q q 0 0 0 rg BT 311.44 278.45 Td (an ) Tj ET Q q 0 0 0 rg BT 323.59 278.45 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 370.20 278.45 Td (assignment ) Tj ET Q q 0 0 0 rg BT 417.91 278.45 Td (can ) Tj ET Q q 0 0 0 rg BT 434.51 278.45 Td (relate ) Tj ET Q q 0 0 0 rg BT 459.43 278.45 Td (to ) Tj ET Q q 0 0 0 rg BT 469.93 278.45 Td (a ) Tj ET Q q 0 0 0 rg BT 477.08 278.45 Td (financially ) Tj ET Q q 0 0 0 rg BT 522.56 278.45 Td (distressed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 266.45 Td (tar) Tj ET Q q 0 0 0 rg BT 60.37 266.45 Td (get ) Tj ET Q q 0 0 0 rg BT 75.26 266.45 Td (involved ) Tj ET Q q 0 0 0 rg BT 112.93 266.45 Td (in ) Tj ET Q q 0 0 0 rg BT 123.38 266.45 Td (or ) Tj ET Q q 0 0 0 rg BT 134.39 266.45 Td (considering ) Tj ET Q q 0 0 0 rg BT 183.72 266.45 Td (a ) Tj ET Q q 0 0 0 rg BT 190.83 266.45 Td (restructuring. ) Tj ET Q q 0 0 0 rg BT 247.10 266.45 Td (Finally) Tj ET Q q 0 0 0 rg BT 274.79 266.45 Td (, ) Tj ET Q q 0 0 0 rg BT 279.97 266.45 Td (an ) Tj ET Q q 0 0 0 rg BT 292.08 266.45 Td (M&A) Tj ET Q q 0 0 0 rg BT 315.42 266.45 Td ( ) Tj ET Q q 0 0 0 rg BT 318.10 266.45 Td (assignment ) Tj ET Q q 0 0 0 rg BT 365.77 266.45 Td (can ) Tj ET Q q 0 0 0 rg BT 382.32 266.45 Td (develop ) Tj ET Q q 0 0 0 rg BT 416.65 266.45 Td (from ) Tj ET Q q 0 0 0 rg BT 438.76 266.45 Td (a ) Tj ET Q q 0 0 0 rg BT 445.88 266.45 Td (relationship ) Tj ET Q q 0 0 0 rg BT 495.77 266.45 Td (that ) Tj ET Q q 0 0 0 rg BT 513.44 266.45 Td (we ) Tj ET Q q 0 0 0 rg BT 527.77 266.45 Td (had ) Tj ET Q q 0 0 0 rg BT 544.89 266.45 Td (on ) Tj ET Q q 0 0 0 rg BT 557.56 266.45 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 254.45 Td (prior ) Tj ET Q q 0 0 0 rg BT 71.94 254.45 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 125.53 254.45 Td (assignment, ) Tj ET Q q 0 0 0 rg BT 175.53 254.45 Td (and ) Tj ET Q q 0 0 0 rg BT 192.47 254.45 Td (vice ) Tj ET Q q 0 0 0 rg BT 211.62 254.45 Td (versa. ) Tj ET Q q 0 0 0 rg BT 237.72 254.45 Td ( ) Tj ET Q q 0 0 0 rg BT 240.04 254.45 Td (W) Tj ET Q q 0 0 0 rg BT 248.68 254.45 Td (e ) Tj ET Q q 0 0 0 rg BT 255.62 254.45 Td (do, ) Tj ET Q q 0 0 0 rg BT 270.62 254.45 Td (however) Tj ET Q q 0 0 0 rg BT 304.64 254.45 Td (, ) Tj ET Q q 0 0 0 rg BT 309.64 254.45 Td (separately ) Tj ET Q q 0 0 0 rg BT 352.68 254.45 Td (allocate ) Tj ET Q q 0 0 0 rg BT 386.26 254.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 415.42 254.45 Td (advisory ) Tj ET Q q 0 0 0 rg BT 452.35 254.45 Td (revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 233.45 Td (2013) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.00 233.45 Td ( ) Tj ET Q q 0 0 0 rg BT 84.30 233.45 Td (versus ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 112.15 233.45 Td (2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 132.15 233.45 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.65 233.45 Td () Tj ET Q q 0 0 0 rg BT 136.60 233.45 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 176.12 233.45 Td (revenues ) Tj ET Q q 0 0 0 rg BT 213.95 233.45 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.68 233.45 Td ($287.0 ) Tj ET Q q 0 0 0 rg BT 265.48 233.45 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.37 233.45 Td ( ) Tj ET Q q 0 0 0 rg BT 296.67 233.45 Td (for ) Tj ET Q q 0 0 0 rg BT 310.63 233.45 Td (the ) Tj ET Q q 0 0 0 rg BT 325.15 233.45 Td (year ) Tj ET Q q 0 0 0 rg BT 344.65 233.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 370.83 233.45 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.21 233.45 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.21 233.45 Td ( ) Tj ET Q q 0 0 0 rg BT 451.51 233.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 493.23 233.45 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.31 233.45 Td ($291.5 ) Tj ET Q q 0 0 0 rg BT 533.11 233.45 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.00 233.45 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 221.45 Td (for ) Tj ET Q q 0 0 0 rg BT 63.99 221.45 Td (the ) Tj ET Q q 0 0 0 rg BT 78.53 221.45 Td (year ) Tj ET Q q 0 0 0 rg BT 98.06 221.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 124.27 221.45 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.68 221.45 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.68 221.45 Td (, ) Tj ET Q q 0 0 0 rg BT 207.50 221.45 Td (which ) Tj ET Q q 0 0 0 rg BT 234.27 221.45 Td (represents ) Tj ET Q q 0 0 0 rg BT 277.13 221.45 Td (a ) Tj ET Q q 0 0 0 rg BT 283.90 221.45 Td (decrease ) Tj ET Q q 0 0 0 rg BT 320.64 221.45 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.30 221.45 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.63 221.45 Td (. ) Tj ET Q q 0 0 0 rg BT 349.29 221.45 Td (The ) Tj ET Q q 0 0 0 rg BT 367.16 221.45 Td (slight ) Tj ET Q q 0 0 0 rg BT 391.71 221.45 Td (decrease ) Tj ET Q q 0 0 0 rg BT 428.45 221.45 Td (in ) Tj ET Q q 0 0 0 rg BT 438.56 221.45 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.21 221.45 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.21 221.45 Td ( ) Tj ET Q q 0 0 0 rg BT 476.54 221.45 Td (advisory ) Tj ET Q q 0 0 0 rg BT 513.31 221.45 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 553.67 221.45 Td (as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 209.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 92.00 209.45 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.35 209.45 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.35 209.45 Td (, ) Tj ET Q q 0 0 0 rg BT 127.42 209.45 Td (resulted ) Tj ET Q q 0 0 0 rg BT 161.65 209.45 Td (from ) Tj ET Q q 0 0 0 rg BT 183.66 209.45 Td (a ) Tj ET Q q 0 0 0 rg BT 190.67 209.45 Td (decrease ) Tj ET Q q 0 0 0 rg BT 227.66 209.45 Td (in ) Tj ET Q q 0 0 0 rg BT 238.01 209.45 Td (announcement ) Tj ET Q q 0 0 0 rg BT 298.90 209.45 Td (and ) Tj ET Q q 0 0 0 rg BT 315.91 209.45 Td (opinion ) Tj ET Q q 0 0 0 rg BT 349.04 209.45 Td (fees ) Tj ET Q q 0 0 0 rg BT 367.71 209.45 Td (and ) Tj ET Q q 0 0 0 rg BT 384.72 209.45 Td (retainer ) Tj ET Q q 0 0 0 rg BT 417.83 209.45 Td (fees, ) Tj ET Q q 0 0 0 rg BT 439.00 209.45 Td (lar) Tj ET Q q 0 0 0 rg BT 449.37 209.45 Td (gely ) Tj ET Q q 0 0 0 rg BT 469.16 209.45 Td (of) Tj ET Q q 0 0 0 rg BT 477.30 209.45 Td (fset ) Tj ET Q q 0 0 0 rg BT 494.32 209.45 Td (by ) Tj ET Q q 0 0 0 rg BT 506.89 209.45 Td (an ) Tj ET Q q 0 0 0 rg BT 518.90 209.45 Td (increase ) Tj ET Q q 0 0 0 rg BT 554.23 209.45 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 197.45 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.60 197.45 Td (from ) Tj ET Q q 0 0 0 rg BT 90.54 197.45 Td (completed ) Tj ET Q q 0 0 0 rg BT 134.69 197.45 Td (assignments, ) Tj ET Q q 0 0 0 rg BT 188.57 197.45 Td (which ) Tj ET Q q 0 0 0 rg BT 215.51 197.45 Td (were ) Tj ET Q q 0 0 0 rg BT 237.44 197.45 Td (generally ) Tj ET Q q 0 0 0 rg BT 277.14 197.45 Td (lar) Tj ET Q q 0 0 0 rg BT 287.51 197.45 Td (ger ) Tj ET Q q 0 0 0 rg BT 302.78 197.45 Td (in ) Tj ET Q q 0 0 0 rg BT 313.06 197.45 Td (scale ) Tj ET Q q 0 0 0 rg BT 335.54 197.45 Td (than ) Tj ET Q q 0 0 0 rg BT 355.26 197.45 Td (the ) Tj ET Q q 0 0 0 rg BT 369.98 197.45 Td (prior ) Tj ET Q q 0 0 0 rg BT 391.91 197.45 Td (year) Tj ET Q q 0 0 0 rg BT 408.72 197.45 Td (, ) Tj ET Q q 0 0 0 rg BT 413.72 197.45 Td (and ) Tj ET Q q 0 0 0 rg BT 430.66 197.45 Td (greater ) Tj ET Q q 0 0 0 rg BT 460.91 197.45 Td (fund ) Tj ET Q q 0 0 0 rg BT 481.74 197.45 Td (placement ) Tj ET Q q 0 0 0 rg BT 525.33 197.45 Td (fees. ) Tj ET Q q 0 0 0 rg BT 546.43 197.45 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 176.45 Td (Prominent ) Tj ET Q q 0 0 0 rg BT 106.17 176.45 Td (advisory ) Tj ET Q q 0 0 0 rg BT 143.10 176.45 Td (assignments ) Tj ET Q q 0 0 0 rg BT 194.49 176.45 Td (completed ) Tj ET Q q 0 0 0 rg BT 238.64 176.45 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.92 176.45 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.92 176.45 Td ( ) Tj ET Q q 0 0 0 rg BT 271.42 176.45 Td (include:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 143.45 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 143.45 Td (the ) Tj ET Q q 0 0 0 rg BT 100.72 143.45 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 147.10 143.45 Td (by ) Tj ET Q q 0 0 0 rg BT 159.05 143.45 Td (Actavis, ) Tj ET Q q 0 0 0 rg BT 194.59 143.45 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 212.36 143.45 Td (of ) Tj ET Q q 0 0 0 rg BT 223.01 143.45 Td (W) Tj ET Q q 0 0 0 rg BT 231.65 143.45 Td (arner ) Tj ET Q q 0 0 0 rg BT 254.69 143.45 Td (Chilcott ) Tj ET Q q 0 0 0 rg BT 289.41 143.45 Td (plc;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 119.45 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 119.45 Td (the ) Tj ET Q q 0 0 0 rg BT 100.72 119.45 Td (sale ) Tj ET Q q 0 0 0 rg BT 118.76 119.45 Td (of ) Tj ET Q q 0 0 0 rg BT 129.04 119.45 Td (Aegis ) Tj ET Q q 0 0 0 rg BT 154.87 119.45 Td (Group ) Tj ET Q q 0 0 0 rg BT 182.92 119.45 Td (plc ) Tj ET Q q 0 0 0 rg BT 197.64 119.45 Td (to ) Tj ET Q q 0 0 0 rg BT 207.92 119.45 Td (Dentsu ) Tj ET Q q 0 0 0 rg BT 238.75 119.45 Td (Inc.;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 95.45 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 95.45 Td (the ) Tj ET Q q 0 0 0 rg BT 100.72 95.45 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 147.10 95.45 Td (by ) Tj ET Q q 0 0 0 rg BT 159.05 95.45 Td (ASML) Tj ET Q q 0 0 0 rg BT 186.46 95.45 Td ( ) Tj ET Q q 0 0 0 rg BT 188.96 95.45 Td (Holding ) Tj ET Q q 0 0 0 rg BT 224.24 95.45 Td (NV) Tj ET Q q 0 0 0 rg BT 238.50 95.45 Td ( ) Tj ET Q q 0 0 0 rg BT 241.00 95.45 Td (of ) Tj ET Q q 0 0 0 rg BT 251.83 95.45 Td (Cymer) Tj ET Q q 0 0 0 rg BT 278.65 95.45 Td (, ) Tj ET Q q 0 0 0 rg BT 283.65 95.45 Td (Inc.;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 71.45 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 71.45 Td (the ) Tj ET Q q 0 0 0 rg BT 100.72 71.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 129.87 71.45 Td (raising ) Tj ET Q q 0 0 0 rg BT 159.58 71.45 Td (for ) Tj ET Q q 0 0 0 rg BT 173.74 71.45 Td (Cerberus ) Tj ET Q q 0 0 0 rg BT 212.34 71.45 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 263.17 71.45 Td (Real ) Tj ET Q q 0 0 0 rg BT 284.00 71.45 Td (Estate ) Tj ET Q q 0 0 0 rg BT 310.93 71.45 Td (Partners ) Tj ET Q q 0 0 0 rg BT 346.20 71.45 Td (III, ) Tj ET Q q 0 0 0 rg BT 361.19 71.45 Td (L.P) Tj ET Q q 0 0 0 rg BT 374.25 71.45 Td (.;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 47.45 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 47.45 Td (the ) Tj ET Q q 0 0 0 rg BT 100.72 47.45 Td (sale ) Tj ET Q q 0 0 0 rg BT 118.76 47.45 Td (of ) Tj ET Q q 0 0 0 rg BT 129.59 47.45 Td (Coventry ) Tj ET Q q 0 0 0 rg BT 169.31 47.45 Td (Health ) Tj ET Q q 0 0 0 rg BT 198.47 47.45 Td (Care, ) Tj ET Q q 0 0 0 rg BT 222.34 47.45 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 240.11 47.45 Td (to ) Tj ET Q q 0 0 0 rg BT 249.84 47.45 Td (Aetna;) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.72 730.10 Td (mer) Tj ET Q q 0 0 0 rg BT 116.08 730.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 131.35 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.18 730.10 Td (Det ) Tj ET Q q 0 0 0 rg BT 159.12 730.10 Td (Norske ) Tj ET Q q 0 0 0 rg BT 190.32 730.10 Td (V) Tj ET Q q 0 0 0 rg BT 196.43 730.10 Td (eritas ) Tj ET Q q 0 0 0 rg BT 220.59 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.42 730.10 Td (Norway ) Tj ET Q q 0 0 0 rg BT 266.13 730.10 Td (with ) Tj ET Q q 0 0 0 rg BT 286.41 730.10 Td (Germanischer ) Tj ET Q q 0 0 0 rg BT 344.99 730.10 Td (Lloyd ) Tj ET Q q 0 0 0 rg BT 371.38 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.21 730.10 Td (Germany;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.72 706.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 118.76 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.59 706.10 Td (GlaxoSmithKline's ) Tj ET Q q 0 0 0 rg BT 208.34 706.10 Td (nutritional ) Tj ET Q q 0 0 0 rg BT 252.50 706.10 Td (drinks ) Tj ET Q q 0 0 0 rg BT 280.00 706.10 Td (brands ) Tj ET Q q 0 0 0 rg BT 309.16 706.10 Td (Lucozade ) Tj ET Q q 0 0 0 rg BT 350.52 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.46 706.10 Td (Ribena ) Tj ET Q q 0 0 0 rg BT 398.29 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.56 706.10 Td (Suntory ) Tj ET Q q 0 0 0 rg BT 442.73 706.10 Td (Beverage ) Tj ET Q q 0 0 0 rg BT 482.99 706.10 Td (& ) Tj ET Q q 0 0 0 rg BT 493.27 706.10 Td (Food ) Tj ET Q q 0 0 0 rg BT 516.33 706.10 Td (Ltd.;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.40 682.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 118.13 682.10 Td (by ) Tj ET Q q 0 0 0 rg BT 130.16 682.10 Td (The ) Tj ET Q q 0 0 0 rg BT 147.89 682.10 Td (Hartford ) Tj ET Q q 0 0 0 rg BT 184.50 682.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 223.90 682.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 259.96 682.10 Td (Group, ) Tj ET Q q 0 0 0 rg BT 290.19 682.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 307.65 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.16 682.10 Td (its ) Tj ET Q q 0 0 0 rg BT 329.79 682.10 Td (Individual ) Tj ET Q q 0 0 0 rg BT 373.08 682.10 Td (Life ) Tj ET Q q 0 0 0 rg BT 391.92 682.10 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 432.97 682.10 Td (business ) Tj ET Q q 0 0 0 rg BT 469.05 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 479.01 682.10 Td (Prudential ) Tj ET Q q 0 0 0 rg BT 522.30 682.10 Td (Financial, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (Inc.;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.21 646.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 148.08 646.10 Td (by ) Tj ET Q q 0 0 0 rg BT 161.07 646.10 Td (Iner) Tj ET Q q 0 0 0 rg BT 176.99 646.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 189.98 646.10 Td (LP) Tj ET Q q 0 0 0 rg BT 201.28 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.27 646.10 Td (from ) Tj ET Q q 0 0 0 rg BT 226.70 646.10 Td (Crestwood ) Tj ET Q q 0 0 0 rg BT 273.02 646.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 312.68 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 324.00 646.10 Td (Crestwood ) Tj ET Q q 0 0 0 rg BT 370.32 646.10 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 411.78 646.10 Td (general ) Tj ET Q q 0 0 0 rg BT 444.20 646.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 475.50 646.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 507.93 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.36 646.10 Td (incentive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 134.61 634.10 Td (right ) Tj ET Q q 0 0 0 rg BT 156.00 634.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 187.93 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.21 634.10 Td (Crestwood ) Tj ET Q q 0 0 0 rg BT 244.04 634.10 Td (Midstream; ) Tj ET Q q 0 0 0 rg BT 292.65 634.10 Td (and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 607.70 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 607.70 Td (the sale by SUPER) Tj ET Q q 0 0 0 rg BT 161.59 607.70 Td (V) Tj ET Q q 0 0 0 rg BT 167.52 607.70 Td (ALU Inc. of its New ) Tj ET Q q 0 0 0 rg BT 251.95 607.70 Td (Albertsons, Inc. subsidiary to an investor group led by Cerberus Capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 595.70 Td (Management L.P) Tj ET Q q 0 0 0 rg BT 153.76 595.70 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 574.70 Td (During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.69 574.70 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.69 574.70 Td (, ) Tj ET Q q 0 0 0 rg BT 117.54 574.70 Td (our ) Tj ET Q q 0 0 0 rg BT 133.23 574.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 162.23 574.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 199.03 574.70 Td (group ) Tj ET Q q 0 0 0 rg BT 224.71 574.70 Td (served ) Tj ET Q q 0 0 0 rg BT 253.17 574.70 Td (as ) Tj ET Q q 0 0 0 rg BT 263.86 574.70 Td (global ) Tj ET Q q 0 0 0 rg BT 291.21 574.70 Td (placement ) Tj ET Q q 0 0 0 rg BT 334.65 574.70 Td (agent ) Tj ET Q q 0 0 0 rg BT 358.66 574.70 Td (on ) Tj ET Q q 0 0 0 rg BT 371.02 574.70 Td (behalf ) Tj ET Q q 0 0 0 rg BT 398.36 574.70 Td (of ) Tj ET Q q 0 0 0 rg BT 409.05 574.70 Td (private ) Tj ET Q q 0 0 0 rg BT 439.17 574.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 466.52 574.70 Td (and ) Tj ET Q q 0 0 0 rg BT 483.31 574.70 Td (real ) Tj ET Q q 0 0 0 rg BT 500.65 574.70 Td (estate ) Tj ET Q q 0 0 0 rg BT 525.77 574.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 550.35 574.70 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.70 Td (seven ) Tj ET Q q 0 0 0 rg BT 74.76 562.70 Td (final ) Tj ET Q q 0 0 0 rg BT 95.09 562.70 Td (closings ) Tj ET Q q 0 0 0 rg BT 129.86 562.70 Td (of ) Tj ET Q q 0 0 0 rg BT 140.19 562.70 Td (the ) Tj ET Q q 0 0 0 rg BT 154.40 562.70 Td (sale ) Tj ET Q q 0 0 0 rg BT 171.94 562.70 Td (of ) Tj ET Q q 0 0 0 rg BT 182.27 562.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 212.59 562.70 Td (partnership ) Tj ET Q q 0 0 0 rg BT 259.58 562.70 Td (interests ) Tj ET Q q 0 0 0 rg BT 294.90 562.70 Td (in ) Tj ET Q q 0 0 0 rg BT 304.67 562.70 Td (such ) Tj ET Q q 0 0 0 rg BT 325.00 562.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 349.22 562.70 Td (and ) Tj ET Q q 0 0 0 rg BT 365.65 562.70 Td (two ) Tj ET Q q 0 0 0 rg BT 382.65 562.70 Td (secondary ) Tj ET Q q 0 0 0 rg BT 425.18 562.70 Td (market ) Tj ET Q q 0 0 0 rg BT 454.94 562.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 476.37 562.70 Td (of ) Tj ET Q q 0 0 0 rg BT 486.70 562.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 517.03 562.70 Td (partnership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.70 Td (interests. ) Tj ET Q q 0 0 0 rg BT 88.59 550.70 Td ( ) Tj ET Q q 0 0 0 rg BT 91.35 550.70 Td (Capital ) Tj ET Q q 0 0 0 rg BT 122.99 550.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 160.19 550.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 179.05 550.70 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.47 550.70 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.47 550.70 Td ( ) Tj ET Q q 0 0 0 rg BT 216.23 550.70 Td (were ) Tj ET Q q 0 0 0 rg BT 238.42 550.70 Td ($30.9 ) Tj ET Q q 0 0 0 rg BT 263.68 550.70 Td (million ) Tj ET Q q 0 0 0 rg BT 295.33 550.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 337.51 550.70 Td (to ) Tj ET Q q 0 0 0 rg BT 348.05 550.70 Td ($25.8 ) Tj ET Q q 0 0 0 rg BT 373.31 550.70 Td (million ) Tj ET Q q 0 0 0 rg BT 404.96 550.70 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.38 550.70 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.38 550.70 Td (, ) Tj ET Q q 0 0 0 rg BT 444.64 550.70 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 485.71 550.70 Td (an ) Tj ET Q q 0 0 0 rg BT 497.91 550.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 533.43 550.70 Td (of ) Tj ET Q q 0 0 0 rg BT 544.52 550.70 Td ($5.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 83.89 538.70 Td (or ) Tj ET Q q 0 0 0 rg BT 94.72 538.70 Td (20%, ) Tj ET Q q 0 0 0 rg BT 118.05 538.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 157.76 538.70 Td (due ) Tj ET Q q 0 0 0 rg BT 174.70 538.70 Td (to ) Tj ET Q q 0 0 0 rg BT 184.98 538.70 Td (an ) Tj ET Q q 0 0 0 rg BT 196.92 538.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 232.17 538.70 Td (in ) Tj ET Q q 0 0 0 rg BT 242.45 538.70 Td (the ) Tj ET Q q 0 0 0 rg BT 257.17 538.70 Td (scale ) Tj ET Q q 0 0 0 rg BT 279.65 538.70 Td (of ) Tj ET Q q 0 0 0 rg BT 290.48 538.70 Td (the ) Tj ET Q q 0 0 0 rg BT 305.20 538.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 326.03 538.70 Td (closings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 517.70 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 517.70 Td (e ) Tj ET Q q 0 0 0 rg BT 77.88 517.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 107.33 517.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 144.58 517.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 182.92 517.70 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.16 517.70 Td (143) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.16 517.70 Td ( ) Tj ET Q q 0 0 0 rg BT 222.97 517.70 Td (dif) Tj ET Q q 0 0 0 rg BT 233.89 517.70 Td (ferent ) Tj ET Q q 0 0 0 rg BT 260.02 517.70 Td (clients ) Tj ET Q q 0 0 0 rg BT 288.92 517.70 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.51 517.70 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.51 517.70 Td ( ) Tj ET Q q 0 0 0 rg BT 322.31 517.70 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.56 517.70 Td (160) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.56 517.70 Td ( ) Tj ET Q q 0 0 0 rg BT 357.36 517.70 Td (clients ) Tj ET Q q 0 0 0 rg BT 386.27 517.70 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.85 517.70 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.85 517.70 Td (. ) Tj ET Q q 0 0 0 rg BT 422.16 517.70 Td (Of ) Tj ET Q q 0 0 0 rg BT 435.52 517.70 Td (this ) Tj ET Q q 0 0 0 rg BT 452.77 517.70 Td (group ) Tj ET Q q 0 0 0 rg BT 478.90 517.70 Td (of ) Tj ET Q q 0 0 0 rg BT 490.04 517.70 Td (clients, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.45 517.70 Td (35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.78 517.70 Td ( ) Tj ET Q q 0 0 0 rg BT 542.58 517.70 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 505.70 Td (new ) Tj ET Q q 0 0 0 rg BT 69.13 505.70 Td (to ) Tj ET Q q 0 0 0 rg BT 79.38 505.70 Td (us ) Tj ET Q q 0 0 0 rg BT 90.74 505.70 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.99 505.70 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.99 505.70 Td ( ) Tj ET Q q 0 0 0 rg BT 123.46 505.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 165.35 505.70 Td (to ) Tj ET Q q 0 0 0 rg BT 175.60 505.70 Td (48% ) Tj ET Q q 0 0 0 rg BT 196.40 505.70 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.65 505.70 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.65 505.70 Td (. ) Tj ET Q q 0 0 0 rg BT 231.62 505.70 Td ( ) Tj ET Q q 0 0 0 rg BT 233.91 505.70 Td (W) Tj ET Q q 0 0 0 rg BT 242.54 505.70 Td (e ) Tj ET Q q 0 0 0 rg BT 249.45 505.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 278.57 505.70 Td ($1 ) Tj ET Q q 0 0 0 rg BT 291.04 505.70 Td (million ) Tj ET Q q 0 0 0 rg BT 322.40 505.70 Td (or ) Tj ET Q q 0 0 0 rg BT 333.20 505.70 Td (more ) Tj ET Q q 0 0 0 rg BT 356.22 505.70 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.12 505.70 Td (58) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.12 505.70 Td ( ) Tj ET Q q 0 0 0 rg BT 390.59 505.70 Td (clients ) Tj ET Q q 0 0 0 rg BT 419.17 505.70 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.42 505.70 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.42 505.70 Td (, ) Tj ET Q q 0 0 0 rg BT 454.38 505.70 Td (down ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.08 505.70 Td (12%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.41 505.70 Td ( ) Tj ET Q q 0 0 0 rg BT 499.88 505.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 541.77 505.70 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.02 505.70 Td (66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.02 505.70 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 493.70 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.70 493.70 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.70 493.70 Td (. ) Tj ET Q q 0 0 0 rg BT 85.91 493.70 Td (The ) Tj ET Q q 0 0 0 rg BT 104.39 493.70 Td (ten ) Tj ET Q q 0 0 0 rg BT 119.53 493.70 Td (lar) Tj ET Q q 0 0 0 rg BT 129.89 493.70 Td (gest ) Tj ET Q q 0 0 0 rg BT 148.92 493.70 Td (fee-paying ) Tj ET Q q 0 0 0 rg BT 194.60 493.70 Td (clients ) Tj ET Q q 0 0 0 rg BT 223.63 493.70 Td (contributed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.10 493.70 Td (43%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.43 493.70 Td ( ) Tj ET Q q 0 0 0 rg BT 293.35 493.70 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.71 493.70 Td (36%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.04 493.70 Td ( ) Tj ET Q q 0 0 0 rg BT 331.97 493.70 Td (to ) Tj ET Q q 0 0 0 rg BT 342.67 493.70 Td (our ) Tj ET Q q 0 0 0 rg BT 358.92 493.70 Td (total ) Tj ET Q q 0 0 0 rg BT 379.62 493.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 418.08 493.70 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.78 493.70 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.78 493.70 Td ( ) Tj ET Q q 0 0 0 rg BT 451.71 493.70 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.07 493.70 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.07 493.70 Td (, ) Tj ET Q q 0 0 0 rg BT 494.49 493.70 Td (respectively) Tj ET Q q 0 0 0 rg BT 542.15 493.70 Td (, ) Tj ET Q q 0 0 0 rg BT 547.58 493.70 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 481.70 Td (three ) Tj ET Q q 0 0 0 rg BT 72.15 481.70 Td (of ) Tj ET Q q 0 0 0 rg BT 82.64 481.70 Td (the ) Tj ET Q q 0 0 0 rg BT 97.03 481.70 Td (top ) Tj ET Q q 0 0 0 rg BT 111.97 481.70 Td (ten ) Tj ET Q q 0 0 0 rg BT 126.35 481.70 Td (lar) Tj ET Q q 0 0 0 rg BT 136.72 481.70 Td (gest ) Tj ET Q q 0 0 0 rg BT 154.99 481.70 Td (fee-paying ) Tj ET Q q 0 0 0 rg BT 199.91 481.70 Td (clients ) Tj ET Q q 0 0 0 rg BT 228.18 481.70 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.12 481.70 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.12 481.70 Td ( ) Tj ET Q q 0 0 0 rg BT 260.28 481.70 Td (had ) Tj ET Q q 0 0 0 rg BT 276.89 481.70 Td (in ) Tj ET Q q 0 0 0 rg BT 286.83 481.70 Td (any ) Tj ET Q q 0 0 0 rg BT 303.43 481.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 325.04 481.70 Td (year ) Tj ET Q q 0 0 0 rg BT 344.41 481.70 Td (been ) Tj ET Q q 0 0 0 rg BT 365.45 481.70 Td (among ) Tj ET Q q 0 0 0 rg BT 394.83 481.70 Td (our ) Tj ET Q q 0 0 0 rg BT 410.32 481.70 Td (ten ) Tj ET Q q 0 0 0 rg BT 424.71 481.70 Td (lar) Tj ET Q q 0 0 0 rg BT 435.07 481.70 Td (gest ) Tj ET Q q 0 0 0 rg BT 453.34 481.70 Td (fee-paying ) Tj ET Q q 0 0 0 rg BT 498.26 481.70 Td (clients. ) Tj ET Q q 0 0 0 rg BT 529.03 481.70 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.53 481.70 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.53 481.70 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 469.70 Td (we ) Tj ET Q q 0 0 0 rg BT 64.25 469.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 93.48 469.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 153.82 469.70 Td (10% ) Tj ET Q q 0 0 0 rg BT 174.74 469.70 Td (of ) Tj ET Q q 0 0 0 rg BT 185.65 469.70 Td (our ) Tj ET Q q 0 0 0 rg BT 201.57 469.70 Td (total ) Tj ET Q q 0 0 0 rg BT 221.93 469.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 260.05 469.70 Td (from ) Tj ET Q q 0 0 0 rg BT 282.07 469.70 Td (our ) Tj ET Q q 0 0 0 rg BT 297.99 469.70 Td (single ) Tj ET Q q 0 0 0 rg BT 324.46 469.70 Td (lar) Tj ET Q q 0 0 0 rg BT 334.83 469.70 Td (gest ) Tj ET Q q 0 0 0 rg BT 353.52 469.70 Td (client ) Tj ET Q q 0 0 0 rg BT 378.32 469.70 Td (engagement ) Tj ET Q q 0 0 0 rg BT 429.21 469.70 Td (\(advice ) Tj ET Q q 0 0 0 rg BT 461.22 469.70 Td (to ) Tj ET Q q 0 0 0 rg BT 471.59 469.70 Td (Coventry ) Tj ET Q q 0 0 0 rg BT 511.39 469.70 Td (Health ) Tj ET Q q 0 0 0 rg BT 540.63 469.70 Td (Care, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 457.70 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 67.77 457.70 Td (in ) Tj ET Q q 0 0 0 rg BT 78.05 457.70 Td (connection ) Tj ET Q q 0 0 0 rg BT 124.42 457.70 Td (with ) Tj ET Q q 0 0 0 rg BT 144.70 457.70 Td (its ) Tj ET Q q 0 0 0 rg BT 156.65 457.70 Td (sale ) Tj ET Q q 0 0 0 rg BT 174.69 457.70 Td (to ) Tj ET Q q 0 0 0 rg BT 184.42 457.70 Td (Aetna\). ) Tj ET Q q 0 0 0 rg BT 216.63 457.70 Td ( ) Tj ET Q q 0 0 0 rg BT 218.95 457.70 Td (There ) Tj ET Q q 0 0 0 rg BT 244.76 457.70 Td (were ) Tj ET Q q 0 0 0 rg BT 266.69 457.70 Td (no ) Tj ET Q q 0 0 0 rg BT 279.19 457.70 Td (clients ) Tj ET Q q 0 0 0 rg BT 307.79 457.70 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.07 457.70 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.07 457.70 Td ( ) Tj ET Q q 0 0 0 rg BT 340.57 457.70 Td (that ) Tj ET Q q 0 0 0 rg BT 358.07 457.70 Td (accounted ) Tj ET Q q 0 0 0 rg BT 401.10 457.70 Td (for ) Tj ET Q q 0 0 0 rg BT 415.26 457.70 Td (10% ) Tj ET Q q 0 0 0 rg BT 436.09 457.70 Td (or ) Tj ET Q q 0 0 0 rg BT 446.92 457.70 Td (more ) Tj ET Q q 0 0 0 rg BT 469.97 457.70 Td (of ) Tj ET Q q 0 0 0 rg BT 480.80 457.70 Td (our ) Tj ET Q q 0 0 0 rg BT 496.63 457.70 Td (total ) Tj ET Q q 0 0 0 rg BT 516.90 457.70 Td (revenues.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 436.70 Td (2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.00 436.70 Td ( ) Tj ET Q q 0 0 0 rg BT 84.35 436.70 Td (versus ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 112.24 436.70 Td (201) Tj ET Q q 0 0 0 rg BT 126.50 436.70 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 131.50 436.70 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.00 436.70 Td () Tj ET Q q 0 0 0 rg BT 135.95 436.70 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 175.52 436.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 213.40 436.70 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.17 436.70 Td ($291.5 ) Tj ET Q q 0 0 0 rg BT 265.02 436.70 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.91 436.70 Td ( ) Tj ET Q q 0 0 0 rg BT 296.25 436.70 Td (for ) Tj ET Q q 0 0 0 rg BT 310.26 436.70 Td (the ) Tj ET Q q 0 0 0 rg BT 324.82 436.70 Td (year ) Tj ET Q q 0 0 0 rg BT 344.37 436.70 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.60 436.70 Td (December31, ) Tj ET Q q 0 0 0 rg BT 429.02 436.70 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.02 436.70 Td ( ) Tj ET Q q 0 0 0 rg BT 451.37 436.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 493.14 436.70 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.26 436.70 Td ($302.8 ) Tj ET Q q 0 0 0 rg BT 533.11 436.70 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.00 436.70 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 424.70 Td (for ) Tj ET Q q 0 0 0 rg BT 63.14 424.70 Td (the ) Tj ET Q q 0 0 0 rg BT 76.84 424.70 Td (year ) Tj ET Q q 0 0 0 rg BT 95.53 424.70 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.89 424.70 Td (December31, ) Tj ET Q q 0 0 0 rg BT 178.46 424.70 Td (201) Tj ET Q q 0 0 0 rg BT 193.09 424.70 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.09 424.70 Td (, ) Tj ET Q q 0 0 0 rg BT 202.07 424.70 Td (which ) Tj ET Q q 0 0 0 rg BT 228.00 424.70 Td (represents ) Tj ET Q q 0 0 0 rg BT 270.02 424.70 Td (a ) Tj ET Q q 0 0 0 rg BT 275.94 424.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 311.84 424.70 Td (of ) Tj ET Q q 0 0 0 rg BT 321.65 424.70 Td (4%. ) Tj ET Q q 0 0 0 rg BT 338.86 424.70 Td (The ) Tj ET Q q 0 0 0 rg BT 355.89 424.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 391.78 424.70 Td (in ) Tj ET Q q 0 0 0 rg BT 401.04 424.70 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.86 424.70 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.86 424.70 Td ( ) Tj ET Q q 0 0 0 rg BT 437.34 424.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 473.26 424.70 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 512.78 424.70 Td (as ) Tj ET Q q 0 0 0 rg BT 522.60 424.70 Td (compared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 412.70 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.07 412.70 Td (201) Tj ET Q q 0 0 0 rg BT 74.69 412.70 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.69 412.70 Td (, ) Tj ET Q q 0 0 0 rg BT 84.48 412.70 Td (resulted ) Tj ET Q q 0 0 0 rg BT 118.43 412.70 Td (from ) Tj ET Q q 0 0 0 rg BT 140.15 412.70 Td (a ) Tj ET Q q 0 0 0 rg BT 146.88 412.70 Td (slight ) Tj ET Q q 0 0 0 rg BT 171.39 412.70 Td (change ) Tj ET Q q 0 0 0 rg BT 201.99 412.70 Td (in ) Tj ET Q q 0 0 0 rg BT 212.06 412.70 Td (the ) Tj ET Q q 0 0 0 rg BT 226.56 412.70 Td (mix ) Tj ET Q q 0 0 0 rg BT 244.41 412.70 Td (of ) Tj ET Q q 0 0 0 rg BT 255.03 412.70 Td (our ) Tj ET Q q 0 0 0 rg BT 270.64 412.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 307.37 412.70 Td (assignments ) Tj ET Q q 0 0 0 rg BT 358.54 412.70 Td (and ) Tj ET Q q 0 0 0 rg BT 375.27 412.70 Td (resulting ) Tj ET Q q 0 0 0 rg BT 412.55 412.70 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 465.10 412.70 Td (with ) Tj ET Q q 0 0 0 rg BT 485.17 412.70 Td (fewer ) Tj ET Q q 0 0 0 rg BT 510.22 412.70 Td ($1 ) Tj ET Q q 0 0 0 rg BT 522.50 412.70 Td (million ) Tj ET Q q 0 0 0 rg BT 553.68 412.70 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.70 Td (greater ) Tj ET Q q 0 0 0 rg BT 80.25 400.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 114.40 400.70 Td (clients ) Tj ET Q q 0 0 0 rg BT 143.00 400.70 Td (nearly ) Tj ET Q q 0 0 0 rg BT 170.49 400.70 Td (of) Tj ET Q q 0 0 0 rg BT 178.64 400.70 Td (fset ) Tj ET Q q 0 0 0 rg BT 195.58 400.70 Td (by ) Tj ET Q q 0 0 0 rg BT 208.08 400.70 Td (having ) Tj ET Q q 0 0 0 rg BT 237.79 400.70 Td (more ) Tj ET Q q 0 0 0 rg BT 260.84 400.70 Td ($10 ) Tj ET Q q 0 0 0 rg BT 278.34 400.70 Td (million ) Tj ET Q q 0 0 0 rg BT 309.73 400.70 Td (or ) Tj ET Q q 0 0 0 rg BT 320.56 400.70 Td (greater ) Tj ET Q q 0 0 0 rg BT 350.82 400.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 384.96 400.70 Td (clients. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 379.70 Td (Prominent ) Tj ET Q q 0 0 0 rg BT 106.17 379.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 143.10 379.70 Td (assignments ) Tj ET Q q 0 0 0 rg BT 194.49 379.70 Td (completed ) Tj ET Q q 0 0 0 rg BT 238.64 379.70 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.92 379.70 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.92 379.70 Td ( ) Tj ET Q q 0 0 0 rg BT 271.42 379.70 Td (include: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 358.70 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 358.70 Td (the ) Tj ET Q q 0 0 0 rg BT 100.72 358.70 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 147.10 358.70 Td (by ) Tj ET Q q 0 0 0 rg BT 159.60 358.70 Td (Boyd ) Tj ET Q q 0 0 0 rg BT 183.77 358.70 Td (Gaming ) Tj ET Q q 0 0 0 rg BT 218.49 358.70 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 269.31 358.70 Td (of ) Tj ET Q q 0 0 0 rg BT 280.14 358.70 Td (Peninsula ) Tj ET Q q 0 0 0 rg BT 321.53 358.70 Td (Gaming, ) Tj ET Q q 0 0 0 rg BT 358.74 358.70 Td (LLC;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 337.70 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 337.70 Td (the ) Tj ET Q q 0 0 0 rg BT 100.72 337.70 Td (sale ) Tj ET Q q 0 0 0 rg BT 118.76 337.70 Td (of ) Tj ET Q q 0 0 0 rg BT 129.59 337.70 Td (Deltek, ) Tj ET Q q 0 0 0 rg BT 161.25 337.70 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 179.02 337.70 Td (to ) Tj ET Q q 0 0 0 rg BT 189.12 337.70 Td (Thoma ) Tj ET Q q 0 0 0 rg BT 219.94 337.70 Td (Bravo, ) Tj ET Q q 0 0 0 rg BT 249.38 337.70 Td (LLC;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 316.70 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 316.70 Td (the ) Tj ET Q q 0 0 0 rg BT 101.37 316.70 Td (sale ) Tj ET Q q 0 0 0 rg BT 120.07 316.70 Td (by ) Tj ET Q q 0 0 0 rg BT 132.99 316.70 Td (The ) Tj ET Q q 0 0 0 rg BT 151.69 316.70 Td (Hartford ) Tj ET Q q 0 0 0 rg BT 189.27 316.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 229.63 316.70 Td (Services ) Tj ET Q q 0 0 0 rg BT 266.66 316.70 Td (Group, ) Tj ET Q q 0 0 0 rg BT 297.86 316.70 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 316.28 316.70 Td (of ) Tj ET Q q 0 0 0 rg BT 327.76 316.70 Td (its ) Tj ET Q q 0 0 0 rg BT 340.36 316.70 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 387.94 316.70 Td (Plans ) Tj ET Q q 0 0 0 rg BT 412.76 316.70 Td (Group ) Tj ET Q q 0 0 0 rg BT 441.46 316.70 Td (to ) Tj ET Q q 0 0 0 rg BT 452.39 316.70 Td (Massachusetts ) Tj ET Q q 0 0 0 rg BT 513.31 316.70 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 545.35 316.70 Td (Life ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 304.70 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 127.37 304.70 Td (Company;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 283.70 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 283.70 Td (the ) Tj ET Q q 0 0 0 rg BT 100.72 283.70 Td (representation ) Tj ET Q q 0 0 0 rg BT 159.86 283.70 Td (of ) Tj ET Q q 0 0 0 rg BT 170.69 283.70 Td (Iner) Tj ET Q q 0 0 0 rg BT 186.61 283.70 Td (gy) Tj ET Q q 0 0 0 rg BT 195.96 283.70 Td (, ) Tj ET Q q 0 0 0 rg BT 200.96 283.70 Td (L.P) Tj ET Q q 0 0 0 rg BT 214.02 283.70 Td (. ) Tj ET Q q 0 0 0 rg BT 219.02 283.70 Td (on ) Tj ET Q q 0 0 0 rg BT 231.52 283.70 Td (the ) Tj ET Q q 0 0 0 rg BT 246.23 283.70 Td (sale ) Tj ET Q q 0 0 0 rg BT 264.28 283.70 Td (of ) Tj ET Q q 0 0 0 rg BT 275.11 283.70 Td (its ) Tj ET Q q 0 0 0 rg BT 287.06 283.70 Td (retail ) Tj ET Q q 0 0 0 rg BT 310.10 283.70 Td (propane ) Tj ET Q q 0 0 0 rg BT 344.81 283.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 370.64 283.70 Td (to ) Tj ET Q q 0 0 0 rg BT 380.92 283.70 Td (Suburban ) Tj ET Q q 0 0 0 rg BT 421.75 283.70 Td (Propane ) Tj ET Q q 0 0 0 rg BT 457.02 283.70 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 494.78 283.70 Td (L.P) Tj ET Q q 0 0 0 rg BT 507.85 283.70 Td (.;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 262.70 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 262.70 Td (the ) Tj ET Q q 0 0 0 rg BT 100.72 262.70 Td (sale ) Tj ET Q q 0 0 0 rg BT 118.76 262.70 Td (of ) Tj ET Q q 0 0 0 rg BT 129.59 262.70 Td (IST) Tj ET Q q 0 0 0 rg BT 143.79 262.70 Td (A) Tj ET Q q 0 0 0 rg BT 150.46 262.70 Td ( ) Tj ET Q q 0 0 0 rg BT 152.96 262.70 Td (Pharmaceuticals ) Tj ET Q q 0 0 0 rg BT 220.99 262.70 Td (to ) Tj ET Q q 0 0 0 rg BT 231.27 262.70 Td (Bausch& ) Tj ET Q q 0 0 0 rg BT 273.49 262.70 Td (Lomb ) Tj ET Q q 0 0 0 rg BT 299.87 262.70 Td (Inc.;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 241.70 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 241.70 Td (the ) Tj ET Q q 0 0 0 rg BT 100.72 241.70 Td (representation ) Tj ET Q q 0 0 0 rg BT 159.86 241.70 Td (of ) Tj ET Q q 0 0 0 rg BT 170.69 241.70 Td (Lonmin ) Tj ET Q q 0 0 0 rg BT 204.85 241.70 Td (plc ) Tj ET Q q 0 0 0 rg BT 219.57 241.70 Td (on ) Tj ET Q q 0 0 0 rg BT 232.07 241.70 Td (the ) Tj ET Q q 0 0 0 rg BT 246.79 241.70 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 294.82 241.70 Td (of ) Tj ET Q q 0 0 0 rg BT 305.65 241.70 Td (its ) Tj ET Q q 0 0 0 rg BT 317.60 241.70 Td (balance ) Tj ET Q q 0 0 0 rg BT 350.63 241.70 Td (sheet ) Tj ET Q q 0 0 0 rg BT 373.68 241.70 Td (and ) Tj ET Q q 0 0 0 rg BT 390.61 241.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 434.21 241.70 Td (rights ) Tj ET Q q 0 0 0 rg BT 459.49 241.70 Td (of) Tj ET Q q 0 0 0 rg BT 467.64 241.70 Td (fering;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 220.70 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 220.70 Td (the ) Tj ET Q q 0 0 0 rg BT 100.72 220.70 Td (sale ) Tj ET Q q 0 0 0 rg BT 118.76 220.70 Td (by ) Tj ET Q q 0 0 0 rg BT 131.26 220.70 Td (Norwest ) Tj ET Q q 0 0 0 rg BT 167.65 220.70 Td (Equity ) Tj ET Q q 0 0 0 rg BT 196.81 220.70 Td (Partners ) Tj ET Q q 0 0 0 rg BT 232.08 220.70 Td (of ) Tj ET Q q 0 0 0 rg BT 242.91 220.70 Td (its ) Tj ET Q q 0 0 0 rg BT 254.86 220.70 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 292.35 220.70 Td (company) Tj ET Q q 0 0 0 rg BT 328.36 220.70 Td (, ) Tj ET Q q 0 0 0 rg BT 333.36 220.70 Td (Becker ) Tj ET Q q 0 0 0 rg BT 364.17 220.70 Td (Underwood, ) Tj ET Q q 0 0 0 rg BT 416.39 220.70 Td (to ) Tj ET Q q 0 0 0 rg BT 426.66 220.70 Td (BASF ) Tj ET Q q 0 0 0 rg BT 453.63 220.70 Td (AG;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 199.70 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 199.70 Td (the ) Tj ET Q q 0 0 0 rg BT 100.72 199.70 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 147.10 199.70 Td (by ) Tj ET Q q 0 0 0 rg BT 159.60 199.70 Td (RedPrairie ) Tj ET Q q 0 0 0 rg BT 204.86 199.70 Td (of ) Tj ET Q q 0 0 0 rg BT 215.69 199.70 Td (JDA) Tj ET Q q 0 0 0 rg BT 233.48 199.70 Td ( ) Tj ET Q q 0 0 0 rg BT 235.98 199.70 Td (Software ) Tj ET Q q 0 0 0 rg BT 274.57 199.70 Td (Group, ) Tj ET Q q 0 0 0 rg BT 305.13 199.70 Td (Inc.;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 178.70 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 178.70 Td (the ) Tj ET Q q 0 0 0 rg BT 100.72 178.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 129.87 178.70 Td (raise ) Tj ET Q q 0 0 0 rg BT 151.24 178.70 Td (by ) Tj ET Q q 0 0 0 rg BT 163.74 178.70 Td (Siris ) Tj ET Q q 0 0 0 rg BT 184.58 178.70 Td (Capital ) Tj ET Q q 0 0 0 rg BT 215.97 178.70 Td (Group, ) Tj ET Q q 0 0 0 rg BT 246.52 178.70 Td (LLC; ) Tj ET Q q 0 0 0 rg BT 270.68 178.70 Td (and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 157.70 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 157.70 Td (the ) Tj ET Q q 0 0 0 rg BT 100.72 157.70 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 147.10 157.70 Td (by ) Tj ET Q q 0 0 0 rg BT 159.60 157.70 Td (Superior ) Tj ET Q q 0 0 0 rg BT 196.54 157.70 Td (Ener) Tj ET Q q 0 0 0 rg BT 215.23 157.70 Td (gy ) Tj ET Q q 0 0 0 rg BT 227.73 157.70 Td (Services, ) Tj ET Q q 0 0 0 rg BT 266.61 157.70 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 284.38 157.70 Td (of ) Tj ET Q q 0 0 0 rg BT 295.21 157.70 Td (Complete ) Tj ET Q q 0 0 0 rg BT 336.59 157.70 Td (Production ) Tj ET Q q 0 0 0 rg BT 382.98 157.70 Td (Services, ) Tj ET Q q 0 0 0 rg BT 421.85 157.70 Td (Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 136.70 Td (During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.69 136.70 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.69 136.70 Td (, ) Tj ET Q q 0 0 0 rg BT 117.54 136.70 Td (our ) Tj ET Q q 0 0 0 rg BT 133.23 136.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 162.23 136.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 199.03 136.70 Td (group ) Tj ET Q q 0 0 0 rg BT 224.71 136.70 Td (served ) Tj ET Q q 0 0 0 rg BT 253.17 136.70 Td (as ) Tj ET Q q 0 0 0 rg BT 263.86 136.70 Td (global ) Tj ET Q q 0 0 0 rg BT 291.21 136.70 Td (placement ) Tj ET Q q 0 0 0 rg BT 334.65 136.70 Td (agent ) Tj ET Q q 0 0 0 rg BT 358.66 136.70 Td (on ) Tj ET Q q 0 0 0 rg BT 371.02 136.70 Td (behalf ) Tj ET Q q 0 0 0 rg BT 398.36 136.70 Td (of ) Tj ET Q q 0 0 0 rg BT 409.05 136.70 Td (private ) Tj ET Q q 0 0 0 rg BT 439.17 136.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 466.52 136.70 Td (and ) Tj ET Q q 0 0 0 rg BT 483.31 136.70 Td (real ) Tj ET Q q 0 0 0 rg BT 500.65 136.70 Td (estate ) Tj ET Q q 0 0 0 rg BT 525.77 136.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 550.35 136.70 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 124.70 Td (six ) Tj ET Q q 0 0 0 rg BT 64.22 124.70 Td (final ) Tj ET Q q 0 0 0 rg BT 85.10 124.70 Td (closings ) Tj ET Q q 0 0 0 rg BT 120.43 124.70 Td (of ) Tj ET Q q 0 0 0 rg BT 131.31 124.70 Td (the ) Tj ET Q q 0 0 0 rg BT 146.08 124.70 Td (sale ) Tj ET Q q 0 0 0 rg BT 164.17 124.70 Td (of ) Tj ET Q q 0 0 0 rg BT 175.06 124.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 205.94 124.70 Td (partnership ) Tj ET Q q 0 0 0 rg BT 253.47 124.70 Td (interests ) Tj ET Q q 0 0 0 rg BT 289.35 124.70 Td (in ) Tj ET Q q 0 0 0 rg BT 299.68 124.70 Td (such ) Tj ET Q q 0 0 0 rg BT 320.56 124.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 345.33 124.70 Td (and ) Tj ET Q q 0 0 0 rg BT 362.32 124.70 Td (two ) Tj ET Q q 0 0 0 rg BT 379.88 124.70 Td (secondary ) Tj ET Q q 0 0 0 rg BT 422.96 124.70 Td (market ) Tj ET Q q 0 0 0 rg BT 453.28 124.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 475.27 124.70 Td (of ) Tj ET Q q 0 0 0 rg BT 486.15 124.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 517.03 124.70 Td (partnership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 112.70 Td (interests, ) Tj ET Q q 0 0 0 rg BT 88.33 112.70 Td (achieving ) Tj ET Q q 0 0 0 rg BT 129.70 112.70 Td (similar ) Tj ET Q q 0 0 0 rg BT 159.97 112.70 Td (results ) Tj ET Q q 0 0 0 rg BT 188.58 112.70 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.86 112.70 Td (201) Tj ET Q q 0 0 0 rg BT 213.49 112.70 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.49 112.70 Td (. ) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 742.10 Td (e ) Tj ET Q q 0 0 0 rg BT 77.56 742.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 106.69 742.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 143.61 742.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 181.63 742.10 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.55 742.10 Td (160) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.55 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 221.03 742.10 Td (dif) Tj ET Q q 0 0 0 rg BT 231.96 742.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 257.75 742.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 286.34 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 296.60 742.10 Td (each ) Tj ET Q q 0 0 0 rg BT 317.40 742.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.21 742.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.21 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.69 742.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.61 742.10 Td (201) Tj ET Q q 0 0 0 rg BT 382.24 742.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.24 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 392.22 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 394.70 742.10 Td (Of ) Tj ET Q q 0 0 0 rg BT 407.74 742.10 Td (this ) Tj ET Q q 0 0 0 rg BT 424.67 742.10 Td (group ) Tj ET Q q 0 0 0 rg BT 450.48 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.29 742.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 492.38 742.10 Td (48% ) Tj ET Q q 0 0 0 rg BT 513.19 742.10 Td (were ) Tj ET Q q 0 0 0 rg BT 535.10 742.10 Td (new ) Tj ET Q q 0 0 0 rg BT 554.24 742.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (us ) Tj ET Q q 0 0 0 rg BT 61.08 730.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.05 730.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.05 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 95.74 730.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 137.36 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.33 730.10 Td (36% ) Tj ET Q q 0 0 0 rg BT 167.85 730.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.82 730.10 Td (201) Tj ET Q q 0 0 0 rg BT 192.45 730.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.45 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 202.14 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.17 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 212.81 730.10 Td (e ) Tj ET Q q 0 0 0 rg BT 219.44 730.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 248.28 730.10 Td ($1 ) Tj ET Q q 0 0 0 rg BT 260.47 730.10 Td (million ) Tj ET Q q 0 0 0 rg BT 291.55 730.10 Td (or ) Tj ET Q q 0 0 0 rg BT 302.07 730.10 Td (more ) Tj ET Q q 0 0 0 rg BT 324.81 730.10 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.44 730.10 Td (66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.44 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.63 730.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 386.93 730.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.90 730.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.90 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 421.59 730.10 Td (down ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.00 730.10 Td (1) Tj ET Q q 0 0 0 rg BT 450.63 730.10 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.96 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.15 730.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 507.77 730.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.74 730.10 Td (74) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.74 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 529.93 730.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.90 730.10 Td (201) Tj ET Q q 0 0 0 rg BT 554.53 730.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.53 730.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.88 718.10 Td (ten ) Tj ET Q q 0 0 0 rg BT 82.42 718.10 Td (lar) Tj ET Q q 0 0 0 rg BT 92.79 718.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 111.23 718.10 Td (fee-paying ) Tj ET Q q 0 0 0 rg BT 156.31 718.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 184.74 718.10 Td (contributed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.61 718.10 Td (36%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.94 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 253.27 718.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.04 718.10 Td (35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.37 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 290.70 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.81 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 316.46 718.10 Td (total ) Tj ET Q q 0 0 0 rg BT 336.57 718.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 374.43 718.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.54 718.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.54 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 406.87 718.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.64 718.10 Td (201) Tj ET Q q 0 0 0 rg BT 438.27 718.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.27 718.10 Td (, ) Tj ET Q q 0 0 0 rg BT 448.10 718.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 495.76 718.10 Td (, ) Tj ET Q q 0 0 0 rg BT 500.59 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.35 718.10 Td (none ) Tj ET Q q 0 0 0 rg BT 539.12 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.78 718.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (top ) Tj ET Q q 0 0 0 rg BT 64.92 706.10 Td (ten ) Tj ET Q q 0 0 0 rg BT 79.29 706.10 Td (lar) Tj ET Q q 0 0 0 rg BT 89.65 706.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 107.90 706.10 Td (fee-paying ) Tj ET Q q 0 0 0 rg BT 152.80 706.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 181.05 706.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.98 706.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.98 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.12 706.10 Td (had ) Tj ET Q q 0 0 0 rg BT 229.70 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 239.63 706.10 Td (any ) Tj ET Q q 0 0 0 rg BT 256.21 706.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 277.79 706.10 Td (year ) Tj ET Q q 0 0 0 rg BT 297.15 706.10 Td (been ) Tj ET Q q 0 0 0 rg BT 318.17 706.10 Td (among ) Tj ET Q q 0 0 0 rg BT 347.53 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 363.01 706.10 Td (ten ) Tj ET Q q 0 0 0 rg BT 377.37 706.10 Td (lar) Tj ET Q q 0 0 0 rg BT 387.73 706.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 405.99 706.10 Td (fee-paying ) Tj ET Q q 0 0 0 rg BT 450.89 706.10 Td (clients. ) Tj ET Q q 0 0 0 rg BT 481.48 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 490.12 706.10 Td (e ) Tj ET Q q 0 0 0 rg BT 496.70 706.10 Td (did ) Tj ET Q q 0 0 0 rg BT 511.62 706.10 Td (not ) Tj ET Q q 0 0 0 rg BT 526.55 706.10 Td (have ) Tj ET Q q 0 0 0 rg BT 547.57 706.10 Td (any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (client ) Tj ET Q q 0 0 0 rg BT 74.71 694.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.99 694.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.99 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 107.49 694.10 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.32 694.10 Td (201) Tj ET Q q 0 0 0 rg BT 132.95 694.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.95 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.45 694.10 Td (that ) Tj ET Q q 0 0 0 rg BT 157.94 694.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 200.98 694.10 Td (for ) Tj ET Q q 0 0 0 rg BT 215.14 694.10 Td (10% ) Tj ET Q q 0 0 0 rg BT 235.97 694.10 Td (or ) Tj ET Q q 0 0 0 rg BT 246.80 694.10 Td (more ) Tj ET Q q 0 0 0 rg BT 269.84 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.67 694.10 Td (our ) Tj ET Q q 0 0 0 rg BT 296.50 694.10 Td (total ) Tj ET Q q 0 0 0 rg BT 316.78 694.10 Td (revenue. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td ( ) Tj ET Q q 0 0 0 rg BT 68.00 673.10 Td (By ) Tj ET Q q 0 0 0 rg BT 82.64 673.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 130.04 673.10 Td (region ) Tj ET Q q 0 0 0 rg BT 158.56 673.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.31 673.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.31 673.10 Td (, ) Tj ET Q q 0 0 0 rg BT 194.78 673.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 237.18 673.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.93 673.10 Td (201) Tj ET Q q 0 0 0 rg BT 262.56 673.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.56 673.10 Td (, ) Tj ET Q q 0 0 0 rg BT 273.03 673.10 Td (a ) Tj ET Q q 0 0 0 rg BT 280.44 673.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 312.29 673.10 Td (in ) Tj ET Q q 0 0 0 rg BT 323.04 673.10 Td (both ) Tj ET Q q 0 0 0 rg BT 343.13 673.10 Td (Australian ) Tj ET Q q 0 0 0 rg BT 387.76 673.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 426.27 673.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.68 673.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 482.19 673.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 514.05 673.10 Td (our ) Tj ET Q q 0 0 0 rg BT 530.35 673.10 Td (primary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 83.76 661.10 Td (was ) Tj ET Q q 0 0 0 rg BT 101.42 661.10 Td (of) Tj ET Q q 0 0 0 rg BT 109.57 661.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 126.12 661.10 Td (by ) Tj ET Q q 0 0 0 rg BT 138.23 661.10 Td (an ) Tj ET Q q 0 0 0 rg BT 149.78 661.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 184.64 661.10 Td (in ) Tj ET Q q 0 0 0 rg BT 194.52 661.10 Td (North ) Tj ET Q q 0 0 0 rg BT 219.50 661.10 Td (American ) Tj ET Q q 0 0 0 rg BT 261.03 661.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 301.18 661.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 328.83 661.10 Td (by ) Tj ET Q q 0 0 0 rg BT 340.94 661.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 375.25 661.10 Td (in ) Tj ET Q q 0 0 0 rg BT 385.14 661.10 Td (general ) Tj ET Q q 0 0 0 rg BT 416.67 661.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 462.65 661.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 494.75 661.10 Td (in ) Tj ET Q q 0 0 0 rg BT 504.64 661.10 Td (those ) Tj ET Q q 0 0 0 rg BT 527.86 661.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 564.51 661.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (By ) Tj ET Q q 0 0 0 rg BT 64.28 649.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 99.67 649.10 Td (sector) Tj ET Q q 0 0 0 rg BT 123.14 649.10 Td (, ) Tj ET Q q 0 0 0 rg BT 128.25 649.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 158.62 649.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 191.22 649.10 Td (in ) Tj ET Q q 0 0 0 rg BT 201.61 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.43 649.10 Td (industrial, ) Tj ET Q q 0 0 0 rg BT 259.32 649.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 306.36 649.10 Td (and ) Tj ET Q q 0 0 0 rg BT 323.41 649.10 Td (ener) Tj ET Q q 0 0 0 rg BT 340.43 649.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 353.04 649.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 383.42 649.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 423.23 649.10 Td (of) Tj ET Q q 0 0 0 rg BT 431.38 649.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 448.43 649.10 Td (a ) Tj ET Q q 0 0 0 rg BT 455.48 649.10 Td (sharp ) Tj ET Q q 0 0 0 rg BT 479.75 649.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 511.23 649.10 Td (in ) Tj ET Q q 0 0 0 rg BT 521.62 649.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 554.22 649.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 637.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 102.20 637.10 Td (services ) Tj ET Q q 0 0 0 rg BT 136.90 637.10 Td (sector) Tj ET Q q 0 0 0 rg BT 160.23 637.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 616.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 110.06 616.10 Td (and ) Tj ET Q q 0 0 0 rg BT 128.12 616.10 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 171.18 616.10 Td (Banking ) Tj ET Q q 0 0 0 rg BT 209.25 616.10 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 595.10 Td ( ) Tj ET Q q 0 0 0 rg BT 64.41 595.10 Td (In ) Tj ET Q q 0 0 0 rg BT 75.16 595.10 Td (December ) Tj ET Q q 0 0 0 rg BT 118.65 595.10 Td (2009, ) Tj ET Q q 0 0 0 rg BT 143.57 595.10 Td (we ) Tj ET Q q 0 0 0 rg BT 157.64 595.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 176.73 595.10 Td (our ) Tj ET Q q 0 0 0 rg BT 192.47 595.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 224.32 595.10 Td (in ) Tj ET Q q 0 0 0 rg BT 234.51 595.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.14 595.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 288.75 595.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 323.38 595.10 Td (business ) Tj ET Q q 0 0 0 rg BT 359.69 595.10 Td (in ) Tj ET Q q 0 0 0 rg BT 369.88 595.10 Td (order ) Tj ET Q q 0 0 0 rg BT 393.39 595.10 Td (to ) Tj ET Q q 0 0 0 rg BT 403.59 595.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 427.66 595.10 Td (entirely ) Tj ET Q q 0 0 0 rg BT 460.62 595.10 Td (on ) Tj ET Q q 0 0 0 rg BT 473.03 595.10 Td (our ) Tj ET Q q 0 0 0 rg BT 488.77 595.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 525.62 595.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 564.52 595.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 72.36 583.10 Td (to ) Tj ET Q q 0 0 0 rg BT 82.51 583.10 Td (that ) Tj ET Q q 0 0 0 rg BT 99.87 583.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 122.51 583.10 Td (our ) Tj ET Q q 0 0 0 rg BT 138.20 583.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 177.77 583.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 212.35 583.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 250.81 583.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 290.39 583.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 329.97 583.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.67 583.10 Td (management ) Tj ET Q q 0 0 0 rg BT 394.12 583.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.81 583.10 Td (and ) Tj ET Q q 0 0 0 rg BT 421.62 583.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 467.86 583.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.01 583.10 Td (Greenhill) Tj ET Q q 0 0 0 rg BT 518.55 583.10 Td (s ) Tj ET Q q 0 0 0 rg BT 524.81 583.10 Td (merchant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 84.56 571.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 109.13 571.10 Td (\(GCP) Tj ET Q q 0 0 0 rg BT 131.55 571.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.89 571.10 Td (I, ) Tj ET Q q 0 0 0 rg BT 142.07 571.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 161.15 571.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.50 571.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 175.01 571.10 Td (GSA) Tj ET Q q 0 0 0 rg BT 193.72 571.10 Td (VP) Tj ET Q q 0 0 0 rg BT 206.14 571.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.48 571.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.27 571.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 244.35 571.10 Td ( ) Tj ET Q q 0 0 0 rg BT 246.70 571.10 Td (Europe\). ) Tj ET Q q 0 0 0 rg BT 283.24 571.10 Td (At ) Tj ET Q q 0 0 0 rg BT 295.58 571.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.15 571.10 Td (time ) Tj ET Q q 0 0 0 rg BT 330.27 571.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.95 571.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.63 571.10 Td (exit, ) Tj ET Q q 0 0 0 rg BT 376.47 571.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 395.55 571.10 Td ( ) Tj ET Q q 0 0 0 rg BT 397.90 571.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 429.13 571.10 Td (Partners ) Tj ET Q q 0 0 0 rg BT 464.24 571.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 503.26 571.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 524.50 571.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 538.50 571.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 562.02 571.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (Capital\), ) Tj ET Q q 0 0 0 rg BT 91.28 559.10 Td (an ) Tj ET Q q 0 0 0 rg BT 102.84 559.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 127.74 559.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 173.19 559.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 201.98 559.10 Td (by ) Tj ET Q q 0 0 0 rg BT 214.10 559.10 Td (former ) Tj ET Q q 0 0 0 rg BT 243.44 559.10 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 283.33 559.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 328.22 559.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.78 559.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 395.78 559.10 Td (from ) Tj ET Q q 0 0 0 rg BT 417.34 559.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 430.86 559.10 Td (took ) Tj ET Q q 0 0 0 rg BT 450.77 559.10 Td (over ) Tj ET Q q 0 0 0 rg BT 470.66 559.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.00 559.10 Td (management ) Tj ET Q q 0 0 0 rg BT 538.22 559.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.68 559.10 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 89.70 547.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 124.42 547.10 Td (funds. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 526.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 86.56 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 102.22 526.10 Td (exit ) Tj ET Q q 0 0 0 rg BT 119.56 526.10 Td (from ) Tj ET Q q 0 0 0 rg BT 141.34 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.89 526.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 195.43 526.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 229.99 526.10 Td (business ) Tj ET Q q 0 0 0 rg BT 266.22 526.10 Td (we ) Tj ET Q q 0 0 0 rg BT 280.22 526.10 Td (have ) Tj ET Q q 0 0 0 rg BT 301.43 526.10 Td (sought ) Tj ET Q q 0 0 0 rg BT 330.44 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.56 526.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 369.54 526.10 Td (value ) Tj ET Q q 0 0 0 rg BT 393.53 526.10 Td (from ) Tj ET Q q 0 0 0 rg BT 415.31 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 430.98 526.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 473.86 526.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 511.74 526.10 Td (investments, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (which ) Tj ET Q q 0 0 0 rg BT 78.38 514.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 125.63 514.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 166.79 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.06 514.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 230.77 514.10 Td (in ) Tj ET Q q 0 0 0 rg BT 242.49 514.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 288.64 514.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 333.13 514.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 374.27 514.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 410.42 514.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 436.58 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 454.96 514.10 Td (Iridium. ) Tj ET Q q 0 0 0 rg BT 491.39 514.10 Td (In ) Tj ET Q q 0 0 0 rg BT 503.66 514.10 Td (201) Tj ET Q q 0 0 0 rg BT 518.29 514.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 529.73 514.10 Td (we ) Tj ET Q q 0 0 0 rg BT 545.33 514.10 Td (sold ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 102.42 502.10 Td (all ) Tj ET Q q 0 0 0 rg BT 114.28 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.48 502.10 Td (our ) Tj ET Q q 0 0 0 rg BT 139.67 502.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 174.87 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.51 502.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 203.59 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 205.46 502.10 Td (II ) Tj ET Q q 0 0 0 rg BT 213.99 502.10 Td (to ) Tj ET Q q 0 0 0 rg BT 223.63 502.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 252.70 502.10 Td (unaf) Tj ET Q q 0 0 0 rg BT 270.29 502.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 300.48 502.10 Td (third ) Tj ET Q q 0 0 0 rg BT 321.23 502.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 349.75 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.06 502.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 395.12 502.10 Td (principals ) Tj ET Q q 0 0 0 rg BT 436.42 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.62 502.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 465.70 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 467.57 502.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 498.32 502.10 Td (for ) Tj ET Q q 0 0 0 rg BT 511.85 502.10 Td (an ) Tj ET Q q 0 0 0 rg BT 523.15 502.10 Td (aggregate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (price ) Tj ET Q q 0 0 0 rg BT 73.06 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 84.46 490.10 Td ($44.8 ) Tj ET Q q 0 0 0 rg BT 110.03 490.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 144.49 490.10 Td (which ) Tj ET Q q 0 0 0 rg BT 172.00 490.10 Td (represented ) Tj ET Q q 0 0 0 rg BT 221.15 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.44 490.10 Td (book ) Tj ET Q q 0 0 0 rg BT 259.51 490.10 Td (value ) Tj ET Q q 0 0 0 rg BT 284.23 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.63 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.92 490.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 337.32 490.10 Td (sold. ) Tj ET Q q 0 0 0 rg BT 358.88 490.10 Td (As ) Tj ET Q q 0 0 0 rg BT 373.07 490.10 Td (part ) Tj ET Q q 0 0 0 rg BT 391.69 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.09 490.10 Td (that ) Tj ET Q q 0 0 0 rg BT 421.15 490.10 Td (sale, ) Tj ET Q q 0 0 0 rg BT 442.27 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.56 490.10 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 503.38 490.10 Td (had ) Tj ET Q q 0 0 0 rg BT 520.89 490.10 Td (put ) Tj ET Q q 0 0 0 rg BT 536.74 490.10 Td (rights, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 102.93 478.10 Td (all ) Tj ET Q q 0 0 0 rg BT 115.31 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.02 478.10 Td (which ) Tj ET Q q 0 0 0 rg BT 152.84 478.10 Td (were ) Tj ET Q q 0 0 0 rg BT 174.65 478.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 214.79 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 231.61 478.10 Td (we ) Tj ET Q q 0 0 0 rg BT 245.65 478.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 282.46 478.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 318.16 478.10 Td (in ) Tj ET Q q 0 0 0 rg BT 328.32 478.10 Td (two ) Tj ET Q q 0 0 0 rg BT 345.71 478.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 383.08 478.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 428.23 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.94 478.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 458.02 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 460.40 478.10 Td (II ) Tj ET Q q 0 0 0 rg BT 469.45 478.10 Td (for ) Tj ET Q q 0 0 0 rg BT 483.49 478.10 Td ($15.5 ) Tj ET Q q 0 0 0 rg BT 508.37 478.10 Td (million ) Tj ET Q q 0 0 0 rg BT 539.64 478.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.80 478.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 77.62 466.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 109.11 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.62 466.10 Td (2012. ) Tj ET Q q 0 0 0 rg BT 146.30 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.48 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 152.44 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 161.07 466.10 Td (e ) Tj ET Q q 0 0 0 rg BT 168.69 466.10 Td (also ) Tj ET Q q 0 0 0 rg BT 187.98 466.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 207.83 466.10 Td (in ) Tj ET Q q 0 0 0 rg BT 218.79 466.10 Td (201) Tj ET Q q 0 0 0 rg BT 233.42 466.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 241.60 466.10 Td (our ) Tj ET Q q 0 0 0 rg BT 258.11 466.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 284.05 466.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 316.67 466.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.62 466.10 Td (GSA) Tj ET Q q 0 0 0 rg BT 346.34 466.10 Td (VP) Tj ET Q q 0 0 0 rg BT 358.75 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 361.93 466.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 387.33 466.10 Td (to ) Tj ET Q q 0 0 0 rg BT 398.29 466.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 428.67 466.10 Td (unaf) Tj ET Q q 0 0 0 rg BT 446.26 466.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 477.76 466.10 Td (third ) Tj ET Q q 0 0 0 rg BT 499.83 466.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 529.67 466.10 Td (for ) Tj ET Q q 0 0 0 rg BT 544.51 466.10 Td ($4.6 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 83.45 454.10 Td (which ) Tj ET Q q 0 0 0 rg BT 109.94 454.10 Td (also ) Tj ET Q q 0 0 0 rg BT 128.11 454.10 Td (represented ) Tj ET Q q 0 0 0 rg BT 176.25 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.52 454.10 Td (book ) Tj ET Q q 0 0 0 rg BT 212.58 454.10 Td (value ) Tj ET Q q 0 0 0 rg BT 236.29 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.68 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.96 454.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 286.34 454.10 Td (sold. ) Tj ET Q q 0 0 0 rg BT 307.57 454.10 Td ( ) Tj ET Q q 0 0 0 rg BT 309.48 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 318.12 454.10 Td (e ) Tj ET Q q 0 0 0 rg BT 324.61 454.10 Td (did ) Tj ET Q q 0 0 0 rg BT 339.45 454.10 Td (not ) Tj ET Q q 0 0 0 rg BT 354.28 454.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 395.20 454.10 Td (any ) Tj ET Q q 0 0 0 rg BT 411.70 454.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 430.97 454.10 Td (or ) Tj ET Q q 0 0 0 rg BT 441.36 454.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 458.98 454.10 Td (on ) Tj ET Q q 0 0 0 rg BT 471.03 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.31 454.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 506.80 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.19 454.10 Td (our ) Tj ET Q q 0 0 0 rg BT 532.58 454.10 Td (interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 442.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 79.36 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.86 442.10 Td (II ) Tj ET Q q 0 0 0 rg BT 91.02 442.10 Td (or ) Tj ET Q q 0 0 0 rg BT 101.85 442.10 Td (GSA) Tj ET Q q 0 0 0 rg BT 120.57 442.10 Td (VP) Tj ET Q q 0 0 0 rg BT 132.98 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.48 442.10 Td (because ) Tj ET Q q 0 0 0 rg BT 169.62 442.10 Td (we ) Tj ET Q q 0 0 0 rg BT 183.78 442.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 202.95 442.10 Td (our ) Tj ET Q q 0 0 0 rg BT 218.78 442.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 254.61 442.10 Td (at ) Tj ET Q q 0 0 0 rg BT 264.33 442.10 Td (book ) Tj ET Q q 0 0 0 rg BT 286.83 442.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 313.48 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.98 442.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 421.10 Td (In ) Tj ET Q q 0 0 0 rg BT 72.81 421.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 97.78 421.10 Td (we ) Tj ET Q q 0 0 0 rg BT 111.92 421.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 153.83 421.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.53 421.10 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 214.33 421.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.14 421.10 Td (our ) Tj ET Q q 0 0 0 rg BT 240.95 421.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 285.64 421.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 328.67 421.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 368.35 421.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 403.04 421.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 427.74 421.10 Td (with ) Tj ET Q q 0 0 0 rg BT 448.00 421.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.69 421.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 480.71 421.10 Td (of ) Tj ET Q q 0 0 0 rg BT 491.52 421.10 Td (our ) Tj ET Q q 0 0 0 rg BT 507.33 421.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 532.57 421.10 Td (interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.93 409.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 79.01 409.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.16 409.10 Td (Europe ) Tj ET Q q 0 0 0 rg BT 112.19 409.10 Td (for ) Tj ET Q q 0 0 0 rg BT 126.00 409.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 163.68 409.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.16 409.10 Td ($27.2 ) Tj ET Q q 0 0 0 rg BT 198.81 409.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 232.36 409.10 Td (which ) Tj ET Q q 0 0 0 rg BT 258.94 409.10 Td (represented ) Tj ET Q q 0 0 0 rg BT 307.18 409.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 367.09 409.10 Td (90% ) Tj ET Q q 0 0 0 rg BT 387.57 409.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.05 409.10 Td (book ) Tj ET Q q 0 0 0 rg BT 420.20 409.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 446.50 409.10 Td ( ) Tj ET Q q 0 0 0 rg BT 448.50 409.10 Td (W) Tj ET Q q 0 0 0 rg BT 457.13 409.10 Td (e ) Tj ET Q q 0 0 0 rg BT 463.72 409.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 509.73 409.10 Td (a ) Tj ET Q q 0 0 0 rg BT 516.32 409.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 534.03 409.10 Td (of ) Tj ET Q q 0 0 0 rg BT 544.51 409.10 Td ($3.4 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (million ) Tj ET Q q 0 0 0 rg BT 81.69 397.10 Td (as ) Tj ET Q q 0 0 0 rg BT 92.82 397.10 Td (result ) Tj ET Q q 0 0 0 rg BT 117.83 397.10 Td (of ) Tj ET Q q 0 0 0 rg BT 128.96 397.10 Td (this ) Tj ET Q q 0 0 0 rg BT 146.21 397.10 Td (sale. ) Tj ET Q q 0 0 0 rg BT 166.85 397.10 Td (This ) Tj ET Q q 0 0 0 rg BT 187.42 397.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 234.09 397.10 Td (was ) Tj ET Q q 0 0 0 rg BT 252.44 397.10 Td (pursued ) Tj ET Q q 0 0 0 rg BT 286.90 397.10 Td (in ) Tj ET Q q 0 0 0 rg BT 297.48 397.10 Td (order ) Tj ET Q q 0 0 0 rg BT 321.38 397.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.95 397.10 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 374.71 397.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.72 397.10 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 435.85 397.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.98 397.10 Td (our ) Tj ET Q q 0 0 0 rg BT 463.10 397.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 509.78 397.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 547.58 397.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 86.36 385.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 128.85 385.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 153.57 385.10 Td (for ) Tj ET Q q 0 0 0 rg BT 167.73 385.10 Td (share ) Tj ET Q q 0 0 0 rg BT 191.33 385.10 Td (repurchases. ) Tj ET Q q 0 0 0 rg BT 243.53 385.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 364.10 Td (In ) Tj ET Q q 0 0 0 rg BT 72.78 364.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 97.72 364.10 Td (we ) Tj ET Q q 0 0 0 rg BT 111.83 364.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 130.94 364.10 Td (our ) Tj ET Q q 0 0 0 rg BT 146.72 364.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 171.93 364.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 218.25 364.10 Td (in ) Tj ET Q q 0 0 0 rg BT 228.48 364.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 247.56 364.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.00 364.10 Td (III ) Tj ET Q q 0 0 0 rg BT 262.44 364.10 Td (for ) Tj ET Q q 0 0 0 rg BT 276.54 364.10 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 296.49 364.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 330.33 364.10 Td (which ) Tj ET Q q 0 0 0 rg BT 357.21 364.10 Td (approximated ) Tj ET Q q 0 0 0 rg BT 414.64 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.30 364.10 Td (book ) Tj ET Q q 0 0 0 rg BT 451.74 364.10 Td (value ) Tj ET Q q 0 0 0 rg BT 475.84 364.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.62 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.28 364.10 Td (investment. ) Tj ET Q q 0 0 0 rg BT 550.11 364.10 Td ( ) Tj ET Q q 0 0 0 rg BT 552.01 364.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.58 352.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 352.10 Td (, ) Tj ET Q q 0 0 0 rg BT 133.58 352.10 Td (we ) Tj ET Q q 0 0 0 rg BT 147.74 352.10 Td (had ) Tj ET Q q 0 0 0 rg BT 164.68 352.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 207.72 352.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 257.99 352.10 Td (in ) Tj ET Q q 0 0 0 rg BT 268.27 352.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 312.99 352.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 356.04 352.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.97 352.10 Td (other ) Tj ET Q q 0 0 0 rg BT 396.02 352.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 435.72 352.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 470.44 352.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 495.16 352.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.99 352.10 Td ($1) Tj ET Q q 0 0 0 rg BT 515.62 352.10 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 530.61 352.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.51 352.10 Td (. ) Tj ET Q q 0 0 0 rg BT 564.51 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 567.01 352.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (See ) Tj ET Q q 0 0 0 rg BT 67.00 340.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 92.32 340.10 Td (2. ) Tj ET Q q 0 0 0 rg BT 102.38 340.10 Td (Management) Tj ET Q q 0 0 0 rg BT 157.36 340.10 Td (s ) Tj ET Q q 0 0 0 rg BT 163.80 340.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 210.25 340.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.69 340.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 264.24 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.13 340.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 314.90 340.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 357.46 340.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.46 340.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 406.46 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.35 340.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 463.79 340.10 Td ( ) Tj ET Q q 0 0 0 rg BT 476.34 340.10 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 516.12 340.10 Td (and ) Tj ET Q q 0 0 0 rg BT 533.12 340.10 Td (Capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (Resources.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 307.10 Td (In ) Tj ET Q q 0 0 0 rg BT 73.13 307.10 Td (October ) Tj ET Q q 0 0 0 rg BT 108.14 307.10 Td (201) Tj ET Q q 0 0 0 rg BT 122.76 307.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 133.06 307.10 Td (we ) Tj ET Q q 0 0 0 rg BT 147.52 307.10 Td (initiated ) Tj ET Q q 0 0 0 rg BT 183.09 307.10 Td (a ) Tj ET Q q 0 0 0 rg BT 190.33 307.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 212.02 307.10 Td (10b5-1 ) Tj ET Q q 0 0 0 rg BT 243.14 307.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 263.16 307.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.74 307.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 290.42 307.10 Td (our ) Tj ET Q q 0 0 0 rg BT 306.55 307.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 332.12 307.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 364.35 307.10 Td (in ) Tj ET Q q 0 0 0 rg BT 374.93 307.10 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 407.72 307.10 Td (over ) Tj ET Q q 0 0 0 rg BT 428.29 307.10 Td (a ) Tj ET Q q 0 0 0 rg BT 435.53 307.10 Td (period ) Tj ET Q q 0 0 0 rg BT 463.87 307.10 Td (of ) Tj ET Q q 0 0 0 rg BT 475.00 307.10 Td (two ) Tj ET Q q 0 0 0 rg BT 492.80 307.10 Td (or ) Tj ET Q q 0 0 0 rg BT 503.93 307.10 Td (more ) Tj ET Q q 0 0 0 rg BT 527.28 307.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 553.68 307.10 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (December ) Tj ET Q q 0 0 0 rg BT 93.16 295.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 117.74 295.10 Td (we ) Tj ET Q q 0 0 0 rg BT 131.48 295.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 175.21 295.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.51 295.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 207.14 295.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.55 295.10 Td (our ) Tj ET Q q 0 0 0 rg BT 232.96 295.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 257.80 295.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 289.32 295.10 Td (in ) Tj ET Q q 0 0 0 rg BT 299.17 295.10 Td (Iridium. ) Tj ET Q q 0 0 0 rg BT 333.75 295.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.83 295.10 Td (Over ) Tj ET Q q 0 0 0 rg BT 357.90 295.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.20 295.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 389.82 295.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 419.95 295.10 Td (we ) Tj ET Q q 0 0 0 rg BT 433.69 295.10 Td (sold ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.44 295.10 Td (9,804,016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.44 295.10 Td ( ) Tj ET Q q 0 0 0 rg BT 494.52 295.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 521.59 295.10 Td (of ) Tj ET Q q 0 0 0 rg BT 532.00 295.10 Td (Iridium ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (common ) Tj ET Q q 0 0 0 rg BT 87.50 283.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 111.10 283.10 Td (for ) Tj ET Q q 0 0 0 rg BT 125.26 283.10 Td (total ) Tj ET Q q 0 0 0 rg BT 145.54 283.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 183.57 283.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.40 283.10 Td ($70.5 ) Tj ET Q q 0 0 0 rg BT 219.40 283.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.30 283.10 Td (. ) Tj ET Q q 0 0 0 rg BT 253.30 283.10 Td ( ) Tj ET Q q 0 0 0 rg BT 255.80 283.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 262.10 Td (The ) Tj ET Q q 0 0 0 rg BT 80.05 262.10 Td (following ) Tj ET Q q 0 0 0 rg BT 121.43 262.10 Td (table ) Tj ET Q q 0 0 0 rg BT 143.37 262.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 160.87 262.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 182.81 262.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 225.30 262.10 Td (information ) Tj ET Q q 0 0 0 rg BT 275.01 262.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 308.05 262.10 Td (to ) Tj ET Q q 0 0 0 rg BT 318.33 262.10 Td (our ) Tj ET Q q 0 0 0 rg BT 334.16 262.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 380.54 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.48 262.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 437.18 262.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 471.90 262.10 Td (revenues: ) Tj ET Q 1 1 1 rg /GS0 gs 49.50 212.60 325.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 197.60 325.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 197.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 197.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 197.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 197.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 197.60 59.00 -25.00 re f /GS0 gs 1 1 1 rg /GS0 gs 49.50 172.60 325.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 157.60 325.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 157.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 157.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 157.60 59.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 49.50 142.60 325.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 238.60000000000002 m 434.5 238.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 238.60000000000002 m 438.5 238.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 238.60000000000002 m 498.5 238.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 238.60000000000002 m 502.5 238.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 238.60000000000002 m 561.5 238.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 238.60000000000002 m 434.5 238.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 225.60000000000002 m 434.5 225.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 238.60000000000002 m 498.5 238.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 225.60000000000002 m 498.5 225.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 238.60000000000002 m 561.5 238.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 225.60000000000002 m 561.5 225.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 142.60000000000002 m 434.5 142.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 142.60000000000002 m 498.5 142.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 128.60000000000002 m 434.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 126.60000000000002 m 434.5 126.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 128.60000000000002 m 498.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 126.60000000000002 m 498.5 126.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 142.60000000000002 m 561.5 142.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 128.60000000000002 m 561.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 126.60000000000002 m 561.5 126.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 242.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.85 242.83 Td (For the Year Ended December31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 229.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 229.83 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.00 229.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.70 229.83 Td (2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 216.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.45 216.83 Td (\(In millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 203.17 Td (Net realized and unrealized gain \(loss\) in Iridium) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 202.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.15 202.27 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 202.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.80 202.32 Td (\(5.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 202.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 202.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 202.32 Td (\(6.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 202.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 188.17 Td (Net realized and unrealized gains \(losses\) in investments in merchant banking) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 178.17 Td (funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.80 177.32 Td (\(1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 177.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.80 177.32 Td (\(3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 177.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 177.32 Td (\(4.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 177.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 163.17 Td (Sale of certain merchant banking assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.15 162.27 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.15 162.27 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 162.27 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 148.17 Td (Interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.15 147.27 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.15 147.27 Td (1.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 147.27 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 133.17 Td (Total investment and merchant banking revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 132.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.15 132.27 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 132.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.80 132.32 Td (\(6.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 132.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 132.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 132.32 Td (\(8.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 132.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 95.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 109.13 95.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.26 95.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 166.16 95.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 201.07 95.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 239.30 95.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 282.53 95.10 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.88 95.10 Td (0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.21 95.10 Td ( ) Tj ET Q q 0 0 0 rg BT 312.91 95.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.04 95.10 Td (negative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.60 95.10 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.93 95.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.63 95.10 Td (\(an ) Tj ET Q q 0 0 0 rg BT 398.09 95.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 444.67 95.10 Td (loss\) ) Tj ET Q q 0 0 0 rg BT 466.25 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.28 95.10 Td (our ) Tj ET Q q 0 0 0 rg BT 493.30 95.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 531.53 95.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.01 95.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.01 95.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.27 83.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.27 83.10 Td (, ) Tj ET Q q 0 0 0 rg BT 90.59 83.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 138.25 83.10 Td (. ) Tj ET Q q 0 0 0 rg BT 142.58 83.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.41 83.10 Td (During ) Tj ET Q q 0 0 0 rg BT 174.57 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.61 83.10 Td (period ) Tj ET Q q 0 0 0 rg BT 215.99 83.10 Td (201) Tj ET Q q 0 0 0 rg BT 230.62 83.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 237.44 83.10 Td (through ) Tj ET Q q 0 0 0 rg BT 270.38 83.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 294.71 83.10 Td (we ) Tj ET Q q 0 0 0 rg BT 308.19 83.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 348.88 83.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 394.59 83.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 431.96 83.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 477.11 83.10 Td (from ) Tj ET Q q 0 0 0 rg BT 498.37 83.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 521.31 83.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 534.80 83.10 Td (losses\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.76 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.74 71.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 112.17 71.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 162.71 71.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.25 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.23 71.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 228.19 71.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 263.17 71.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 288.16 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.36 71.10 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 338.11 71.10 Td (as ) Tj ET Q q 0 0 0 rg BT 349.21 71.10 Td (these ) Tj ET Q q 0 0 0 rg BT 372.52 71.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 423.05 71.10 Td (were ) Tj ET Q q 0 0 0 rg BT 445.24 71.10 Td (liquidated. ) Tj ET Q q 0 0 0 rg BT 490.50 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 492.65 71.10 Td (As ) Tj ET Q q 0 0 0 rg BT 506.53 71.10 Td (a ) Tj ET Q q 0 0 0 rg BT 513.73 71.10 Td (result ) Tj ET Q q 0 0 0 rg BT 538.71 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 71.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 68.28 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 79.34 59.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 132.63 59.10 Td (all ) Tj ET Q q 0 0 0 rg BT 145.36 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.42 59.10 Td (our ) Tj ET Q q 0 0 0 rg BT 172.48 59.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 222.99 59.10 Td (over ) Tj ET Q q 0 0 0 rg BT 243.49 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.44 59.10 Td (past ) Tj ET Q q 0 0 0 rg BT 277.29 59.10 Td (three ) Tj ET Q q 0 0 0 rg BT 300.00 59.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 326.34 59.10 Td (we ) Tj ET Q q 0 0 0 rg BT 340.73 59.10 Td (do ) Tj ET Q q 0 0 0 rg BT 353.46 59.10 Td (not ) Tj ET Q q 0 0 0 rg BT 368.97 59.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 397.80 59.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.31 59.10 Td (report ) Tj ET Q q 0 0 0 rg BT 434.92 59.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 479.87 59.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 526.48 59.10 Td (revenues ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 47.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 47.10 Td (future ) Tj ET Q q 0 0 0 rg BT 86.66 47.10 Td (periods.) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 742.10 Td (e ) Tj ET Q q 0 0 0 rg BT 77.61 742.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 124.00 742.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 147.64 742.10 Td (or ) Tj ET Q q 0 0 0 rg BT 158.50 742.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 184.93 742.10 Td (from ) Tj ET Q q 0 0 0 rg BT 206.90 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 222.76 742.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 269.17 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 279.48 742.10 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 312.01 742.10 Td (from ) Tj ET Q q 0 0 0 rg BT 333.98 742.10 Td (marking ) Tj ET Q q 0 0 0 rg BT 369.84 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.15 742.10 Td (market ) Tj ET Q q 0 0 0 rg BT 410.44 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 426.30 742.10 Td (holdings ) Tj ET Q q 0 0 0 rg BT 463.28 742.10 Td (at ) Tj ET Q q 0 0 0 rg BT 473.03 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.78 742.10 Td (end ) Tj ET Q q 0 0 0 rg BT 504.75 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 515.61 742.10 Td (each ) Tj ET Q q 0 0 0 rg BT 536.46 742.10 Td (period ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.70 730.10 Td (record ) Tj ET Q q 0 0 0 rg BT 89.15 730.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 133.71 730.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 157.73 730.10 Td (or ) Tj ET Q q 0 0 0 rg BT 168.98 730.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 198.08 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 203.49 730.10 Td (o ) Tj ET Q q 0 0 0 rg BT 211.41 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.54 730.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 253.89 730.10 Td (we ) Tj ET Q q 0 0 0 rg BT 268.47 730.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 288.06 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 304.31 730.10 Td (holdings ) Tj ET Q q 0 0 0 rg BT 341.67 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 352.37 730.10 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 385.28 730.10 Td (for ) Tj ET Q q 0 0 0 rg BT 399.86 730.10 Td (a ) Tj ET Q q 0 0 0 rg BT 407.21 730.10 Td (price ) Tj ET Q q 0 0 0 rg BT 430.12 730.10 Td (above ) Tj ET Q q 0 0 0 rg BT 456.91 730.10 Td (or ) Tj ET Q q 0 0 0 rg BT 468.16 730.10 Td (below ) Tj ET Q q 0 0 0 rg BT 495.51 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 511.76 730.10 Td (mark ) Tj ET Q q 0 0 0 rg BT 535.23 730.10 Td (for ) Tj ET Q q 0 0 0 rg BT 549.80 730.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 94.39 718.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 129.89 718.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 160.11 718.10 Td (we ) Tj ET Q q 0 0 0 rg BT 173.95 718.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 219.99 718.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 253.81 718.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 277.09 718.10 Td (or ) Tj ET Q q 0 0 0 rg BT 287.60 718.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 313.67 718.10 Td (on ) Tj ET Q q 0 0 0 rg BT 325.85 718.10 Td (such ) Tj ET Q q 0 0 0 rg BT 346.36 718.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 367.97 718.10 Td (during ) Tj ET Q q 0 0 0 rg BT 396.26 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.65 718.10 Td (period ) Tj ET Q q 0 0 0 rg BT 438.38 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.89 718.10 Td (sale. ) Tj ET Q q 0 0 0 rg BT 469.11 718.10 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.62 718.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.62 718.10 Td (, ) Tj ET Q q 0 0 0 rg BT 504.30 718.10 Td (we ) Tj ET Q q 0 0 0 rg BT 518.13 718.10 Td (recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.94 706.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 76.66 706.10 Td (on ) Tj ET Q q 0 0 0 rg BT 89.16 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 104.99 706.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 151.37 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 161.65 706.10 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 194.14 706.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.97 706.10 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 224.97 706.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.86 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.36 706.10 Td (which ) Tj ET Q q 0 0 0 rg BT 283.30 706.10 Td (compares ) Tj ET Q q 0 0 0 rg BT 324.12 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 334.39 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.11 706.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 397.15 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.98 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 414.92 706.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 432.98 706.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.81 706.10 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 463.81 706.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.71 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.21 706.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.48 706.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.48 706.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 685.10 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 685.10 Td (e ) Tj ET Q q 0 0 0 rg BT 77.23 685.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 118.25 685.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 152.05 685.10 Td (on ) Tj ET Q q 0 0 0 rg BT 164.20 685.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 214.13 685.10 Td (in ) Tj ET Q q 0 0 0 rg BT 224.06 685.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 263.42 685.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 297.79 685.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 322.17 685.10 Td (based ) Tj ET Q q 0 0 0 rg BT 347.09 685.10 Td (on ) Tj ET Q q 0 0 0 rg BT 359.25 685.10 Td (our ) Tj ET Q q 0 0 0 rg BT 374.73 685.10 Td (allocable ) Tj ET Q q 0 0 0 rg BT 412.98 685.10 Td (share ) Tj ET Q q 0 0 0 rg BT 436.23 685.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.71 685.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 480.51 685.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.10 685.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 540.90 685.10 Td (gains ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 63.78 673.10 Td (losses\) ) Tj ET Q q 0 0 0 rg BT 93.13 673.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 128.57 673.10 Td (by ) Tj ET Q q 0 0 0 rg BT 140.69 673.10 Td (such ) Tj ET Q q 0 0 0 rg BT 161.14 673.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 185.49 673.10 Td (on ) Tj ET Q q 0 0 0 rg BT 197.61 673.10 Td (a ) Tj ET Q q 0 0 0 rg BT 204.17 673.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 242.39 673.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 267.01 673.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 317.46 673.10 Td (held ) Tj ET Q q 0 0 0 rg BT 336.80 673.10 Td (by ) Tj ET Q q 0 0 0 rg BT 348.92 673.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 388.25 673.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 422.59 673.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 446.93 673.10 Td (are ) Tj ET Q q 0 0 0 rg BT 461.26 673.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 498.36 673.10 Td (at ) Tj ET Q q 0 0 0 rg BT 507.70 673.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 548.14 673.10 Td (fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 76.67 661.10 Td (The ) Tj ET Q q 0 0 0 rg BT 94.93 661.10 Td (value ) Tj ET Q q 0 0 0 rg BT 119.30 661.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.34 661.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 170.26 661.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 205.19 661.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 226.23 661.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 276.71 661.10 Td (in ) Tj ET Q q 0 0 0 rg BT 287.20 661.10 Td (privately ) Tj ET Q q 0 0 0 rg BT 325.46 661.10 Td (held ) Tj ET Q q 0 0 0 rg BT 345.39 661.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 390.86 661.10 Td (is ) Tj ET Q q 0 0 0 rg BT 400.25 661.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 447.94 661.10 Td (by ) Tj ET Q q 0 0 0 rg BT 460.65 661.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.58 661.10 Td (general ) Tj ET Q q 0 0 0 rg BT 507.72 661.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 538.74 661.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 661.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 71.32 649.10 Td (after ) Tj ET Q q 0 0 0 rg BT 92.63 649.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 121.19 649.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 178.05 649.10 Td (to ) Tj ET Q q 0 0 0 rg BT 188.83 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.04 649.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 223.14 649.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.46 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.68 649.10 Td (security) Tj ET Q q 0 0 0 rg BT 280.68 649.10 Td (, ) Tj ET Q q 0 0 0 rg BT 286.18 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.39 649.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 332.71 649.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.03 649.10 Td (other ) Tj ET Q q 0 0 0 rg BT 367.57 649.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 390.01 649.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.33 649.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 442.09 649.10 Td (by ) Tj ET Q q 0 0 0 rg BT 455.08 649.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.30 649.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 508.29 649.10 Td (company) Tj ET Q q 0 0 0 rg BT 544.29 649.10 Td (, ) Tj ET Q q 0 0 0 rg BT 549.79 649.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (price ) Tj ET Q q 0 0 0 rg BT 72.75 637.10 Td (of ) Tj ET Q q 0 0 0 rg BT 83.84 637.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 124.37 637.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.46 637.10 Td (other ) Tj ET Q q 0 0 0 rg BT 158.77 637.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 204.30 637.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 253.71 637.10 Td (to ) Tj ET Q q 0 0 0 rg BT 264.25 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.23 637.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 316.99 637.10 Td (company) Tj ET Q q 0 0 0 rg BT 352.99 637.10 Td (, ) Tj ET Q q 0 0 0 rg BT 358.26 637.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 396.56 637.10 Td (multiples ) Tj ET Q q 0 0 0 rg BT 436.54 637.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 456.52 637.10 Td (in ) Tj ET Q q 0 0 0 rg BT 467.07 637.10 Td (other ) Tj ET Q q 0 0 0 rg BT 490.38 637.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 539.78 637.10 Td (third-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (party ) Tj ET Q q 0 0 0 rg BT 73.44 625.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 126.59 625.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.70 625.10 Td (original ) Tj ET Q q 0 0 0 rg BT 175.69 625.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 214.12 625.10 Td (price ) Tj ET Q q 0 0 0 rg BT 236.99 625.10 Td (multiple, ) Tj ET Q q 0 0 0 rg BT 275.71 625.10 Td (market ) Tj ET Q q 0 0 0 rg BT 306.36 625.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 353.42 625.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 386.66 625.10 Td (, ) Tj ET Q q 0 0 0 rg BT 392.05 625.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 432.70 625.10 Td (results ) Tj ET Q q 0 0 0 rg BT 461.70 625.10 Td (and ) Tj ET Q q 0 0 0 rg BT 479.03 625.10 Td (other ) Tj ET Q q 0 0 0 rg BT 502.47 625.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 547.56 625.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 100.10 613.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 132.71 613.10 Td (Discounts ) Tj ET Q q 0 0 0 rg BT 175.61 613.10 Td (may ) Tj ET Q q 0 0 0 rg BT 195.72 613.10 Td (be ) Tj ET Q q 0 0 0 rg BT 208.06 613.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 240.39 613.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.07 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.18 613.10 Td (funds' ) Tj ET Q q 0 0 0 rg BT 293.10 613.10 Td (privately ) Tj ET Q q 0 0 0 rg BT 331.54 613.10 Td (held ) Tj ET Q q 0 0 0 rg BT 351.66 613.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 402.33 613.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.01 613.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 441.44 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.55 613.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 476.10 613.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.33 613.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 524.12 613.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.46 613.10 Td (other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 83.26 601.10 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 132.92 601.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 183.97 601.10 Td (in ) Tj ET Q q 0 0 0 rg BT 194.48 601.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 229.98 601.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 257.69 601.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 298.18 601.10 Td (are ) Tj ET Q q 0 0 0 rg BT 313.11 601.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 342.49 601.10 Td (using ) Tj ET Q q 0 0 0 rg BT 366.89 601.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 396.83 601.10 Td (market ) Tj ET Q q 0 0 0 rg BT 427.32 601.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 453.93 601.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 499.98 601.10 Td (for ) Tj ET Q q 0 0 0 rg BT 514.36 601.10 Td (any ) Tj ET Q q 0 0 0 rg BT 531.53 601.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 553.69 601.10 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 97.07 589.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 144.16 589.10 Td (on ) Tj ET Q q 0 0 0 rg BT 156.81 589.10 Td (sale. ) Tj ET Q q 0 0 0 rg BT 177.50 589.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 213.47 589.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.45 589.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.32 589.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 274.74 589.10 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 322.37 589.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.35 589.10 Td (valuations ) Tj ET Q q 0 0 0 rg BT 377.10 589.10 Td (as ) Tj ET Q q 0 0 0 rg BT 388.09 589.10 Td (well ) Tj ET Q q 0 0 0 rg BT 407.95 589.10 Td (as ) Tj ET Q q 0 0 0 rg BT 418.94 589.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.80 589.10 Td (discounts ) Tj ET Q q 0 0 0 rg BT 474.23 589.10 Td (applied, ) Tj ET Q q 0 0 0 rg BT 508.82 589.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.69 589.10 Td (estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.66 577.10 Td (value ) Tj ET Q q 0 0 0 rg BT 91.10 577.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.22 577.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 152.77 577.10 Td (in ) Tj ET Q q 0 0 0 rg BT 163.34 577.10 Td (privately ) Tj ET Q q 0 0 0 rg BT 201.66 577.10 Td (held ) Tj ET Q q 0 0 0 rg BT 221.67 577.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 267.21 577.10 Td (may ) Tj ET Q q 0 0 0 rg BT 287.22 577.10 Td (dif) Tj ET Q q 0 0 0 rg BT 298.14 577.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 312.03 577.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 364.80 577.10 Td (from ) Tj ET Q q 0 0 0 rg BT 387.02 577.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.03 577.10 Td (values ) Tj ET Q q 0 0 0 rg BT 430.36 577.10 Td (that ) Tj ET Q q 0 0 0 rg BT 448.14 577.10 Td (would ) Tj ET Q q 0 0 0 rg BT 475.92 577.10 Td (have ) Tj ET Q q 0 0 0 rg BT 497.58 577.10 Td (been ) Tj ET Q q 0 0 0 rg BT 519.25 577.10 Td (used ) Tj ET Q q 0 0 0 rg BT 540.36 577.10 Td (had ) Tj ET Q q 0 0 0 rg BT 557.58 577.10 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (ready ) Tj ET Q q 0 0 0 rg BT 74.40 565.10 Td (market ) Tj ET Q q 0 0 0 rg BT 104.35 565.10 Td (for ) Tj ET Q q 0 0 0 rg BT 118.21 565.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.61 565.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 172.57 565.10 Td (existed. ) Tj ET Q q 0 0 0 rg BT 205.43 565.10 Td (The ) Tj ET Q q 0 0 0 rg BT 223.16 565.10 Td (values ) Tj ET Q q 0 0 0 rg BT 250.90 565.10 Td (at ) Tj ET Q q 0 0 0 rg BT 260.31 565.10 Td (which ) Tj ET Q q 0 0 0 rg BT 286.94 565.10 Td (our ) Tj ET Q q 0 0 0 rg BT 302.46 565.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 352.43 565.10 Td (are ) Tj ET Q q 0 0 0 rg BT 366.83 565.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 402.34 565.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.31 565.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 452.82 565.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 468.89 565.10 Td (value ) Tj ET Q q 0 0 0 rg BT 492.74 565.10 Td (at ) Tj ET Q q 0 0 0 rg BT 502.15 565.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.56 565.10 Td (end ) Tj ET Q q 0 0 0 rg BT 533.19 565.10 Td (of ) Tj ET Q q 0 0 0 rg BT 543.71 565.10 Td (each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.81 553.10 Td (and ) Tj ET Q q 0 0 0 rg BT 97.74 553.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.46 553.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 151.06 553.10 Td (in ) Tj ET Q q 0 0 0 rg BT 161.33 553.10 Td (general ) Tj ET Q q 0 0 0 rg BT 193.25 553.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 234.62 553.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 281.28 553.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 304.88 553.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 339.03 553.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.97 553.10 Td (commodity ) Tj ET Q q 0 0 0 rg BT 404.01 553.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 430.39 553.10 Td (may ) Tj ET Q q 0 0 0 rg BT 450.10 553.10 Td (result ) Tj ET Q q 0 0 0 rg BT 474.81 553.10 Td (in ) Tj ET Q q 0 0 0 rg BT 485.08 553.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 529.79 553.10 Td (changes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.63 541.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.70 541.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 116.87 541.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 133.59 541.10 Td (value ) Tj ET Q q 0 0 0 rg BT 158.10 541.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.28 541.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.35 541.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 234.97 541.10 Td (from ) Tj ET Q q 0 0 0 rg BT 257.26 541.10 Td (period ) Tj ET Q q 0 0 0 rg BT 285.66 541.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.29 541.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 327.19 541.10 Td (which ) Tj ET Q q 0 0 0 rg BT 354.47 541.10 Td (may ) Tj ET Q q 0 0 0 rg BT 374.54 541.10 Td (have ) Tj ET Q q 0 0 0 rg BT 396.27 541.10 Td (a ) Tj ET Q q 0 0 0 rg BT 403.56 541.10 Td (material ) Tj ET Q q 0 0 0 rg BT 439.17 541.10 Td (ef) Tj ET Q q 0 0 0 rg BT 446.76 541.10 Td (fect, ) Tj ET Q q 0 0 0 rg BT 467.09 541.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 501.61 541.10 Td (or ) Tj ET Q q 0 0 0 rg BT 512.79 541.10 Td (negative, ) Tj ET Q q 0 0 0 rg BT 552.01 541.10 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.76 529.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 103.73 529.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.60 529.10 Td (thus ) Tj ET Q q 0 0 0 rg BT 139.70 529.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.46 529.10 Td (results ) Tj ET Q q 0 0 0 rg BT 184.00 529.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.76 529.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 241.34 529.10 Td (See ) Tj ET Q q 0 0 0 rg BT 258.21 529.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 283.41 529.10 Td (2. ) Tj ET Q q 0 0 0 rg BT 293.34 529.10 Td (Management) Tj ET Q q 0 0 0 rg BT 348.32 529.10 Td (s ) Tj ET Q q 0 0 0 rg BT 354.64 529.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 400.96 529.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.30 529.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 454.73 529.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.49 529.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 505.13 529.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 547.57 529.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 81.95 517.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.78 517.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 139.16 517.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.66 517.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 183.59 517.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 232.75 517.10 Td (Policies ) Tj ET Q q 0 0 0 rg BT 266.91 517.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.85 517.10 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 325.23 517.10 Td ( ) Tj ET Q q 0 0 0 rg BT 337.73 517.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 375.22 517.10 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 426.60 517.10 Td ( ) Tj ET Q q 0 0 0 rg BT 439.10 517.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 486.04 517.10 Td (Revenues.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 496.10 Td (For ) Tj ET Q q 0 0 0 rg BT 78.92 496.10 Td (our ) Tj ET Q q 0 0 0 rg BT 95.27 496.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 138.84 496.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 189.64 496.10 Td (in ) Tj ET Q q 0 0 0 rg BT 200.44 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.68 496.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 255.91 496.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 291.15 496.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 318.90 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.14 496.10 Td (size ) Tj ET Q q 0 0 0 rg BT 352.71 496.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.17 496.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 399.31 496.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.67 496.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 445.90 496.10 Td (in ) Tj ET Q q 0 0 0 rg BT 456.70 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.94 496.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 488.85 496.10 Td (value ) Tj ET Q q 0 0 0 rg BT 513.53 496.10 Td (are ) Tj ET Q q 0 0 0 rg BT 528.76 496.10 Td (tied ) Tj ET Q q 0 0 0 rg BT 546.78 496.10 Td (to ) Tj ET Q q 0 0 0 rg BT 557.58 496.10 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (number ) Tj ET Q q 0 0 0 rg BT 83.02 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.83 484.10 Td (dif) Tj ET Q q 0 0 0 rg BT 104.75 484.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 130.54 484.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 162.73 484.10 Td (including ) Tj ET Q q 0 0 0 rg BT 202.97 484.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.67 484.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 270.66 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.47 484.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.16 484.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 336.94 484.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 374.41 484.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 422.15 484.10 Td (general ) Tj ET Q q 0 0 0 rg BT 454.05 484.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 495.40 484.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 539.54 484.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 484.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 69.72 472.10 Td (and ) Tj ET Q q 0 0 0 rg BT 86.66 472.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 114.15 472.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 148.31 472.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.24 472.10 Td (other ) Tj ET Q q 0 0 0 rg BT 188.29 472.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 218.00 472.10 Td (which ) Tj ET Q q 0 0 0 rg BT 244.94 472.10 Td (af) Tj ET Q q 0 0 0 rg BT 252.52 472.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 270.01 472.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.73 472.10 Td (industries ) Tj ET Q q 0 0 0 rg BT 326.11 472.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.39 472.10 Td (which ) Tj ET Q q 0 0 0 rg BT 363.33 472.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.05 472.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 402.77 472.10 Td (are ) Tj ET Q q 0 0 0 rg BT 417.48 472.10 Td (invested. ) Tj ET Q q 0 0 0 rg BT 455.62 472.10 Td (W) Tj ET Q q 0 0 0 rg BT 464.26 472.10 Td (e ) Tj ET Q q 0 0 0 rg BT 471.20 472.10 Td (will ) Tj ET Q q 0 0 0 rg BT 489.25 472.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 526.19 472.10 Td (to ) Tj ET Q q 0 0 0 rg BT 536.46 472.10 Td (record ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 83.57 460.10 Td (and ) Tj ET Q q 0 0 0 rg BT 99.94 460.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 143.51 460.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 177.64 460.10 Td (in ) Tj ET Q q 0 0 0 rg BT 187.35 460.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.49 460.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 217.30 460.10 Td (value ) Tj ET Q q 0 0 0 rg BT 240.88 460.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.14 460.10 Td (our ) Tj ET Q q 0 0 0 rg BT 266.40 460.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 316.10 460.10 Td (on ) Tj ET Q q 0 0 0 rg BT 328.03 460.10 Td (a ) Tj ET Q q 0 0 0 rg BT 334.40 460.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 372.42 460.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 394.35 460.10 Td (until ) Tj ET Q q 0 0 0 rg BT 414.61 460.10 Td (such ) Tj ET Q q 0 0 0 rg BT 434.87 460.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 484.58 460.10 Td (are ) Tj ET Q q 0 0 0 rg BT 498.71 460.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 519.53 460.10 Td (liquidated. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (Adverse ) Tj ET Q q 0 0 0 rg BT 86.28 448.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 121.45 448.10 Td (in ) Tj ET Q q 0 0 0 rg BT 132.18 448.10 Td (general ) Tj ET Q q 0 0 0 rg BT 164.57 448.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 206.40 448.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 253.52 448.10 Td (commodity ) Tj ET Q q 0 0 0 rg BT 302.03 448.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 331.37 448.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 357.09 448.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.49 448.10 Td (public ) Tj ET Q q 0 0 0 rg BT 402.44 448.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 430.40 448.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 465.01 448.10 Td (could ) Tj ET Q q 0 0 0 rg BT 490.19 448.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 534.79 448.10 Td (impact ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 436.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 97.21 436.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.04 436.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 154.42 436.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 192.46 436.10 Td (we ) Tj ET Q q 0 0 0 rg BT 206.62 436.10 Td (record ) Tj ET Q q 0 0 0 rg BT 234.66 436.10 Td (in ) Tj ET Q q 0 0 0 rg BT 244.94 436.10 Td (any ) Tj ET Q q 0 0 0 rg BT 261.88 436.10 Td (period. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 415.10 Td (2013) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.00 415.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.06 415.10 Td (versus ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 113.68 415.10 Td (2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 133.68 415.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.18 415.10 Td (For ) Tj ET Q q 0 0 0 rg BT 155.64 415.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.92 415.10 Td (year ) Tj ET Q q 0 0 0 rg BT 191.19 415.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.13 415.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 277.28 415.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.28 415.10 Td (, ) Tj ET Q q 0 0 0 rg BT 302.84 415.10 Td (we ) Tj ET Q q 0 0 0 rg BT 317.56 415.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 355.60 415.10 Td (an ) Tj ET Q q 0 0 0 rg BT 368.11 415.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 415.05 415.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 435.33 415.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.73 415.10 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 467.29 415.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.18 415.10 Td ( ) Tj ET Q q 0 0 0 rg BT 499.25 415.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 541.73 415.10 Td (to ) Tj ET Q q 0 0 0 rg BT 552.58 415.10 Td (an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.90 403.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 115.48 403.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.83 403.10 Td ($6.4 ) Tj ET Q q 0 0 0 rg BT 147.35 403.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.25 403.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.27 403.10 Td (for ) Tj ET Q q 0 0 0 rg BT 193.95 403.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.18 403.10 Td (year ) Tj ET Q q 0 0 0 rg BT 229.41 403.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.31 403.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 315.41 403.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.41 403.10 Td (. ) Tj ET Q q 0 0 0 rg BT 340.93 403.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.73 403.10 Td (The ) Tj ET Q q 0 0 0 rg BT 362.30 403.10 Td (net ) Tj ET Q q 0 0 0 rg BT 377.54 403.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 397.77 403.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.12 403.10 Td ($6.6 ) Tj ET Q q 0 0 0 rg BT 429.64 403.10 Td (million ) Tj ET Q q 0 0 0 rg BT 461.55 403.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 507.89 403.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 542.57 403.10 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 90.83 391.10 Td (share ) Tj ET Q q 0 0 0 rg BT 114.42 391.10 Td (price ) Tj ET Q q 0 0 0 rg BT 136.91 391.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 189.93 391.10 Td (in ) Tj ET Q q 0 0 0 rg BT 200.21 391.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.93 391.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 244.64 391.10 Td (value ) Tj ET Q q 0 0 0 rg BT 268.80 391.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.63 391.10 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 312.12 391.10 Td (during ) Tj ET Q q 0 0 0 rg BT 340.73 391.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 363.23 391.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 405.16 391.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.43 391.10 Td (2012. ) Tj ET Q q 0 0 0 rg BT 440.43 391.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td ( ) Tj ET Q q 0 0 0 rg BT 63.50 367.10 Td (During ) Tj ET Q q 0 0 0 rg BT 94.89 367.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 120.44 367.10 Td (we ) Tj ET Q q 0 0 0 rg BT 135.16 367.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 179.87 367.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.14 367.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 213.74 367.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.13 367.10 Td (our ) Tj ET Q q 0 0 0 rg BT 241.52 367.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 288.46 367.10 Td (in ) Tj ET Q q 0 0 0 rg BT 299.29 367.10 Td (Iridium, ) Tj ET Q q 0 0 0 rg BT 334.84 367.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 364.56 367.10 Td (5,084,016 ) Tj ET Q q 0 0 0 rg BT 407.62 367.10 Td (common ) Tj ET Q q 0 0 0 rg BT 445.67 367.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 473.72 367.10 Td (at ) Tj ET Q q 0 0 0 rg BT 483.99 367.10 Td (an ) Tj ET Q q 0 0 0 rg BT 496.49 367.10 Td (average ) Tj ET Q q 0 0 0 rg BT 530.63 367.10 Td (price ) Tj ET Q q 0 0 0 rg BT 553.67 367.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td ($6.73 ) Tj ET Q q 0 0 0 rg BT 75.16 355.10 Td (per ) Tj ET Q q 0 0 0 rg BT 90.59 355.10 Td (share ) Tj ET Q q 0 0 0 rg BT 114.34 355.10 Td (for ) Tj ET Q q 0 0 0 rg BT 128.66 355.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 166.86 355.10 Td (of ) Tj ET Q q 0 0 0 rg BT 177.85 355.10 Td ($34.2 ) Tj ET Q q 0 0 0 rg BT 203.01 355.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 237.06 355.10 Td ( ) Tj ET Q q 0 0 0 rg BT 239.52 355.10 Td (W) Tj ET Q q 0 0 0 rg BT 248.16 355.10 Td (e ) Tj ET Q q 0 0 0 rg BT 255.26 355.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 301.78 355.10 Td (a ) Tj ET Q q 0 0 0 rg BT 308.88 355.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 328.75 355.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.74 355.10 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 359.90 355.10 Td (million ) Tj ET Q q 0 0 0 rg BT 391.45 355.10 Td (on ) Tj ET Q q 0 0 0 rg BT 404.11 355.10 Td (our ) Tj ET Q q 0 0 0 rg BT 420.10 355.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 442.75 355.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 464.85 355.10 Td (as ) Tj ET Q q 0 0 0 rg BT 475.84 355.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 517.92 355.10 Td (to ) Tj ET Q q 0 0 0 rg BT 528.36 355.10 Td (a ) Tj ET Q q 0 0 0 rg BT 535.46 355.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 553.68 355.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 70.00 343.10 Td (million ) Tj ET Q q 0 0 0 rg BT 101.39 343.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.67 343.10 Td (2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 322.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 65.03 322.10 Td (2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.03 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 88.06 322.10 Td (versus ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 116.64 322.10 Td (201) Tj ET Q q 0 0 0 rg BT 130.90 322.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.90 322.10 Td (.For ) Tj ET Q q 0 0 0 rg BT 157.82 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.06 322.10 Td (year ) Tj ET Q q 0 0 0 rg BT 193.30 322.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.20 322.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 279.32 322.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.32 322.10 Td (, ) Tj ET Q q 0 0 0 rg BT 304.85 322.10 Td (we ) Tj ET Q q 0 0 0 rg BT 319.53 322.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 357.54 322.10 Td (an ) Tj ET Q q 0 0 0 rg BT 370.01 322.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 416.92 322.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 435.51 322.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.87 322.10 Td ($6.4 ) Tj ET Q q 0 0 0 rg BT 467.39 322.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.29 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 499.31 322.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 541.77 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 552.57 322.10 Td (an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.92 310.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 113.52 310.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.89 310.10 Td ($8.8 ) Tj ET Q q 0 0 0 rg BT 143.43 310.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.32 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.36 310.10 Td (for ) Tj ET Q q 0 0 0 rg BT 188.06 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.31 310.10 Td (year ) Tj ET Q q 0 0 0 rg BT 221.56 310.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.47 310.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 305.60 310.10 Td (201) Tj ET Q q 0 0 0 rg BT 320.22 310.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.22 310.10 Td (. ) Tj ET Q q 0 0 0 rg BT 329.62 310.10 Td (The ) Tj ET Q q 0 0 0 rg BT 347.20 310.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 393.12 310.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 419.05 310.10 Td (in ) Tj ET Q q 0 0 0 rg BT 428.87 310.10 Td (both ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.69 310.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.69 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 470.72 310.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.20 310.10 Td (201) Tj ET Q q 0 0 0 rg BT 501.83 310.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.83 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 508.87 310.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 542.56 310.10 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 85.08 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.18 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.71 298.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 139.24 298.10 Td (market ) Tj ET Q q 0 0 0 rg BT 169.32 298.10 Td (price ) Tj ET Q q 0 0 0 rg BT 191.63 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.27 298.10 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 234.58 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.34 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.87 298.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 306.51 298.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 322.71 298.10 Td (market ) Tj ET Q q 0 0 0 rg BT 352.79 298.10 Td (value ) Tj ET Q q 0 0 0 rg BT 376.76 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.40 298.10 Td (our ) Tj ET Q q 0 0 0 rg BT 403.05 298.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 453.14 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 463.24 298.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 502.76 298.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 537.29 298.10 Td (funds. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (Operating Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 250.10 Td (For ) Tj ET Q q 0 0 0 rg BT 80.66 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.15 250.10 Td (year ) Tj ET Q q 0 0 0 rg BT 116.62 250.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.77 250.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 203.12 250.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.12 250.10 Td (, ) Tj ET Q q 0 0 0 rg BT 228.89 250.10 Td (total ) Tj ET Q q 0 0 0 rg BT 249.93 250.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 290.97 250.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 330.33 250.10 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.03 250.10 Td ($215.9 ) Tj ET Q q 0 0 0 rg BT 383.80 250.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.69 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.96 250.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 458.65 250.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.70 250.10 Td ($214.6 ) Tj ET Q q 0 0 0 rg BT 500.47 250.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.36 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 532.63 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 544.23 250.10 Td (total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.95 238.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 128.24 238.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.20 238.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.20 238.10 Td (. ) Tj ET Q q 0 0 0 rg BT 162.73 238.10 Td (The ) Tj ET Q q 0 0 0 rg BT 180.46 238.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 215.40 238.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.92 238.10 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 245.61 238.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.50 238.10 Td (, ) Tj ET Q q 0 0 0 rg BT 279.18 238.10 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.70 238.10 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.03 238.10 Td (, ) Tj ET Q q 0 0 0 rg BT 307.72 238.10 Td (related ) Tj ET Q q 0 0 0 rg BT 337.11 238.10 Td (to ) Tj ET Q q 0 0 0 rg BT 347.07 238.10 Td (an ) Tj ET Q q 0 0 0 rg BT 358.70 238.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 393.64 238.10 Td (in ) Tj ET Q q 0 0 0 rg BT 403.60 238.10 Td (our ) Tj ET Q q 0 0 0 rg BT 419.12 238.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 476.85 238.10 Td (and ) Tj ET Q q 0 0 0 rg BT 493.47 238.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 527.31 238.10 Td (expense, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 86.11 226.10 Td (of) Tj ET Q q 0 0 0 rg BT 94.26 226.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 111.48 226.10 Td (by ) Tj ET Q q 0 0 0 rg BT 124.27 226.10 Td (a ) Tj ET Q q 0 0 0 rg BT 131.49 226.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 168.69 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 179.25 226.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 255.91 226.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 294.79 226.10 Td (as ) Tj ET Q q 0 0 0 rg BT 305.91 226.10 Td (described ) Tj ET Q q 0 0 0 rg BT 347.01 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.58 226.10 Td (more ) Tj ET Q q 0 0 0 rg BT 380.91 226.10 Td (detail ) Tj ET Q q 0 0 0 rg BT 405.91 226.10 Td (below) Tj ET Q q 0 0 0 rg BT 429.69 226.10 Td (. ) Tj ET Q q 0 0 0 rg BT 434.98 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 437.77 226.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 456.10 226.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 487.20 226.10 Td (income ) Tj ET Q q 0 0 0 rg BT 519.42 226.10 Td (mar) Tj ET Q q 0 0 0 rg BT 534.79 226.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 550.35 226.10 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.50 214.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.44 214.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.44 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.94 214.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 151.64 214.10 Td (constant ) Tj ET Q q 0 0 0 rg BT 187.47 214.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.18 214.10 Td (25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.51 214.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 193.10 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 193.10 Td (e ) Tj ET Q q 0 0 0 rg BT 77.74 193.10 Td (classify ) Tj ET Q q 0 0 0 rg BT 110.94 193.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 151.37 193.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 190.13 193.10 Td (as ) Tj ET Q q 0 0 0 rg BT 201.12 193.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 242.65 193.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 300.85 193.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.95 193.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 352.26 193.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 387.13 193.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.23 193.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 480.76 193.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 522.02 193.10 Td (Operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 89.93 181.10 Td (include ) Tj ET Q q 0 0 0 rg BT 123.19 181.10 Td (travel, ) Tj ET Q q 0 0 0 rg BT 152.29 181.10 Td (of) Tj ET Q q 0 0 0 rg BT 160.44 181.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 179.25 181.10 Td (space, ) Tj ET Q q 0 0 0 rg BT 207.79 181.10 Td (communications, ) Tj ET Q q 0 0 0 rg BT 280.22 181.10 Td (information ) Tj ET Q q 0 0 0 rg BT 331.27 181.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 369.80 181.10 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 425.55 181.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 478.26 181.10 Td (services ) Tj ET Q q 0 0 0 rg BT 514.30 181.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.57 181.10 Td (interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 87.21 169.10 Td ( ) Tj ET Q q 0 0 0 rg BT 89.16 169.10 Td (A) Tj ET Q q 0 0 0 rg BT 95.83 169.10 Td ( ) Tj ET Q q 0 0 0 rg BT 98.33 169.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 129.71 169.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.54 169.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 170.24 169.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 192.74 169.10 Td (are ) Tj ET Q q 0 0 0 rg BT 207.45 169.10 Td (reimbursed ) Tj ET Q q 0 0 0 rg BT 254.94 169.10 Td (by ) Tj ET Q q 0 0 0 rg BT 267.44 169.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 296.04 169.10 Td (under ) Tj ET Q q 0 0 0 rg BT 321.31 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.03 169.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 360.74 169.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.57 169.10 Td (client ) Tj ET Q q 0 0 0 rg BT 396.28 169.10 Td (engagements.) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 742.10 Td (The ) Tj ET Q q 0 0 0 rg BT 80.71 742.10 Td (following ) Tj ET Q q 0 0 0 rg BT 122.76 742.10 Td (table ) Tj ET Q q 0 0 0 rg BT 145.36 742.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 163.52 742.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 186.12 742.10 Td (information ) Tj ET Q q 0 0 0 rg BT 236.50 742.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 270.20 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.14 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 297.64 742.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 338.56 742.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 380.32 742.10 Td (which ) Tj ET Q q 0 0 0 rg BT 407.93 742.10 Td (are ) Tj ET Q q 0 0 0 rg BT 423.30 742.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 459.77 742.10 Td (net ) Tj ET Q q 0 0 0 rg BT 475.15 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.65 742.10 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 553.68 742.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.70 730.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 118.30 730.10 Td (by ) Tj ET Q q 0 0 0 rg BT 130.80 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 146.63 730.10 Td (clients:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 664.80 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 664.80 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 664.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 664.80 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 664.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 664.80 74.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 650.80 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 636.80 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 636.80 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 636.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 636.80 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 636.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 636.80 74.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 622.80 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 608.80 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 608.80 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 608.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 608.80 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 608.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 608.80 74.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 594.80 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 580.80 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 580.80 73.00 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gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 688.8 m 484.5 688.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 688.8 m 488.5 688.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 688.8 m 562.5 688.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 688.8 m 406.5 688.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 676.8 m 406.5 676.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 688.8 m 484.5 688.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 676.8 m 484.5 676.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 688.8 m 562.5 688.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 676.8 m 562.5 676.8 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.10 700.88 Td (For) Tj ET Q q 0 0 0 rg BT 426.39 700.88 Td ( the ) Tj ET Q q 0 0 0 rg BT 440.76 700.88 Td (Y) Tj ET Q q 0 0 0 rg BT 445.65 700.88 Td (ear) Tj ET Q q 0 0 0 rg BT 456.61 700.88 Td ( Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.25 692.88 Td (December) Tj ET Q q 0 0 0 rg BT 458.75 692.88 Td (31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.50 680.88 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 439.00 680.88 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.20 680.88 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 388.50 668.88 Td (\(inmillions,exceptemployeedata\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 655.37 Td (Number of employees at year end) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 655.37 Td (319) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 655.37 Td (324) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.65 655.37 Td (316) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 641.37 Td (Employee compensation and benefits expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.00 641.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.15 641.37 Td (155.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 641.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 641.37 Td (151.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.00 641.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 641.37 Td (162.6) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 627.36 Td (% of revenues) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 387.65 627.36 Td (54) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 397.65 627.36 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 465.65 627.36 Td (53) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 475.65 627.36 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 543.65 627.36 Td (55) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 553.65 627.36 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 613.37 Td (Non-compensation expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.15 613.37 Td (60.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.15 613.37 Td (62.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 613.37 Td (62.7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 599.36 Td (% of revenues) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 387.65 599.36 Td (21) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 397.65 599.36 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 465.65 599.36 Td (22) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 475.65 599.36 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 543.65 599.36 Td (21) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 553.65 599.36 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 585.37 Td (Total operating expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.15 585.37 Td (215.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 585.37 Td (214.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 585.37 Td (225.3) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 571.36 Td (% of revenues) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 387.65 571.36 Td (75) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 397.65 571.36 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 465.65 571.36 Td (75) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 475.65 571.36 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 543.65 571.36 Td (77) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 553.65 571.36 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 557.37 Td (Total income before taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.15 557.37 Td (71.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.15 557.37 Td (70.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 557.37 Td (68.7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 543.36 Td (Pre-tax income margin) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 387.65 543.36 Td (25) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 397.65 543.36 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 465.65 543.36 Td (25) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 475.65 543.36 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 543.65 543.36 Td (23) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 553.65 543.36 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 513.30 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 123.96 513.30 Td (and ) Tj ET Q q 0 0 0 rg BT 142.02 513.30 Td (Benefits ) Tj ET Q q 0 0 0 rg BT 178.41 513.30 Td (Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 492.30 Td (The ) Tj ET Q q 0 0 0 rg BT 80.05 492.30 Td (principal ) Tj ET Q q 0 0 0 rg BT 118.10 492.30 Td (component ) Tj ET Q q 0 0 0 rg BT 165.04 492.30 Td (of ) Tj ET Q q 0 0 0 rg BT 175.88 492.30 Td (our ) Tj ET Q q 0 0 0 rg BT 191.72 492.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 231.99 492.30 Td (expenses ) Tj ET Q q 0 0 0 rg BT 270.60 492.30 Td (is ) Tj ET Q q 0 0 0 rg BT 279.77 492.30 Td (employee ) Tj ET Q q 0 0 0 rg BT 321.15 492.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 379.20 492.30 Td (and ) Tj ET Q q 0 0 0 rg BT 396.15 492.30 Td (benefits ) Tj ET Q q 0 0 0 rg BT 430.31 492.30 Td (expense. ) Tj ET Q q 0 0 0 rg BT 467.52 492.30 Td ( ) Tj ET Q q 0 0 0 rg BT 470.03 492.30 Td (Since ) Tj ET Q q 0 0 0 rg BT 494.76 492.30 Td (our ) Tj ET Q q 0 0 0 rg BT 510.59 492.30 Td (IPO ) Tj ET Q q 0 0 0 rg BT 529.21 492.30 Td (in ) Tj ET Q q 0 0 0 rg BT 539.50 492.30 Td (2004, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 480.30 Td (we ) Tj ET Q q 0 0 0 rg BT 64.41 480.30 Td (have ) Tj ET Q q 0 0 0 rg BT 86.04 480.30 Td (sought ) Tj ET Q q 0 0 0 rg BT 115.46 480.30 Td (to ) Tj ET Q q 0 0 0 rg BT 125.99 480.30 Td (keep ) Tj ET Q q 0 0 0 rg BT 147.61 480.30 Td (our ) Tj ET Q q 0 0 0 rg BT 163.70 480.30 Td (total ) Tj ET Q q 0 0 0 rg BT 184.22 480.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 242.51 480.30 Td (and ) Tj ET Q q 0 0 0 rg BT 259.70 480.30 Td (benefits ) Tj ET Q q 0 0 0 rg BT 294.11 480.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 329.06 480.30 Td (to ) Tj ET Q q 0 0 0 rg BT 339.59 480.30 Td (a ) Tj ET Q q 0 0 0 rg BT 346.78 480.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 367.86 480.30 Td (that ) Tj ET Q q 0 0 0 rg BT 385.60 480.30 Td (does ) Tj ET Q q 0 0 0 rg BT 406.68 480.30 Td (not ) Tj ET Q q 0 0 0 rg BT 422.21 480.30 Td (exceed ) Tj ET Q q 0 0 0 rg BT 452.72 480.30 Td (50% ) Tj ET Q q 0 0 0 rg BT 473.80 480.30 Td (of ) Tj ET Q q 0 0 0 rg BT 484.88 480.30 Td (total ) Tj ET Q q 0 0 0 rg BT 505.40 480.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 543.69 480.30 Td (each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 468.30 Td (year) Tj ET Q q 0 0 0 rg BT 66.66 468.30 Td (. ) Tj ET Q q 0 0 0 rg BT 71.14 468.30 Td (While ) Tj ET Q q 0 0 0 rg BT 97.72 468.30 Td (we ) Tj ET Q q 0 0 0 rg BT 111.52 468.30 Td (achieved ) Tj ET Q q 0 0 0 rg BT 149.20 468.30 Td (that ) Tj ET Q q 0 0 0 rg BT 166.34 468.30 Td (objective ) Tj ET Q q 0 0 0 rg BT 205.13 468.30 Td (during ) Tj ET Q q 0 0 0 rg BT 233.39 468.30 Td (the ) Tj ET Q q 0 0 0 rg BT 247.75 468.30 Td (period ) Tj ET Q q 0 0 0 rg BT 275.44 468.30 Td (from ) Tj ET Q q 0 0 0 rg BT 297.02 468.30 Td (our ) Tj ET Q q 0 0 0 rg BT 312.49 468.30 Td (IPO ) Tj ET Q q 0 0 0 rg BT 330.75 468.30 Td (through ) Tj ET Q q 0 0 0 rg BT 364.00 468.30 Td (2009, ) Tj ET Q q 0 0 0 rg BT 388.64 468.30 Td (when ) Tj ET Q q 0 0 0 rg BT 412.45 468.30 Td (our ) Tj ET Q q 0 0 0 rg BT 427.92 468.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 448.39 468.30 Td (of ) Tj ET Q q 0 0 0 rg BT 458.86 468.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 516.55 468.30 Td (to ) Tj ET Q q 0 0 0 rg BT 526.47 468.30 Td (revenues ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 456.30 Td (was ) Tj ET Q q 0 0 0 rg BT 67.49 456.30 Td (46%, ) Tj ET Q q 0 0 0 rg BT 90.26 456.30 Td (we ) Tj ET Q q 0 0 0 rg BT 103.86 456.30 Td (have ) Tj ET Q q 0 0 0 rg BT 124.67 456.30 Td (been ) Tj ET Q q 0 0 0 rg BT 145.49 456.30 Td (af) Tj ET Q q 0 0 0 rg BT 153.08 456.30 Td (fected ) Tj ET Q q 0 0 0 rg BT 179.44 456.30 Td (over ) Tj ET Q q 0 0 0 rg BT 199.15 456.30 Td (the ) Tj ET Q q 0 0 0 rg BT 213.30 456.30 Td (past ) Tj ET Q q 0 0 0 rg BT 231.35 456.30 Td (few ) Tj ET Q q 0 0 0 rg BT 248.28 456.30 Td (years ) Tj ET Q q 0 0 0 rg BT 271.31 456.30 Td (by ) Tj ET Q q 0 0 0 rg BT 283.25 456.30 Td (the ) Tj ET Q q 0 0 0 rg BT 297.41 456.30 Td (challenging ) Tj ET Q q 0 0 0 rg BT 346.00 456.30 Td (transaction ) Tj ET Q q 0 0 0 rg BT 391.81 456.30 Td (environment ) Tj ET Q q 0 0 0 rg BT 444.29 456.30 Td (and ) Tj ET Q q 0 0 0 rg BT 460.66 456.30 Td (our ) Tj ET Q q 0 0 0 rg BT 475.93 456.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 496.20 456.30 Td (of ) Tj ET Q q 0 0 0 rg BT 506.46 456.30 Td (compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 444.30 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 444.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 98.32 444.30 Td (has ) Tj ET Q q 0 0 0 rg BT 114.15 444.30 Td (ranged ) Tj ET Q q 0 0 0 rg BT 143.85 444.30 Td (between ) Tj ET Q q 0 0 0 rg BT 179.67 444.30 Td (53% ) Tj ET Q q 0 0 0 rg BT 200.50 444.30 Td (and ) Tj ET Q q 0 0 0 rg BT 217.44 444.30 Td (55% ) Tj ET Q q 0 0 0 rg BT 238.27 444.30 Td (since ) Tj ET Q q 0 0 0 rg BT 261.31 444.30 Td (2010. ) Tj ET Q q 0 0 0 rg BT 286.31 444.30 Td ( ) Tj ET Q q 0 0 0 rg BT 288.63 444.30 Td (The ) Tj ET Q q 0 0 0 rg BT 306.68 444.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 327.50 444.30 Td (of ) Tj ET Q q 0 0 0 rg BT 338.33 444.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 396.38 444.30 Td (to ) Tj ET Q q 0 0 0 rg BT 406.66 444.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 444.69 444.30 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.97 444.30 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.97 444.30 Td ( ) Tj ET Q q 0 0 0 rg BT 477.47 444.30 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.52 444.30 Td (54%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.85 444.30 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 423.30 Td (The ) Tj ET Q q 0 0 0 rg BT 80.11 423.30 Td (actual ) Tj ET Q q 0 0 0 rg BT 106.55 423.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 164.66 423.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 199.43 423.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 220.32 423.30 Td (is ) Tj ET Q q 0 0 0 rg BT 229.55 423.30 Td (determined ) Tj ET Q q 0 0 0 rg BT 277.10 423.30 Td (by ) Tj ET Q q 0 0 0 rg BT 289.66 423.30 Td (management ) Tj ET Q q 0 0 0 rg BT 343.32 423.30 Td (in ) Tj ET Q q 0 0 0 rg BT 353.66 423.30 Td (consultation ) Tj ET Q q 0 0 0 rg BT 405.11 423.30 Td (with ) Tj ET Q q 0 0 0 rg BT 425.45 423.30 Td (the ) Tj ET Q q 0 0 0 rg BT 440.23 423.30 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 500.57 423.30 Td (Committee ) Tj ET Q q 0 0 0 rg BT 547.57 423.30 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 411.30 Td (based ) Tj ET Q q 0 0 0 rg BT 75.45 411.30 Td (on ) Tj ET Q q 0 0 0 rg BT 88.13 411.30 Td (such ) Tj ET Q q 0 0 0 rg BT 109.15 411.30 Td (factors ) Tj ET Q q 0 0 0 rg BT 139.04 411.30 Td (as ) Tj ET Q q 0 0 0 rg BT 150.05 411.30 Td (the ) Tj ET Q q 0 0 0 rg BT 164.95 411.30 Td (relative ) Tj ET Q q 0 0 0 rg BT 197.61 411.30 Td (level ) Tj ET Q q 0 0 0 rg BT 219.73 411.30 Td (of ) Tj ET Q q 0 0 0 rg BT 230.74 411.30 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 271.46 411.30 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 318.02 411.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 376.24 411.30 Td (requirements ) Tj ET Q q 0 0 0 rg BT 431.13 411.30 Td (to ) Tj ET Q q 0 0 0 rg BT 441.59 411.30 Td (retain ) Tj ET Q q 0 0 0 rg BT 467.03 411.30 Td (our ) Tj ET Q q 0 0 0 rg BT 483.05 411.30 Td (employees, ) Tj ET Q q 0 0 0 rg BT 530.99 411.30 Td (the ) Tj ET Q q 0 0 0 rg BT 545.89 411.30 Td (cost ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 399.30 Td (to ) Tj ET Q q 0 0 0 rg BT 60.39 399.30 Td (recruit ) Tj ET Q q 0 0 0 rg BT 89.10 399.30 Td (and ) Tj ET Q q 0 0 0 rg BT 106.16 399.30 Td (exit ) Tj ET Q q 0 0 0 rg BT 123.77 399.30 Td (employees, ) Tj ET Q q 0 0 0 rg BT 171.65 399.30 Td (and ) Tj ET Q q 0 0 0 rg BT 188.71 399.30 Td (specifically ) Tj ET Q q 0 0 0 rg BT 237.41 399.30 Td (managing ) Tj ET Q q 0 0 0 rg BT 279.46 399.30 Td (directors, ) Tj ET Q q 0 0 0 rg BT 319.56 399.30 Td (in ) Tj ET Q q 0 0 0 rg BT 329.96 399.30 Td (any ) Tj ET Q q 0 0 0 rg BT 347.01 399.30 Td (given ) Tj ET Q q 0 0 0 rg BT 371.84 399.30 Td (period, ) Tj ET Q q 0 0 0 rg BT 402.51 399.30 Td (the ) Tj ET Q q 0 0 0 rg BT 417.34 399.30 Td (char) Tj ET Q q 0 0 0 rg BT 434.37 399.30 Td (ge ) Tj ET Q q 0 0 0 rg BT 446.42 399.30 Td (for ) Tj ET Q q 0 0 0 rg BT 460.70 399.30 Td (amortization ) Tj ET Q q 0 0 0 rg BT 513.85 399.30 Td (of ) Tj ET Q q 0 0 0 rg BT 524.80 399.30 Td (restricted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 387.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.61 387.30 Td (awards ) Tj ET Q q 0 0 0 rg BT 104.43 387.30 Td (and ) Tj ET Q q 0 0 0 rg BT 121.37 387.30 Td (related ) Tj ET Q q 0 0 0 rg BT 151.07 387.30 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 195.21 387.30 Td (and ) Tj ET Q q 0 0 0 rg BT 212.15 387.30 Td (other ) Tj ET Q q 0 0 0 rg BT 235.20 387.30 Td (relevant ) Tj ET Q q 0 0 0 rg BT 269.90 387.30 Td (factors. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 366.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 79.81 366.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 137.60 366.30 Td (and ) Tj ET Q q 0 0 0 rg BT 154.29 366.30 Td (benefits ) Tj ET Q q 0 0 0 rg BT 188.20 366.30 Td (expenses ) Tj ET Q q 0 0 0 rg BT 226.55 366.30 Td (principally ) Tj ET Q q 0 0 0 rg BT 272.13 366.30 Td (consist ) Tj ET Q q 0 0 0 rg BT 302.16 366.30 Td (of ) Tj ET Q q 0 0 0 rg BT 312.74 366.30 Td (\(i\)base ) Tj ET Q q 0 0 0 rg BT 344.70 366.30 Td (salary ) Tj ET Q q 0 0 0 rg BT 370.83 366.30 Td (and ) Tj ET Q q 0 0 0 rg BT 387.52 366.30 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 423.93 366.30 Td (\(ii\)annual ) Tj ET Q q 0 0 0 rg BT 467.56 366.30 Td (incentive ) Tj ET Q q 0 0 0 rg BT 506.46 366.30 Td (compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 354.30 Td (payable ) Tj ET Q q 0 0 0 rg BT 83.83 354.30 Td (as ) Tj ET Q q 0 0 0 rg BT 94.90 354.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 115.41 354.30 Td (bonus ) Tj ET Q q 0 0 0 rg BT 142.04 354.30 Td (awards ) Tj ET Q q 0 0 0 rg BT 173.10 354.30 Td (and ) Tj ET Q q 0 0 0 rg BT 190.28 354.30 Td (\(iii\)amortization ) Tj ET Q q 0 0 0 rg BT 261.05 354.30 Td (of ) Tj ET Q q 0 0 0 rg BT 272.12 354.30 Td (long-term ) Tj ET Q q 0 0 0 rg BT 314.29 354.30 Td (incentive ) Tj ET Q q 0 0 0 rg BT 353.68 354.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 411.96 354.30 Td (awards ) Tj ET Q q 0 0 0 rg BT 443.02 354.30 Td (of ) Tj ET Q q 0 0 0 rg BT 454.09 354.30 Td (restricted ) Tj ET Q q 0 0 0 rg BT 494.03 354.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 517.88 354.30 Td (units. ) Tj ET Q q 0 0 0 rg BT 542.57 354.30 Td (Base ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 342.30 Td (salary ) Tj ET Q q 0 0 0 rg BT 76.36 342.30 Td (and ) Tj ET Q q 0 0 0 rg BT 93.29 342.30 Td (benefits ) Tj ET Q q 0 0 0 rg BT 127.43 342.30 Td (are ) Tj ET Q q 0 0 0 rg BT 142.13 342.30 Td (paid ) Tj ET Q q 0 0 0 rg BT 161.83 342.30 Td (ratably ) Tj ET Q q 0 0 0 rg BT 192.08 342.30 Td (throughout ) Tj ET Q q 0 0 0 rg BT 238.46 342.30 Td (the ) Tj ET Q q 0 0 0 rg BT 253.16 342.30 Td (year) Tj ET Q q 0 0 0 rg BT 269.82 342.30 Td (. ) Tj ET Q q 0 0 0 rg BT 274.26 342.30 Td (A) Tj ET Q q 0 0 0 rg BT 280.56 342.30 Td (wards ) Tj ET Q q 0 0 0 rg BT 306.93 342.30 Td (of ) Tj ET Q q 0 0 0 rg BT 317.75 342.30 Td (restricted ) Tj ET Q q 0 0 0 rg BT 357.44 342.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 381.04 342.30 Td (units ) Tj ET Q q 0 0 0 rg BT 402.97 342.30 Td (are ) Tj ET Q q 0 0 0 rg BT 417.67 342.30 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 472.36 342.30 Td (and ) Tj ET Q q 0 0 0 rg BT 489.28 342.30 Td (are ) Tj ET Q q 0 0 0 rg BT 503.98 342.30 Td (amortized ) Tj ET Q q 0 0 0 rg BT 546.45 342.30 Td (into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 330.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.59 330.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 141.84 330.30 Td (\(based ) Tj ET Q q 0 0 0 rg BT 169.98 330.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 192.03 330.30 Td (the ) Tj ET Q q 0 0 0 rg BT 206.29 330.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 222.21 330.30 Td (value ) Tj ET Q q 0 0 0 rg BT 245.91 330.30 Td (of ) Tj ET Q q 0 0 0 rg BT 256.29 330.30 Td (the ) Tj ET Q q 0 0 0 rg BT 270.55 330.30 Td (award ) Tj ET Q q 0 0 0 rg BT 297.02 330.30 Td (at ) Tj ET Q q 0 0 0 rg BT 306.28 330.30 Td (the ) Tj ET Q q 0 0 0 rg BT 320.54 330.30 Td (time ) Tj ET Q q 0 0 0 rg BT 340.36 330.30 Td (of ) Tj ET Q q 0 0 0 rg BT 350.74 330.30 Td (grant\) ) Tj ET Q q 0 0 0 rg BT 376.66 330.30 Td (during ) Tj ET Q q 0 0 0 rg BT 404.81 330.30 Td (the ) Tj ET Q q 0 0 0 rg BT 419.08 330.30 Td (service ) Tj ET Q q 0 0 0 rg BT 449.44 330.30 Td (period ) Tj ET Q q 0 0 0 rg BT 477.03 330.30 Td (over ) Tj ET Q q 0 0 0 rg BT 496.84 330.30 Td (which ) Tj ET Q q 0 0 0 rg BT 523.32 330.30 Td (the ) Tj ET Q q 0 0 0 rg BT 537.59 330.30 Td (award ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 318.30 Td (vests, ) Tj ET Q q 0 0 0 rg BT 74.12 318.30 Td (which ) Tj ET Q q 0 0 0 rg BT 100.17 318.30 Td (is ) Tj ET Q q 0 0 0 rg BT 108.46 318.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 147.28 318.30 Td (five ) Tj ET Q q 0 0 0 rg BT 164.45 318.30 Td (years ) Tj ET Q q 0 0 0 rg BT 187.16 318.30 Td (for ) Tj ET Q q 0 0 0 rg BT 200.44 318.30 Td (the ) Tj ET Q q 0 0 0 rg BT 214.27 318.30 Td (majority ) Tj ET Q q 0 0 0 rg BT 249.77 318.30 Td (of ) Tj ET Q q 0 0 0 rg BT 259.72 318.30 Td (the ) Tj ET Q q 0 0 0 rg BT 273.56 318.30 Td (awards. ) Tj ET Q q 0 0 0 rg BT 305.99 318.30 Td ( ) Tj ET Q q 0 0 0 rg BT 307.25 318.30 Td (As ) Tj ET Q q 0 0 0 rg BT 319.99 318.30 Td (we ) Tj ET Q q 0 0 0 rg BT 333.26 318.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 367.09 318.30 Td (these ) Tj ET Q q 0 0 0 rg BT 389.25 318.30 Td (awards, ) Tj ET Q q 0 0 0 rg BT 421.69 318.30 Td (the ) Tj ET Q q 0 0 0 rg BT 435.52 318.30 Td (restricted ) Tj ET Q q 0 0 0 rg BT 474.34 318.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 497.07 318.30 Td (units ) Tj ET Q q 0 0 0 rg BT 518.14 318.30 Td (recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.30 Td (are ) Tj ET Q q 0 0 0 rg BT 64.64 306.30 Td (recorded ) Tj ET Q q 0 0 0 rg BT 102.04 306.30 Td (within ) Tj ET Q q 0 0 0 rg BT 130.03 306.30 Td (stockholders) Tj ET Q q 0 0 0 rg BT 183.16 306.30 Td ( ) Tj ET Q q 0 0 0 rg BT 185.59 306.30 Td (equity) Tj ET Q q 0 0 0 rg BT 209.94 306.30 Td (. ) Tj ET Q q 0 0 0 rg BT 214.87 306.30 Td ( ) Tj ET Q q 0 0 0 rg BT 217.29 306.30 Td (Cash ) Tj ET Q q 0 0 0 rg BT 239.72 306.30 Td (bonuses, ) Tj ET Q q 0 0 0 rg BT 276.88 306.30 Td (which ) Tj ET Q q 0 0 0 rg BT 303.74 306.30 Td (are ) Tj ET Q q 0 0 0 rg BT 318.38 306.30 Td (accrued ) Tj ET Q q 0 0 0 rg BT 351.89 306.30 Td (each ) Tj ET Q q 0 0 0 rg BT 372.64 306.30 Td (quarter) Tj ET Q q 0 0 0 rg BT 400.55 306.30 Td (, ) Tj ET Q q 0 0 0 rg BT 405.48 306.30 Td (are ) Tj ET Q q 0 0 0 rg BT 420.12 306.30 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 474.75 306.30 Td (and ) Tj ET Q q 0 0 0 rg BT 491.62 306.30 Td (dependent ) Tj ET Q q 0 0 0 rg BT 535.14 306.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 557.57 306.30 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 294.30 Td (number ) Tj ET Q q 0 0 0 rg BT 83.05 294.30 Td (of ) Tj ET Q q 0 0 0 rg BT 93.88 294.30 Td (factors, ) Tj ET Q q 0 0 0 rg BT 126.08 294.30 Td (including ) Tj ET Q q 0 0 0 rg BT 166.36 294.30 Td (our ) Tj ET Q q 0 0 0 rg BT 182.19 294.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 219.67 294.30 Td (performance, ) Tj ET Q q 0 0 0 rg BT 275.19 294.30 Td (and ) Tj ET Q q 0 0 0 rg BT 292.13 294.30 Td (are ) Tj ET Q q 0 0 0 rg BT 306.84 294.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 346.54 294.30 Td (paid ) Tj ET Q q 0 0 0 rg BT 366.25 294.30 Td (in ) Tj ET Q q 0 0 0 rg BT 376.53 294.30 Td (February ) Tj ET Q q 0 0 0 rg BT 415.13 294.30 Td (in ) Tj ET Q q 0 0 0 rg BT 425.41 294.30 Td (respect ) Tj ET Q q 0 0 0 rg BT 456.23 294.30 Td (of ) Tj ET Q q 0 0 0 rg BT 467.06 294.30 Td (the ) Tj ET Q q 0 0 0 rg BT 481.77 294.30 Td (preceding ) Tj ET Q q 0 0 0 rg BT 523.70 294.30 Td (year) Tj ET Q q 0 0 0 rg BT 540.35 294.30 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 273.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 79.53 273.30 Td (fixed ) Tj ET Q q 0 0 0 rg BT 102.06 273.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 159.58 273.30 Td (cost, ) Tj ET Q q 0 0 0 rg BT 180.17 273.30 Td (which ) Tj ET Q q 0 0 0 rg BT 206.59 273.30 Td (is ) Tj ET Q q 0 0 0 rg BT 215.25 273.30 Td (the ) Tj ET Q q 0 0 0 rg BT 229.44 273.30 Td (sum ) Tj ET Q q 0 0 0 rg BT 248.10 273.30 Td (of ) Tj ET Q q 0 0 0 rg BT 258.41 273.30 Td (base ) Tj ET Q q 0 0 0 rg BT 278.16 273.30 Td (salaries ) Tj ET Q q 0 0 0 rg BT 310.12 273.30 Td (and ) Tj ET Q q 0 0 0 rg BT 326.54 273.30 Td (benefits ) Tj ET Q q 0 0 0 rg BT 360.18 273.30 Td (and ) Tj ET Q q 0 0 0 rg BT 376.60 273.30 Td (the ) Tj ET Q q 0 0 0 rg BT 390.80 273.30 Td (amortization ) Tj ET Q q 0 0 0 rg BT 443.32 273.30 Td (of ) Tj ET Q q 0 0 0 rg BT 453.63 273.30 Td (previously ) Tj ET Q q 0 0 0 rg BT 497.83 273.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 524.81 273.30 Td (restricted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 261.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 72.88 261.30 Td (units, ) Tj ET Q q 0 0 0 rg BT 96.61 261.30 Td (remained ) Tj ET Q q 0 0 0 rg BT 135.58 261.30 Td (comparable ) Tj ET Q q 0 0 0 rg BT 184.00 261.30 Td (year ) Tj ET Q q 0 0 0 rg BT 202.98 261.30 Td (to ) Tj ET Q q 0 0 0 rg BT 212.53 261.30 Td (year ) Tj ET Q q 0 0 0 rg BT 231.52 261.30 Td (at ) Tj ET Q q 0 0 0 rg BT 240.51 261.30 Td (approximately ) Tj ET Q q 0 0 0 rg BT 300.04 261.30 Td ($131.0 ) Tj ET Q q 0 0 0 rg BT 329.32 261.30 Td (million ) Tj ET Q q 0 0 0 rg BT 359.98 261.30 Td (and ) Tj ET Q q 0 0 0 rg BT 376.20 261.30 Td ($130.0 ) Tj ET Q q 0 0 0 rg BT 405.47 261.30 Td (million ) Tj ET Q q 0 0 0 rg BT 436.14 261.30 Td (for ) Tj ET Q q 0 0 0 rg BT 449.57 261.30 Td (2013 ) Tj ET Q q 0 0 0 rg BT 471.35 261.30 Td (and ) Tj ET Q q 0 0 0 rg BT 487.56 261.30 Td (2012, ) Tj ET Q q 0 0 0 rg BT 511.84 261.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.50 261.30 Td (. ) Tj ET Q q 0 0 0 rg BT 564.50 261.30 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 249.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 249.30 Td (e ) Tj ET Q q 0 0 0 rg BT 65.46 249.30 Td (expect ) Tj ET Q q 0 0 0 rg BT 93.94 249.30 Td (that ) Tj ET Q q 0 0 0 rg BT 111.32 249.30 Td (our ) Tj ET Q q 0 0 0 rg BT 127.03 249.30 Td (fixed ) Tj ET Q q 0 0 0 rg BT 149.96 249.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 207.89 249.30 Td (cost ) Tj ET Q q 0 0 0 rg BT 226.38 249.30 Td (for ) Tj ET Q q 0 0 0 rg BT 240.43 249.30 Td (2014 ) Tj ET Q q 0 0 0 rg BT 262.81 249.30 Td (will ) Tj ET Q q 0 0 0 rg BT 280.75 249.30 Td (be ) Tj ET Q q 0 0 0 rg BT 292.57 249.30 Td (comparable ) Tj ET Q q 0 0 0 rg BT 341.60 249.30 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.76 249.30 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.76 249.30 Td ( ) Tj ET Q q 0 0 0 rg BT 374.15 249.30 Td (and ) Tj ET Q q 0 0 0 rg BT 390.97 249.30 Td (2012. ) Tj ET Q q 0 0 0 rg BT 415.85 249.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 433.79 249.30 Td (estimate ) Tj ET Q q 0 0 0 rg BT 469.49 249.30 Td (for ) Tj ET Q q 0 0 0 rg BT 483.54 249.30 Td (fixed ) Tj ET Q q 0 0 0 rg BT 506.47 249.30 Td (compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 237.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 72.79 237.30 Td (for ) Tj ET Q q 0 0 0 rg BT 87.23 237.30 Td (2014 ) Tj ET Q q 0 0 0 rg BT 110.02 237.30 Td (is ) Tj ET Q q 0 0 0 rg BT 119.48 237.30 Td (based ) Tj ET Q q 0 0 0 rg BT 145.03 237.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 167.82 237.30 Td (our ) Tj ET Q q 0 0 0 rg BT 183.94 237.30 Td (headcount ) Tj ET Q q 0 0 0 rg BT 227.82 237.30 Td (and ) Tj ET Q q 0 0 0 rg BT 245.04 237.30 Td (salary ) Tj ET Q q 0 0 0 rg BT 271.71 237.30 Td (levels ) Tj ET Q q 0 0 0 rg BT 297.82 237.30 Td (as ) Tj ET Q q 0 0 0 rg BT 308.94 237.30 Td (of ) Tj ET Q q 0 0 0 rg BT 320.06 237.30 Td (January ) Tj ET Q q 0 0 0 rg BT 353.94 237.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 364.23 237.30 Td (2014 ) Tj ET Q q 0 0 0 rg BT 387.02 237.30 Td (and ) Tj ET Q q 0 0 0 rg BT 404.24 237.30 Td (decisions ) Tj ET Q q 0 0 0 rg BT 444.25 237.30 Td (we ) Tj ET Q q 0 0 0 rg BT 458.69 237.30 Td (make ) Tj ET Q q 0 0 0 rg BT 483.13 237.30 Td (throughout ) Tj ET Q q 0 0 0 rg BT 529.81 237.30 Td (the ) Tj ET Q q 0 0 0 rg BT 544.81 237.30 Td (year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 225.30 Td (relating ) Tj ET Q q 0 0 0 rg BT 83.64 225.30 Td (to ) Tj ET Q q 0 0 0 rg BT 94.51 225.30 Td (hiring, ) Tj ET Q q 0 0 0 rg BT 124.00 225.30 Td (retaining ) Tj ET Q q 0 0 0 rg BT 162.64 225.30 Td (and ) Tj ET Q q 0 0 0 rg BT 180.17 225.30 Td (exiting ) Tj ET Q q 0 0 0 rg BT 211.04 225.30 Td (employees ) Tj ET Q q 0 0 0 rg BT 256.90 225.30 Td (may ) Tj ET Q q 0 0 0 rg BT 277.22 225.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 313.07 225.30 Td (or ) Tj ET Q q 0 0 0 rg BT 324.50 225.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 362.01 225.30 Td (our ) Tj ET Q q 0 0 0 rg BT 378.44 225.30 Td (full ) Tj ET Q q 0 0 0 rg BT 395.42 225.30 Td (year ) Tj ET Q q 0 0 0 rg BT 415.72 225.30 Td (fixed ) Tj ET Q q 0 0 0 rg BT 439.37 225.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 498.01 225.30 Td (cost. ) Tj ET Q q 0 0 0 rg BT 519.71 225.30 Td ( ) Tj ET Q q 0 0 0 rg BT 522.81 225.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 541.46 225.30 Td (fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 213.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 108.56 213.30 Td (cost ) Tj ET Q q 0 0 0 rg BT 127.69 213.30 Td (may ) Tj ET Q q 0 0 0 rg BT 147.93 213.30 Td (vary ) Tj ET Q q 0 0 0 rg BT 168.72 213.30 Td (from ) Tj ET Q q 0 0 0 rg BT 191.18 213.30 Td (year ) Tj ET Q q 0 0 0 rg BT 211.41 213.30 Td (to ) Tj ET Q q 0 0 0 rg BT 222.21 213.30 Td (year ) Tj ET Q q 0 0 0 rg BT 242.44 213.30 Td (based ) Tj ET Q q 0 0 0 rg BT 268.23 213.30 Td (on ) Tj ET Q q 0 0 0 rg BT 281.25 213.30 Td (such ) Tj ET Q q 0 0 0 rg BT 302.60 213.30 Td (factors ) Tj ET Q q 0 0 0 rg BT 332.83 213.30 Td (as ) Tj ET Q q 0 0 0 rg BT 344.18 213.30 Td (headcount, ) Tj ET Q q 0 0 0 rg BT 390.80 213.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 426.03 213.30 Td (in ) Tj ET Q q 0 0 0 rg BT 436.83 213.30 Td (char) Tj ET Q q 0 0 0 rg BT 453.85 213.30 Td (ges ) Tj ET Q q 0 0 0 rg BT 470.20 213.30 Td (for ) Tj ET Q q 0 0 0 rg BT 484.88 213.30 Td (the ) Tj ET Q q 0 0 0 rg BT 500.12 213.30 Td (amortization ) Tj ET Q q 0 0 0 rg BT 553.68 213.30 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 201.30 Td (restricted ) Tj ET Q q 0 0 0 rg BT 89.70 201.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 113.31 201.30 Td (units ) Tj ET Q q 0 0 0 rg BT 135.26 201.30 Td (and ) Tj ET Q q 0 0 0 rg BT 152.20 201.30 Td (other ) Tj ET Q q 0 0 0 rg BT 175.24 201.30 Td (related ) Tj ET Q q 0 0 0 rg BT 204.95 201.30 Td (matters.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 180.30 Td (The ) Tj ET Q q 0 0 0 rg BT 80.67 180.30 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 122.65 180.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 155.77 180.30 Td (of ) Tj ET Q q 0 0 0 rg BT 167.22 180.30 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 222.55 180.30 Td (payments ) Tj ET Q q 0 0 0 rg BT 264.00 180.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 304.32 180.30 Td (represents ) Tj ET Q q 0 0 0 rg BT 347.98 180.30 Td (the ) Tj ET Q q 0 0 0 rg BT 363.32 180.30 Td (excess ) Tj ET Q q 0 0 0 rg BT 392.54 180.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 425.66 180.30 Td (of ) Tj ET Q q 0 0 0 rg BT 437.11 180.30 Td (the ) Tj ET Q q 0 0 0 rg BT 452.45 180.30 Td (total ) Tj ET Q q 0 0 0 rg BT 473.35 180.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 532.01 180.30 Td (amount ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 168.30 Td (over ) Tj ET Q q 0 0 0 rg BT 70.29 168.30 Td (the ) Tj ET Q q 0 0 0 rg BT 85.03 168.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 117.55 168.30 Td (of ) Tj ET Q q 0 0 0 rg BT 128.40 168.30 Td (base ) Tj ET Q q 0 0 0 rg BT 148.70 168.30 Td (salary ) Tj ET Q q 0 0 0 rg BT 175.10 168.30 Td (and ) Tj ET Q q 0 0 0 rg BT 192.06 168.30 Td (benefits ) Tj ET Q q 0 0 0 rg BT 226.24 168.30 Td (and ) Tj ET Q q 0 0 0 rg BT 243.20 168.30 Td (amortization ) Tj ET Q q 0 0 0 rg BT 296.26 168.30 Td (of ) Tj ET Q q 0 0 0 rg BT 307.11 168.30 Td (restricted ) Tj ET Q q 0 0 0 rg BT 346.84 168.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 370.47 168.30 Td (awards. ) Tj ET Q q 0 0 0 rg BT 403.81 168.30 Td ( ) Tj ET Q q 0 0 0 rg BT 406.34 168.30 Td (Cash ) Tj ET Q q 0 0 0 rg BT 428.86 168.30 Td (payments ) Tj ET Q q 0 0 0 rg BT 469.71 168.30 Td (of ) Tj ET Q q 0 0 0 rg BT 480.56 168.30 Td ($25.0 ) Tj ET Q q 0 0 0 rg BT 505.59 168.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 539.50 168.30 Td ($22.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 156.30 Td (million ) Tj ET Q q 0 0 0 rg BT 81.53 156.30 Td (and ) Tj ET Q q 0 0 0 rg BT 98.61 156.30 Td ($34.0 ) Tj ET Q q 0 0 0 rg BT 123.75 156.30 Td (million ) Tj ET Q q 0 0 0 rg BT 155.28 156.30 Td (were ) Tj ET Q q 0 0 0 rg BT 177.35 156.30 Td (paid ) Tj ET Q q 0 0 0 rg BT 197.21 156.30 Td (and/or ) Tj ET Q q 0 0 0 rg BT 225.40 156.30 Td (accrued ) Tj ET Q q 0 0 0 rg BT 259.12 156.30 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.54 156.30 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.54 156.30 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.68 156.30 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.68 156.30 Td ( ) Tj ET Q q 0 0 0 rg BT 317.32 156.30 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.40 156.30 Td (201) Tj ET Q q 0 0 0 rg BT 349.03 156.30 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.03 156.30 Td (, ) Tj ET Q q 0 0 0 rg BT 359.17 156.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 406.83 156.30 Td (. ) Tj ET Q q 0 0 0 rg BT 411.78 156.30 Td (The ) Tj ET Q q 0 0 0 rg BT 429.97 156.30 Td (majority ) Tj ET Q q 0 0 0 rg BT 466.49 156.30 Td (of ) Tj ET Q q 0 0 0 rg BT 477.46 156.30 Td (the ) Tj ET Q q 0 0 0 rg BT 492.32 156.30 Td (payments ) Tj ET Q q 0 0 0 rg BT 533.29 156.30 Td (in ) Tj ET Q q 0 0 0 rg BT 543.71 156.30 Td (each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 144.30 Td (of ) Tj ET Q q 0 0 0 rg BT 60.74 144.30 Td (the ) Tj ET Q q 0 0 0 rg BT 75.36 144.30 Td (last ) Tj ET Q q 0 0 0 rg BT 91.66 144.30 Td (three ) Tj ET Q q 0 0 0 rg BT 114.05 144.30 Td (years ) Tj ET Q q 0 0 0 rg BT 137.56 144.30 Td (were ) Tj ET Q q 0 0 0 rg BT 159.40 144.30 Td (made ) Tj ET Q q 0 0 0 rg BT 183.46 144.30 Td (to ) Tj ET Q q 0 0 0 rg BT 193.65 144.30 Td (professional ) Tj ET Q q 0 0 0 rg BT 244.94 144.30 Td (employees ) Tj ET Q q 0 0 0 rg BT 290.11 144.30 Td (who ) Tj ET Q q 0 0 0 rg BT 309.74 144.30 Td (were ) Tj ET Q q 0 0 0 rg BT 331.58 144.30 Td (not ) Tj ET Q q 0 0 0 rg BT 346.76 144.30 Td (managing ) Tj ET Q q 0 0 0 rg BT 388.60 144.30 Td (directors, ) Tj ET Q q 0 0 0 rg BT 428.50 144.30 Td (consistent ) Tj ET Q q 0 0 0 rg BT 470.90 144.30 Td (with ) Tj ET Q q 0 0 0 rg BT 491.09 144.30 Td (our ) Tj ET Q q 0 0 0 rg BT 506.83 144.30 Td (philosophy ) Tj ET Q q 0 0 0 rg BT 553.69 144.30 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 132.30 Td (providing ) Tj ET Q q 0 0 0 rg BT 91.39 132.30 Td (our ) Tj ET Q q 0 0 0 rg BT 107.22 132.30 Td (senior ) Tj ET Q q 0 0 0 rg BT 134.16 132.30 Td (bankers ) Tj ET Q q 0 0 0 rg BT 167.75 132.30 Td (a ) Tj ET Q q 0 0 0 rg BT 174.69 132.30 Td (greater ) Tj ET Q q 0 0 0 rg BT 204.95 132.30 Td (share ) Tj ET Q q 0 0 0 rg BT 228.54 132.30 Td (of ) Tj ET Q q 0 0 0 rg BT 239.38 132.30 Td (their ) Tj ET Q q 0 0 0 rg BT 260.20 132.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 318.24 132.30 Td (in ) Tj ET Q q 0 0 0 rg BT 328.52 132.30 Td (the ) Tj ET Q q 0 0 0 rg BT 343.24 132.30 Td (form ) Tj ET Q q 0 0 0 rg BT 365.18 132.30 Td (of ) Tj ET Q q 0 0 0 rg BT 376.01 132.30 Td (long ) Tj ET Q q 0 0 0 rg BT 396.28 132.30 Td (term ) Tj ET Q q 0 0 0 rg BT 417.11 132.30 Td (incentive ) Tj ET Q q 0 0 0 rg BT 456.26 132.30 Td (compensation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 111.30 Td (While ) Tj ET Q q 0 0 0 rg BT 87.96 111.30 Td (our ) Tj ET Q q 0 0 0 rg BT 102.83 111.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 122.68 111.30 Td (of ) Tj ET Q q 0 0 0 rg BT 132.54 111.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 189.61 111.30 Td (to ) Tj ET Q q 0 0 0 rg BT 198.92 111.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 235.99 111.30 Td (has ) Tj ET Q q 0 0 0 rg BT 250.85 111.30 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 289.58 111.30 Td (50% ) Tj ET Q q 0 0 0 rg BT 309.44 111.30 Td (during ) Tj ET Q q 0 0 0 rg BT 337.08 111.30 Td (the ) Tj ET Q q 0 0 0 rg BT 350.82 111.30 Td (dif) Tj ET Q q 0 0 0 rg BT 361.75 111.30 Td (ficult ) Tj ET Q q 0 0 0 rg BT 384.39 111.30 Td (M&A) Tj ET Q q 0 0 0 rg BT 407.73 111.30 Td ( ) Tj ET Q q 0 0 0 rg BT 409.26 111.30 Td (market ) Tj ET Q q 0 0 0 rg BT 438.55 111.30 Td (that ) Tj ET Q q 0 0 0 rg BT 455.08 111.30 Td (started ) Tj ET Q q 0 0 0 rg BT 483.26 111.30 Td (in ) Tj ET Q q 0 0 0 rg BT 492.57 111.30 Td (2009, ) Tj ET Q q 0 0 0 rg BT 516.60 111.30 Td (it ) Tj ET Q q 0 0 0 rg BT 523.69 111.30 Td (continues ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 60.27 99.30 Td (be ) Tj ET Q q 0 0 0 rg BT 72.19 99.30 Td (our ) Tj ET Q q 0 0 0 rg BT 88.01 99.30 Td (objective ) Tj ET Q q 0 0 0 rg BT 127.14 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 137.41 99.30 Td (reduce ) Tj ET Q q 0 0 0 rg BT 166.54 99.30 Td (this ) Tj ET Q q 0 0 0 rg BT 183.48 99.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 204.29 99.30 Td (over ) Tj ET Q q 0 0 0 rg BT 224.54 99.30 Td (time ) Tj ET Q q 0 0 0 rg BT 244.80 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 255.07 99.30 Td (a ) Tj ET Q q 0 0 0 rg BT 262.00 99.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 282.81 99.30 Td (not ) Tj ET Q q 0 0 0 rg BT 298.07 99.30 Td (to ) Tj ET Q q 0 0 0 rg BT 308.34 99.30 Td (exceed ) Tj ET Q q 0 0 0 rg BT 338.58 99.30 Td (50% ) Tj ET Q q 0 0 0 rg BT 359.40 99.30 Td (when ) Tj ET Q q 0 0 0 rg BT 383.54 99.30 Td (market ) Tj ET Q q 0 0 0 rg BT 413.79 99.30 Td (activity ) Tj ET Q q 0 0 0 rg BT 446.27 99.30 Td (and ) Tj ET Q q 0 0 0 rg BT 463.19 99.30 Td (our ) Tj ET Q q 0 0 0 rg BT 479.01 99.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 513.14 99.30 Td (productivity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 87.30 Td (improve. ) Tj ET Q q 0 0 0 rg BT 87.60 87.30 Td (W) Tj ET Q q 0 0 0 rg BT 96.24 87.30 Td (e ) Tj ET Q q 0 0 0 rg BT 102.60 87.30 Td (will ) Tj ET Q q 0 0 0 rg BT 120.07 87.30 Td (balance ) Tj ET Q q 0 0 0 rg BT 152.52 87.30 Td (this ) Tj ET Q q 0 0 0 rg BT 168.88 87.30 Td (policy ) Tj ET Q q 0 0 0 rg BT 195.79 87.30 Td (goal ) Tj ET Q q 0 0 0 rg BT 214.93 87.30 Td (with ) Tj ET Q q 0 0 0 rg BT 234.62 87.30 Td (our ) Tj ET Q q 0 0 0 rg BT 249.87 87.30 Td (objective ) Tj ET Q q 0 0 0 rg BT 288.44 87.30 Td (of ) Tj ET Q q 0 0 0 rg BT 298.68 87.30 Td (retaining ) Tj ET Q q 0 0 0 rg BT 336.14 87.30 Td (our ) Tj ET Q q 0 0 0 rg BT 351.39 87.30 Td (core ) Tj ET Q q 0 0 0 rg BT 370.51 87.30 Td (personnel ) Tj ET Q q 0 0 0 rg BT 411.30 87.30 Td (and ) Tj ET Q q 0 0 0 rg BT 427.66 87.30 Td (compensating ) Tj ET Q q 0 0 0 rg BT 485.12 87.30 Td (them ) Tj ET Q q 0 0 0 rg BT 507.03 87.30 Td (competitively ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 75.30 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 75.30 Td (order ) Tj ET Q q 0 0 0 rg BT 83.88 75.30 Td (to ) Tj ET Q q 0 0 0 rg BT 94.16 75.30 Td (maintain ) Tj ET Q q 0 0 0 rg BT 131.65 75.30 Td (our ) Tj ET Q q 0 0 0 rg BT 147.48 75.30 Td (strong ) Tj ET Q q 0 0 0 rg BT 174.98 75.30 Td (franchise, ) Tj ET Q q 0 0 0 rg BT 216.62 75.30 Td (and ) Tj ET Q q 0 0 0 rg BT 233.56 75.30 Td (continuing ) Tj ET Q q 0 0 0 rg BT 278.83 75.30 Td (to ) Tj ET Q q 0 0 0 rg BT 289.11 75.30 Td (expand ) Tj ET Q q 0 0 0 rg BT 320.49 75.30 Td (our ) Tj ET Q q 0 0 0 rg BT 336.32 75.30 Td (industry ) Tj ET Q q 0 0 0 rg BT 371.60 75.30 Td (expertise ) Tj ET Q q 0 0 0 rg BT 410.19 75.30 Td (and ) Tj ET Q q 0 0 0 rg BT 427.13 75.30 Td (geographic ) Tj ET Q q 0 0 0 rg BT 474.05 75.30 Td (reach.) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 742.10 Td (2013) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.12 742.10 Td (versus ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 113.79 742.10 Td (2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 133.79 742.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.29 742.10 Td (For ) Tj ET Q q 0 0 0 rg BT 155.81 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.15 742.10 Td (year ) Tj ET Q q 0 0 0 rg BT 191.48 742.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 218.47 742.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.68 742.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.68 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 303.30 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 319.75 742.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 361.75 742.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 420.41 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.97 742.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 472.75 742.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 511.97 742.10 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.52 742.10 Td ($155.7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.09 730.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 122.72 730.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.70 730.10 Td ($151.8 ) Tj ET Q q 0 0 0 rg BT 162.40 730.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.29 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.50 730.10 Td (for ) Tj ET Q q 0 0 0 rg BT 207.36 730.10 Td (2012. ) Tj ET Q q 0 0 0 rg BT 232.06 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.26 730.10 Td (Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.02 730.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.02 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 274.22 730.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 331.96 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.60 730.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 382.46 730.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 420.76 730.10 Td (increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.72 730.10 Td ($3.9 ) Tj ET Q q 0 0 0 rg BT 480.42 730.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.31 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 514.01 730.10 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.55 730.10 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.88 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 542.58 730.10 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 74.50 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.35 718.10 Td (While ) Tj ET Q q 0 0 0 rg BT 102.78 718.10 Td (total ) Tj ET Q q 0 0 0 rg BT 122.56 718.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 160.09 718.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 199.29 718.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 239.05 718.10 Td (constant ) Tj ET Q q 0 0 0 rg BT 274.37 718.10 Td (year ) Tj ET Q q 0 0 0 rg BT 293.58 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.36 718.10 Td (year) Tj ET Q q 0 0 0 rg BT 320.16 718.10 Td (, ) Tj ET Q q 0 0 0 rg BT 324.66 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.88 718.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 373.63 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.41 718.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 440.95 718.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 475.15 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 484.93 718.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 506.93 718.10 Td (from ) Tj ET Q q 0 0 0 rg BT 528.36 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.58 718.10 Td (prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (year ) Tj ET Q q 0 0 0 rg BT 69.71 706.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 103.86 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.14 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 121.08 706.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 141.90 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.73 706.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 210.78 706.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 245.48 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.76 706.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 293.80 706.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.08 706.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.08 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.58 706.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.41 706.10 Td (54%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.74 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.24 706.10 Td (as ) Tj ET Q q 0 0 0 rg BT 369.07 706.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 410.99 706.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.27 706.10 Td (53%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.60 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 442.10 706.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.38 706.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.38 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 477.38 706.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 685.10 Td (2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.00 685.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.17 685.10 Td (versus ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 113.89 685.10 Td (201) Tj ET Q q 0 0 0 rg BT 128.15 685.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.15 685.10 Td (.For ) Tj ET Q q 0 0 0 rg BT 155.21 685.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.60 685.10 Td (year ) Tj ET Q q 0 0 0 rg BT 190.98 685.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 218.02 685.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.28 685.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.28 685.10 Td (, ) Tj ET Q q 0 0 0 rg BT 302.95 685.10 Td (our ) Tj ET Q q 0 0 0 rg BT 319.45 685.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 361.49 685.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 420.20 685.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.81 685.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 472.64 685.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 511.91 685.10 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.51 685.10 Td ($151.8 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 673.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.33 673.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 123.20 673.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.42 673.10 Td ($162.6 ) Tj ET Q q 0 0 0 rg BT 163.36 673.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.25 673.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.69 673.10 Td (for ) Tj ET Q q 0 0 0 rg BT 208.79 673.10 Td (201) Tj ET Q q 0 0 0 rg BT 223.42 673.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 233.36 673.10 Td ( ) Tj ET Q q 0 0 0 rg BT 235.81 673.10 Td (Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.80 673.10 Td (201) Tj ET Q q 0 0 0 rg BT 268.43 673.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.43 673.10 Td ( ) Tj ET Q q 0 0 0 rg BT 275.87 673.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 333.85 673.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.73 673.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 384.83 673.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 423.37 673.10 Td (included ) Tj ET Q q 0 0 0 rg BT 460.24 673.10 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.12 673.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 494.00 673.10 Td (quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.32 673.10 Td ( ) Tj ET Q q 0 0 0 rg BT 524.76 673.10 Td (char) Tj ET Q q 0 0 0 rg BT 541.79 673.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 553.67 673.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 69.11 661.10 Td (million ) Tj ET Q q 0 0 0 rg BT 99.60 661.10 Td (for ) Tj ET Q q 0 0 0 rg BT 112.87 661.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.69 661.10 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 173.26 661.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 203.75 661.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.69 661.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 252.50 661.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 275.21 661.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 305.14 661.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 348.96 661.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 380.55 661.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.94 661.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 434.31 661.10 Td (who ) Tj ET Q q 0 0 0 rg BT 453.13 661.10 Td (died ) Tj ET Q q 0 0 0 rg BT 471.96 661.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.34 661.10 Td (an ) Tj ET Q q 0 0 0 rg BT 492.39 661.10 Td (airplane ) Tj ET Q q 0 0 0 rg BT 526.20 661.10 Td (accident. ) Tj ET Q q 0 0 0 rg BT 564.51 661.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 94.43 649.10 Td (that ) Tj ET Q q 0 0 0 rg BT 112.75 649.10 Td (char) Tj ET Q q 0 0 0 rg BT 129.78 649.10 Td (ge, ) Tj ET Q q 0 0 0 rg BT 145.04 649.10 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.70 649.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.70 649.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.03 649.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 243.90 649.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.66 649.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 296.64 649.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 336.07 649.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 378.81 649.10 Td ($3.8 ) Tj ET Q q 0 0 0 rg BT 399.64 649.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 434.35 649.10 Td (or ) Tj ET Q q 0 0 0 rg BT 446.01 649.10 Td (2%, ) Tj ET Q q 0 0 0 rg BT 465.17 649.10 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.93 649.10 Td (201) Tj ET Q q 0 0 0 rg BT 502.56 649.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.56 649.10 Td (. ) Tj ET Q q 0 0 0 rg BT 513.15 649.10 Td (The ) Tj ET Q q 0 0 0 rg BT 532.02 649.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 553.67 649.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 108.06 637.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 142.79 637.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.09 637.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 191.15 637.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.45 637.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.45 637.10 Td ( ) Tj ET Q q 0 0 0 rg BT 223.97 637.10 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.05 637.10 Td (53%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.38 637.10 Td ( ) Tj ET Q q 0 0 0 rg BT 262.90 637.10 Td (as ) Tj ET Q q 0 0 0 rg BT 273.75 637.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 315.70 637.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 637.10 Td (55%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.33 637.10 Td ( ) Tj ET Q q 0 0 0 rg BT 346.85 637.10 Td (\(53% ) Tj ET Q q 0 0 0 rg BT 371.03 637.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 412.99 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.73 637.10 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 475.21 637.10 Td (char) Tj ET Q q 0 0 0 rg BT 492.23 637.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 504.19 637.10 Td (for ) Tj ET Q q 0 0 0 rg BT 518.37 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.11 637.10 Td (vesting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 625.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 100.53 625.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 124.14 625.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 154.96 625.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.79 625.10 Td (two ) Tj ET Q q 0 0 0 rg BT 183.29 625.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 228.55 625.10 Td (who ) Tj ET Q q 0 0 0 rg BT 248.28 625.10 Td (died ) Tj ET Q q 0 0 0 rg BT 267.99 625.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.27 625.10 Td (an ) Tj ET Q q 0 0 0 rg BT 290.21 625.10 Td (aircraft ) Tj ET Q q 0 0 0 rg BT 321.57 625.10 Td (accident\) ) Tj ET Q q 0 0 0 rg BT 360.71 625.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.99 625.10 Td (201) Tj ET Q q 0 0 0 rg BT 385.62 625.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.62 625.10 Td (. ) Tj ET Q q 0 0 0 rg BT 395.62 625.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 604.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 80.99 604.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 139.42 604.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 173.94 604.10 Td (is ) Tj ET Q q 0 0 0 rg BT 183.49 604.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 224.13 604.10 Td (based ) Tj ET Q q 0 0 0 rg BT 250.33 604.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 273.21 604.10 Td (r) Tj ET Q q 0 0 0 rg BT 276.73 604.10 Td (evenues ) Tj ET Q q 0 0 0 rg BT 311.25 604.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.13 604.10 Td (can ) Tj ET Q q 0 0 0 rg BT 346.45 604.10 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 384.32 604.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 428.30 604.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.95 604.10 Td (any ) Tj ET Q q 0 0 0 rg BT 456.27 604.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 499.70 604.10 Td (year ) Tj ET Q q 0 0 0 rg BT 520.35 604.10 Td (depending ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 71.91 592.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.04 592.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 120.73 592.10 Td (in ) Tj ET Q q 0 0 0 rg BT 130.42 592.10 Td (headcount, ) Tj ET Q q 0 0 0 rg BT 176.49 592.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 208.40 592.10 Td (of ) Tj ET Q q 0 0 0 rg BT 218.10 592.10 Td (r) Tj ET Q q 0 0 0 rg BT 221.62 592.10 Td (evenues ) Tj ET Q q 0 0 0 rg BT 255.18 592.10 Td (r) Tj ET Q q 0 0 0 rg BT 258.70 592.10 Td (ecognized, ) Tj ET Q q 0 0 0 rg BT 303.10 592.10 Td (as ) Tj ET Q q 0 0 0 rg BT 313.90 592.10 Td (well ) Tj ET Q q 0 0 0 rg BT 332.48 592.10 Td (as ) Tj ET Q q 0 0 0 rg BT 343.29 592.10 Td (other ) Tj ET Q q 0 0 0 rg BT 366.31 592.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 398.36 592.10 Td (Accor) Tj ET Q q 0 0 0 rg BT 421.87 592.10 Td (dingly) Tj ET Q q 0 0 0 rg BT 446.31 592.10 Td (, ) Tj ET Q q 0 0 0 rg BT 450.73 592.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.86 592.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 496.77 592.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.46 592.10 Td (compensation ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 84.15 580.10 Td (r) Tj ET Q q 0 0 0 rg BT 87.67 580.10 Td (ecognized ) Tj ET Q q 0 0 0 rg BT 130.15 580.10 Td (in ) Tj ET Q q 0 0 0 rg BT 140.43 580.10 Td (any ) Tj ET Q q 0 0 0 rg BT 157.37 580.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 200.42 580.10 Td (year ) Tj ET Q q 0 0 0 rg BT 220.69 580.10 Td (may ) Tj ET Q q 0 0 0 rg BT 239.85 580.10 Td (not ) Tj ET Q q 0 0 0 rg BT 255.13 580.10 Td (be ) Tj ET Q q 0 0 0 rg BT 267.07 580.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 309.00 580.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.28 580.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 377.32 580.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 411.47 580.10 Td (in ) Tj ET Q q 0 0 0 rg BT 421.75 580.10 Td (futur) Tj ET Q q 0 0 0 rg BT 440.83 580.10 Td (e ) Tj ET Q q 0 0 0 rg BT 447.76 580.10 Td (years.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 554.10 Td (Non-Compensation ) Tj ET Q q 0 0 0 rg BT 145.07 554.10 Td (Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 533.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 79.55 533.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 155.42 533.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 193.52 533.10 Td (include ) Tj ET Q q 0 0 0 rg BT 224.95 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.17 533.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 261.16 533.10 Td (for ) Tj ET Q q 0 0 0 rg BT 274.82 533.10 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 319.58 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 336.01 533.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 380.22 533.10 Td (rental, ) Tj ET Q q 0 0 0 rg BT 407.48 533.10 Td (communications, ) Tj ET Q q 0 0 0 rg BT 478.08 533.10 Td (information ) Tj ET Q q 0 0 0 rg BT 527.29 533.10 Td (services, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 521.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 103.04 521.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 125.80 521.10 Td (recruiting, ) Tj ET Q q 0 0 0 rg BT 171.34 521.10 Td (travel ) Tj ET Q q 0 0 0 rg BT 198.27 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.87 521.10 Td (entertainment, ) Tj ET Q q 0 0 0 rg BT 278.51 521.10 Td (insurance, ) Tj ET Q q 0 0 0 rg BT 323.49 521.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 377.08 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.68 521.10 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 452.88 521.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 486.48 521.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 522.85 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.45 521.10 Td (other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 90.26 509.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 131.36 509.10 Td (Reimbursed ) Tj ET Q q 0 0 0 rg BT 182.19 509.10 Td (client ) Tj ET Q q 0 0 0 rg BT 206.90 509.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 245.50 509.10 Td (are ) Tj ET Q q 0 0 0 rg BT 260.21 509.10 Td (netted ) Tj ET Q q 0 0 0 rg BT 287.14 509.10 Td (against ) Tj ET Q q 0 0 0 rg BT 317.96 509.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 394.34 509.10 Td (expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 488.10 Td (Over ) Tj ET Q q 0 0 0 rg BT 84.35 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.93 488.10 Td (past ) Tj ET Q q 0 0 0 rg BT 117.40 488.10 Td (three ) Tj ET Q q 0 0 0 rg BT 139.74 488.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 165.70 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 181.39 488.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 257.62 488.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 296.08 488.10 Td (have ) Tj ET Q q 0 0 0 rg BT 317.32 488.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 356.88 488.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 397.00 488.10 Td (constant ) Tj ET Q q 0 0 0 rg BT 432.68 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 442.82 488.10 Td (absolute ) Tj ET Q q 0 0 0 rg BT 478.50 488.10 Td (dollars. ) Tj ET Q q 0 0 0 rg BT 510.58 488.10 Td ( ) Tj ET Q q 0 0 0 rg BT 512.94 488.10 Td (Historically) Tj ET Q q 0 0 0 rg BT 559.50 488.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 476.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.51 476.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 141.57 476.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 166.25 476.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 214.52 476.10 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 259.45 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.07 476.10 Td (travel ) Tj ET Q q 0 0 0 rg BT 301.02 476.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 323.20 476.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 366.48 476.10 Td (with ) Tj ET Q q 0 0 0 rg BT 386.44 476.10 Td (business ) Tj ET Q q 0 0 0 rg BT 422.51 476.10 Td (development, ) Tj ET Q q 0 0 0 rg BT 478.84 476.10 Td (have ) Tj ET Q q 0 0 0 rg BT 499.90 476.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 539.83 476.10 Td (as ) Tj ET Q q 0 0 0 rg BT 550.35 476.10 Td (we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 464.10 Td (have ) Tj ET Q q 0 0 0 rg BT 70.81 464.10 Td (grown ) Tj ET Q q 0 0 0 rg BT 98.29 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 113.56 464.10 Td (business ) Tj ET Q q 0 0 0 rg BT 149.38 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.75 464.10 Td (made ) Tj ET Q q 0 0 0 rg BT 189.34 464.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 225.14 464.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 277.35 464.10 Td ( ) Tj ET Q q 0 0 0 rg BT 278.86 464.10 Td (As ) Tj ET Q q 0 0 0 rg BT 291.90 464.10 Td (we ) Tj ET Q q 0 0 0 rg BT 305.50 464.10 Td (look ) Tj ET Q q 0 0 0 rg BT 325.21 464.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 358.79 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 368.50 464.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 392.93 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.30 464.10 Td (assuming ) Tj ET Q q 0 0 0 rg BT 449.01 464.10 Td (moderate ) Tj ET Q q 0 0 0 rg BT 488.15 464.10 Td (headcount ) Tj ET Q q 0 0 0 rg BT 531.18 464.10 Td (growth, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.80 452.10 Td (do ) Tj ET Q q 0 0 0 rg BT 75.94 452.10 Td (not ) Tj ET Q q 0 0 0 rg BT 90.86 452.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 119.10 452.10 Td (any ) Tj ET Q q 0 0 0 rg BT 135.68 452.10 Td (material ) Tj ET Q q 0 0 0 rg BT 170.58 452.10 Td (short ) Tj ET Q q 0 0 0 rg BT 192.72 452.10 Td (term ) Tj ET Q q 0 0 0 rg BT 213.18 452.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 251.97 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 261.89 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 277.36 452.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 353.37 452.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 394.11 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 396.25 452.10 Td (Over ) Tj ET Q q 0 0 0 rg BT 418.39 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.74 452.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 460.43 452.10 Td (term, ) Tj ET Q q 0 0 0 rg BT 483.40 452.10 Td (any ) Tj ET Q q 0 0 0 rg BT 499.98 452.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 538.76 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 548.68 452.10 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 127.00 440.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 166.22 440.10 Td (will ) Tj ET Q q 0 0 0 rg BT 184.90 440.10 Td (be ) Tj ET Q q 0 0 0 rg BT 197.47 440.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 241.68 440.10 Td (mostly ) Tj ET Q q 0 0 0 rg BT 272.04 440.10 Td (on ) Tj ET Q q 0 0 0 rg BT 285.16 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 301.62 440.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 349.17 440.10 Td (expansion ) Tj ET Q q 0 0 0 rg BT 392.84 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 403.74 440.10 Td (new ) Tj ET Q q 0 0 0 rg BT 423.53 440.10 Td (locations, ) Tj ET Q q 0 0 0 rg BT 465.25 440.10 Td (general ) Tj ET Q q 0 0 0 rg BT 497.80 440.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 534.81 440.10 Td (related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 89.08 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 99.29 428.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 117.27 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.15 428.10 Td (other ) Tj ET Q q 0 0 0 rg BT 157.13 428.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 179.56 428.10 Td (we ) Tj ET Q q 0 0 0 rg BT 193.65 428.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 216.64 428.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 236.01 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 246.22 428.10 Td (a ) Tj ET Q q 0 0 0 rg BT 253.09 428.10 Td (much ) Tj ET Q q 0 0 0 rg BT 277.74 428.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 302.95 428.10 Td (extent, ) Tj ET Q q 0 0 0 rg BT 332.31 428.10 Td (on ) Tj ET Q q 0 0 0 rg BT 344.75 428.10 Td (an ) Tj ET Q q 0 0 0 rg BT 356.62 428.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 391.81 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.02 428.10 Td (headcount ) Tj ET Q q 0 0 0 rg BT 445.55 428.10 Td (within ) Tj ET Q q 0 0 0 rg BT 473.54 428.10 Td (our ) Tj ET Q q 0 0 0 rg BT 489.30 428.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 523.40 428.10 Td (locations. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 407.10 Td (2013) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.00 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.82 407.10 Td (versus ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 113.20 407.10 Td (2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 133.20 407.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.70 407.10 Td (For ) Tj ET Q q 0 0 0 rg BT 154.91 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.96 407.10 Td (year ) Tj ET Q q 0 0 0 rg BT 189.99 407.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 216.69 407.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.59 407.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.59 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 300.92 407.10 Td (our ) Tj ET Q q 0 0 0 rg BT 317.07 407.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 393.77 407.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 432.69 407.10 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.94 407.10 Td ($60.3 ) Tj ET Q q 0 0 0 rg BT 480.27 407.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.16 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 511.98 407.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.23 407.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td ($62.8 ) Tj ET Q q 0 0 0 rg BT 75.27 395.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.16 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.93 395.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.48 395.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.48 395.10 Td (, ) Tj ET Q q 0 0 0 rg BT 142.75 395.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 194.94 395.10 Td (a ) Tj ET Q q 0 0 0 rg BT 202.15 395.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 239.34 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.44 395.10 Td ($2.5 ) Tj ET Q q 0 0 0 rg BT 270.71 395.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 304.87 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 315.97 395.10 Td (4%. ) Tj ET Q q 0 0 0 rg BT 334.57 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 337.14 395.10 Td (The ) Tj ET Q q 0 0 0 rg BT 355.46 395.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 392.64 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 403.19 395.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 479.83 395.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 518.70 395.10 Td (principally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 84.01 383.10 Td (from ) Tj ET Q q 0 0 0 rg BT 105.79 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.36 383.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 150.47 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.15 383.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 186.27 383.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 239.16 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.84 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.89 383.10 Td (Australian ) Tj ET Q q 0 0 0 rg BT 307.89 383.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 350.23 383.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 378.41 383.10 Td (which ) Tj ET Q q 0 0 0 rg BT 405.20 383.10 Td (were ) Tj ET Q q 0 0 0 rg BT 426.98 383.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 448.22 383.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 490.55 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 500.68 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.24 383.10 Td (first ) Tj ET Q q 0 0 0 rg BT 533.70 383.10 Td (quarter ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.79 371.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 85.75 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.66 371.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 127.89 371.10 Td (other ) Tj ET Q q 0 0 0 rg BT 150.90 371.10 Td (general ) Tj ET Q q 0 0 0 rg BT 182.78 371.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 223.01 371.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 245.47 371.10 Td (of) Tj ET Q q 0 0 0 rg BT 253.62 371.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 270.52 371.10 Td (by ) Tj ET Q q 0 0 0 rg BT 282.98 371.10 Td (an ) Tj ET Q q 0 0 0 rg BT 294.88 371.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 330.10 371.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.34 371.10 Td (travel ) Tj ET Q q 0 0 0 rg BT 365.57 371.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 404.13 371.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 447.68 371.10 Td (with ) Tj ET Q q 0 0 0 rg BT 467.93 371.10 Td (new ) Tj ET Q q 0 0 0 rg BT 487.05 371.10 Td (business ) Tj ET Q q 0 0 0 rg BT 523.40 371.10 Td (activities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 350.10 Td (Non-compensation ) Tj ET Q q 0 0 0 rg BT 140.69 350.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 179.39 350.10 Td (as ) Tj ET Q q 0 0 0 rg BT 190.32 350.10 Td (a ) Tj ET Q q 0 0 0 rg BT 197.35 350.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 243.25 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.18 350.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 292.31 350.10 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.57 350.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.57 350.10 Td ( ) Tj ET Q q 0 0 0 rg BT 329.17 350.10 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.19 350.10 Td (21%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.52 350.10 Td ( ) Tj ET Q q 0 0 0 rg BT 372.12 350.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 414.14 350.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.52 350.10 Td (22%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.85 350.10 Td ( ) Tj ET Q q 0 0 0 rg BT 445.45 350.10 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.71 350.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.71 350.10 Td (. ) Tj ET Q q 0 0 0 rg BT 484.62 350.10 Td (The ) Tj ET Q q 0 0 0 rg BT 502.76 350.10 Td (slight ) Tj ET Q q 0 0 0 rg BT 527.58 350.10 Td (decrease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.49 338.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 137.08 338.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 175.89 338.10 Td (as ) Tj ET Q q 0 0 0 rg BT 186.93 338.10 Td (a ) Tj ET Q q 0 0 0 rg BT 194.09 338.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 240.10 338.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.15 338.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 289.40 338.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 323.77 338.10 Td (from ) Tj ET Q q 0 0 0 rg BT 345.92 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.85 338.10 Td (spreading ) Tj ET Q q 0 0 0 rg BT 402.44 338.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.48 338.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 438.97 338.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 461.68 338.10 Td (in ) Tj ET Q q 0 0 0 rg BT 472.17 338.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 494.89 338.10 Td (over ) Tj ET Q q 0 0 0 rg BT 515.37 338.10 Td (comparable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 88.04 326.10 Td (for ) Tj ET Q q 0 0 0 rg BT 102.20 326.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 124.70 326.10 Td (as ) Tj ET Q q 0 0 0 rg BT 135.53 326.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 177.45 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 187.73 326.10 Td (2012.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 305.10 Td (2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.00 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.71 305.10 Td (versus ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 112.96 305.10 Td (201) Tj ET Q q 0 0 0 rg BT 127.22 305.10 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 132.22 305.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.72 305.10 Td (For ) Tj ET Q q 0 0 0 rg BT 153.82 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.74 305.10 Td (year ) Tj ET Q q 0 0 0 rg BT 188.66 305.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 215.24 305.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.03 305.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.03 305.10 Td (, ) Tj ET Q q 0 0 0 rg BT 299.24 305.10 Td (our ) Tj ET Q q 0 0 0 rg BT 315.27 305.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 391.85 305.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 430.66 305.10 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.79 305.10 Td ($62.8 ) Tj ET Q q 0 0 0 rg BT 478.00 305.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.89 305.10 Td (, ) Tj ET Q q 0 0 0 rg BT 512.10 305.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.23 305.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 293.10 Td ($62.7 ) Tj ET Q q 0 0 0 rg BT 74.80 293.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.70 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.00 293.10 Td (for ) Tj ET Q q 0 0 0 rg BT 119.96 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.48 293.10 Td (same ) Tj ET Q q 0 0 0 rg BT 157.33 293.10 Td (period ) Tj ET Q q 0 0 0 rg BT 185.18 293.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.27 293.10 Td (201) Tj ET Q q 0 0 0 rg BT 209.90 293.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.90 293.10 Td (. ) Tj ET Q q 0 0 0 rg BT 219.70 293.10 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.33 293.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.33 293.10 Td (, ) Tj ET Q q 0 0 0 rg BT 255.14 293.10 Td (as ) Tj ET Q q 0 0 0 rg BT 265.77 293.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 307.50 293.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.58 293.10 Td (201) Tj ET Q q 0 0 0 rg BT 332.21 293.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.21 293.10 Td (, ) Tj ET Q q 0 0 0 rg BT 342.01 293.10 Td (an ) Tj ET Q q 0 0 0 rg BT 353.75 293.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 388.81 293.10 Td (in ) Tj ET Q q 0 0 0 rg BT 398.89 293.10 Td (travel ) Tj ET Q q 0 0 0 rg BT 423.96 293.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 462.36 293.10 Td (and ) Tj ET Q q 0 0 0 rg BT 479.11 293.10 Td (other ) Tj ET Q q 0 0 0 rg BT 501.96 293.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 542.02 293.10 Td (costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 281.10 Td (were ) Tj ET Q q 0 0 0 rg BT 71.12 281.10 Td (of) Tj ET Q q 0 0 0 rg BT 79.27 281.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 95.40 281.10 Td (by ) Tj ET Q q 0 0 0 rg BT 107.10 281.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 131.56 281.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 183.79 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.81 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.35 281.10 Td (Australian ) Tj ET Q q 0 0 0 rg BT 250.70 281.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 292.38 281.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 317.40 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 333.54 281.10 Td (a ) Tj ET Q q 0 0 0 rg BT 339.67 281.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 375.78 281.10 Td (in ) Tj ET Q q 0 0 0 rg BT 385.25 281.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 416.37 281.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 450.27 281.10 Td (due ) Tj ET Q q 0 0 0 rg BT 466.41 281.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.88 281.10 Td (a ) Tj ET Q q 0 0 0 rg BT 482.01 281.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 521.47 281.10 Td (in ) Tj ET Q q 0 0 0 rg BT 530.94 281.10 Td (average ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 269.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 98.05 269.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 147.22 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 164.16 269.10 Td (a ) Tj ET Q q 0 0 0 rg BT 171.09 269.10 Td (slight ) Tj ET Q q 0 0 0 rg BT 195.82 269.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 232.73 269.10 Td (in ) Tj ET Q q 0 0 0 rg BT 243.01 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.73 269.10 Td (average ) Tj ET Q q 0 0 0 rg BT 291.31 269.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 323.25 269.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 340.73 269.10 Td (paid. ) Tj ET Q q 0 0 0 rg BT 362.95 269.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 248.10 Td (Non-compensation ) Tj ET Q q 0 0 0 rg BT 140.81 248.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 179.62 248.10 Td (as ) Tj ET Q q 0 0 0 rg BT 190.66 248.10 Td (a ) Tj ET Q q 0 0 0 rg BT 197.81 248.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 243.82 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.86 248.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 293.11 248.10 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.48 248.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.48 248.10 Td ( ) Tj ET Q q 0 0 0 rg BT 330.19 248.10 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.33 248.10 Td (22%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.66 248.10 Td ( ) Tj ET Q q 0 0 0 rg BT 373.37 248.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 415.51 248.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.00 248.10 Td (21%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.33 248.10 Td ( ) Tj ET Q q 0 0 0 rg BT 447.04 248.10 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.41 248.10 Td (201) Tj ET Q q 0 0 0 rg BT 476.04 248.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.04 248.10 Td (. ) Tj ET Q q 0 0 0 rg BT 486.06 248.10 Td (The ) Tj ET Q q 0 0 0 rg BT 504.31 248.10 Td (slight ) Tj ET Q q 0 0 0 rg BT 529.25 248.10 Td (increase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.85 236.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 137.79 236.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 176.96 236.10 Td (as ) Tj ET Q q 0 0 0 rg BT 188.35 236.10 Td (a ) Tj ET Q q 0 0 0 rg BT 195.86 236.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 242.23 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.63 236.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 292.24 236.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 326.96 236.10 Td (from ) Tj ET Q q 0 0 0 rg BT 349.47 236.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 399.18 236.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 422.25 236.10 Td (for ) Tj ET Q q 0 0 0 rg BT 436.98 236.10 Td (both ) Tj ET Q q 0 0 0 rg BT 457.82 236.10 Td (years ) Tj ET Q q 0 0 0 rg BT 481.99 236.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 511.16 236.10 Td (over ) Tj ET Q q 0 0 0 rg BT 531.99 236.10 Td (slightly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 75.27 224.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 113.31 224.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.58 224.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.58 224.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.08 224.10 Td (as ) Tj ET Q q 0 0 0 rg BT 156.91 224.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 198.84 224.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.12 224.10 Td (201) Tj ET Q q 0 0 0 rg BT 223.75 224.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.75 224.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 203.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 80.63 203.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 157.03 203.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 195.09 203.10 Td (as ) Tj ET Q q 0 0 0 rg BT 206.50 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 214.02 203.10 Td (per) Tj ET Q q 0 0 0 rg BT 226.98 203.10 Td (centage ) Tj ET Q q 0 0 0 rg BT 260.59 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.89 203.10 Td (r) Tj ET Q q 0 0 0 rg BT 274.41 203.10 Td (evenues ) Tj ET Q q 0 0 0 rg BT 308.57 203.10 Td (can ) Tj ET Q q 0 0 0 rg BT 325.53 203.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 345.82 203.10 Td (as ) Tj ET Q q 0 0 0 rg BT 357.23 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 364.75 203.10 Td (r) Tj ET Q q 0 0 0 rg BT 368.27 203.10 Td (esult ) Tj ET Q q 0 0 0 rg BT 389.68 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.97 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 407.49 203.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 437.78 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.07 203.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 478.37 203.10 Td (including ) Tj ET Q q 0 0 0 rg BT 518.67 203.10 Td (fluctuation ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.94 191.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 91.87 191.10 Td (r) Tj ET Q q 0 0 0 rg BT 95.39 191.10 Td (evenue ) Tj ET Q q 0 0 0 rg BT 126.30 191.10 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 165.85 191.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 201.77 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 212.71 191.10 Td (headcount, ) Tj ET Q q 0 0 0 rg BT 260.02 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.40 191.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 308.55 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.49 191.10 Td (r) Tj ET Q q 0 0 0 rg BT 323.01 191.10 Td (ecruiting ) Tj ET Q q 0 0 0 rg BT 362.27 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 380.42 191.10 Td (business ) Tj ET Q q 0 0 0 rg BT 417.47 191.10 Td (development ) Tj ET Q q 0 0 0 rg BT 471.16 191.10 Td (activity) Tj ET Q q 0 0 0 rg BT 500.04 191.10 Td (, ) Tj ET Q q 0 0 0 rg BT 505.70 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.07 191.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 554.23 191.10 Td (of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (office ) Tj ET Q q 0 0 0 rg BT 75.19 179.10 Td (space ) Tj ET Q q 0 0 0 rg BT 100.94 179.10 Td (expansion, ) Tj ET Q q 0 0 0 rg BT 146.96 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.16 179.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 195.14 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.89 179.10 Td (r) Tj ET Q q 0 0 0 rg BT 209.41 179.10 Td (eimbursement ) Tj ET Q q 0 0 0 rg BT 268.49 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.25 179.10 Td (engagement-r) Tj ET Q q 0 0 0 rg BT 334.41 179.10 Td (elated ) Tj ET Q q 0 0 0 rg BT 361.83 179.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 400.34 179.10 Td (by ) Tj ET Q q 0 0 0 rg BT 412.76 179.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 444.34 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.54 179.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 492.51 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.27 179.10 Td (our ) Tj ET Q q 0 0 0 rg BT 520.14 179.10 Td (short ) Tj ET Q q 0 0 0 rg BT 543.68 179.10 Td (term ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (borr) Tj ET Q q 0 0 0 rg BT 67.41 167.10 Td (owings, ) Tj ET Q q 0 0 0 rg BT 100.06 167.10 Td (inter) Tj ET Q q 0 0 0 rg BT 118.58 167.10 Td (est ) Tj ET Q q 0 0 0 rg BT 131.49 167.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 149.41 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.22 167.10 Td (curr) Tj ET Q q 0 0 0 rg BT 183.07 167.10 Td (ency ) Tj ET Q q 0 0 0 rg BT 203.20 167.10 Td (movements ) Tj ET Q q 0 0 0 rg BT 249.43 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 266.24 167.10 Td (other ) Tj ET Q q 0 0 0 rg BT 289.16 167.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 321.12 167.10 Td (Accor) Tj ET Q q 0 0 0 rg BT 344.62 167.10 Td (dingly) Tj ET Q q 0 0 0 rg BT 369.07 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 373.38 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.40 167.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 463.09 167.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 500.43 167.10 Td (as ) Tj ET Q q 0 0 0 rg BT 511.13 167.10 Td (a ) Tj ET Q q 0 0 0 rg BT 517.94 167.10 Td (per) Tj ET Q q 0 0 0 rg BT 530.90 167.10 Td (centage ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.21 155.10 Td (r) Tj ET Q q 0 0 0 rg BT 63.73 155.10 Td (evenues ) Tj ET Q q 0 0 0 rg BT 97.81 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.02 155.10 Td (any ) Tj ET Q q 0 0 0 rg BT 124.89 155.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 167.88 155.10 Td (year ) Tj ET Q q 0 0 0 rg BT 188.08 155.10 Td (may ) Tj ET Q q 0 0 0 rg BT 207.17 155.10 Td (not ) Tj ET Q q 0 0 0 rg BT 222.38 155.10 Td (be ) Tj ET Q q 0 0 0 rg BT 234.25 155.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 276.11 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.32 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.97 155.10 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 377.28 155.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 415.24 155.10 Td (as ) Tj ET Q q 0 0 0 rg BT 426.57 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 434.00 155.10 Td (per) Tj ET Q q 0 0 0 rg BT 446.96 155.10 Td (centage ) Tj ET Q q 0 0 0 rg BT 480.48 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 490.69 155.10 Td (r) Tj ET Q q 0 0 0 rg BT 494.21 155.10 Td (evenues ) Tj ET Q q 0 0 0 rg BT 528.29 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 538.50 155.10 Td (futur) Tj ET Q q 0 0 0 rg BT 557.58 155.10 Td (e ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (years.) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (35) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 742.25 Td (ovision for) Tj ET Q q 0 0 0 rg BT 105.46 742.25 Td ( Income ) Tj ET Q q 0 0 0 rg BT 141.94 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 147.70 742.25 Td (axes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 721.25 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 721.25 Td (e ) Tj ET Q q 0 0 0 rg BT 78.89 721.25 Td (are ) Tj ET Q q 0 0 0 rg BT 94.91 721.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 127.05 721.25 Td (to ) Tj ET Q q 0 0 0 rg BT 138.64 721.25 Td (federal, ) Tj ET Q q 0 0 0 rg BT 172.70 721.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 205.39 721.25 Td (and ) Tj ET Q q 0 0 0 rg BT 223.64 721.25 Td (state ) Tj ET Q q 0 0 0 rg BT 245.78 721.25 Td (and ) Tj ET Q q 0 0 0 rg BT 264.03 721.25 Td (local ) Tj ET Q q 0 0 0 rg BT 287.28 721.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 328.84 721.25 Td (income ) Tj ET Q q 0 0 0 rg BT 362.09 721.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 386.45 721.25 Td (in ) Tj ET Q q 0 0 0 rg BT 398.04 721.25 Td (the ) Tj ET Q q 0 0 0 rg BT 414.07 721.25 Td (United ) Tj ET Q q 0 0 0 rg BT 445.10 721.25 Td (States. ) Tj ET Q q 0 0 0 rg BT 475.30 721.25 Td (In ) Tj ET Q q 0 0 0 rg BT 487.44 721.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 526.53 721.25 Td (our ) Tj ET Q q 0 0 0 rg BT 543.67 721.25 Td (non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (U.S.subsidiaries ) Tj ET Q q 0 0 0 rg BT 120.00 709.25 Td (are ) Tj ET Q q 0 0 0 rg BT 134.71 709.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 165.53 709.25 Td (to ) Tj ET Q q 0 0 0 rg BT 175.81 709.25 Td (income ) Tj ET Q q 0 0 0 rg BT 207.74 709.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 230.79 709.25 Td (in ) Tj ET Q q 0 0 0 rg BT 241.07 709.25 Td (their ) Tj ET Q q 0 0 0 rg BT 261.89 709.25 Td (local ) Tj ET Q q 0 0 0 rg BT 283.83 709.25 Td (jurisdictions.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 688.25 Td (2013) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.00 688.25 Td ( ) Tj ET Q q 0 0 0 rg BT 83.58 688.25 Td (versus ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 110.71 688.25 Td (2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 130.71 688.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.21 688.25 Td (For ) Tj ET Q q 0 0 0 rg BT 151.17 688.25 Td (the ) Tj ET Q q 0 0 0 rg BT 164.97 688.25 Td (year ) Tj ET Q q 0 0 0 rg BT 183.75 688.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 209.21 688.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.87 688.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.87 688.25 Td (, ) Tj ET Q q 0 0 0 rg BT 290.95 688.25 Td (the ) Tj ET Q q 0 0 0 rg BT 304.74 688.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 344.09 688.25 Td (for ) Tj ET Q q 0 0 0 rg BT 357.33 688.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 379.46 688.25 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.58 688.25 Td ($24.5 ) Tj ET Q q 0 0 0 rg BT 420.66 688.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.55 688.25 Td (, ) Tj ET Q q 0 0 0 rg BT 453.63 688.25 Td (which ) Tj ET Q q 0 0 0 rg BT 479.65 688.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 516.19 688.25 Td (an ) Tj ET Q q 0 0 0 rg BT 527.21 688.25 Td (ef) Tj ET Q q 0 0 0 rg BT 534.80 688.25 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.66 676.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 82.09 676.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.86 676.25 Td (34%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.19 676.25 Td (. ) Tj ET Q q 0 0 0 rg BT 116.13 676.25 Td ( ) Tj ET Q q 0 0 0 rg BT 118.40 676.25 Td (This ) Tj ET Q q 0 0 0 rg BT 138.62 676.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 180.49 676.25 Td (to ) Tj ET Q q 0 0 0 rg BT 190.71 676.25 Td (a ) Tj ET Q q 0 0 0 rg BT 197.59 676.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 237.81 676.25 Td (for ) Tj ET Q q 0 0 0 rg BT 251.91 676.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 274.90 676.25 Td (for ) Tj ET Q q 0 0 0 rg BT 289.01 676.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.67 676.25 Td (year ) Tj ET Q q 0 0 0 rg BT 323.32 676.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.64 676.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 408.16 676.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.16 676.25 Td ( ) Tj ET Q q 0 0 0 rg BT 430.61 676.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.38 676.25 Td ($28.4 ) Tj ET Q q 0 0 0 rg BT 466.32 676.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.21 676.25 Td (, ) Tj ET Q q 0 0 0 rg BT 500.16 676.25 Td (which ) Tj ET Q q 0 0 0 rg BT 527.04 676.25 Td (reflected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (an ) Tj ET Q q 0 0 0 rg BT 61.55 664.25 Td (ef) Tj ET Q q 0 0 0 rg BT 69.14 664.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 98.46 664.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 112.79 664.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 129.88 664.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.33 664.25 Td (40%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.66 664.25 Td (. ) Tj ET Q q 0 0 0 rg BT 163.27 664.25 Td ( ) Tj ET Q q 0 0 0 rg BT 165.23 664.25 Td (The ) Tj ET Q q 0 0 0 rg BT 182.89 664.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 219.42 664.25 Td (in ) Tj ET Q q 0 0 0 rg BT 229.31 664.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.64 664.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 283.53 664.25 Td (for ) Tj ET Q q 0 0 0 rg BT 297.31 664.25 Td (income ) Tj ET Q q 0 0 0 rg BT 328.85 664.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 351.51 664.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.06 664.25 Td (ef) Tj ET Q q 0 0 0 rg BT 375.65 664.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 404.97 664.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 419.30 664.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 436.40 664.25 Td (in ) Tj ET Q q 0 0 0 rg BT 446.29 664.25 Td (the ) Tj ET Q q 0 0 0 rg BT 460.62 664.25 Td (year ) Tj ET Q q 0 0 0 rg BT 479.94 664.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.93 664.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 652.25 Td (, ) Tj ET Q q 0 0 0 rg BT 75.23 652.25 Td (as ) Tj ET Q q 0 0 0 rg BT 86.29 652.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 128.45 652.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.96 652.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.96 652.25 Td (, ) Tj ET Q q 0 0 0 rg BT 164.19 652.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 198.57 652.25 Td (from ) Tj ET Q q 0 0 0 rg BT 220.74 652.25 Td (a ) Tj ET Q q 0 0 0 rg BT 227.91 652.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 272.85 652.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 313.35 652.25 Td (in ) Tj ET Q q 0 0 0 rg BT 323.86 652.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.81 652.25 Td (ef) Tj ET Q q 0 0 0 rg BT 346.39 652.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 376.33 652.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 391.28 652.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 408.99 652.25 Td (in ) Tj ET Q q 0 0 0 rg BT 419.50 652.25 Td (2013 ) Tj ET Q q 0 0 0 rg BT 442.23 652.25 Td (applied ) Tj ET Q q 0 0 0 rg BT 474.40 652.25 Td (to ) Tj ET Q q 0 0 0 rg BT 484.91 652.25 Td (slightly ) Tj ET Q q 0 0 0 rg BT 517.64 652.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 545.92 652.25 Td (pre-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.34 640.25 Td (income ) Tj ET Q q 0 0 0 rg BT 95.90 640.25 Td (in ) Tj ET Q q 0 0 0 rg BT 105.80 640.25 Td (2013. ) Tj ET Q q 0 0 0 rg BT 130.42 640.25 Td ( ) Tj ET Q q 0 0 0 rg BT 132.39 640.25 Td (The ) Tj ET Q q 0 0 0 rg BT 150.06 640.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 186.60 640.25 Td (in ) Tj ET Q q 0 0 0 rg BT 196.50 640.25 Td (the ) Tj ET Q q 0 0 0 rg BT 210.84 640.25 Td (ef) Tj ET Q q 0 0 0 rg BT 218.43 640.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 247.75 640.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 262.09 640.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 279.20 640.25 Td (of ) Tj ET Q q 0 0 0 rg BT 289.65 640.25 Td (6 ) Tj ET Q q 0 0 0 rg BT 296.78 640.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 342.20 640.25 Td (points ) Tj ET Q q 0 0 0 rg BT 368.77 640.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 414.21 640.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 447.99 640.25 Td (from ) Tj ET Q q 0 0 0 rg BT 469.55 640.25 Td (an ) Tj ET Q q 0 0 0 rg BT 481.12 640.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 515.99 640.25 Td (in ) Tj ET Q q 0 0 0 rg BT 525.89 640.25 Td (non-U.S. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 88.56 628.25 Td (which ) Tj ET Q q 0 0 0 rg BT 115.18 628.25 Td (are ) Tj ET Q q 0 0 0 rg BT 129.57 628.25 Td (taxed ) Tj ET Q q 0 0 0 rg BT 153.41 628.25 Td (at ) Tj ET Q q 0 0 0 rg BT 162.81 628.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 215.54 628.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 240.49 628.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 261.55 628.25 Td (than ) Tj ET Q q 0 0 0 rg BT 280.95 628.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 300.92 628.25 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 339.48 628.25 Td ( ) Tj ET Q q 0 0 0 rg BT 341.66 628.25 Td (In ) Tj ET Q q 0 0 0 rg BT 352.17 628.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 389.63 628.25 Td (in ) Tj ET Q q 0 0 0 rg BT 399.59 628.25 Td (2013 ) Tj ET Q q 0 0 0 rg BT 421.77 628.25 Td (we ) Tj ET Q q 0 0 0 rg BT 435.62 628.25 Td (benefited ) Tj ET Q q 0 0 0 rg BT 475.00 628.25 Td (from ) Tj ET Q q 0 0 0 rg BT 496.62 628.25 Td (a ) Tj ET Q q 0 0 0 rg BT 503.24 628.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 539.84 628.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.80 628.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.21 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 92.76 616.25 Td (non-deductible ) Tj ET Q q 0 0 0 rg BT 154.95 616.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 183.82 616.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 209.93 616.25 Td (related ) Tj ET Q q 0 0 0 rg BT 239.34 616.25 Td (to ) Tj ET Q q 0 0 0 rg BT 249.34 616.25 Td (our ) Tj ET Q q 0 0 0 rg BT 264.88 616.25 Td (European ) Tj ET Q q 0 0 0 rg BT 305.42 616.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 357.91 616.25 Td (which ) Tj ET Q q 0 0 0 rg BT 384.56 616.25 Td (had ) Tj ET Q q 0 0 0 rg BT 401.21 616.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 441.18 616.25 Td (our ) Tj ET Q q 0 0 0 rg BT 456.73 616.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 485.60 616.25 Td (ef) Tj ET Q q 0 0 0 rg BT 493.19 616.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 522.61 616.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 537.04 616.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 554.24 616.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (2012. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 583.25 Td (2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.00 583.25 Td ( ) Tj ET Q q 0 0 0 rg BT 83.62 583.25 Td (versus ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 110.79 583.25 Td (201) Tj ET Q q 0 0 0 rg BT 125.05 583.25 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 130.05 583.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.05 583.25 Td (For ) Tj ET Q q 0 0 0 rg BT 150.56 583.25 Td (the ) Tj ET Q q 0 0 0 rg BT 164.39 583.25 Td (year ) Tj ET Q q 0 0 0 rg BT 183.22 583.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 208.71 583.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.42 583.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.42 583.25 Td (, ) Tj ET Q q 0 0 0 rg BT 290.54 583.25 Td (the ) Tj ET Q q 0 0 0 rg BT 304.37 583.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 343.77 583.25 Td (for ) Tj ET Q q 0 0 0 rg BT 357.05 583.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 379.21 583.25 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.38 583.25 Td ($28.4 ) Tj ET Q q 0 0 0 rg BT 420.50 583.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.39 583.25 Td (, ) Tj ET Q q 0 0 0 rg BT 453.51 583.25 Td (which ) Tj ET Q q 0 0 0 rg BT 479.57 583.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 516.16 583.25 Td (an ) Tj ET Q q 0 0 0 rg BT 527.21 583.25 Td (ef) Tj ET Q q 0 0 0 rg BT 534.80 583.25 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 571.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.68 571.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 82.12 571.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.92 571.25 Td (40%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.25 571.25 Td (. ) Tj ET Q q 0 0 0 rg BT 116.21 571.25 Td ( ) Tj ET Q q 0 0 0 rg BT 118.49 571.25 Td (This ) Tj ET Q q 0 0 0 rg BT 138.73 571.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 180.61 571.25 Td (to ) Tj ET Q q 0 0 0 rg BT 190.85 571.25 Td (a ) Tj ET Q q 0 0 0 rg BT 197.75 571.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 237.99 571.25 Td (for ) Tj ET Q q 0 0 0 rg BT 252.11 571.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 275.12 571.25 Td (for ) Tj ET Q q 0 0 0 rg BT 289.24 571.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.92 571.25 Td (year ) Tj ET Q q 0 0 0 rg BT 323.59 571.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 349.92 571.25 Td (December ) Tj ET Q q 0 0 0 rg BT 393.47 571.25 Td (31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.43 571.25 Td (201) Tj ET Q q 0 0 0 rg BT 423.06 571.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.06 571.25 Td ( ) Tj ET Q q 0 0 0 rg BT 430.52 571.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.31 571.25 Td ($24.1 ) Tj ET Q q 0 0 0 rg BT 466.27 571.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.16 571.25 Td (, ) Tj ET Q q 0 0 0 rg BT 500.13 571.25 Td (which ) Tj ET Q q 0 0 0 rg BT 527.02 571.25 Td (reflected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (an ) Tj ET Q q 0 0 0 rg BT 61.64 559.25 Td (ef) Tj ET Q q 0 0 0 rg BT 69.23 559.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 98.63 559.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 113.04 559.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 130.23 559.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.75 559.25 Td (35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.08 559.25 Td (. ) Tj ET Q q 0 0 0 rg BT 163.78 559.25 Td ( ) Tj ET Q q 0 0 0 rg BT 165.82 559.25 Td (The ) Tj ET Q q 0 0 0 rg BT 183.57 559.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 218.52 559.25 Td (in ) Tj ET Q q 0 0 0 rg BT 228.50 559.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.91 559.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 282.89 559.25 Td (for ) Tj ET Q q 0 0 0 rg BT 296.75 559.25 Td (income ) Tj ET Q q 0 0 0 rg BT 328.38 559.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 351.13 559.25 Td (and ) Tj ET Q q 0 0 0 rg BT 367.76 559.25 Td (ef) Tj ET Q q 0 0 0 rg BT 375.35 559.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 404.75 559.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 419.17 559.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 436.35 559.25 Td (in ) Tj ET Q q 0 0 0 rg BT 446.33 559.25 Td (the ) Tj ET Q q 0 0 0 rg BT 460.75 559.25 Td (year ) Tj ET Q q 0 0 0 rg BT 480.15 559.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 506.23 559.25 Td (December ) Tj ET Q q 0 0 0 rg BT 549.51 559.25 Td (31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 547.25 Td (, ) Tj ET Q q 0 0 0 rg BT 74.86 547.25 Td (as ) Tj ET Q q 0 0 0 rg BT 85.55 547.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 127.34 547.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.48 547.25 Td (201) Tj ET Q q 0 0 0 rg BT 152.11 547.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.11 547.25 Td (, ) Tj ET Q q 0 0 0 rg BT 161.97 547.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 195.99 547.25 Td (from ) Tj ET Q q 0 0 0 rg BT 217.79 547.25 Td (both ) Tj ET Q q 0 0 0 rg BT 237.93 547.25 Td (a ) Tj ET Q q 0 0 0 rg BT 244.73 547.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 274.85 547.25 Td (proportion ) Tj ET Q q 0 0 0 rg BT 319.43 547.25 Td (of ) Tj ET Q q 0 0 0 rg BT 330.12 547.25 Td (our ) Tj ET Q q 0 0 0 rg BT 345.81 547.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 382.05 547.25 Td (being ) Tj ET Q q 0 0 0 rg BT 406.63 547.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 447.86 547.25 Td (in ) Tj ET Q q 0 0 0 rg BT 458.00 547.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.58 547.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 492.72 547.25 Td (and ) Tj ET Q q 0 0 0 rg BT 509.52 547.25 Td (the ) Tj ET Q q 0 0 0 rg BT 524.10 547.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 553.67 547.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.41 535.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 106.06 535.25 Td (not ) Tj ET Q q 0 0 0 rg BT 121.60 535.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 160.46 535.25 Td (deductible ) Tj ET Q q 0 0 0 rg BT 204.87 535.25 Td (related ) Tj ET Q q 0 0 0 rg BT 234.83 535.25 Td (to ) Tj ET Q q 0 0 0 rg BT 245.37 535.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.35 535.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 278.66 535.25 Td (of ) Tj ET Q q 0 0 0 rg BT 289.75 535.25 Td (our ) Tj ET Q q 0 0 0 rg BT 305.84 535.25 Td (European ) Tj ET Q q 0 0 0 rg BT 346.92 535.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 399.95 535.25 Td ( ) Tj ET Q q 0 0 0 rg BT 402.71 535.25 Td (Since ) Tj ET Q q 0 0 0 rg BT 427.69 535.25 Td (the ) Tj ET Q q 0 0 0 rg BT 442.67 535.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 463.22 535.25 Td (imposes ) Tj ET Q q 0 0 0 rg BT 498.75 535.25 Td (a ) Tj ET Q q 0 0 0 rg BT 505.95 535.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 534.26 535.25 Td (federal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.08 523.25 Td (state ) Tj ET Q q 0 0 0 rg BT 88.04 523.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 102.90 523.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 120.52 523.25 Td (than ) Tj ET Q q 0 0 0 rg BT 140.37 523.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.23 523.25 Td (other ) Tj ET Q q 0 0 0 rg BT 178.41 523.25 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 230.50 523.25 Td (in ) Tj ET Q q 0 0 0 rg BT 240.91 523.25 Td (which ) Tj ET Q q 0 0 0 rg BT 267.99 523.25 Td (we ) Tj ET Q q 0 0 0 rg BT 282.29 523.25 Td (operate, ) Tj ET Q q 0 0 0 rg BT 316.85 523.25 Td (an ) Tj ET Q q 0 0 0 rg BT 328.93 523.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 364.32 523.25 Td (in ) Tj ET Q q 0 0 0 rg BT 374.73 523.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.59 523.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 421.11 523.25 Td (of ) Tj ET Q q 0 0 0 rg BT 432.08 523.25 Td (our ) Tj ET Q q 0 0 0 rg BT 448.05 523.25 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 479.00 523.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 515.52 523.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 554.25 523.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.85 511.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 83.27 511.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.69 511.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.69 511.25 Td ( ) Tj ET Q q 0 0 0 rg BT 114.32 511.25 Td (as ) Tj ET Q q 0 0 0 rg BT 124.29 511.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 165.35 511.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.76 511.25 Td (201) Tj ET Q q 0 0 0 rg BT 189.39 511.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.39 511.25 Td ( ) Tj ET Q q 0 0 0 rg BT 196.03 511.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 235.42 511.25 Td (our ) Tj ET Q q 0 0 0 rg BT 250.38 511.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 264.23 511.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 303.65 511.25 Td (and ) Tj ET Q q 0 0 0 rg BT 319.72 511.25 Td (ef) Tj ET Q q 0 0 0 rg BT 327.31 511.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 356.15 511.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 370.00 511.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 386.62 511.25 Td (in ) Tj ET Q q 0 0 0 rg BT 396.04 511.25 Td (2012. ) Tj ET Q q 0 0 0 rg BT 420.17 511.25 Td ( ) Tj ET Q q 0 0 0 rg BT 421.81 511.25 Td (Further) Tj ET Q q 0 0 0 rg BT 450.84 511.25 Td (, ) Tj ET Q q 0 0 0 rg BT 454.98 511.25 Td (as ) Tj ET Q q 0 0 0 rg BT 464.95 511.25 Td (a ) Tj ET Q q 0 0 0 rg BT 471.02 511.25 Td (result ) Tj ET Q q 0 0 0 rg BT 494.87 511.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.84 511.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.69 511.25 Td (liquidation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.18 499.25 Td (our ) Tj ET Q q 0 0 0 rg BT 77.37 499.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 124.10 499.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 161.95 499.25 Td (in ) Tj ET Q q 0 0 0 rg BT 172.58 499.25 Td (Europe ) Tj ET Q q 0 0 0 rg BT 204.31 499.25 Td (at ) Tj ET Q q 0 0 0 rg BT 214.38 499.25 Td (a ) Tj ET Q q 0 0 0 rg BT 221.67 499.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 240.09 499.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.72 499.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.72 499.25 Td (, ) Tj ET Q q 0 0 0 rg BT 276.07 499.25 Td (we ) Tj ET Q q 0 0 0 rg BT 290.58 499.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 328.41 499.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 357.92 499.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 384.66 499.25 Td (not ) Tj ET Q q 0 0 0 rg BT 400.29 499.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 439.24 499.25 Td (deductible, ) Tj ET Q q 0 0 0 rg BT 486.24 499.25 Td (which ) Tj ET Q q 0 0 0 rg BT 513.53 499.25 Td (also ) Tj ET Q q 0 0 0 rg BT 532.50 499.25 Td (had ) Tj ET Q q 0 0 0 rg BT 549.79 499.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 487.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 75.07 487.25 Td (of ) Tj ET Q q 0 0 0 rg BT 85.90 487.25 Td (increasing ) Tj ET Q q 0 0 0 rg BT 129.50 487.25 Td (our ) Tj ET Q q 0 0 0 rg BT 145.33 487.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 160.04 487.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 200.32 487.25 Td (and ) Tj ET Q q 0 0 0 rg BT 217.26 487.25 Td (ef) Tj ET Q q 0 0 0 rg BT 224.85 487.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 254.55 487.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 269.27 487.25 Td (rate. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 466.25 Td (The ) Tj ET Q q 0 0 0 rg BT 79.43 466.25 Td (effective ) Tj ET Q q 0 0 0 rg BT 115.17 466.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 129.82 466.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 148.36 466.25 Td (can ) Tj ET Q q 0 0 0 rg BT 165.23 466.25 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 202.65 466.25 Td (as ) Tj ET Q q 0 0 0 rg BT 213.97 466.25 Td (a ) Tj ET Q q 0 0 0 rg BT 221.40 466.25 Td (r) Tj ET Q q 0 0 0 rg BT 224.92 466.25 Td (esult ) Tj ET Q q 0 0 0 rg BT 246.24 466.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.45 466.25 Td (variations ) Tj ET Q q 0 0 0 rg BT 299.44 466.25 Td (in ) Tj ET Q q 0 0 0 rg BT 309.65 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 324.30 466.25 Td (r) Tj ET Q q 0 0 0 rg BT 327.82 466.25 Td (elative ) Tj ET Q q 0 0 0 rg BT 356.90 466.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 393.23 466.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.44 466.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 440.31 466.25 Td (and ) Tj ET Q q 0 0 0 rg BT 457.74 466.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 502.93 466.25 Td (income ) Tj ET Q q 0 0 0 rg BT 534.24 466.25 Td (earned ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.81 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 80.84 454.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 94.87 454.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 112.78 454.25 Td (imposed ) Tj ET Q q 0 0 0 rg BT 147.92 454.25 Td (in ) Tj ET Q q 0 0 0 rg BT 157.51 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.54 454.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 185.57 454.25 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 237.38 454.25 Td (in ) Tj ET Q q 0 0 0 rg BT 246.97 454.25 Td (which ) Tj ET Q q 0 0 0 rg BT 272.67 454.25 Td (we ) Tj ET Q q 0 0 0 rg BT 285.59 454.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 317.95 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 334.76 454.25 Td (invest. ) Tj ET Q q 0 0 0 rg BT 362.26 454.25 Td (Accor) Tj ET Q q 0 0 0 rg BT 385.77 454.25 Td (dingly) Tj ET Q q 0 0 0 rg BT 410.21 454.25 Td (, ) Tj ET Q q 0 0 0 rg BT 414.52 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 428.55 454.25 Td (effective ) Tj ET Q q 0 0 0 rg BT 463.67 454.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 477.69 454.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 495.61 454.25 Td (in ) Tj ET Q q 0 0 0 rg BT 505.20 454.25 Td (any ) Tj ET Q q 0 0 0 rg BT 521.45 454.25 Td (particular ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (year ) Tj ET Q q 0 0 0 rg BT 70.27 442.25 Td (may ) Tj ET Q q 0 0 0 rg BT 89.43 442.25 Td (not ) Tj ET Q q 0 0 0 rg BT 104.71 442.25 Td (be ) Tj ET Q q 0 0 0 rg BT 116.65 442.25 Td (indicative ) Tj ET Q q 0 0 0 rg BT 158.57 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 168.85 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.57 442.25 Td (effective ) Tj ET Q q 0 0 0 rg BT 219.38 442.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 234.09 442.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 252.70 442.25 Td (in ) Tj ET Q q 0 0 0 rg BT 262.98 442.25 Td (futur) Tj ET Q q 0 0 0 rg BT 282.06 442.25 Td (e ) Tj ET Q q 0 0 0 rg BT 288.99 442.25 Td (years.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (Net Income and Earnings Per) Tj ET Q q 0 0 0 rg BT 176.48 409.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 199.36 409.25 Td (e) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 388.25 Td (2013) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.00 388.25 Td ( ) Tj ET Q q 0 0 0 rg BT 84.70 388.25 Td (versus ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 112.95 388.25 Td (2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 132.95 388.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.45 388.25 Td (For ) Tj ET Q q 0 0 0 rg BT 154.54 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 169.46 388.25 Td (year ) Tj ET Q q 0 0 0 rg BT 189.36 388.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 215.94 388.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.72 388.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.72 388.25 Td (, ) Tj ET Q q 0 0 0 rg BT 299.92 388.25 Td (net ) Tj ET Q q 0 0 0 rg BT 314.84 388.25 Td (income ) Tj ET Q q 0 0 0 rg BT 346.97 388.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 385.76 388.25 Td (to ) Tj ET Q q 0 0 0 rg BT 396.24 388.25 Td (common ) Tj ET Q q 0 0 0 rg BT 433.93 388.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 487.18 388.25 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.43 388.25 Td ($46.7 ) Tj ET Q q 0 0 0 rg BT 530.63 388.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.52 388.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.17 376.25 Td ($1.55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.67 376.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.52 376.25 Td (per ) Tj ET Q q 0 0 0 rg BT 102.13 376.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 132.75 376.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 159.19 376.25 Td (as ) Tj ET Q q 0 0 0 rg BT 170.36 376.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 212.63 376.25 Td (to ) Tj ET Q q 0 0 0 rg BT 223.25 376.25 Td (net ) Tj ET Q q 0 0 0 rg BT 238.31 376.25 Td (income ) Tj ET Q q 0 0 0 rg BT 270.59 376.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 309.52 376.25 Td (to ) Tj ET Q q 0 0 0 rg BT 320.14 376.25 Td (common ) Tj ET Q q 0 0 0 rg BT 357.98 376.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 411.37 376.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.54 376.25 Td ($42.1 ) Tj ET Q q 0 0 0 rg BT 447.88 376.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.78 376.25 Td (, ) Tj ET Q q 0 0 0 rg BT 482.12 376.25 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.29 376.25 Td ($1.38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.79 376.25 Td ( ) Tj ET Q q 0 0 0 rg BT 518.64 376.25 Td (per ) Tj ET Q q 0 0 0 rg BT 534.25 376.25 Td (diluted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 76.90 364.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.97 364.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.97 364.25 Td (. ) Tj ET Q q 0 0 0 rg BT 113.77 364.25 Td ( ) Tj ET Q q 0 0 0 rg BT 116.34 364.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 157.42 364.25 Td (we ) Tj ET Q q 0 0 0 rg BT 172.38 364.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 207.32 364.25 Td (slightly ) Tj ET Q q 0 0 0 rg BT 240.62 364.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 269.46 364.25 Td (total ) Tj ET Q q 0 0 0 rg BT 290.54 364.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 329.37 364.25 Td (and ) Tj ET Q q 0 0 0 rg BT 347.11 364.25 Td (income ) Tj ET Q q 0 0 0 rg BT 379.84 364.25 Td (before ) Tj ET Q q 0 0 0 rg BT 408.68 364.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 424.19 364.25 Td (in ) Tj ET Q q 0 0 0 rg BT 435.27 364.25 Td (2013 ) Tj ET Q q 0 0 0 rg BT 458.57 364.25 Td (as ) Tj ET Q q 0 0 0 rg BT 470.19 364.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 512.92 364.25 Td (to ) Tj ET Q q 0 0 0 rg BT 523.99 364.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 549.79 364.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 85.09 352.25 Td (in ) Tj ET Q q 0 0 0 rg BT 95.20 352.25 Td (net ) Tj ET Q q 0 0 0 rg BT 109.74 352.25 Td (income ) Tj ET Q q 0 0 0 rg BT 141.51 352.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 179.93 352.25 Td (to ) Tj ET Q q 0 0 0 rg BT 190.04 352.25 Td (common ) Tj ET Q q 0 0 0 rg BT 227.37 352.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 280.24 352.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.91 352.25 Td ($4.6 ) Tj ET Q q 0 0 0 rg BT 310.74 352.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.63 352.25 Td ( ) Tj ET Q q 0 0 0 rg BT 341.96 352.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 387.61 352.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 421.60 352.25 Td (from ) Tj ET Q q 0 0 0 rg BT 443.37 352.25 Td (a ) Tj ET Q q 0 0 0 rg BT 450.14 352.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 486.88 352.25 Td (in ) Tj ET Q q 0 0 0 rg BT 496.99 352.25 Td (our ) Tj ET Q q 0 0 0 rg BT 512.66 352.25 Td (ef) Tj ET Q q 0 0 0 rg BT 520.24 352.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 549.78 352.25 Td (tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 67.08 340.25 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.62 340.25 Td (40%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.95 340.25 Td ( ) Tj ET Q q 0 0 0 rg BT 109.05 340.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.92 340.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.92 340.25 Td ( ) Tj ET Q q 0 0 0 rg BT 141.02 340.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.89 340.25 Td (34%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.22 340.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.32 340.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.20 340.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.20 340.25 Td ( ) Tj ET Q q 0 0 0 rg BT 203.29 340.25 Td (as ) Tj ET Q q 0 0 0 rg BT 213.72 340.25 Td (explained ) Tj ET Q q 0 0 0 rg BT 254.69 340.25 Td (above. ) Tj ET Q q 0 0 0 rg BT 283.16 340.25 Td ( ) Tj ET Q q 0 0 0 rg BT 285.26 340.25 Td (In ) Tj ET Q q 0 0 0 rg BT 295.69 340.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 333.06 340.25 Td (our ) Tj ET Q q 0 0 0 rg BT 348.49 340.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 383.34 340.25 Td (in ) Tj ET Q q 0 0 0 rg BT 393.21 340.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 423.08 340.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 459.06 340.25 Td (per ) Tj ET Q q 0 0 0 rg BT 473.92 340.25 Td (share ) Tj ET Q q 0 0 0 rg BT 497.12 340.25 Td (of ) Tj ET Q q 0 0 0 rg BT 507.55 340.25 Td ($0.17 ) Tj ET Q q 0 0 0 rg BT 532.14 340.25 Td (in ) Tj ET Q q 0 0 0 rg BT 542.02 340.25 Td (2013 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.83 328.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 102.75 328.25 Td (to ) Tj ET Q q 0 0 0 rg BT 113.03 328.25 Td (2012 ) Tj ET Q q 0 0 0 rg BT 135.53 328.25 Td (also ) Tj ET Q q 0 0 0 rg BT 154.14 328.25 Td (benefited ) Tj ET Q q 0 0 0 rg BT 193.84 328.25 Td (from ) Tj ET Q q 0 0 0 rg BT 215.78 328.25 Td (a ) Tj ET Q q 0 0 0 rg BT 222.72 328.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 259.63 328.25 Td (in ) Tj ET Q q 0 0 0 rg BT 269.91 328.25 Td (our ) Tj ET Q q 0 0 0 rg BT 285.74 328.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 316.02 328.25 Td (share ) Tj ET Q q 0 0 0 rg BT 339.61 328.25 Td (count.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 307.25 Td (During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.72 307.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.72 307.25 Td (, ) Tj ET Q q 0 0 0 rg BT 117.61 307.25 Td (our ) Tj ET Q q 0 0 0 rg BT 133.32 307.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 154.60 307.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 184.76 307.25 Td (average ) Tj ET Q q 0 0 0 rg BT 218.23 307.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 245.61 307.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 294.66 307.25 Td (decreased ) Tj ET Q q 0 0 0 rg BT 336.46 307.25 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.85 307.25 Td (0.4 ) Tj ET Q q 0 0 0 rg BT 363.74 307.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.63 307.25 Td ( ) Tj ET Q q 0 0 0 rg BT 395.02 307.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.18 307.25 Td (30.2 ) Tj ET Q q 0 0 0 rg BT 425.07 307.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.96 307.25 Td ( ) Tj ET Q q 0 0 0 rg BT 456.35 307.25 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.18 307.25 Td (30.6 ) Tj ET Q q 0 0 0 rg BT 498.06 307.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.96 307.25 Td ( ) Tj ET Q q 0 0 0 rg BT 529.34 307.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.51 307.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.51 307.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 295.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.35 295.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 105.58 295.25 Td (in ) Tj ET Q q 0 0 0 rg BT 116.16 295.25 Td (our ) Tj ET Q q 0 0 0 rg BT 132.30 295.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 153.99 295.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 184.58 295.25 Td (average ) Tj ET Q q 0 0 0 rg BT 218.47 295.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 246.26 295.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 295.74 295.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 341.87 295.25 Td (related ) Tj ET Q q 0 0 0 rg BT 371.88 295.25 Td (to ) Tj ET Q q 0 0 0 rg BT 382.46 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 397.49 295.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 436.95 295.25 Td (average ) Tj ET Q q 0 0 0 rg BT 470.84 295.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 500.86 295.25 Td (of ) Tj ET Q q 0 0 0 rg BT 512.00 295.25 Td (open ) Tj ET Q q 0 0 0 rg BT 534.24 295.25 Td (market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 283.25 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 98.97 283.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.07 283.25 Td (0.9 ) Tj ET Q q 0 0 0 rg BT 123.34 283.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.23 283.25 Td ( ) Tj ET Q q 0 0 0 rg BT 154.00 283.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 180.76 283.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 215.85 283.25 Td (of) Tj ET Q q 0 0 0 rg BT 224.00 283.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 240.21 283.25 Td (by ) Tj ET Q q 0 0 0 rg BT 251.98 283.25 Td (the ) Tj ET Q q 0 0 0 rg BT 265.96 283.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 313.28 283.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.38 283.25 Td (0.5 ) Tj ET Q q 0 0 0 rg BT 337.65 283.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.54 283.25 Td ( ) Tj ET Q q 0 0 0 rg BT 368.31 283.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 407.28 283.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 430.16 283.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 447.49 283.25 Td (awards, ) Tj ET Q q 0 0 0 rg BT 480.08 283.25 Td (net ) Tj ET Q q 0 0 0 rg BT 494.06 283.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.16 283.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 530.92 283.25 Td (deemed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 271.25 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 100.81 271.25 Td (by ) Tj ET Q q 0 0 0 rg BT 113.31 271.25 Td (us ) Tj ET Q q 0 0 0 rg BT 124.70 271.25 Td (for ) Tj ET Q q 0 0 0 rg BT 138.86 271.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.57 271.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 197.17 271.25 Td (of ) Tj ET Q q 0 0 0 rg BT 208.00 271.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 249.38 271.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 264.09 271.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 303.81 271.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 333.53 271.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 356.03 271.25 Td (the ) Tj ET Q q 0 0 0 rg BT 370.74 271.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 402.13 271.25 Td (of ) Tj ET Q q 0 0 0 rg BT 412.96 271.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.68 271.25 Td (awards. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 250.25 Td (The ) Tj ET Q q 0 0 0 rg BT 79.52 250.25 Td (average ) Tj ET Q q 0 0 0 rg BT 112.58 250.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 139.54 250.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 188.18 250.25 Td (at ) Tj ET Q q 0 0 0 rg BT 197.37 250.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.42 250.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.42 250.25 Td ( ) Tj ET Q q 0 0 0 rg BT 277.40 250.25 Td (do ) Tj ET Q q 0 0 0 rg BT 289.37 250.25 Td (not ) Tj ET Q q 0 0 0 rg BT 304.12 250.25 Td (include ) Tj ET Q q 0 0 0 rg BT 335.53 250.25 Td (an ) Tj ET Q q 0 0 0 rg BT 346.94 250.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 388.90 250.25 Td (0.4 ) Tj ET Q q 0 0 0 rg BT 403.37 250.25 Td (million ) Tj ET Q q 0 0 0 rg BT 434.24 250.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 478.42 250.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 525.37 250.25 Td (preferred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.02 238.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 104.05 238.25 Td (to ) Tj ET Q q 0 0 0 rg BT 113.86 238.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.11 238.25 Td (founding ) Tj ET Q q 0 0 0 rg BT 166.25 238.25 Td (partners ) Tj ET Q q 0 0 0 rg BT 200.48 238.25 Td (of ) Tj ET Q q 0 0 0 rg BT 210.84 238.25 Td (Caliburn, ) Tj ET Q q 0 0 0 rg BT 250.37 238.25 Td (which ) Tj ET Q q 0 0 0 rg BT 276.84 238.25 Td (may ) Tj ET Q q 0 0 0 rg BT 296.08 238.25 Td (be ) Tj ET Q q 0 0 0 rg BT 307.55 238.25 Td (converted ) Tj ET Q q 0 0 0 rg BT 349.01 238.25 Td (to ) Tj ET Q q 0 0 0 rg BT 358.82 238.25 Td (an ) Tj ET Q q 0 0 0 rg BT 370.28 238.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 393.97 238.25 Td (number ) Tj ET Q q 0 0 0 rg BT 426.55 238.25 Td (of ) Tj ET Q q 0 0 0 rg BT 436.91 238.25 Td (our ) Tj ET Q q 0 0 0 rg BT 452.27 238.25 Td (common ) Tj ET Q q 0 0 0 rg BT 489.29 238.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 516.31 238.25 Td (in ) Tj ET Q q 0 0 0 rg BT 526.12 238.25 Td (the ) Tj ET Q q 0 0 0 rg BT 540.37 238.25 Td (event ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (that ) Tj ET Q q 0 0 0 rg BT 67.40 226.25 Td (the ) Tj ET Q q 0 0 0 rg BT 82.03 226.25 Td (second ) Tj ET Q q 0 0 0 rg BT 112.21 226.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 165.14 226.25 Td (tar) Tj ET Q q 0 0 0 rg BT 175.50 226.25 Td (get ) Tj ET Q q 0 0 0 rg BT 190.13 226.25 Td (related ) Tj ET Q q 0 0 0 rg BT 219.74 226.25 Td (to ) Tj ET Q q 0 0 0 rg BT 229.93 226.25 Td (the ) Tj ET Q q 0 0 0 rg BT 244.55 226.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 278.61 226.25 Td (tar) Tj ET Q q 0 0 0 rg BT 288.97 226.25 Td (get ) Tj ET Q q 0 0 0 rg BT 303.60 226.25 Td (for ) Tj ET Q q 0 0 0 rg BT 317.67 226.25 Td (the ) Tj ET Q q 0 0 0 rg BT 332.29 226.25 Td (period ) Tj ET Q q 0 0 0 rg BT 359.72 226.25 Td (April ) Tj ET Q q 0 0 0 rg BT 383.23 226.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 393.14 226.25 Td (2013 ) Tj ET Q q 0 0 0 rg BT 415.55 226.25 Td (through ) Tj ET Q q 0 0 0 rg BT 449.07 226.25 Td (March ) Tj ET Q q 0 0 0 rg BT 477.58 226.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 492.48 226.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 514.89 226.25 Td (is ) Tj ET Q q 0 0 0 rg BT 523.97 226.25 Td (achieved. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (If ) Tj ET Q q 0 0 0 rg BT 58.96 214.25 Td (the ) Tj ET Q q 0 0 0 rg BT 73.47 214.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 107.41 214.25 Td (tar) Tj ET Q q 0 0 0 rg BT 117.77 214.25 Td (get ) Tj ET Q q 0 0 0 rg BT 132.29 214.25 Td (for ) Tj ET Q q 0 0 0 rg BT 146.24 214.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.75 214.25 Td (second ) Tj ET Q q 0 0 0 rg BT 190.82 214.25 Td (tranche ) Tj ET Q q 0 0 0 rg BT 222.53 214.25 Td (is ) Tj ET Q q 0 0 0 rg BT 231.50 214.25 Td (achieved, ) Tj ET Q q 0 0 0 rg BT 271.83 214.25 Td (the ) Tj ET Q q 0 0 0 rg BT 286.34 214.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 313.62 214.25 Td (will ) Tj ET Q q 0 0 0 rg BT 331.47 214.25 Td (be ) Tj ET Q q 0 0 0 rg BT 343.21 214.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 376.60 214.25 Td (converted ) Tj ET Q q 0 0 0 rg BT 418.32 214.25 Td (to ) Tj ET Q q 0 0 0 rg BT 428.39 214.25 Td (common ) Tj ET Q q 0 0 0 rg BT 465.68 214.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 492.96 214.25 Td (for ) Tj ET Q q 0 0 0 rg BT 506.92 214.25 Td (EPS ) Tj ET Q q 0 0 0 rg BT 526.45 214.25 Td (purposes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (at ) Tj ET Q q 0 0 0 rg BT 59.68 202.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.37 202.25 Td (time ) Tj ET Q q 0 0 0 rg BT 94.60 202.25 Td (the ) Tj ET Q q 0 0 0 rg BT 109.29 202.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 162.28 202.25 Td (tar) Tj ET Q q 0 0 0 rg BT 172.64 202.25 Td (get ) Tj ET Q q 0 0 0 rg BT 187.32 202.25 Td (is ) Tj ET Q q 0 0 0 rg BT 196.46 202.25 Td (met. ) Tj ET Q q 0 0 0 rg BT 216.42 202.25 Td ( ) Tj ET Q q 0 0 0 rg BT 218.89 202.25 Td (If ) Tj ET Q q 0 0 0 rg BT 228.01 202.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.70 202.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 276.81 202.25 Td (tar) Tj ET Q q 0 0 0 rg BT 287.17 202.25 Td (get ) Tj ET Q q 0 0 0 rg BT 301.86 202.25 Td (for ) Tj ET Q q 0 0 0 rg BT 315.98 202.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.66 202.25 Td (second ) Tj ET Q q 0 0 0 rg BT 360.90 202.25 Td (tranche ) Tj ET Q q 0 0 0 rg BT 392.79 202.25 Td (is ) Tj ET Q q 0 0 0 rg BT 401.92 202.25 Td (not ) Tj ET Q q 0 0 0 rg BT 417.17 202.25 Td (achieved, ) Tj ET Q q 0 0 0 rg BT 457.67 202.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.35 202.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 517.03 202.25 Td (convertible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 103.27 190.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 131.01 190.25 Td (will ) Tj ET Q q 0 0 0 rg BT 149.32 190.25 Td (be ) Tj ET Q q 0 0 0 rg BT 161.51 190.25 Td (canceled. ) Tj ET Q q 0 0 0 rg BT 201.53 190.25 Td (The ) Tj ET Q q 0 0 0 rg BT 219.83 190.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 264.79 190.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 312.52 190.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 365.80 190.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 393.54 190.25 Td (related ) Tj ET Q q 0 0 0 rg BT 423.49 190.25 Td (to ) Tj ET Q q 0 0 0 rg BT 434.02 190.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.98 190.25 Td (first ) Tj ET Q q 0 0 0 rg BT 467.84 190.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 521.12 190.25 Td (tar) Tj ET Q q 0 0 0 rg BT 531.48 190.25 Td (get ) Tj ET Q q 0 0 0 rg BT 546.45 190.25 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (met ) Tj ET Q q 0 0 0 rg BT 66.80 178.25 Td (in ) Tj ET Q q 0 0 0 rg BT 76.38 178.25 Td (2012 ) Tj ET Q q 0 0 0 rg BT 98.19 178.25 Td (and ) Tj ET Q q 0 0 0 rg BT 114.43 178.25 Td (0.7 ) Tj ET Q q 0 0 0 rg BT 128.73 178.25 Td (million ) Tj ET Q q 0 0 0 rg BT 159.43 178.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 186.22 178.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.36 178.25 Td (common ) Tj ET Q q 0 0 0 rg BT 233.16 178.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 256.07 178.25 Td (were ) Tj ET Q q 0 0 0 rg BT 277.30 178.25 Td (included ) Tj ET Q q 0 0 0 rg BT 313.54 178.25 Td (in ) Tj ET Q q 0 0 0 rg BT 323.12 178.25 Td (our ) Tj ET Q q 0 0 0 rg BT 338.26 178.25 Td (share ) Tj ET Q q 0 0 0 rg BT 361.16 178.25 Td (count, ) Tj ET Q q 0 0 0 rg BT 387.68 178.25 Td (ef) Tj ET Q q 0 0 0 rg BT 395.27 178.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 424.27 178.25 Td (December ) Tj ET Q q 0 0 0 rg BT 467.16 178.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 491.47 178.25 Td (for ) Tj ET Q q 0 0 0 rg BT 504.93 178.25 Td (EPS ) Tj ET Q q 0 0 0 rg BT 523.97 178.25 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 564.52 178.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (See ) Tj ET Q q 0 0 0 rg BT 67.24 166.25 Td ("Note ) Tj ET Q q 0 0 0 rg BT 93.55 166.25 Td (9 ) Tj ET Q q 0 0 0 rg BT 101.35 166.25 Td ( ) Tj ET Q q 0 0 0 rg BT 114.15 166.25 Td (Equity" ) Tj ET Q q 0 0 0 rg BT 147.70 166.25 Td (and ) Tj ET Q q 0 0 0 rg BT 164.93 166.25 Td ("Note ) Tj ET Q q 0 0 0 rg BT 191.25 166.25 Td (10 ) Tj ET Q q 0 0 0 rg BT 204.05 166.25 Td ( ) Tj ET Q q 0 0 0 rg BT 216.85 166.25 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 255.19 166.25 Td (Per ) Tj ET Q q 0 0 0 rg BT 271.32 166.25 Td (Share ) Tj ET Q q 0 0 0 rg BT 301.32 166.25 Td (of ) Tj ET Q q 0 0 0 rg BT 312.45 166.25 Td (the ) Tj ET Q q 0 0 0 rg BT 327.47 166.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 383.04 166.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 423.05 166.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 469.73 166.25 Td (for ) Tj ET Q q 0 0 0 rg BT 484.18 166.25 Td (a ) Tj ET Q q 0 0 0 rg BT 491.42 166.25 Td (description ) Tj ET Q q 0 0 0 rg BT 538.65 166.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.78 166.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 97.48 154.25 Td (preferred ) Tj ET Q q 0 0 0 rg BT 136.62 154.25 Td (shares. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 133.25 Td (2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.00 133.25 Td ( ) Tj ET Q q 0 0 0 rg BT 84.75 133.25 Td (versus ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 113.04 133.25 Td (201) Tj ET Q q 0 0 0 rg BT 127.30 133.25 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 132.30 133.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.80 133.25 Td (For ) Tj ET Q q 0 0 0 rg BT 153.94 133.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.90 133.25 Td (year ) Tj ET Q q 0 0 0 rg BT 188.85 133.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 215.48 133.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.31 133.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.31 133.25 Td (, ) Tj ET Q q 0 0 0 rg BT 299.55 133.25 Td (net ) Tj ET Q q 0 0 0 rg BT 314.51 133.25 Td (income ) Tj ET Q q 0 0 0 rg BT 346.69 133.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 385.53 133.25 Td (to ) Tj ET Q q 0 0 0 rg BT 396.05 133.25 Td (common ) Tj ET Q q 0 0 0 rg BT 433.79 133.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 487.08 133.25 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.38 133.25 Td ($42.1 ) Tj ET Q q 0 0 0 rg BT 530.63 133.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.52 133.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.17 121.25 Td ($1.38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.67 121.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.52 121.25 Td (per ) Tj ET Q q 0 0 0 rg BT 102.13 121.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 132.75 121.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 159.19 121.25 Td (as ) Tj ET Q q 0 0 0 rg BT 170.36 121.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 212.63 121.25 Td (to ) Tj ET Q q 0 0 0 rg BT 223.25 121.25 Td (net ) Tj ET Q q 0 0 0 rg BT 238.31 121.25 Td (income ) Tj ET Q q 0 0 0 rg BT 270.59 121.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 309.52 121.25 Td (to ) Tj ET Q q 0 0 0 rg BT 320.14 121.25 Td (common ) Tj ET Q q 0 0 0 rg BT 357.98 121.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 411.37 121.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.54 121.25 Td ($44.6 ) Tj ET Q q 0 0 0 rg BT 447.88 121.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.78 121.25 Td (, ) Tj ET Q q 0 0 0 rg BT 482.12 121.25 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.29 121.25 Td ($1.44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.79 121.25 Td ( ) Tj ET Q q 0 0 0 rg BT 518.64 121.25 Td (per ) Tj ET Q q 0 0 0 rg BT 534.25 121.25 Td (diluted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 76.71 109.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.60 109.25 Td (201) Tj ET Q q 0 0 0 rg BT 102.22 109.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.22 109.25 Td (. ) Tj ET Q q 0 0 0 rg BT 112.61 109.25 Td (The ) Tj ET Q q 0 0 0 rg BT 131.27 109.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 168.79 109.25 Td (in ) Tj ET Q q 0 0 0 rg BT 179.68 109.25 Td (net ) Tj ET Q q 0 0 0 rg BT 195.00 109.25 Td (income ) Tj ET Q q 0 0 0 rg BT 227.55 109.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 266.74 109.25 Td (to ) Tj ET Q q 0 0 0 rg BT 277.63 109.25 Td (common ) Tj ET Q q 0 0 0 rg BT 315.74 109.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 369.39 109.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.83 109.25 Td ($2.5 ) Tj ET Q q 0 0 0 rg BT 401.44 109.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.33 109.25 Td ( ) Tj ET Q q 0 0 0 rg BT 433.44 109.25 Td (and ) Tj ET Q q 0 0 0 rg BT 450.99 109.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 487.98 109.25 Td (per ) Tj ET Q q 0 0 0 rg BT 503.85 109.25 Td (share ) Tj ET Q q 0 0 0 rg BT 528.06 109.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.50 109.25 Td ($0.06) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.00 109.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 97.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 84.34 97.25 Td (from ) Tj ET Q q 0 0 0 rg BT 106.46 97.25 Td (an ) Tj ET Q q 0 0 0 rg BT 118.58 97.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 154.02 97.25 Td (in ) Tj ET Q q 0 0 0 rg BT 164.48 97.25 Td (our ) Tj ET Q q 0 0 0 rg BT 180.49 97.25 Td (ef) Tj ET Q q 0 0 0 rg BT 188.08 97.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 217.97 97.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 232.87 97.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 250.53 97.25 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.66 97.25 Td (35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.99 97.25 Td ( ) Tj ET Q q 0 0 0 rg BT 293.67 97.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.13 97.25 Td (201) Tj ET Q q 0 0 0 rg BT 318.76 97.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.76 97.25 Td ( ) Tj ET Q q 0 0 0 rg BT 326.44 97.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.90 97.25 Td (40%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.23 97.25 Td ( ) Tj ET Q q 0 0 0 rg BT 357.92 97.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.38 97.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.38 97.25 Td ( ) Tj ET Q q 0 0 0 rg BT 391.06 97.25 Td (due ) Tj ET Q q 0 0 0 rg BT 408.18 97.25 Td (to ) Tj ET Q q 0 0 0 rg BT 418.65 97.25 Td (a ) Tj ET Q q 0 0 0 rg BT 425.77 97.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 456.20 97.25 Td (proportion ) Tj ET Q q 0 0 0 rg BT 501.10 97.25 Td (of ) Tj ET Q q 0 0 0 rg BT 512.12 97.25 Td (our ) Tj ET Q q 0 0 0 rg BT 528.13 97.25 Td (earnings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (being ) Tj ET Q q 0 0 0 rg BT 73.91 85.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 114.46 85.25 Td (in ) Tj ET Q q 0 0 0 rg BT 123.93 85.25 Td (the ) Tj ET Q q 0 0 0 rg BT 137.84 85.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 157.32 85.25 Td (and ) Tj ET Q q 0 0 0 rg BT 173.45 85.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.36 85.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 216.26 85.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.28 85.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 254.62 85.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 280.21 85.25 Td (related ) Tj ET Q q 0 0 0 rg BT 309.10 85.25 Td (to ) Tj ET Q q 0 0 0 rg BT 318.57 85.25 Td (our ) Tj ET Q q 0 0 0 rg BT 333.59 85.25 Td (European ) Tj ET Q q 0 0 0 rg BT 373.60 85.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 425.57 85.25 Td (which ) Tj ET Q q 0 0 0 rg BT 451.70 85.25 Td (are ) Tj ET Q q 0 0 0 rg BT 465.60 85.25 Td (not ) Tj ET Q q 0 0 0 rg BT 480.07 85.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 517.85 85.25 Td (deductible. ) Tj ET Q q 0 0 0 rg BT 564.50 85.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 73.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 83.17 73.25 Td (before ) Tj ET Q q 0 0 0 rg BT 111.89 73.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 127.30 73.25 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.04 73.25 Td ($70.5 ) Tj ET Q q 0 0 0 rg BT 171.72 73.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.61 73.25 Td ( ) Tj ET Q q 0 0 0 rg BT 203.80 73.25 Td (for ) Tj ET Q q 0 0 0 rg BT 218.65 73.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.05 73.25 Td (year ) Tj ET Q q 0 0 0 rg BT 254.44 73.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 281.50 73.25 Td (December ) Tj ET Q q 0 0 0 rg BT 325.77 73.25 Td (31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.46 73.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.46 73.25 Td ( ) Tj ET Q q 0 0 0 rg BT 364.65 73.25 Td (as ) Tj ET Q q 0 0 0 rg BT 376.16 73.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 418.77 73.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.74 73.25 Td ($68.7 ) Tj ET Q q 0 0 0 rg BT 455.42 73.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.31 73.25 Td ( ) Tj ET Q q 0 0 0 rg BT 487.50 73.25 Td (for ) Tj ET Q q 0 0 0 rg BT 502.35 73.25 Td (the ) Tj ET Q q 0 0 0 rg BT 517.75 73.25 Td (year ) Tj ET Q q 0 0 0 rg BT 538.14 73.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 61.25 Td (December ) Tj ET Q q 0 0 0 rg BT 93.58 61.25 Td (31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.58 61.25 Td (201) Tj ET Q q 0 0 0 rg BT 123.21 61.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.21 61.25 Td (.) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 742.10 Td (During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.74 742.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.74 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 117.64 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 133.38 742.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 154.68 742.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 184.86 742.10 Td (average ) Tj ET Q q 0 0 0 rg BT 218.35 742.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 245.75 742.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 294.82 742.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 336.64 742.10 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.05 742.10 Td (0.4 ) Tj ET Q q 0 0 0 rg BT 363.95 742.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.84 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 395.25 742.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.44 742.10 Td (30.6 ) Tj ET Q q 0 0 0 rg BT 425.34 742.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.24 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 456.64 742.10 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.49 742.10 Td (31.0 ) Tj ET Q q 0 0 0 rg BT 498.40 742.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.29 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 529.70 742.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.88 742.10 Td (201) Tj ET Q q 0 0 0 rg BT 554.51 742.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.51 742.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.86 730.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 104.59 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.68 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 130.33 730.10 Td (average ) Tj ET Q q 0 0 0 rg BT 163.73 730.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 191.03 730.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 240.01 730.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 285.64 730.10 Td (related ) Tj ET Q q 0 0 0 rg BT 315.16 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 325.25 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.79 730.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 378.75 730.10 Td (average ) Tj ET Q q 0 0 0 rg BT 412.15 730.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 441.68 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.32 730.10 Td (open ) Tj ET Q q 0 0 0 rg BT 474.08 730.10 Td (market ) Tj ET Q q 0 0 0 rg BT 504.16 730.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 553.67 730.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 66.11 718.10 Td (million ) Tj ET Q q 0 0 0 rg BT 98.62 718.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 127.22 718.10 Td (of) Tj ET Q q 0 0 0 rg BT 135.37 718.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 153.42 718.10 Td (by ) Tj ET Q q 0 0 0 rg BT 167.04 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.87 718.10 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 223.14 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.09 718.10 Td 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 592.10 Td (ces) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 571.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 81.87 571.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 120.09 571.10 Td (position ) Tj ET Q q 0 0 0 rg BT 156.63 571.10 Td (is ) Tj ET Q q 0 0 0 rg BT 167.63 571.10 Td (monitored ) Tj ET Q q 0 0 0 rg BT 213.05 571.10 Td (by ) Tj ET Q q 0 0 0 rg BT 227.37 571.10 Td (our ) Tj ET Q q 0 0 0 rg BT 245.02 571.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 301.55 571.10 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 352.81 571.10 Td (which ) Tj ET Q q 0 0 0 rg BT 381.57 571.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 423.09 571.10 Td (meets ) Tj ET Q q 0 0 0 rg BT 450.74 571.10 Td (monthly) Tj ET Q q 0 0 0 rg BT 483.42 571.10 Td (. ) Tj ET Q q 0 0 0 rg BT 489.93 571.10 Td (The ) Tj ET Q q 0 0 0 rg BT 509.80 571.10 Td (Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (Committee 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ET Q q 0 0 0 rg BT 146.58 535.10 Td (had ) Tj ET Q q 0 0 0 rg BT 163.13 535.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 183.01 535.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.55 535.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 219.43 535.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 267.09 535.10 Td (on ) Tj ET Q q 0 0 0 rg BT 279.20 535.10 Td (hand ) Tj ET Q q 0 0 0 rg BT 300.75 535.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.19 535.10 Td ($42.7 ) Tj ET Q q 0 0 0 rg BT 335.80 535.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.69 535.10 Td (, ) Tj ET Q q 0 0 0 rg BT 369.30 535.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.74 535.10 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.29 535.10 Td ($25.2 ) Tj ET Q q 0 0 0 rg BT 430.90 535.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.79 535.10 Td ( ) Tj ET Q q 0 0 0 rg BT 461.90 535.10 Td (was ) Tj ET Q q 0 0 0 rg BT 479.57 535.10 Td (held ) Tj ET Q q 0 0 0 rg BT 498.90 535.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 529.89 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BT 339.88 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.54 466.10 Td (non-recurring ) Tj ET Q q 0 0 0 rg BT 413.73 466.10 Td (disbursements ) Tj ET Q q 0 0 0 rg BT 473.17 466.10 Td (such ) Tj ET Q q 0 0 0 rg BT 493.72 466.10 Td (as ) Tj ET Q q 0 0 0 rg BT 504.27 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.70 466.10 Td (repurchase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.28 454.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 87.22 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.50 454.10 Td (our ) Tj ET Q q 0 0 0 rg BT 112.78 454.10 Td (common ) Tj ET Q q 0 0 0 rg BT 149.72 454.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 172.78 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.17 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.34 454.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 236.40 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.67 454.10 Td (leasehold ) Tj ET Q q 0 0 0 rg BT 286.39 454.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 345.55 454.10 Td (for ) Tj ET Q q 0 0 0 rg BT 359.16 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.33 454.10 Td (build ) Tj ET Q q 0 0 0 rg BT 395.83 454.10 Td (out ) Tj ET Q q 0 0 0 rg BT 410.56 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.84 454.10 Td (of) Tj ET Q q 0 0 0 rg BT 428.99 454.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 445.92 454.10 Td (space. ) Tj ET Q q 0 0 0 rg BT 472.58 454.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 490.08 454.10 Td (recurring ) Tj ET Q q 0 0 0 rg BT 528.68 454.10 Td (monthly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.02 442.10 Td (disbursements ) Tj ET Q q 0 0 0 rg BT 147.49 442.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 192.06 442.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 221.09 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.68 442.10 Td (base ) Tj ET Q q 0 0 0 rg BT 249.70 442.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 306.50 442.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 342.46 442.10 Td (occupancy) Tj ET Q q 0 0 0 rg BT 384.56 442.10 Td (, ) Tj ET Q q 0 0 0 rg BT 388.32 442.10 Td (travel ) Tj ET Q q 0 0 0 rg BT 412.33 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.03 442.10 Td (entertainment, ) Tj ET Q q 0 0 0 rg BT 486.76 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.45 442.10 Td (other ) Tj ET Q q 0 0 0 rg BT 524.25 442.10 Td (operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 91.22 430.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 109.40 430.10 Td (recurring ) Tj ET Q q 0 0 0 rg BT 148.67 430.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 187.38 430.10 Td (and ) Tj ET Q q 0 0 0 rg BT 204.45 430.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 233.72 430.10 Td (disbursements ) Tj ET Q q 0 0 0 rg BT 293.56 430.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 323.97 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 334.92 430.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 355.31 430.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 381.83 430.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 425.28 430.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 440.12 430.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 483.57 430.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 521.18 430.10 Td (payments, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.95 418.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 116.66 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.50 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 143.33 418.10 Td (common ) Tj ET Q q 0 0 0 rg BT 180.84 418.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 204.46 418.10 Td (from ) Tj ET Q q 0 0 0 rg BT 226.41 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 242.25 418.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 287.52 418.10 Td (in ) Tj ET Q q 0 0 0 rg BT 297.81 418.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 347.53 418.10 Td (with ) Tj ET Q q 0 0 0 rg BT 367.82 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.54 418.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 419.49 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 430.33 418.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 445.05 418.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 484.78 418.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 520.61 418.10 Td (on ) Tj ET Q q 0 0 0 rg BT 533.12 418.10 Td (vesting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 406.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 100.53 406.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 124.14 406.10 Td (units. ) Tj ET Q q 0 0 0 rg BT 148.41 406.10 Td (These ) Tj ET Q q 0 0 0 rg BT 174.79 406.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 211.17 406.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 231.44 406.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 275.60 406.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 298.10 406.10 Td (our ) Tj ET Q q 0 0 0 rg BT 313.93 406.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 364.19 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 381.13 406.10 Td (other ) Tj ET Q q 0 0 0 rg BT 404.18 406.10 Td (factors. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 385.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 99.08 385.10 Td (a ) Tj ET Q q 0 0 0 rg BT 105.78 385.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 136.93 385.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.53 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.01 385.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 219.82 385.10 Td (we ) Tj ET Q q 0 0 0 rg BT 233.74 385.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 250.45 385.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.49 385.10 Td (our ) Tj ET Q q 0 0 0 rg BT 276.08 385.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 321.11 385.10 Td (is ) Tj ET Q q 0 0 0 rg BT 330.05 385.10 Td (distributed ) Tj ET Q q 0 0 0 rg BT 375.08 385.10 Td (in ) Tj ET Q q 0 0 0 rg BT 385.13 385.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 414.05 385.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 440.20 385.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 470.79 385.10 Td (\(usually ) Tj ET Q q 0 0 0 rg BT 505.27 385.10 Td (in ) Tj ET Q q 0 0 0 rg BT 515.31 385.10 Td (February ) Tj ET Q q 0 0 0 rg BT 553.68 385.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (each ) Tj ET Q q 0 0 0 rg BT 70.40 373.10 Td (year\), ) Tj ET Q q 0 0 0 rg BT 95.52 373.10 Td (our ) Tj ET Q q 0 0 0 rg BT 110.93 373.10 Td (net ) Tj ET Q q 0 0 0 rg BT 125.24 373.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 145.09 373.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 177.70 373.10 Td (is ) Tj ET Q q 0 0 0 rg BT 186.46 373.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 223.53 373.10 Td (at ) Tj ET Q q 0 0 0 rg BT 232.83 373.10 Td (its ) Tj ET Q q 0 0 0 rg BT 244.37 373.10 Td (lowest ) Tj ET Q q 0 0 0 rg BT 272.56 373.10 Td (level ) Tj ET Q q 0 0 0 rg BT 294.08 373.10 Td (during ) Tj ET Q q 0 0 0 rg BT 322.27 373.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.57 373.10 Td (first ) Tj ET Q q 0 0 0 rg BT 354.76 373.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 385.16 373.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.57 373.10 Td (each ) Tj ET Q q 0 0 0 rg BT 415.97 373.10 Td (year ) Tj ET Q q 0 0 0 rg BT 435.26 373.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.79 373.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 491.07 373.10 Td (accumulates ) Tj ET Q q 0 0 0 rg BT 542.58 373.10 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 361.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 105.10 361.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 143.20 361.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 189.09 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.31 361.10 Td (remainder ) Tj ET Q q 0 0 0 rg BT 245.84 361.10 Td (of ) Tj ET Q q 0 0 0 rg BT 256.17 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.39 361.10 Td (year) Tj ET Q q 0 0 0 rg BT 287.05 361.10 Td (. ) Tj ET Q q 0 0 0 rg BT 291.55 361.10 Td (In ) Tj ET Q q 0 0 0 rg BT 301.88 361.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 335.81 361.10 Td (we ) Tj ET Q q 0 0 0 rg BT 349.47 361.10 Td (collect ) Tj ET Q q 0 0 0 rg BT 378.12 361.10 Td (our ) Tj ET Q q 0 0 0 rg BT 393.45 361.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 430.44 361.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 473.52 361.10 Td (within ) Tj ET Q q 0 0 0 rg BT 501.08 361.10 Td (60 ) Tj ET Q q 0 0 0 rg BT 513.08 361.10 Td (days, ) Tj ET Q q 0 0 0 rg BT 535.91 361.10 Td (except ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.61 349.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 83.65 349.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 125.46 349.10 Td (through ) Tj ET Q q 0 0 0 rg BT 159.51 349.10 Td (our ) Tj ET Q q 0 0 0 rg BT 175.79 349.10 Td (private ) Tj ET Q q 0 0 0 rg BT 206.50 349.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 234.44 349.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.82 349.10 Td (real ) Tj ET Q q 0 0 0 rg BT 269.75 349.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 295.46 349.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 325.06 349.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 362.44 349.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 400.10 349.10 Td (which ) Tj ET Q q 0 0 0 rg BT 427.48 349.10 Td (are ) Tj ET Q q 0 0 0 rg BT 442.63 349.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 482.78 349.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 502.94 349.10 Td (in ) Tj ET Q q 0 0 0 rg BT 513.67 349.10 Td (installments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (over ) Tj ET Q q 0 0 0 rg BT 71.62 337.10 Td (a ) Tj ET Q q 0 0 0 rg BT 79.92 337.10 Td (period ) Tj ET Q q 0 0 0 rg BT 109.32 337.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.50 337.10 Td (three ) Tj ET Q q 0 0 0 rg BT 145.34 337.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 172.80 337.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.09 337.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 222.15 337.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 277.10 337.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 331.22 337.10 Td (where ) Tj ET Q q 0 0 0 rg BT 359.50 337.10 Td (collections ) Tj ET Q q 0 0 0 rg BT 406.67 337.10 Td (may ) Tj ET Q q 0 0 0 rg BT 427.75 337.10 Td (take ) Tj ET Q q 0 0 0 rg BT 448.26 337.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 477.66 337.10 Td (due ) Tj ET Q q 0 0 0 rg BT 495.95 337.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.59 337.10 Td (court-ordered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (holdbacks. ) Tj ET Q q 0 0 0 rg BT 96.45 325.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.81 325.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 171.26 325.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.26 325.10 Td (, ) Tj ET Q q 0 0 0 rg BT 198.12 325.10 Td (we ) Tj ET Q q 0 0 0 rg BT 214.14 325.10 Td (had ) Tj ET Q q 0 0 0 rg BT 232.95 325.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 276.74 325.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 326.08 325.10 Td (related ) Tj ET Q q 0 0 0 rg BT 357.64 325.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.78 325.10 Td (private ) Tj ET Q q 0 0 0 rg BT 401.91 325.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 431.27 325.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.07 325.10 Td (real ) Tj ET Q q 0 0 0 rg BT 469.42 325.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 496.55 325.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 527.56 325.10 Td (advisory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (engagements ) Tj ET Q q 0 0 0 rg BT 104.70 313.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.53 313.10 Td ($34.0 ) Tj ET Q q 0 0 0 rg BT 140.53 313.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.42 313.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 292.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 80.18 292.10 Td (current ) Tj ET Q q 0 0 0 rg BT 111.12 292.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 150.97 292.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 188.59 292.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 218.99 292.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.95 292.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 267.57 292.10 Td (payable, ) Tj ET Q q 0 0 0 rg BT 303.79 292.10 Td (which ) Tj ET Q q 0 0 0 rg BT 330.86 292.10 Td (are ) Tj ET Q q 0 0 0 rg BT 345.69 292.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 385.52 292.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 405.37 292.10 Td (monthly) Tj ET Q q 0 0 0 rg BT 438.05 292.10 Td (, ) Tj ET Q q 0 0 0 rg BT 443.18 292.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 476.89 292.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 537.56 292.10 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 84.89 280.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 117.53 280.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 136.86 280.10 Td (bonuses ) Tj ET Q q 0 0 0 rg BT 170.64 280.10 Td (that ) Tj ET Q q 0 0 0 rg BT 187.19 280.10 Td (are ) Tj ET Q q 0 0 0 rg BT 200.96 280.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 239.72 280.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 258.50 280.10 Td (in ) Tj ET Q q 0 0 0 rg BT 267.84 280.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.62 280.10 Td (first ) Tj ET Q q 0 0 0 rg BT 299.28 280.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 329.16 280.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.05 280.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.83 280.10 Td (following ) Tj ET Q q 0 0 0 rg BT 393.27 280.10 Td (year ) Tj ET Q q 0 0 0 rg BT 412.04 280.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.38 280.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.16 280.10 Td (lar) Tj ET Q q 0 0 0 rg BT 445.52 280.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 456.52 280.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 491.96 280.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.85 280.10 Td (our ) Tj ET Q q 0 0 0 rg BT 516.74 280.10 Td (employees, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.17 268.10 Td (current ) Tj ET Q q 0 0 0 rg BT 98.21 268.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 121.49 268.10 Td (payable. ) Tj ET Q q 0 0 0 rg BT 157.81 268.10 Td (In ) Tj ET Q q 0 0 0 rg BT 168.87 268.10 Td (February ) Tj ET Q q 0 0 0 rg BT 207.69 268.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 232.92 268.10 Td (we ) Tj ET Q q 0 0 0 rg BT 247.31 268.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 267.26 268.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 287.75 268.10 Td (bonuses ) Tj ET Q q 0 0 0 rg BT 322.70 268.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.87 268.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 373.68 268.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 408.07 268.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.13 268.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.61 268.10 Td ($8.2 ) Tj ET Q q 0 0 0 rg BT 499.84 268.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.73 268.10 Td ( ) Tj ET Q q 0 0 0 rg BT 531.46 268.10 Td (relating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.07 256.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.07 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.36 256.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 140.19 256.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.26 256.10 Td (our ) Tj ET Q q 0 0 0 rg BT 165.88 256.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 213.43 256.10 Td (In ) Tj ET Q q 0 0 0 rg BT 224.05 256.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 261.62 256.10 Td (we ) Tj ET Q q 0 0 0 rg BT 275.57 256.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 303.95 256.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.02 256.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 330.75 256.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.80 256.10 Td ($15.3 ) Tj ET Q q 0 0 0 rg BT 415.59 256.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.48 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.77 256.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.84 256.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.84 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 479.13 256.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 524.74 256.10 Td (related ) Tj ET Q q 0 0 0 rg BT 554.23 256.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (income ) Tj ET Q q 0 0 0 rg BT 81.74 244.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 104.60 244.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 128.57 244.10 Td (in ) Tj ET Q q 0 0 0 rg BT 138.66 244.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.18 244.10 Td (United ) Tj ET Q q 0 0 0 rg BT 182.71 244.10 Td (States ) Tj ET Q q 0 0 0 rg BT 208.91 244.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.65 244.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.18 244.10 Td (United ) Tj ET Q q 0 0 0 rg BT 269.71 244.10 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 309.79 244.10 Td (for ) Tj ET Q q 0 0 0 rg BT 323.76 244.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.29 244.10 Td (year ) Tj ET Q q 0 0 0 rg BT 357.81 244.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.99 244.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 442.39 244.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.39 244.10 Td (. ) Tj ET Q q 0 0 0 rg BT 467.20 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.00 244.10 Td (At ) Tj ET Q q 0 0 0 rg BT 481.31 244.10 Td (December ) Tj ET Q q 0 0 0 rg BT 524.70 244.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 539.51 244.10 Td (2013, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 87.27 232.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 120.64 232.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.37 232.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 170.73 232.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 209.11 232.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.83 232.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 262.56 232.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 277.05 232.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 324.30 232.10 Td (included ) Tj ET Q q 0 0 0 rg BT 361.02 232.10 Td (value ) Tj ET Q q 0 0 0 rg BT 384.95 232.10 Td (added ) Tj ET Q q 0 0 0 rg BT 411.11 232.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 433.94 232.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.56 232.10 Td ($4.8 ) Tj ET Q q 0 0 0 rg BT 464.34 232.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 498.01 232.10 Td (which ) Tj ET Q q 0 0 0 rg BT 524.73 232.10 Td (related ) Tj ET Q q 0 0 0 rg BT 554.22 232.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (year) Tj ET Q q 0 0 0 rg BT 67.01 220.10 Td (-end ) Tj ET Q q 0 0 0 rg BT 87.28 220.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 133.65 220.10 Td (activity) Tj ET Q q 0 0 0 rg BT 162.99 220.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 199.10 Td (T) Tj ET Q q 0 0 0 rg BT 68.91 199.10 Td (o ) Tj ET Q q 0 0 0 rg BT 77.35 199.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 111.35 199.10 Td (for ) Tj ET Q q 0 0 0 rg BT 126.45 199.10 Td (working ) Tj ET Q q 0 0 0 rg BT 163.23 199.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 193.32 199.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 219.54 199.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.42 199.10 Td (other ) Tj ET Q q 0 0 0 rg BT 261.41 199.10 Td (general ) Tj ET Q q 0 0 0 rg BT 294.28 199.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 335.48 199.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 374.47 199.10 Td (in ) Tj ET Q q 0 0 0 rg BT 385.70 199.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.36 199.10 Td (United ) Tj ET Q q 0 0 0 rg BT 432.02 199.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 461.85 199.10 Td (we ) Tj ET Q q 0 0 0 rg BT 476.96 199.10 Td (have ) Tj ET Q q 0 0 0 rg BT 499.28 199.10 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.16 199.10 Td ($45.0 ) Tj ET Q q 0 0 0 rg BT 533.11 199.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.00 199.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 90.91 187.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 112.93 187.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 132.74 187.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 163.64 187.10 Td (which ) Tj ET Q q 0 0 0 rg BT 190.67 187.10 Td (matures ) Tj ET Q q 0 0 0 rg BT 224.91 187.10 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.92 187.10 Td (April30, ) Tj ET Q q 0 0 0 rg BT 275.62 187.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.62 187.10 Td (. ) Tj ET Q q 0 0 0 rg BT 300.70 187.10 Td (Historically) Tj ET Q q 0 0 0 rg BT 347.26 187.10 Td (, ) Tj ET Q q 0 0 0 rg BT 352.35 187.10 Td (we ) Tj ET Q q 0 0 0 rg BT 366.59 187.10 Td (have ) Tj ET Q q 0 0 0 rg BT 388.06 187.10 Td (been ) Tj ET Q q 0 0 0 rg BT 409.52 187.10 Td (able ) Tj ET Q q 0 0 0 rg BT 428.76 187.10 Td (to ) Tj ET Q q 0 0 0 rg BT 439.12 187.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 468.36 187.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.17 187.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 519.63 187.10 Td (date ) Tj ET Q q 0 0 0 rg BT 538.88 187.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 187.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 90.88 175.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 110.65 175.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 141.53 175.10 Td (for ) Tj ET Q q 0 0 0 rg BT 155.75 175.10 Td (a ) Tj ET Q q 0 0 0 rg BT 162.74 175.10 Td (one ) Tj ET Q q 0 0 0 rg BT 179.74 175.10 Td (year ) Tj ET Q q 0 0 0 rg BT 199.50 175.10 Td (period ) Tj ET Q q 0 0 0 rg BT 227.60 175.10 Td (shortly ) Tj ET Q q 0 0 0 rg BT 257.94 175.10 Td (before ) Tj ET Q q 0 0 0 rg BT 286.03 175.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 319.26 175.10 Td (, ) Tj ET Q q 0 0 0 rg BT 324.32 175.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.31 175.10 Td (we ) Tj ET Q q 0 0 0 rg BT 355.53 175.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 384.18 175.10 Td (to ) Tj ET Q q 0 0 0 rg BT 394.51 175.10 Td (renew ) Tj ET Q q 0 0 0 rg BT 421.50 175.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.27 175.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 477.15 175.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 496.93 175.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 527.80 175.10 Td (this ) Tj ET Q q 0 0 0 rg BT 544.81 175.10 Td (year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (although ) Tj ET Q q 0 0 0 rg BT 88.20 163.10 Td (our ) Tj ET Q q 0 0 0 rg BT 104.73 163.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 133.49 163.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.47 163.10 Td (do ) Tj ET Q q 0 0 0 rg BT 157.67 163.10 Td (so ) Tj ET Q q 0 0 0 rg BT 169.77 163.10 Td (this ) Tj ET Q q 0 0 0 rg BT 187.42 163.10 Td (year ) Tj ET Q q 0 0 0 rg BT 207.83 163.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.47 163.10 Td (in ) Tj ET Q q 0 0 0 rg BT 236.45 163.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.87 163.10 Td (future ) Tj ET Q q 0 0 0 rg BT 278.95 163.10 Td (is ) Tj ET Q q 0 0 0 rg BT 288.82 163.10 Td (not ) Tj ET Q q 0 0 0 rg BT 304.80 163.10 Td (certain. ) Tj ET Q q 0 0 0 rg BT 337.71 163.10 Td ( ) Tj ET Q q 0 0 0 rg BT 340.91 163.10 Td (Borrowings ) Tj ET Q q 0 0 0 rg BT 391.34 163.10 Td (under ) Tj ET Q q 0 0 0 rg BT 417.31 163.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.73 163.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 464.25 163.10 Td (are ) Tj ET Q q 0 0 0 rg BT 479.66 163.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 513.40 163.10 Td (by ) Tj ET Q q 0 0 0 rg BT 526.61 163.10 Td (any ) Tj ET Q q 0 0 0 rg BT 544.25 163.10 Td (cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (distributed ) Tj ET Q q 0 0 0 rg BT 95.50 151.10 Td (in ) Tj ET Q q 0 0 0 rg BT 106.00 151.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 137.04 151.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.10 151.10 Td (our ) Tj ET Q q 0 0 0 rg BT 164.15 151.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 210.76 151.10 Td (in ) Tj ET Q q 0 0 0 rg BT 221.26 151.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.20 151.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 256.71 151.10 Td (based ) Tj ET Q q 0 0 0 rg BT 282.20 151.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 322.13 151.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 357.07 151.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 382.02 151.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.18 151.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 419.67 151.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 472.40 151.10 Td (from ) Tj ET Q q 0 0 0 rg BT 494.57 151.10 Td (Greenhill& ) Tj ET Q q 0 0 0 rg BT 545.33 151.10 Td (Co., ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (LLC. ) Tj ET Q q 0 0 0 rg BT 73.07 139.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.24 139.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 143.49 139.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.49 139.10 Td (, ) Tj ET Q q 0 0 0 rg BT 168.15 139.10 Td (we ) Tj ET Q q 0 0 0 rg BT 181.98 139.10 Td (had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.58 139.10 Td ($30.8 ) Tj ET Q q 0 0 0 rg BT 223.24 139.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.13 139.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.30 139.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 303.13 139.10 Td (under ) Tj ET Q q 0 0 0 rg BT 328.06 139.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.44 139.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 382.93 139.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 404.54 139.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 423.92 139.10 Td (facility) Tj ET Q q 0 0 0 rg BT 451.59 139.10 Td (. ) Tj ET Q q 0 0 0 rg BT 456.10 139.10 Td (The ) Tj ET Q q 0 0 0 rg BT 473.81 139.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 514.30 139.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 533.68 139.10 Td (facility ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (has ) Tj ET Q q 0 0 0 rg BT 65.10 127.10 Td (a ) Tj ET Q q 0 0 0 rg BT 71.32 127.10 Td (prohibition ) Tj ET Q q 0 0 0 rg BT 117.54 127.10 Td (on ) Tj ET Q q 0 0 0 rg BT 129.31 127.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.30 127.10 Td (incurrence ) Tj ET Q q 0 0 0 rg BT 187.27 127.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.38 127.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 239.14 127.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 292.57 127.10 Td (without ) Tj ET Q q 0 0 0 rg BT 324.90 127.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.89 127.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 360.11 127.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 396.87 127.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.97 127.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.96 127.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 451.62 127.10 Td (and ) Tj ET Q q 0 0 0 rg BT 467.83 127.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 501.81 127.10 Td (that ) Tj ET Q q 0 0 0 rg BT 518.58 127.10 Td (we ) Tj ET Q q 0 0 0 rg BT 532.02 127.10 Td (comply ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.17 115.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 97.76 115.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 134.13 115.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.95 115.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 185.23 115.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 226.61 115.10 Td (on ) Tj ET Q q 0 0 0 rg BT 237.99 115.10 Td (a ) Tj ET Q q 0 0 0 rg BT 243.82 115.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 281.30 115.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 304.88 115.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.27 115.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 373.74 115.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.74 115.10 Td (, ) Tj ET Q q 0 0 0 rg BT 397.63 115.10 Td (we ) Tj ET Q q 0 0 0 rg BT 410.68 115.10 Td (were ) Tj ET Q q 0 0 0 rg BT 431.50 115.10 Td (compliant ) Tj ET Q q 0 0 0 rg BT 472.88 115.10 Td (with ) Tj ET Q q 0 0 0 rg BT 492.04 115.10 Td (all ) Tj ET Q q 0 0 0 rg BT 503.43 115.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 522.03 115.10 Td (covenants ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 103.10 Td (we ) Tj ET Q q 0 0 0 rg BT 81.10 103.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 109.69 103.10 Td (to ) Tj ET Q q 0 0 0 rg BT 119.97 103.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 156.90 103.10 Td (to ) Tj ET Q q 0 0 0 rg BT 167.18 103.10 Td (be ) Tj ET Q q 0 0 0 rg BT 179.12 103.10 Td (compliant ) Tj ET Q q 0 0 0 rg BT 221.61 103.10 Td (with ) Tj ET Q q 0 0 0 rg BT 241.89 103.10 Td (all ) Tj ET Q q 0 0 0 rg BT 254.38 103.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 274.10 103.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 316.59 103.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.87 103.10 Td (future ) Tj ET Q q 0 0 0 rg BT 353.24 103.10 Td (periods. ) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 742.10 Td (Historically) Tj ET Q q 0 0 0 rg BT 110.06 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 115.94 742.10 Td (we ) Tj ET Q q 0 0 0 rg BT 130.98 742.10 Td (have ) Tj ET Q q 0 0 0 rg BT 153.24 742.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 195.48 742.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 241.07 742.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 278.32 742.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 310.59 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.19 742.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 347.35 742.10 Td (In ) Tj ET Q q 0 0 0 rg BT 359.06 742.10 Td (201) Tj ET Q q 0 0 0 rg BT 373.69 742.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 384.56 742.10 Td (we ) Tj ET Q q 0 0 0 rg BT 399.60 742.10 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 439.63 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 456.34 742.10 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 511.37 742.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 537.51 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 548.67 742.10 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 81.32 730.10 Td (locations ) Tj ET Q q 0 0 0 rg BT 119.86 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.74 730.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 184.16 730.10 Td (that ) Tj ET Q q 0 0 0 rg BT 201.59 730.10 Td (based ) Tj ET Q q 0 0 0 rg BT 226.80 730.10 Td (on ) Tj ET Q q 0 0 0 rg BT 239.24 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 255.00 730.10 Td (business ) Tj ET Q q 0 0 0 rg BT 291.34 730.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 321.27 730.10 Td (which ) Tj ET Q q 0 0 0 rg BT 348.15 730.10 Td (is ) Tj ET Q q 0 0 0 rg BT 357.26 730.10 Td (now ) Tj ET Q q 0 0 0 rg BT 376.92 730.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 410.45 730.10 Td (entirely ) Tj ET Q q 0 0 0 rg BT 443.44 730.10 Td (on ) Tj ET Q q 0 0 0 rg BT 455.87 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 471.64 730.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 508.52 730.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 547.35 730.10 Td (it ) Tj ET Q q 0 0 0 rg BT 555.35 730.10 Td (is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (unlikely ) Tj ET Q q 0 0 0 rg BT 86.06 718.10 Td (that ) Tj ET Q q 0 0 0 rg BT 104.34 718.10 Td (we ) Tj ET Q q 0 0 0 rg BT 119.29 718.10 Td (will ) Tj ET Q q 0 0 0 rg BT 138.13 718.10 Td (have ) Tj ET Q q 0 0 0 rg BT 160.29 718.10 Td (future ) Tj ET Q q 0 0 0 rg BT 187.46 718.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 213.51 718.10 Td (that ) Tj ET Q q 0 0 0 rg BT 231.79 718.10 Td (require ) Tj ET Q q 0 0 0 rg BT 263.39 718.10 Td (us ) Tj ET Q q 0 0 0 rg BT 275.57 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.64 718.10 Td (permanently ) Tj ET Q q 0 0 0 rg BT 339.90 718.10 Td (reinvest ) Tj ET Q q 0 0 0 rg BT 374.84 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 391.46 718.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 423.62 718.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 460.79 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.85 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.35 718.10 Td (local ) Tj ET Q q 0 0 0 rg BT 510.07 718.10 Td (jurisdictions. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 99.34 706.10 Td (, ) Tj ET Q q 0 0 0 rg BT 104.60 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 115.15 706.10 Td (support ) Tj ET Q q 0 0 0 rg BT 147.91 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 164.01 706.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 204.53 706.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 225.06 706.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 250.60 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 261.14 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.13 706.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 296.67 706.10 Td (we ) Tj ET Q q 0 0 0 rg BT 311.10 706.10 Td (may ) Tj ET Q q 0 0 0 rg BT 331.08 706.10 Td (repatriate ) Tj ET Q q 0 0 0 rg BT 371.60 706.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 403.24 706.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 439.89 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 450.43 706.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 479.29 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 490.39 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 506.49 706.10 Td (local ) Tj ET Q q 0 0 0 rg BT 528.69 706.10 Td (working ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 78.84 694.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 133.24 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.87 694.10 Td (other ) Tj ET Q q 0 0 0 rg BT 172.60 694.10 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 215.88 694.10 Td (local ) Tj ET Q q 0 0 0 rg BT 237.50 694.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 264.81 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 270.22 694.10 Td (o ) Tj ET Q q 0 0 0 rg BT 277.41 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.81 694.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 318.44 694.10 Td (we ) Tj ET Q q 0 0 0 rg BT 332.29 694.10 Td (repatriate ) Tj ET Q q 0 0 0 rg BT 372.23 694.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 403.30 694.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 439.37 694.10 Td (from ) Tj ET Q q 0 0 0 rg BT 461.00 694.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 512.63 694.10 Td (with ) Tj ET Q q 0 0 0 rg BT 532.60 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 539.23 694.10 Td (lower ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.31 682.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 83.40 682.10 Td (than ) Tj ET Q q 0 0 0 rg BT 103.71 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.02 682.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 139.90 682.10 Td (we ) Tj ET Q q 0 0 0 rg BT 154.66 682.10 Td (may ) Tj ET Q q 0 0 0 rg BT 174.98 682.10 Td (be ) Tj ET Q q 0 0 0 rg BT 187.51 682.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 218.93 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 229.81 682.10 Td (an ) Tj ET Q q 0 0 0 rg BT 242.35 682.10 Td (incremental ) Tj ET Q q 0 0 0 rg BT 292.64 682.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 325.73 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.16 682.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 358.04 682.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 373.35 682.10 Td (on ) Tj ET Q q 0 0 0 rg BT 386.45 682.10 Td (such ) Tj ET Q q 0 0 0 rg BT 407.88 682.10 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 447.35 682.10 Td (However) Tj ET Q q 0 0 0 rg BT 483.60 682.10 Td (, ) Tj ET Q q 0 0 0 rg BT 489.20 682.10 Td (we ) Tj ET Q q 0 0 0 rg BT 503.96 682.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 543.15 682.10 Td (have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 78.36 670.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 109.50 670.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 123.97 670.10 Td (credits, ) Tj ET Q q 0 0 0 rg BT 155.39 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 172.08 670.10 Td (may ) Tj ET Q q 0 0 0 rg BT 191.56 670.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 227.68 670.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 269.93 670.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 301.07 670.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 315.55 670.10 Td (credits, ) Tj ET Q q 0 0 0 rg BT 346.96 670.10 Td (which ) Tj ET Q q 0 0 0 rg BT 373.66 670.10 Td (may ) Tj ET Q q 0 0 0 rg BT 393.14 670.10 Td (be ) Tj ET Q q 0 0 0 rg BT 404.83 670.10 Td (available ) Tj ET Q q 0 0 0 rg BT 443.18 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 453.22 670.10 Td (of) Tj ET Q q 0 0 0 rg BT 461.37 670.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 478.07 670.10 Td (any ) Tj ET Q q 0 0 0 rg BT 494.77 670.10 Td (incremental ) Tj ET Q q 0 0 0 rg BT 544.22 670.10 Td (U.S. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.83 658.10 Td (amount. ) Tj ET Q q 0 0 0 rg BT 99.93 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 101.97 658.10 Td (As ) Tj ET Q q 0 0 0 rg BT 115.69 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 122.74 658.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 150.06 658.10 Td (we ) Tj ET Q q 0 0 0 rg BT 164.33 658.10 Td (would ) Tj ET Q q 0 0 0 rg BT 191.94 658.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 220.65 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.04 658.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 254.19 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 261.24 658.10 Td (minimal ) Tj ET Q q 0 0 0 rg BT 297.18 658.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 332.29 658.10 Td (if ) Tj ET Q q 0 0 0 rg BT 341.00 658.10 Td (any) Tj ET Q q 0 0 0 rg BT 354.79 658.10 Td (, ) Tj ET Q q 0 0 0 rg BT 359.90 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.84 658.10 Td (incremental ) Tj ET Q q 0 0 0 rg BT 420.65 658.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 441.04 658.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 455.87 658.10 Td (from ) Tj ET Q q 0 0 0 rg BT 477.92 658.10 Td (any ) Tj ET Q q 0 0 0 rg BT 494.97 658.10 Td (such ) Tj ET Q q 0 0 0 rg BT 515.91 658.10 Td (repatriation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.00 646.10 Td (near ) Tj ET Q q 0 0 0 rg BT 94.70 646.10 Td (future. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 625.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 87.48 625.10 Td (our ) Tj ET Q q 0 0 0 rg BT 104.08 625.10 Td (exit ) Tj ET Q q 0 0 0 rg BT 122.35 625.10 Td (from ) Tj ET Q q 0 0 0 rg BT 145.05 625.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.54 625.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 201.01 625.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 236.49 625.10 Td (business ) Tj ET Q q 0 0 0 rg BT 273.65 625.10 Td (in ) Tj ET Q q 0 0 0 rg BT 284.70 625.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 310.47 625.10 Td (we ) Tj ET Q q 0 0 0 rg BT 325.40 625.10 Td (have ) Tj ET Q q 0 0 0 rg BT 347.54 625.10 Td (sought ) Tj ET Q q 0 0 0 rg BT 377.48 625.10 Td (to ) Tj ET Q q 0 0 0 rg BT 388.52 625.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 418.43 625.10 Td (value ) Tj ET Q q 0 0 0 rg BT 443.36 625.10 Td (from ) Tj ET Q q 0 0 0 rg BT 466.06 625.10 Td (our ) Tj ET Q q 0 0 0 rg BT 482.66 625.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 526.47 625.10 Td (principal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 102.77 613.10 Td (which ) Tj ET Q q 0 0 0 rg BT 129.71 613.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 175.53 613.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 215.25 613.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.08 613.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 276.35 613.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.63 613.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 331.35 613.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 374.40 613.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 414.10 613.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 448.82 613.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 473.54 613.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.48 613.10 Td (Iridium. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 592.10 Td (During ) Tj ET Q q 0 0 0 rg BT 94.24 592.10 Td (201) Tj ET Q q 0 0 0 rg BT 108.87 592.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 118.79 592.10 Td (we ) Tj ET Q q 0 0 0 rg BT 132.86 592.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 151.95 592.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 204.91 592.10 Td (all ) Tj ET Q q 0 0 0 rg BT 217.32 592.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.07 592.10 Td (our ) Tj ET Q q 0 0 0 rg BT 243.81 592.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 279.55 592.10 Td (in ) Tj ET Q q 0 0 0 rg BT 289.75 592.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 308.83 592.10 Td ( ) Tj ET Q q 0 0 0 rg BT 311.24 592.10 Td (II ) Tj ET Q q 0 0 0 rg BT 320.32 592.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.17 592.10 Td (all ) Tj ET Q q 0 0 0 rg BT 349.58 592.10 Td (of ) Tj ET Q q 0 0 0 rg BT 360.32 592.10 Td (our ) Tj ET Q q 0 0 0 rg BT 376.07 592.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 411.81 592.10 Td (in ) Tj ET Q q 0 0 0 rg BT 422.00 592.10 Td (GSA) Tj ET Q q 0 0 0 rg BT 440.72 592.10 Td (VP) Tj ET Q q 0 0 0 rg BT 453.13 592.10 Td ( ) Tj ET Q q 0 0 0 rg BT 455.54 592.10 Td (to ) Tj ET Q q 0 0 0 rg BT 465.74 592.10 Td (unaf) Tj ET Q q 0 0 0 rg BT 483.32 592.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 514.06 592.10 Td (third ) Tj ET Q q 0 0 0 rg BT 535.36 592.10 Td (parties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.76 580.10 Td (received ) Tj ET Q q 0 0 0 rg BT 102.93 580.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 140.79 580.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.44 580.10 Td ($49.4 ) Tj ET Q q 0 0 0 rg BT 176.25 580.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 209.96 580.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.61 580.10 Td (which ) Tj ET Q q 0 0 0 rg BT 247.36 580.10 Td ($15.5 ) Tj ET Q q 0 0 0 rg BT 272.18 580.10 Td (million ) Tj ET Q q 0 0 0 rg BT 303.39 580.10 Td (was ) Tj ET Q q 0 0 0 rg BT 321.26 580.10 Td (repaid ) Tj ET Q q 0 0 0 rg BT 348.56 580.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.65 580.10 Td (December ) Tj ET Q q 0 0 0 rg BT 402.06 580.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 424.37 580.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 446.69 580.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 481.76 580.10 Td (by ) Tj ET Q q 0 0 0 rg BT 494.08 580.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.61 580.10 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 553.69 580.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.40 568.10 Td (put ) Tj ET Q q 0 0 0 rg BT 71.15 568.10 Td (option. ) Tj ET Q q 0 0 0 rg BT 101.17 568.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.13 568.10 Td (In ) Tj ET Q q 0 0 0 rg BT 113.43 568.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 137.90 568.10 Td (we ) Tj ET Q q 0 0 0 rg BT 151.52 568.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 192.92 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.10 568.10 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 252.40 568.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.69 568.10 Td (our ) Tj ET Q q 0 0 0 rg BT 277.99 568.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 322.17 568.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 364.69 568.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 403.85 568.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 438.04 568.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 462.22 568.10 Td (with ) Tj ET Q q 0 0 0 rg BT 481.97 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.15 568.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 513.66 568.10 Td (of ) Tj ET Q q 0 0 0 rg BT 523.96 568.10 Td (our ) Tj ET Q q 0 0 0 rg BT 539.25 568.10 Td (entire ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.59 556.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.52 556.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 110.61 556.10 Td ( ) Tj ET Q q 0 0 0 rg BT 112.76 556.10 Td (Europe ) Tj ET Q q 0 0 0 rg BT 143.79 556.10 Td (for ) Tj ET Q q 0 0 0 rg BT 157.61 556.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 195.30 556.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.79 556.10 Td ($27.2 ) Tj ET Q q 0 0 0 rg BT 230.44 556.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 263.99 556.10 Td ( ) Tj ET Q q 0 0 0 rg BT 266.15 556.10 Td (In ) Tj ET Q q 0 0 0 rg BT 276.63 556.10 Td (July ) Tj ET Q q 0 0 0 rg BT 295.46 556.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 320.11 556.10 Td (we ) Tj ET Q q 0 0 0 rg BT 333.93 556.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 352.76 556.10 Td (our ) Tj ET Q q 0 0 0 rg BT 368.24 556.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 393.16 556.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 439.20 556.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.13 556.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 468.22 556.10 Td ( ) Tj ET Q q 0 0 0 rg BT 470.37 556.10 Td (III ) Tj ET Q q 0 0 0 rg BT 482.52 556.10 Td (for ) Tj ET Q q 0 0 0 rg BT 496.33 556.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 534.03 556.10 Td (of ) Tj ET Q q 0 0 0 rg BT 544.51 556.10 Td ($2.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 85.11 544.10 Td ( ) Tj ET Q q 0 0 0 rg BT 88.01 544.10 Td (As ) Tj ET Q q 0 0 0 rg BT 102.85 544.10 Td (part ) Tj ET Q q 0 0 0 rg BT 122.11 544.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.16 544.10 Td (that ) Tj ET Q q 0 0 0 rg BT 152.88 544.10 Td (sale, ) Tj ET Q q 0 0 0 rg BT 174.65 544.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.58 544.10 Td (buyers ) Tj ET Q q 0 0 0 rg BT 220.97 544.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 259.13 544.10 Td (our ) Tj ET Q q 0 0 0 rg BT 276.18 544.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 320.44 544.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 374.71 544.10 Td (to ) Tj ET Q q 0 0 0 rg BT 386.21 544.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 405.29 544.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.01 544.10 Td (III ) Tj ET Q q 0 0 0 rg BT 422.72 544.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.88 544.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 486.81 544.10 Td (our ) Tj ET Q q 0 0 0 rg BT 503.86 544.10 Td (last ) Tj ET Q q 0 0 0 rg BT 521.46 544.10 Td (remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 102.83 532.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.89 532.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 162.95 532.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.01 532.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 212.50 532.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 247.00 532.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 274.01 532.10 Td ( ) Tj ET Q q 0 0 0 rg BT 275.79 532.10 Td (Also ) Tj ET Q q 0 0 0 rg BT 296.96 532.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.02 532.10 Td (July ) Tj ET Q q 0 0 0 rg BT 325.98 532.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 350.76 532.10 Td (we ) Tj ET Q q 0 0 0 rg BT 364.71 532.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 383.66 532.10 Td (one ) Tj ET Q q 0 0 0 rg BT 400.38 532.10 Td (of ) Tj ET Q q 0 0 0 rg BT 411.00 532.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.50 532.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 468.33 532.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 497.26 532.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 532.87 532.10 Td (in ) Tj ET Q q 0 0 0 rg BT 542.93 532.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 562.01 532.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (II ) Tj ET Q q 0 0 0 rg BT 59.16 520.10 Td (for ) Tj ET Q q 0 0 0 rg BT 73.32 520.10 Td (a ) Tj ET Q q 0 0 0 rg BT 80.26 520.10 Td (nominal ) Tj ET Q q 0 0 0 rg BT 115.53 520.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 148.03 520.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.31 520.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 187.45 520.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 202.16 520.10 Td (benefits.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td ( ) Tj ET Q q 0 0 0 rg BT 63.50 496.10 Td (In ) Tj ET Q q 0 0 0 rg BT 74.41 496.10 Td (October ) Tj ET Q q 0 0 0 rg BT 109.19 496.10 Td (201) Tj ET Q q 0 0 0 rg BT 123.82 496.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 133.89 496.10 Td (we ) Tj ET Q q 0 0 0 rg BT 148.13 496.10 Td (initiated ) Tj ET Q q 0 0 0 rg BT 183.47 496.10 Td (a ) Tj ET Q q 0 0 0 rg BT 190.49 496.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 221.39 496.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 241.18 496.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.53 496.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 268.00 496.10 Td (our ) Tj ET Q q 0 0 0 rg BT 283.90 496.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 309.24 496.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 341.25 496.10 Td (in ) Tj ET Q q 0 0 0 rg BT 351.61 496.10 Td (Iridium. ) Tj ET Q q 0 0 0 rg BT 386.68 496.10 Td ( ) Tj ET Q q 0 0 0 rg BT 389.07 496.10 Td (W) Tj ET Q q 0 0 0 rg BT 397.70 496.10 Td (e ) Tj ET Q q 0 0 0 rg BT 404.72 496.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 448.94 496.10 Td (our ) Tj ET Q q 0 0 0 rg BT 464.85 496.10 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 510.76 496.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.66 496.10 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 554.23 496.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (December ) Tj ET Q q 0 0 0 rg BT 93.45 484.10 Td (2013. ) Tj ET Q q 0 0 0 rg BT 118.31 484.10 Td ( ) Tj ET Q q 0 0 0 rg BT 120.68 484.10 Td (In ) Tj ET Q q 0 0 0 rg BT 131.37 484.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 175.10 484.10 Td (over ) Tj ET Q q 0 0 0 rg BT 195.23 484.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.81 484.10 Td (past ) Tj ET Q q 0 0 0 rg BT 228.29 484.10 Td (three ) Tj ET Q q 0 0 0 rg BT 250.64 484.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 276.60 484.10 Td (we ) Tj ET Q q 0 0 0 rg BT 290.63 484.10 Td (sold ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.66 484.10 Td (9,804,016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.66 484.10 Td ( ) Tj ET Q q 0 0 0 rg BT 352.03 484.10 Td (common ) Tj ET Q q 0 0 0 rg BT 389.39 484.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 416.74 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.44 484.10 Td (Iridium, ) Tj ET Q q 0 0 0 rg BT 462.30 484.10 Td (or ) Tj ET Q q 0 0 0 rg BT 472.99 484.10 Td (100% ) Tj ET Q q 0 0 0 rg BT 498.69 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.38 484.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.07 484.10 Td (holdings, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (at ) Tj ET Q q 0 0 0 rg BT 60.03 472.10 Td (an ) Tj ET Q q 0 0 0 rg BT 72.28 472.10 Td (average ) Tj ET Q q 0 0 0 rg BT 106.18 472.10 Td (price ) Tj ET Q q 0 0 0 rg BT 128.97 472.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.12 472.10 Td ($7.19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.62 472.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.43 472.10 Td (per ) Tj ET Q q 0 0 0 rg BT 181.01 472.10 Td (share ) Tj ET Q q 0 0 0 rg BT 204.92 472.10 Td (for ) Tj ET Q q 0 0 0 rg BT 219.39 472.10 Td (total ) Tj ET Q q 0 0 0 rg BT 239.98 472.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 278.33 472.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.47 472.10 Td ($70.5 ) Tj ET Q q 0 0 0 rg BT 314.79 472.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.68 472.10 Td ( ) Tj ET Q q 0 0 0 rg BT 346.49 472.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.74 472.10 Td (over ) Tj ET Q q 0 0 0 rg BT 384.32 472.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.35 472.10 Td (time ) Tj ET Q q 0 0 0 rg BT 419.94 472.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.08 472.10 Td (our ) Tj ET Q q 0 0 0 rg BT 447.22 472.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 496.42 472.10 Td (we ) Tj ET Q q 0 0 0 rg BT 510.89 472.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 557.56 472.10 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 69.28 460.10 Td (of ) Tj ET Q q 0 0 0 rg BT 79.68 460.10 Td ($39.6 ) Tj ET Q q 0 0 0 rg BT 104.24 460.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 137.70 460.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.31 460.10 Td (As ) Tj ET Q q 0 0 0 rg BT 152.49 460.10 Td (a ) Tj ET Q q 0 0 0 rg BT 158.99 460.10 Td (result ) Tj ET Q q 0 0 0 rg BT 183.27 460.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.67 460.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.95 460.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 225.56 460.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.96 460.10 Td (our ) Tj ET Q q 0 0 0 rg BT 251.36 460.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 297.30 460.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.15 460.10 Td (Iridium, ) Tj ET Q q 0 0 0 rg BT 341.71 460.10 Td (we ) Tj ET Q q 0 0 0 rg BT 355.43 460.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 389.14 460.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 420.08 460.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 443.25 460.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.75 460.10 Td (our ) Tj ET Q q 0 0 0 rg BT 475.15 460.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 510.52 460.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 524.80 460.10 Td (liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (were ) Tj ET Q q 0 0 0 rg BT 72.08 448.10 Td (reduced. ) Tj ET Q q 0 0 0 rg BT 108.88 448.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.33 448.10 Td (W) Tj ET Q q 0 0 0 rg BT 119.97 448.10 Td (e ) Tj ET Q q 0 0 0 rg BT 127.06 448.10 Td (used ) Tj ET Q q 0 0 0 rg BT 148.04 448.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.91 448.10 Td (net ) Tj ET Q q 0 0 0 rg BT 177.77 448.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 215.96 448.10 Td (from ) Tj ET Q q 0 0 0 rg BT 238.05 448.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.92 448.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 271.12 448.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.10 448.10 Td (our ) Tj ET Q q 0 0 0 rg BT 298.08 448.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 348.50 448.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.93 448.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 398.78 448.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 433.65 448.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 458.52 448.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.61 448.10 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 508.26 448.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 554.23 448.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 95.81 436.10 Td (our ) Tj ET Q q 0 0 0 rg BT 111.64 436.10 Td (common ) Tj ET Q q 0 0 0 rg BT 149.13 436.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 172.74 436.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.68 436.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 218.82 436.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.54 436.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 282.71 436.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 315.20 436.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.03 436.10 Td (our ) Tj ET Q q 0 0 0 rg BT 341.86 436.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 382.69 436.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 402.40 436.10 Td (facility) Tj ET Q q 0 0 0 rg BT 430.07 436.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td ( ) Tj ET Q q 0 0 0 rg BT 63.50 412.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.07 412.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 134.73 412.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.73 412.10 Td (, ) Tj ET Q q 0 0 0 rg BT 159.81 412.10 Td (our ) Tj ET Q q 0 0 0 rg BT 175.71 412.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 218.83 412.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 269.18 412.10 Td (in ) Tj ET Q q 0 0 0 rg BT 279.53 412.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 324.32 412.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 367.45 412.10 Td (and ) Tj ET Q q 0 0 0 rg BT 384.46 412.10 Td (other ) Tj ET Q q 0 0 0 rg BT 407.58 412.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 447.36 412.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 482.15 412.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 509.45 412.10 Td (including ) Tj ET Q q 0 0 0 rg BT 549.80 412.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 93.06 400.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 122.22 400.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 154.17 400.10 Td (in ) Tj ET Q q 0 0 0 rg BT 164.46 400.10 Td (a ) Tj ET Q q 0 0 0 rg BT 171.42 400.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 208.93 400.10 Td (company ) Tj ET Q q 0 0 0 rg BT 248.10 400.10 Td (we ) Tj ET Q q 0 0 0 rg BT 262.27 400.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 296.99 400.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.28 400.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 326.36 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 328.88 400.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 340.55 400.10 Td (which ) Tj ET Q q 0 0 0 rg BT 367.50 400.10 Td (had ) Tj ET Q q 0 0 0 rg BT 384.46 400.10 Td (an ) Tj ET Q q 0 0 0 rg BT 396.41 400.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 437.25 400.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 453.64 400.10 Td (value ) Tj ET Q q 0 0 0 rg BT 477.81 400.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 400.10 Td ($7.7 ) Tj ET Q q 0 0 0 rg BT 508.67 400.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.56 400.10 Td (, ) Tj ET Q q 0 0 0 rg BT 542.57 400.10 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 78.85 388.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.26 388.10 Td ($1) Tj ET Q q 0 0 0 rg BT 97.89 388.10 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 112.58 388.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.47 388.10 Td (. ) Tj ET Q q 0 0 0 rg BT 146.16 388.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 181.67 388.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 221.06 388.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 255.47 388.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 279.89 388.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 317.07 388.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 343.15 388.10 Td (in ) Tj ET Q q 0 0 0 rg BT 353.12 388.10 Td (privately ) Tj ET Q q 0 0 0 rg BT 390.85 388.10 Td (held ) Tj ET Q q 0 0 0 rg BT 410.26 388.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 457.72 388.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.13 388.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 499.87 388.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.40 388.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.80 388.10 Td (merchant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 83.89 376.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 107.79 376.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.24 376.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 132.80 376.10 Td (or ) Tj ET Q q 0 0 0 rg BT 142.81 376.10 Td (dispose ) Tj ET Q q 0 0 0 rg BT 174.48 376.10 Td (of ) Tj ET Q q 0 0 0 rg BT 184.49 376.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.38 376.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 237.82 376.10 Td (they ) Tj ET Q q 0 0 0 rg BT 256.71 376.10 Td (own ) Tj ET Q q 0 0 0 rg BT 275.61 376.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 310.05 376.10 Td (on ) Tj ET Q q 0 0 0 rg BT 321.72 376.10 Td (a ) Tj ET Q q 0 0 0 rg BT 327.84 376.10 Td (number ) Tj ET Q q 0 0 0 rg BT 360.06 376.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.06 376.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 398.95 376.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 430.06 376.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.95 376.10 Td (control ) Tj ET Q q 0 0 0 rg BT 473.95 376.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.96 376.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.85 376.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 524.24 376.10 Td (including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (general ) Tj ET Q q 0 0 0 rg BT 81.66 364.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 122.77 364.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.44 364.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 165.55 364.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 211.95 364.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 235.30 364.10 Td (market ) Tj ET Q q 0 0 0 rg BT 265.30 364.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 311.70 364.10 Td (commodity ) Tj ET Q q 0 0 0 rg BT 359.48 364.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 388.10 364.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.77 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.22 364.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 466.44 364.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.01 364.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 517.01 364.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.02 364.10 Td (potential ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (buyers ) Tj ET Q q 0 0 0 rg BT 79.07 352.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.80 352.10 Td (such ) Tj ET Q q 0 0 0 rg BT 110.54 352.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 153.21 352.10 Td (among ) Tj ET Q q 0 0 0 rg BT 182.83 352.10 Td (other ) Tj ET Q q 0 0 0 rg BT 205.79 352.10 Td (issues. ) Tj ET Q q 0 0 0 rg BT 234.05 352.10 Td (As ) Tj ET Q q 0 0 0 rg BT 247.57 352.10 Td (a ) Tj ET Q q 0 0 0 rg BT 254.42 352.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 281.54 352.10 Td (we ) Tj ET Q q 0 0 0 rg BT 295.61 352.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 331.89 352.10 Td (our ) Tj ET Q q 0 0 0 rg BT 347.63 352.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 390.57 352.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 440.75 352.10 Td (in ) Tj ET Q q 0 0 0 rg BT 450.94 352.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.56 352.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 505.17 352.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 539.79 352.10 Td (funds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 80.80 340.10 Td (for ) Tj ET Q q 0 0 0 rg BT 94.36 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.49 340.10 Td (short ) Tj ET Q q 0 0 0 rg BT 130.39 340.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 152.98 340.10 Td (W) Tj ET Q q 0 0 0 rg BT 162.02 340.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 174.48 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.61 340.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 206.06 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.30 340.10 Td (our ) Tj ET Q q 0 0 0 rg BT 231.53 340.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 277.32 340.10 Td (in ) Tj ET Q q 0 0 0 rg BT 287.00 340.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 306.09 340.10 Td ( ) Tj ET Q q 0 0 0 rg BT 307.99 340.10 Td (III, ) Tj ET Q q 0 0 0 rg BT 322.39 340.10 Td (our ) Tj ET Q q 0 0 0 rg BT 337.62 340.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 380.07 340.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 432.52 340.10 Td (to ) Tj ET Q q 0 0 0 rg BT 442.21 340.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 462.44 340.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 491.00 340.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 511.23 340.10 Td (for ) Tj ET Q q 0 0 0 rg BT 524.80 340.10 Td (merchant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 84.72 328.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 105.55 328.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 155.82 328.10 Td (is ) Tj ET Q q 0 0 0 rg BT 164.99 328.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 184.99 328.10 Td (million. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 307.10 Td (For ) Tj ET Q q 0 0 0 rg BT 77.97 307.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.26 307.10 Td (year ) Tj ET Q q 0 0 0 rg BT 111.55 307.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.50 307.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 195.66 307.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.66 307.10 Td (, ) Tj ET Q q 0 0 0 rg BT 220.24 307.10 Td (our ) Tj ET Q q 0 0 0 rg BT 235.65 307.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 262.17 307.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.57 307.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 311.86 307.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 356.14 307.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.43 307.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 415.82 307.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.22 307.10 Td (up ) Tj ET Q q 0 0 0 rg BT 438.30 307.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.16 307.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 470.23 307.10 Td (million ) Tj ET Q q 0 0 0 rg BT 501.20 307.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.61 307.10 Td (our ) Tj ET Q q 0 0 0 rg BT 527.02 307.10 Td (common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 76.70 295.10 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.13 295.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.13 295.10 Td (, ) Tj ET Q q 0 0 0 rg BT 113.72 295.10 Td (we ) Tj ET Q q 0 0 0 rg BT 128.48 295.10 Td (repurchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.88 295.10 Td (853,870) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.38 295.10 Td ( ) Tj ET Q q 0 0 0 rg BT 215.47 295.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 243.56 295.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.98 295.10 Td (our ) Tj ET Q q 0 0 0 rg BT 271.41 295.10 Td (common ) Tj ET Q q 0 0 0 rg BT 309.50 295.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 333.70 295.10 Td (in ) Tj ET Q q 0 0 0 rg BT 344.57 295.10 Td (open ) Tj ET Q q 0 0 0 rg BT 367.11 295.10 Td (market ) Tj ET Q q 0 0 0 rg BT 397.96 295.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 440.49 295.10 Td (at ) Tj ET Q q 0 0 0 rg BT 450.80 295.10 Td (an ) Tj ET Q q 0 0 0 rg BT 463.33 295.10 Td (average ) Tj ET Q q 0 0 0 rg BT 497.51 295.10 Td (price ) Tj ET Q q 0 0 0 rg BT 520.59 295.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.02 295.10 Td ($49.81) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.52 295.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 283.10 Td (, ) Tj ET Q q 0 0 0 rg BT 105.36 283.10 Td (during ) Tj ET Q q 0 0 0 rg BT 134.43 283.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.61 283.10 Td (year ) Tj ET Q q 0 0 0 rg BT 169.78 283.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.61 283.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 255.66 283.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.66 283.10 Td (, ) Tj ET Q q 0 0 0 rg BT 281.12 283.10 Td (we ) Tj ET Q q 0 0 0 rg BT 295.74 283.10 Td (were ) Tj ET Q q 0 0 0 rg BT 318.13 283.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 352.18 283.10 Td (to ) Tj ET Q q 0 0 0 rg BT 362.92 283.10 Td (have ) Tj ET Q q 0 0 0 rg BT 384.76 283.10 Td (repurchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.02 283.10 Td (226,505) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.52 283.10 Td ( ) Tj ET Q q 0 0 0 rg BT 471.49 283.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 499.44 283.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.73 283.10 Td (our ) Tj ET Q q 0 0 0 rg BT 527.02 283.10 Td (common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.71 271.10 Td (at ) Tj ET Q q 0 0 0 rg BT 83.54 271.10 Td (an ) Tj ET Q q 0 0 0 rg BT 95.58 271.10 Td (average ) Tj ET Q q 0 0 0 rg BT 129.27 271.10 Td (price ) Tj ET Q q 0 0 0 rg BT 151.87 271.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.80 271.10 Td ($56.83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.30 271.10 Td ( ) Tj ET Q q 0 0 0 rg BT 192.91 271.10 Td (per ) Tj ET Q q 0 0 0 rg BT 208.28 271.10 Td (share ) Tj ET Q q 0 0 0 rg BT 231.99 271.10 Td (\(for ) Tj ET Q q 0 0 0 rg BT 249.58 271.10 Td (a ) Tj ET Q q 0 0 0 rg BT 256.63 271.10 Td (total ) Tj ET Q q 0 0 0 rg BT 277.01 271.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 295.72 271.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.66 271.10 Td ($12.9 ) Tj ET Q q 0 0 0 rg BT 331.77 271.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.66 271.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 366.60 271.10 Td (in ) Tj ET Q q 0 0 0 rg BT 376.98 271.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 426.80 271.10 Td (with ) Tj ET Q q 0 0 0 rg BT 447.18 271.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.01 271.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 499.05 271.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.98 271.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 524.81 271.10 Td (liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.30 259.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 89.14 259.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.00 259.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 121.63 259.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 160.36 259.10 Td (to ) Tj ET Q q 0 0 0 rg BT 169.66 259.10 Td (our ) Tj ET Q q 0 0 0 rg BT 184.52 259.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 228.81 259.10 Td (in ) Tj ET Q q 0 0 0 rg BT 238.11 259.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 280.73 259.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.59 259.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 329.31 259.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 351.95 259.10 Td (units. ) Tj ET Q q 0 0 0 rg BT 375.42 259.10 Td (In ) Tj ET Q q 0 0 0 rg BT 385.28 259.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 425.66 259.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.97 259.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.97 259.10 Td (, ) Tj ET Q q 0 0 0 rg BT 458.99 259.10 Td (we ) Tj ET Q q 0 0 0 rg BT 472.18 259.10 Td (repurchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.01 259.10 Td (1,080,375) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.01 259.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.69 247.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.72 247.10 Td (our ) Tj ET Q q 0 0 0 rg BT 104.75 247.10 Td (common ) Tj ET Q q 0 0 0 rg BT 142.45 247.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 166.25 247.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.39 247.10 Td (common ) Tj ET Q q 0 0 0 rg BT 221.09 247.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 244.90 247.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 293.14 247.10 Td (at ) Tj ET Q q 0 0 0 rg BT 303.06 247.10 Td (an ) Tj ET Q q 0 0 0 rg BT 315.20 247.10 Td (average ) Tj ET Q q 0 0 0 rg BT 348.98 247.10 Td (price ) Tj ET Q q 0 0 0 rg BT 371.67 247.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.70 247.10 Td ($51.28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.20 247.10 Td ( ) Tj ET Q q 0 0 0 rg BT 412.90 247.10 Td (per ) Tj ET Q q 0 0 0 rg BT 428.36 247.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 454.66 247.10 Td (for ) Tj ET Q q 0 0 0 rg BT 469.02 247.10 Td (a ) Tj ET Q q 0 0 0 rg BT 476.16 247.10 Td (total ) Tj ET Q q 0 0 0 rg BT 496.64 247.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 534.87 247.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 553.68 247.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td ($55.4 ) Tj ET Q q 0 0 0 rg BT 75.00 235.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 235.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 214.10 Td (In ) Tj ET Q q 0 0 0 rg BT 74.46 214.10 Td (January ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.68 214.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.68 214.10 Td (, ) Tj ET Q q 0 0 0 rg BT 136.30 214.10 Td (taking ) Tj ET Q q 0 0 0 rg BT 165.42 214.10 Td (into ) Tj ET Q q 0 0 0 rg BT 185.11 214.10 Td (account ) Tj ET Q q 0 0 0 rg BT 220.32 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.67 214.10 Td (monetization ) Tj ET Q q 0 0 0 rg BT 293.00 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.45 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 322.91 214.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 362.58 214.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 416.97 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 434.43 214.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 462.99 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 475.45 214.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 516.78 214.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 552.55 214.10 Td (its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (authorization ) Tj ET Q q 0 0 0 rg BT 104.64 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 114.29 202.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 159.48 202.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 186.34 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.55 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 211.76 202.10 Td (common ) Tj ET Q q 0 0 0 rg BT 248.63 202.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 271.62 202.10 Td (during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.60 202.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.60 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.48 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.14 202.10 Td (up ) Tj ET Q q 0 0 0 rg BT 343.01 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 352.67 202.10 Td ($75.0 ) Tj ET Q q 0 0 0 rg BT 377.05 202.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 410.31 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 412.19 202.10 Td (In ) Tj ET Q q 0 0 0 rg BT 422.40 202.10 Td (late ) Tj ET Q q 0 0 0 rg BT 438.71 202.10 Td (January ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.69 202.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.69 202.10 Td (, ) Tj ET Q q 0 0 0 rg BT 496.06 202.10 Td (we ) Tj ET Q q 0 0 0 rg BT 509.60 202.10 Td (were ) Tj ET Q q 0 0 0 rg BT 530.91 202.10 Td (deemed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.87 190.10 Td (have ) Tj ET Q q 0 0 0 rg BT 80.83 190.10 Td (repurchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.22 190.10 Td (323,770) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.72 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.81 190.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 192.89 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.31 190.10 Td (our ) Tj ET Q q 0 0 0 rg BT 218.72 190.10 Td (common ) Tj ET Q q 0 0 0 rg BT 255.81 190.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 279.00 190.10 Td (at ) Tj ET Q q 0 0 0 rg BT 288.31 190.10 Td (an ) Tj ET Q q 0 0 0 rg BT 299.83 190.10 Td (average ) Tj ET Q q 0 0 0 rg BT 333.00 190.10 Td (price ) Tj ET Q q 0 0 0 rg BT 355.08 190.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.49 190.10 Td ($52.06) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.99 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 395.08 190.10 Td (per ) Tj ET Q q 0 0 0 rg BT 409.94 190.10 Td (share ) Tj ET Q q 0 0 0 rg BT 433.12 190.10 Td (\(for ) Tj ET Q q 0 0 0 rg BT 450.20 190.10 Td (a ) Tj ET Q q 0 0 0 rg BT 456.73 190.10 Td (total ) Tj ET Q q 0 0 0 rg BT 476.59 190.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 494.78 190.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.20 190.10 Td ($16.9 ) Tj ET Q q 0 0 0 rg BT 529.79 190.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.68 190.10 Td (\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.41 178.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 110.26 178.10 Td (with ) Tj ET Q q 0 0 0 rg BT 130.68 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.53 178.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 182.60 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.56 178.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 208.42 178.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 248.27 178.10 Td (in ) Tj ET Q q 0 0 0 rg BT 258.68 178.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 289.63 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.60 178.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 324.34 178.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 364.18 178.10 Td (to ) Tj ET Q q 0 0 0 rg BT 374.60 178.10 Td (our ) Tj ET Q q 0 0 0 rg BT 390.56 178.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 435.96 178.10 Td (in ) Tj ET Q q 0 0 0 rg BT 446.38 178.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 490.11 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.08 178.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 540.91 178.10 Td (stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (units ) Tj ET Q q 0 0 0 rg BT 72.30 166.10 Td (that ) Tj ET Q q 0 0 0 rg BT 90.14 166.10 Td (vested ) Tj ET Q q 0 0 0 rg BT 118.53 166.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.16 166.10 Td (January ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.11 166.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.11 166.10 Td (. ) Tj ET Q q 0 0 0 rg BT 188.46 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 191.30 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.95 166.10 Td (While ) Tj ET Q q 0 0 0 rg BT 221.23 166.10 Td (we ) Tj ET Q q 0 0 0 rg BT 235.74 166.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 264.68 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.30 166.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 296.48 166.10 Td (future ) Tj ET Q q 0 0 0 rg BT 323.21 166.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 373.25 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.43 166.10 Td (common ) Tj ET Q q 0 0 0 rg BT 422.27 166.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 450.11 166.10 Td (\(if ) Tj ET Q q 0 0 0 rg BT 462.40 166.10 Td (any\) ) Tj ET Q q 0 0 0 rg BT 483.02 166.10 Td (with ) Tj ET Q q 0 0 0 rg BT 503.64 166.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 544.25 166.10 Td (cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 70.83 154.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 98.88 154.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 136.91 154.10 Td (from ) Tj ET Q q 0 0 0 rg BT 158.85 154.10 Td (our ) Tj ET Q q 0 0 0 rg BT 174.68 154.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 224.96 154.10 Td (we ) Tj ET Q q 0 0 0 rg BT 239.12 154.10 Td (are ) Tj ET Q q 0 0 0 rg BT 253.82 154.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 282.98 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.26 154.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 323.52 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.24 154.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 366.85 154.10 Td (or ) Tj ET Q q 0 0 0 rg BT 377.68 154.10 Td (magnitude ) Tj ET Q q 0 0 0 rg BT 422.39 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.22 154.10 Td (our ) Tj ET Q q 0 0 0 rg BT 449.05 154.10 Td (share ) Tj ET Q q 0 0 0 rg BT 472.65 154.10 Td (repurchases.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td ( ) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 63.50 742.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 91.67 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.06 742.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 132.45 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.96 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 160.46 742.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 184.74 742.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 212.91 742.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 233.31 742.10 Td (we ) Tj ET Q q 0 0 0 rg BT 248.14 742.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 288.52 742.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 335.00 742.10 Td (from ) Tj ET Q q 0 0 0 rg BT 357.61 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 374.12 742.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 420.06 742.10 Td (that ) Tj ET Q q 0 0 0 rg BT 438.23 742.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 470.29 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.80 742.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 522.17 742.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 546.46 742.10 Td (unit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 81.46 730.10 Td (used ) Tj ET Q q 0 0 0 rg BT 102.93 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.85 730.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 135.32 730.10 Td (income ) Tj ET Q q 0 0 0 rg BT 167.89 730.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 183.25 730.10 Td (withholding ) Tj ET Q q 0 0 0 rg BT 234.72 730.10 Td (due ) Tj ET Q q 0 0 0 rg BT 252.30 730.10 Td (at ) Tj ET Q q 0 0 0 rg BT 262.66 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.01 730.10 Td (time ) Tj ET Q q 0 0 0 rg BT 298.93 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.28 730.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 354.62 730.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 378.87 730.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 397.57 730.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 429.03 730.10 Td (vest. ) Tj ET Q q 0 0 0 rg BT 450.78 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 453.92 730.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 481.49 730.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 504.63 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.99 730.10 Td (number ) Tj ET Q q 0 0 0 rg BT 553.68 730.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 90.73 718.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 115.38 718.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 134.47 718.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 162.44 718.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 212.63 718.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.38 718.10 Td (February ) Tj ET Q q 0 0 0 rg BT 263.02 718.10 Td (21, ) Tj ET Q q 0 0 0 rg BT 279.05 718.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.05 718.10 Td (, ) Tj ET Q q 0 0 0 rg BT 305.08 718.10 Td (we ) Tj ET Q q 0 0 0 rg BT 320.27 718.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 349.90 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 361.21 718.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 383.07 718.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 433.80 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.67 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 462.53 718.10 Td (common ) Tj ET Q q 0 0 0 rg BT 501.06 718.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 525.70 718.10 Td (from ) Tj ET Q q 0 0 0 rg BT 548.67 718.10 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 95.17 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 105.35 706.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 154.96 706.10 Td (with ) Tj ET Q q 0 0 0 rg BT 175.14 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.76 706.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 209.93 706.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 253.43 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.17 706.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 278.78 706.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 318.40 706.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 354.12 706.10 Td (on ) Tj ET Q q 0 0 0 rg BT 366.52 706.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 397.81 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.54 706.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 448.15 706.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 471.66 706.10 Td (units ) Tj ET Q q 0 0 0 rg BT 493.51 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 504.24 706.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td ($77.1 ) Tj ET Q q 0 0 0 rg BT 75.92 694.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.81 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.24 694.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 123.32 694.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 167.27 694.10 Td (based ) Tj ET Q q 0 0 0 rg BT 193.46 694.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 216.88 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.52 694.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 264.83 694.10 Td (share ) Tj ET Q q 0 0 0 rg BT 289.35 694.10 Td (price ) Tj ET Q q 0 0 0 rg BT 312.75 694.10 Td (as ) Tj ET Q q 0 0 0 rg BT 324.51 694.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.26 694.10 Td (February ) Tj ET Q q 0 0 0 rg BT 375.78 694.10 Td (21, ) Tj ET Q q 0 0 0 rg BT 391.70 694.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.70 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.12 694.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.87 694.10 Td ($54.15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.37 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 457.80 694.10 Td (per ) Tj ET Q q 0 0 0 rg BT 473.99 694.10 Td (share ) Tj ET Q q 0 0 0 rg BT 498.51 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 516.37 694.10 Td (assuming ) Tj ET Q q 0 0 0 rg BT 557.57 694.10 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (withholding ) Tj ET Q q 0 0 0 rg BT 100.97 682.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 115.82 682.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 133.44 682.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.41 682.10 Td (38%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.74 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.38 682.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 208.01 682.10 Td (with ) Tj ET Q q 0 0 0 rg BT 228.42 682.10 Td (our ) Tj ET Q q 0 0 0 rg BT 244.39 682.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 271.45 682.10 Td (experience\) ) Tj ET Q q 0 0 0 rg BT 320.71 682.10 Td (over ) Tj ET Q q 0 0 0 rg BT 341.12 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.97 682.10 Td (next ) Tj ET Q q 0 0 0 rg BT 375.82 682.10 Td (five ) Tj ET Q q 0 0 0 rg BT 394.00 682.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 420.24 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.21 682.10 Td (which ) Tj ET Q q 0 0 0 rg BT 458.28 682.10 Td (an ) Tj ET Q q 0 0 0 rg BT 470.35 682.10 Td (additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.98 682.10 Td ($4.1 ) Tj ET Q q 0 0 0 rg BT 533.12 682.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.01 682.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (will ) Tj ET Q q 0 0 0 rg BT 67.41 670.10 Td (be ) Tj ET Q q 0 0 0 rg BT 78.70 670.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 111.65 670.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.29 670.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.29 670.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.64 670.10 Td ($20.0 ) Tj ET Q q 0 0 0 rg BT 169.99 670.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.89 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 200.74 670.10 Td (will ) Tj ET Q q 0 0 0 rg BT 218.15 670.10 Td (be ) Tj ET Q q 0 0 0 rg BT 229.44 670.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 262.39 670.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.03 670.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.03 670.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.38 670.10 Td ($16.8 ) Tj ET Q q 0 0 0 rg BT 320.73 670.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.63 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.48 670.10 Td (will ) Tj ET Q q 0 0 0 rg BT 368.89 670.10 Td (be ) Tj ET Q q 0 0 0 rg BT 380.18 670.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 413.13 670.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.77 670.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.77 670.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.12 670.10 Td ($17.5 ) Tj ET Q q 0 0 0 rg BT 471.47 670.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.37 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.22 670.10 Td (will ) Tj ET Q q 0 0 0 rg BT 519.63 670.10 Td (be ) Tj ET Q q 0 0 0 rg BT 530.92 670.10 Td (payable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.20 658.10 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.20 658.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.13 658.10 Td ($1) Tj ET Q q 0 0 0 rg BT 94.76 658.10 Td (1.9 ) Tj ET Q q 0 0 0 rg BT 109.68 658.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.58 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.00 658.10 Td (will ) Tj ET Q q 0 0 0 rg BT 158.98 658.10 Td (be ) Tj ET Q q 0 0 0 rg BT 170.85 658.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 204.37 658.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.57 658.10 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.57 658.10 Td (, ) Tj ET Q q 0 0 0 rg BT 239.50 658.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.36 658.10 Td ($6.7 ) Tj ET Q q 0 0 0 rg BT 276.29 658.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.18 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 307.61 658.10 Td (will ) Tj ET Q q 0 0 0 rg BT 325.59 658.10 Td (be ) Tj ET Q q 0 0 0 rg BT 337.45 658.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 370.97 658.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.18 658.10 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.18 658.10 Td (. ) Tj ET Q q 0 0 0 rg BT 406.10 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.35 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 416.99 658.10 Td (e ) Tj ET Q q 0 0 0 rg BT 423.85 658.10 Td (will ) Tj ET Q q 0 0 0 rg BT 441.84 658.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 470.90 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 477.77 658.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 517.95 658.10 Td (income ) Tj ET Q q 0 0 0 rg BT 549.81 658.10 Td (tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 80.26 646.10 Td (concurrently ) Tj ET Q q 0 0 0 rg BT 133.30 646.10 Td (with ) Tj ET Q q 0 0 0 rg BT 153.57 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.29 646.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 188.56 646.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 232.16 646.10 Td (payments. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 63.50 622.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 88.45 622.10 Td (2004, ) Tj ET Q q 0 0 0 rg BT 113.68 622.10 Td (we ) Tj ET Q q 0 0 0 rg BT 128.07 622.10 Td (have ) Tj ET Q q 0 0 0 rg BT 149.67 622.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 169.62 622.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 208.44 622.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 250.06 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.57 622.10 Td (our ) Tj ET Q q 0 0 0 rg BT 276.63 622.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 329.89 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.06 622.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 384.78 622.10 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 429.16 622.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 470.22 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 480.73 622.10 Td (our ) Tj ET Q q 0 0 0 rg BT 496.79 622.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 544.78 622.10 Td (who ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 70.16 610.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 109.75 610.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 133.24 610.10 Td (units. ) Tj ET Q q 0 0 0 rg BT 157.57 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 159.95 610.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 177.89 610.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 216.36 610.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 253.74 610.10 Td (has ) Tj ET Q q 0 0 0 rg BT 269.45 610.10 Td (been ) Tj ET Q q 0 0 0 rg BT 290.71 610.10 Td ($0.45 ) Tj ET Q q 0 0 0 rg BT 315.60 610.10 Td (per ) Tj ET Q q 0 0 0 rg BT 330.75 610.10 Td (share ) Tj ET Q q 0 0 0 rg BT 354.23 610.10 Td (since ) Tj ET Q q 0 0 0 rg BT 377.16 610.10 Td (2007. ) Tj ET Q q 0 0 0 rg BT 402.04 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 404.42 610.10 Td (For ) Tj ET Q q 0 0 0 rg BT 420.70 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.30 610.10 Td (year ) Tj ET Q q 0 0 0 rg BT 454.89 610.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 481.15 610.10 Td (December ) Tj ET Q q 0 0 0 rg BT 524.61 610.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 539.50 610.10 Td (2013, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (we ) Tj ET Q q 0 0 0 rg BT 64.22 598.10 Td (made ) Tj ET Q q 0 0 0 rg BT 88.44 598.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 125.99 598.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 178.56 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.45 598.10 Td ($56.2 ) Tj ET Q q 0 0 0 rg BT 214.51 598.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 248.46 598.10 Td (or ) Tj ET Q q 0 0 0 rg BT 259.35 598.10 Td ($1.80 ) Tj ET Q q 0 0 0 rg BT 284.41 598.10 Td (per ) Tj ET Q q 0 0 0 rg BT 299.74 598.10 Td (common ) Tj ET Q q 0 0 0 rg BT 337.29 598.10 Td (share ) Tj ET Q q 0 0 0 rg BT 360.95 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.95 598.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 427.17 598.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 466.94 598.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 490.60 598.10 Td (unit. ) Tj ET Q q 0 0 0 rg BT 511.04 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 519.67 598.10 Td (e ) Tj ET Q q 0 0 0 rg BT 526.67 598.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 554.23 598.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 86.99 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.33 586.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 114.32 586.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 152.97 586.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 194.42 586.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 225.30 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 235.64 586.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 264.85 586.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 312.39 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.38 586.10 Td (periodic ) Tj ET Q q 0 0 0 rg BT 364.71 586.10 Td (determinations ) Tj ET Q q 0 0 0 rg BT 426.69 586.10 Td (that ) Tj ET Q q 0 0 0 rg BT 444.25 586.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 464.57 586.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 506.02 586.10 Td (are ) Tj ET Q q 0 0 0 rg BT 520.78 586.10 Td (in ) Tj ET Q q 0 0 0 rg BT 531.12 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 545.89 586.10 Td (best ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.94 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.78 574.10 Td (our ) Tj ET Q q 0 0 0 rg BT 108.62 574.10 Td (stockholders.Future ) Tj ET Q q 0 0 0 rg BT 192.79 574.10 Td (declaration ) Tj ET Q q 0 0 0 rg BT 239.72 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.67 574.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 293.61 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.45 574.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 345.84 574.10 Td (on ) Tj ET Q q 0 0 0 rg BT 358.35 574.10 Td (our ) Tj ET Q q 0 0 0 rg BT 374.19 574.10 Td (common ) Tj ET Q q 0 0 0 rg BT 411.70 574.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 435.32 574.10 Td (is ) Tj ET Q q 0 0 0 rg BT 444.50 574.10 Td (at ) Tj ET Q q 0 0 0 rg BT 454.22 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.95 574.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 510.89 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.73 574.10 Td (our ) Tj ET Q q 0 0 0 rg BT 537.57 574.10 Td (Board ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.58 562.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 100.04 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.73 562.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 151.75 562.10 Td (upon, ) Tj ET Q q 0 0 0 rg BT 176.50 562.10 Td (among ) Tj ET Q q 0 0 0 rg BT 205.97 562.10 Td (other ) Tj ET Q q 0 0 0 rg BT 228.76 562.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 257.96 562.10 Td (our ) Tj ET Q q 0 0 0 rg BT 273.54 562.10 Td (future ) Tj ET Q q 0 0 0 rg BT 299.67 562.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 343.58 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.27 562.10 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 398.90 562.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 427.80 562.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 482.25 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.94 562.10 Td (surplus, ) Tj ET Q q 0 0 0 rg BT 532.58 562.10 Td (general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.48 550.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 130.25 550.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 177.17 550.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 224.11 550.10 Td (and ) Tj ET Q q 0 0 0 rg BT 241.04 550.10 Td (other ) Tj ET Q q 0 0 0 rg BT 264.09 550.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 293.80 550.10 Td (as ) Tj ET Q q 0 0 0 rg BT 304.63 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.35 550.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 346.28 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.11 550.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 396.82 550.10 Td (may ) Tj ET Q q 0 0 0 rg BT 416.54 550.10 Td (deem ) Tj ET Q q 0 0 0 rg BT 440.69 550.10 Td (relevant.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 529.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 81.96 529.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 128.75 529.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.99 529.10 Td (Caliburn ) Tj ET Q q 0 0 0 rg BT 177.89 529.10 Td (in ) Tj ET Q q 0 0 0 rg BT 188.58 529.10 Td (2010 ) Tj ET Q q 0 0 0 rg BT 211.48 529.10 Td (was ) Tj ET Q q 0 0 0 rg BT 229.94 529.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 260.62 529.10 Td (with ) Tj ET Q q 0 0 0 rg BT 281.31 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.43 529.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 333.21 529.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.45 529.10 Td (1,099,874 ) Tj ET Q q 0 0 0 rg BT 387.36 529.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 415.26 529.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.50 529.10 Td (our ) Tj ET Q q 0 0 0 rg BT 442.73 529.10 Td (common ) Tj ET Q q 0 0 0 rg BT 480.64 529.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 504.65 529.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.00 529.10 Td (1,099,877 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 95.58 517.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 143.92 517.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 183.92 517.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 214.53 517.10 Td (The ) Tj ET Q q 0 0 0 rg BT 233.44 517.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 279.01 517.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 327.36 517.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 367.36 517.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 395.71 517.10 Td (do ) Tj ET Q q 0 0 0 rg BT 409.07 517.10 Td (not ) Tj ET Q q 0 0 0 rg BT 425.21 517.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 443.02 517.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 485.27 517.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.07 517.10 Td (were ) Tj ET Q q 0 0 0 rg BT 525.86 517.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 554.22 517.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (tranches ) Tj ET Q q 0 0 0 rg BT 85.05 505.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.12 505.10 Td (659,926 ) Tj ET Q q 0 0 0 rg BT 129.36 505.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 156.09 505.10 Td (and ) Tj ET Q q 0 0 0 rg BT 172.27 505.10 Td (439,951 ) Tj ET Q q 0 0 0 rg BT 206.50 505.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 235.73 505.10 Td (which ) Tj ET Q q 0 0 0 rg BT 261.91 505.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 293.63 505.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.15 505.10 Td (common ) Tj ET Q q 0 0 0 rg BT 339.88 505.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 366.61 505.10 Td (promptly ) Tj ET Q q 0 0 0 rg BT 405.01 505.10 Td (following ) Tj ET Q q 0 0 0 rg BT 445.64 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.59 505.10 Td (third ) Tj ET Q q 0 0 0 rg BT 480.22 505.10 Td (and ) Tj ET Q q 0 0 0 rg BT 496.40 505.10 Td (fifth ) Tj ET Q q 0 0 0 rg BT 515.35 505.10 Td (anniversary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.75 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.38 493.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 106.68 493.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.43 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.07 493.10 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 180.86 493.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 228.53 493.10 Td (, ) Tj ET Q q 0 0 0 rg BT 233.44 493.10 Td (if ) Tj ET Q q 0 0 0 rg BT 241.97 493.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 271.59 493.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 305.65 493.10 Td (tar) Tj ET Q q 0 0 0 rg BT 316.02 493.10 Td (gets ) Tj ET Q q 0 0 0 rg BT 334.54 493.10 Td (are ) Tj ET Q q 0 0 0 rg BT 349.17 493.10 Td (achieved. ) Tj ET Q q 0 0 0 rg BT 389.44 493.10 Td (The ) Tj ET Q q 0 0 0 rg BT 407.40 493.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 460.34 493.10 Td (tar) Tj ET Q q 0 0 0 rg BT 470.71 493.10 Td (get ) Tj ET Q q 0 0 0 rg BT 485.34 493.10 Td (for ) Tj ET Q q 0 0 0 rg BT 499.42 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.05 493.10 Td (first ) Tj ET Q q 0 0 0 rg BT 532.58 493.10 Td (tranche ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (was ) Tj ET Q q 0 0 0 rg BT 68.13 481.10 Td (met ) Tj ET Q q 0 0 0 rg BT 85.70 481.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 107.71 481.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.06 481.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.85 481.10 Td (third ) Tj ET Q q 0 0 0 rg BT 154.32 481.10 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 203.54 481.10 Td (and ) Tj ET Q q 0 0 0 rg BT 220.55 481.10 Td (659,926 ) Tj ET Q q 0 0 0 rg BT 255.62 481.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 300.41 481.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 347.97 481.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 387.18 481.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 414.74 481.10 Td (were ) Tj ET Q q 0 0 0 rg BT 436.74 481.10 Td (converted ) Tj ET Q q 0 0 0 rg BT 478.74 481.10 Td (to ) Tj ET Q q 0 0 0 rg BT 489.10 481.10 Td (common ) Tj ET Q q 0 0 0 rg BT 526.67 481.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 554.23 481.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (April ) Tj ET Q q 0 0 0 rg BT 73.71 469.10 Td (2013. ) Tj ET Q q 0 0 0 rg BT 98.80 469.10 Td ( ) Tj ET Q q 0 0 0 rg BT 101.21 469.10 Td (The ) Tj ET Q q 0 0 0 rg BT 119.35 469.10 Td (second ) Tj ET Q q 0 0 0 rg BT 149.72 469.10 Td (tranche ) Tj ET Q q 0 0 0 rg BT 181.74 469.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.67 469.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 237.48 469.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 285.05 469.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 324.28 469.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 351.87 469.10 Td (is ) Tj ET Q q 0 0 0 rg BT 361.14 469.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 392.06 469.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.44 469.10 Td (a ) Tj ET Q q 0 0 0 rg BT 409.47 469.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 465.38 469.10 Td (period ) Tj ET Q q 0 0 0 rg BT 493.52 469.10 Td (of ) Tj ET Q q 0 0 0 rg BT 504.45 469.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 542.58 469.10 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (April ) Tj ET Q q 0 0 0 rg BT 73.95 457.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 84.29 457.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 107.12 457.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.74 457.10 Td (March ) Tj ET Q q 0 0 0 rg BT 146.68 457.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 162.02 457.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 187.35 457.10 Td ( ) Tj ET Q q 0 0 0 rg BT 190.19 457.10 Td (If ) Tj ET Q q 0 0 0 rg BT 199.69 457.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.75 457.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 249.23 457.10 Td (tar) Tj ET Q q 0 0 0 rg BT 259.60 457.10 Td (get ) Tj ET Q q 0 0 0 rg BT 274.65 457.10 Td (for ) Tj ET Q q 0 0 0 rg BT 289.15 457.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.21 457.10 Td (second ) Tj ET Q q 0 0 0 rg BT 334.81 457.10 Td (tranche ) Tj ET Q q 0 0 0 rg BT 367.07 457.10 Td (is ) Tj ET Q q 0 0 0 rg BT 376.58 457.10 Td (achieved, ) Tj ET Q q 0 0 0 rg BT 417.45 457.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.51 457.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 477.56 457.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 525.38 457.10 Td (preferred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 78.20 445.10 Td (will ) Tj ET Q q 0 0 0 rg BT 96.96 445.10 Td (be ) Tj ET Q q 0 0 0 rg BT 109.61 445.10 Td (converted ) Tj ET Q q 0 0 0 rg BT 152.24 445.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.22 445.10 Td (common ) Tj ET Q q 0 0 0 rg BT 201.42 445.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 229.62 445.10 Td (on ) Tj ET Q q 0 0 0 rg BT 242.12 445.10 Td (April ) Tj ET Q q 0 0 0 rg BT 266.44 445.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 277.14 445.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 302.85 445.10 Td (If ) Tj ET Q q 0 0 0 rg BT 312.72 445.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.14 445.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 362.99 445.10 Td (tar) Tj ET Q q 0 0 0 rg BT 373.36 445.10 Td (get ) Tj ET Q q 0 0 0 rg BT 388.78 445.10 Td (for ) Tj ET Q q 0 0 0 rg BT 403.65 445.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.08 445.10 Td (second ) Tj ET Q q 0 0 0 rg BT 450.05 445.10 Td (tranche ) Tj ET Q q 0 0 0 rg BT 482.68 445.10 Td (is ) Tj ET Q q 0 0 0 rg BT 492.56 445.10 Td (not ) Tj ET Q q 0 0 0 rg BT 508.54 445.10 Td (achieved, ) Tj ET Q q 0 0 0 rg BT 549.78 445.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 93.04 433.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 137.75 433.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 185.23 433.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 224.37 433.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 251.86 433.10 Td (will ) Tj ET Q q 0 0 0 rg BT 269.92 433.10 Td (be ) Tj ET Q q 0 0 0 rg BT 281.86 433.10 Td (canceled. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 412.10 Td (While ) Tj ET Q q 0 0 0 rg BT 99.88 412.10 Td (we ) Tj ET Q q 0 0 0 rg BT 113.98 412.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 145.29 412.10 Td (that ) Tj ET Q q 0 0 0 rg BT 162.73 412.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.39 412.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 197.60 412.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 238.91 412.10 Td (from ) Tj ET Q q 0 0 0 rg BT 260.79 412.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 304.89 412.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.77 412.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 346.43 412.10 Td (available ) Tj ET Q q 0 0 0 rg BT 384.97 412.10 Td (from ) Tj ET Q q 0 0 0 rg BT 406.85 412.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.51 412.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 462.27 412.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 484.16 412.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 503.82 412.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 534.58 412.10 Td (will ) Tj ET Q q 0 0 0 rg BT 552.58 412.10 Td (be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 400.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 90.39 400.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.97 400.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 123.20 400.10 Td (our ) Tj ET Q q 0 0 0 rg BT 139.34 400.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 177.67 400.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 218.24 400.10 Td (needs, ) Tj ET Q q 0 0 0 rg BT 246.31 400.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 261.33 400.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 311.07 400.10 Td (common ) Tj ET Q q 0 0 0 rg BT 348.87 400.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 390.56 400.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 434.19 400.10 Td (share ) Tj ET Q q 0 0 0 rg BT 458.09 400.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 508.09 400.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.33 400.10 Td (build-out ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 72.18 388.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.69 388.10 Td (new ) Tj ET Q q 0 0 0 rg BT 101.52 388.10 Td (of) Tj ET Q q 0 0 0 rg BT 109.67 388.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 126.84 388.10 Td (space, ) Tj ET Q q 0 0 0 rg BT 153.72 388.10 Td (we ) Tj ET Q q 0 0 0 rg BT 167.56 388.10 Td (may ) Tj ET Q q 0 0 0 rg BT 186.95 388.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 213.02 388.10 Td (our ) Tj ET Q q 0 0 0 rg BT 228.53 388.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 262.91 388.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 301.18 388.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.80 388.10 Td (other ) Tj ET Q q 0 0 0 rg BT 340.52 388.10 Td (disbursements, ) Tj ET Q q 0 0 0 rg BT 402.42 388.10 Td (if ) Tj ET Q q 0 0 0 rg BT 410.70 388.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 448.92 388.10 Td (, ) Tj ET Q q 0 0 0 rg BT 453.60 388.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.55 388.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 485.17 388.10 Td (our ) Tj ET Q q 0 0 0 rg BT 500.67 388.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 536.74 388.10 Td (needs. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (There ) Tj ET Q q 0 0 0 rg BT 75.41 376.10 Td (is ) Tj ET Q q 0 0 0 rg BT 84.18 376.10 Td (no ) Tj ET Q q 0 0 0 rg BT 96.27 376.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 137.24 376.10 Td (that ) Tj ET Q q 0 0 0 rg BT 154.33 376.10 Td (our ) Tj ET Q q 0 0 0 rg BT 169.75 376.10 Td (current ) Tj ET Q q 0 0 0 rg BT 200.17 376.10 Td (lender ) Tj ET Q q 0 0 0 rg BT 227.25 376.10 Td (will ) Tj ET Q q 0 0 0 rg BT 244.90 376.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 281.43 376.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.31 376.10 Td (renew ) Tj ET Q q 0 0 0 rg BT 317.83 376.10 Td (our ) Tj ET Q q 0 0 0 rg BT 333.26 376.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 373.68 376.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 392.99 376.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 423.41 376.10 Td (annually ) Tj ET Q q 0 0 0 rg BT 459.94 376.10 Td (on ) Tj ET Q q 0 0 0 rg BT 472.03 376.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 520.77 376.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 547.58 376.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (if ) Tj ET Q q 0 0 0 rg BT 58.40 364.10 Td (it ) Tj ET Q q 0 0 0 rg BT 66.25 364.10 Td (is ) Tj ET Q q 0 0 0 rg BT 75.21 364.10 Td (not ) Tj ET Q q 0 0 0 rg BT 90.28 364.10 Td (renewed ) Tj ET Q q 0 0 0 rg BT 126.44 364.10 Td (that ) Tj ET Q q 0 0 0 rg BT 143.73 364.10 Td (we ) Tj ET Q q 0 0 0 rg BT 157.68 364.10 Td (would ) Tj ET Q q 0 0 0 rg BT 184.98 364.10 Td (be ) Tj ET Q q 0 0 0 rg BT 196.71 364.10 Td (able ) Tj ET Q q 0 0 0 rg BT 215.65 364.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.73 364.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 253.01 364.10 Td (a ) Tj ET Q q 0 0 0 rg BT 259.74 364.10 Td (new ) Tj ET Q q 0 0 0 rg BT 278.70 364.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 303.75 364.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 334.37 364.10 Td (from ) Tj ET Q q 0 0 0 rg BT 356.10 364.10 Td (a ) Tj ET Q q 0 0 0 rg BT 362.83 364.10 Td (dif) Tj ET Q q 0 0 0 rg BT 373.75 364.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 399.36 364.10 Td (lender) Tj ET Q q 0 0 0 rg BT 423.80 364.10 Td (. ) Tj ET Q q 0 0 0 rg BT 428.59 364.10 Td (In ) Tj ET Q q 0 0 0 rg BT 439.21 364.10 Td (that ) Tj ET Q q 0 0 0 rg BT 456.50 364.10 Td (case, ) Tj ET Q q 0 0 0 rg BT 478.50 364.10 Td (we ) Tj ET Q q 0 0 0 rg BT 492.45 364.10 Td (could ) Tj ET Q q 0 0 0 rg BT 516.96 364.10 Td (be ) Tj ET Q q 0 0 0 rg BT 528.69 364.10 Td (required ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.72 352.10 Td (promptly ) Tj ET Q q 0 0 0 rg BT 98.33 352.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 125.81 352.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 169.95 352.10 Td (forms ) Tj ET Q q 0 0 0 rg BT 195.22 352.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.49 352.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 247.70 352.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 269.64 352.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 311.57 352.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 353.78 352.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 382.37 352.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 422.07 352.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 444.02 352.10 Td (or ) Tj ET Q q 0 0 0 rg BT 454.29 352.10 Td (take ) Tj ET Q q 0 0 0 rg BT 472.89 352.10 Td (a ) Tj ET Q q 0 0 0 rg BT 479.27 352.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 531.20 352.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.47 352.10 Td (these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 83.25 340.10 Td (in ) Tj ET Q q 0 0 0 rg BT 93.45 340.10 Td (each ) Tj ET Q q 0 0 0 rg BT 114.19 340.10 Td (case ) Tj ET Q q 0 0 0 rg BT 133.82 340.10 Td (on ) Tj ET Q q 0 0 0 rg BT 146.24 340.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 170.88 340.10 Td (which ) Tj ET Q q 0 0 0 rg BT 197.74 340.10 Td (may ) Tj ET Q q 0 0 0 rg BT 217.38 340.10 Td (not ) Tj ET Q q 0 0 0 rg BT 232.59 340.10 Td (be ) Tj ET Q q 0 0 0 rg BT 244.45 340.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 284.63 340.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.83 340.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 308.64 340.10 Td (In ) Tj ET Q q 0 0 0 rg BT 319.40 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.04 340.10 Td (event ) Tj ET Q q 0 0 0 rg BT 358.11 340.10 Td (that ) Tj ET Q q 0 0 0 rg BT 375.53 340.10 Td (we ) Tj ET Q q 0 0 0 rg BT 389.62 340.10 Td (are ) Tj ET Q q 0 0 0 rg BT 404.25 340.10 Td (not ) Tj ET Q q 0 0 0 rg BT 419.45 340.10 Td (able ) Tj ET Q q 0 0 0 rg BT 438.53 340.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.73 340.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 470.59 340.10 Td (our ) Tj ET Q q 0 0 0 rg BT 486.34 340.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 522.65 340.10 Td (needs, ) Tj ET Q q 0 0 0 rg BT 550.35 340.10 Td (we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.72 328.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 106.09 328.10 Td (a ) Tj ET Q q 0 0 0 rg BT 113.03 328.10 Td (range ) Tj ET Q q 0 0 0 rg BT 137.74 328.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.57 328.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 188.83 328.10 Td (alternatives ) Tj ET Q q 0 0 0 rg BT 237.42 328.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.70 328.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 269.63 328.10 Td (any ) Tj ET Q q 0 0 0 rg BT 286.57 328.10 Td (such ) Tj ET Q q 0 0 0 rg BT 307.40 328.10 Td (needs. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 302.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 85.62 302.10 Td (Flows) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 276.10 Td (2013) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.00 276.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 276.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 110.26 276.10 Td (and ) Tj ET Q q 0 0 0 rg BT 127.95 276.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 148.97 276.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 197.77 276.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 240.44 276.10 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.70 276.10 Td ($7.6 ) Tj ET Q q 0 0 0 rg BT 274.45 276.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.35 276.10 Td ( ) Tj ET Q q 0 0 0 rg BT 306.60 276.10 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.30 276.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 388.64 276.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.64 276.10 Td (, ) Tj ET Q q 0 0 0 rg BT 414.39 276.10 Td (including ) Tj ET Q q 0 0 0 rg BT 455.42 276.10 Td (a ) Tj ET Q q 0 0 0 rg BT 463.12 276.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 500.79 276.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.37 276.10 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 533.13 276.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.02 276.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 86.65 264.10 Td (from ) Tj ET Q q 0 0 0 rg BT 107.74 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.62 264.10 Td (ef) Tj ET Q q 0 0 0 rg BT 129.20 264.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 145.84 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.83 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.70 264.10 Td (translation ) Tj ET Q q 0 0 0 rg BT 213.57 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.55 264.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 254.09 264.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 290.72 264.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 326.26 264.10 Td (into ) Tj ET Q q 0 0 0 rg BT 343.47 264.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 362.91 264.10 Td (dollars ) Tj ET Q q 0 0 0 rg BT 391.78 264.10 Td (at ) Tj ET Q q 0 0 0 rg BT 400.65 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.53 264.10 Td (year) Tj ET Q q 0 0 0 rg BT 431.53 264.10 Td (-end ) Tj ET Q q 0 0 0 rg BT 450.96 264.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 481.49 264.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 518.12 264.10 Td (conversion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 73.36 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 75.21 252.10 Td (W) Tj ET Q q 0 0 0 rg BT 83.84 252.10 Td (e ) Tj ET Q q 0 0 0 rg BT 90.27 252.10 Td (generated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.12 252.10 Td ($67.8 ) Tj ET Q q 0 0 0 rg BT 155.60 252.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.50 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.48 252.10 Td (from ) Tj ET Q q 0 0 0 rg BT 207.91 252.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 247.66 252.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 288.24 252.10 Td (which ) Tj ET Q q 0 0 0 rg BT 314.67 252.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 353.87 252.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.19 252.10 Td ($100.8 ) Tj ET Q q 0 0 0 rg BT 393.67 252.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.56 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 424.55 252.10 Td (from ) Tj ET Q q 0 0 0 rg BT 445.97 252.10 Td (net ) Tj ET Q q 0 0 0 rg BT 460.18 252.10 Td (income ) Tj ET Q q 0 0 0 rg BT 491.60 252.10 Td (after ) Tj ET Q q 0 0 0 rg BT 511.90 252.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 539.44 252.10 Td (ef) Tj ET Q q 0 0 0 rg BT 547.03 252.10 Td (fect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.53 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.50 240.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 111.35 240.10 Td (items ) Tj ET Q q 0 0 0 rg BT 134.77 240.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.96 240.10 Td (a ) Tj ET Q q 0 0 0 rg BT 157.15 240.10 Td (net ) Tj ET Q q 0 0 0 rg BT 171.12 240.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 205.63 240.10 Td (in ) Tj ET Q q 0 0 0 rg BT 215.16 240.10 Td (working ) Tj ET Q q 0 0 0 rg BT 250.24 240.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 278.65 240.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.73 240.10 Td ($33.0 ) Tj ET Q q 0 0 0 rg BT 312.98 240.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.88 240.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.63 240.10 Td (\(primarily ) Tj ET Q q 0 0 0 rg BT 385.92 240.10 Td (due ) Tj ET Q q 0 0 0 rg BT 402.11 240.10 Td (to ) Tj ET Q q 0 0 0 rg BT 411.65 240.10 Td (an ) Tj ET Q q 0 0 0 rg BT 422.84 240.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 457.34 240.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.88 240.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 503.07 240.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 520.92 240.10 Td (receivable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (due ) Tj ET Q q 0 0 0 rg BT 67.26 228.10 Td (to ) Tj ET Q q 0 0 0 rg BT 77.85 228.10 Td (a ) Tj ET Q q 0 0 0 rg BT 85.11 228.10 Td (number ) Tj ET Q q 0 0 0 rg BT 118.48 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.63 228.10 Td (lar) Tj ET Q q 0 0 0 rg BT 139.99 228.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 152.25 228.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 198.94 228.10 Td (closings ) Tj ET Q q 0 0 0 rg BT 234.54 228.10 Td (shortly ) Tj ET Q q 0 0 0 rg BT 265.14 228.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 287.39 228.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.99 228.10 Td (December ) Tj ET Q q 0 0 0 rg BT 341.89 228.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 357.21 228.10 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 385.86 228.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.48 228.10 Td (W) Tj ET Q q 0 0 0 rg BT 397.11 228.10 Td (e ) Tj ET Q q 0 0 0 rg BT 404.37 228.10 Td (generated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.05 228.10 Td ($35.8 ) Tj ET Q q 0 0 0 rg BT 471.37 228.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.26 228.10 Td ( ) Tj ET Q q 0 0 0 rg BT 503.08 228.10 Td (from ) Tj ET Q q 0 0 0 rg BT 525.34 228.10 Td (investing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 92.30 216.10 Td (which ) Tj ET Q q 0 0 0 rg BT 120.44 216.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 161.36 216.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.39 216.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 212.63 216.10 Td (from ) Tj ET Q q 0 0 0 rg BT 235.78 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.69 216.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 270.94 216.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.98 216.10 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 316.67 216.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.71 216.10 Td ($34.2 ) Tj ET Q q 0 0 0 rg BT 354.91 216.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.80 216.10 Td (, ) Tj ET Q q 0 0 0 rg BT 390.00 216.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 443.71 216.10 Td (from ) Tj ET Q q 0 0 0 rg BT 466.85 216.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 507.76 216.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 543.68 216.10 Td (fund ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 100.13 204.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.82 204.10 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 130.68 204.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.57 204.10 Td (, ) Tj ET Q q 0 0 0 rg BT 164.42 204.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 200.10 204.10 Td (of) Tj ET Q q 0 0 0 rg BT 208.25 204.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 225.05 204.10 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.41 204.10 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 257.26 204.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.15 204.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.51 204.10 Td (used ) Tj ET Q q 0 0 0 rg BT 309.20 204.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.33 204.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 340.02 204.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 369.03 204.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 389.71 204.10 Td (for ) Tj ET Q q 0 0 0 rg BT 403.73 204.10 Td (our ) Tj ET Q q 0 0 0 rg BT 419.42 204.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 458.98 204.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 493.55 204.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 514.24 204.10 Td (investments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.45 192.10 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 85.96 192.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.85 192.10 Td ( ) Tj ET Q q 0 0 0 rg BT 116.86 192.10 Td (for ) Tj ET Q q 0 0 0 rg BT 130.53 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.75 192.10 Td (build ) Tj ET Q q 0 0 0 rg BT 167.32 192.10 Td (out ) Tj ET Q q 0 0 0 rg BT 182.11 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.45 192.10 Td (of) Tj ET Q q 0 0 0 rg BT 200.60 192.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 217.59 192.10 Td (space ) Tj ET Q q 0 0 0 rg BT 241.81 192.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.25 192.10 Td (other ) Tj ET Q q 0 0 0 rg BT 280.81 192.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 309.47 192.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 336.75 192.10 Td ( ) Tj ET Q q 0 0 0 rg BT 338.61 192.10 Td (W) Tj ET Q q 0 0 0 rg BT 347.25 192.10 Td (e ) Tj ET Q q 0 0 0 rg BT 353.70 192.10 Td (used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.04 192.10 Td ($1) Tj ET Q q 0 0 0 rg BT 383.67 192.10 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 403.18 192.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.07 192.10 Td ( ) Tj ET Q q 0 0 0 rg BT 434.08 192.10 Td (in ) Tj ET Q q 0 0 0 rg BT 443.86 192.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 483.64 192.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 524.24 192.10 Td (including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td ($56.2 ) Tj ET Q q 0 0 0 rg BT 75.21 180.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.10 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.82 180.10 Td (for ) Tj ET Q q 0 0 0 rg BT 121.19 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.12 180.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 173.26 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 184.31 180.10 Td (dividends, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.41 180.10 Td ($42.5 ) Tj ET Q q 0 0 0 rg BT 253.62 180.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.51 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 285.22 180.10 Td (for ) Tj ET Q q 0 0 0 rg BT 299.59 180.10 Td (open ) Tj ET Q q 0 0 0 rg BT 321.75 180.10 Td (market ) Tj ET Q q 0 0 0 rg BT 352.22 180.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 402.13 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.17 180.10 Td (our ) Tj ET Q q 0 0 0 rg BT 429.22 180.10 Td (common ) Tj ET Q q 0 0 0 rg BT 466.92 180.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 490.74 180.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.90 180.10 Td ($12.9 ) Tj ET Q q 0 0 0 rg BT 533.11 180.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.00 180.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.32 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.21 168.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 122.17 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.17 168.10 Td (our ) Tj ET Q q 0 0 0 rg BT 147.16 168.10 Td (common ) Tj ET Q q 0 0 0 rg BT 183.82 168.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 206.59 168.10 Td (from ) Tj ET Q q 0 0 0 rg BT 227.70 168.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 272.13 168.10 Td (in ) Tj ET Q q 0 0 0 rg BT 281.57 168.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 330.44 168.10 Td (with ) Tj ET Q q 0 0 0 rg BT 349.89 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.77 168.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 399.86 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.86 168.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 423.74 168.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 462.62 168.10 Td (in ) Tj ET Q q 0 0 0 rg BT 472.06 168.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 514.83 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 524.82 168.10 Td (restricted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.36 156.10 Td (units ) Tj ET Q q 0 0 0 rg BT 95.07 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.76 156.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 131.51 156.10 Td (million ) Tj ET Q q 0 0 0 rg BT 162.66 156.10 Td (for ) Tj ET Q q 0 0 0 rg BT 176.58 156.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 228.84 156.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.87 156.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 303.34 156.10 Td (interests, ) Tj ET Q q 0 0 0 rg BT 341.42 156.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 376.99 156.10 Td (of) Tj ET Q q 0 0 0 rg BT 385.14 156.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 401.83 156.10 Td (by ) Tj ET Q q 0 0 0 rg BT 414.09 156.10 Td (net ) Tj ET Q q 0 0 0 rg BT 428.56 156.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 476.37 156.10 Td (on ) Tj ET Q q 0 0 0 rg BT 488.62 156.10 Td (our ) Tj ET Q q 0 0 0 rg BT 504.21 156.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 544.79 156.10 Td (loan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 80.82 144.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.65 144.10 Td ($1.7 ) Tj ET Q q 0 0 0 rg BT 111.65 144.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.54 144.10 Td (. ) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 145.54 144.10 Td () Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 742.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 86.04 742.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 107.58 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.55 742.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 142.86 742.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 189.94 742.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 230.89 742.10 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.43 742.10 Td ($1) Tj ET Q q 0 0 0 rg BT 252.06 742.10 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 266.10 742.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.99 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 296.53 742.10 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.50 742.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 375.13 742.10 Td (201) Tj ET Q q 0 0 0 rg BT 389.75 742.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.75 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 398.79 742.10 Td (net ) Tj ET Q q 0 0 0 rg BT 412.55 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.42 742.10 Td (an ) Tj ET Q q 0 0 0 rg BT 433.39 742.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 467.68 742.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.55 742.10 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 496.59 742.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.48 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 527.02 742.10 Td (resulting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.81 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.40 730.10 Td (ef) Tj ET Q q 0 0 0 rg BT 93.99 730.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 111.35 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.05 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.64 730.10 Td (translation ) Tj ET Q q 0 0 0 rg BT 181.23 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.93 730.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 223.18 730.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 260.53 730.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 296.79 730.10 Td (into ) Tj ET Q q 0 0 0 rg BT 314.72 730.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 334.87 730.10 Td (dollars ) Tj ET Q q 0 0 0 rg BT 364.46 730.10 Td (at ) Tj ET Q q 0 0 0 rg BT 374.05 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.64 730.10 Td (year) Tj ET Q q 0 0 0 rg BT 405.65 730.10 Td (-end ) Tj ET Q q 0 0 0 rg BT 425.79 730.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 457.04 730.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 494.39 730.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 540.64 730.10 Td (rates. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 718.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.39 718.10 Td (generated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.57 718.10 Td ($94.8 ) Tj ET Q q 0 0 0 rg BT 131.38 718.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.27 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.59 718.10 Td (from ) Tj ET Q q 0 0 0 rg BT 184.34 718.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 224.42 718.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 265.33 718.10 Td (which ) Tj ET Q q 0 0 0 rg BT 292.08 718.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 331.62 718.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.26 718.10 Td ($93.4 ) Tj ET Q q 0 0 0 rg BT 367.08 718.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.97 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.28 718.10 Td (from ) Tj ET Q q 0 0 0 rg BT 420.03 718.10 Td (net ) Tj ET Q q 0 0 0 rg BT 434.57 718.10 Td (income ) Tj ET Q q 0 0 0 rg BT 466.31 718.10 Td (after ) Tj ET Q q 0 0 0 rg BT 486.94 718.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 514.81 718.10 Td (ef) Tj ET Q q 0 0 0 rg BT 522.40 718.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 539.70 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.79 718.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 88.28 706.10 Td (items ) Tj ET Q q 0 0 0 rg BT 112.13 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 128.75 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 135.37 706.10 Td (net ) Tj ET Q q 0 0 0 rg BT 149.77 706.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 186.36 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.32 706.10 Td (working ) Tj ET Q q 0 0 0 rg BT 231.83 706.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 260.67 706.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.18 706.10 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 290.86 706.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.75 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 324.27 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 332.91 706.10 Td (e ) Tj ET Q q 0 0 0 rg BT 339.53 706.10 Td (generated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.58 706.10 Td ($36.0 ) Tj ET Q q 0 0 0 rg BT 405.26 706.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.15 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 436.33 706.10 Td (from ) Tj ET Q q 0 0 0 rg BT 457.95 706.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 496.80 706.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 537.58 706.10 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 90.55 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.21 694.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 141.08 694.10 Td (from ) Tj ET Q q 0 0 0 rg BT 163.85 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.40 694.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 198.28 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.94 694.10 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 243.27 694.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.93 694.10 Td ($30.5 ) Tj ET Q q 0 0 0 rg BT 280.77 694.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.66 694.10 Td (, ) Tj ET Q q 0 0 0 rg BT 315.49 694.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 354.36 694.10 Td (from ) Tj ET Q q 0 0 0 rg BT 377.13 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.68 694.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 411.56 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.22 694.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 442.30 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 445.64 694.10 Td (Europe ) Tj ET Q q 0 0 0 rg BT 477.85 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.51 694.10 Td ($27.2 ) Tj ET Q q 0 0 0 rg BT 515.34 694.10 Td (million ) Tj ET Q q 0 0 0 rg BT 547.57 694.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 102.51 682.10 Td (from ) Tj ET Q q 0 0 0 rg BT 124.45 682.10 Td (other ) Tj ET Q q 0 0 0 rg BT 147.50 682.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 187.21 682.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 221.93 682.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 242.76 682.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 293.04 682.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.87 682.10 Td ($3.0 ) Tj ET Q q 0 0 0 rg BT 323.88 682.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.77 682.10 Td (, ) Tj ET Q q 0 0 0 rg BT 357.77 682.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 393.60 682.10 Td (of) Tj ET Q q 0 0 0 rg BT 401.75 682.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 418.69 682.10 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.19 682.10 Td ($15.5 ) Tj ET Q q 0 0 0 rg BT 456.20 682.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.09 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.59 682.10 Td (used ) Tj ET Q q 0 0 0 rg BT 508.43 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 518.71 682.10 Td (repurchase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 86.08 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.61 670.10 Td (two ) Tj ET Q q 0 0 0 rg BT 114.36 670.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 152.10 670.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 197.62 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.70 670.10 Td (GCP) Tj ET Q q 0 0 0 rg BT 227.78 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 230.53 670.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 242.45 670.10 Td (which ) Tj ET Q q 0 0 0 rg BT 269.64 670.10 Td (were ) Tj ET Q q 0 0 0 rg BT 291.82 670.10 Td (put ) Tj ET Q q 0 0 0 rg BT 307.35 670.10 Td (back ) Tj ET Q q 0 0 0 rg BT 328.97 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.50 670.10 Td (us ) Tj ET Q q 0 0 0 rg BT 351.15 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 361.68 670.10 Td (December ) Tj ET Q q 0 0 0 rg BT 405.51 670.10 Td (2012, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.76 670.10 Td ($6.5 ) Tj ET Q q 0 0 0 rg BT 451.02 670.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.91 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 482.66 670.10 Td (used ) Tj ET Q q 0 0 0 rg BT 503.74 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 514.27 670.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 535.35 670.10 Td (capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 71.26 658.10 Td (for ) Tj ET Q q 0 0 0 rg BT 85.86 658.10 Td (our ) Tj ET Q q 0 0 0 rg BT 102.13 658.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 142.27 658.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 177.42 658.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 198.69 658.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 249.40 658.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.77 658.10 Td ($2.8 ) Tj ET Q q 0 0 0 rg BT 287.21 658.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.10 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 319.04 658.10 Td (for ) Tj ET Q q 0 0 0 rg BT 333.64 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.79 658.10 Td (build ) Tj ET Q q 0 0 0 rg BT 372.28 658.10 Td (out ) Tj ET Q q 0 0 0 rg BT 388.00 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.27 658.10 Td (of) Tj ET Q q 0 0 0 rg BT 407.41 658.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 425.34 658.10 Td (space ) Tj ET Q q 0 0 0 rg BT 450.48 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 467.86 658.10 Td (other ) Tj ET Q q 0 0 0 rg BT 491.34 658.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 520.93 658.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 548.92 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 557.56 658.10 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.87 646.10 Td ($142.6 ) Tj ET Q q 0 0 0 rg BT 100.91 646.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.80 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 132.34 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 142.66 646.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 182.96 646.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 224.10 646.10 Td (including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.41 646.10 Td ($57.1 ) Tj ET Q q 0 0 0 rg BT 289.45 646.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.34 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 320.88 646.10 Td (for ) Tj ET Q q 0 0 0 rg BT 335.08 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.83 646.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 386.81 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 397.68 646.10 Td (dividends, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.60 646.10 Td ($74.9 ) Tj ET Q q 0 0 0 rg BT 466.64 646.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.53 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 498.07 646.10 Td (for ) Tj ET Q q 0 0 0 rg BT 512.27 646.10 Td (open ) Tj ET Q q 0 0 0 rg BT 534.25 646.10 Td (market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 99.62 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.37 634.10 Td (our ) Tj ET Q q 0 0 0 rg BT 126.12 634.10 Td (common ) Tj ET Q q 0 0 0 rg BT 163.54 634.10 Td (stock, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.57 634.10 Td ($8.2 ) Tj ET Q q 0 0 0 rg BT 209.49 634.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.38 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 240.81 634.10 Td (for ) Tj ET Q q 0 0 0 rg BT 254.89 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.53 634.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 315.25 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.01 634.10 Td (our ) Tj ET Q q 0 0 0 rg BT 341.76 634.10 Td (common ) Tj ET Q q 0 0 0 rg BT 379.17 634.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 402.71 634.10 Td (from ) Tj ET Q q 0 0 0 rg BT 424.57 634.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 469.75 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 479.95 634.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 529.58 634.10 Td (with ) Tj ET Q q 0 0 0 rg BT 549.79 634.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 86.77 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.44 622.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 111.99 622.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 151.55 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 161.67 622.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 205.10 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.77 622.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 255.31 622.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 278.76 622.10 Td (units ) Tj ET Q q 0 0 0 rg BT 300.54 622.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.32 622.10 Td ($3.4 ) Tj ET Q q 0 0 0 rg BT 337.16 622.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.05 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 368.39 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.05 622.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 393.61 622.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 415.95 622.10 Td (related ) Tj ET Q q 0 0 0 rg BT 445.49 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.60 622.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 490.70 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.37 622.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 540.91 622.10 Td (stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (units ) Tj ET Q q 0 0 0 rg BT 71.66 610.10 Td (at ) Tj ET Q q 0 0 0 rg BT 81.09 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 87.75 610.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 118.85 610.10 Td (price ) Tj ET Q q 0 0 0 rg BT 141.05 610.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 166.03 610.10 Td (than ) Tj ET Q q 0 0 0 rg BT 185.46 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.89 610.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 222.65 610.10 Td (price, ) Tj ET Q q 0 0 0 rg BT 247.35 610.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 282.89 610.10 Td (of) Tj ET Q q 0 0 0 rg BT 291.04 610.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 307.69 610.10 Td (by ) Tj ET Q q 0 0 0 rg BT 319.90 610.10 Td (net ) Tj ET Q q 0 0 0 rg BT 334.34 610.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 382.10 610.10 Td (on ) Tj ET Q q 0 0 0 rg BT 394.32 610.10 Td (our ) Tj ET Q q 0 0 0 rg BT 409.86 610.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 450.40 610.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 469.83 610.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 500.37 610.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.91 610.10 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 530.63 610.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.52 610.10 Td (. ) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 50.00 608.90 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 587.90 Td (201) Tj ET Q q 0 0 0 rg BT 76.26 587.90 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 81.26 587.90 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.26 587.90 Td (Cash ) Tj ET Q q 0 0 0 rg BT 109.00 587.90 Td (and ) Tj ET Q q 0 0 0 rg BT 126.17 587.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 146.68 587.90 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 194.96 587.90 Td (decreased ) Tj ET Q q 0 0 0 rg BT 237.11 587.90 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.85 587.90 Td ($16.2 ) Tj ET Q q 0 0 0 rg BT 275.09 587.90 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.98 587.90 Td ( ) Tj ET Q q 0 0 0 rg BT 306.72 587.90 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.24 587.90 Td (201) Tj ET Q q 0 0 0 rg BT 331.86 587.90 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.86 587.90 Td (, ) Tj ET Q q 0 0 0 rg BT 342.10 587.90 Td (including ) Tj ET Q q 0 0 0 rg BT 382.61 587.90 Td (a ) Tj ET Q q 0 0 0 rg BT 389.79 587.90 Td (decrease ) Tj ET Q q 0 0 0 rg BT 426.94 587.90 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.01 587.90 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 458.25 587.90 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.14 587.90 Td ( ) Tj ET Q q 0 0 0 rg BT 489.88 587.90 Td (resulting ) Tj ET Q q 0 0 0 rg BT 527.61 587.90 Td (from ) Tj ET Q q 0 0 0 rg BT 549.79 587.90 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.90 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 575.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 76.19 575.90 Td (of ) Tj ET Q q 0 0 0 rg BT 88.13 575.90 Td (the ) Tj ET Q q 0 0 0 rg BT 103.96 575.90 Td (translation ) Tj ET Q q 0 0 0 rg BT 149.79 575.90 Td (of ) Tj ET Q q 0 0 0 rg BT 161.73 575.90 Td (foreign ) Tj ET Q q 0 0 0 rg BT 194.22 575.90 Td (currency ) Tj ET Q q 0 0 0 rg BT 232.81 575.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 270.31 575.90 Td (into ) Tj ET Q q 0 0 0 rg BT 289.48 575.90 Td (U.S.dollars ) Tj ET Q q 0 0 0 rg BT 340.59 575.90 Td (at ) Tj ET Q q 0 0 0 rg BT 351.42 575.90 Td (the ) Tj ET Q q 0 0 0 rg BT 367.25 575.90 Td (year) Tj ET Q q 0 0 0 rg BT 384.26 575.90 Td (-end ) Tj ET Q q 0 0 0 rg BT 405.64 575.90 Td (foreign ) Tj ET Q q 0 0 0 rg BT 438.13 575.90 Td (currency ) Tj ET Q q 0 0 0 rg BT 476.72 575.90 Td (conversion ) Tj ET Q q 0 0 0 rg BT 524.21 575.90 Td (rates. ) Tj ET Q q 0 0 0 rg BT 548.94 575.90 Td (W) Tj ET Q q 0 0 0 rg BT 557.58 575.90 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 563.90 Td (generated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.15 563.90 Td ($97.7 ) Tj ET Q q 0 0 0 rg BT 115.94 563.90 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.83 563.90 Td ( ) Tj ET Q q 0 0 0 rg BT 147.12 563.90 Td (in ) Tj ET Q q 0 0 0 rg BT 157.18 563.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 197.23 563.90 Td (activities, ) Tj ET Q q 0 0 0 rg BT 238.12 563.90 Td (which ) Tj ET Q q 0 0 0 rg BT 264.85 563.90 Td (consisted ) Tj ET Q q 0 0 0 rg BT 304.35 563.90 Td (of ) Tj ET Q q 0 0 0 rg BT 314.97 563.90 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.26 563.90 Td ($1) Tj ET Q q 0 0 0 rg BT 326.88 563.90 Td (13.5 ) Tj ET Q q 0 0 0 rg BT 346.67 563.90 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.56 563.90 Td ( ) Tj ET Q q 0 0 0 rg BT 377.85 563.90 Td (from ) Tj ET Q q 0 0 0 rg BT 399.58 563.90 Td (net ) Tj ET Q q 0 0 0 rg BT 414.08 563.90 Td (income ) Tj ET Q q 0 0 0 rg BT 445.80 563.90 Td (after ) Tj ET Q q 0 0 0 rg BT 466.41 563.90 Td (giving ) Tj ET Q q 0 0 0 rg BT 494.25 563.90 Td (ef) Tj ET Q q 0 0 0 rg BT 501.84 563.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 519.11 563.90 Td (to ) Tj ET Q q 0 0 0 rg BT 529.18 563.90 Td (the ) Tj ET Q q 0 0 0 rg BT 543.68 563.90 Td (non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 551.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 69.95 551.90 Td (items ) Tj ET Q q 0 0 0 rg BT 93.79 551.90 Td (and ) Tj ET Q q 0 0 0 rg BT 110.40 551.90 Td (a ) Tj ET Q q 0 0 0 rg BT 117.02 551.90 Td (net ) Tj ET Q q 0 0 0 rg BT 131.41 551.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 166.34 551.90 Td (in ) Tj ET Q q 0 0 0 rg BT 176.30 551.90 Td (working ) Tj ET Q q 0 0 0 rg BT 211.80 551.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 240.63 551.90 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.14 551.90 Td ($15.8 ) Tj ET Q q 0 0 0 rg BT 275.81 551.90 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.71 551.90 Td ( ) Tj ET Q q 0 0 0 rg BT 306.88 551.90 Td (\(principally ) Tj ET Q q 0 0 0 rg BT 355.71 551.90 Td (due ) Tj ET Q q 0 0 0 rg BT 372.33 551.90 Td (to ) Tj ET Q q 0 0 0 rg BT 382.28 551.90 Td (an ) Tj ET Q q 0 0 0 rg BT 393.90 551.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 428.83 551.90 Td (in ) Tj ET Q q 0 0 0 rg BT 438.78 551.90 Td (advisory ) Tj ET Q q 0 0 0 rg BT 475.40 551.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 493.67 551.90 Td (receivable, ) Tj ET Q q 0 0 0 rg BT 539.43 551.90 Td (of) Tj ET Q q 0 0 0 rg BT 547.58 551.90 Td (fset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 539.90 Td (by ) Tj ET Q q 0 0 0 rg BT 62.72 539.90 Td (an ) Tj ET Q q 0 0 0 rg BT 74.88 539.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 110.35 539.90 Td (in ) Tj ET Q q 0 0 0 rg BT 120.85 539.90 Td (accrued ) Tj ET Q q 0 0 0 rg BT 154.65 539.90 Td (compensation ) Tj ET Q q 0 0 0 rg BT 212.92 539.90 Td (payable\). ) Tj ET Q q 0 0 0 rg BT 252.36 539.90 Td (W) Tj ET Q q 0 0 0 rg BT 261.00 539.90 Td (e ) Tj ET Q q 0 0 0 rg BT 268.16 539.90 Td (generated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.74 539.90 Td ($46.7 ) Tj ET Q q 0 0 0 rg BT 334.96 539.90 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.85 539.90 Td ( ) Tj ET Q q 0 0 0 rg BT 366.57 539.90 Td (from ) Tj ET Q q 0 0 0 rg BT 388.73 539.90 Td (investing ) Tj ET Q q 0 0 0 rg BT 428.11 539.90 Td (activities, ) Tj ET Q q 0 0 0 rg BT 469.43 539.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 509.36 539.90 Td (related ) Tj ET Q q 0 0 0 rg BT 539.29 539.90 Td (to ) Tj ET Q q 0 0 0 rg BT 549.78 539.90 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 527.90 Td (sale ) Tj ET Q q 0 0 0 rg BT 68.89 527.90 Td (of ) Tj ET Q q 0 0 0 rg BT 80.56 527.90 Td (our ) Tj ET Q q 0 0 0 rg BT 97.23 527.90 Td (interests ) Tj ET Q q 0 0 0 rg BT 133.90 527.90 Td (in ) Tj ET Q q 0 0 0 rg BT 145.02 527.90 Td (two ) Tj ET Q q 0 0 0 rg BT 163.36 527.90 Td (merchant ) Tj ET Q q 0 0 0 rg BT 203.90 527.90 Td (banking ) Tj ET Q q 0 0 0 rg BT 239.46 527.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 265.02 527.90 Td (for ) Tj ET Q q 0 0 0 rg BT 280.02 527.90 Td ($49.4 ) Tj ET Q q 0 0 0 rg BT 305.87 527.90 Td (million, ) Tj ET Q q 0 0 0 rg BT 340.60 527.90 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 379.48 527.90 Td (from ) Tj ET Q q 0 0 0 rg BT 402.26 527.90 Td (our ) Tj ET Q q 0 0 0 rg BT 418.93 527.90 Td (sale ) Tj ET Q q 0 0 0 rg BT 437.82 527.90 Td (of ) Tj ET Q q 0 0 0 rg BT 449.49 527.90 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 482.82 527.90 Td (of ) Tj ET Q q 0 0 0 rg BT 494.50 527.90 Td ($5.8 ) Tj ET Q q 0 0 0 rg BT 515.34 527.90 Td (million ) Tj ET Q q 0 0 0 rg BT 547.57 527.90 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 515.90 Td (distributions ) Tj ET Q q 0 0 0 rg BT 102.31 515.90 Td (from ) Tj ET Q q 0 0 0 rg BT 124.06 515.90 Td (other ) Tj ET Q q 0 0 0 rg BT 146.92 515.90 Td (merchant ) Tj ET Q q 0 0 0 rg BT 186.43 515.90 Td (banking ) Tj ET Q q 0 0 0 rg BT 220.96 515.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 245.49 515.90 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.13 515.90 Td ($2.3 ) Tj ET Q q 0 0 0 rg BT 275.94 515.90 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.83 515.90 Td (, ) Tj ET Q q 0 0 0 rg BT 309.64 515.90 Td (which ) Tj ET Q q 0 0 0 rg BT 336.39 515.90 Td (were ) Tj ET Q q 0 0 0 rg BT 358.13 515.90 Td (used ) Tj ET Q q 0 0 0 rg BT 378.76 515.90 Td (in ) Tj ET Q q 0 0 0 rg BT 388.85 515.90 Td (part ) Tj ET Q q 0 0 0 rg BT 406.71 515.90 Td (to ) Tj ET Q q 0 0 0 rg BT 416.80 515.90 Td (fund ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.44 515.90 Td ($7.8 ) Tj ET Q q 0 0 0 rg BT 457.25 515.90 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.14 515.90 Td ( ) Tj ET Q q 0 0 0 rg BT 488.45 515.90 Td (for ) Tj ET Q q 0 0 0 rg BT 502.42 515.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 531.38 515.90 Td (calls ) Tj ET Q q 0 0 0 rg BT 552.01 515.90 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 503.90 Td (our ) Tj ET Q q 0 0 0 rg BT 65.48 503.90 Td (remaining ) Tj ET Q q 0 0 0 rg BT 108.16 503.90 Td (merchant ) Tj ET Q q 0 0 0 rg BT 147.51 503.90 Td (banking ) Tj ET Q q 0 0 0 rg BT 181.88 503.90 Td (fund ) Tj ET Q q 0 0 0 rg BT 202.35 503.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 252.27 503.90 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.85 503.90 Td ($2.9 ) Tj ET Q q 0 0 0 rg BT 288.50 503.90 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.39 503.90 Td ( ) Tj ET Q q 0 0 0 rg BT 319.54 503.90 Td (for ) Tj ET Q q 0 0 0 rg BT 333.34 503.90 Td (the ) Tj ET Q q 0 0 0 rg BT 347.71 503.90 Td (build-out ) Tj ET Q q 0 0 0 rg BT 386.52 503.90 Td (of ) Tj ET Q q 0 0 0 rg BT 396.99 503.90 Td (new ) Tj ET Q q 0 0 0 rg BT 415.80 503.90 Td (of) Tj ET Q q 0 0 0 rg BT 423.95 503.90 Td (fice ) Tj ET Q q 0 0 0 rg BT 441.08 503.90 Td (space. ) Tj ET Q q 0 0 0 rg BT 467.78 503.90 Td (W) Tj ET Q q 0 0 0 rg BT 476.42 503.90 Td (e ) Tj ET Q q 0 0 0 rg BT 483.00 503.90 Td (used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.48 503.90 Td ($160.1 ) Tj ET Q q 0 0 0 rg BT 533.12 503.90 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.02 503.90 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 491.90 Td (in ) Tj ET Q q 0 0 0 rg BT 60.09 491.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 100.16 491.90 Td (activities, ) Tj ET Q q 0 0 0 rg BT 141.07 491.90 Td (including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.15 491.90 Td ($38.9 ) Tj ET Q q 0 0 0 rg BT 205.96 491.90 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.85 491.90 Td ( ) Tj ET Q q 0 0 0 rg BT 237.16 491.90 Td (of ) Tj ET Q q 0 0 0 rg BT 247.80 491.90 Td (net ) Tj ET Q q 0 0 0 rg BT 262.33 491.90 Td (repayments ) Tj ET Q q 0 0 0 rg BT 310.73 491.90 Td (of ) Tj ET Q q 0 0 0 rg BT 321.37 491.90 Td (principal ) Tj ET Q q 0 0 0 rg BT 359.22 491.90 Td (on ) Tj ET Q q 0 0 0 rg BT 371.53 491.90 Td (our ) Tj ET Q q 0 0 0 rg BT 387.17 491.90 Td (revolving ) Tj ET Q q 0 0 0 rg BT 427.81 491.90 Td (loan ) Tj ET Q q 0 0 0 rg BT 447.33 491.90 Td (facility) Tj ET Q q 0 0 0 rg BT 475.00 491.90 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.81 491.90 Td ($57.7 ) Tj ET Q q 0 0 0 rg BT 504.62 491.90 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.52 491.90 Td ( ) Tj ET Q q 0 0 0 rg BT 535.83 491.90 Td (for ) Tj ET Q q 0 0 0 rg BT 549.79 491.90 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 479.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 87.06 479.90 Td (of ) Tj ET Q q 0 0 0 rg BT 98.02 479.90 Td (dividends, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.03 479.90 Td ($46.7 ) Tj ET Q q 0 0 0 rg BT 167.16 479.90 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.05 479.90 Td ( ) Tj ET Q q 0 0 0 rg BT 198.68 479.90 Td (for ) Tj ET Q q 0 0 0 rg BT 212.96 479.90 Td (open ) Tj ET Q q 0 0 0 rg BT 235.03 479.90 Td (market ) Tj ET Q q 0 0 0 rg BT 265.42 479.90 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 315.24 479.90 Td (of ) Tj ET Q q 0 0 0 rg BT 326.20 479.90 Td (our ) Tj ET Q q 0 0 0 rg BT 342.16 479.90 Td (common ) Tj ET Q q 0 0 0 rg BT 379.78 479.90 Td (stock, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.02 479.90 Td ($19.1 ) Tj ET Q q 0 0 0 rg BT 431.14 479.90 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.03 479.90 Td ( ) Tj ET Q q 0 0 0 rg BT 462.66 479.90 Td (for ) Tj ET Q q 0 0 0 rg BT 476.95 479.90 Td (the ) Tj ET Q q 0 0 0 rg BT 491.79 479.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 537.72 479.90 Td (of ) Tj ET Q q 0 0 0 rg BT 548.68 479.90 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 467.90 Td (common ) Tj ET Q q 0 0 0 rg BT 87.00 467.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 110.12 467.90 Td (from ) Tj ET Q q 0 0 0 rg BT 131.57 467.90 Td (employees ) Tj ET Q q 0 0 0 rg BT 176.34 467.90 Td (in ) Tj ET Q q 0 0 0 rg BT 186.13 467.90 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 235.35 467.90 Td (with ) Tj ET Q q 0 0 0 rg BT 255.14 467.90 Td (the ) Tj ET Q q 0 0 0 rg BT 269.37 467.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 305.81 467.90 Td (of ) Tj ET Q q 0 0 0 rg BT 316.15 467.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 330.37 467.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 369.60 467.90 Td (in ) Tj ET Q q 0 0 0 rg BT 379.39 467.90 Td (settlement ) Tj ET Q q 0 0 0 rg BT 422.50 467.90 Td (of ) Tj ET Q q 0 0 0 rg BT 432.83 467.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 472.05 467.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 495.16 467.90 Td (units ) Tj ET Q q 0 0 0 rg BT 516.62 467.90 Td (\(net ) Tj ET Q q 0 0 0 rg BT 534.18 467.90 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.52 467.90 Td ($3.3 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 455.90 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 455.90 Td ( ) Tj ET Q q 0 0 0 rg BT 81.52 455.90 Td (of ) Tj ET Q q 0 0 0 rg BT 92.47 455.90 Td (tax ) Tj ET Q q 0 0 0 rg BT 107.31 455.90 Td (benefits ) Tj ET Q q 0 0 0 rg BT 141.59 455.90 Td (from ) Tj ET Q q 0 0 0 rg BT 163.65 455.90 Td (the ) Tj ET Q q 0 0 0 rg BT 178.49 455.90 Td (delivery ) Tj ET Q q 0 0 0 rg BT 213.88 455.90 Td (of ) Tj ET Q q 0 0 0 rg BT 224.83 455.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 264.66 455.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 288.39 455.90 Td (units ) Tj ET Q q 0 0 0 rg BT 310.46 455.90 Td (at ) Tj ET Q q 0 0 0 rg BT 320.30 455.90 Td (a ) Tj ET Q q 0 0 0 rg BT 327.36 455.90 Td (vesting ) Tj ET Q q 0 0 0 rg BT 358.87 455.90 Td (price ) Tj ET Q q 0 0 0 rg BT 381.48 455.90 Td (higher ) Tj ET Q q 0 0 0 rg BT 409.65 455.90 Td (than ) Tj ET Q q 0 0 0 rg BT 429.49 455.90 Td (the ) Tj ET Q q 0 0 0 rg BT 444.33 455.90 Td (grant ) Tj ET Q q 0 0 0 rg BT 467.50 455.90 Td (price\), ) Tj ET Q q 0 0 0 rg BT 495.94 455.90 Td (and ) Tj ET Q q 0 0 0 rg BT 513.00 455.90 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 533.13 455.90 Td (million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 443.90 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 443.90 Td (distributions ) Tj ET Q q 0 0 0 rg BT 113.33 443.90 Td (of ) Tj ET Q q 0 0 0 rg BT 124.17 443.90 Td (excess ) Tj ET Q q 0 0 0 rg BT 152.76 443.90 Td (2010 ) Tj ET Q q 0 0 0 rg BT 175.26 443.90 Td (profits ) Tj ET Q q 0 0 0 rg BT 203.87 443.90 Td (to ) Tj ET Q q 0 0 0 rg BT 214.15 443.90 Td (GCP) Tj ET Q q 0 0 0 rg BT 233.23 443.90 Td ( ) Tj ET Q q 0 0 0 rg BT 235.73 443.90 Td (Capital.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 419.90 Td (Contractual Obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 398.90 Td (The ) Tj ET Q q 0 0 0 rg BT 80.05 398.90 Td (following ) Tj ET Q q 0 0 0 rg BT 121.43 398.90 Td (table ) Tj ET Q q 0 0 0 rg BT 143.37 398.90 Td (sets ) Tj ET Q q 0 0 0 rg BT 160.87 398.90 Td (forth ) Tj ET Q q 0 0 0 rg BT 182.81 398.90 Td (information ) Tj ET Q q 0 0 0 rg BT 232.52 398.90 Td (relating ) Tj ET Q q 0 0 0 rg BT 265.56 398.90 Td (to ) Tj ET Q q 0 0 0 rg BT 275.84 398.90 Td (our ) Tj ET Q q 0 0 0 rg BT 291.67 398.90 Td (contractual ) Tj ET Q q 0 0 0 rg BT 338.59 398.90 Td (obligations ) Tj ET Q q 0 0 0 rg BT 385.53 398.90 Td (as ) Tj ET Q q 0 0 0 rg BT 396.36 398.90 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.19 398.90 Td (December31, ) Tj ET Q q 0 0 0 rg BT 465.77 398.90 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.77 398.90 Td (:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 330.60 196.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 330.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 330.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 330.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 330.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 330.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 330.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 330.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 330.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 330.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 304.60 196.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 304.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 304.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 304.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 304.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 304.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 304.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 304.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 304.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 304.60 60.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 364.6 m 306.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 364.6 m 310.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 364.6 m 370.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 364.6 m 374.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 364.6 m 434.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 364.6 m 438.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 364.6 m 498.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 364.6 m 502.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 364.6 m 562.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 343.6 m 306.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 343.6 m 370.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 343.6 m 434.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 343.6 m 498.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 343.6 m 562.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 304.6 m 306.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 304.6 m 370.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 304.6 m 434.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 304.6 m 498.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 304.6 m 562.5 304.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 368.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.40 368.83 Td (Payment Due by Period) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 346.580078125 m 135.89453125 346.580078125 l s q 0 0 0 rg BT 53.00 347.83 Td (Contractual Obligations) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 267.25 347.83 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 323.65 355.83 Td (Lessthan) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 328.50 347.83 Td (1 year) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 388.10 347.83 Td (Years2-3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.10 347.83 Td (Years4-5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.95 355.83 Td (Mor) Tj ET Q q 0 0 0 rg BT 528.91 355.83 Td (ethan) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.85 347.83 Td (5 years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 334.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 334.83 Td (\(in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 321.17 Td (Operating lease obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.00 321.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.15 321.17 Td (82.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 321.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 321.17 Td (15.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 321.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 321.17 Td (27.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 321.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 321.17 Td (23.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 321.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 321.17 Td (16.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 308.17 Td (Revolving loan facility) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.15 308.17 Td (30.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 308.17 Td (30.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 308.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 308.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 308.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 295.17 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.00 295.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 295.17 Td (113.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 295.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 295.17 Td (46.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 295.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 295.17 Td (27.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 295.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 295.17 Td (23.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 295.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 295.17 Td (16.8) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 259.10 Td (Arrangements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 238.10 Td (e ) Tj ET Q q 0 0 0 rg BT 90.03 238.10 Td (do ) Tj ET Q q 0 0 0 rg BT 102.99 238.10 Td (not ) Tj ET Q q 0 0 0 rg BT 118.72 238.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 145.56 238.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.30 238.10 Td (any ) Tj ET Q q 0 0 0 rg BT 173.69 238.10 Td (of) Tj ET Q q 0 0 0 rg BT 181.84 238.10 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 221.99 238.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 245.49 238.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 281.21 238.10 Td (that ) Tj ET Q q 0 0 0 rg BT 299.16 238.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 332.66 238.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 375.88 238.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 409.13 238.10 Td (, ) Tj ET Q q 0 0 0 rg BT 414.58 238.10 Td (market ) Tj ET Q q 0 0 0 rg BT 445.30 238.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 463.26 238.10 Td (or ) Tj ET Q q 0 0 0 rg BT 474.54 238.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 500.26 238.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 518.22 238.10 Td (support, ) Tj ET Q q 0 0 0 rg BT 553.67 238.10 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 79.78 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 89.02 226.10 Td (any ) Tj ET Q q 0 0 0 rg BT 104.93 226.10 Td (leasing ) Tj ET Q q 0 0 0 rg BT 134.72 226.10 Td (or ) Tj ET Q q 0 0 0 rg BT 144.51 226.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 178.19 226.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 215.76 226.10 Td (that ) Tj ET Q q 0 0 0 rg BT 232.22 226.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 261.45 226.10 Td (us ) Tj ET Q q 0 0 0 rg BT 271.81 226.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.05 226.10 Td (any ) Tj ET Q q 0 0 0 rg BT 296.95 226.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 329.53 226.10 Td (that ) Tj ET Q q 0 0 0 rg BT 345.99 226.10 Td (is ) Tj ET Q q 0 0 0 rg BT 354.12 226.10 Td (not ) Tj ET Q q 0 0 0 rg BT 368.36 226.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 404.80 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 414.04 226.10 Td (our ) Tj ET Q q 0 0 0 rg BT 428.84 226.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 480.84 226.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 517.29 226.10 Td (statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Market Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 185.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 86.05 185.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 136.33 185.60 Td (are ) Tj ET Q q 0 0 0 rg BT 151.03 185.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 181.86 185.60 Td (to ) Tj ET Q q 0 0 0 rg BT 192.14 185.60 Td (\(1\)short-term ) Tj ET Q q 0 0 0 rg BT 250.46 185.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 270.72 185.60 Td (investments, ) Tj ET Q q 0 0 0 rg BT 323.50 185.60 Td (which ) Tj ET Q q 0 0 0 rg BT 350.44 185.60 Td (we ) Tj ET Q q 0 0 0 rg BT 364.60 185.60 Td (believe ) Tj ET Q q 0 0 0 rg BT 395.97 185.60 Td (do ) Tj ET Q q 0 0 0 rg BT 408.47 185.60 Td (not ) Tj ET Q q 0 0 0 rg BT 423.75 185.60 Td (face ) Tj ET Q q 0 0 0 rg BT 442.89 185.60 Td (any ) Tj ET Q q 0 0 0 rg BT 459.83 185.60 Td (material ) Tj ET Q q 0 0 0 rg BT 495.09 185.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 527.02 185.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 544.51 185.60 Td (risk, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 173.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.71 173.60 Td (price ) Tj ET Q q 0 0 0 rg BT 100.40 173.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 118.11 173.60 Td (or ) Tj ET Q q 0 0 0 rg BT 129.15 173.60 Td (other ) Tj ET Q q 0 0 0 rg BT 152.41 173.60 Td (market ) Tj ET Q q 0 0 0 rg BT 182.88 173.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 200.59 173.60 Td (and ) Tj ET Q q 0 0 0 rg BT 217.74 173.60 Td (\(2\)principal ) Tj ET Q q 0 0 0 rg BT 270.15 173.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 320.63 173.60 Td (made ) Tj ET Q q 0 0 0 rg BT 345.00 173.60 Td (in ) Tj ET Q q 0 0 0 rg BT 355.49 173.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 395.40 173.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 430.33 173.60 Td (funds. ) Tj ET Q q 0 0 0 rg BT 457.56 173.60 Td (W) Tj ET Q q 0 0 0 rg BT 466.20 173.60 Td (e ) Tj ET Q q 0 0 0 rg BT 473.35 173.60 Td (maintain ) Tj ET Q q 0 0 0 rg BT 511.05 173.60 Td (our ) Tj ET Q q 0 0 0 rg BT 527.09 173.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 547.57 173.60 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 161.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 69.38 161.60 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 116.54 161.60 Td (with ) Tj ET Q q 0 0 0 rg BT 135.94 161.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 172.53 161.60 Td (institutions ) Tj ET Q q 0 0 0 rg BT 218.60 161.60 Td (with ) Tj ET Q q 0 0 0 rg BT 238.00 161.60 Td (high ) Tj ET Q q 0 0 0 rg BT 257.39 161.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 281.77 161.60 Td (ratings. ) Tj ET Q q 0 0 0 rg BT 313.11 161.60 Td ( ) Tj ET Q q 0 0 0 rg BT 314.36 161.60 Td (Although ) Tj ET Q q 0 0 0 rg BT 353.76 161.60 Td (these ) Tj ET Q q 0 0 0 rg BT 375.92 161.60 Td (deposits ) Tj ET Q q 0 0 0 rg BT 410.32 161.60 Td (are ) Tj ET Q q 0 0 0 rg BT 424.14 161.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 462.96 161.60 Td (not ) Tj ET Q q 0 0 0 rg BT 477.35 161.60 Td (insured, ) Tj ET Q q 0 0 0 rg BT 510.91 161.60 Td (management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 149.60 Td (believes ) Tj ET Q q 0 0 0 rg BT 84.90 149.60 Td (that ) Tj ET Q q 0 0 0 rg BT 102.03 149.60 Td (we ) Tj ET Q q 0 0 0 rg BT 115.83 149.60 Td (are ) Tj ET Q q 0 0 0 rg BT 130.18 149.60 Td (not ) Tj ET Q q 0 0 0 rg BT 145.09 149.60 Td (exposed ) Tj ET Q q 0 0 0 rg BT 180.00 149.60 Td (to ) Tj ET Q q 0 0 0 rg BT 189.92 149.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 234.26 149.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 259.17 149.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 276.30 149.60 Td (due ) Tj ET Q q 0 0 0 rg BT 292.88 149.60 Td (to ) Tj ET Q q 0 0 0 rg BT 302.80 149.60 Td (the ) Tj ET Q q 0 0 0 rg BT 317.15 149.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 354.27 149.60 Td (position ) Tj ET Q q 0 0 0 rg BT 388.63 149.60 Td (of ) Tj ET Q q 0 0 0 rg BT 399.10 149.60 Td (the ) Tj ET Q q 0 0 0 rg BT 413.46 149.60 Td (depository ) Tj ET Q q 0 0 0 rg BT 457.81 149.60 Td (institutions ) Tj ET Q q 0 0 0 rg BT 504.40 149.60 Td (in ) Tj ET Q q 0 0 0 rg BT 514.32 149.60 Td (which ) Tj ET Q q 0 0 0 rg BT 540.89 149.60 Td (those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 137.60 Td (deposits ) Tj ET Q q 0 0 0 rg BT 85.28 137.60 Td (are ) Tj ET Q q 0 0 0 rg BT 99.99 137.60 Td (held.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 121.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 121.10 Td (e ) Tj ET Q q 0 0 0 rg BT 82.52 121.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 115.63 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.28 121.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 158.50 121.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.27 121.10 Td (our ) Tj ET Q q 0 0 0 rg BT 183.04 121.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 232.26 121.10 Td (on ) Tj ET Q q 0 0 0 rg BT 243.70 121.10 Td (a ) Tj ET Q q 0 0 0 rg BT 249.58 121.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 279.34 121.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 300.78 121.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.66 121.10 Td (may ) Tj ET Q q 0 0 0 rg BT 335.32 121.10 Td (choose ) Tj ET Q q 0 0 0 rg BT 364.53 121.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.75 121.10 Td (diversify ) Tj ET Q q 0 0 0 rg BT 410.74 121.10 Td (such ) Tj ET Q q 0 0 0 rg BT 430.51 121.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 479.73 121.10 Td (to ) Tj ET Q q 0 0 0 rg BT 488.95 121.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 523.16 121.10 Td (perceived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (market ) Tj ET Q q 0 0 0 rg BT 80.16 109.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 100.05 109.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 118.00 109.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 138.16 109.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.00 109.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 175.16 109.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 223.10 109.10 Td (are ) Tj ET Q q 0 0 0 rg BT 237.70 109.10 Td (denominated ) Tj ET Q q 0 0 0 rg BT 291.75 109.10 Td (in ) Tj ET Q q 0 0 0 rg BT 301.92 109.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 322.10 109.10 Td (dollars, ) Tj ET Q q 0 0 0 rg BT 353.68 109.10 Td (Australian ) Tj ET Q q 0 0 0 rg BT 397.73 109.10 Td (dollars, ) Tj ET Q q 0 0 0 rg BT 429.84 109.10 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 470.00 109.10 Td (dollars, ) Tj ET Q q 0 0 0 rg BT 502.11 109.10 Td (pound ) Tj ET Q q 0 0 0 rg BT 529.51 109.10 Td (sterling, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (euros, ) Tj ET Q q 0 0 0 rg BT 76.53 97.10 Td (yen, ) Tj ET Q q 0 0 0 rg BT 95.83 97.10 Td (Swedish ) Tj ET Q q 0 0 0 rg BT 132.09 97.10 Td (krona, ) Tj ET Q q 0 0 0 rg BT 159.72 97.10 Td (and ) Tj ET Q q 0 0 0 rg BT 176.53 97.10 Td (Brazilian ) Tj ET Q q 0 0 0 rg BT 215.54 97.10 Td (real ) Tj ET Q q 0 0 0 rg BT 232.89 97.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.70 97.10 Td (we ) Tj ET Q q 0 0 0 rg BT 263.72 97.10 Td (face ) Tj ET Q q 0 0 0 rg BT 282.73 97.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 313.98 97.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 351.32 97.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 368.68 97.10 Td (in ) Tj ET Q q 0 0 0 rg BT 378.83 97.10 Td (our ) Tj ET Q q 0 0 0 rg BT 394.52 97.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 414.66 97.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 451.45 97.10 Td (held ) Tj ET Q q 0 0 0 rg BT 471.03 97.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.17 97.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 518.53 97.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 549.78 97.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (United ) Tj ET Q q 0 0 0 rg BT 79.71 85.10 Td (States ) Tj ET Q q 0 0 0 rg BT 106.08 85.10 Td (due ) Tj ET Q q 0 0 0 rg BT 123.01 85.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.28 85.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 170.76 85.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 208.22 85.10 Td (movements ) Tj ET Q q 0 0 0 rg BT 256.81 85.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.74 85.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.45 85.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 332.03 85.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 363.40 85.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 400.86 85.10 Td (translation ) Tj ET Q q 0 0 0 rg BT 445.56 85.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 491.92 85.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 548.94 85.10 Td (W) Tj ET Q q 0 0 0 rg BT 557.57 85.10 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.72 73.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 96.09 73.10 Td (our ) Tj ET Q q 0 0 0 rg BT 111.92 73.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 143.30 73.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 180.78 73.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 219.38 73.10 Td (if ) Tj ET Q q 0 0 0 rg BT 227.98 73.10 Td (we ) Tj ET Q q 0 0 0 rg BT 242.14 73.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 270.74 73.10 Td (we ) Tj ET Q q 0 0 0 rg BT 284.90 73.10 Td (will ) Tj ET Q q 0 0 0 rg BT 302.95 73.10 Td (need ) Tj ET Q q 0 0 0 rg BT 324.33 73.10 Td (to ) Tj ET Q q 0 0 0 rg BT 334.61 73.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 355.44 73.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 375.72 73.10 Td (dollar ) Tj ET Q q 0 0 0 rg BT 401.55 73.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 448.49 73.10 Td (with ) Tj ET Q q 0 0 0 rg BT 468.77 73.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 500.15 73.10 Td (currency) Tj ET Q q 0 0 0 rg BT 534.47 73.10 Td (. ) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 742.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 90.34 742.10 Td (regard ) Tj ET Q q 0 0 0 rg BT 118.62 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.14 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 145.21 742.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 195.72 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.24 742.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 246.19 742.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 281.14 742.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 308.61 742.10 Td (we ) Tj ET Q q 0 0 0 rg BT 323.01 742.10 Td (face ) Tj ET Q q 0 0 0 rg BT 342.40 742.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 381.24 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.76 742.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 426.71 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 437.23 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.18 742.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 468.80 742.10 Td (value ) Tj ET Q q 0 0 0 rg BT 493.20 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 504.27 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.23 742.10 Td (companies ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.72 730.10 Td (which ) Tj ET Q q 0 0 0 rg BT 88.11 730.10 Td (we ) Tj ET Q q 0 0 0 rg BT 102.71 730.10 Td (have ) Tj ET Q q 0 0 0 rg BT 124.53 730.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 158.02 730.10 Td (or ) Tj ET Q q 0 0 0 rg BT 169.29 730.10 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 210.56 730.10 Td (invested, ) Tj ET Q q 0 0 0 rg BT 249.33 730.10 Td (which ) Tj ET Q q 0 0 0 rg BT 276.71 730.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 324.64 730.10 Td (has ) Tj ET Q q 0 0 0 rg BT 340.92 730.10 Td (been ) Tj ET Q q 0 0 0 rg BT 362.74 730.10 Td (volatile. ) Tj ET Q q 0 0 0 rg BT 397.96 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 406.60 730.10 Td (e ) Tj ET Q q 0 0 0 rg BT 413.98 730.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 448.02 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.18 730.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 485.02 730.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 529.05 730.10 Td (with ) Tj ET Q q 0 0 0 rg BT 549.78 730.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 89.70 718.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 124.42 718.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 161.91 718.10 Td (by ) Tj ET Q q 0 0 0 rg BT 174.41 718.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 214.14 718.10 Td (information ) Tj ET Q q 0 0 0 rg BT 263.85 718.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 301.89 718.10 Td (by ) Tj ET Q q 0 0 0 rg BT 314.39 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.11 718.10 Td (funds. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 697.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.97 697.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 116.89 697.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.75 697.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 167.70 697.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 204.23 697.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.20 697.10 Td (our ) Tj ET Q q 0 0 0 rg BT 231.17 697.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 268.25 697.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 306.43 697.10 Td (may ) Tj ET Q q 0 0 0 rg BT 326.29 697.10 Td (be ) Tj ET Q q 0 0 0 rg BT 338.37 697.10 Td (af) Tj ET Q q 0 0 0 rg BT 345.96 697.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 373.02 697.10 Td (by ) Tj ET Q q 0 0 0 rg BT 385.67 697.10 Td (movements ) Tj ET Q q 0 0 0 rg BT 434.41 697.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.83 697.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.69 697.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 477.32 697.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.29 697.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 528.68 697.10 Td (between ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.80 685.10 Td (Australian ) Tj ET Q q 0 0 0 rg BT 107.49 685.10 Td (dollar) Tj ET Q q 0 0 0 rg BT 130.41 685.10 Td (, ) Tj ET Q q 0 0 0 rg BT 134.95 685.10 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 174.74 685.10 Td (dollar) Tj ET Q q 0 0 0 rg BT 197.67 685.10 Td (, ) Tj ET Q q 0 0 0 rg BT 202.20 685.10 Td (pound ) Tj ET Q q 0 0 0 rg BT 229.23 685.10 Td (sterling, ) Tj ET Q q 0 0 0 rg BT 263.76 685.10 Td (euro, ) Tj ET Q q 0 0 0 rg BT 286.06 685.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.53 685.10 Td (yen ) Tj ET Q q 0 0 0 rg BT 319.00 685.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 332.15 685.10 Td (which ) Tj ET Q q 0 0 0 rg BT 358.62 685.10 Td (collectively ) Tj ET Q q 0 0 0 rg BT 407.29 685.10 Td (45% ) Tj ET Q q 0 0 0 rg BT 427.66 685.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.02 685.10 Td (our ) Tj ET Q q 0 0 0 rg BT 453.38 685.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 490.95 685.10 Td (for ) Tj ET Q q 0 0 0 rg BT 504.65 685.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.90 685.10 Td (year ) Tj ET Q q 0 0 0 rg BT 538.14 685.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (December ) Tj ET Q q 0 0 0 rg BT 93.92 673.10 Td (31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.26 673.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.26 673.10 Td ( ) Tj ET Q q 0 0 0 rg BT 132.10 673.10 Td (were ) Tj ET Q q 0 0 0 rg BT 154.37 673.10 Td (denominated\) ) Tj ET Q q 0 0 0 rg BT 212.19 673.10 Td (and ) Tj ET Q q 0 0 0 rg BT 229.46 673.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.52 673.10 Td (dollar) Tj ET Q q 0 0 0 rg BT 267.44 673.10 Td (, ) Tj ET Q q 0 0 0 rg BT 272.78 673.10 Td (in ) Tj ET Q q 0 0 0 rg BT 283.40 673.10 Td (which ) Tj ET Q q 0 0 0 rg BT 310.67 673.10 Td (our ) Tj ET Q q 0 0 0 rg BT 326.84 673.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 364.66 673.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 409.71 673.10 Td (are ) Tj ET Q q 0 0 0 rg BT 424.76 673.10 Td (denominated. ) Tj ET Q q 0 0 0 rg BT 481.54 673.10 Td (W) Tj ET Q q 0 0 0 rg BT 490.18 673.10 Td (e ) Tj ET Q q 0 0 0 rg BT 497.45 673.10 Td (do ) Tj ET Q q 0 0 0 rg BT 510.29 673.10 Td (not ) Tj ET Q q 0 0 0 rg BT 525.91 673.10 Td (currently ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 75.61 661.10 Td (against ) Tj ET Q q 0 0 0 rg BT 105.66 661.10 Td (movements ) Tj ET Q q 0 0 0 rg BT 153.50 661.10 Td (in ) Tj ET Q q 0 0 0 rg BT 163.00 661.10 Td (these ) Tj ET Q q 0 0 0 rg BT 185.28 661.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 224.76 661.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 247.75 661.10 Td (W) Tj ET Q q 0 0 0 rg BT 256.38 661.10 Td (e ) Tj ET Q q 0 0 0 rg BT 262.55 661.10 Td (analyzed ) Tj ET Q q 0 0 0 rg BT 299.81 661.10 Td (our ) Tj ET Q q 0 0 0 rg BT 314.87 661.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 351.59 661.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 389.42 661.10 Td (to ) Tj ET Q q 0 0 0 rg BT 398.93 661.10 Td (a ) Tj ET Q q 0 0 0 rg BT 405.10 661.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 435.70 661.10 Td (in ) Tj ET Q q 0 0 0 rg BT 445.21 661.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 484.69 661.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 505.30 661.10 Td (by ) Tj ET Q q 0 0 0 rg BT 517.03 661.10 Td (performing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.73 649.10 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 100.13 649.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 134.63 649.10 Td (on ) Tj ET Q q 0 0 0 rg BT 146.92 649.10 Td (our ) Tj ET Q q 0 0 0 rg BT 162.53 649.10 Td (net ) Tj ET Q q 0 0 0 rg BT 177.04 649.10 Td (income ) Tj ET Q q 0 0 0 rg BT 208.76 649.10 Td (in ) Tj ET Q q 0 0 0 rg BT 218.82 649.10 Td (those ) Tj ET Q q 0 0 0 rg BT 242.22 649.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 293.95 649.10 Td (in ) Tj ET Q q 0 0 0 rg BT 304.01 649.10 Td (which ) Tj ET Q q 0 0 0 rg BT 330.74 649.10 Td (we ) Tj ET Q q 0 0 0 rg BT 344.68 649.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 385.83 649.10 Td (a ) Tj ET Q q 0 0 0 rg BT 392.56 649.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 437.05 649.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 468.23 649.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.84 649.10 Td (our ) Tj ET Q q 0 0 0 rg BT 494.46 649.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 525.63 649.10 Td (earnings, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.73 637.10 Td (included ) Tj ET Q q 0 0 0 rg BT 113.45 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.96 637.10 Td (United ) Tj ET Q q 0 0 0 rg BT 157.46 637.10 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 200.03 637.10 Td (Europe ) Tj ET Q q 0 0 0 rg BT 231.20 637.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.42 637.10 Td (Australia. ) Tj ET Q q 0 0 0 rg BT 288.86 637.10 Td (During ) Tj ET Q q 0 0 0 rg BT 319.48 637.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.99 637.10 Td (year ) Tj ET Q q 0 0 0 rg BT 353.48 637.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 379.65 637.10 Td (December ) Tj ET Q q 0 0 0 rg BT 423.02 637.10 Td (31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.81 637.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.81 637.10 Td (, ) Tj ET Q q 0 0 0 rg BT 462.60 637.10 Td (as ) Tj ET Q q 0 0 0 rg BT 473.22 637.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 514.93 637.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.00 637.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.00 637.10 Td (, ) Tj ET Q q 0 0 0 rg BT 549.79 637.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (value ) Tj ET Q q 0 0 0 rg BT 74.55 625.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.78 625.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.90 625.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 121.58 625.10 Td (dollar ) Tj ET Q q 0 0 0 rg BT 147.80 625.10 Td (strengthened ) Tj ET Q q 0 0 0 rg BT 201.79 625.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 234.67 625.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.35 625.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.46 625.10 Td (pound ) Tj ET Q q 0 0 0 rg BT 288.36 625.10 Td (sterling ) Tj ET Q q 0 0 0 rg BT 321.25 625.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.95 625.10 Td (Australian ) Tj ET Q q 0 0 0 rg BT 382.50 625.10 Td (dollar ) Tj ET Q q 0 0 0 rg BT 408.73 625.10 Td (and ) Tj ET Q q 0 0 0 rg BT 426.06 625.10 Td (weakened ) Tj ET Q q 0 0 0 rg BT 468.94 625.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 501.81 625.10 Td (to ) Tj ET Q q 0 0 0 rg BT 512.49 625.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.60 625.10 Td (euro. ) Tj ET Q q 0 0 0 rg BT 550.77 625.10 Td ( ) Tj ET Q q 0 0 0 rg BT 553.67 625.10 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 94.55 613.10 Td (there ) Tj ET Q q 0 0 0 rg BT 117.73 613.10 Td (was ) Tj ET Q q 0 0 0 rg BT 136.48 613.10 Td (a ) Tj ET Q q 0 0 0 rg BT 144.11 613.10 Td (nominal ) Tj ET Q q 0 0 0 rg BT 180.07 613.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 210.48 613.10 Td (on ) Tj ET Q q 0 0 0 rg BT 223.67 613.10 Td (our ) Tj ET Q q 0 0 0 rg BT 240.19 613.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 278.92 613.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.89 613.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.89 613.10 Td ( ) Tj ET Q q 0 0 0 rg BT 313.08 613.10 Td (as ) Tj ET Q q 0 0 0 rg BT 324.61 613.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 367.22 613.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.19 613.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.19 613.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.39 613.10 Td (as ) Tj ET Q q 0 0 0 rg BT 412.91 613.10 Td (a ) Tj ET Q q 0 0 0 rg BT 420.54 613.10 Td (result ) Tj ET Q q 0 0 0 rg BT 445.95 613.10 Td (of ) Tj ET Q q 0 0 0 rg BT 457.47 613.10 Td (movements ) Tj ET Q q 0 0 0 rg BT 506.77 613.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.74 613.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.15 613.10 Td (foreign ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 87.60 601.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 127.97 601.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 151.97 601.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.40 601.10 Td (While ) Tj ET Q q 0 0 0 rg BT 181.46 601.10 Td (our ) Tj ET Q q 0 0 0 rg BT 197.41 601.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 233.91 601.10 Td (are ) Tj ET Q q 0 0 0 rg BT 248.73 601.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 279.68 601.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.08 601.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 328.81 601.10 Td (from ) Tj ET Q q 0 0 0 rg BT 350.87 601.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 382.37 601.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 419.96 601.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 457.29 601.10 Td (we ) Tj ET Q q 0 0 0 rg BT 471.57 601.10 Td (do ) Tj ET Q q 0 0 0 rg BT 484.19 601.10 Td (not ) Tj ET Q q 0 0 0 rg BT 499.59 601.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 531.09 601.10 Td (we ) Tj ET Q q 0 0 0 rg BT 545.37 601.10 Td (face ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (any ) Tj ET Q q 0 0 0 rg BT 66.94 589.10 Td (material ) Tj ET Q q 0 0 0 rg BT 102.20 589.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 119.70 589.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.98 589.10 Td (this ) Tj ET Q q 0 0 0 rg BT 146.92 589.10 Td (respect. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 565.10 Td (Accounting Policies and Estimates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 544.10 Td (W) Tj ET Q q 0 0 0 rg BT 70.64 544.10 Td (e ) Tj ET Q q 0 0 0 rg BT 77.34 544.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 108.47 544.10 Td (that ) Tj ET Q q 0 0 0 rg BT 125.73 544.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.21 544.10 Td (following ) Tj ET Q q 0 0 0 rg BT 181.36 544.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 225.29 544.10 Td (addresses ) Tj ET Q q 0 0 0 rg BT 265.87 544.10 Td (Greenhill) Tj ET Q q 0 0 0 rg BT 306.41 544.10 Td (s ) Tj ET Q q 0 0 0 rg BT 312.57 544.10 Td (most ) Tj ET Q q 0 0 0 rg BT 334.28 544.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 364.30 544.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 410.43 544.10 Td (policies, ) Tj ET Q q 0 0 0 rg BT 446.30 544.10 Td (which ) Tj ET Q q 0 0 0 rg BT 473.00 544.10 Td (are ) Tj ET Q q 0 0 0 rg BT 487.47 544.10 Td (those ) Tj ET Q q 0 0 0 rg BT 510.84 544.10 Td (that ) Tj ET Q q 0 0 0 rg BT 528.10 544.10 Td (are ) Tj ET Q q 0 0 0 rg BT 542.57 544.10 Td (most ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (important ) Tj ET Q q 0 0 0 rg BT 90.31 532.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.52 532.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.16 532.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 163.46 532.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.22 532.10 Td (our ) Tj ET Q q 0 0 0 rg BT 187.98 532.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 224.39 532.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 263.59 532.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.46 532.10 Td (results ) Tj ET Q q 0 0 0 rg BT 306.99 532.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.75 532.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 359.83 532.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.70 532.10 Td (require ) Tj ET Q q 0 0 0 rg BT 405.44 532.10 Td (management) Tj ET Q q 0 0 0 rg BT 459.31 532.10 Td (s ) Tj ET Q q 0 0 0 rg BT 464.63 532.10 Td (most ) Tj ET Q q 0 0 0 rg BT 485.51 532.10 Td (dif) Tj ET Q q 0 0 0 rg BT 496.44 532.10 Td (ficult, ) Tj ET Q q 0 0 0 rg BT 521.47 532.10 Td (subjective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 520.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 103.87 520.10 Td (judgments.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 494.10 Td (Basis ) Tj ET Q q 0 0 0 rg BT 86.73 494.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.56 494.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 140.63 494.10 Td (Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 473.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 79.76 473.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 132.50 473.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 169.69 473.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 214.10 473.10 Td (are ) Tj ET Q q 0 0 0 rg BT 228.51 473.10 Td (prepared ) Tj ET Q q 0 0 0 rg BT 265.69 473.10 Td (in ) Tj ET Q q 0 0 0 rg BT 275.67 473.10 Td (conformity ) Tj ET Q q 0 0 0 rg BT 322.31 473.10 Td (with ) Tj ET Q q 0 0 0 rg BT 342.29 473.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 369.15 473.10 Td ( ) Tj ET Q q 0 0 0 rg BT 371.35 473.10 Td (in ) Tj ET Q q 0 0 0 rg BT 381.33 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.75 473.10 Td (United ) Tj ET Q q 0 0 0 rg BT 425.17 473.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 453.76 473.10 Td (which ) Tj ET Q q 0 0 0 rg BT 480.41 473.10 Td (require ) Tj ET Q q 0 0 0 rg BT 510.92 473.10 Td (management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.13 461.10 Td (make ) Tj ET Q q 0 0 0 rg BT 82.13 461.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 120.69 461.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.48 461.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 187.28 461.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 226.94 461.10 Td (future ) Tj ET Q q 0 0 0 rg BT 252.17 461.10 Td (events ) Tj ET Q q 0 0 0 rg BT 279.06 461.10 Td (that ) Tj ET Q q 0 0 0 rg BT 295.41 461.10 Td (af) Tj ET Q q 0 0 0 rg BT 303.00 461.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 319.33 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.90 461.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 368.13 461.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 402.80 461.10 Td (in ) Tj ET Q q 0 0 0 rg BT 411.92 461.10 Td (our ) Tj ET Q q 0 0 0 rg BT 426.60 461.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 462.93 461.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 506.49 461.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.28 461.10 Td (footnotes, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (including ) Tj ET Q q 0 0 0 rg BT 91.78 449.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 139.66 449.10 Td (valuations, ) Tj ET Q q 0 0 0 rg BT 187.26 449.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 246.81 449.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 283.56 449.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.00 449.10 Td (other ) Tj ET Q q 0 0 0 rg BT 326.55 449.10 Td (matters. ) Tj ET Q q 0 0 0 rg BT 362.49 449.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 418.69 449.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 455.46 449.10 Td (that ) Tj ET Q q 0 0 0 rg BT 474.46 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.67 449.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 531.89 449.10 Td (used ) Tj ET Q q 0 0 0 rg BT 554.22 449.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 437.10 Td (preparing ) Tj ET Q q 0 0 0 rg BT 92.10 437.10 Td (its ) Tj ET Q q 0 0 0 rg BT 105.34 437.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 159.67 437.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.43 437.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 244.43 437.10 Td (are ) Tj ET Q q 0 0 0 rg BT 260.42 437.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 306.97 437.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.19 437.10 Td (prudent. ) Tj ET Q q 0 0 0 rg BT 361.19 437.10 Td (Actual ) Tj ET Q q 0 0 0 rg BT 391.63 437.10 Td (results ) Tj ET Q q 0 0 0 rg BT 421.53 437.10 Td (could ) Tj ET Q q 0 0 0 rg BT 447.53 437.10 Td (dif) Tj ET Q q 0 0 0 rg BT 458.46 437.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 473.34 437.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 517.67 437.10 Td (from ) Tj ET Q q 0 0 0 rg BT 540.89 437.10 Td (those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 425.10 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 92.21 425.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.71 425.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 126.65 425.10 Td (reclassifications ) Tj ET Q q 0 0 0 rg BT 193.56 425.10 Td (have ) Tj ET Q q 0 0 0 rg BT 214.94 425.10 Td (been ) Tj ET Q q 0 0 0 rg BT 236.32 425.10 Td (made ) Tj ET Q q 0 0 0 rg BT 260.47 425.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.75 425.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 292.69 425.10 Td (year ) Tj ET Q q 0 0 0 rg BT 312.40 425.10 Td (information ) Tj ET Q q 0 0 0 rg BT 362.11 425.10 Td (to ) Tj ET Q q 0 0 0 rg BT 372.39 425.10 Td (conform ) Tj ET Q q 0 0 0 rg BT 408.76 425.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.04 425.10 Td (current ) Tj ET Q q 0 0 0 rg BT 449.86 425.10 Td (year ) Tj ET Q q 0 0 0 rg BT 469.57 425.10 Td (presentation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 404.10 Td (The ) Tj ET Q q 0 0 0 rg BT 79.75 404.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 132.49 404.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 169.67 404.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 214.08 404.10 Td (include ) Tj ET Q q 0 0 0 rg BT 245.71 404.10 Td (all ) Tj ET Q q 0 0 0 rg BT 257.90 404.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 310.64 404.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 347.83 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 358.36 404.10 Td (Greenhill& ) Tj ET Q q 0 0 0 rg BT 408.60 404.10 Td (Co., ) Tj ET Q q 0 0 0 rg BT 427.47 404.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 444.93 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 461.57 404.10 Td (all ) Tj ET Q q 0 0 0 rg BT 473.76 404.10 Td (other ) Tj ET Q q 0 0 0 rg BT 496.51 404.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 527.59 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 537.57 404.10 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td (we ) Tj ET Q q 0 0 0 rg BT 64.57 392.10 Td (have ) Tj ET Q q 0 0 0 rg BT 86.36 392.10 Td (a ) Tj ET Q q 0 0 0 rg BT 93.71 392.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 140.50 392.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 172.84 392.10 Td (after ) Tj ET Q q 0 0 0 rg BT 194.07 392.10 Td (eliminations ) Tj ET Q q 0 0 0 rg BT 246.42 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.66 392.10 Td (all ) Tj ET Q q 0 0 0 rg BT 270.56 392.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 315.68 392.10 Td (inter) Tj ET Q q 0 0 0 rg BT 333.81 392.10 Td (-company ) Tj ET Q q 0 0 0 rg BT 376.70 392.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 414.60 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 431.95 392.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 485.12 392.10 Td (In ) Tj ET Q q 0 0 0 rg BT 496.36 392.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 544.23 392.10 Td (with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.60 380.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 108.86 380.10 Td (pronouncements ) Tj ET Q q 0 0 0 rg BT 176.34 380.10 Td (on ) Tj ET Q q 0 0 0 rg BT 187.73 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.33 380.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 256.60 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.32 380.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 299.91 380.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 330.73 380.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 363.50 380.10 Td (we ) Tj ET Q q 0 0 0 rg BT 376.54 380.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 423.47 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.08 380.10 Td (general ) Tj ET Q q 0 0 0 rg BT 467.89 380.10 Td (partners ) Tj ET Q q 0 0 0 rg BT 501.48 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.20 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.80 380.10 Td (merchant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 368.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 83.82 368.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 107.65 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 117.03 368.10 Td (which ) Tj ET Q q 0 0 0 rg BT 143.07 368.10 Td (it ) Tj ET Q q 0 0 0 rg BT 150.23 368.10 Td (has ) Tj ET Q q 0 0 0 rg BT 165.17 368.10 Td (a ) Tj ET Q q 0 0 0 rg BT 171.21 368.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 206.69 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.63 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.45 368.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 270.93 368.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 304.35 368.10 Td (The ) Tj ET Q q 0 0 0 rg BT 321.50 368.10 Td (general ) Tj ET Q q 0 0 0 rg BT 352.53 368.10 Td (partners ) Tj ET Q q 0 0 0 rg BT 386.34 368.10 Td (account ) Tj ET Q q 0 0 0 rg BT 419.03 368.10 Td (for ) Tj ET Q q 0 0 0 rg BT 432.30 368.10 Td (their ) Tj ET Q q 0 0 0 rg BT 452.23 368.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 501.61 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 510.99 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.81 368.10 Td (merchant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 84.84 356.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 109.68 356.10 Td (under ) Tj ET Q q 0 0 0 rg BT 135.07 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.91 356.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 177.53 356.10 Td (method ) Tj ET Q q 0 0 0 rg BT 210.15 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.10 356.10 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 269.51 356.10 Td (As ) Tj ET Q q 0 0 0 rg BT 283.25 356.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 306.70 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.54 356.10 Td (general ) Tj ET Q q 0 0 0 rg BT 353.59 356.10 Td (partners ) Tj ET Q q 0 0 0 rg BT 388.42 356.10 Td (record ) Tj ET Q q 0 0 0 rg BT 416.57 356.10 Td (their ) Tj ET Q q 0 0 0 rg BT 437.52 356.10 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 494.02 356.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 521.63 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 532.58 356.10 Td (income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 344.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 74.65 344.10 Td (from ) Tj ET Q q 0 0 0 rg BT 96.51 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.15 344.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 156.90 344.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 196.52 344.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 231.16 344.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 257.77 344.10 Td (As ) Tj ET Q q 0 0 0 rg BT 271.31 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.95 344.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 325.57 344.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 360.21 344.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 384.86 344.10 Td (follow ) Tj ET Q q 0 0 0 rg BT 413.39 344.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 459.70 344.10 Td (company ) Tj ET Q q 0 0 0 rg BT 498.77 344.10 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 547.57 344.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 332.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 89.45 332.10 Td (record ) Tj ET Q q 0 0 0 rg BT 117.23 332.10 Td (all ) Tj ET Q q 0 0 0 rg BT 129.47 332.10 Td (their ) Tj ET Q q 0 0 0 rg BT 150.04 332.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 175.62 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 192.30 332.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 231.77 332.10 Td (at ) Tj ET Q q 0 0 0 rg BT 241.23 332.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 257.35 332.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 283.75 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.22 332.10 Td (general ) Tj ET Q q 0 0 0 rg BT 329.89 332.10 Td (partners) Tj ET Q q 0 0 0 rg BT 364.68 332.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.93 332.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 413.06 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 423.08 332.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 462.53 332.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 496.99 332.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 521.46 332.10 Td (represents ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.93 320.10 Td (estimation ) Tj ET Q q 0 0 0 rg BT 106.08 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.90 320.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 133.27 320.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 159.74 320.10 Td (W) Tj ET Q q 0 0 0 rg BT 168.38 320.10 Td (e ) Tj ET Q q 0 0 0 rg BT 175.31 320.10 Td (do ) Tj ET Q q 0 0 0 rg BT 187.80 320.10 Td (not ) Tj ET Q q 0 0 0 rg BT 203.07 320.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 251.10 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.81 320.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 305.50 320.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 340.21 320.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 364.93 320.10 Td (since ) Tj ET Q q 0 0 0 rg BT 387.97 320.10 Td (we, ) Tj ET Q q 0 0 0 rg BT 404.62 320.10 Td (through ) Tj ET Q q 0 0 0 rg BT 438.22 320.10 Td (our ) Tj ET Q q 0 0 0 rg BT 454.04 320.10 Td (general ) Tj ET Q q 0 0 0 rg BT 485.95 320.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 516.76 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 533.69 320.10 Td (limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 81.50 308.10 Td (interests, ) Tj ET Q q 0 0 0 rg BT 120.51 308.10 Td (do ) Tj ET Q q 0 0 0 rg BT 133.70 308.10 Td (not ) Tj ET Q q 0 0 0 rg BT 149.66 308.10 Td (have ) Tj ET Q q 0 0 0 rg BT 171.72 308.10 Td (a ) Tj ET Q q 0 0 0 rg BT 179.34 308.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 216.41 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.93 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.33 308.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 285.39 308.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 318.00 308.10 Td (in ) Tj ET Q q 0 0 0 rg BT 328.97 308.10 Td (such ) Tj ET Q q 0 0 0 rg BT 350.48 308.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 375.89 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.51 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.92 308.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 440.43 308.10 Td (partners ) Tj ET Q q 0 0 0 rg BT 475.82 308.10 Td (have ) Tj ET Q q 0 0 0 rg BT 497.88 308.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 528.27 308.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 554.23 308.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (remove ) Tj ET Q q 0 0 0 rg BT 82.49 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.20 296.10 Td (general ) Tj ET Q q 0 0 0 rg BT 129.13 296.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 159.94 296.10 Td (by ) Tj ET Q q 0 0 0 rg BT 172.44 296.10 Td (a ) Tj ET Q q 0 0 0 rg BT 179.38 296.10 Td (simple ) Tj ET Q q 0 0 0 rg BT 208.54 296.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 244.93 296.10 Td (vote ) Tj ET Q q 0 0 0 rg BT 264.64 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.47 296.10 Td (unaf) Tj ET Q q 0 0 0 rg BT 293.06 296.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 323.88 296.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 369.15 296.10 Td (investors.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 270.10 Td (Revenue Recognition) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 253.10 Td (Advisory Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 229.10 Td (It ) Tj ET Q q 0 0 0 rg BT 85.54 229.10 Td (is ) Tj ET Q q 0 0 0 rg BT 94.64 229.10 Td (our ) Tj ET Q q 0 0 0 rg BT 110.40 229.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 137.83 229.10 Td (to ) Tj ET Q q 0 0 0 rg BT 148.04 229.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 189.33 229.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 223.40 229.10 Td (when ) Tj ET Q q 0 0 0 rg BT 247.50 229.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 259.36 229.10 Td (there ) Tj ET Q q 0 0 0 rg BT 281.78 229.10 Td (is ) Tj ET Q q 0 0 0 rg BT 290.88 229.10 Td (persuasive ) Tj ET Q q 0 0 0 rg BT 335.52 229.10 Td (evidence ) Tj ET Q q 0 0 0 rg BT 373.48 229.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.24 229.10 Td (an ) Tj ET Q q 0 0 0 rg BT 396.11 229.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 448.51 229.10 Td (with ) Tj ET Q q 0 0 0 rg BT 468.72 229.10 Td (a ) Tj ET Q q 0 0 0 rg BT 475.59 229.10 Td (client, ) Tj ET Q q 0 0 0 rg BT 502.73 229.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 517.38 229.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.03 229.10 Td (agreed-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 73.25 217.10 Td (services ) Tj ET Q q 0 0 0 rg BT 108.71 217.10 Td (have ) Tj ET Q q 0 0 0 rg BT 130.83 217.10 Td (been ) Tj ET Q q 0 0 0 rg BT 152.96 217.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 197.86 217.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.55 217.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 256.00 217.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.03 217.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.49 217.10 Td (client ) Tj ET Q q 0 0 0 rg BT 307.95 217.10 Td (or ) Tj ET Q q 0 0 0 rg BT 319.53 217.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.00 217.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 382.12 217.10 Td (or ) Tj ET Q q 0 0 0 rg BT 393.70 217.10 Td (events ) Tj ET Q q 0 0 0 rg BT 422.50 217.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 447.96 217.10 Td (in ) Tj ET Q q 0 0 0 rg BT 458.99 217.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.46 217.10 Td (engagement ) Tj ET Q q 0 0 0 rg BT 526.02 217.10 Td (letter ) Tj ET Q q 0 0 0 rg BT 549.81 217.10 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 97.48 205.10 Td (to ) Tj ET Q q 0 0 0 rg BT 107.76 205.10 Td (be ) Tj ET Q q 0 0 0 rg BT 119.70 205.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 172.75 205.10 Td (complete, ) Tj ET Q q 0 0 0 rg BT 214.40 205.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 231.89 205.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 250.49 205.10 Td (are ) Tj ET Q q 0 0 0 rg BT 265.20 205.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 288.25 205.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.19 205.10 Td (determinable, ) Tj ET Q q 0 0 0 rg BT 362.38 205.10 Td (and ) Tj ET Q q 0 0 0 rg BT 379.32 205.10 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 396.26 205.10 Td (collection ) Tj ET Q q 0 0 0 rg BT 438.19 205.10 Td (is ) Tj ET Q q 0 0 0 rg BT 447.36 205.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 493.17 205.10 Td (assured.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 181.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 181.10 Td (e ) Tj ET Q q 0 0 0 rg BT 91.75 181.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 132.28 181.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 168.39 181.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 182.27 181.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 219.48 181.10 Td (for ) Tj ET Q q 0 0 0 rg BT 232.81 181.10 Td (mer) Tj ET Q q 0 0 0 rg BT 248.18 181.10 Td (gers ) Tj ET Q q 0 0 0 rg BT 266.51 181.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.62 181.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 332.06 181.10 Td (or ) Tj ET Q q 0 0 0 rg BT 342.06 181.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 381.50 181.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 417.61 181.10 Td (and ) Tj ET Q q 0 0 0 rg BT 433.72 181.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 486.48 181.10 Td (engagements ) Tj ET Q q 0 0 0 rg BT 540.36 181.10 Td (when ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.20 169.10 Td (services ) Tj ET Q q 0 0 0 rg BT 100.39 169.10 Td (related ) Tj ET Q q 0 0 0 rg BT 130.57 169.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.33 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.53 169.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 202.84 169.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 253.59 169.10 Td (are ) Tj ET Q q 0 0 0 rg BT 268.78 169.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 313.41 169.10 Td (in ) Tj ET Q q 0 0 0 rg BT 324.17 169.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 372.11 169.10 Td (with ) Tj ET Q q 0 0 0 rg BT 392.87 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.07 169.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 433.27 169.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.58 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.78 169.10 Td (engagement ) Tj ET Q q 0 0 0 rg BT 511.08 169.10 Td (letter ) Tj ET Q q 0 0 0 rg BT 534.60 169.10 Td (and ) Tj ET Q q 0 0 0 rg BT 552.02 169.10 Td (all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.05 157.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 127.75 157.10 Td (for ) Tj ET Q q 0 0 0 rg BT 141.91 157.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 176.05 157.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 224.10 157.10 Td (are ) Tj ET Q q 0 0 0 rg BT 238.80 157.10 Td (satisfied.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 133.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 133.10 Td (e ) Tj ET Q q 0 0 0 rg BT 92.65 133.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 134.08 133.10 Td (private ) Tj ET Q q 0 0 0 rg BT 164.42 133.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 191.99 133.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.00 133.10 Td (real ) Tj ET Q q 0 0 0 rg BT 226.56 133.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 251.90 133.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 281.12 133.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 318.13 133.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 336.80 133.10 Td (at ) Tj ET Q q 0 0 0 rg BT 346.59 133.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.38 133.10 Td (time ) Tj ET Q q 0 0 0 rg BT 381.73 133.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.63 133.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.42 133.10 Td (client's ) Tj ET Q q 0 0 0 rg BT 437.90 133.10 Td (acceptance ) Tj ET Q q 0 0 0 rg BT 484.32 133.10 Td (of ) Tj ET Q q 0 0 0 rg BT 495.23 133.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 524.45 133.10 Td (or ) Tj ET Q q 0 0 0 rg BT 535.35 133.10 Td (capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 107.00 121.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.33 121.10 Td (a ) Tj ET Q q 0 0 0 rg BT 124.33 121.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 145.22 121.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.56 121.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 203.08 121.10 Td (with ) Tj ET Q q 0 0 0 rg BT 223.41 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.19 121.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 262.96 121.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.85 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.63 121.10 Td (engagement ) Tj ET Q q 0 0 0 rg BT 339.50 121.10 Td (letter) Tj ET Q q 0 0 0 rg BT 359.49 121.10 Td (. ) Tj ET Q q 0 0 0 rg BT 364.55 121.10 Td ( ) Tj ET Q q 0 0 0 rg BT 367.10 121.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 405.88 121.10 Td (, ) Tj ET Q q 0 0 0 rg BT 410.94 121.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 425.70 121.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 459.91 121.10 Td (is ) Tj ET Q q 0 0 0 rg BT 469.14 121.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 516.67 121.10 Td (based ) Tj ET Q q 0 0 0 rg BT 542.00 121.10 Td (upon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.16 109.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 80.42 109.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 126.45 109.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.50 109.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 166.87 109.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 212.35 109.10 Td (to ) Tj ET Q q 0 0 0 rg BT 222.85 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.79 109.10 Td (fund. ) Tj ET Q q 0 0 0 rg BT 261.34 109.10 Td ( ) Tj ET Q q 0 0 0 rg BT 264.06 109.10 Td (For ) Tj ET Q q 0 0 0 rg BT 280.67 109.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 316.72 109.10 Td (closings, ) Tj ET Q q 0 0 0 rg BT 354.72 109.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 389.08 109.10 Td (is ) Tj ET Q q 0 0 0 rg BT 398.47 109.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 445.05 109.10 Td (at ) Tj ET Q q 0 0 0 rg BT 454.99 109.10 Td (each ) Tj ET Q q 0 0 0 rg BT 476.03 109.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 507.63 109.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 539.23 109.10 Td (based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.46 97.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.14 97.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 109.60 97.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.39 97.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 149.50 97.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 194.74 97.10 Td (at ) Tj ET Q q 0 0 0 rg BT 204.41 97.10 Td (each ) Tj ET Q q 0 0 0 rg BT 225.19 97.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 256.54 97.10 Td (at ) Tj ET Q q 0 0 0 rg BT 266.22 97.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.90 97.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 303.91 97.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 318.58 97.10 Td (percentage. ) Tj ET Q q 0 0 0 rg BT 366.84 97.10 Td ( ) Tj ET Q q 0 0 0 rg BT 368.76 97.10 Td (At ) Tj ET Q q 0 0 0 rg BT 381.22 97.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.90 97.10 Td (final ) Tj ET Q q 0 0 0 rg BT 416.69 97.10 Td (closing, ) Tj ET Q q 0 0 0 rg BT 450.54 97.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 484.65 97.10 Td (is ) Tj ET Q q 0 0 0 rg BT 493.78 97.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 540.10 97.10 Td (at ) Tj ET Q q 0 0 0 rg BT 549.78 97.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 73.05 85.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 118.85 85.10 Td (for ) Tj ET Q q 0 0 0 rg BT 133.01 85.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.72 85.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 180.22 85.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.05 85.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 220.20 85.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 265.47 85.10 Td (since ) Tj ET Q q 0 0 0 rg BT 288.52 85.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.23 85.10 Td (last ) Tj ET Q q 0 0 0 rg BT 319.62 85.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 351.00 85.10 Td (closing.) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (While ) Tj ET Q q 0 0 0 rg BT 104.23 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.25 742.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 155.93 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.06 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 183.19 742.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 198.20 742.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 232.64 742.10 Td (is ) Tj ET Q q 0 0 0 rg BT 242.11 742.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 271.55 742.10 Td (at ) Tj ET Q q 0 0 0 rg BT 281.57 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.59 742.10 Td (conclusion ) Tj ET Q q 0 0 0 rg BT 342.71 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.84 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 361.08 742.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 407.75 742.10 Td (or ) Tj ET Q q 0 0 0 rg BT 418.88 742.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 450.56 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.69 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 468.93 742.10 Td (fund, ) Tj ET Q q 0 0 0 rg BT 492.56 742.10 Td (on-going ) Tj ET Q q 0 0 0 rg BT 531.47 742.10 Td (retainer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 70.30 730.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 122.54 730.10 Td (all ) Tj ET Q q 0 0 0 rg BT 134.24 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.26 730.10 Td (which ) Tj ET Q q 0 0 0 rg BT 170.40 730.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 194.30 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 203.77 730.10 Td (non-success ) Tj ET Q q 0 0 0 rg BT 253.79 730.10 Td (based ) Tj ET Q q 0 0 0 rg BT 278.25 730.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 313.82 730.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 349.96 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.09 730.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 405.55 730.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 441.69 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 457.82 730.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 510.62 730.10 Td (assignments, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.71 718.10 Td (also ) Tj ET Q q 0 0 0 rg BT 83.32 718.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 112.46 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.40 718.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 175.76 718.10 Td (as ) Tj ET Q q 0 0 0 rg BT 186.59 718.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 223.53 718.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 238.24 718.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 272.38 718.10 Td (over ) Tj ET Q q 0 0 0 rg BT 292.65 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.37 718.10 Td (period ) Tj ET Q q 0 0 0 rg BT 335.42 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 345.69 718.10 Td (which ) Tj ET Q q 0 0 0 rg BT 372.63 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.35 718.10 Td (related ) Tj ET Q q 0 0 0 rg BT 417.05 718.10 Td (service ) Tj ET Q q 0 0 0 rg BT 447.87 718.10 Td (is ) Tj ET Q q 0 0 0 rg BT 457.04 718.10 Td (rendered.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 694.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 95.09 694.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 123.74 694.10 Td (reimburse ) Tj ET Q q 0 0 0 rg BT 166.27 694.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 196.01 694.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 234.66 694.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 270.51 694.10 Td (by ) Tj ET Q q 0 0 0 rg BT 283.06 694.10 Td (us ) Tj ET Q q 0 0 0 rg BT 294.49 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 304.81 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.57 694.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 353.77 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.64 694.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 401.63 694.10 Td (engagements. ) Tj ET Q q 0 0 0 rg BT 458.87 694.10 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 499.18 694.10 Td (are ) Tj ET Q q 0 0 0 rg BT 513.93 694.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 549.79 694.10 Td (net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 682.10 Td (such ) Tj ET Q q 0 0 0 rg BT 81.66 682.10 Td (client ) Tj ET Q q 0 0 0 rg BT 106.37 682.10 Td (reimbursements. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 656.10 Td (Investment Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 632.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 123.30 632.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 160.71 632.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 190.36 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.56 632.10 Td (\(i\)gains ) Tj ET Q q 0 0 0 rg BT 235.48 632.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 249.01 632.10 Td (losses\) ) Tj ET Q q 0 0 0 rg BT 278.10 632.10 Td (on ) Tj ET Q q 0 0 0 rg BT 289.97 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 305.17 632.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 354.81 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 364.46 632.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 393.53 632.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 432.61 632.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 466.69 632.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 493.28 632.10 Td (Iridium ) Tj ET Q q 0 0 0 rg BT 525.15 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.46 632.10 Td (other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 102.77 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.71 620.10 Td (\(ii\)interest ) Tj ET Q q 0 0 0 rg BT 166.36 620.10 Td (income. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 599.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 599.10 Td (e ) Tj ET Q q 0 0 0 rg BT 91.83 599.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 132.44 599.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 165.84 599.10 Td (on ) Tj ET Q q 0 0 0 rg BT 177.60 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 192.68 599.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 242.21 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 251.74 599.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 290.69 599.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 324.66 599.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 348.64 599.10 Td (based ) Tj ET Q q 0 0 0 rg BT 373.16 599.10 Td (on ) Tj ET Q q 0 0 0 rg BT 384.91 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 399.99 599.10 Td (allocable ) Tj ET Q q 0 0 0 rg BT 437.83 599.10 Td (share ) Tj ET Q q 0 0 0 rg BT 460.69 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.77 599.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 504.16 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.35 599.10 Td (unrealized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 73.46 587.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 87.47 587.10 Td (losses\) ) Tj ET Q q 0 0 0 rg BT 117.04 587.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 152.70 587.10 Td (by ) Tj ET Q q 0 0 0 rg BT 165.05 587.10 Td (such ) Tj ET Q q 0 0 0 rg BT 185.73 587.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 212.63 587.10 Td (W) Tj ET Q q 0 0 0 rg BT 221.27 587.10 Td (e ) Tj ET Q q 0 0 0 rg BT 228.05 587.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 269.26 587.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 303.26 587.10 Td (on ) Tj ET Q q 0 0 0 rg BT 315.61 587.10 Td (our ) Tj ET Q q 0 0 0 rg BT 331.29 587.10 Td (other ) Tj ET Q q 0 0 0 rg BT 354.18 587.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 406.80 587.10 Td (including ) Tj ET Q q 0 0 0 rg BT 446.92 587.10 Td (Iridium, ) Tj ET Q q 0 0 0 rg BT 481.77 587.10 Td (which ) Tj ET Q q 0 0 0 rg BT 508.56 587.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 548.67 587.10 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 89.58 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 100.29 575.10 Td (control ) Tj ET Q q 0 0 0 rg BT 130.99 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.70 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.29 575.10 Td (investee, ) Tj ET Q q 0 0 0 rg BT 193.93 575.10 Td (based ) Tj ET Q q 0 0 0 rg BT 219.08 575.10 Td (on ) Tj ET Q q 0 0 0 rg BT 231.45 575.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 254.94 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.75 575.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 298.02 575.10 Td (on ) Tj ET Q q 0 0 0 rg BT 310.40 575.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 356.66 575.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 395.15 575.10 Td (held, ) Tj ET Q q 0 0 0 rg BT 417.25 575.10 Td (which ) Tj ET Q q 0 0 0 rg BT 444.06 575.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 465.32 575.10 Td (from ) Tj ET Q q 0 0 0 rg BT 487.13 575.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 508.95 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 519.65 575.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.24 575.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.56 563.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 80.79 563.10 Td (value ) Tj ET Q q 0 0 0 rg BT 104.79 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.47 563.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 167.92 563.10 Td (The ) Tj ET Q q 0 0 0 rg BT 185.82 563.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 218.16 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.84 563.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 252.29 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 262.97 563.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 289.21 563.10 Td (are ) Tj ET Q q 0 0 0 rg BT 303.76 563.10 Td (not ) Tj ET Q q 0 0 0 rg BT 318.89 563.10 Td (predictable ) Tj ET Q q 0 0 0 rg BT 365.66 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.44 563.10 Td (can ) Tj ET Q q 0 0 0 rg BT 398.67 563.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 423.22 563.10 Td (periodic ) Tj ET Q q 0 0 0 rg BT 458.33 563.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 507.89 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.02 563.10 Td (net ) Tj ET Q q 0 0 0 rg BT 532.58 563.10 Td (income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 551.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 105.52 551.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 136.35 551.10 Td (us ) Tj ET Q q 0 0 0 rg BT 147.74 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.02 551.10 Td (market ) Tj ET Q q 0 0 0 rg BT 188.28 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.22 551.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 230.48 551.10 Td (risk.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 530.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 85.62 530.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.68 530.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 127.31 530.10 Td (Equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 509.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 509.10 Td (e ) Tj ET Q q 0 0 0 rg BT 91.44 509.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 126.69 509.10 Td (all ) Tj ET Q q 0 0 0 rg BT 138.05 509.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 164.97 509.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 189.67 509.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 238.81 509.10 Td (with ) Tj ET Q q 0 0 0 rg BT 257.96 509.10 Td (a ) Tj ET Q q 0 0 0 rg BT 263.76 509.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 299.01 509.10 Td (date ) Tj ET Q q 0 0 0 rg BT 317.03 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.73 509.10 Td (three ) Tj ET Q q 0 0 0 rg BT 348.08 509.10 Td (months ) Tj ET Q q 0 0 0 rg BT 378.89 509.10 Td (or ) Tj ET Q q 0 0 0 rg BT 388.59 509.10 Td (less, ) Tj ET Q q 0 0 0 rg BT 407.45 509.10 Td (when ) Tj ET Q q 0 0 0 rg BT 430.48 509.10 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 474.88 509.10 Td (to ) Tj ET Q q 0 0 0 rg BT 484.03 509.10 Td (be ) Tj ET Q q 0 0 0 rg BT 494.83 509.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 513.97 509.10 Td (equivalents. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 72.50 497.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 120.54 497.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 160.25 497.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 190.53 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.36 497.10 Td (money ) Tj ET Q q 0 0 0 rg BT 231.08 497.10 Td (market ) Tj ET Q q 0 0 0 rg BT 261.34 497.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 286.06 497.10 Td (and ) Tj ET Q q 0 0 0 rg BT 303.00 497.10 Td (overnight ) Tj ET Q q 0 0 0 rg BT 343.83 497.10 Td (deposits.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 476.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 97.61 476.10 Td (Fees ) Tj ET Q q 0 0 0 rg BT 119.55 476.10 Td (Receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 459.10 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 127.94 459.10 Td (are ) Tj ET Q q 0 0 0 rg BT 142.78 459.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 168.73 459.10 Td (net ) Tj ET Q q 0 0 0 rg BT 183.58 459.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.54 459.10 Td (an ) Tj ET Q q 0 0 0 rg BT 206.60 459.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 249.77 459.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.06 459.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 300.57 459.10 Td (accounts. ) Tj ET Q q 0 0 0 rg BT 340.50 459.10 Td (The ) Tj ET Q q 0 0 0 rg BT 358.67 459.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 394.62 459.10 Td (for ) Tj ET Q q 0 0 0 rg BT 408.91 459.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.76 459.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 466.92 459.10 Td (for ) Tj ET Q q 0 0 0 rg BT 481.21 459.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 517.73 459.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 555.34 459.10 Td (is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 447.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 82.49 447.10 Td (by ) Tj ET Q q 0 0 0 rg BT 94.99 447.10 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 130.82 447.10 Td (past ) Tj ET Q q 0 0 0 rg BT 149.42 447.10 Td (client ) Tj ET Q q 0 0 0 rg BT 174.14 447.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 220.51 447.10 Td (history ) Tj ET Q q 0 0 0 rg BT 250.79 447.10 Td (and ) Tj ET Q q 0 0 0 rg BT 267.72 447.10 Td (an ) Tj ET Q q 0 0 0 rg BT 279.66 447.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 326.60 447.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.43 447.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.15 447.10 Td (client) Tj ET Q q 0 0 0 rg BT 377.14 447.10 Td (s ) Tj ET Q q 0 0 0 rg BT 383.53 447.10 Td (creditworthiness. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 426.10 Td (Included ) Tj ET Q q 0 0 0 rg BT 114.65 426.10 Td (in ) Tj ET Q q 0 0 0 rg BT 125.10 426.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.98 426.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 177.09 426.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 195.85 426.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 239.60 426.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 272.80 426.10 Td (are ) Tj ET Q q 0 0 0 rg BT 287.68 426.10 Td (long ) Tj ET Q q 0 0 0 rg BT 308.12 426.10 Td (term ) Tj ET Q q 0 0 0 rg BT 329.11 426.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 376.75 426.10 Td (related ) Tj ET Q q 0 0 0 rg BT 406.62 426.10 Td (to ) Tj ET Q q 0 0 0 rg BT 417.07 426.10 Td (private ) Tj ET Q q 0 0 0 rg BT 447.50 426.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 475.16 426.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.27 426.10 Td (real ) Tj ET Q q 0 0 0 rg BT 509.92 426.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 535.35 426.10 Td (capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 86.02 414.10 Td (engagements, ) Tj ET Q q 0 0 0 rg BT 142.30 414.10 Td (which ) Tj ET Q q 0 0 0 rg BT 168.32 414.10 Td (are ) Tj ET Q q 0 0 0 rg BT 182.11 414.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 220.89 414.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 239.69 414.10 Td (in ) Tj ET Q q 0 0 0 rg BT 249.05 414.10 Td (installments ) Tj ET Q q 0 0 0 rg BT 298.96 414.10 Td (over ) Tj ET Q q 0 0 0 rg BT 318.31 414.10 Td (a ) Tj ET Q q 0 0 0 rg BT 324.33 414.10 Td (period ) Tj ET Q q 0 0 0 rg BT 351.46 414.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.37 414.10 Td (three ) Tj ET Q q 0 0 0 rg BT 382.94 414.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 408.12 414.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.70 414.10 Td (Included ) Tj ET Q q 0 0 0 rg BT 446.26 414.10 Td (as ) Tj ET Q q 0 0 0 rg BT 456.17 414.10 Td (a ) Tj ET Q q 0 0 0 rg BT 462.19 414.10 Td (component ) Tj ET Q q 0 0 0 rg BT 508.21 414.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.12 414.10 Td (investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 88.04 402.10 Td (on ) Tj ET Q q 0 0 0 rg BT 100.54 402.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.25 402.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 168.30 402.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 213.01 402.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.84 402.10 Td (income ) Tj ET Q q 0 0 0 rg BT 255.77 402.10 Td (is ) Tj ET Q q 0 0 0 rg BT 264.94 402.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 296.88 402.10 Td (income ) Tj ET Q q 0 0 0 rg BT 328.81 402.10 Td (related ) Tj ET Q q 0 0 0 rg BT 358.51 402.10 Td (to ) Tj ET Q q 0 0 0 rg BT 368.79 402.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 397.94 402.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 434.88 402.10 Td (engagements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 381.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 104.70 381.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 122.41 381.10 Td (related ) Tj ET Q q 0 0 0 rg BT 152.31 381.10 Td (to ) Tj ET Q q 0 0 0 rg BT 162.80 381.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 199.94 381.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 218.74 381.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 262.53 381.10 Td (is ) Tj ET Q q 0 0 0 rg BT 271.90 381.10 Td (disbursed ) Tj ET Q q 0 0 0 rg BT 312.94 381.10 Td (across ) Tj ET Q q 0 0 0 rg BT 340.63 381.10 Td (a ) Tj ET Q q 0 0 0 rg BT 347.78 381.10 Td (lar) Tj ET Q q 0 0 0 rg BT 358.14 381.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 370.29 381.10 Td (number ) Tj ET Q q 0 0 0 rg BT 403.54 381.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.57 381.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 443.38 381.10 Td (located ) Tj ET Q q 0 0 0 rg BT 474.96 381.10 Td (in ) Tj ET Q q 0 0 0 rg BT 485.44 381.10 Td (various ) Tj ET Q q 0 0 0 rg BT 517.59 381.10 Td (geographic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (areas. ) Tj ET Q q 0 0 0 rg BT 75.18 369.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.16 369.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.80 369.10 Td (e ) Tj ET Q q 0 0 0 rg BT 92.37 369.10 Td (control ) Tj ET Q q 0 0 0 rg BT 122.84 369.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 147.74 369.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 164.88 369.10 Td (through ) Tj ET Q q 0 0 0 rg BT 198.13 369.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 223.03 369.10 Td (approvals ) Tj ET Q q 0 0 0 rg BT 264.04 369.10 Td (and ) Tj ET Q q 0 0 0 rg BT 280.62 369.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 327.20 369.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 373.21 369.10 Td (but ) Tj ET Q q 0 0 0 rg BT 388.13 369.10 Td (do ) Tj ET Q q 0 0 0 rg BT 400.27 369.10 Td (not ) Tj ET Q q 0 0 0 rg BT 415.18 369.10 Td (require ) Tj ET Q q 0 0 0 rg BT 445.64 369.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 484.97 369.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.89 369.10 Td (support ) Tj ET Q q 0 0 0 rg BT 527.03 369.10 Td (accounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (receivable.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 336.10 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 319.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 91.08 319.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 140.38 319.60 Td (in ) Tj ET Q q 0 0 0 rg BT 149.68 319.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 188.41 319.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 222.15 319.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 245.90 319.60 Td (are ) Tj ET Q q 0 0 0 rg BT 259.63 319.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 296.13 319.60 Td (under ) Tj ET Q q 0 0 0 rg BT 320.43 319.60 Td (the ) Tj ET Q q 0 0 0 rg BT 334.17 319.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 360.69 319.60 Td (method ) Tj ET Q q 0 0 0 rg BT 392.21 319.60 Td (of ) Tj ET Q q 0 0 0 rg BT 402.07 319.60 Td (accounting ) Tj ET Q q 0 0 0 rg BT 447.47 319.60 Td (based ) Tj ET Q q 0 0 0 rg BT 471.76 319.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 493.29 319.60 Td (our ) Tj ET Q q 0 0 0 rg BT 508.14 319.60 Td (proportionate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 307.60 Td (share ) Tj ET Q q 0 0 0 rg BT 74.68 307.60 Td (of ) Tj ET Q q 0 0 0 rg BT 86.60 307.60 Td (the ) Tj ET Q q 0 0 0 rg BT 102.40 307.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 144.31 307.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 161.77 307.60 Td (value ) Tj ET Q q 0 0 0 rg BT 187.01 307.60 Td (of ) Tj ET Q q 0 0 0 rg BT 198.93 307.60 Td (the ) Tj ET Q q 0 0 0 rg BT 214.73 307.60 Td (underlying ) Tj ET Q q 0 0 0 rg BT 261.64 307.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 302.43 307.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 338.23 307.60 Td (fund's ) Tj ET Q q 0 0 0 rg BT 365.84 307.60 Td (net ) Tj ET Q q 0 0 0 rg BT 381.64 307.60 Td (assets. ) Tj ET Q q 0 0 0 rg BT 410.80 307.60 Td (The ) Tj ET Q q 0 0 0 rg BT 429.93 307.60 Td (value ) Tj ET Q q 0 0 0 rg BT 455.17 307.60 Td (of ) Tj ET Q q 0 0 0 rg BT 467.08 307.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 507.87 307.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 543.67 307.60 Td (fund ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 295.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 100.66 295.60 Td (in ) Tj ET Q q 0 0 0 rg BT 111.33 295.60 Td (privately ) Tj ET Q q 0 0 0 rg BT 149.77 295.60 Td (held ) Tj ET Q q 0 0 0 rg BT 169.87 295.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 215.53 295.60 Td (is ) Tj ET Q q 0 0 0 rg BT 225.09 295.60 Td (determined ) Tj ET Q q 0 0 0 rg BT 272.96 295.60 Td (by ) Tj ET Q q 0 0 0 rg BT 285.85 295.60 Td (management ) Tj ET Q q 0 0 0 rg BT 339.83 295.60 Td (of ) Tj ET Q q 0 0 0 rg BT 351.05 295.60 Td (the ) Tj ET Q q 0 0 0 rg BT 366.16 295.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 387.38 295.60 Td (after ) Tj ET Q q 0 0 0 rg BT 408.58 295.60 Td (giving ) Tj ET Q q 0 0 0 rg BT 437.03 295.60 Td (consideration ) Tj ET Q q 0 0 0 rg BT 493.79 295.60 Td (to ) Tj ET Q q 0 0 0 rg BT 504.46 295.60 Td (the ) Tj ET Q q 0 0 0 rg BT 519.57 295.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 538.57 295.60 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 295.60 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 283.60 Td (security) Tj ET Q q 0 0 0 rg BT 81.01 283.60 Td (, ) Tj ET Q q 0 0 0 rg BT 86.20 283.60 Td (the ) Tj ET Q q 0 0 0 rg BT 101.12 283.60 Td (pricing ) Tj ET Q q 0 0 0 rg BT 132.14 283.60 Td (of ) Tj ET Q q 0 0 0 rg BT 143.17 283.60 Td (other ) Tj ET Q q 0 0 0 rg BT 166.41 283.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 188.55 283.60 Td (of ) Tj ET Q q 0 0 0 rg BT 199.58 283.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 240.04 283.60 Td (by ) Tj ET Q q 0 0 0 rg BT 252.74 283.60 Td (the ) Tj ET Q q 0 0 0 rg BT 267.65 283.60 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 305.34 283.60 Td (company) Tj ET Q q 0 0 0 rg BT 341.35 283.60 Td (, ) Tj ET Q q 0 0 0 rg BT 346.55 283.60 Td (the ) Tj ET Q q 0 0 0 rg BT 361.46 283.60 Td (price ) Tj ET Q q 0 0 0 rg BT 384.15 283.60 Td (of ) Tj ET Q q 0 0 0 rg BT 395.17 283.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 435.63 283.60 Td (of ) Tj ET Q q 0 0 0 rg BT 446.66 283.60 Td (other ) Tj ET Q q 0 0 0 rg BT 469.91 283.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 515.37 283.60 Td (comparable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 271.60 Td (to ) Tj ET Q q 0 0 0 rg BT 59.39 271.60 Td (the ) Tj ET Q q 0 0 0 rg BT 73.23 271.60 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 109.84 271.60 Td (company) Tj ET Q q 0 0 0 rg BT 145.84 271.60 Td (, ) Tj ET Q q 0 0 0 rg BT 149.96 271.60 Td (purchase ) Tj ET Q q 0 0 0 rg BT 187.11 271.60 Td (multiples ) Tj ET Q q 0 0 0 rg BT 225.95 271.60 Td (paid ) Tj ET Q q 0 0 0 rg BT 244.79 271.60 Td (in ) Tj ET Q q 0 0 0 rg BT 254.18 271.60 Td (other ) Tj ET Q q 0 0 0 rg BT 276.34 271.60 Td (comparable ) Tj ET Q q 0 0 0 rg BT 324.60 271.60 Td (third-party ) Tj ET Q q 0 0 0 rg BT 368.98 271.60 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 420.86 271.60 Td (the ) Tj ET Q q 0 0 0 rg BT 434.69 271.60 Td (original ) Tj ET Q q 0 0 0 rg BT 467.41 271.60 Td (purchase ) Tj ET Q q 0 0 0 rg BT 504.57 271.60 Td (price ) Tj ET Q q 0 0 0 rg BT 526.17 271.60 Td (multiple, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 259.60 Td (market ) Tj ET Q q 0 0 0 rg BT 79.64 259.60 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 125.67 259.60 Td (liquidity) Tj ET Q q 0 0 0 rg BT 158.91 259.60 Td (, ) Tj ET Q q 0 0 0 rg BT 163.29 259.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 202.92 259.60 Td (results ) Tj ET Q q 0 0 0 rg BT 230.90 259.60 Td (and ) Tj ET Q q 0 0 0 rg BT 247.21 259.60 Td (other ) Tj ET Q q 0 0 0 rg BT 269.63 259.60 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 313.71 259.60 Td (and ) Tj ET Q q 0 0 0 rg BT 330.02 259.60 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 379.10 259.60 Td (factors. ) Tj ET Q q 0 0 0 rg BT 410.68 259.60 Td (Discounts ) Tj ET Q q 0 0 0 rg BT 452.55 259.60 Td (may ) Tj ET Q q 0 0 0 rg BT 471.64 259.60 Td (be ) Tj ET Q q 0 0 0 rg BT 482.95 259.60 Td (applied ) Tj ET Q q 0 0 0 rg BT 514.25 259.60 Td (to ) Tj ET Q q 0 0 0 rg BT 523.90 259.60 Td (the ) Tj ET Q q 0 0 0 rg BT 537.99 259.60 Td (funds' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 247.60 Td (privately ) Tj ET Q q 0 0 0 rg BT 88.07 247.60 Td (held ) Tj ET Q q 0 0 0 rg BT 107.82 247.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 158.12 247.60 Td (to ) Tj ET Q q 0 0 0 rg BT 168.42 247.60 Td (reflect ) Tj ET Q q 0 0 0 rg BT 196.48 247.60 Td (the ) Tj ET Q q 0 0 0 rg BT 211.23 247.60 Td (lack ) Tj ET Q q 0 0 0 rg BT 230.41 247.60 Td (of ) Tj ET Q q 0 0 0 rg BT 241.27 247.60 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 277.69 247.60 Td (and ) Tj ET Q q 0 0 0 rg BT 294.66 247.60 Td (other ) Tj ET Q q 0 0 0 rg BT 317.73 247.60 Td (transfer ) Tj ET Q q 0 0 0 rg BT 350.80 247.60 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 400.26 247.60 Td (Investments ) Tj ET Q q 0 0 0 rg BT 451.11 247.60 Td (in ) Tj ET Q q 0 0 0 rg BT 461.42 247.60 Td (publicly ) Tj ET Q q 0 0 0 rg BT 496.72 247.60 Td (traded ) Tj ET Q q 0 0 0 rg BT 524.24 247.60 Td (securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 235.60 Td (are ) Tj ET Q q 0 0 0 rg BT 63.62 235.60 Td (valued ) Tj ET Q q 0 0 0 rg BT 91.70 235.60 Td (using ) Tj ET Q q 0 0 0 rg BT 114.78 235.60 Td (quoted ) Tj ET Q q 0 0 0 rg BT 143.42 235.60 Td (market ) Tj ET Q q 0 0 0 rg BT 172.60 235.60 Td (prices ) Tj ET Q q 0 0 0 rg BT 197.89 235.60 Td (discounted ) Tj ET Q q 0 0 0 rg BT 242.64 235.60 Td (for ) Tj ET Q q 0 0 0 rg BT 255.71 235.60 Td (any ) Tj ET Q q 0 0 0 rg BT 271.57 235.60 Td (legal ) Tj ET Q q 0 0 0 rg BT 292.42 235.60 Td (or ) Tj ET Q q 0 0 0 rg BT 302.17 235.60 Td (contractual ) Tj ET Q q 0 0 0 rg BT 348.01 235.60 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 393.86 235.60 Td (on ) Tj ET Q q 0 0 0 rg BT 405.27 235.60 Td (sale. ) Tj ET Q q 0 0 0 rg BT 424.74 235.60 Td (Because ) Tj ET Q q 0 0 0 rg BT 459.47 235.60 Td (of ) Tj ET Q q 0 0 0 rg BT 469.22 235.60 Td (the ) Tj ET Q q 0 0 0 rg BT 482.85 235.60 Td (inherent ) Tj ET Q q 0 0 0 rg BT 517.03 235.60 Td (uncertainty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 223.60 Td (of ) Tj ET Q q 0 0 0 rg BT 61.39 223.60 Td (valuations ) Tj ET Q q 0 0 0 rg BT 105.56 223.60 Td (as ) Tj ET Q q 0 0 0 rg BT 116.95 223.60 Td (well ) Tj ET Q q 0 0 0 rg BT 137.23 223.60 Td (as ) Tj ET Q q 0 0 0 rg BT 148.62 223.60 Td (the ) Tj ET Q q 0 0 0 rg BT 163.90 223.60 Td (discounts ) Tj ET Q q 0 0 0 rg BT 204.74 223.60 Td (applied, ) Tj ET Q q 0 0 0 rg BT 239.73 223.60 Td (the ) Tj ET Q q 0 0 0 rg BT 255.01 223.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 296.39 223.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 313.33 223.60 Td (values ) Tj ET Q q 0 0 0 rg BT 341.94 223.60 Td (of ) Tj ET Q q 0 0 0 rg BT 353.33 223.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 404.17 223.60 Td (in ) Tj ET Q q 0 0 0 rg BT 415.00 223.60 Td (privately ) Tj ET Q q 0 0 0 rg BT 453.61 223.60 Td (held ) Tj ET Q q 0 0 0 rg BT 473.89 223.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 519.71 223.60 Td (may ) Tj ET Q q 0 0 0 rg BT 539.99 223.60 Td (dif) Tj ET Q q 0 0 0 rg BT 550.92 223.60 Td (fer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 211.60 Td (significantly ) Tj ET Q q 0 0 0 rg BT 102.92 211.60 Td (from ) Tj ET Q q 0 0 0 rg BT 125.29 211.60 Td (the ) Tj ET Q q 0 0 0 rg BT 140.44 211.60 Td (values ) Tj ET Q q 0 0 0 rg BT 168.92 211.60 Td (that ) Tj ET Q q 0 0 0 rg BT 186.84 211.60 Td (would ) Tj ET Q q 0 0 0 rg BT 214.77 211.60 Td (have ) Tj ET Q q 0 0 0 rg BT 236.58 211.60 Td (been ) Tj ET Q q 0 0 0 rg BT 258.39 211.60 Td (used ) Tj ET Q q 0 0 0 rg BT 279.65 211.60 Td (had ) Tj ET Q q 0 0 0 rg BT 297.02 211.60 Td (a ) Tj ET Q q 0 0 0 rg BT 304.39 211.60 Td (ready ) Tj ET Q q 0 0 0 rg BT 329.53 211.60 Td (market ) Tj ET Q q 0 0 0 rg BT 360.22 211.60 Td (for ) Tj ET Q q 0 0 0 rg BT 374.82 211.60 Td (the ) Tj ET Q q 0 0 0 rg BT 389.96 211.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 430.66 211.60 Td (existed. ) Tj ET Q q 0 0 0 rg BT 464.20 211.60 Td (The ) Tj ET Q q 0 0 0 rg BT 482.68 211.60 Td (values ) Tj ET Q q 0 0 0 rg BT 511.16 211.60 Td (at ) Tj ET Q q 0 0 0 rg BT 521.31 211.60 Td (which ) Tj ET Q q 0 0 0 rg BT 548.68 211.60 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 199.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.94 199.60 Td (are ) Tj ET Q q 0 0 0 rg BT 114.31 199.60 Td (carried ) Tj ET Q q 0 0 0 rg BT 144.23 199.60 Td (on ) Tj ET Q q 0 0 0 rg BT 156.40 199.60 Td (its ) Tj ET Q q 0 0 0 rg BT 168.01 199.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 220.72 199.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 265.10 199.60 Td (of ) Tj ET Q q 0 0 0 rg BT 275.59 199.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 312.74 199.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 352.68 199.60 Td (are ) Tj ET Q q 0 0 0 rg BT 367.05 199.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 402.54 199.60 Td (to ) Tj ET Q q 0 0 0 rg BT 412.48 199.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 452.97 199.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 469.01 199.60 Td (value ) Tj ET Q q 0 0 0 rg BT 492.83 199.60 Td (at ) Tj ET Q q 0 0 0 rg BT 502.21 199.60 Td (the ) Tj ET Q q 0 0 0 rg BT 516.60 199.60 Td (end ) Tj ET Q q 0 0 0 rg BT 533.20 199.60 Td (of ) Tj ET Q q 0 0 0 rg BT 543.70 199.60 Td (each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 187.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.81 187.60 Td (and ) Tj ET Q q 0 0 0 rg BT 97.74 187.60 Td (the ) Tj ET Q q 0 0 0 rg BT 112.46 187.60 Td (volatility ) Tj ET Q q 0 0 0 rg BT 151.06 187.60 Td (in ) Tj ET Q q 0 0 0 rg BT 161.33 187.60 Td (general ) Tj ET Q q 0 0 0 rg BT 193.25 187.60 Td (economic ) Tj ET Q q 0 0 0 rg BT 234.62 187.60 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 281.28 187.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 304.88 187.60 Td (markets ) Tj ET Q q 0 0 0 rg BT 339.03 187.60 Td (and ) Tj ET Q q 0 0 0 rg BT 355.97 187.60 Td (commodity ) Tj ET Q q 0 0 0 rg BT 404.01 187.60 Td (prices ) Tj ET Q q 0 0 0 rg BT 430.39 187.60 Td (may ) Tj ET Q q 0 0 0 rg BT 450.10 187.60 Td (result ) Tj ET Q q 0 0 0 rg BT 474.81 187.60 Td (in ) Tj ET Q q 0 0 0 rg BT 485.08 187.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 529.79 187.60 Td (changes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 175.60 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 175.60 Td (the ) Tj ET Q q 0 0 0 rg BT 75.00 175.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 115.82 175.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 132.19 175.60 Td (value ) Tj ET Q q 0 0 0 rg BT 156.35 175.60 Td (of ) Tj ET Q q 0 0 0 rg BT 167.18 175.60 Td (the ) Tj ET Q q 0 0 0 rg BT 181.89 175.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 232.17 175.60 Td (from ) Tj ET Q q 0 0 0 rg BT 254.11 175.60 Td (period ) Tj ET Q q 0 0 0 rg BT 282.15 175.60 Td (to ) Tj ET Q q 0 0 0 rg BT 292.43 175.60 Td (period. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 154.60 Td (Goodwill) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 133.60 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 116.80 133.60 Td (is ) Tj ET Q q 0 0 0 rg BT 125.49 133.60 Td (the ) Tj ET Q q 0 0 0 rg BT 139.73 133.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 157.87 133.60 Td (in ) Tj ET Q q 0 0 0 rg BT 167.67 133.60 Td (excess ) Tj ET Q q 0 0 0 rg BT 195.79 133.60 Td (of ) Tj ET Q q 0 0 0 rg BT 206.14 133.60 Td (the ) Tj ET Q q 0 0 0 rg BT 220.38 133.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 236.28 133.60 Td (value ) Tj ET Q q 0 0 0 rg BT 259.96 133.60 Td (of ) Tj ET Q q 0 0 0 rg BT 270.31 133.60 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 317.87 133.60 Td (net ) Tj ET Q q 0 0 0 rg BT 332.11 133.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 357.46 133.60 Td (at ) Tj ET Q q 0 0 0 rg BT 366.70 133.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 412.61 133.60 Td (date. ) Tj ET Q q 0 0 0 rg BT 433.64 133.60 Td (W) Tj ET Q q 0 0 0 rg BT 442.28 133.60 Td (e ) Tj ET Q q 0 0 0 rg BT 448.74 133.60 Td (test ) Tj ET Q q 0 0 0 rg BT 464.65 133.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 502.23 133.60 Td (for ) Tj ET Q q 0 0 0 rg BT 515.91 133.60 Td (impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 121.60 Td (at ) Tj ET Q q 0 0 0 rg BT 60.01 121.60 Td (least ) Tj ET Q q 0 0 0 rg BT 81.13 121.60 Td (annually) Tj ET Q q 0 0 0 rg BT 114.92 121.60 Td (. ) Tj ET Q q 0 0 0 rg BT 119.59 121.60 Td (An ) Tj ET Q q 0 0 0 rg BT 134.61 121.60 Td (impairment ) Tj ET Q q 0 0 0 rg BT 183.50 121.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 201.86 121.60 Td (is ) Tj ET Q q 0 0 0 rg BT 211.32 121.60 Td (triggered ) Tj ET Q q 0 0 0 rg BT 250.21 121.60 Td (if ) Tj ET Q q 0 0 0 rg BT 259.11 121.60 Td (the ) Tj ET Q q 0 0 0 rg BT 274.12 121.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 315.24 121.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 331.91 121.60 Td (value ) Tj ET Q q 0 0 0 rg BT 356.36 121.60 Td (of ) Tj ET Q q 0 0 0 rg BT 367.48 121.60 Td (an ) Tj ET Q q 0 0 0 rg BT 379.72 121.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 420.28 121.60 Td (unit ) Tj ET Q q 0 0 0 rg BT 438.63 121.60 Td (is ) Tj ET Q q 0 0 0 rg BT 448.09 121.60 Td (less ) Tj ET Q q 0 0 0 rg BT 465.89 121.60 Td (than ) Tj ET Q q 0 0 0 rg BT 485.90 121.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 527.01 121.60 Td (net ) Tj ET Q q 0 0 0 rg BT 542.02 121.60 Td (book ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 109.60 Td (value. ) Tj ET Q q 0 0 0 rg BT 76.66 109.60 Td (Such ) Tj ET Q q 0 0 0 rg BT 99.16 109.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 117.22 109.60 Td (is ) Tj ET Q q 0 0 0 rg BT 126.39 109.60 Td (calculated ) Tj ET Q q 0 0 0 rg BT 169.41 109.60 Td (as ) Tj ET Q q 0 0 0 rg BT 180.24 109.60 Td (the ) Tj ET Q q 0 0 0 rg BT 194.96 109.60 Td (dif) Tj ET Q q 0 0 0 rg BT 205.89 109.60 Td (ference ) Tj ET Q q 0 0 0 rg BT 237.80 109.60 Td (between ) Tj ET Q q 0 0 0 rg BT 273.62 109.60 Td (the ) Tj ET Q q 0 0 0 rg BT 288.33 109.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 329.16 109.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 345.53 109.60 Td (value ) Tj ET Q q 0 0 0 rg BT 369.69 109.60 Td (of ) Tj ET Q q 0 0 0 rg BT 380.52 109.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 418.57 109.60 Td (and ) Tj ET Q q 0 0 0 rg BT 435.51 109.60 Td (its ) Tj ET Q q 0 0 0 rg BT 447.46 109.60 Td (carrying ) Tj ET Q q 0 0 0 rg BT 483.28 109.60 Td (value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 88.60 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 116.37 88.60 Td (is ) Tj ET Q q 0 0 0 rg BT 124.63 88.60 Td (translated ) Tj ET Q q 0 0 0 rg BT 165.10 88.60 Td (at ) Tj ET Q q 0 0 0 rg BT 173.91 88.60 Td (the ) Tj ET Q q 0 0 0 rg BT 187.72 88.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 204.30 88.60 Td (of ) Tj ET Q q 0 0 0 rg BT 214.22 88.60 Td (exchange ) Tj ET Q q 0 0 0 rg BT 253.57 88.60 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 295.70 88.60 Td (at ) Tj ET Q q 0 0 0 rg BT 304.51 88.60 Td (the ) Tj ET Q q 0 0 0 rg BT 318.32 88.60 Td (end ) Tj ET Q q 0 0 0 rg BT 334.36 88.60 Td (of ) Tj ET Q q 0 0 0 rg BT 344.28 88.60 Td (the ) Tj ET Q q 0 0 0 rg BT 358.09 88.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 389.12 88.60 Td (presented ) Tj ET Q q 0 0 0 rg BT 429.03 88.60 Td (in ) Tj ET Q q 0 0 0 rg BT 438.40 88.60 Td (accordance ) Tj ET Q q 0 0 0 rg BT 484.96 88.60 Td (with ) Tj ET Q q 0 0 0 rg BT 504.33 88.60 Td (the ) Tj ET Q q 0 0 0 rg BT 518.14 88.60 Td (accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 76.60 Td (guidance ) Tj ET Q q 0 0 0 rg BT 88.72 76.60 Td (for ) Tj ET Q q 0 0 0 rg BT 103.01 76.60 Td (foreign ) Tj ET Q q 0 0 0 rg BT 134.52 76.60 Td (currency ) Tj ET Q q 0 0 0 rg BT 172.12 76.60 Td (translation. ) Tj ET Q q 0 0 0 rg BT 218.88 76.60 Td (Any ) Tj ET Q q 0 0 0 rg BT 238.73 76.60 Td (translation ) Tj ET Q q 0 0 0 rg BT 283.57 76.60 Td (gain ) Tj ET Q q 0 0 0 rg BT 303.42 76.60 Td (or ) Tj ET Q q 0 0 0 rg BT 314.37 76.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 332.56 76.60 Td (is ) Tj ET Q q 0 0 0 rg BT 341.86 76.60 Td (included ) Tj ET Q q 0 0 0 rg BT 378.92 76.60 Td (in ) Tj ET Q q 0 0 0 rg BT 389.33 76.60 Td (the ) Tj ET Q q 0 0 0 rg BT 404.18 76.60 Td (foreign ) Tj ET Q q 0 0 0 rg BT 435.68 76.60 Td (currency ) Tj ET Q q 0 0 0 rg BT 473.29 76.60 Td (translation ) Tj ET Q q 0 0 0 rg BT 518.13 76.60 Td (adjustment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 64.60 Td (included ) Tj ET Q q 0 0 0 rg BT 86.93 64.60 Td (as ) Tj ET Q q 0 0 0 rg BT 97.76 64.60 Td (a ) Tj ET Q q 0 0 0 rg BT 104.70 64.60 Td (component ) Tj ET Q q 0 0 0 rg BT 151.64 64.60 Td (of ) Tj ET Q q 0 0 0 rg BT 162.47 64.60 Td (other ) Tj ET Q q 0 0 0 rg BT 185.51 64.60 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 248.54 64.60 Td (income ) Tj ET Q q 0 0 0 rg BT 280.48 64.60 Td (in ) Tj ET Q q 0 0 0 rg BT 290.76 64.60 Td (the ) Tj ET Q q 0 0 0 rg BT 305.47 64.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 358.52 64.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 403.23 64.60 Td (of ) Tj ET Q q 0 0 0 rg BT 414.06 64.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 448.76 64.60 Td (in ) Tj ET Q q 0 0 0 rg BT 459.04 64.60 Td (equity) Tj ET Q q 0 0 0 rg BT 483.39 64.60 Td (.) 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685.25 Td (equity) Tj ET Q q 0 0 0 rg BT 500.86 685.25 Td (. ) Tj ET Q q 0 0 0 rg BT 506.21 685.25 Td (The ) Tj ET Q q 0 0 0 rg BT 524.81 685.25 Td (restricted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.12 673.25 Td (units ) Tj ET Q q 0 0 0 rg BT 94.58 673.25 Td (are ) Tj ET Q q 0 0 0 rg BT 108.80 673.25 Td (reclassed ) Tj ET Q q 0 0 0 rg BT 147.46 673.25 Td (into ) Tj ET Q q 0 0 0 rg BT 165.02 673.25 Td (common ) Tj ET Q q 0 0 0 rg BT 202.03 673.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 225.15 673.25 Td (and ) Tj ET Q q 0 0 0 rg BT 241.60 673.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 283.60 673.25 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 313.94 673.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 342.60 673.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 364.61 673.25 Td (vesting. ) Tj ET Q q 0 0 0 rg BT 397.87 673.25 Td (W) Tj ET Q q 0 0 0 rg BT 406.50 673.25 Td (e ) Tj ET Q q 0 0 0 rg BT 412.96 673.25 Td (record ) Tj ET Q q 0 0 0 rg BT 440.50 673.25 Td (dividend ) 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rg BT 416.81 583.25 Td (have ) Tj ET Q q 0 0 0 rg BT 438.18 583.25 Td (met ) Tj ET Q q 0 0 0 rg BT 455.68 583.25 Td (the ) Tj ET Q q 0 0 0 rg BT 470.40 583.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 523.42 583.25 Td (tar) Tj ET Q q 0 0 0 rg BT 533.78 583.25 Td (gets. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 566.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 566.25 Td (e ) Tj ET Q q 0 0 0 rg BT 89.13 566.25 Td (calculate ) Tj ET Q q 0 0 0 rg BT 126.72 566.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 156.55 566.25 Td (EPS ) Tj ET Q q 0 0 0 rg BT 175.84 566.25 Td (by ) Tj ET Q q 0 0 0 rg BT 187.90 566.25 Td (dividing ) Tj ET Q q 0 0 0 rg BT 223.29 566.25 Td (net ) Tj ET Q q 0 0 0 rg BT 237.57 566.25 Td (income ) Tj ET Q q 0 0 0 rg BT 269.06 566.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 307.21 566.25 Td (to ) Tj ET Q q 0 0 0 rg BT 317.04 566.25 Td (common ) Tj ET Q q 0 0 0 rg BT 354.10 566.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 406.70 566.25 Td (by ) Tj ET Q q 0 0 0 rg BT 418.76 566.25 Td 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334.20 554.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 373.81 554.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 397.33 554.25 Td (units ) Tj ET Q q 0 0 0 rg BT 419.19 554.25 Td (for ) Tj ET Q q 0 0 0 rg BT 433.26 554.25 Td (which ) Tj ET Q q 0 0 0 rg BT 460.10 554.25 Td (future ) Tj ET Q q 0 0 0 rg BT 486.39 554.25 Td (service ) Tj ET Q q 0 0 0 rg BT 517.12 554.25 Td (is ) Tj ET Q q 0 0 0 rg BT 526.20 554.25 Td (required. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 542.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 77.39 542.25 Td (the ) Tj ET Q q 0 0 0 rg BT 92.00 542.25 Td (treasury ) Tj ET Q q 0 0 0 rg BT 126.61 542.25 Td (method, ) Tj ET Q q 0 0 0 rg BT 161.50 542.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.12 542.25 Td (number ) Tj ET Q q 0 0 0 rg BT 209.07 542.25 Td (of ) Tj ET Q q 0 0 0 rg BT 219.80 542.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 247.18 542.25 Td (issuable ) Tj ET Q q 0 0 0 rg BT 281.80 542.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 304.20 542.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.81 542.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 350.10 542.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.83 542.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 400.43 542.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 423.94 542.25 Td (units ) Tj ET Q q 0 0 0 rg BT 445.79 542.25 Td (included ) Tj ET Q q 0 0 0 rg BT 482.62 542.25 Td (in ) Tj ET Q q 0 0 0 rg BT 492.79 542.25 Td (the ) Tj ET Q q 0 0 0 rg BT 507.41 542.25 Td (calculation ) Tj ET Q q 0 0 0 rg BT 553.68 542.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 530.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 80.03 530.25 Td (EPS ) Tj ET Q q 0 0 0 rg BT 99.52 530.25 Td (is ) Tj ET Q q 0 0 0 rg BT 108.45 530.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.92 530.25 Td (excess, ) Tj ET Q q 0 0 0 rg BT 153.78 530.25 Td (if ) Tj ET Q q 0 0 0 rg BT 162.15 530.25 Td (any) Tj ET Q q 0 0 0 rg BT 175.94 530.25 Td (, ) Tj ET Q q 0 0 0 rg BT 180.70 530.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.28 530.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.76 530.25 Td (number ) Tj ET Q q 0 0 0 rg BT 238.56 530.25 Td (of ) Tj ET Q q 0 0 0 rg BT 249.15 530.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 276.40 530.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 314.19 530.25 Td (to ) Tj ET Q q 0 0 0 rg BT 324.23 530.25 Td (be ) Tj ET Q q 0 0 0 rg BT 335.93 530.25 Td (issued, ) Tj ET Q q 0 0 0 rg BT 365.68 530.25 Td (less ) Tj ET Q q 0 0 0 rg BT 382.94 530.25 Td (the ) Tj ET Q q 0 0 0 rg BT 397.42 530.25 Td (number ) Tj ET Q q 0 0 0 rg BT 430.22 530.25 Td (of ) Tj ET Q q 0 0 0 rg BT 440.81 530.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 468.06 530.25 Td (that ) Tj ET Q q 0 0 0 rg BT 485.31 530.25 Td (could ) Tj ET Q q 0 0 0 rg BT 509.79 530.25 Td (be ) Tj ET Q q 0 0 0 rg BT 521.48 530.25 Td (purchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 518.25 Td (by ) Tj ET Q q 0 0 0 rg BT 62.50 518.25 Td (us ) Tj ET Q q 0 0 0 rg BT 73.89 518.25 Td (with ) Tj ET Q q 0 0 0 rg BT 94.17 518.25 Td (the ) Tj ET Q q 0 0 0 rg BT 108.89 518.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 146.92 518.25 Td (to ) Tj ET Q q 0 0 0 rg BT 157.20 518.25 Td (be ) Tj ET Q q 0 0 0 rg BT 169.14 518.25 Td (received ) Tj ET Q q 0 0 0 rg BT 205.50 518.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 228.00 518.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 271.60 518.25 Td (at ) Tj ET Q q 0 0 0 rg BT 281.32 518.25 Td (the ) Tj ET Q q 0 0 0 rg BT 296.04 518.25 Td (average ) Tj ET Q q 0 0 0 rg BT 329.62 518.25 Td (market ) Tj ET Q q 0 0 0 rg BT 359.88 518.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 391.27 518.25 Td (price ) Tj ET Q q 0 0 0 rg BT 413.75 518.25 Td (during ) Tj ET Q q 0 0 0 rg BT 442.36 518.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.08 518.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 496.24 518.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 526.78 518.25 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 497.25 Td (Provision ) Tj ET Q q 0 0 0 rg BT 103.95 497.25 Td (for ) Tj ET Q q 0 0 0 rg BT 118.67 497.25 Td (T) Tj ET Q q 0 0 0 rg BT 123.86 497.25 Td (axes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 476.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 476.25 Td (e ) Tj ET Q q 0 0 0 rg BT 92.88 476.25 Td (account ) Tj ET Q q 0 0 0 rg BT 126.77 476.25 Td (for ) Tj ET Q q 0 0 0 rg BT 141.24 476.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 164.58 476.25 Td (in ) Tj ET Q q 0 0 0 rg BT 175.16 476.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 222.93 476.25 Td (with ) Tj ET Q q 0 0 0 rg BT 243.51 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.53 476.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 297.42 476.25 Td (for ) Tj ET Q q 0 0 0 rg BT 311.88 476.25 Td (income ) Tj ET Q q 0 0 0 rg BT 344.12 476.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 367.47 476.25 Td (which ) Tj ET Q q 0 0 0 rg BT 394.71 476.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 429.72 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.73 476.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 493.08 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.21 476.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 519.23 476.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 553.69 476.25 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 464.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 88.60 464.25 Td (on ) Tj ET Q q 0 0 0 rg BT 101.10 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.82 464.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 159.41 464.25 Td (dif) Tj ET Q q 0 0 0 rg BT 170.34 464.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 206.14 464.25 Td (between ) Tj ET Q q 0 0 0 rg BT 241.96 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.67 464.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 294.16 464.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 333.31 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 350.25 464.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 364.97 464.25 Td (bases ) Tj ET Q q 0 0 0 rg BT 389.13 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 399.96 464.25 Td (its ) Tj ET Q q 0 0 0 rg BT 411.90 464.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 437.73 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 454.67 464.25 Td (liabilities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 443.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 443.25 Td (e ) Tj ET Q q 0 0 0 rg BT 92.77 443.25 Td (follow ) Tj ET Q q 0 0 0 rg BT 121.58 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.49 443.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 175.29 443.25 Td (for ) Tj ET Q q 0 0 0 rg BT 189.64 443.25 Td (income ) Tj ET Q q 0 0 0 rg BT 221.78 443.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 245.02 443.25 Td (in ) Tj ET Q q 0 0 0 rg BT 255.50 443.25 Td (recognizing, ) Tj ET Q q 0 0 0 rg BT 307.90 443.25 Td (measuring, ) Tj ET Q q 0 0 0 rg BT 354.75 443.25 Td (presenting ) Tj ET Q q 0 0 0 rg BT 399.10 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 416.24 443.25 Td (disclosing ) Tj ET Q q 0 0 0 rg BT 459.49 443.25 Td (in ) Tj ET Q q 0 0 0 rg BT 469.97 443.25 Td (its ) Tj ET Q q 0 0 0 rg BT 482.11 443.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.79 443.25 Td (statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 89.33 431.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 103.67 431.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 141.92 431.25 Td (taken ) Tj ET Q q 0 0 0 rg BT 165.70 431.25 Td (or ) Tj ET Q q 0 0 0 rg BT 176.16 431.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 213.82 431.25 Td (to ) Tj ET Q q 0 0 0 rg BT 223.73 431.25 Td (be ) Tj ET Q q 0 0 0 rg BT 235.29 431.25 Td (taken ) Tj ET Q q 0 0 0 rg BT 259.08 431.25 Td (on ) Tj ET Q q 0 0 0 rg BT 271.21 431.25 Td (its ) Tj ET Q q 0 0 0 rg BT 282.78 431.25 Td (income ) Tj ET Q q 0 0 0 rg BT 314.34 431.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 328.69 431.25 Td (returns. ) Tj ET Q q 0 0 0 rg BT 361.08 431.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 393.20 431.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 407.54 431.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 441.88 431.25 Td (is ) Tj ET Q q 0 0 0 rg BT 450.68 431.25 Td (based ) Tj ET Q q 0 0 0 rg BT 475.57 431.25 Td (on ) Tj ET Q q 0 0 0 rg BT 487.70 431.25 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 518.14 431.25 Td (accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 84.93 419.25 Td (including ) Tj ET Q q 0 0 0 rg BT 125.70 419.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 176.46 419.25 Td (made ) Tj ET Q q 0 0 0 rg BT 201.11 419.25 Td (for ) Tj ET Q q 0 0 0 rg BT 215.77 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 230.98 419.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 279.52 419.25 Td (or ) Tj ET Q q 0 0 0 rg BT 290.84 419.25 Td (derecognition ) Tj ET Q q 0 0 0 rg BT 348.82 419.25 Td (related ) Tj ET Q q 0 0 0 rg BT 379.01 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 389.79 419.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 429.98 419.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 445.19 419.25 Td (positions. ) Tj ET Q q 0 0 0 rg BT 486.59 419.25 Td (The ) Tj ET Q q 0 0 0 rg BT 505.13 419.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 553.67 419.25 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (derecognition ) Tj ET Q q 0 0 0 rg BT 107.48 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.31 407.25 Td (income ) Tj ET Q q 0 0 0 rg BT 150.24 407.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 164.96 407.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 199.67 407.25 Td (related ) Tj ET Q q 0 0 0 rg BT 229.37 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 239.65 407.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 279.35 407.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 294.07 407.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 332.69 407.25 Td (is ) Tj ET Q q 0 0 0 rg BT 341.86 407.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 389.34 407.25 Td (under ) Tj ET Q q 0 0 0 rg BT 414.60 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.32 407.25 Td (guidance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 386.25 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 114.28 386.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 128.26 386.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 153.34 386.25 Td (and ) Tj ET Q q 0 0 0 rg BT 169.54 386.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 208.51 386.25 Td (are ) Tj ET Q q 0 0 0 rg BT 222.48 386.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 268.10 386.25 Td (for ) Tj ET Q q 0 0 0 rg BT 281.51 386.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.49 386.25 Td (future ) Tj ET Q q 0 0 0 rg BT 321.12 386.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 335.09 386.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 382.39 386.25 Td (to ) Tj ET Q q 0 0 0 rg BT 391.92 386.25 Td (dif) Tj ET Q q 0 0 0 rg BT 402.85 386.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 437.91 386.25 Td (between ) Tj ET Q q 0 0 0 rg BT 472.99 386.25 Td (the ) Tj ET Q q 0 0 0 rg BT 486.96 386.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 523.70 386.25 Td (statement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 374.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 85.92 374.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 122.41 374.25 Td (of ) Tj ET Q q 0 0 0 rg BT 133.35 374.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 167.62 374.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 193.55 374.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.60 374.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 250.42 374.25 Td (and ) Tj ET Q q 0 0 0 rg BT 267.46 374.25 Td (their ) Tj ET Q q 0 0 0 rg BT 288.39 374.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 331.53 374.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 346.35 374.25 Td (bases. ) Tj ET Q q 0 0 0 rg BT 373.12 374.25 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 411.25 374.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 426.07 374.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 452.00 374.25 Td (and ) Tj ET Q q 0 0 0 rg BT 469.05 374.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 508.87 374.25 Td (are ) Tj ET Q q 0 0 0 rg BT 523.68 374.25 Td (measured ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 362.25 Td (using ) Tj ET Q q 0 0 0 rg BT 73.90 362.25 Td (enacted ) Tj ET Q q 0 0 0 rg BT 106.65 362.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 121.10 362.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 142.20 362.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 179.96 362.25 Td (to ) Tj ET Q q 0 0 0 rg BT 189.96 362.25 Td (be ) Tj ET Q q 0 0 0 rg BT 201.62 362.25 Td (recovered ) Tj ET Q q 0 0 0 rg BT 243.26 362.25 Td (or ) Tj ET Q q 0 0 0 rg BT 253.82 362.25 Td (settled. ) Tj ET Q q 0 0 0 rg BT 284.49 362.25 Td (The ) Tj ET Q q 0 0 0 rg BT 302.26 362.25 Td (ef) Tj ET Q q 0 0 0 rg BT 309.85 362.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 327.06 362.25 Td (on ) Tj ET Q q 0 0 0 rg BT 339.28 362.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 374.82 362.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 389.26 362.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 414.81 362.25 Td (and ) Tj ET Q q 0 0 0 rg BT 431.48 362.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 470.92 362.25 Td (of ) Tj ET Q q 0 0 0 rg BT 481.48 362.25 Td (a ) Tj ET Q q 0 0 0 rg BT 488.14 362.25 Td (change ) Tj ET Q q 0 0 0 rg BT 518.68 362.25 Td (in ) Tj ET Q q 0 0 0 rg BT 528.68 362.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 543.13 362.25 Td (rates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 350.25 Td (is ) Tj ET Q q 0 0 0 rg BT 59.15 350.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 105.49 350.25 Td (in ) Tj ET Q q 0 0 0 rg BT 115.75 350.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 152.11 350.25 Td (in ) Tj ET Q q 0 0 0 rg BT 162.37 350.25 Td (the ) Tj ET Q q 0 0 0 rg BT 177.07 350.25 Td (period ) Tj ET Q q 0 0 0 rg BT 205.09 350.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.90 350.25 Td (change. ) Tj ET Q q 0 0 0 rg BT 249.20 350.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 303.88 350.25 Td (applies ) Tj ET Q q 0 0 0 rg BT 334.69 350.25 Td (the ) Tj ET Q q 0 0 0 rg BT 349.38 350.25 Td (more-likely-than-not ) Tj ET Q q 0 0 0 rg BT 439.61 350.25 Td (criteria ) Tj ET Q q 0 0 0 rg BT 474.84 350.25 Td (when ) Tj ET Q q 0 0 0 rg BT 498.98 350.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 549.78 350.25 Td (tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (benefits.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 312.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 105.07 312.25 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 157.59 312.25 Td (and ) Tj ET Q q 0 0 0 rg BT 175.65 312.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 196.49 312.25 Td (V) Tj ET Q q 0 0 0 rg BT 202.05 312.25 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 291.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 291.25 Td (e ) Tj ET Q q 0 0 0 rg BT 94.38 291.25 Td (account ) Tj ET Q q 0 0 0 rg BT 129.77 291.25 Td (for ) Tj ET Q q 0 0 0 rg BT 145.73 291.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 185.01 291.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 235.97 291.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 278.58 291.25 Td (at ) Tj ET Q q 0 0 0 rg BT 290.10 291.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 308.28 291.25 Td (value ) Tj ET Q q 0 0 0 rg BT 334.23 291.25 Td (in ) Tj ET Q q 0 0 0 rg BT 346.31 291.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 395.57 291.25 Td (with ) Tj ET Q q 0 0 0 rg BT 417.64 291.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 465.81 291.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 506.21 291.25 Td (for ) Tj ET Q q 0 0 0 rg BT 522.17 291.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.34 291.25 Td (value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 279.25 Td (measurements ) Tj ET Q q 0 0 0 rg BT 109.81 279.25 Td (and ) Tj ET Q q 0 0 0 rg BT 126.86 279.25 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 173.91 279.25 Td (which ) Tj ET Q q 0 0 0 rg BT 200.96 279.25 Td (establishes ) Tj ET Q q 0 0 0 rg BT 246.89 279.25 Td (a ) Tj ET Q q 0 0 0 rg BT 253.94 279.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 270.43 279.25 Td (value ) Tj ET Q q 0 0 0 rg BT 294.69 279.25 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 335.06 279.25 Td (that ) Tj ET Q q 0 0 0 rg BT 352.66 279.25 Td (prioritizes ) Tj ET Q q 0 0 0 rg BT 395.81 279.25 Td (the ) Tj ET Q q 0 0 0 rg BT 410.64 279.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 437.70 279.25 Td (to ) Tj ET Q q 0 0 0 rg BT 448.09 279.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 487.91 279.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 533.28 279.25 Td (used ) Tj ET Q q 0 0 0 rg BT 554.22 279.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 267.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 86.06 267.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 102.68 267.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 129.37 267.25 Td (The ) Tj ET Q q 0 0 0 rg BT 147.66 267.25 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 188.16 267.25 Td (gives ) Tj ET Q q 0 0 0 rg BT 212.01 267.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.97 267.25 Td (highest ) Tj ET Q q 0 0 0 rg BT 258.60 267.25 Td (priority ) Tj ET Q q 0 0 0 rg BT 291.33 267.25 Td (to ) Tj ET Q q 0 0 0 rg BT 301.85 267.25 Td (unadjusted ) Tj ET Q q 0 0 0 rg BT 347.92 267.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 377.88 267.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 404.50 267.25 Td (in ) Tj ET Q q 0 0 0 rg BT 415.02 267.25 Td (active ) Tj ET Q q 0 0 0 rg BT 441.63 267.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 476.03 267.25 Td (for ) Tj ET Q q 0 0 0 rg BT 490.43 267.25 Td (identical ) Tj ET Q q 0 0 0 rg BT 527.60 267.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 553.67 267.25 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 255.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 89.50 255.25 Td (\(Level1 ) Tj ET Q q 0 0 0 rg BT 125.37 255.25 Td (measurements\) ) Tj ET Q q 0 0 0 rg BT 188.19 255.25 Td (and ) Tj ET Q q 0 0 0 rg BT 204.91 255.25 Td (the ) Tj ET Q q 0 0 0 rg BT 219.41 255.25 Td (lowest ) Tj ET Q q 0 0 0 rg BT 247.80 255.25 Td (priority ) Tj ET Q q 0 0 0 rg BT 280.07 255.25 Td (to ) Tj ET Q q 0 0 0 rg BT 290.13 255.25 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 345.73 255.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 372.46 255.25 Td (\(Level3 ) Tj ET Q q 0 0 0 rg BT 408.34 255.25 Td (measurements\). ) Tj ET Q q 0 0 0 rg BT 473.49 255.25 Td (The ) Tj ET Q q 0 0 0 rg BT 491.31 255.25 Td (three ) Tj ET Q q 0 0 0 rg BT 513.58 255.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 539.19 255.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 255.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 243.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.38 243.25 Td (value ) Tj ET Q q 0 0 0 rg BT 90.53 243.25 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 130.79 243.25 Td (under ) Tj ET Q q 0 0 0 rg BT 156.05 243.25 Td (the ) Tj ET Q q 0 0 0 rg BT 170.77 243.25 Td (pronouncement ) Tj ET Q q 0 0 0 rg BT 235.47 243.25 Td (are ) Tj ET Q q 0 0 0 rg BT 250.18 243.25 Td (described ) Tj ET Q q 0 0 0 rg BT 291.00 243.25 Td (below:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 222.25 Td (Basis of Fair V) Tj ET Q q 0 0 0 rg BT 121.73 222.25 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 171.62 222.25 Td (ement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 201.25 Td (Level1 ) Tj ET Q q 0 0 0 rg BT 107.54 201.25 Td (Unadjusted ) Tj ET Q q 0 0 0 rg BT 155.86 201.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 185.85 201.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 212.50 201.25 Td (in ) Tj ET Q q 0 0 0 rg BT 223.05 201.25 Td (active ) Tj ET Q q 0 0 0 rg BT 249.70 201.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 284.12 201.25 Td (that ) Tj ET Q q 0 0 0 rg BT 301.89 201.25 Td (are ) Tj ET Q q 0 0 0 rg BT 316.87 201.25 Td (accessible ) Tj ET Q q 0 0 0 rg BT 360.18 201.25 Td (at ) Tj ET Q q 0 0 0 rg BT 370.17 201.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.16 201.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 441.24 201.25 Td (date ) Tj ET Q q 0 0 0 rg BT 460.67 201.25 Td (for ) Tj ET Q q 0 0 0 rg BT 475.11 201.25 Td (identical, ) Tj ET Q q 0 0 0 rg BT 514.81 201.25 Td (unrestricted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 189.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.83 189.25 Td (or ) Tj ET Q q 0 0 0 rg BT 86.66 189.25 Td (liabilities;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 168.25 Td (Level2 ) Tj ET Q q 0 0 0 rg BT 106.98 168.25 Td (Quoted ) Tj ET Q q 0 0 0 rg BT 138.63 168.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 164.73 168.25 Td (in ) Tj ET Q q 0 0 0 rg BT 174.72 168.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 208.59 168.25 Td (that ) Tj ET Q q 0 0 0 rg BT 225.80 168.25 Td (are ) Tj ET Q q 0 0 0 rg BT 240.23 168.25 Td (not ) Tj ET Q q 0 0 0 rg BT 255.22 168.25 Td (active ) Tj ET Q q 0 0 0 rg BT 281.31 168.25 Td (or ) Tj ET Q q 0 0 0 rg BT 291.85 168.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 329.05 168.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 377.93 168.25 Td (for ) Tj ET Q q 0 0 0 rg BT 391.81 168.25 Td (which ) Tj ET Q q 0 0 0 rg BT 418.46 168.25 Td (all ) Tj ET Q q 0 0 0 rg BT 430.67 168.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 475.10 168.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 501.76 168.25 Td (are ) Tj ET Q q 0 0 0 rg BT 516.19 168.25 Td (observable, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 156.25 Td (either ) Tj ET Q q 0 0 0 rg BT 75.26 156.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 108.31 156.25 Td (or ) Tj ET Q q 0 0 0 rg BT 119.14 156.25 Td (indirectly;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 135.25 Td (Level3 ) Tj ET Q q 0 0 0 rg BT 107.26 135.25 Td (Prices ) Tj ET Q q 0 0 0 rg BT 134.20 135.25 Td (or ) Tj ET Q q 0 0 0 rg BT 145.03 135.25 Td (valuations ) Tj ET Q q 0 0 0 rg BT 188.64 135.25 Td (that ) Tj ET Q q 0 0 0 rg BT 206.13 135.25 Td (require ) Tj ET Q q 0 0 0 rg BT 236.95 135.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 263.89 135.25 Td (that ) Tj ET Q q 0 0 0 rg BT 281.39 135.25 Td (are ) Tj ET Q q 0 0 0 rg BT 296.10 135.25 Td (both ) Tj ET Q q 0 0 0 rg BT 316.38 135.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 361.09 135.25 Td (to ) Tj ET Q q 0 0 0 rg BT 371.37 135.25 Td (the ) Tj ET Q q 0 0 0 rg BT 386.08 135.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 402.46 135.25 Td (value ) Tj ET Q q 0 0 0 rg BT 426.61 135.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 482.42 135.25 Td (and ) Tj ET Q q 0 0 0 rg BT 499.36 135.25 Td (unobservable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 114.25 Td (A) Tj ET Q q 0 0 0 rg BT 68.67 114.25 Td ( ) Tj ET Q q 0 0 0 rg BT 71.13 114.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 108.56 114.25 Td (instrument) Tj ET Q q 0 0 0 rg BT 154.11 114.25 Td (s ) Tj ET Q q 0 0 0 rg BT 160.46 114.25 Td (level ) Tj ET Q q 0 0 0 rg BT 182.35 114.25 Td (within ) Tj ET Q q 0 0 0 rg BT 210.36 114.25 Td (the ) Tj ET Q q 0 0 0 rg BT 225.04 114.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 241.37 114.25 Td (value ) Tj ET Q q 0 0 0 rg BT 265.48 114.25 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 305.69 114.25 Td (is ) Tj ET Q q 0 0 0 rg BT 314.82 114.25 Td (based ) Tj ET Q q 0 0 0 rg BT 340.04 114.25 Td (on ) Tj ET Q q 0 0 0 rg BT 352.50 114.25 Td (the ) Tj ET Q q 0 0 0 rg BT 367.17 114.25 Td (lowest ) Tj ET Q q 0 0 0 rg BT 395.74 114.25 Td (level ) Tj ET Q q 0 0 0 rg BT 417.63 114.25 Td (of ) Tj ET Q q 0 0 0 rg BT 428.41 114.25 Td (any ) Tj ET Q q 0 0 0 rg BT 445.31 114.25 Td (input ) Tj ET Q q 0 0 0 rg BT 468.32 114.25 Td (that ) Tj ET Q q 0 0 0 rg BT 485.77 114.25 Td (is ) Tj ET Q q 0 0 0 rg BT 494.90 114.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 539.56 114.25 Td (to ) Tj ET Q q 0 0 0 rg BT 549.80 114.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 102.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.27 102.25 Td (value ) Tj ET Q q 0 0 0 rg BT 90.33 102.25 Td (measurement. ) Tj ET Q q 0 0 0 rg BT 148.53 102.25 Td (In ) Tj ET Q q 0 0 0 rg BT 159.26 102.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 209.98 102.25 Td (the ) Tj ET Q q 0 0 0 rg BT 224.59 102.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 272.52 102.25 Td (levels, ) Tj ET Q q 0 0 0 rg BT 300.74 102.25 Td (we ) Tj ET Q q 0 0 0 rg BT 314.80 102.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 349.40 102.25 Td (a ) Tj ET Q q 0 0 0 rg BT 356.23 102.25 Td (detailed ) Tj ET Q q 0 0 0 rg BT 390.28 102.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 424.89 102.25 Td (of ) Tj ET Q q 0 0 0 rg BT 435.62 102.25 Td (the ) Tj ET Q q 0 0 0 rg BT 450.23 102.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 475.96 102.25 Td (and ) Tj ET Q q 0 0 0 rg BT 492.80 102.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 532.41 102.25 Td (that ) Tj ET Q q 0 0 0 rg BT 549.80 102.25 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 90.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 81.05 90.25 Td (to ) Tj ET Q q 0 0 0 rg BT 91.55 90.25 Td (these ) Tj ET Q q 0 0 0 rg BT 114.81 90.25 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 163.87 90.25 Td (At ) Tj ET Q q 0 0 0 rg BT 176.59 90.25 Td (each ) Tj ET Q q 0 0 0 rg BT 197.63 90.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 237.01 90.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 267.78 90.25 Td (all ) Tj ET Q q 0 0 0 rg BT 280.49 90.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 306.54 90.25 Td (and ) Tj ET Q q 0 0 0 rg BT 323.70 90.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 363.64 90.25 Td (for ) Tj ET Q q 0 0 0 rg BT 378.02 90.25 Td (which ) Tj ET Q q 0 0 0 rg BT 405.18 90.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.12 90.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 436.72 90.25 Td (value ) Tj ET Q q 0 0 0 rg BT 461.09 90.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 517.13 90.25 Td (is ) Tj ET Q q 0 0 0 rg BT 526.52 90.25 Td (based ) Tj ET Q q 0 0 0 rg BT 552.01 90.25 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 78.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 95.61 78.25 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 152.33 78.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 180.18 78.25 Td (or ) Tj ET Q q 0 0 0 rg BT 191.91 78.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 241.97 78.25 Td (which ) Tj ET Q q 0 0 0 rg BT 269.81 78.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 293.19 78.25 Td (infrequently ) Tj ET Q q 0 0 0 rg BT 345.47 78.25 Td (and ) Tj ET Q q 0 0 0 rg BT 363.30 78.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 402.79 78.25 Td (have ) Tj ET Q q 0 0 0 rg BT 425.06 78.25 Td (little ) Tj ET Q q 0 0 0 rg BT 446.79 78.25 Td (or ) Tj ET Q q 0 0 0 rg BT 458.52 78.25 Td (no ) Tj ET Q q 0 0 0 rg BT 471.92 78.25 Td (price ) Tj ET Q q 0 0 0 rg BT 495.31 78.25 Td (transparency ) Tj ET Q q 0 0 0 rg BT 549.79 78.25 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 66.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 90.26 66.25 Td (as ) Tj ET Q q 0 0 0 rg BT 101.09 66.25 Td (Level3. ) Tj ET Q q 0 0 0 rg BT 136.18 66.25 Td (T) Tj ET Q q 0 0 0 rg BT 141.93 66.25 Td (ransfers ) Tj ET Q q 0 0 0 rg BT 176.08 66.25 Td (between ) Tj ET Q q 0 0 0 rg BT 211.90 66.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 237.72 66.25 Td (are ) Tj ET Q q 0 0 0 rg BT 252.43 66.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 298.79 66.25 Td (as ) Tj ET Q q 0 0 0 rg BT 309.62 66.25 Td (of ) Tj ET Q q 0 0 0 rg BT 320.45 66.25 Td (the ) Tj ET Q q 0 0 0 rg BT 335.17 66.25 Td (end ) Tj ET Q q 0 0 0 rg BT 352.11 66.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.94 66.25 Td (the ) Tj ET Q q 0 0 0 rg BT 377.66 66.25 Td (period ) Tj ET Q q 0 0 0 rg BT 405.70 66.25 Td (in ) Tj ET Q q 0 0 0 rg BT 415.98 66.25 Td (which ) Tj ET Q q 0 0 0 rg BT 442.92 66.25 Td (they ) Tj ET Q q 0 0 0 rg BT 462.64 66.25 Td (occur) Tj ET Q q 0 0 0 rg BT 484.29 66.25 Td (.) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 7A.Quantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 257.31 742.25 Td (es ) Tj ET Q q 0 0 0 rg BT 267.59 742.25 Td (About Market Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 721.25 Td (Quantitative ) Tj ET Q q 0 0 0 rg BT 114.77 721.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.55 721.25 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 178.10 721.25 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 225.88 721.25 Td (about ) Tj ET Q q 0 0 0 rg BT 251.44 721.25 Td (market ) Tj ET Q q 0 0 0 rg BT 282.55 721.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 300.89 721.25 Td (are ) Tj ET Q q 0 0 0 rg BT 316.44 721.25 Td (set ) Tj ET Q q 0 0 0 rg BT 330.89 721.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 353.67 721.25 Td (above ) Tj ET Q q 0 0 0 rg BT 380.89 721.25 Td (in ) Tj ET Q q 0 0 0 rg BT 392.01 721.25 Td (Item7 ) Tj ET Q q 0 0 0 rg BT 438.12 721.25 Td (Management) Tj ET Q q 0 0 0 rg BT 493.10 721.25 Td (s ) Tj ET Q q 0 0 0 rg BT 500.33 721.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 547.56 721.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 87.50 709.25 Td (of ) Tj ET Q q 0 0 0 rg BT 98.33 709.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 138.04 709.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 180.55 709.25 Td (and ) Tj ET Q q 0 0 0 rg BT 197.49 709.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 229.43 709.25 Td (of ) Tj ET Q q 0 0 0 rg BT 240.26 709.25 Td (Operation ) Tj ET Q q 0 0 0 rg BT 295.25 709.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 326.63 709.25 Td (Risk.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (Item 8.Financial Statements and Supplementary Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 652.25 Td (The ) Tj ET Q q 0 0 0 rg BT 80.05 652.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 117.53 652.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 162.24 652.25 Td (required ) Tj ET Q q 0 0 0 rg BT 198.05 652.25 Td (by ) Tj ET Q q 0 0 0 rg BT 210.55 652.25 Td (this ) Tj ET Q q 0 0 0 rg BT 227.50 652.25 Td (item ) Tj ET Q q 0 0 0 rg BT 247.78 652.25 Td (are ) Tj ET Q q 0 0 0 rg BT 262.48 652.25 Td (listed ) Tj ET Q q 0 0 0 rg BT 286.65 652.25 Td (in ) Tj ET Q q 0 0 0 rg BT 296.93 652.25 Td (Item15. ) Tj ET Q q 0 0 0 rg BT 337.19 652.25 Td (Exhibits ) Tj ET Q q 0 0 0 rg BT 373.03 652.25 Td (and ) Tj ET Q q 0 0 0 rg BT 389.96 652.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 429.68 652.25 Td (Statement ) Tj ET Q q 0 0 0 rg BT 472.17 652.25 Td (Schedules.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (Item 9.Changes in and Disagr) Tj ET Q q 0 0 0 rg BT 181.78 628.25 Td (eements with ) Tj ET Q q 0 0 0 rg BT 239.55 628.25 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 307.89 628.25 Td (Accounting and Financial Disclosur) Tj ET Q q 0 0 0 rg BT 460.23 628.25 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 607.25 Td (None.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 583.25 Td (Item 9A.Contr) Tj ET Q q 0 0 0 rg BT 117.58 583.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 160.74 583.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 190.00 583.25 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 562.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 88.90 562.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 111.36 562.25 Td (their ) Tj ET Q q 0 0 0 rg BT 132.15 562.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 176.26 562.25 Td (of ) Tj ET Q q 0 0 0 rg BT 187.05 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.73 562.25 Td (Firm) Tj ET Q q 0 0 0 rg BT 223.95 562.25 Td (s ) Tj ET Q q 0 0 0 rg BT 230.31 562.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 273.31 562.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 307.99 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 324.89 562.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 371.22 562.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 408.12 562.25 Td (to ) Tj ET Q q 0 0 0 rg BT 418.36 562.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 459.70 562.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 476.60 562.25 Td (Rule13a-15 ) Tj ET Q q 0 0 0 rg BT 528.21 562.25 Td (as ) Tj ET Q q 0 0 0 rg BT 539.01 562.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 562.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (end ) Tj ET Q q 0 0 0 rg BT 66.42 550.25 Td (of ) Tj ET Q q 0 0 0 rg BT 76.73 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 90.93 550.25 Td (year ) Tj ET Q q 0 0 0 rg BT 110.12 550.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 143.75 550.25 Td (by ) Tj ET Q q 0 0 0 rg BT 155.73 550.25 Td (this ) Tj ET Q q 0 0 0 rg BT 171.72 550.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 203.14 550.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 232.34 550.25 Td (on ) Tj ET Q q 0 0 0 rg BT 244.32 550.25 Td (Form10-K, ) Tj ET Q q 0 0 0 rg BT 293.52 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 307.72 550.25 Td (Firm) Tj ET Q q 0 0 0 rg BT 329.95 550.25 Td (s ) Tj ET Q q 0 0 0 rg BT 335.82 550.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 360.02 550.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 401.98 550.25 Td (Of) Tj ET Q q 0 0 0 rg BT 412.35 550.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 432.65 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 449.07 550.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 473.27 550.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 512.46 550.25 Td (Of) Tj ET Q q 0 0 0 rg BT 522.83 550.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 543.13 550.25 Td (have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 93.29 538.25 Td (that ) Tj ET Q q 0 0 0 rg BT 110.48 538.25 Td (such ) Tj ET Q q 0 0 0 rg BT 131.00 538.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 165.42 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 182.05 538.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 228.11 538.25 Td (are ) Tj ET Q q 0 0 0 rg BT 242.51 538.25 Td (ef) Tj ET Q q 0 0 0 rg BT 250.10 538.25 Td (fective. ) Tj ET Q q 0 0 0 rg BT 281.84 538.25 Td (There ) Tj ET Q q 0 0 0 rg BT 307.35 538.25 Td (were ) Tj ET Q q 0 0 0 rg BT 328.97 538.25 Td (no ) Tj ET Q q 0 0 0 rg BT 341.17 538.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 375.57 538.25 Td (in ) Tj ET Q q 0 0 0 rg BT 385.54 538.25 Td (our ) Tj ET Q q 0 0 0 rg BT 401.07 538.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 433.80 538.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 468.22 538.25 Td (over ) Tj ET Q q 0 0 0 rg BT 488.18 538.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.35 538.25 Td (reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (that ) Tj ET Q q 0 0 0 rg BT 67.50 526.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 104.98 526.25 Td (during ) Tj ET Q q 0 0 0 rg BT 133.59 526.25 Td (the ) Tj ET Q q 0 0 0 rg BT 148.32 526.25 Td (most ) Tj ET Q q 0 0 0 rg BT 170.27 526.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 197.20 526.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 221.36 526.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 252.18 526.25 Td (that ) Tj ET Q q 0 0 0 rg BT 269.68 526.25 Td (have ) Tj ET Q q 0 0 0 rg BT 291.06 526.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 334.10 526.25 Td (af) Tj ET Q q 0 0 0 rg BT 341.69 526.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 371.12 526.25 Td (or ) Tj ET Q q 0 0 0 rg BT 381.95 526.25 Td (are ) Tj ET Q q 0 0 0 rg BT 396.67 526.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 442.49 526.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 467.76 526.25 Td (to ) Tj ET Q q 0 0 0 rg BT 478.05 526.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 521.09 526.25 Td (af) Tj ET Q q 0 0 0 rg BT 528.68 526.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 548.67 526.25 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 83.04 514.25 Td (control ) Tj ET Q q 0 0 0 rg BT 113.87 514.25 Td (over ) Tj ET Q q 0 0 0 rg BT 134.14 514.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 171.62 514.25 Td (reporting.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 493.25 Td (Management) Tj ET Q q 0 0 0 rg BT 116.98 493.25 Td (s ) Tj ET Q q 0 0 0 rg BT 123.82 493.25 Td (report ) Tj ET Q q 0 0 0 rg BT 150.64 493.25 Td (on ) Tj ET Q q 0 0 0 rg BT 163.58 493.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.74 493.25 Td (Firm) Tj ET Q q 0 0 0 rg BT 200.97 493.25 Td (s ) Tj ET Q q 0 0 0 rg BT 207.81 493.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 241.29 493.25 Td (control ) Tj ET Q q 0 0 0 rg BT 272.56 493.25 Td (over ) Tj ET Q q 0 0 0 rg BT 293.27 493.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 331.20 493.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 370.80 493.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 385.40 493.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 418.33 493.25 Td (in ) Tj ET Q q 0 0 0 rg BT 429.06 493.25 Td (Rules13a-15\(f\) ) Tj ET Q q 0 0 0 rg BT 495.04 493.25 Td (and ) Tj ET Q q 0 0 0 rg BT 512.42 493.25 Td (15d-15\(f\) ) Tj ET Q q 0 0 0 rg BT 553.68 493.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 481.25 Td (the ) Tj ET Q q 0 0 0 rg BT 65.10 481.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 106.77 481.25 Td (Act\), ) Tj ET Q q 0 0 0 rg BT 129.92 481.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.24 481.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.34 481.25 Td (related ) Tj ET Q q 0 0 0 rg BT 192.42 481.25 Td (report ) Tj ET Q q 0 0 0 rg BT 219.18 481.25 Td (of ) Tj ET Q q 0 0 0 rg BT 230.40 481.25 Td (our ) Tj ET Q q 0 0 0 rg BT 246.61 481.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 298.36 481.25 Td (public ) Tj ET Q q 0 0 0 rg BT 326.24 481.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 372.99 481.25 Td (firm, ) Tj ET Q q 0 0 0 rg BT 395.59 481.25 Td (are ) Tj ET Q q 0 0 0 rg BT 410.68 481.25 Td (included ) Tj ET Q q 0 0 0 rg BT 448.00 481.25 Td (on ) Tj ET Q q 0 0 0 rg BT 460.88 481.25 Td (pages ) Tj ET Q q 0 0 0 rg BT 486.53 481.25 Td (F-2through ) Tj ET Q q 0 0 0 rg BT 536.91 481.25 Td (F-4 ) Tj ET Q q 0 0 0 rg BT 553.69 481.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 469.25 Td (this ) Tj ET Q q 0 0 0 rg BT 66.95 469.25 Td (report.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 448.25 Td (In ) Tj ET Q q 0 0 0 rg BT 72.62 448.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 110.19 448.25 Td (on ) Tj ET Q q 0 0 0 rg BT 122.48 448.25 Td (May7, ) Tj ET Q q 0 0 0 rg BT 153.10 448.25 Td (2013 ) Tj ET Q q 0 0 0 rg BT 175.40 448.25 Td (our ) Tj ET Q q 0 0 0 rg BT 191.02 448.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 215.53 448.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 257.80 448.25 Td (Of) Tj ET Q q 0 0 0 rg BT 268.17 448.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 288.78 448.25 Td (certified ) Tj ET Q q 0 0 0 rg BT 324.38 448.25 Td (to ) Tj ET Q q 0 0 0 rg BT 334.45 448.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.96 448.25 Td (New ) Tj ET Q q 0 0 0 rg BT 369.80 448.25 Td (Y) Tj ET Q q 0 0 0 rg BT 376.02 448.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 391.64 448.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 416.71 448.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 458.43 448.25 Td (\(NYSE\) ) Tj ET Q q 0 0 0 rg BT 502.37 448.25 Td (that ) Tj ET Q q 0 0 0 rg BT 519.66 448.25 Td (he ) Tj ET Q q 0 0 0 rg BT 531.39 448.25 Td (was ) Tj ET Q q 0 0 0 rg BT 549.23 448.25 Td (not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (aware ) Tj ET Q q 0 0 0 rg BT 77.10 436.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.67 436.25 Td (any ) Tj ET Q q 0 0 0 rg BT 106.34 436.25 Td (violation ) Tj ET Q q 0 0 0 rg BT 145.12 436.25 Td (by ) Tj ET Q q 0 0 0 rg BT 158.36 436.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.81 436.25 Td (Firm ) Tj ET Q q 0 0 0 rg BT 196.49 436.25 Td (of ) Tj ET Q q 0 0 0 rg BT 208.05 436.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.50 436.25 Td (NYSE) Tj ET Q q 0 0 0 rg BT 252.40 436.25 Td (s ) Tj ET Q q 0 0 0 rg BT 259.52 436.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 300.51 436.25 Td (governance ) Tj ET Q q 0 0 0 rg BT 349.83 436.25 Td (listing ) Tj ET Q q 0 0 0 rg BT 378.07 436.25 Td (standards. ) Tj ET Q q 0 0 0 rg BT 421.33 436.25 Td (W) Tj ET Q q 0 0 0 rg BT 429.97 436.25 Td (e ) Tj ET Q q 0 0 0 rg BT 437.64 436.25 Td (have ) Tj ET Q q 0 0 0 rg BT 459.76 436.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 481.31 436.25 Td (as ) Tj ET Q q 0 0 0 rg BT 492.88 436.25 Td (an ) Tj ET Q q 0 0 0 rg BT 505.55 436.25 Td (exhibit ) Tj ET Q q 0 0 0 rg BT 536.56 436.25 Td (to ) Tj ET Q q 0 0 0 rg BT 547.57 436.25 Td (this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 424.25 Td (Form10-K ) Tj ET Q q 0 0 0 rg BT 97.07 424.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.63 424.25 Td (certifications ) Tj ET Q q 0 0 0 rg BT 166.17 424.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.85 424.25 Td (our ) Tj ET Q q 0 0 0 rg BT 192.53 424.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 217.09 424.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 259.42 424.25 Td (Of) Tj ET Q q 0 0 0 rg BT 269.79 424.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 290.45 424.25 Td (and ) Tj ET Q q 0 0 0 rg BT 307.23 424.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 331.80 424.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 371.35 424.25 Td (Of) Tj ET Q q 0 0 0 rg BT 381.73 424.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 402.39 424.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 439.17 424.25 Td (to ) Tj ET Q q 0 0 0 rg BT 449.30 424.25 Td (Rule13a-14\(a\) ) Tj ET Q q 0 0 0 rg BT 511.90 424.25 Td (or ) Tj ET Q q 0 0 0 rg BT 522.57 424.25 Td (15d-14\(a\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.55 412.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 116.92 412.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 133.86 412.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 148.02 412.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 182.17 412.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 219.11 412.25 Td (to ) Tj ET Q q 0 0 0 rg BT 229.39 412.25 Td (Section302 ) Tj ET Q q 0 0 0 rg BT 279.38 412.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.21 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 304.93 412.25 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 370.75 412.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 387.69 412.25 Td (of ) Tj ET Q q 0 0 0 rg BT 398.52 412.25 Td (2002\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (Item 9B.Other) Tj ET Q q 0 0 0 rg BT 117.03 388.25 Td ( Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 367.25 Td (None.) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 285.90 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.27 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.36 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 311.85 742.25 Td (III) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Item 10.Dir) Tj ET Q q 0 0 0 rg BT 104.25 718.25 Td (ectors, Executive Officers and Corporate Governance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 697.25 Td (Information ) Tj ET Q q 0 0 0 rg BT 113.28 697.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 155.12 697.25 Td (members ) Tj ET Q q 0 0 0 rg BT 195.29 697.25 Td (of ) Tj ET Q q 0 0 0 rg BT 207.14 697.25 Td (the ) Tj ET Q q 0 0 0 rg BT 222.87 697.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 250.83 697.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.68 697.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 303.40 697.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.36 697.25 Td (Greenhill) Tj ET Q q 0 0 0 rg BT 361.90 697.25 Td (s ) Tj ET Q q 0 0 0 rg BT 369.31 697.25 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 412.81 697.25 Td (Governance ) Tj ET Q q 0 0 0 rg BT 464.64 697.25 Td (will ) Tj ET Q q 0 0 0 rg BT 483.71 697.25 Td (be ) Tj ET Q q 0 0 0 rg BT 496.67 697.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 538.50 697.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.80 697.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (Information ) Tj ET Q q 0 0 0 rg BT 104.61 685.25 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 148.67 685.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.29 685.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 190.13 685.25 Td (of ) Tj ET Q q 0 0 0 rg BT 200.87 685.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 240.48 685.25 Td (and ) Tj ET Q q 0 0 0 rg BT 257.32 685.25 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 299.71 685.25 Td (Governance ) Tj ET Q q 0 0 0 rg BT 354.86 685.25 Td (section ) Tj ET Q q 0 0 0 rg BT 385.59 685.25 Td (of ) Tj ET Q q 0 0 0 rg BT 396.33 685.25 Td (Greenhill) Tj ET Q q 0 0 0 rg BT 436.87 685.25 Td (s ) Tj ET Q q 0 0 0 rg BT 443.16 685.25 Td (definitive ) Tj ET Q q 0 0 0 rg BT 483.89 685.25 Td (proxy ) Tj ET Q q 0 0 0 rg BT 509.62 685.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 550.35 685.25 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.21 673.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.21 673.25 Td ( ) Tj ET Q q 0 0 0 rg BT 82.96 673.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 111.37 673.25 Td (meeting ) Tj ET Q q 0 0 0 rg BT 145.34 673.25 Td (of ) Tj ET Q q 0 0 0 rg BT 155.43 673.25 Td (stockholders, ) Tj ET Q q 0 0 0 rg BT 210.23 673.25 Td (which ) Tj ET Q q 0 0 0 rg BT 236.43 673.25 Td (will ) Tj ET Q q 0 0 0 rg BT 253.74 673.25 Td (be ) Tj ET Q q 0 0 0 rg BT 264.94 673.25 Td (held ) Tj ET Q q 0 0 0 rg BT 283.91 673.25 Td (on ) Tj ET Q q 0 0 0 rg BT 295.28 673.25 Td (April23, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 673.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 673.25 Td (, ) Tj ET Q q 0 0 0 rg BT 357.40 673.25 Td (and ) Tj ET Q q 0 0 0 rg BT 373.60 673.25 Td (is ) Tj ET Q q 0 0 0 rg BT 382.02 673.25 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 434.31 673.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 461.06 673.25 Td (by ) Tj ET Q q 0 0 0 rg BT 472.81 673.25 Td (reference. ) Tj ET Q q 0 0 0 rg BT 514.25 673.25 Td (Information ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 90.38 661.25 Td (our ) Tj ET Q q 0 0 0 rg BT 105.77 661.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 146.15 661.25 Td (of) Tj ET Q q 0 0 0 rg BT 154.30 661.25 Td (ficers ) Tj ET Q q 0 0 0 rg BT 178.57 661.25 Td (is ) Tj ET Q q 0 0 0 rg BT 187.30 661.25 Td (included ) Tj ET Q q 0 0 0 rg BT 223.80 661.25 Td (on ) Tj ET Q q 0 0 0 rg BT 235.87 661.25 Td (pages ) Tj ET Q q 0 0 0 rg BT 260.70 661.25 Td (20 ) Tj ET Q q 0 0 0 rg BT 272.76 661.25 Td (and ) Tj ET Q q 0 0 0 rg BT 289.27 661.25 Td (21 ) Tj ET Q q 0 0 0 rg BT 301.33 661.25 Td (of ) Tj ET Q q 0 0 0 rg BT 311.73 661.25 Td (this ) Tj ET Q q 0 0 0 rg BT 327.78 661.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 359.29 661.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 388.57 661.25 Td (on ) Tj ET Q q 0 0 0 rg BT 400.63 661.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 424.37 661.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 446.98 661.25 Td (under ) Tj ET Q q 0 0 0 rg BT 471.82 661.25 Td (the ) Tj ET Q q 0 0 0 rg BT 486.10 661.25 Td (caption ) Tj ET Q q 0 0 0 rg BT 517.59 661.25 Td (Executive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 649.25 Td (ficers ) Tj ET Q q 0 0 0 rg BT 85.08 649.25 Td (and ) Tj ET Q q 0 0 0 rg BT 102.02 649.25 Td (Directors.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (Item 1) Tj ET Q q 0 0 0 rg BT 76.94 625.25 Td (1.Executive Compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 604.25 Td (Information ) Tj ET Q q 0 0 0 rg BT 111.72 604.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 151.99 604.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 192.25 604.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 249.75 604.25 Td (will ) Tj ET Q q 0 0 0 rg BT 267.26 604.25 Td (be ) Tj ET Q q 0 0 0 rg BT 278.65 604.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 318.92 604.25 Td (in ) Tj ET Q q 0 0 0 rg BT 328.66 604.25 Td (the ) Tj ET Q q 0 0 0 rg BT 342.83 604.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 389.20 604.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 448.93 604.25 Td ( ) Tj ET Q q 0 0 0 rg BT 455.88 604.25 Td (Compensation, ) Tj ET Q q 0 0 0 rg BT 518.11 604.25 Td (Discussion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.59 592.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 108.79 592.25 Td (section ) Tj ET Q q 0 0 0 rg BT 139.87 592.25 Td (of ) Tj ET Q q 0 0 0 rg BT 150.96 592.25 Td (Greenhill) Tj ET Q q 0 0 0 rg BT 191.51 592.25 Td (s ) Tj ET Q q 0 0 0 rg BT 198.16 592.25 Td (definitive ) Tj ET Q q 0 0 0 rg BT 239.24 592.25 Td (proxy ) Tj ET Q q 0 0 0 rg BT 265.33 592.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 306.41 592.25 Td (for ) Tj ET Q q 0 0 0 rg BT 320.83 592.25 Td (its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.04 592.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.04 592.25 Td ( ) Tj ET Q q 0 0 0 rg BT 355.80 592.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 385.21 592.25 Td (meeting ) Tj ET Q q 0 0 0 rg BT 420.19 592.25 Td (of ) Tj ET Q q 0 0 0 rg BT 431.28 592.25 Td (stockholders, ) Tj ET Q q 0 0 0 rg BT 487.08 592.25 Td (which ) Tj ET Q q 0 0 0 rg BT 514.28 592.25 Td (will ) Tj ET Q q 0 0 0 rg BT 532.60 592.25 Td (be ) Tj ET Q q 0 0 0 rg BT 544.80 592.25 Td (held ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (on ) Tj ET Q q 0 0 0 rg BT 61.95 580.25 Td (April23, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.56 580.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.56 580.25 Td (, ) Tj ET Q q 0 0 0 rg BT 125.56 580.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.50 580.25 Td (is ) Tj ET Q q 0 0 0 rg BT 151.67 580.25 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 204.70 580.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 232.18 580.25 Td (by ) Tj ET Q q 0 0 0 rg BT 244.68 580.25 Td (reference.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder) Tj ET Q q 0 0 0 rg BT 487.01 556.25 Td ( Matters) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 535.25 Td (Information ) Tj ET Q q 0 0 0 rg BT 112.48 535.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 153.50 535.25 Td (security ) Tj ET Q q 0 0 0 rg BT 187.87 535.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 232.24 535.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.28 535.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 273.20 535.25 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 315.33 535.25 Td (owners ) Tj ET Q q 0 0 0 rg BT 346.92 535.25 Td (and ) Tj ET Q q 0 0 0 rg BT 364.07 535.25 Td (management ) Tj ET Q q 0 0 0 rg BT 417.87 535.25 Td (and ) Tj ET Q q 0 0 0 rg BT 435.02 535.25 Td (related ) Tj ET Q q 0 0 0 rg BT 464.93 535.25 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 514.30 535.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 546.44 535.25 Td (will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (be ) Tj ET Q q 0 0 0 rg BT 62.07 523.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 103.02 523.25 Td (in ) Tj ET Q q 0 0 0 rg BT 113.42 523.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.27 523.25 Td (Security ) Tj ET Q q 0 0 0 rg BT 168.67 523.25 Td (Ownership ) Tj ET Q q 0 0 0 rg BT 215.18 523.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.14 523.25 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 268.48 523.25 Td (Of) Tj ET Q q 0 0 0 rg BT 278.85 523.25 Td (ficers ) Tj ET Q q 0 0 0 rg BT 303.69 523.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.76 523.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 352.82 523.25 Td (Beneficial ) Tj ET Q q 0 0 0 rg BT 396.54 523.25 Td (Owners ) Tj ET Q q 0 0 0 rg BT 434.71 523.25 Td (section ) Tj ET Q q 0 0 0 rg BT 465.67 523.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.63 523.25 Td (Greenhill) Tj ET Q q 0 0 0 rg BT 517.17 523.25 Td (s ) Tj ET Q q 0 0 0 rg BT 523.70 523.25 Td (definitive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (proxy ) Tj ET Q q 0 0 0 rg BT 75.71 511.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 116.42 511.25 Td (for ) Tj ET Q q 0 0 0 rg BT 130.46 511.25 Td (its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.29 511.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.29 511.25 Td ( ) Tj ET Q q 0 0 0 rg BT 164.67 511.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 193.71 511.25 Td (meeting ) Tj ET Q q 0 0 0 rg BT 228.31 511.25 Td (of ) Tj ET Q q 0 0 0 rg BT 239.02 511.25 Td (stockholders, ) Tj ET Q q 0 0 0 rg BT 294.45 511.25 Td (which ) Tj ET Q q 0 0 0 rg BT 321.27 511.25 Td (will ) Tj ET Q q 0 0 0 rg BT 339.21 511.25 Td (be ) Tj ET Q q 0 0 0 rg BT 351.03 511.25 Td (held ) Tj ET Q q 0 0 0 rg BT 370.63 511.25 Td (on ) Tj ET Q q 0 0 0 rg BT 382.49 511.25 Td (April23, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.98 511.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.98 511.25 Td (, ) Tj ET Q q 0 0 0 rg BT 445.86 511.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.68 511.25 Td (is ) Tj ET Q q 0 0 0 rg BT 471.73 511.25 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 524.65 511.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 552.02 511.25 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (reference.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 475.25 Td (Item 13.Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 239.26 475.25 Td (T) Tj ET Q q 0 0 0 rg BT 245.19 475.25 Td (ransactions, and Dir) Tj ET Q q 0 0 0 rg BT 331.96 475.25 Td (ector) Tj ET Q q 0 0 0 rg BT 353.43 475.25 Td ( Independence) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 454.25 Td (Information ) Tj ET Q q 0 0 0 rg BT 112.39 454.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 153.33 454.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 183.15 454.25 Td (relationships ) Tj ET Q q 0 0 0 rg BT 236.88 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 253.95 454.25 Td (related ) Tj ET Q q 0 0 0 rg BT 283.77 454.25 Td (party ) Tj ET Q q 0 0 0 rg BT 306.94 454.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 359.83 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 376.90 454.25 Td (director ) Tj ET Q q 0 0 0 rg BT 410.61 454.25 Td (independence ) Tj ET Q q 0 0 0 rg BT 468.21 454.25 Td (will ) Tj ET Q q 0 0 0 rg BT 486.39 454.25 Td (be ) Tj ET Q q 0 0 0 rg BT 498.45 454.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 539.39 454.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.80 454.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 86.05 442.25 Td (Relationships ) Tj ET Q q 0 0 0 rg BT 142.67 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 159.28 442.25 Td (Related ) Tj ET Q q 0 0 0 rg BT 191.85 442.25 Td (T) Tj ET Q q 0 0 0 rg BT 197.60 442.25 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 249.20 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 265.82 442.25 Td (Information ) Tj ET Q q 0 0 0 rg BT 320.20 442.25 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 364.03 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.42 442.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 405.04 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 415.54 442.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 454.93 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 471.54 442.25 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 513.71 442.25 Td (Governance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td ( ) Tj ET Q q 0 0 0 rg BT 57.69 430.25 Td (Director ) Tj ET Q q 0 0 0 rg BT 93.69 430.25 Td (Independence ) Tj ET Q q 0 0 0 rg BT 156.34 430.25 Td (sections ) Tj ET Q q 0 0 0 rg BT 191.24 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.26 430.25 Td (Greenhill) Tj ET Q q 0 0 0 rg BT 242.80 430.25 Td (s ) Tj ET Q q 0 0 0 rg BT 249.38 430.25 Td (definitive ) Tj ET Q q 0 0 0 rg BT 290.39 430.25 Td (proxy ) Tj ET Q q 0 0 0 rg BT 316.40 430.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 357.41 430.25 Td (for ) Tj ET Q q 0 0 0 rg BT 371.76 430.25 Td (its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.89 430.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.89 430.25 Td ( ) Tj ET Q q 0 0 0 rg BT 406.58 430.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 435.92 430.25 Td (meeting ) Tj ET Q q 0 0 0 rg BT 470.82 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 481.84 430.25 Td (stockholders, ) Tj ET Q q 0 0 0 rg BT 537.57 430.25 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (will ) Tj ET Q q 0 0 0 rg BT 68.06 418.25 Td (be ) Tj ET Q q 0 0 0 rg BT 80.00 418.25 Td (held ) Tj ET Q q 0 0 0 rg BT 99.71 418.25 Td (on ) Tj ET Q q 0 0 0 rg BT 111.66 418.25 Td (April ) Tj ET Q q 0 0 0 rg BT 135.27 418.25 Td (23, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.27 418.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.27 418.25 Td (, ) Tj ET Q q 0 0 0 rg BT 175.27 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 192.21 418.25 Td (is ) Tj ET Q q 0 0 0 rg BT 201.38 418.25 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 254.41 418.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 281.89 418.25 Td (by ) Tj ET Q q 0 0 0 rg BT 294.39 418.25 Td (reference.) 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183.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 153.95000000000005 m 498.5 153.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 153.95000000000005 m 562.5 153.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 138.95000000000005 m 498.5 138.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 138.95000000000005 m 562.5 138.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 138.95000000000005 m 498.5 138.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 124.95000000000005 m 498.5 124.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 122.95000000000005 m 498.5 122.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 124.95000000000005 m 562.5 124.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 122.95000000000005 m 562.5 122.95000000000005 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.00 675.68 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 522.00 675.68 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 662.68 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 648.52 Td (Cash and cash equivalents \($5.1million and $7.1million restricted from use at December31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 638.52 Td (2013 and 2012, respectively\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 637.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 637.62 Td (42,679) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 637.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 637.62 Td (50,324) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 623.52 Td (Advisory fees receivable, net of allowance for doubtful accounts of $0.0million at) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 613.52 Td (December31, 2013 and 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 612.62 Td (85,236) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 612.62 Td (54,444) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 598.52 Td (Other receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 597.62 Td (2,877) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 597.62 Td (1,554) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 583.52 Td (Property and equipment, net of accumulated depreciation of $57.0million and $54.8million at) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 573.52 Td (December31, 2013 and 2012, respectively) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 572.62 Td (11,500) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 572.62 Td (14,404) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 558.52 Td (Other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 557.62 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 557.62 Td (34,165) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 543.52 Td (Investments in merchant banking funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 542.62 Td (11,745) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 542.62 Td (16,772) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 528.52 Td (Goodwill) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 527.62 Td (142,972) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 527.62 Td (164,890) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 513.52 Td (Deferred tax asset, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 512.62 Td (54,202) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 512.62 Td (47,512) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 498.52 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 497.62 Td (2,235) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 497.62 Td (2,905) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 483.52 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 482.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 482.62 Td (353,446) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 482.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 482.62 Td (386,970) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 468.68 Td (Liabilities and Equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 454.52 Td (Compensation payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 453.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 453.62 Td (13,851) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 453.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 453.62 Td (21,419) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 439.52 Td (Accounts payable and accrued expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 438.62 Td (13,346) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 438.62 Td (7,872) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 424.52 Td (Current income taxes payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 423.62 Td (15,345) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 423.62 Td (15,797) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 409.52 Td (Bank loan payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 408.62 Td (30,849) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 408.62 Td (29,125) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 394.52 Td (Deferred tax liability) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 393.62 Td (2,345) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 393.62 Td (9,245) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 379.52 Td (Total liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 378.62 Td (75,736) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 378.62 Td (83,458) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 364.52 Td (Common stock, par value $0.01 per share; 100,000,000shares authorized, 37,872,756 and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 354.52 Td (36,513,507 shares issued as of December31, 2013 and 2012, respectively; 27,767,702 and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 344.52 Td (27,488,828 shares outstanding as of December31, 2013 and 2012, respectively) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 343.62 Td (379) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 343.62 Td (365) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 329.52 Td (Contingent convertible preferred stock, par value $0.01 per share; 10,000,000shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 319.52 Td (authorized, 1,099,877shares issued as of December31, 2013 and 2012, respectively;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 309.52 Td (439,951 and 1,099,877 shares outstanding as of December 31, 2013 and 2012,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 299.52 Td (respectively) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 298.62 Td (14,446) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 298.62 Td (46,950) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 284.52 Td (Restricted stock units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 283.62 Td (117,258) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 283.62 Td (107,253) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 269.52 Td (Additional paid-in capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 268.62 Td (534,533) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 268.62 Td (458,642) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 254.52 Td (Exchangeable shares of subsidiary; 257,156shares issued as of December31, 2013 and 2012;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 244.52 Td (32,804 shares outstanding as of December31, 2013 and 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 243.62 Td (1,958) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 243.62 Td (1,958) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 229.52 Td (Retained earnings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 228.62 Td (152,412) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 228.62 Td (159,918) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 214.52 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.80 213.67 Td (\(9,361) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 213.62 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 213.62 Td (6,624) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 199.52 Td (Treasury stock, at cost, par value $0.01 per share; 10,105,054 and 9,024,679 shares as of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 189.52 Td (December31, 2013 and 2012, respectively) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 188.67 Td (\(534,957) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 188.62 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.80 188.67 Td (\(479,551) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 188.62 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 174.52 Td (Stockholders equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 173.62 Td (276,668) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 173.62 Td (302,159) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 159.52 Td (Noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 158.62 Td (1,042) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 158.62 Td (1,353) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 144.52 Td (Total equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 143.62 Td (277,710) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 143.62 Td (303,512) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 129.52 Td (Total liabilities and equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 128.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 128.62 Td (353,446) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 128.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 128.62 Td (386,970) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 182.25 100.45 Td (See accompanying notes to consolidated financial statements.) 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 634.15 m 434.5 634.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 634.15 m 498.5 634.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 634.15 m 562.5 634.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 621.15 m 434.5 621.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 621.15 m 498.5 621.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 621.15 m 562.5 621.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 582.15 m 434.5 582.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 582.15 m 498.5 582.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 582.15 m 562.5 582.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 569.15 m 434.5 569.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 569.15 m 498.5 569.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 569.15 m 562.5 569.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 517.15 m 434.5 517.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 517.15 m 498.5 517.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 517.15 m 562.5 517.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 504.15 m 434.5 504.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 504.15 m 498.5 504.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 504.15 m 562.5 504.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 452.15 m 434.5 452.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 452.15 m 498.5 452.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 452.15 m 562.5 452.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 439.15 m 434.5 439.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 439.15 m 498.5 439.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 439.15 m 562.5 439.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 400.15 m 434.5 400.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 400.15 m 498.5 400.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 400.15 m 562.5 400.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 387.15 m 434.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 387.15 m 498.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 387.15 m 562.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 322.15 m 434.5 322.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 322.15 m 498.5 322.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 322.15 m 562.5 322.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 309.15 m 434.5 309.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 322.15 m 498.5 322.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 309.15 m 498.5 309.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 322.15 m 562.5 322.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 309.15 m 562.5 309.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 270.15 m 434.5 270.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 270.15 m 498.5 270.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 270.15 m 562.5 270.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 257.15 m 434.5 257.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 257.15 m 498.5 257.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 257.15 m 562.5 257.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 218.14999999999998 m 434.5 218.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 218.14999999999998 m 498.5 218.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 218.14999999999998 m 562.5 218.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 205.14999999999998 m 434.5 205.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 205.14999999999998 m 498.5 205.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 205.14999999999998 m 562.5 205.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 192.14999999999998 m 434.5 192.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 192.14999999999998 m 498.5 192.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 192.14999999999998 m 562.5 192.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 140.14999999999998 m 434.5 140.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 140.14999999999998 m 498.5 140.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 140.14999999999998 m 562.5 140.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 127.14999999999998 m 434.5 127.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 127.14999999999998 m 498.5 127.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 127.14999999999998 m 562.5 127.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 115.14999999999998 m 434.5 115.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 113.14999999999998 m 434.5 113.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 115.14999999999998 m 498.5 115.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 113.14999999999998 m 498.5 113.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 115.14999999999998 m 562.5 115.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 113.14999999999998 m 562.5 113.14999999999998 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 677.38 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.00 677.38 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.20 677.38 Td (2011) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 53.00 664.22 Td (Common stock, par value $0.01 per share) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 651.06 Td (Common stock, beginning of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 377.00 651.06 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 416.55 651.06 Td (365) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 441.00 651.06 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 480.55 651.06 Td (358) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 505.00 651.06 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 544.55 651.06 Td (351) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 638.06 Td (Common stock issued) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 421.30 638.06 Td (14) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 490.05 638.06 Td (7) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 554.05 638.06 Td (7) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 625.06 Td (Common stock, end of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 416.55 625.06 Td (379) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 480.55 625.06 Td (365) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 544.55 625.06 Td (358) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 53.00 612.22 Td (Contingent convertible preferred stock, par value $0.01 per share) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 599.06 Td (Contingent convertible preferred stock, beginning of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 404.65 599.06 Td (46,950) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 468.65 599.06 Td (46,950) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.65 599.06 Td (46,950) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 586.06 Td (Contingent convertible preferred stock issued \(converted\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 401.50 586.06 Td (\(32,504) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.80 586.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 485.30 586.06 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 549.30 586.06 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 573.06 Td (Contingent convertible preferred stock, end of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 404.65 573.06 Td (14,446) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 468.65 573.06 Td (46,950) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.65 573.06 Td (46,950) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 53.00 560.22 Td (Restricted stock units) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 547.06 Td (Restricted stock units, beginning of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 399.90 547.06 Td (107,253) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 468.65 547.06 Td (99,916) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.65 547.06 Td (89,365) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 534.06 Td (Restricted stock units recognized) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 404.65 534.06 Td (56,100) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 468.65 534.06 Td (54,178) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.65 534.06 Td (53,143) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 521.06 Td (Restricted stock units delivered) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 401.50 521.06 Td (\(46,095) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.80 521.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 465.50 521.06 Td (\(46,841) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.80 521.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 529.50 521.06 Td (\(42,592) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.80 521.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 508.06 Td (Restricted stock units, end of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 399.90 508.06 Td (117,258) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 463.90 508.06 Td (107,253) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.65 508.06 Td (99,916) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 53.00 495.22 Td (Additional paid-in capital) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 482.06 Td (Additional paid-in capital, beginning of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 399.90 482.06 Td (458,642) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 463.90 482.06 Td (412,283) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 527.90 482.06 Td (368,090) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 469.06 Td (Common stock issued) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 404.65 469.06 Td (77,920) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 468.65 469.06 Td (51,306) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.65 469.06 Td (42,794) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 456.06 Td (Tax benefit \(expense\) from the delivery of restricted stock units) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 406.25 456.06 Td (\(2,029) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.80 456.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 470.25 456.06 Td (\(4,947) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.80 456.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 537.40 456.06 Td (1,399) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 443.06 Td (Additional paid-in capital, end of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 399.90 443.06 Td (534,533) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 463.90 443.06 Td (458,642) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 527.90 443.06 Td (412,283) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 53.00 430.22 Td (Exchangeable shares of subsidiary) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 417.06 Td (Exchangeable shares of subsidiary, beginning of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 409.40 417.06 Td (1,958) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 473.40 417.06 Td (6,578) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 537.40 417.06 Td (6,578) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 404.06 Td (Exchangeable shares of subsidiary delivered) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 421.30 404.06 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 470.25 404.06 Td (\(4,620) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.80 404.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 549.30 404.06 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 391.06 Td (Exchangeable shares of subsidiary, end of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 409.40 391.06 Td (1,958) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 473.40 391.06 Td (1,958) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 537.40 391.06 Td (6,578) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 53.00 378.22 Td (Retained earnings) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 365.06 Td (Retained earnings, beginning of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 399.90 365.06 Td (159,918) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 463.90 365.06 Td (173,374) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 527.90 365.06 Td (184,621) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 352.06 Td (Dividends) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 401.50 352.06 Td (\(56,225) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.80 352.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 465.50 352.06 Td (\(57,129) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.80 352.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 529.50 352.06 Td (\(57,680) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.80 352.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 339.06 Td (Tax benefit from payment of restricted stock unit dividends) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 409.40 339.06 Td (2,037) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 473.40 339.06 Td (1,581) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 537.40 339.06 Td (1,856) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 326.06 Td (Net income allocated to common stockholders) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 404.65 326.06 Td (46,682) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 468.65 326.06 Td (42,092) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.65 326.06 Td (44,577) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 313.06 Td (Retained earnings, end of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 399.90 313.06 Td (152,412) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 463.90 313.06 Td (159,918) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 527.90 313.06 Td (173,374) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 53.00 300.22 Td (Accumulated other comprehensive income) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 287.06 Td (Accumulated other comprehensive income, beginning of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 409.40 287.06 Td (6,624) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 473.40 287.06 Td (3,128) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 537.40 287.06 Td (5,127) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 274.06 Td (Currency translation adjustment, net of tax) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 401.50 274.06 Td (\(15,985) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.80 274.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 473.40 274.06 Td (3,496) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 534.25 274.06 Td (\(1,999) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.80 274.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 261.06 Td (Accumulated other comprehensive income \(loss\), end of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 406.25 261.06 Td (\(9,361) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.80 261.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 473.40 261.06 Td (6,624) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 537.40 261.06 Td (3,128) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 53.00 248.22 Td (Treasury stock, at cost, par value $0.01 per share) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 235.06 Td (Treasury stock, beginning of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 396.75 235.06 Td (\(479,551) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.80 235.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 460.75 235.06 Td (\(396,386) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.80 235.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 524.75 235.06 Td (\(330,602) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.80 235.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 222.06 Td (Repurchased) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 401.50 222.06 Td (\(55,406) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.80 222.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 465.50 222.06 Td (\(83,165) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.80 222.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 529.50 222.06 Td (\(65,784) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.80 222.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 209.06 Td (Treasury stock, end of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 396.75 209.06 Td (\(534,957) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.80 209.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 460.75 209.06 Td (\(479,551) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.80 209.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 524.75 209.06 Td (\(396,386) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.80 209.06 Td (\)) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 53.00 196.22 Td (Total stockholders equity) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 399.90 196.06 Td (276,668) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 463.90 196.06 Td (302,159) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 527.90 196.06 Td (346,201) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 53.00 183.22 Td (Noncontrolling interests) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 170.06 Td (Noncontrolling interests, beginning of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 409.40 170.06 Td (1,353) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 473.40 170.06 Td (1,353) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 537.40 170.06 Td (2,382) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 157.06 Td (Net income allocated to noncontrolling interests) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 421.30 157.06 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 485.30 157.06 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 554.05 157.06 Td (6) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 144.06 Td (Distributions to noncontrolling interests) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 413.35 144.06 Td (\(311) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.80 144.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 485.30 144.06 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 534.25 144.06 Td (\(1,035) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.80 144.06 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 131.06 Td (Noncontrolling interests, end of the year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 409.40 131.06 Td (1,042) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 473.40 131.06 Td (1,353) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 537.40 131.06 Td (1,353) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 53.00 118.22 Td (Total equity) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 377.00 118.06 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 399.90 118.06 Td (277,710) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 441.00 118.06 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 463.90 118.06 Td (303,512) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 505.00 118.06 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 527.90 118.06 Td (347,554) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 182.25 90.65 Td (See accompanying notes to consolidated financial statements.) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.05 31.60 Td (F-9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 224.40 742.25 Td (Gr) Tj ET Q q 0 0 0 rg BT 236.44 742.25 Td (eenhill& Co., Inc. and Subsidiaries) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 221.80 730.25 Td (Consolidated Statements of Cash Flows) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 248.60 718.25 Td (Y) Tj ET Q q 0 0 0 rg BT 254.71 718.25 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 348.40 718.25 Td (31,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 277.25 706.25 Td (\(in thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 670.75 324.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 670.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 670.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 670.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 670.75 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gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 670.75 m 562.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 438.75 m 434.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 438.75 m 498.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 438.75 m 562.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 438.75 m 498.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 438.75 m 562.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 347.75 m 434.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 347.75 m 438.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 347.75 m 498.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 347.75 m 502.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 347.75 m 562.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 347.75 m 434.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 347.75 m 498.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 347.75 m 562.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 232.75 m 434.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 232.75 m 498.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 232.75 m 562.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 232.75 m 498.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 232.75 m 562.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 206.75 m 434.5 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 206.75 m 498.5 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 206.75 m 562.5 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 206.75 m 498.5 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 206.75 m 562.5 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 180.75 m 434.5 180.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 180.75 m 498.5 180.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 180.75 m 562.5 180.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 168.75 m 434.5 168.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 166.75 m 434.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 180.75 m 498.5 180.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 168.75 m 498.5 168.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 166.75 m 498.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 180.75 m 562.5 180.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 168.75 m 562.5 168.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 166.75 m 562.5 166.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 674.98 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.00 674.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.20 674.98 Td (2011) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 53.00 661.82 Td (Operating activities:) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 648.66 Td (Consolidated net income) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 377.00 648.66 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 404.50 648.66 Td (46,682) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 441.00 648.66 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 468.50 648.66 Td (42,092) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 505.00 648.66 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.50 648.66 Td (44,584) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 635.66 Td (Adjustments to reconcile consolidated net income to net cash provided by) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 626.16 Td (operating activities:) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 611.66 Td (Non-cash items included in consolidated net income:) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 598.66 Td (Depreciation and amortization) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 409.25 598.66 Td (4,461) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 473.25 598.66 Td (7,240) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 537.25 598.66 Td (8,009) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 585.66 Td (Net investment losses) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 409.25 585.66 Td (1,418) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 473.25 585.66 Td (8,401) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.50 585.66 Td (13,954) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 572.66 Td (Restricted stock units recognized and common stock issued) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 404.50 572.66 Td (56,100) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 468.50 572.66 Td (54,178) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.50 572.66 Td (53,351) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 559.66 Td (Deferred taxes) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 406.10 559.71 Td (\(7,710) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.65 559.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 465.35 559.71 Td (\(18,232) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.65 559.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 534.10 559.71 Td (\(5,538) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.65 559.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 546.66 Td (Deferred gain on sale of certain merchant banking assets) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 413.20 546.66 Td (\(195) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.65 546.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 477.20 546.66 Td (\(260) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.65 546.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 541.20 546.66 Td (\(829) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.65 546.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 533.66 Td (Changes in operating assets and liabilities:) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 520.66 Td (Advisory fees receivable) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 401.35 520.71 Td (\(30,792) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.65 520.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 470.10 520.71 Td (\(1,170) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.65 520.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 529.35 520.71 Td (\(23,088) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.65 520.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 507.66 Td (Due \(from\) affiliates) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 421.15 507.66 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 486.70 507.66 Td (\(3) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.65 507.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 541.20 507.66 Td (\(141) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.65 507.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 494.66 Td (Other receivables and assets) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 406.10 494.71 Td (\(1,333) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.65 494.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 477.20 494.66 Td (\(686) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.65 494.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 537.25 494.66 Td (1,423) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 481.66 Td (Compensation payable) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 406.10 481.71 Td (\(7,556) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.65 481.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 465.35 481.71 Td (\(11,112) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.65 481.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 537.25 481.66 Td (4,873) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 468.66 Td (Accounts payable and accrued expenses) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 409.25 468.66 Td (7,162) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 473.25 468.66 Td (6,388) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 541.20 468.66 Td (\(394) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.65 468.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 455.66 Td (Current income taxes payable) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 413.20 455.66 Td (\(452) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.65 455.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 473.25 455.66 Td (7,915) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 537.25 455.66 Td (3,602) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 442.66 Td (Settlement of restricted stock units in cash) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 421.15 442.66 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 485.15 442.66 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 534.10 442.71 Td (\(2,093) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.65 442.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 89.00 429.66 Td (Net cash provided by operating activities) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 404.50 429.66 Td (67,785) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 468.50 429.66 Td (94,751) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.50 429.66 Td (97,713) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 53.00 416.82 Td (Investing activities:) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 403.66 Td (Purchases of investments) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 413.20 403.66 Td (\(560) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.65 403.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 470.10 403.71 Td (\(6,536) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.65 403.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 534.10 403.71 Td (\(7,839) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.65 403.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 390.66 Td (Proceeds from sales of investments) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 404.50 390.66 Td (36,230) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 468.50 390.66 Td (57,834) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.50 390.66 Td (55,199) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 377.66 Td (Distributions from investments) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 409.25 377.66 Td (1,283) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 473.25 377.66 Td (3,040) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 537.25 377.66 Td (2,285) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 364.66 Td (Financing liability) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 421.15 364.66 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 465.35 364.71 Td (\(15,507) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.65 364.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 549.15 364.66 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 351.32 Td (Purchases of property and equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.80 351.37 Td (\(1,151) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 351.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.80 351.37 Td (\(2,833) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 351.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 351.37 Td (\(2,941) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 351.32 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 89.00 338.66 Td (Net cash provided by investing activities) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 404.50 338.66 Td (35,802) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 468.50 338.66 Td (35,998) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.50 338.66 Td (46,704) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 53.00 325.82 Td (Financing activities:) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 312.66 Td (Proceeds from revolving bank loan) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 399.75 312.66 Td (109,150) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 463.75 312.66 Td (114,870) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.50 312.66 Td (94,620) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 299.66 Td (Repayment of revolving bank loan) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 396.60 299.71 Td (\(107,426) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.65 299.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 460.60 299.71 Td (\(113,845) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.65 299.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 524.60 299.71 Td (\(133,520) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.65 299.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 286.66 Td (Distributions to noncontrolling interests) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 413.20 286.66 Td (\(311) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.65 286.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 485.15 286.66 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 534.10 286.71 Td (\(1,035) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.65 286.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 273.66 Td (Dividends paid) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 401.35 273.71 Td (\(56,225) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.65 273.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 465.35 273.71 Td (\(57,129) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.65 273.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 529.35 273.71 Td (\(57,680) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.65 273.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 260.66 Td (Purchase of treasury stock) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 401.35 260.71 Td (\(55,406) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.65 260.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 465.35 260.71 Td (\(83,165) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.65 260.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 529.35 260.71 Td (\(65,784) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.65 260.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 247.66 Td (Net tax benefit \(cost\) from the delivery of restricted stock units and payment of) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 71.00 238.16 Td (dividend equivalents) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 425.90 237.31 Td (8) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 470.10 237.36 Td (\(3,366) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.65 237.31 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 537.25 237.31 Td (3,255) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 89.00 223.66 Td (Net cash used in financing activities) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 396.60 223.71 Td (\(110,210) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.65 223.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 460.60 223.71 Td (\(142,635) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.65 223.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 524.60 223.71 Td (\(160,144) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.65 223.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 210.66 Td (Effect of exchange rate changes on cash and cash equivalents) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 406.10 210.71 Td (\(1,022) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.65 210.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 480.40 210.66 Td (160) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 541.20 210.66 Td (\(450) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.65 210.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 197.66 Td (Net \(decrease\) in cash and cash equivalents) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 406.10 197.71 Td (\(7,645) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 430.65 197.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 465.35 197.71 Td (\(11,726) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 494.65 197.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 529.35 197.71 Td (\(16,177) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 558.65 197.66 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 184.66 Td (Cash and cash equivalents, beginning of year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 404.50 184.66 Td (50,324) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 468.50 184.66 Td (62,050) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.50 184.66 Td (78,227) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 171.66 Td (Cash and cash equivalents, end of year) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 377.00 171.66 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 404.50 171.66 Td (42,679) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 441.00 171.66 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 468.50 171.66 Td (50,324) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 505.00 171.66 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.50 171.66 Td (62,050) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 53.00 158.82 Td (Supplemental disclosure of cash flow information:) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 145.66 Td (Cash paid for interest) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 377.00 145.66 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 416.40 145.66 Td (989) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 441.00 145.66 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 473.25 145.66 Td (1,114) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 505.00 145.66 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 537.25 145.66 Td (1,739) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 53.00 132.66 Td (Cash paid for taxes, net of refunds) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 377.00 132.66 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 404.50 132.66 Td (32,521) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 441.00 132.66 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 468.50 132.66 Td (36,158) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 505.00 132.66 Td ($) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 532.50 132.66 Td (20,840) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 182.25 105.25 Td (See accompanying notes to consolidated financial statements.) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 224.40 742.25 Td (Gr) Tj ET Q q 0 0 0 rg BT 236.44 742.25 Td (eenhill& Co., Inc. and Subsidiaries) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 213.20 730.25 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Note1 Organization) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 677.75 Td (Greenhill& Co., Inc., a Delaware corporation, together with its subsidiaries \(collectively) Tj ET Q q 0 0 0 rg BT 429.35 677.75 Td (, the Company\), is a leading ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 665.75 Td (independent investment bank focused on providing financial advice on significant mer) Tj ET Q q 0 0 0 rg BT 395.83 665.75 Td (gers, acquisitions, restructurings, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 653.75 Td (financings and capital raising to corporations, partnerships, institutions and governments. ) Tj ET Q q 0 0 0 rg BT 409.47 653.75 Td (The Company acts for clients located ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 641.75 Td (throughout the world from its of) Tj ET Q q 0 0 0 rg BT 178.97 641.75 Td (fices located in the United States, United Kingdom, Germany) Tj ET Q q 0 0 0 rg BT 424.37 641.75 Td (, Canada, Japan, ) Tj ET Q q 0 0 0 rg BT 491.57 641.75 Td (Australia, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 629.75 Td (Sweden and Brazil. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 608.75 Td (The Company's activities as an investment banking firm constitute a single business segment, with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.01 608.75 Td (two) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.01 608.75 Td ( principal sources ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 596.75 Td (of revenue: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 575.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 575.75 Td (Advisory) Tj ET Q q 0 0 0 rg BT 122.57 575.75 Td (, which includes engagements relating to mer) Tj ET Q q 0 0 0 rg BT 303.72 575.75 Td (gers and acquisitions, financing advisory and restructuring, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 563.75 Td (private equity and real estate capital advisory services; and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 542.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 542.75 Td (Investments, which includes the Company's principal investments in certain merchant banking funds, Iridium ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 530.75 Td (Communications Inc. \(Iridium\), other investments and interest income. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 509.75 Td (The Company's wholly-owned subsidiaries provide advisory services in various jurisdictions. Our most significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 497.75 Td (operating entities include: Greenhill& Co., LLC \(G&Co\), Greenhill& Co. International LLP) Tj ET Q q 0 0 0 rg BT 432.87 497.75 Td ( \(GCI\) and Greenhill& Co. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 485.75 Td (Australia Pty Limited \(Greenhill ) Tj ET Q q 0 0 0 rg BT 186.64 485.75 Td (Australia\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 464.75 Td (G&Co is engaged in investment banking activities principally in the United States. G&Co is registered as a broker) Tj ET Q q 0 0 0 rg BT 531.48 464.75 Td (-dealer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 452.75 Td (with the Securities and Exchange Commission \(SEC\) and the Financial Industry Regulatory ) Tj ET Q q 0 0 0 rg BT 428.81 452.75 Td (Authority \(FINRA\), and is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 440.75 Td (licensed in all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.04 440.75 Td (50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.04 440.75 Td ( states and the District of Columbia. . GCI is engaged in investment banking activities in the United Kingdom. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 428.75 Td (and is subject to regulation by the U.K. Financial Conduct ) Tj ET Q q 0 0 0 rg BT 284.96 428.75 Td (Authority \(FCA\). Greenhill ) Tj ET Q q 0 0 0 rg BT 406.05 428.75 Td (Australia engages in investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 416.75 Td (banking activities in ) Tj ET Q q 0 0 0 rg BT 133.04 416.75 Td (Australia and New Zealand and is licensed and subject to regulation by the ) Tj ET Q q 0 0 0 rg BT 434.34 416.75 Td (Australian Securities and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 404.75 Td (Investment Commission \(ASIC\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 383.75 Td (The Company also operates in other locations throughout the world which are subject to regulation by other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.75 Td (governmental and regulatory bodies and self-regulatory authorities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 347.75 Td (Note2 Summary of Significant ) Tj ET Q q 0 0 0 rg BT 196.11 347.75 Td (Accounting Policies) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 279.71 347.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 330.75 Td (Basis of Financial Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 313.75 Td (These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 301.75 Td (United States \(U.S. GAAP\), which require management to make estimates and assumptions regarding future events that af) Tj ET Q q 0 0 0 rg BT 539.97 301.75 Td (fect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 289.75 Td (the amounts reported in our financial statements and these footnotes, including investment valuations, compensation accruals ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 277.75 Td (and other matters. Management believes that the estimates used in preparing its consolidated financial statements are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 265.75 Td (reasonable and prudent. ) Tj ET Q q 0 0 0 rg BT 147.19 265.75 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 240.60 265.75 Td (fer materially from those estimates. Certain reclassifications have been made to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 253.75 Td (prior year information to conform to current year presentation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 232.75 Td (The consolidated financial statements of the Company include all consolidated accounts of Greenhill& Co., Inc. and all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 220.75 Td (other entities in which the Company has a controlling interest after eliminations of all significant inter) Tj ET Q q 0 0 0 rg BT 457.75 220.75 Td (-company accounts and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 208.75 Td (transactions. In accordance with the accounting pronouncements related to consolidation of variable interest entities, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 196.75 Td (Company consolidates the general partners of certain merchant banking funds in which it has a majority of the economic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 184.75 Td (interest and control. ) Tj ET Q q 0 0 0 rg BT 132.02 184.75 Td (The general partners account for their investments in these merchant banking funds under the equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 172.75 Td (method of accounting. ) Tj ET Q q 0 0 0 rg BT 141.65 172.75 Td (As such, the general partners record their proportionate shares of income \(loss\) from the underlying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 160.75 Td (merchant banking funds. ) Tj ET Q q 0 0 0 rg BT 151.09 160.75 Td (As these merchant banking funds follow investment company accounting, and generally record all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 148.75 Td (their assets and liabilities at fair value, the general partners) Tj ET Q q 0 0 0 rg BT 287.50 148.75 Td ( investment in these merchant banking funds represents an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 136.75 Td (estimation of fair value. ) Tj ET Q q 0 0 0 rg BT 147.84 136.75 Td (The Company does not consolidate the merchant banking funds since the Company) Tj ET Q q 0 0 0 rg BT 481.28 136.75 Td (, through its general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 124.75 Td (partner and limited partner interests, does not have a majority of the economic interest in such funds and the limited partners ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 112.75 Td (have certain rights to remove the general partner by a simple majority vote of unaf) Tj ET Q q 0 0 0 rg BT 379.70 112.75 Td (filiated third-party investors.) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.70 31.60 Td (F-1) Tj ET Q q 0 0 0 rg BT 310.22 31.60 Td (1) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 742.25 Td (Revenue Recognition) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 725.25 Td (Advisory Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 701.25 Td (It is the Company's accounting policy to recognize revenue when \(i\) there is persuasive evidence of an arrangement with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (a client, \(ii\) the agreed-upon services have been completed and delivered to the client or the transaction or events noted in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (engagement letter are determined to be substantially complete, \(iii\) fees are fixed and determinable, and \(iv\) collection is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (reasonably assured.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 641.25 Td (The Company recognizes advisory fee revenues for mer) Tj ET Q q 0 0 0 rg BT 300.90 641.25 Td (gers and acquisitions or financing advisory and restructuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 629.25 Td (engagements when the services related to the underlying transactions are completed in accordance with the terms of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 617.25 Td (engagement letter and all other requirements for revenue recognition are satisfied.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 593.25 Td (The Company recognizes private equity and real estate capital advisory fees at the time of the client's acceptance of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 581.25 Td (capital or capital commitments to a fund in accordance with the terms of the engagement letter) Tj ET Q q 0 0 0 rg BT 427.92 581.25 Td (. Generally) Tj ET Q q 0 0 0 rg BT 474.19 581.25 Td (, fee revenue is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 569.25 Td (determined based upon a fixed percentage of capital committed to the fund. For multiple closings, revenue is recognized at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 557.25 Td (each interim closing based on the amount of capital committed at each closing at the fixed fee percentage. ) Tj ET Q q 0 0 0 rg BT 478.17 557.25 Td (At the final closing, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 545.25 Td (revenue is recognized at the fixed percentage for the amount of capital committed since the last interim closing.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 521.25 Td (While the majority of the Company's fee revenue is earned at the conclusion of a transaction or closing of a fund, on-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 509.25 Td (going retainer fees, substantially all of which relate to non-success based strategic advisory and financing advisory and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 497.25 Td (restructuring assignments, are also earned and recognized as advisory fee revenue over the period in which the related service ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 485.25 Td (is rendered.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 461.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 136.71 461.25 Td (s clients reimburse certain expenses incurred by the Company in the conduct of advisory engagements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 449.25 Td (Expenses are reported net of such client reimbursements. Client reimbursements totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.78 449.25 Td ($6.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.67 449.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.67 449.25 Td ($7.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.56 449.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.00 449.25 Td ($6.5 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 437.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 437.25 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.24 437.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.83 437.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.83 437.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.83 437.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.77 437.25 Td (201) Tj ET Q q 0 0 0 rg BT 300.40 437.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.40 437.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 358.06 437.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 62.00 411.25 Td (Investment Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 385.25 Td (Investment revenues consist of \(i\)gains \(or losses\) on the Company's investments in certain merchant banking funds, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 373.25 Td (Iridium and other investments, and \(ii\)interest income. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 352.25 Td (The Company recognizes revenue on its investments in merchant banking funds based on its allocable share of realized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (and unrealized gains \(or losses\) reported by such funds. ) Tj ET Q q 0 0 0 rg BT 274.76 340.25 Td (The Company recognizes revenue on its other investments, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (Iridium, which considers the Company's influence or control of the investee, based on gains and losses on investment positions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (held, which arise from sales or changes in the fair value of investments. ) Tj ET Q q 0 0 0 rg BT 338.90 316.25 Td (The amount of gains or losses are not predictable and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (can cause periodic fluctuations in net income and therefore subject the Company to market and credit risk. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 278.25 Td (Cash and Cash Equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 261.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 261.25 Td (s cash and cash equivalents consist of \(i\)cash held on deposit with financial institutions, \(ii\)cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 249.25 Td (equivalents and \(iii\)restricted cash. ) Tj ET Q q 0 0 0 rg BT 197.27 249.25 Td (The Company maintains its cash and cash equivalents with financial institutions with high ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 237.25 Td (credit ratings. ) Tj ET Q q 0 0 0 rg BT 107.30 237.25 Td (The Company considers all highly liquid investments with a maturity date of three months or less, when ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 225.25 Td (purchased, to be cash equivalents. Cash equivalents primarily consist of money market funds and overnight deposits. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 208.25 Td (Management believes that the Company is not exposed to significant credit risk due to the financial position of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (depository institutions in which those deposits are held. See ") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.22 196.25 Td (Note3 Cash and Cash Equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.31 196.25 Td (".) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 170.25 Td (Advisory Fees Receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 153.25 Td (Receivables are stated net of an allowance for doubtful accounts. ) Tj ET Q q 0 0 0 rg BT 336.21 153.25 Td (The estimate for the allowance for doubtful accounts is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 141.25 Td (derived by the Company by utilizing past client transaction history and an assessment of the client) Tj ET Q q 0 0 0 rg BT 445.74 141.25 Td (s creditworthiness. ) Tj ET Q q 0 0 0 rg BT 523.05 141.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 129.25 Td (Company did not record a bad debt expense in any of the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.02 129.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.60 129.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.60 129.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 129.25 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.93 129.25 Td (201) Tj ET Q q 0 0 0 rg BT 462.56 129.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.56 129.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 108.25 Td (Included in the advisory fees receivable balance at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.35 108.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.93 108.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.37 108.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.37 108.25 Td ( were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.80 108.25 Td ($34.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.69 108.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.13 108.25 Td ($29.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.02 108.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 96.25 Td (long term receivables related to private equity and real estate capital advisory engagements which are generally paid in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 84.25 Td (installments over a period of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.91 84.25 Td (three years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.50 84.25 Td (. Included as a component of investment revenues on the consolidated statements of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 72.25 Td (income is interest income related to capital advisory engagements of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.57 72.25 Td ($0.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.46 72.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.46 72.25 Td ($1.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.36 72.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.79 72.25 Td ($0.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.69 72.25 Td ( for the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 60.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 60.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.96 60.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.96 60.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.96 60.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.40 60.25 Td (201) Tj ET Q q 0 0 0 rg BT 214.03 60.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.03 60.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 271.69 60.25 Td (.) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Credit risk related to advisory fees receivable is disbursed across a lar) Tj ET Q q 0 0 0 rg BT 352.89 742.10 Td (ge number of clients located in various geographic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (areas. ) Tj ET Q q 0 0 0 rg BT 77.86 730.10 Td (The Company controls credit risk through credit approvals and monitoring procedures but does not require collateral to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (support accounts receivable.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 692.10 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 675.60 Td (The Company's investments in merchant banking funds are recorded under the equity method of accounting based upon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 663.60 Td (the Company's proportionate share of the estimated fair value of the underlying merchant banking fund's net assets. ) Tj ET Q q 0 0 0 rg BT 513.85 663.60 Td (The value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 651.60 Td (of merchant banking fund investments in privately held companies is determined by management of the fund after giving ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 639.60 Td (consideration to the cost of the security) Tj ET Q q 0 0 0 rg BT 206.53 639.60 Td (, the pricing of other sales of securities by the portfolio company) Tj ET Q q 0 0 0 rg BT 464.70 639.60 Td (, the price of securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 627.60 Td (of other companies comparable to the portfolio company) Tj ET Q q 0 0 0 rg BT 276.78 627.60 Td (, purchase multiples paid in other comparable third-party transactions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 615.60 Td (the original purchase price multiple, market conditions, liquidity) Tj ET Q q 0 0 0 rg BT 307.34 615.60 Td (, operating results and other qualitative and quantitative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 603.60 Td (factors. Discounts may be applied to the funds' privately held investments to reflect the lack of liquidity and other transfer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 591.60 Td (restrictions. Investments in publicly traded securities are valued using quoted market prices discounted for any legal or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 579.60 Td (contractual restrictions on sale. Because of the inherent uncertainty of valuations as well as the discounts applied, the estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 567.60 Td (fair values of investments in privately held companies may dif) Tj ET Q q 0 0 0 rg BT 299.47 567.60 Td (fer significantly from the values that would have been used had a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 555.60 Td (ready market for the securities existed. ) Tj ET Q q 0 0 0 rg BT 207.26 555.60 Td (The values at which the Company's investments are carried on its consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 543.60 Td (statements of financial condition are adjusted to estimated fair value at the end of each quarter and the volatility in general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 531.60 Td (economic conditions, stock markets and commodity prices may result in significant changes in the estimated fair value of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 519.60 Td (investments from period to period. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 493.60 Td (Goodwill) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 476.60 Td (Goodwill is the cost in excess of the fair value of identifiable net assets at acquisition date. ) Tj ET Q q 0 0 0 rg BT 438.72 476.60 Td (The Company tests its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 464.60 Td (goodwill for impairment at least annually) Tj ET Q q 0 0 0 rg BT 215.14 464.60 Td (. ) Tj ET Q q 0 0 0 rg BT 219.59 464.60 Td (An impairment loss is triggered if the estimated fair value of an operating unit is less ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 452.60 Td (than estimated net book value. Such loss is calculated as the dif) Tj ET Q q 0 0 0 rg BT 303.64 452.60 Td (ference between the estimated fair value of goodwill and its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 440.60 Td (carrying value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 419.60 Td (Goodwill is translated at the rate of exchange prevailing at the end of the periods presented in accordance with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 407.60 Td (accounting guidance for foreign currency translation. ) Tj ET Q q 0 0 0 rg BT 264.64 407.60 Td (Any translation gain or loss is included in the foreign currency translation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.60 Td (adjustment, which is included as a component of other comprehensive income in the consolidated statements of changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.60 Td (equity) Tj ET Q q 0 0 0 rg BT 74.35 383.60 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 357.60 Td (Restricted Stock Units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 340.60 Td (The Company accounts for its share-based compensation payments by recording the fair value of restricted stock units ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.60 Td (granted to employees as compensation expense. ) Tj ET Q q 0 0 0 rg BT 246.43 328.60 Td (The restricted stock units are generally amortized over a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.83 328.60 Td (five) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.38 328.60 Td (-year service ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 316.60 Td (period following the date of grant. Compensation expense is determined based upon the fair market value of the Company) Tj ET Q q 0 0 0 rg BT 541.81 316.60 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 304.60 Td (common stock at the date of grant. ) Tj ET Q q 0 0 0 rg BT 190.52 304.60 Td (As the Company expenses the awards, the restricted stock units recognized are recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 292.60 Td (within equity) Tj ET Q q 0 0 0 rg BT 102.40 292.60 Td (. ) Tj ET Q q 0 0 0 rg BT 107.22 292.60 Td (The restricted stock units are reclassified into common stock and additional paid-in capital upon vesting. ) Tj ET Q q 0 0 0 rg BT 528.04 292.60 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 280.60 Td (Company records as treasury stock the repurchase of stock delivered to its employees in settlement of tax liabilities incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 268.60 Td (upon the vesting of restricted stock units. ) Tj ET Q q 0 0 0 rg BT 217.01 268.60 Td (The Company records dividend equivalent payments, net of estimated forfeitures, on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 256.60 Td (outstanding restricted stock units as a dividend payment and a char) Tj ET Q q 0 0 0 rg BT 317.52 256.60 Td (ge to equity) Tj ET Q q 0 0 0 rg BT 364.09 256.60 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 230.60 Td (Earnings per Share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 213.60 Td (The Company calculates basic earnings per share \(EPS\) by dividing net income allocated to common stockholders by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 201.60 Td (the sum of \(i\) the weighted average number of shares outstanding for the period and \(ii\) the weighted average number of shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 189.60 Td (deemed issuable due to the vesting of restricted stock units for accounting purposes. In addition, the contingent convertible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 177.60 Td (preferred shares will also be included in the weighted average number of shares to the extent they are deemed to have met the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 165.60 Td (performance tar) Tj ET Q q 0 0 0 rg BT 113.39 165.60 Td (gets. See ") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.02 165.60 Td (Note9 Equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.62 165.60 Td (".) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 148.60 Td (The Company calculates diluted EPS by dividing net income allocated to common stockholders by the sum of \(i\) basic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 136.60 Td (shares per above and \(ii\) the dilutive ef) Tj ET Q q 0 0 0 rg BT 206.15 136.60 Td (fect of the common stock deliverable pursuant to restricted stock units for which future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 124.60 Td (service is required. Under the treasury method, the number of shares issuable upon the vesting of restricted stock units included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 112.60 Td (in the calculation of diluted EPS is the excess, if any) Tj ET Q q 0 0 0 rg BT 259.58 112.60 Td (, of the number of shares expected to be issued, less the number of shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 100.60 Td (that could be purchased by the Company with the proceeds to be received upon settlement at the average market closing price ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 88.60 Td (during the reporting period. ) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-13) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 742.25 Td (Provision for T) Tj ET Q q 0 0 0 rg BT 123.86 742.25 Td (axes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (The Company accounts for taxes in accordance with the accounting guidance for income taxes, which requires the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (recognition of tax benefits or expenses on the temporary dif) Tj ET Q q 0 0 0 rg BT 288.91 713.25 Td (ferences between the financial reporting and tax bases of its assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (and liabilities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 680.25 Td (The Company follows the guidance for income taxes in recognizing, measuring, presenting and disclosing in its financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.25 Td (statements uncertain tax positions taken or expected to be taken on its income tax returns. Income tax expense is based on pre-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 656.25 Td (tax accounting income, including adjustments made for the recognition or derecognition related to uncertain tax positions. ) Tj ET Q q 0 0 0 rg BT 540.79 656.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 644.25 Td (recognition or derecognition of income tax expense related to uncertain tax positions is determined under the guidance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 623.25 Td (Deferred tax assets and liabilities are recognized for the future tax attributable to dif) Tj ET Q q 0 0 0 rg BT 409.51 623.25 Td (ferences between the financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td (statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 599.25 Td (measured using enacted tax rates expected to be recovered or settled. ) Tj ET Q q 0 0 0 rg BT 328.03 599.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 353.66 599.25 Td (fect on deferred tax assets and liabilities of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (change in tax rates is recognized in earnings in the period of change. Management applies the more-likely-than-not criteria ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (when determining tax benefits.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 549.25 Td (Foreign Currency T) Tj ET Q q 0 0 0 rg BT 144.97 549.25 Td (ranslation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 532.25 Td (Assets and liabilities denominated in foreign currencies have been translated at rates of exchange prevailing at the end of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (the periods presented in accordance with the accounting guidance for foreign currency translation. Income and expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (transacted in foreign currency have been translated at average monthly exchange rates during the period. ) Tj ET Q q 0 0 0 rg BT 470.75 508.25 Td (T) Tj ET Q q 0 0 0 rg BT 476.50 508.25 Td (ranslation gains and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (losses are included in the foreign currency translation adjustment, which is included as a component of other comprehensive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (income \(loss\) in the consolidated statement of changes in equity) Tj ET Q q 0 0 0 rg BT 305.67 484.25 Td (. Foreign currency transaction gains and losses are included in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (the consolidated statements of income.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 446.25 Td (Financial Instruments and Fair V) Tj ET Q q 0 0 0 rg BT 202.05 446.25 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 429.25 Td (The Company accounts for financial instruments measured at fair value in accordance with accounting guidance for fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 417.25 Td (value measurements and disclosures which establishes a fair value hierarchy that prioritizes the inputs to valuation techniques ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 405.25 Td (used to measure fair value. ) Tj ET Q q 0 0 0 rg BT 159.78 405.25 Td (The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 393.25 Td (assets or liabilities \(Level1 measurements\) and the lowest priority to unobservable inputs \(Level3 measurements\). ) Tj ET Q q 0 0 0 rg BT 512.75 393.25 Td (The three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 381.25 Td (levels of the fair value hierarchy under the pronouncement are described below:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 355.25 Td (Basis of Fair V) Tj ET Q q 0 0 0 rg BT 109.73 355.25 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 159.62 355.25 Td (ement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 338.25 Td (Level1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (unrestricted assets or liabilities;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 305.25 Td (Level2 Quoted prices in markets that are not active or financial instruments for which all significant inputs are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 293.25 Td (observable, either directly or indirectly;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 272.25 Td (Level3 Prices or valuations that require inputs that are both significant to the fair value measurement and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 260.25 Td (unobservable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 239.25 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 239.25 Td ( financial instrument) Tj ET Q q 0 0 0 rg BT 166.20 239.25 Td (s level within the fair value hierarchy is based on the lowest level of any input that is significant to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (the fair value measurement. In determining the appropriate levels, the Company performs an analysis of the assets and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (liabilities that are subject to these disclosures. ) Tj ET Q q 0 0 0 rg BT 234.96 215.25 Td (At each reporting period, all assets and liabilities for which the fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (measurement is based on significant unobservable inputs or instruments which trade infrequently and therefore have little or no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (price transparency are classified as Level3. ) Tj ET Q q 0 0 0 rg BT 226.95 191.25 Td (T) Tj ET Q q 0 0 0 rg BT 232.71 191.25 Td (ransfers between levels are recognized as of the end of the period in which they ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (occur) Tj ET Q q 0 0 0 rg BT 71.66 179.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 153.75 Td (Fair V) Tj ET Q q 0 0 0 rg BT 75.28 153.75 Td (alue of Other Financial Instruments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 137.25 Td (The Company believes that the carrying values of all other financial instruments presented in the consolidated statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 125.25 Td (of financial condition approximate their fair value generally due to their short-term nature and generally negligible credit risk. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 113.25 Td (These fair value measurements would be categorized as Level 2 within the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 428.63 113.25 Td (. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 87.25 Td (Noncontrolling Interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 70.25 Td (The Company records the noncontrolling interests of other consolidated entities as equity in the consolidated statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (of financial condition. ) Tj ET Q q 0 0 0 rg BT 140.53 58.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 190.43 58.25 Td (, the consolidated statements of income separately present income allocated to both ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (noncontrolling interests and common stockholders.) Tj ET Q endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The portion of the consolidated interests in the general partners of certain of the merchant banking funds not held by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Company is presented as noncontrolling interest in equity) Tj ET Q q 0 0 0 rg BT 280.14 730.10 Td (. See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.52 730.10 Td (Note4 Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.78 730.10 Td ( Merchant Banking Funds.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 704.10 Td (Property and Equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 687.10 Td (Property and equipment is stated at cost less accumulated depreciation and amortization. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.83 687.10 Td (Depreciation is computed using ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 675.10 Td (the straight-line method over the life of the assets. ) Tj ET Q q 0 0 0 rg BT 252.17 675.10 Td (Amortization of leasehold improvements is computed using the straight-line ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 663.10 Td (method over the lesser of the life of the asset or the remaining term of the lease.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.05 663.10 Td ( Estimated useful lives of the Company) Tj ET Q q 0 0 0 rg BT 529.58 663.10 Td (s fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 651.10 Td (assets are generally as follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 630.10 Td (Aircraft ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.65 630.10 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.65 630.10 Td (years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 609.10 Td (Equipment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.88 609.10 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.88 609.10 Td (years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 588.10 Td (Furniture and fixtures ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.20 588.10 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.20 588.10 Td (years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 567.10 Td (Leasehold improvements the lesser of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.62 567.10 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.62 567.10 Td (years or the remaining lease term) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 543.10 Td (Note3 Cash and Cash Equivalents) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.03 543.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 519.10 Td (The carrying values of the Company's cash and cash equivalents are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 469.60 393.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 469.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 469.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 439.60 393.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 439.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 439.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 439.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 409.60 393.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 409.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 409.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 409.60 58.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 495.6 m 500.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 495.6 m 504.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 495.6 m 562.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 495.6 m 500.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 482.6 m 500.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 495.6 m 562.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 482.6 m 562.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 409.6 m 500.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 409.6 m 562.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 395.6 m 500.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 393.6 m 500.5 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 409.6 m 562.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 395.6 m 562.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 393.6 m 562.5 393.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.45 499.83 Td (As of December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.50 486.83 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.00 486.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.15 473.83 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 460.17 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.00 459.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 459.27 Td (34,099) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 459.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 459.27 Td (38,723) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 445.17 Td (Cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 444.27 Td (3,484) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 444.27 Td (4,546) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 430.17 Td (Restricted cash - deferred compensation plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.65 429.27 Td (867) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 429.27 Td (2,607) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 415.17 Td (Restricted cash - letters of credit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 414.27 Td (4,229) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 414.27 Td (4,448) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 400.17 Td (Total cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.00 399.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 399.27 Td (42,679) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 399.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 399.27 Td (50,324) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 371.10 Td (The carrying value of the Company's cash equivalents approximates fair value. Cash is restricted for the payout of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 89.71 359.10 Td (Australia's deferred compensation plan, which will be distributed over a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.04 359.10 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.04 359.10 Td (year period ending in 2016. ) Tj ET Q q 0 0 0 rg BT 499.74 359.10 Td (A) Tj ET Q q 0 0 0 rg BT 506.41 359.10 Td ( deferred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (compensation liability relating to the plan of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.23 347.10 Td ($0.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.13 347.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.56 347.10 Td ($2.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.46 347.10 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.62 347.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.20 347.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.64 347.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.64 347.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 542.30 347.10 Td (, has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (been recorded on the consolidated statements of financial condition as a component of compensation payable. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 311.10 Td (Letters of credit were secured by cash held on deposit. See ") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.22 311.10 Td (Note13 Commitments and Contingencies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.47 311.10 Td (".) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (Note4 Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 263.10 Td (The carrying value of the Company) Tj ET Q q 0 0 0 rg BT 217.23 263.10 Td (s investments is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 213.60 404.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 213.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 213.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 213.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 183.60 404.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 183.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 183.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 183.60 59.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 239.60000000000002 m 513 239.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 239.60000000000002 m 517 239.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 239.60000000000002 m 576 239.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 226.60000000000002 m 513 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 226.60000000000002 m 576 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 183.60000000000002 m 513 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 183.60000000000002 m 576 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 169.60000000000002 m 513 169.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 167.60000000000002 m 513 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 169.60000000000002 m 576 169.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 167.60000000000002 m 576 167.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 481.45 243.83 Td (As of December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 475.00 230.83 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 538.00 230.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.15 217.83 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 204.17 Td (Investments in merchant banking funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.50 203.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.65 203.27 Td (11,745) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 203.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 203.27 Td (16,772) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 189.17 Td (Iridium common stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.15 188.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 188.27 Td (34,165) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 174.17 Td (Total investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.50 173.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.65 173.27 Td (11,745) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 173.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 173.27 Td (50,937) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 61.50 152.10 Td (Merchant Banking Funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 135.10 Td (In December 2009, in order to focus entirely on the advisory business, the Company sold certain assets related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 123.10 Td (merchant banking business to GCP) Tj ET Q q 0 0 0 rg BT 189.67 123.10 Td ( Capital Partners Holdings LLC \(or GCP) Tj ET Q q 0 0 0 rg BT 357.06 123.10 Td ( Capital\), an entity principally owned by former ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 111.10 Td (Greenhill employees and independent from the Company) Tj ET Q q 0 0 0 rg BT 278.23 111.10 Td (, which took over the management of our merchant banking funds. Prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 99.10 Td (to that time, the Company's merchant banking activities consisted primarily of management of and investment in certain previously ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 87.10 Td (sponsored merchant banking funds: Greenhill Capital Partners \(GCP) Tj ET Q q 0 0 0 rg BT 328.24 87.10 Td ( I\), Greenhill Capital Partners II \(GCP) Tj ET Q q 0 0 0 rg BT 489.76 87.10 Td ( II\), Greenhill ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 75.10 Td (Capital Partners Europe \("GCPE"\), Greenhill SA) Tj ET Q q 0 0 0 rg BT 244.67 75.10 Td (V) Tj ET Q q 0 0 0 rg BT 251.71 75.10 Td ( Partners \("GSA) Tj ET Q q 0 0 0 rg BT 315.61 75.10 Td (VP"\) and a limited partnership interest in Greenhill Capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 63.10 Td (Partners III \("GCP) Tj ET Q q 0 0 0 rg BT 123.75 63.10 Td ( III"\). In 201) Tj ET Q q 0 0 0 rg BT 176.61 63.10 Td (1, the Company began the monetization of these assets. ) Tj ET Q endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 742.10 Td (In 201) Tj ET Q q 0 0 0 rg BT 97.46 742.10 Td (1, the Company sold substantially all of its capital interests in GCP) Tj ET Q q 0 0 0 rg BT 365.39 742.10 Td ( II to unaf) Tj ET Q q 0 0 0 rg BT 404.92 742.10 Td (filiated third parties and certain principals ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (of GCP) Tj ET Q q 0 0 0 rg BT 79.41 730.10 Td ( Capital for an aggregate purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.11 730.10 Td ($44.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.00 730.10 Td (, which represented the Company) Tj ET Q q 0 0 0 rg BT 442.90 730.10 Td (s book value of such capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (interests. ) Tj ET Q q 0 0 0 rg BT 87.64 718.10 Td (The transaction agreement provided that the purchasers had the right, exercisable in December 2012, to cause the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (Company to repurchase each of the capital account interests attributable to two specified portfolio companies of GCP) Tj ET Q q 0 0 0 rg BT 518.98 706.10 Td ( II, at a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (specified aggregate price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.77 694.10 Td ($14.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.66 694.10 Td (, subject to adjustments for distributions or capital calls \(the Put Options\). In June ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (2012, the purchasers funded a capital call of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.60 682.10 Td ($1.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.49 682.10 Td ( related to one of the specified portfolio companies, increasing in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (aggregate the Put Options to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.87 670.10 Td ($15.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.76 670.10 Td (. In December 2012, substantially all of the purchasers of the Put Options exercised ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (their rights to have the Company repurchase their interests, which was paid prior to year end. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 641.10 Td (Additionally in 201) Tj ET Q q 0 0 0 rg BT 149.96 641.10 Td (1, the Company sold all of its capital interests in GSA) Tj ET Q q 0 0 0 rg BT 364.48 641.10 Td (VP) Tj ET Q q 0 0 0 rg BT 376.89 641.10 Td ( and its af) Tj ET Q q 0 0 0 rg BT 415.86 641.10 Td (filiated funds to an unaf) Tj ET Q q 0 0 0 rg BT 511.21 641.10 Td (filiated third ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (party for a purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.00 629.10 Td ($4.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.89 629.10 Td (, which represented the Company) Tj ET Q q 0 0 0 rg BT 350.79 629.10 Td (s carrying value of such capital interests. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 612.10 Td (In 2012, the Company sold its entire interest in GCPE for proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.62 612.10 Td ($27.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.51 612.10 Td (, which represented approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.29 612.10 Td (90%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 566.62 612.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (of book value. ) Tj ET Q q 0 0 0 rg BT 109.30 600.10 Td (The Company recognized a loss of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.93 600.10 Td ($3.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.82 600.10 Td ( as result of this sale.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 583.10 Td (In July 2013, the Company sold all of its limited partnership interest in GCP) Tj ET Q q 0 0 0 rg BT 377.16 583.10 Td ( III for approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.57 583.10 Td ($2.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.46 583.10 Td (, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 571.10 Td (represented the book value of the investment at June 30, 2013. In connection with that sale, the purchasers assumed any remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 559.10 Td (undrawn commitments to the fund.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 542.10 Td (The Company recognized a gain at the time of the exit from the merchant banking business, which is amortizing over a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.30 542.10 Td (five) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 566.85 542.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 530.10 Td (year period ending in 2014. For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.33 530.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.92 530.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.92 530.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.92 530.10 Td ( and 201) Tj ET Q q 0 0 0 rg BT 380.98 530.10 Td (1, deferred gains of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.23 530.10 Td ($0.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.12 530.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.12 530.10 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 564.01 530.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 518.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.44 518.10 Td ($0.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.33 518.10 Td ( were recognized, respectively) Tj ET Q q 0 0 0 rg BT 236.28 518.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 494.10 Td (The carrying value of the Company) Tj ET Q q 0 0 0 rg BT 218.73 494.10 Td (s investments in previously sponsored and other merchant banking funds are as follows:) Tj ET Q 1 1 1 rg /GS0 gs 50.00 444.60 413.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 429.60 413.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 429.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 429.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.00 429.60 48.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.00 414.60 413.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 399.60 413.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 399.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 399.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.00 399.60 48.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.00 384.60 413.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 470.6 m 524 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524 470.6 m 528 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528 470.6 m 576 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 470.6 m 524 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 457.6 m 524 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524 457.6 m 528 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528 470.6 m 576 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528 457.6 m 576 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 384.6 m 524 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 370.6 m 524 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 368.6 m 524 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528 384.6 m 576 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528 370.6 m 576 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528 368.6 m 576 368.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.95 474.83 Td (As of December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.00 461.83 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.50 461.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.65 448.83 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 435.17 Td (Investment in GCP I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.50 434.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 434.27 Td (2,257) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.50 434.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.65 434.27 Td (2,247) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 420.17 Td (Investment in GCP II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 419.27 Td (7,690) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.60 419.27 Td (11,173) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 405.17 Td (Investment in GCP III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.15 404.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.65 404.27 Td (1,367) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 390.17 Td (Investment in other merchant banking funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 389.27 Td (1,798) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.65 389.27 Td (1,985) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 375.17 Td (Total investments in merchant banking funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.50 374.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 374.27 Td (11,745) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.50 374.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.60 374.27 Td (16,772) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 349.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.94 349.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.53 349.10 Td (, the Company continues to retain control only of the general partner of GCP) Tj ET Q q 0 0 0 rg BT 483.30 349.10 Td ( I and GCP) Tj ET Q q 0 0 0 rg BT 527.65 349.10 Td ( II and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 337.10 Td (consolidates the results of each such general partner) Tj ET Q q 0 0 0 rg BT 256.92 337.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 316.10 Td (The investment in GCP) Tj ET Q q 0 0 0 rg BT 167.29 316.10 Td ( I includes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.44 316.10 Td ($0.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.34 316.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.77 316.10 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.67 316.10 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.88 316.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.47 316.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.91 316.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.91 316.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 511.57 316.10 Td (, related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td (noncontrolling interests in the managing general partner of GCP) Tj ET Q q 0 0 0 rg BT 306.29 304.10 Td ( I. ) Tj ET Q q 0 0 0 rg BT 316.94 304.10 Td (The investment in GCP) Tj ET Q q 0 0 0 rg BT 410.73 304.10 Td ( II represents the capital interest in one ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (remaining portfolio company and also includes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.56 292.10 Td ($0.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.46 292.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.89 292.10 Td ($1.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.79 292.10 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.00 292.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.59 292.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.03 292.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.03 292.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 540.69 292.10 Td (, related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (to the noncontrolling interests in the general partner of GCP) Tj ET Q q 0 0 0 rg BT 289.35 280.10 Td ( II.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 259.10 Td (Investments in other merchant banking funds include the Company's investment in Barrow Street III, a real estate investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 247.10 Td (fund. ) Tj ET Q q 0 0 0 rg BT 74.78 247.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.28 247.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.86 247.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.86 247.10 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.75 247.10 Td ( of the Company's commitment remains unfunded and may be drawn any time prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 235.10 Td (the expiration of the fund in June 2015.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 209.10 Td (Iridium Common Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 192.10 Td (In October 201) Tj ET Q q 0 0 0 rg BT 133.67 192.10 Td (1, the Company initiated a plan to sell its entire interest in Iridium common stock systematically over a period ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.77 180.10 Td (two) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.77 180.10 Td ( or more years. Under this plan, the Company sold ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.67 180.10 Td (870,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.17 180.10 Td ( common shares of Iridium at an average price per share of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td ($6.72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 168.10 Td ( during the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 237.12 168.10 Td (1. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.45 168.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.45 168.10 Td (, the Company sold an additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 168.10 Td (3,850,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.15 168.10 Td ( common shares of Iridium at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (an average price per share of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.21 156.10 Td ($7.91) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.71 156.10 Td (. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.04 156.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.04 156.10 Td (, the Company completed the liquidation of the investment with the sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.64 156.10 Td (5,084,016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 569.64 156.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (common shares of Iridium at an average price per share of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.23 144.10 Td ($6.73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.73 144.10 Td (. ) Tj ET Q q 0 0 0 rg BT 314.68 144.10 Td (As of December 31, 2013 the Company had sold its entire ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (interest in Iridium. ) Tj ET Q endstream endobj 121 0 obj <> endobj 122 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 742.10 Td (The investment in Iridium common stock was valued at its closing quoted market price and was accounted for as a trading ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (security since the Company did not maintain or exercise significant influence over Iridium. ) Tj ET Q q 0 0 0 rg BT 418.56 730.10 Td (At December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 730.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.65 730.10 Td (, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.66 718.10 Td (5,084,016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.66 718.10 Td (shares of Iridium common stock with a quoted market price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.59 718.10 Td ($6.72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.09 718.10 Td (, and had a fully diluted ownership of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.76 706.10 Td (7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.09 706.10 Td (. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.00 685.10 Td (Investment revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 664.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.21 664.10 Td (s investment revenues, by source, are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 614.60 338.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 614.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 614.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 614.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 574.60 338.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 574.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 574.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 574.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 544.60 338.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 544.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 544.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 544.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 640.6 m 448 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 640.6 m 452 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 640.6 m 512 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 640.6 m 516 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 640.6 m 576 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 640.6 m 448 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 627.6 m 448 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 627.6 m 452 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 640.6 m 512 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 627.6 m 512 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 627.6 m 516 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 640.6 m 576 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 627.6 m 576 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 544.6 m 448 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 544.6 m 512 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 544.6 m 576 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 530.6 m 448 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 528.6 m 448 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 530.6 m 512 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 528.6 m 512 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 530.6 m 576 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 528.6 m 576 528.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 422.25 644.83 Td (For the Years Ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.50 631.83 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 473.50 631.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.70 631.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.15 618.83 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 605.17 Td (Net realized and unrealized gains \(losses\) on investments in Iridium) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.50 604.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 604.27 Td (862) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.50 604.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.30 604.32 Td (\(4,980) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 604.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.50 604.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.30 604.27 Td (\(6,184) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.15 604.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 590.17 Td (Net realized and unrealized gains \(losses\) on investments in merchant banking) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 580.17 Td (funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.30 579.32 Td (\(1,884) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 579.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.30 579.32 Td (\(3,422) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 579.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.30 579.27 Td (\(4,534) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.15 579.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 565.17 Td (Deferred gain on sale of certain merchant banking assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 564.27 Td (195) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.15 564.27 Td (260) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.15 564.27 Td (811) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 550.17 Td (Interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 549.27 Td (1,071) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 549.27 Td (1,676) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.65 549.27 Td (1,067) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 535.17 Td (Total investment revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.50 534.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 534.27 Td (244) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.50 534.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.30 534.32 Td (\(6,466) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 534.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.50 534.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.30 534.27 Td (\(8,840) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 572.15 534.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 61.50 504.10 Td (Fair V) Tj ET Q q 0 0 0 rg BT 87.90 504.10 Td (alue Hierarchy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 487.10 Td (The following tables set forth by level, assets and liabilities measured at fair value on a recurring basis. ) Tj ET Q q 0 0 0 rg BT 487.82 487.10 Td (Assets and liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 475.10 Td (are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. ) Tj ET Q q 0 0 0 rg BT 503.06 475.10 Td (There were no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 463.10 Td (transfers between Level 1 and Level 2 investments in the fair value measurement hierarchy during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.88 463.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 451.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.50 451.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.83 451.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.83 451.10 Td (. ) Tj ET Q q 0 0 0 rg BT 110.15 451.10 Td (There were no Level 3 investments held during the year ended December 31, 2012. ) Tj ET Q q 0 0 0 rg BT 448.46 451.10 Td (There were no assets or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 439.10 Td (liabilities measured at fair value at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.00 439.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.58 439.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.40 418.10 Td (Assets Measur) Tj ET Q q 0 0 0 rg BT 211.15 418.10 Td (ed at Fair) Tj ET Q q 0 0 0 rg BT 252.63 418.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.95 418.10 Td (V) Tj ET Q q 0 0 0 rg BT 261.25 418.10 Td (alue on a Recurring Basis as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.42 418.10 Td (December) Tj ET Q q 0 0 0 rg BT 438.55 418.10 Td (31, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.05 418.10 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 349.60 234.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 349.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 349.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 349.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 349.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 349.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 349.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 349.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 362.6 m 354 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 362.6 m 428 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 362.6 m 502 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 362.6 m 576 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 334.6 m 354 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 334.6 m 428 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 334.6 m 502 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 334.6 m 576 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 319.6 m 354 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 319.6 m 428 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 319.6 m 502 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 319.6 m 576 319.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.05 398.83 Td (QuotedPricesin) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 307.60 390.83 Td (Active ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.00 382.83 Td (Marketsfor) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 291.90 374.83 Td (Identical ) Tj ET Q q 0 0 0 rg BT 323.68 374.83 Td (Assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 303.50 366.83 Td (\(Level 1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 362.90 390.83 Td (SignificantOther) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.90 382.83 Td (Observable ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 381.35 374.83 Td (Inputs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 377.50 366.83 Td (\(Level 2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.05 390.83 Td (Significant) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 442.90 382.83 Td (Unobservable ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.35 374.83 Td (Inputs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.50 366.83 Td (\(Level 3\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.25 374.83 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.50 366.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 405.15 353.83 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 340.17 Td (Iridium common stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.50 339.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.65 339.27 Td (34,165) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.50 339.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.15 339.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.50 339.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 339.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.50 339.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 339.27 Td (34,165) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 325.17 Td (Total investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.50 324.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.65 324.27 Td (34,165) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.50 324.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.15 324.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.50 324.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 324.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.50 324.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 324.27 Td (34,165) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 296.10 Td (The investments in previously sponsored merchant banking funds are recorded under the equity method of accounting and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (are therefore not included in the fair value measurements above.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (Note5 Goodwill) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.39 260.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 243.10 Td (Goodwill consists of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 188.60 393.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 188.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 188.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 188.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 158.60 393.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 158.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 158.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 158.60 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 214.60000000000002 m 500.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 214.60000000000002 m 504.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 214.60000000000002 m 576.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 214.60000000000002 m 500.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 201.60000000000002 m 500.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 214.60000000000002 m 576.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 201.60000000000002 m 576.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 158.60000000000002 m 500.5 158.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 158.60000000000002 m 576.5 158.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 144.60000000000002 m 500.5 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 142.60000000000002 m 500.5 142.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 144.60000000000002 m 576.5 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 142.60000000000002 m 576.5 142.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 476.45 218.83 Td (As of December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.50 205.83 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.00 205.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.15 192.83 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 179.17 Td (Balance, January1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.00 178.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.15 178.27 Td (164,890) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 178.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 178.27 Td (161,664) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 164.17 Td (Foreign currency translation adjustments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.80 163.32 Td (\(21,918) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.65 163.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 163.27 Td (3,226) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 149.17 Td (Balance, December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.00 148.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.15 148.27 Td (142,972) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 148.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 148.27 Td (164,890) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 120.10 Td (The Company performs a goodwill impairment test annually) Tj ET Q q 0 0 0 rg BT 315.80 120.10 Td (, or more frequently if circumstances indicate that impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (may have occurred. ) Tj ET Q q 0 0 0 rg BT 130.89 108.10 Td (The Company has reviewed its goodwill for potential impairment and determined that the fair value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td (goodwill exceeded the carrying value. ) Tj ET Q q 0 0 0 rg BT 204.38 96.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 253.72 96.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.72 96.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.72 96.10 Td ( goodwill impairment loss has been recognized for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 84.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.58 84.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.58 84.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.91 84.10 Td (201) Tj ET Q q 0 0 0 rg BT 181.54 84.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.54 84.10 Td (. ) Tj ET Q endstream endobj 123 0 obj <> endobj 124 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Note6 Related Parties) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 157.74 742.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.50 725.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.08 725.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.52 725.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.52 725.25 Td (, the Company had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.56 725.25 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.56 725.25 Td ( amounts payable to related parties. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.25 Td (The Company subleases airplane and of) Tj ET Q q 0 0 0 rg BT 233.49 704.25 Td (fice space to a firm owned by the Chairman of the Company) Tj ET Q q 0 0 0 rg BT 474.71 704.25 Td (. ) Tj ET Q q 0 0 0 rg BT 479.53 704.25 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.25 Td (recognized rent reimbursements of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.61 692.25 Td ($0.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.50 692.25 Td ( for each of the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.50 692.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.08 692.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.08 692.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.08 692.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.52 692.25 Td (201) Tj ET Q q 0 0 0 rg BT 491.15 692.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.15 692.25 Td (, as a reduction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.25 Td (of occupancy and equipment rental on the consolidated statements of income. During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.06 680.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.06 680.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.06 680.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.06 680.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.50 680.25 Td (201) Tj ET Q q 0 0 0 rg BT 473.13 680.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.13 680.25 Td (, the Company paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.25 Td ($47,879) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.50 668.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.50 668.25 Td ($67,840) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.00 668.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.44 668.25 Td ($24,745) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.94 668.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 224.60 668.25 Td (, for the use of an aircraft owned by an executive of the Company) Tj ET Q q 0 0 0 rg BT 486.63 668.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 646.65 Td (Note7 Pr) Tj ET Q q 0 0 0 rg BT 102.86 646.65 Td (operty and Equipment) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 199.54 646.65 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 629.65 Td (Property and equipment consist of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 569.35 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 569.35 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 569.35 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 569.35 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 539.35 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 539.35 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 539.35 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 539.35 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 509.35 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 509.35 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 509.35 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 509.35 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 479.35 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 479.35 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 479.35 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 479.35 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 595.35 m 498.5 595.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 595.35 m 502.5 595.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 595.35 m 562.5 595.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 595.35 m 498.5 595.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 582.35 m 498.5 582.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 595.35 m 562.5 595.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 582.35 m 562.5 582.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 509.35 m 498.5 509.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 509.35 m 562.5 509.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 479.35 m 498.5 479.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 479.35 m 562.5 479.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 465.35 m 498.5 465.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 463.35 m 498.5 463.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 465.35 m 562.5 465.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 463.35 m 562.5 463.35 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.95 599.58 Td (As of December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.00 586.58 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.00 586.58 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 475.65 573.58 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 559.92 Td (Aircraft) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 559.02 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 559.02 Td (18,154) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 559.02 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 559.02 Td (17,844) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 544.92 Td (Equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 544.02 Td (18,516) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 544.02 Td (18,175) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 529.92 Td (Furniture and fixtures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 529.02 Td (7,335) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 529.02 Td (7,578) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 514.92 Td (Leasehold improvements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 514.02 Td (24,446) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 514.02 Td (25,567) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 499.02 Td (68,451) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 499.02 Td (69,164) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 484.92 Td (Less accumulated depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 484.07 Td (\(56,951) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 484.02 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 484.07 Td (\(54,760) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 484.02 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 469.92 Td (Total property and equipment, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 469.02 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 469.02 Td (11,500) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 469.02 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 469.02 Td (14,404) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 440.85 Td (Note8 Revolving Bank Loan Facility) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 220.00 440.85 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 423.85 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.50 423.85 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.08 423.85 Td (, the Company had a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.06 423.85 Td ($45.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.96 423.85 Td ( revolving loan facility from a U.S.banking institution to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 411.85 Td (provide for working capital needs and for other general corporate purposes. ) Tj ET Q q 0 0 0 rg BT 354.15 411.85 Td (The revolving loan facility has historically been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 399.85 Td (renewed annually) Tj ET Q q 0 0 0 rg BT 120.15 399.85 Td (. ) Tj ET Q q 0 0 0 rg BT 127.47 399.85 Td (The maturity date of the facility is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.04 399.85 Td (April30, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.65 399.85 Td (. Interest on the borrowings is based on the higher of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 387.85 Td (3.25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.83 387.85 Td ( or the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.88 387.85 Td (U.S. Prime Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.87 387.85 Td ( and is payable monthly) Tj ET Q q 0 0 0 rg BT 263.76 387.85 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 370.85 Td (The revolving loan facility is secured by any cash distributed in respect of the Company) Tj ET Q q 0 0 0 rg BT 428.90 370.85 Td (s investment in the U.S.based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.85 Td (merchant banking funds and cash distributions from G&Co. In addition, the revolving loan facility has a prohibition on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.85 Td (incurrence of additional indebtedness without the prior approval of the lenders and the Company is required to comply with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.85 Td (certain financial and liquidity covenants. ) Tj ET Q q 0 0 0 rg BT 215.32 334.85 Td (The weighted average daily borrowings outstanding under the revolving loan facility ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.85 Td (were approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.19 322.85 Td ($30.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.08 322.85 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.52 322.85 Td ($28.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.41 322.85 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.76 322.85 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.35 322.85 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.78 322.85 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.78 322.85 Td (, respectively) Tj ET Q q 0 0 0 rg BT 511.45 322.85 Td (. ) Tj ET Q q 0 0 0 rg BT 516.26 322.85 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.85 Td (weighted average interest rate was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.21 310.85 Td (3.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.04 310.85 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.50 310.85 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.08 310.85 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.08 310.85 Td (3.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.92 310.85 Td ( for the year ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.96 310.85 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.96 310.85 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.85 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.94 298.85 Td (4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.27 298.85 Td ( for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 230.94 298.85 Td (1. ) Tj ET Q q 0 0 0 rg BT 240.39 298.85 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.89 298.85 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.47 298.85 Td (, the Company was compliant with all loan covenants.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 274.85 Td (Note9 Equity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.39 274.85 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 257.85 Td (Dividends declared per common share were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.26 257.85 Td ($1.80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.76 257.85 Td ( for each of the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.76 257.85 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.34 257.85 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.34 257.85 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.34 257.85 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.78 257.85 Td (201) Tj ET Q q 0 0 0 rg BT 525.41 257.85 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.41 257.85 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 245.85 Td (are paid on outstanding common shares. In addition, dividends equivalent amounts are paid on outstanding restricted stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 233.85 Td (units and amounted to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.10 233.85 Td ($6.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.99 233.85 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.99 233.85 Td ($5.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.88 233.85 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.32 233.85 Td ($4.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.21 233.85 Td ( for the year ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.26 233.85 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.26 233.85 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.26 233.85 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.26 233.85 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.70 233.85 Td (201) Tj ET Q q 0 0 0 rg BT 527.32 233.85 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.32 233.85 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 221.85 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 221.85 Td (, and are included in dividends paid on the consolidated statements of cash flows. In the event a restricted stock unit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 209.85 Td (holder) Tj ET Q q 0 0 0 rg BT 75.92 209.85 Td () Tj ET Q q 0 0 0 rg BT 78.70 209.85 Td (s employment is terminated, a portion of the dividend equivalent may be required to be paid back \(a "clawback"\) to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 197.85 Td (Company and is netted against the dividend equivalent amounts. See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.38 197.85 Td (Note12 Restricted Stock Units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.31 197.85 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 176.85 Td (During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.83 176.85 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.83 176.85 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.83 176.85 Td (693,691) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.33 176.85 Td ( restricted stock units vested and were issued as common stock of which the Company is deemed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 164.85 Td (have repurchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.18 164.85 Td (226,505) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.68 164.85 Td ( shares at an average price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.23 164.85 Td ($56.83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.73 164.85 Td ( per share in conjunction with the payment of tax liabilities in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 152.85 Td (respect of stock delivered to its employees in settlement of restricted stock units. In addition, during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.12 152.85 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.12 152.85 Td ( the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 140.85 Td (repurchased in open market transactions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.55 140.85 Td (853,870) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.05 140.85 Td (shares of its common stock at an average price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.48 140.85 Td ($49.81) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.98 140.85 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 119.85 Td (During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.83 119.85 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.83 119.85 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.83 119.85 Td (654,612) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.33 119.85 Td ( restricted stock units vested and were issued as common stock of which the Company is deemed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 107.85 Td (have repurchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.18 107.85 Td (181,820) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.68 107.85 Td (shares at an average price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.23 107.85 Td ($45.29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.73 107.85 Td ( per share in conjunction with the payment of tax liabilities in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 95.85 Td (respect of stock delivered to its employees in settlement of restricted stock units. In addition, during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.12 95.85 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.12 95.85 Td ( the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 83.85 Td (repurchased in open market transactions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.55 83.85 Td (1,714,614) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.55 83.85 Td (shares of its common stock at an average price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.98 83.85 Td ($43.70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.48 83.85 Td (.) Tj ET Q endstream endobj 125 0 obj <> endobj 126 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (In connection with the acquisition of Greenhill ) Tj ET Q q 0 0 0 rg BT 263.12 742.10 Td (Australia in ) Tj ET Q q 0 0 0 rg BT 312.00 742.10 Td (April 2010, the Company issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.21 742.10 Td (1,099,877) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.21 742.10 Td (shares of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (contingent convertible preferred stock \("Performance Stock"\). ) Tj ET Q q 0 0 0 rg BT 300.94 730.10 Td (The Performance Stock does not pay dividends, was issued in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (tranches of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.65 718.10 Td (659,926) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.15 718.10 Td ( shares and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.07 718.10 Td (439,951) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.57 718.10 Td ( shares, and converts to shares of the Company) Tj ET Q q 0 0 0 rg BT 399.36 718.10 Td (s common stock promptly after the third ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (and fifth anniversaries of the closing of the acquisition, respectively) Tj ET Q q 0 0 0 rg BT 320.93 706.10 Td (, if certain separate revenue tar) Tj ET Q q 0 0 0 rg BT 444.01 706.10 Td (gets are achieved. During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (2012, the revenue tar) Tj ET Q q 0 0 0 rg BT 134.23 694.10 Td (get for the first tranche was achieved and on ) Tj ET Q q 0 0 0 rg BT 313.33 694.10 Td (April1, 2013, the third anniversary of the closing, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.62 694.10 Td (659,926) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.12 694.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (shares of Performance Stock, which had a fair value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.86 682.10 Td ($32.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.75 682.10 Td ( at the acquisition date, were converted to common stock. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (See ") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.02 670.10 Td (Note10 Earnings per Share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.04 670.10 Td (".) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 653.10 Td (In addition, at the closing of the acquisition of Greenhill ) Tj ET Q q 0 0 0 rg BT 300.89 653.10 Td (Australia, the Company granted performance based restricted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (stock units \(Performance RSUs\), that are subject to the same revenue tar) Tj ET Q q 0 0 0 rg BT 348.60 641.10 Td (gets as the Performance Stock. ) Tj ET Q q 0 0 0 rg BT 476.44 641.10 Td (The Performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (RSUs vest in tranches of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.38 629.10 Td (62,690) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.88 629.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.32 629.10 Td (41,794) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.82 629.10 Td ( shares on the third and fifth anniversaries of the closing, respectively) Tj ET Q q 0 0 0 rg BT 503.41 629.10 Td (, subject to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 617.10 Td (achievement of the same revenue tar) Tj ET Q q 0 0 0 rg BT 196.13 617.10 Td (gets as the Performance Stock. ) Tj ET Q q 0 0 0 rg BT 321.10 617.10 Td (Amortization of each tranche of the Performance RSUs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 605.10 Td (begins at the time it is deemed probable that the revenue tar) Tj ET Q q 0 0 0 rg BT 288.34 605.10 Td (gets will be achieved and the value of the award at that date is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 593.10 Td (amortized over the remaining vesting period of each award. If those revenue tar) Tj ET Q q 0 0 0 rg BT 368.30 593.10 Td (gets are not achieved, the Performance RSUs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 581.10 Td (will be canceled and no amount will be expensed. ) Tj ET Q q 0 0 0 rg BT 253.55 581.10 Td (As a result, on ) Tj ET Q q 0 0 0 rg BT 313.27 581.10 Td (April 1, 2013, the revenue tar) Tj ET Q q 0 0 0 rg BT 431.10 581.10 Td (get was achieved and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.84 581.10 Td (62,690) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.34 581.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 569.10 Td (shares vested. For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.62 569.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.21 569.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.21 569.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.21 569.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.64 569.10 Td (201) Tj ET Q q 0 0 0 rg BT 329.27 569.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.27 569.10 Td (, the Company expensed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.08 569.10 Td ($0.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.97 569.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.97 569.10 Td ($1.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.87 569.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td ($3.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 557.10 Td ( respectively) Tj ET Q q 0 0 0 rg BT 149.05 557.10 Td (, related to the first tranche of Performance RSUs. ) Tj ET Q q 0 0 0 rg BT 354.36 557.10 Td (The Company did not incur an expense related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (the second tranche in the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.88 545.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.46 545.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.46 545.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.46 545.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.79 545.10 Td (201) Tj ET Q q 0 0 0 rg BT 333.42 545.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.42 545.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 521.10 Td (Note10 Earnings per) Tj ET Q q 0 0 0 rg BT 153.15 521.10 Td ( Shar) Tj ET Q q 0 0 0 rg BT 176.03 521.10 Td (e) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 180.47 521.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 504.10 Td (The computations of basic and diluted EPS are set forth below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 434.80 324.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 434.80 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 434.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 434.80 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 434.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 434.80 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 394.80 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 394.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 394.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 394.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 394.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 394.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 354.80 324.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 354.80 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 354.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 354.80 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 354.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 354.80 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 314.80 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 314.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 314.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 314.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 314.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 314.80 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 460.8 m 434.5 460.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 460.8 m 438.5 460.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 460.8 m 498.5 460.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 460.8 m 502.5 460.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 460.8 m 562.5 460.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 460.8 m 434.5 460.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 447.8 m 434.5 447.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 460.8 m 498.5 460.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 447.8 m 498.5 447.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 460.8 m 562.5 460.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 447.8 m 562.5 447.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 410.8 m 434.5 410.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 408.8 m 434.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 410.8 m 498.5 410.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 408.8 m 498.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 410.8 m 562.5 410.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 408.8 m 562.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 408.8 m 434.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 410.8 m 434.5 410.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 408.8 m 498.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 410.8 m 498.5 410.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 408.8 m 562.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 410.8 m 562.5 410.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 354.8 m 434.5 354.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 354.8 m 498.5 354.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 354.8 m 562.5 354.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 354.8 m 434.5 354.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 330.8 m 434.5 330.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 328.8 m 434.5 328.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 354.8 m 498.5 354.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 330.8 m 498.5 330.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 328.8 m 498.5 328.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 354.8 m 562.5 354.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 330.8 m 562.5 330.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 328.8 m 562.5 328.8 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.70 473.03 Td (For) Tj ET Q q 0 0 0 rg BT 443.99 473.03 Td ( ) Tj ET Q q 0 0 0 rg BT 445.85 473.03 Td (The ) Tj ET Q q 0 0 0 rg BT 460.89 473.03 Td (Y) Tj ET Q q 0 0 0 rg BT 465.78 473.03 Td (ears Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.75 465.03 Td (December) Tj ET Q q 0 0 0 rg BT 479.25 465.03 Td (31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 452.03 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.00 452.03 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.20 452.03 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.10 439.03 Td (\(inthousands,exceptpershareamounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 425.37 Td (Numerator for basic and diluted EPS net income allocated to common) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 415.37 Td (stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 414.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 414.47 Td (46,682) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 414.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 414.47 Td (42,092) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 414.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 414.47 Td (44,578) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 400.37 Td (Denominator for basic EPS weighted average number of shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 399.47 Td (30,134) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 399.47 Td (30,553) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 399.47 Td (31,021) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 385.37 Td (Add dilutive effect of:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 370.37 Td (Weighted average number of incremental shares issuable from restricted stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 360.37 Td (units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 359.47 Td (27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 359.47 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 359.47 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 345.37 Td (Denominator for diluted EPS weighted average number of shares and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 335.37 Td (dilutive potential shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 334.47 Td (30,161) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 334.47 Td (30,561) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 334.47 Td (31,035) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 320.37 Td (Earnings per share:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 305.37 Td (Basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 304.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 304.47 Td (1.55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 304.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 304.47 Td (1.38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 304.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 304.47 Td (1.44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 290.37 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 289.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 289.47 Td (1.55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 289.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 289.47 Td (1.38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 289.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 289.47 Td (1.44) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 261.30 Td (The weighted number of shares and dilutive potential shares for the year ended December 31, 2013 includes the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 249.30 Td (conversion of the first tranche of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.29 249.30 Td (659,926) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.79 249.30 Td ( shares of Performance Stock to common stock. ) Tj ET Q q 0 0 0 rg BT 411.67 249.30 Td (The first tranche of Performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 237.30 Td (Stock was included in the weighted number of shares and dilutive potential shares for the year ended December 31, 2012, at the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 225.30 Td (time the performance tar) Tj ET Q q 0 0 0 rg BT 148.38 225.30 Td (get was achieved in December 2012. ) Tj ET Q q 0 0 0 rg BT 300.36 225.30 Td (The weighted number of shares for the year ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 213.30 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 213.30 Td (1, does not include the dilutive ef) Tj ET Q q 0 0 0 rg BT 198.03 213.30 Td (fect of the first tranche of Performance Stock since the revenue tar) Tj ET Q q 0 0 0 rg BT 463.56 213.30 Td (get was not achieved at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 201.30 Td (that time. ) Tj ET Q q 0 0 0 rg BT 90.09 201.30 Td (The weighted number of shares and dilutive potential shares for the years ended December 31, 2013, 2012 and 201) Tj ET Q q 0 0 0 rg BT 550.13 201.30 Td (1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 189.30 Td (do not include the Performance Stock related to the second tranche, which will be included in the Company's share count at the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 177.30 Td (time the revenue tar) Tj ET Q q 0 0 0 rg BT 129.50 177.30 Td (get is achieved. If the revenue tar) Tj ET Q q 0 0 0 rg BT 262.31 177.30 Td (get for the second tranche is not achieved, the contingent convertible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 165.30 Td (preferred shares in that tranche will be canceled.) Tj ET Q endstream endobj 127 0 obj <> endobj 128 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-19) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Note1) Tj ET Q q 0 0 0 rg BT 76.94 742.25 Td (1 Retir) Tj ET Q q 0 0 0 rg BT 118.96 742.25 Td (ement Plan) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 167.01 742.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (In the U.S., the Company sponsors a qualified defined contribution plan \(the Retirement Plan\) covering all eligible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (employees of G&Co. ) Tj ET Q q 0 0 0 rg BT 137.58 713.25 Td (The Retirement Plan provides for both employee contributions in accordance with Section401\(k\) of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (Internal Revenue Code, and employer discretionary profit sharing contributions, subject to statutory limits. Participants may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (contribute up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.82 689.25 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.15 689.25 Td ( of eligible compensation, as defined. ) Tj ET Q q 0 0 0 rg BT 286.15 689.25 Td (The Company provides matching contributions of up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.11 689.25 Td ($1,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.61 689.25 Td ( per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (employee. ) Tj ET Q q 0 0 0 rg BT 93.69 677.25 Td (The Company incurred costs of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.27 677.25 Td ($0.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.16 677.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.16 677.25 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.05 677.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.49 677.25 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.38 677.25 Td ( for contributions to the Retirement Plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.85 665.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.44 665.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.44 665.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.44 665.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.88 665.25 Td (201) Tj ET Q q 0 0 0 rg BT 266.50 665.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.50 665.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 324.17 665.25 Td (. ) Tj ET Q q 0 0 0 rg BT 328.98 665.25 Td (There was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.85 665.25 Td ($0.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.74 665.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.18 665.25 Td ($0.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.07 665.25 Td ( related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (contributions due to the Retirement Plan included in compensation payable at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.98 653.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.56 653.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.00 653.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.00 653.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 533.66 653.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 632.25 Td (GCI also operates a defined contribution pension fund for its employees. ) Tj ET Q q 0 0 0 rg BT 367.08 632.25 Td (The assets of the pension fund are held ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 620.25 Td (separately in an independently administered fund. For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.96 620.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.55 620.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.55 620.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.55 620.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.99 620.25 Td (201) Tj ET Q q 0 0 0 rg BT 470.62 620.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.62 620.25 Td (, GCI incurred costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 608.25 Td (of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.09 608.25 Td ($0.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.98 608.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.98 608.25 Td ($0.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.87 608.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.31 608.25 Td ($0.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.20 608.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 344.86 608.25 Td (. ) Tj ET Q q 0 0 0 rg BT 349.31 608.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.81 608.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.40 608.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.83 608.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.83 608.25 Td (, there were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.25 608.25 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.25 608.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 596.25 Td (amounts related to contributions due to the defined contribution pension fund included in compensation payable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 575.25 Td (Greenhill ) Tj ET Q q 0 0 0 rg BT 113.71 575.25 Td (Australia is required by ) Tj ET Q q 0 0 0 rg BT 209.80 575.25 Td (Australian law to contribute compulsory superannuation on employees' gross earnings, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (generally at a rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.67 563.25 Td (9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.00 563.25 Td (, subject to an annual limit per employee. Superannuation is a defined contribution plan in which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 551.25 Td (retirement benefits are determined by the contribution accumulated over the working life plus investment earnings within the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 539.25 Td (fund less expenses. Greenhill ) Tj ET Q q 0 0 0 rg BT 169.14 539.25 Td (Australia incurred such costs of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.53 539.25 Td ($0.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.42 539.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.42 539.25 Td ($0.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.31 539.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.75 539.25 Td ($0.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.64 539.25 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 527.25 Td (years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.98 527.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.56 527.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.56 527.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.56 527.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.00 527.25 Td (201) Tj ET Q q 0 0 0 rg BT 237.63 527.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.63 527.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 295.29 527.25 Td (. ) Tj ET Q q 0 0 0 rg BT 302.24 527.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.74 527.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.32 527.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.76 527.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.76 527.25 Td (, there were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.17 527.25 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.17 527.25 Td ( amounts related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 515.25 Td (to superannuation contributions due to the defined contribution plan included in compensation payable.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (Note12 Restricted Stock Units) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 193.03 491.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 474.25 Td (The Company has adopted an equity incentive plan to motivate its employees and allow them to participate in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 462.25 Td (ownership of its stock. Under the Company) Tj ET Q q 0 0 0 rg BT 226.92 462.25 Td (s plan, restricted stock units, which represent a right to a future payment equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 450.25 Td (one share of common stock, may be awarded to employees, directors and certain other non-employees as selected by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 438.25 Td (Compensation Committee. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.16 438.25 Td (A) Tj ET Q q 0 0 0 rg BT 165.46 438.25 Td (wards granted under the plan generally vest ratably over a period of five years beginning on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 426.25 Td (first anniversary of the grant date or in full on the fifth anniversary of the grant date.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.83 426.25 Td ( ) Tj ET Q q 0 0 0 rg BT 389.15 426.25 Td (T) Tj ET Q q 0 0 0 rg BT 394.56 426.25 Td (o the extent the restricted stock units are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 414.25 Td (outstanding at the time a dividend is paid on the common stock, a dividend equivalent amount is paid to the holders of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 402.25 Td (restricted stock units. In the event that the holder) Tj ET Q q 0 0 0 rg BT 245.59 402.25 Td () Tj ET Q q 0 0 0 rg BT 248.37 402.25 Td (s employment is terminated under circumstances in which units awarded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 390.25 Td (under the plan are forfeited, beginning with grants awarded in 2009, any dividend equivalent payments related to such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 378.25 Td (forfeiture, which are unvested for accounting purposes, are required to be repaid to the Company) Tj ET Q q 0 0 0 rg BT 436.99 378.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 357.25 Td (The activity related to the restricted stock units is set forth below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 272.95 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 272.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 272.95 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 272.95 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 272.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 272.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 272.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 272.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 242.95 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 242.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 242.95 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 242.95 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 242.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 242.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 242.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 242.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 212.95 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 212.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 212.95 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 212.95 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 212.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 212.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 212.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 212.95 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 322.95000000000005 m 360.5 322.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 322.95000000000005 m 375.5 322.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 322.95000000000005 m 434.5 322.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 322.95000000000005 m 438.5 322.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 322.95000000000005 m 498.5 322.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 322.95000000000005 m 502.5 322.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 322.95000000000005 m 562.5 322.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 322.95000000000005 m 360.5 322.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 309.95000000000005 m 360.5 309.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 309.95000000000005 m 375.5 309.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 309.95000000000005 m 434.5 309.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 322.95000000000005 m 498.5 322.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 309.95000000000005 m 498.5 309.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 309.95000000000005 m 502.5 309.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 309.95000000000005 m 562.5 309.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 272.95000000000005 m 360.5 272.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 272.95000000000005 m 434.5 272.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 272.95000000000005 m 498.5 272.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 272.95000000000005 m 562.5 272.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 212.95000000000005 m 360.5 212.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 212.95000000000005 m 434.5 212.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 212.95000000000005 m 498.5 212.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 212.95000000000005 m 562.5 212.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 198.95000000000005 m 360.5 198.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 196.95000000000005 m 360.5 196.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 198.95000000000005 m 434.5 198.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 196.95000000000005 m 434.5 196.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 198.95000000000005 m 498.5 198.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 196.95000000000005 m 498.5 196.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 198.95000000000005 m 562.5 198.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 196.95000000000005 m 562.5 196.95000000000005 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 370.40 327.18 Td (Restricted Stock Units Outstanding) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 359.00 314.18 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 492.00 314.18 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 320.85 277.18 Td (Units) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 385.05 301.18 Td (GrantDate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 388.25 293.18 Td (W) Tj ET Q q 0 0 0 rg BT 395.81 293.18 Td (eighted) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.30 285.18 Td (A) Tj ET Q q 0 0 0 rg BT 387.48 285.18 Td (verageFair) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.85 277.18 Td (V) Tj ET Q q 0 0 0 rg BT 399.89 277.18 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.85 277.18 Td (Units) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.55 301.18 Td (GrantDate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.75 293.18 Td (W) Tj ET Q q 0 0 0 rg BT 523.31 293.18 Td (eighted) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.80 285.18 Td (A) Tj ET Q q 0 0 0 rg BT 514.98 285.18 Td (verageFair) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 522.35 277.18 Td (V) Tj ET Q q 0 0 0 rg BT 527.39 277.18 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 263.52 Td (Outstanding, January1,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.60 262.62 Td (3,260,586) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.00 262.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 262.62 Td (62.71) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.60 262.62 Td (2,718,950) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 262.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 262.62 Td (71.17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 248.52 Td (Granted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.60 247.62 Td (1,179,712) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 363.00 252.78 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 247.62 Td (57.95) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.60 247.62 Td (1,395,346) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 247.62 Td (47.72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 233.52 Td (Delivered) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.80 232.67 Td (\(696,972) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.65 232.62 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 232.62 Td (65.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 232.67 Td (\(654,612) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 232.62 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 232.62 Td (70.96) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 217.62 Td (Forfeited) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.80 217.67 Td (\(239,876) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.65 217.62 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 217.62 Td (54.90) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 217.67 Td (\(199,098) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 217.62 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 217.62 Td (58.94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 203.52 Td (Outstanding, December31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.60 202.62 Td (3,503,450) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.00 202.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 202.62 Td (61.54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.60 202.62 Td (3,260,586) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 202.62 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 202.62 Td (62.71) Tj ET Q BT /F2 10.00 Tf ET BT /F2 5.00 Tf ET q 0 0 0 rg BT 50.00 180.45 Td (_____________________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 168.45 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 168.45 Td (Excludes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.66 168.45 Td (1,182,109) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.66 168.45 Td ( stock units granted to employees subsequent to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.96 168.45 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.54 168.45 Td ( as part of the long term incentive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 156.45 Td (awards program.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 135.45 Td (For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.08 135.45 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.67 135.45 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.67 135.45 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.67 135.45 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.11 135.45 Td (201) Tj ET Q q 0 0 0 rg BT 292.74 135.45 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.74 135.45 Td (, the Company recognized compensation expense from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 123.45 Td (amortization of restricted stock units, net of forfeitures, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.65 123.45 Td ($56.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.54 123.45 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.54 123.45 Td ($54.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.43 123.45 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.87 123.45 Td ($52.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.76 123.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 523.42 123.45 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 102.45 Td (The weighted-average grant date fair value for restricted stock units granted during the years ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.14 102.45 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.14 102.45 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 90.45 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 90.45 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.44 90.45 Td (201) Tj ET Q q 0 0 0 rg BT 104.07 90.45 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.07 90.45 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.62 90.45 Td ($57.95) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.12 90.45 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.12 90.45 Td ($47.72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.62 90.45 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.06 90.45 Td ($72.75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.56 90.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 289.22 90.45 Td (. ) Tj ET Q q 0 0 0 rg BT 293.67 90.45 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.11 90.45 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.69 90.45 Td (, unrecognized restricted stock units ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 78.45 Td (compensation expense was approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.06 78.45 Td ($82.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.95 78.45 Td (, with such unrecognized compensation expense expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 66.45 Td (recognized over a weighted average period of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.44 66.45 Td (1.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.94 66.45 Td (years. ) Tj ET Q endstream endobj 129 0 obj <> endobj 130 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The Company issues restricted stock units to employees under the equity incentive plan, primarily in connection with its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (annual bonus awards and compensation agreements for new hires. In certain jurisdictions, the Company may settle share-based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (payment awards in cash in lieu of shares of common stock to obtain tax deductibility) Tj ET Q q 0 0 0 rg BT 388.72 718.10 Td (. In these circumstances, the awards are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (settled in the cash equivalent value of the Company's shares of common stock based upon their value at settlement date. ) Tj ET Q q 0 0 0 rg BT 531.76 706.10 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (cash settled share-based awards are classified as liabilities and are remeasured at fair value at each reporting period. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 673.10 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.63 673.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.21 673.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.21 673.10 Td (3,281) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.71 673.10 Td ( shares were settled in cash for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.94 673.10 Td ($0.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.84 673.10 Td ( and the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (recognized an expense of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.84 661.10 Td ($0.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.73 661.10 Td (, net of a reduction to expense of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.29 661.10 Td ($0.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.19 661.10 Td ( for fair value adjustments. Liabilities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td ($1.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 649.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.33 649.10 Td ($0.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.22 649.10 Td ( have been recorded as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.61 649.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.20 649.10 Td ( and 2012, respectively) Tj ET Q q 0 0 0 rg BT 442.29 649.10 Td (, and are included in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (compensation payable on the consolidated statements of financial condition for future cash settlements. ) Tj ET Q q 0 0 0 rg BT 468.31 637.10 Td (There were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.05 637.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.05 637.10 Td ( cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (settlements of restricted stock awards for the year ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.00 625.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.00 625.10 Td (, other than those made in conjunction with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (payment of tax liabilities. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (Note13 Commitments and Contingencies) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 239.16 589.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 572.10 Td (The Company has entered into certain leases for of) Tj ET Q q 0 0 0 rg BT 277.63 572.10 Td (fice space under non-cancellable operating lease agreements that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 560.10 Td (expire on various dates through 2021.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 539.10 Td (As of December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.03 539.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.03 539.10 Td (, the approximate aggregate minimum future rental payments required were as follows \(in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 505.80 452.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 505.80 60.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 491.80 452.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 477.80 452.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 477.80 60.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 463.80 452.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 449.80 452.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 449.80 60.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 435.80 452.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 421.80 452.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 421.80 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 421.8 m 562.5 421.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 421.8 m 562.5 421.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 408.8 m 562.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 406.8 m 562.5 406.8 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 496.37 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 496.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 496.37 Td (15,398) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 482.37 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 482.37 Td (14,544) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 468.37 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 468.37 Td (12,971) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 454.37 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 454.37 Td (12,686) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 440.37 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 440.37 Td (10,459) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 426.37 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 426.37 Td (16,836) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 412.37 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 412.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 412.37 Td (82,894) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 387.30 Td (The Company has also entered into various operating leases for of) Tj ET Q q 0 0 0 rg BT 338.74 387.30 Td (fice equipment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 366.30 Td (Rent expense for leased of) Tj ET Q q 0 0 0 rg BT 179.89 366.30 Td (fice space, net of sublease reimbursements, for the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.81 366.30 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.81 366.30 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.81 366.30 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.81 366.30 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 354.30 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 354.30 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 354.30 Td ( was approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.44 354.30 Td ($14.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.33 354.30 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.33 354.30 Td ($14.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.22 354.30 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.66 354.30 Td ($14.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.55 354.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 389.21 354.30 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 333.30 Td (During the years ended December 31, 2013, 2012 and 201) Tj ET Q q 0 0 0 rg BT 307.17 333.30 Td (1, the Company subleased approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.91 333.30 Td (15,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.41 333.30 Td ( square feet of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 321.30 Td (space in our New ) Tj ET Q q 0 0 0 rg BT 121.83 321.30 Td (Y) Tj ET Q q 0 0 0 rg BT 128.05 321.30 Td (ork of) Tj ET Q q 0 0 0 rg BT 152.03 321.30 Td (fice to GCP) Tj ET Q q 0 0 0 rg BT 198.87 321.30 Td ( Capital. ) Tj ET Q q 0 0 0 rg BT 237.57 321.30 Td (The Company earned rental reimbursements related to the sublease of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.69 321.30 Td ($1.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 309.30 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 309.30 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.89 309.30 Td ($1.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.78 309.30 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.22 309.30 Td ($1.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.11 309.30 Td ( for each of the years ended December 31, 2013, 2012 and 201) Tj ET Q q 0 0 0 rg BT 451.76 309.30 Td (1, respectively) Tj ET Q q 0 0 0 rg BT 509.42 309.30 Td (. ) Tj ET Q q 0 0 0 rg BT 516.74 309.30 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 297.30 Td (sublease was terminated in December 2013. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 276.30 Td (Diversified financial institutions issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.42 276.30 Td (five) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.97 276.30 Td ( letters of credit on behalf of the Company to secure of) Tj ET Q q 0 0 0 rg BT 467.88 276.30 Td (fice space leases, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 264.30 Td (which totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.65 264.30 Td ($4.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.54 264.30 Td ( at December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.34 264.30 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.34 264.30 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.78 264.30 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.78 264.30 Td (. ) Tj ET Q q 0 0 0 rg BT 290.60 264.30 Td (These letters of credit were secured by cash held on deposit. ) Tj ET Q q 0 0 0 rg BT 533.29 264.30 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 252.30 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.58 252.30 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 252.30 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.02 252.30 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.02 252.30 Td (, no amounts had been drawn under any of the letters of credit. See ") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.02 252.30 Td (Note3 Cash and Cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 240.30 Td (Equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.21 240.30 Td (".) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 219.30 Td (At December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.08 219.30 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.08 219.30 Td (, the Company had capital commitments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.04 219.30 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.94 219.30 Td ( remaining. See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.36 219.30 Td (Note4 Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.62 219.30 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 198.30 Td (The Company is from time to time involved in legal proceedings incidental to the ordinary course of its business. ) Tj ET Q q 0 0 0 rg BT 529.28 198.30 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 186.30 Td (Company does not believe any such proceedings will have a material adverse ef) Tj ET Q q 0 0 0 rg BT 369.71 186.30 Td (fect on its results of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 162.30 Td (Note14 Income ) Tj ET Q q 0 0 0 rg BT 131.47 162.30 Td (T) Tj ET Q q 0 0 0 rg BT 137.22 162.30 Td (axes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.55 162.30 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 145.30 Td (The Company is subject to U.S.federal, foreign, state and local corporate income taxes.) Tj ET Q endstream endobj 131 0 obj <> endobj 132 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The components of the provision for income taxes reflected on the consolidated statements of income are set forth below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 692.60 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 692.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 692.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 692.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 692.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 692.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 662.60 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 662.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 662.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 662.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 632.60 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 632.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 632.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 632.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 632.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 632.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 602.60 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 602.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 602.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 602.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 602.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 602.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 572.60 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 572.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 572.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 572.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 542.60 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 542.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 542.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 542.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 718.6 m 434.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 718.6 m 438.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 718.6 m 498.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 718.6 m 502.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 718.6 m 562.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 718.6 m 434.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 705.6 m 434.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 718.6 m 438.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 718.6 m 498.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 705.6 m 498.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 718.6 m 502.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 718.6 m 562.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 705.6 m 562.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 632.6 m 434.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 632.6 m 498.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 632.6 m 562.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 557.6 m 434.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 557.6 m 498.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 557.6 m 562.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 542.6 m 434.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 557.6 m 498.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 542.6 m 498.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 557.6 m 562.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 542.6 m 562.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 528.6 m 434.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 526.6 m 434.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 528.6 m 498.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 526.6 m 498.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 528.6 m 562.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 526.6 m 562.5 526.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.45 722.83 Td (For The Years Ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 709.83 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.00 709.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.20 709.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.65 696.83 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 683.17 Td (Current taxes:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 668.17 Td (U.S. federal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 667.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 667.27 Td (19,782) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 667.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 667.27 Td (34,752) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 667.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 667.27 Td (13,419) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 653.17 Td (State and local) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 652.27 Td (1,709) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 652.27 Td (4,747) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 652.27 Td (2,848) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 638.17 Td (Foreign) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 637.27 Td (10,743) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 637.27 Td (7,116) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 637.27 Td (13,357) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.00 623.17 Td (Total current tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 622.27 Td (32,234) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 622.27 Td (46,615) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 622.27 Td (29,624) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 608.17 Td (Deferred taxes:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 593.17 Td (U.S. federal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.80 592.32 Td (\(8,711) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 592.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 592.32 Td (\(15,119) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 592.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 592.32 Td (\(7,501) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 592.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 578.17 Td (State and local) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.30 577.32 Td (\(265) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 577.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.30 577.32 Td (\(796) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 577.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 577.32 Td (\(617) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 577.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 563.17 Td (Foreign) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 562.27 Td (1,266) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.80 562.32 Td (\(2,317) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 562.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 562.27 Td (2,580) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.00 548.17 Td (Total deferred tax \(benefit\) expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.80 547.32 Td (\(7,710) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 547.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 547.32 Td (\(18,232) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 547.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 547.32 Td (\(5,538) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 547.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 533.17 Td (Total tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 532.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 532.27 Td (24,524) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 532.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 532.27 Td (28,383) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 532.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 532.27 Td (24,086) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 504.10 Td (The ) Tj ET Q q 0 0 0 rg BT 91.87 504.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 138.77 504.10 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 177.21 504.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 220.64 504.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 256.83 504.10 Td (are ) Tj ET Q q 0 0 0 rg BT 271.36 504.10 Td (not ) Tj ET Q q 0 0 0 rg BT 286.46 504.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 332.10 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 342.20 504.10 Td (be ) Tj ET Q q 0 0 0 rg BT 353.96 504.10 Td (permanently ) Tj ET Q q 0 0 0 rg BT 406.26 504.10 Td (reinvested ) Tj ET Q q 0 0 0 rg BT 449.68 504.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 480.89 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 491.54 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.08 504.10 Td (United ) Tj ET Q q 0 0 0 rg BT 535.62 504.10 Td (States, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.51 492.10 Td (under ) Tj ET Q q 0 0 0 rg BT 93.35 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.64 492.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 163.91 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.63 492.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 197.16 492.10 Td (740, ) Tj ET Q q 0 0 0 rg BT 217.73 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.02 492.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 274.98 492.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 312.49 492.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 347.21 492.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 368.07 492.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 404.44 492.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 419.73 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 430.58 492.10 Td (these ) Tj ET Q q 0 0 0 rg BT 454.20 492.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 491.15 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 502.00 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.29 492.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 544.79 492.10 Td (they ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 79.77 480.10 Td (be ) Tj ET Q q 0 0 0 rg BT 92.32 480.10 Td (repatriated ) Tj ET Q q 0 0 0 rg BT 138.19 480.10 Td (in ) Tj ET Q q 0 0 0 rg BT 149.08 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 156.64 480.10 Td (tax-free ) Tj ET Q q 0 0 0 rg BT 190.83 480.10 Td (manner) Tj ET Q q 0 0 0 rg BT 220.27 480.10 Td (. ) Tj ET Q q 0 0 0 rg BT 225.88 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 229.00 480.10 Td (In ) Tj ET Q q 0 0 0 rg BT 240.44 480.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 263.56 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.11 480.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 306.73 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.06 480.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 364.06 480.10 Td (did ) Tj ET Q q 0 0 0 rg BT 379.96 480.10 Td (not ) Tj ET Q q 0 0 0 rg BT 395.85 480.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 419.51 480.10 Td (any ) Tj ET Q q 0 0 0 rg BT 437.07 480.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 480.17 480.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 495.50 480.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 538.33 480.10 Td (net ) Tj ET Q q 0 0 0 rg BT 553.67 480.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (credits ) Tj ET Q q 0 0 0 rg BT 79.16 468.10 Td (for ) Tj ET Q q 0 0 0 rg BT 93.32 468.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 124.69 468.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 147.74 468.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 167.46 468.10 Td (on ) Tj ET Q q 0 0 0 rg BT 179.96 468.10 Td (such ) Tj ET Q q 0 0 0 rg BT 200.79 468.10 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 239.66 468.10 Td (related ) Tj ET Q q 0 0 0 rg BT 269.37 468.10 Td (to ) Tj ET Q q 0 0 0 rg BT 279.64 468.10 Td (this ) Tj ET Q q 0 0 0 rg BT 296.59 468.10 Td (policy) Tj ET Q q 0 0 0 rg BT 320.94 468.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 447.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 112.10 447.10 Td (income ) Tj ET Q q 0 0 0 rg BT 144.12 447.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 167.24 447.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 195.35 447.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.14 447.10 Td (net ) Tj ET Q q 0 0 0 rg BT 224.94 447.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 239.73 447.10 Td (ef) Tj ET Q q 0 0 0 rg BT 247.32 447.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 268.77 447.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.68 447.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 323.35 447.10 Td (dif) Tj ET Q q 0 0 0 rg BT 334.28 447.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 370.16 447.10 Td (between ) Tj ET Q q 0 0 0 rg BT 406.05 447.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.85 447.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 458.41 447.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 497.64 447.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.65 447.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 529.45 447.10 Td (bases ) Tj ET Q q 0 0 0 rg BT 553.68 447.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 435.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.71 435.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.53 435.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 132.13 435.10 Td (as ) Tj ET Q q 0 0 0 rg BT 142.84 435.10 Td (well ) Tj ET Q q 0 0 0 rg BT 162.44 435.10 Td (as ) Tj ET Q q 0 0 0 rg BT 173.15 435.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 213.30 435.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 231.24 435.10 Td (carryforwards. ) Tj ET Q q 0 0 0 rg BT 292.20 435.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 330.11 435.10 Td (income ) Tj ET Q q 0 0 0 rg BT 361.93 435.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 384.86 435.10 Td (are ) Tj ET Q q 0 0 0 rg BT 399.45 435.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 440.14 435.10 Td (using ) Tj ET Q q 0 0 0 rg BT 464.19 435.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.79 435.10 Td (enacted ) Tj ET Q q 0 0 0 rg BT 511.71 435.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 526.31 435.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 547.56 435.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 423.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 70.93 423.10 Td (that ) Tj ET Q q 0 0 0 rg BT 88.52 423.10 Td (will ) Tj ET Q q 0 0 0 rg BT 106.68 423.10 Td (be ) Tj ET Q q 0 0 0 rg BT 118.72 423.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.09 423.10 Td (ef) Tj ET Q q 0 0 0 rg BT 136.68 423.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 154.27 423.10 Td (when ) Tj ET Q q 0 0 0 rg BT 178.53 423.10 Td (such ) Tj ET Q q 0 0 0 rg BT 199.46 423.10 Td (dif) Tj ET Q q 0 0 0 rg BT 210.38 423.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 246.29 423.10 Td (are ) Tj ET Q q 0 0 0 rg BT 261.09 423.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 299.23 423.10 Td (to ) Tj ET Q q 0 0 0 rg BT 309.60 423.10 Td (reverse. ) Tj ET Q q 0 0 0 rg BT 343.57 423.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 390.05 423.10 Td (components ) Tj ET Q q 0 0 0 rg BT 440.97 423.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.90 423.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.72 423.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 513.90 423.10 Td (net ) Tj ET Q q 0 0 0 rg BT 528.71 423.10 Td (deferred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 411.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.72 411.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 90.55 411.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.49 411.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 147.20 411.10 Td (are ) Tj ET Q q 0 0 0 rg BT 161.91 411.10 Td (set ) Tj ET Q q 0 0 0 rg BT 175.52 411.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 197.46 411.10 Td (below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 350.80 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 350.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 350.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 350.80 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 335.80 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 320.80 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 320.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 320.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 320.80 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 305.80 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 290.80 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 290.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 290.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 290.80 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 275.80 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 260.80 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 260.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 260.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 260.80 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 245.80 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 230.80 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 230.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 230.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 230.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 200.80 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 200.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 200.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 200.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 170.80 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 170.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 170.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 170.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 140.80 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 140.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 140.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 140.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 110.80 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 110.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 110.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 110.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 80.80 388.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 80.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 80.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 80.80 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 376.79999999999995 m 498.5 376.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 376.79999999999995 m 502.5 376.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 376.79999999999995 m 562.5 376.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 376.79999999999995 m 498.5 376.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 363.79999999999995 m 498.5 363.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 376.79999999999995 m 502.5 376.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 376.79999999999995 m 562.5 376.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 363.79999999999995 m 562.5 363.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 200.79999999999995 m 498.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 200.79999999999995 m 562.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 200.79999999999995 m 498.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 185.79999999999995 m 498.5 185.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 200.79999999999995 m 562.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 185.79999999999995 m 562.5 185.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 80.79999999999995 m 498.5 80.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 80.79999999999995 m 562.5 80.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 65.79999999999995 m 498.5 65.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 65.79999999999995 m 562.5 65.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 51.799999999999955 m 498.5 51.799999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 49.799999999999955 m 498.5 49.799999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 51.799999999999955 m 562.5 51.799999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 49.799999999999955 m 562.5 49.799999999999955 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.95 381.03 Td (As of December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.00 368.03 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.00 368.03 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 475.65 355.03 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 341.37 Td (Deferred tax assets:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 326.37 Td (Compensation and benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 325.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 325.47 Td (39,991) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 325.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 325.47 Td (38,445) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 311.37 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 310.47 Td (3,077) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 310.47 Td (2,883) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 296.37 Td (Unrealized loss on investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 295.47 Td (205) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 295.47 Td (2,322) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 281.37 Td (Cumulative translation adjustment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 280.47 Td (5,266) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 280.47 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 266.37 Td (Operating loss carryforwards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 265.47 Td (3,447) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 265.47 Td (4,310) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 251.37 Td (Capital loss carryforwards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 250.47 Td (2,845) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 250.47 Td (789) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 236.37 Td (Foreign tax credit carryforwards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 235.47 Td (4,252) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 235.47 Td (6,206) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 221.37 Td (Other financial accruals) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 220.47 Td (57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 220.47 Td (168) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 206.37 Td (Valuation allowances) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.80 205.52 Td (\(4,938) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 205.47 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 205.52 Td (\(7,611) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 205.47 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 191.37 Td (Total deferred tax assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 190.47 Td (54,202) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 190.47 Td (47,512) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 176.37 Td (Deferred tax liabilities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 161.37 Td (Unrealized gain on investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 160.47 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 160.47 Td (4,302) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 146.37 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 145.47 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 145.47 Td (125) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 131.37 Td (Cumulative translation adjustment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 130.47 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 130.47 Td (3,726) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 116.37 Td (Intangible asset acquired, net of amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 115.47 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 115.47 Td (199) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 101.37 Td (Repatriation of foreign earnings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 100.47 Td (2,159) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 100.47 Td (545) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 86.37 Td (Other financial accruals) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 85.47 Td (186) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 85.47 Td (348) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 71.37 Td (Total deferred tax liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 70.47 Td (2,345) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 70.47 Td (9,245) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 56.37 Td (Net deferred tax asset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 55.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 55.47 Td (51,857) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 55.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 55.47 Td (38,267) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 730.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 100.43 730.10 Td (on ) Tj ET Q q 0 0 0 rg BT 112.42 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.63 730.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 173.20 730.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 212.41 730.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 243.27 730.10 Td (income ) Tj ET Q q 0 0 0 rg BT 274.70 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.13 730.10 Td (its ) Tj ET Q q 0 0 0 rg BT 302.57 730.10 Td (expectation ) Tj ET Q q 0 0 0 rg BT 350.65 730.10 Td (for ) Tj ET Q q 0 0 0 rg BT 364.30 730.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 395.17 730.10 Td (income ) Tj ET Q q 0 0 0 rg BT 426.59 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 436.36 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.57 730.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 478.94 730.10 Td (management ) Tj ET Q q 0 0 0 rg BT 532.02 730.10 Td (expects ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (that ) Tj ET Q q 0 0 0 rg BT 68.50 718.10 Td (its ) Tj ET Q q 0 0 0 rg BT 81.46 718.10 Td (lar) Tj ET Q q 0 0 0 rg BT 91.83 718.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 111.45 718.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 148.26 718.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 163.99 718.10 Td (asset, ) Tj ET Q q 0 0 0 rg BT 189.44 718.10 Td (which ) Tj ET Q q 0 0 0 rg BT 217.39 718.10 Td (relates ) Tj ET Q q 0 0 0 rg BT 246.99 718.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 293.82 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 305.11 718.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 364.16 718.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 399.88 718.10 Td (deducted ) Tj ET Q q 0 0 0 rg BT 439.48 718.10 Td (for ) Tj ET Q q 0 0 0 rg BT 454.65 718.10 Td (book ) Tj ET Q q 0 0 0 rg BT 478.16 718.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 517.22 718.10 Td (but ) Tj ET Q q 0 0 0 rg BT 533.51 718.10 Td (not ) Tj ET Q q 0 0 0 rg BT 549.80 718.10 Td (yet ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (deducted ) Tj ET Q q 0 0 0 rg BT 87.80 706.10 Td (for ) Tj ET Q q 0 0 0 rg BT 101.16 706.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 115.08 706.10 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 154.83 706.10 Td (will ) Tj ET Q q 0 0 0 rg BT 172.09 706.10 Td (be ) Tj ET Q q 0 0 0 rg BT 183.24 706.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 216.58 706.10 Td (as ) Tj ET Q q 0 0 0 rg BT 226.61 706.10 Td (of) Tj ET Q q 0 0 0 rg BT 234.76 706.10 Td (fsets ) Tj ET Q q 0 0 0 rg BT 254.80 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 264.28 706.10 Td (\(i\)the ) Tj ET Q q 0 0 0 rg BT 290.14 706.10 Td (realization ) Tj ET Q q 0 0 0 rg BT 334.04 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.07 706.10 Td (its ) Tj ET Q q 0 0 0 rg BT 355.22 706.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 390.23 706.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 404.15 706.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 443.07 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.21 706.10 Td (\(ii\)future ) Tj ET Q q 0 0 0 rg BT 499.51 706.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 530.08 706.10 Td (income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 685.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 685.10 Td (s deferred taxes for operating loss carryforwards relate to losses incurred in foreign jurisdictions, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (either were profitable in prior years or were profitable in the current year) Tj ET Q q 0 0 0 rg BT 340.98 673.10 Td (. ) Tj ET Q q 0 0 0 rg BT 345.80 673.10 Td (When assessing the need for a valuation allowance, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (management evaluates each foreign jurisdiction separately and considers items such as estimated future taxable income, cost ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (bases, and other various factors. Based on all available information, the Company has determined that it is more likely than not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (that it will realize the benefit of these operating loss carryforwards in future periods, therefore, a valuation allowance has not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (been established for these deferred tax assets. ) Tj ET Q q 0 0 0 rg BT 233.82 625.10 Td (At December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.90 625.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.90 625.10 Td (, the Company had operating foreign loss carryforwards, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (which in aggregate totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.29 613.10 Td ($7.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.18 613.10 Td (. Operating foreign loss carryforwards of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.52 613.10 Td ($1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.41 613.10 Td ( may be carried forward for seven ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (to eight years and the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.07 601.10 Td ($6.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.96 601.10 Td ( may be carried forward for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.68 601.10 Td (seventeen) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.10 601.10 Td ( years and longer) Tj ET Q q 0 0 0 rg BT 450.14 601.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 580.10 Td (Due to the Company) Tj ET Q q 0 0 0 rg BT 159.82 580.10 Td (s operating loss carryforward position, tax benefits related to share-based payments generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (booked through equity accounts may not be recorded until such time as the benefit is realized as a reduction in the Company) Tj ET Q q 0 0 0 rg BT 550.69 568.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (actual taxes paid. ) Tj ET Q q 0 0 0 rg BT 121.08 556.10 Td (As of December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.11 556.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.11 556.10 Td (, the current taxes payable would have been decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.95 556.10 Td ($0.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.84 556.10 Td ( if the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (Company had been able to realize these benefits in its filed tax returns.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 523.10 Td (In 2013, the Company's subsidiary in the United Kingdom sold its investment in Iridium and realized a capital loss. ) Tj ET Q q 0 0 0 rg BT 540.55 523.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (Company did not have capital gains in the United Kingdom to of) Tj ET Q q 0 0 0 rg BT 309.50 511.10 Td (fset this capital loss, so it will be carried forward and added to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (the 2012 capital loss realized from the sale of its interests in GCPE. Capital losses in the United Kingdom may be carried ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (forward indefinitely) Tj ET Q q 0 0 0 rg BT 129.60 487.10 Td (, but it is more likely than not that the Company will not generate capital gains in this jurisdiction to of) Tj ET Q q 0 0 0 rg BT 540.18 487.10 Td (fset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (these capital losses. ) Tj ET Q q 0 0 0 rg BT 133.04 475.10 Td (As such, the Company established valuation allowances of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.48 475.10 Td ($2.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.38 475.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.81 475.10 Td ($1.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.71 475.10 Td ( for the tax years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (ending December 31, 2013 and 2012, respectively) Tj ET Q q 0 0 0 rg BT 250.40 463.10 Td (, against the deferred tax asset related to its capital losses in the United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (Kingdom until such time as it determines it is more likely than not that the tax benefit of this deferred tax asset will be realized. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 430.10 Td (The Company has U.S. foreign tax credit carryforwards of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.31 430.10 Td ($4.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.21 430.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.64 430.10 Td ($6.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.54 430.10 Td ( as of December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.28 430.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.28 430.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 418.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.66 418.10 Td (, which can be utilized against the repatriation of earnings from foreign jurisdictions. ) Tj ET Q q 0 0 0 rg BT 464.32 418.10 Td (The repatriation of all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (foreign earnings as of December 31, 2013 would result in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.99 406.10 Td ($2.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.88 406.10 Td ( of additional federal tax. ) Tj ET Q q 0 0 0 rg BT 437.12 406.10 Td (Although the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (expects to repatriate foreign earnings in the future, it is not practicable to estimate the U.S. tax ef) Tj ET Q q 0 0 0 rg BT 436.90 394.10 Td (fect of future repatriations of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (its foreign earnings. ) Tj ET Q q 0 0 0 rg BT 131.65 382.10 Td (As such, as of December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.84 382.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.84 382.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.28 382.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.28 382.10 Td (, the Company has established valuation allowances of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.61 382.10 Td ($2.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 370.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.33 370.10 Td ($5.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.22 370.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 199.88 370.10 Td (, against the portion of its U.S. foreign tax credit carryforward which may not be utilized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (until it can determine it is more likely than not that the tax benefit of this deferred tax asset will be realized. ) Tj ET Q q 0 0 0 rg BT 482.18 358.10 Td (These foreign tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (credit carryforwards will expire in various years through 2022 if not utilized.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 325.10 Td (Any gain or loss resulting from the translation of deferred taxes for foreign af) Tj ET Q q 0 0 0 rg BT 384.00 325.10 Td (filiates is included in the foreign currency ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (translation adjustment incorporated as a component of other comprehensive income, net of tax, in the consolidated statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (of changes in equity) Tj ET Q q 0 0 0 rg BT 130.16 301.10 Td (. ) Tj ET Q q 0 0 0 rg BT 134.98 301.10 Td (There are income taxes receivable of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.89 301.10 Td ($1.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.78 301.10 Td ( included in other receivables in the consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (statements of financial condition as of December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.54 289.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.54 289.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.48 289.10 Td (none) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.92 289.10 Td ( as of December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.66 289.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.66 289.10 Td (. Included in current income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (taxes payable in the consolidated statements of financial condition are current taxes payable of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.97 277.10 Td ($15.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.86 277.10 Td ( as of December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 265.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.00 265.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.44 265.10 Td ($15.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.33 265.10 Td ( as of December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.07 265.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.07 265.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 244.10 Td (The ) Tj ET Q q 0 0 0 rg BT 92.13 244.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 133.60 244.10 Td (is ) Tj ET Q q 0 0 0 rg BT 142.85 244.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 173.76 244.10 Td (to ) Tj ET Q q 0 0 0 rg BT 184.12 244.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.92 244.10 Td (income ) Tj ET Q q 0 0 0 rg BT 230.93 244.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 245.73 244.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 266.64 244.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.55 244.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.35 244.10 Td (United ) Tj ET Q q 0 0 0 rg BT 322.15 244.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 351.12 244.10 Td (its ) Tj ET Q q 0 0 0 rg BT 363.15 244.10 Td (states ) Tj ET Q q 0 0 0 rg BT 387.95 244.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.97 244.10 Td (municipalities, ) Tj ET Q q 0 0 0 rg BT 466.71 244.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.73 244.10 Td (those ) Tj ET Q q 0 0 0 rg BT 507.42 244.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.33 244.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.13 244.10 Td (foreign ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 101.75 232.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.83 232.10 Td (which ) Tj ET Q q 0 0 0 rg BT 138.57 232.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.09 232.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 194.28 232.10 Td (operates. ) Tj ET Q q 0 0 0 rg BT 232.23 232.10 Td (These ) Tj ET Q q 0 0 0 rg BT 258.42 232.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 279.05 232.10 Td (are ) Tj ET Q q 0 0 0 rg BT 293.56 232.10 Td (complex, ) Tj ET Q q 0 0 0 rg BT 332.80 232.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.54 232.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.06 232.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 396.35 232.10 Td (which ) Tj ET Q q 0 0 0 rg BT 423.09 232.10 Td (they ) Tj ET Q q 0 0 0 rg BT 442.61 232.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 467.13 232.10 Td (to ) Tj ET Q q 0 0 0 rg BT 477.21 232.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.73 232.10 Td (taxpayer's ) Tj ET Q q 0 0 0 rg BT 534.16 232.10 Td (facts ) Tj ET Q q 0 0 0 rg BT 555.34 232.10 Td (is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (sometimes ) Tj ET Q q 0 0 0 rg BT 94.26 220.10 Td (open ) Tj ET Q q 0 0 0 rg BT 115.19 220.10 Td (to ) Tj ET Q q 0 0 0 rg BT 124.46 220.10 Td (interpretation. ) Tj ET Q q 0 0 0 rg BT 182.32 220.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 236.01 220.10 Td (must ) Tj ET Q q 0 0 0 rg BT 256.95 220.10 Td (make ) Tj ET Q q 0 0 0 rg BT 280.10 220.10 Td (judgments ) Tj ET Q q 0 0 0 rg BT 323.25 220.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.52 220.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 371.24 220.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.94 220.10 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 426.99 220.10 Td (that ) Tj ET Q q 0 0 0 rg BT 443.47 220.10 Td (a ) Tj ET Q q 0 0 0 rg BT 449.40 220.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 463.11 220.10 Td (position ) Tj ET Q q 0 0 0 rg BT 496.83 220.10 Td (will ) Tj ET Q q 0 0 0 rg BT 513.87 220.10 Td (be ) Tj ET Q q 0 0 0 rg BT 524.80 220.10 Td (sustained ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 72.27 208.10 Td (examination ) Tj ET Q q 0 0 0 rg BT 123.97 208.10 Td (by ) Tj ET Q q 0 0 0 rg BT 136.24 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.73 208.10 Td (taxing ) Tj ET Q q 0 0 0 rg BT 177.99 208.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 222.48 208.10 Td (based ) Tj ET Q q 0 0 0 rg BT 247.51 208.10 Td (on ) Tj ET Q q 0 0 0 rg BT 259.79 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.27 208.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 312.63 208.10 Td (merits ) Tj ET Q q 0 0 0 rg BT 339.90 208.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.50 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.99 208.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 379.47 208.10 Td (position. ) Tj ET Q q 0 0 0 rg BT 416.47 208.10 Td (In ) Tj ET Q q 0 0 0 rg BT 427.07 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.56 208.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 472.15 208.10 Td (course ) Tj ET Q q 0 0 0 rg BT 500.52 208.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.12 208.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 549.79 208.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.81 196.10 Td (may ) Tj ET Q q 0 0 0 rg BT 109.95 196.10 Td (be ) Tj ET Q q 0 0 0 rg BT 121.32 196.10 Td (under ) Tj ET Q q 0 0 0 rg BT 146.01 196.10 Td (audit ) Tj ET Q q 0 0 0 rg BT 167.93 196.10 Td (in ) Tj ET Q q 0 0 0 rg BT 177.64 196.10 Td (one ) Tj ET Q q 0 0 0 rg BT 194.00 196.10 Td (or ) Tj ET Q q 0 0 0 rg BT 204.25 196.10 Td (more ) Tj ET Q q 0 0 0 rg BT 226.73 196.10 Td (of ) Tj ET Q q 0 0 0 rg BT 236.98 196.10 Td (its ) Tj ET Q q 0 0 0 rg BT 248.36 196.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 299.72 196.10 Td (in ) Tj ET Q q 0 0 0 rg BT 309.43 196.10 Td (an ) Tj ET Q q 0 0 0 rg BT 320.79 196.10 Td (open ) Tj ET Q q 0 0 0 rg BT 342.16 196.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 356.30 196.10 Td (year ) Tj ET Q q 0 0 0 rg BT 375.43 196.10 Td (for ) Tj ET Q q 0 0 0 rg BT 389.02 196.10 Td (that ) Tj ET Q q 0 0 0 rg BT 405.94 196.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 446.17 196.10 Td (jurisdiction. ) Tj ET Q q 0 0 0 rg BT 496.15 196.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.65 196.10 Td (As ) Tj ET Q q 0 0 0 rg BT 510.69 196.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.94 196.10 Td (December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 64.36 184.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 88.72 184.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.80 184.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 143.55 184.10 Td (does ) Tj ET Q q 0 0 0 rg BT 163.74 184.10 Td (not ) Tj ET Q q 0 0 0 rg BT 178.38 184.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 206.34 184.10 Td (any ) Tj ET Q q 0 0 0 rg BT 222.64 184.10 Td (material ) Tj ET Q q 0 0 0 rg BT 257.26 184.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 291.33 184.10 Td (in ) Tj ET Q q 0 0 0 rg BT 300.97 184.10 Td (its ) Tj ET Q q 0 0 0 rg BT 312.28 184.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 326.36 184.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 366.00 184.10 Td (related ) Tj ET Q q 0 0 0 rg BT 395.06 184.10 Td (to ) Tj ET Q q 0 0 0 rg BT 404.70 184.10 Td (any ) Tj ET Q q 0 0 0 rg BT 421.00 184.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 469.53 184.10 Td (current ) Tj ET Q q 0 0 0 rg BT 499.71 184.10 Td (or ) Tj ET Q q 0 0 0 rg BT 509.90 184.10 Td (future ) Tj ET Q q 0 0 0 rg BT 535.64 184.10 Td (audits.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 163.10 Td (The ) Tj ET Q q 0 0 0 rg BT 91.81 163.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 132.96 163.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 177.98 163.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 192.47 163.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 230.85 163.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.89 163.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.38 163.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 292.62 163.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 337.10 163.10 Td (only ) Tj ET Q q 0 0 0 rg BT 357.14 163.10 Td (when ) Tj ET Q q 0 0 0 rg BT 381.07 163.10 Td (it ) Tj ET Q q 0 0 0 rg BT 388.89 163.10 Td (is ) Tj ET Q q 0 0 0 rg BT 397.83 163.10 Td (more ) Tj ET Q q 0 0 0 rg BT 420.64 163.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 445.68 163.10 Td (than ) Tj ET Q q 0 0 0 rg BT 465.16 163.10 Td (not ) Tj ET Q q 0 0 0 rg BT 480.21 163.10 Td (that ) Tj ET Q q 0 0 0 rg BT 497.47 163.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.95 163.10 Td (position ) Tj ET Q q 0 0 0 rg BT 546.44 163.10 Td (will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (be ) Tj ET Q q 0 0 0 rg BT 62.06 151.10 Td (sustained ) Tj ET Q q 0 0 0 rg BT 101.90 151.10 Td (on ) Tj ET Q q 0 0 0 rg BT 114.52 151.10 Td (examination ) Tj ET Q q 0 0 0 rg BT 166.57 151.10 Td (by ) Tj ET Q q 0 0 0 rg BT 179.19 151.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.03 151.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 228.85 151.10 Td (taxing ) Tj ET Q q 0 0 0 rg BT 256.47 151.10 Td (authority ) Tj ET Q q 0 0 0 rg BT 295.19 151.10 Td (based ) Tj ET Q q 0 0 0 rg BT 320.58 151.10 Td (on ) Tj ET Q q 0 0 0 rg BT 333.20 151.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.04 151.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 386.75 151.10 Td (merits ) Tj ET Q q 0 0 0 rg BT 414.37 151.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.32 151.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.16 151.10 Td (position. ) Tj ET Q q 0 0 0 rg BT 476.92 151.10 Td (A) Tj ET Q q 0 0 0 rg BT 483.59 151.10 Td ( ) Tj ET Q q 0 0 0 rg BT 486.22 151.10 Td (position ) Tj ET Q q 0 0 0 rg BT 521.06 151.10 Td (that ) Tj ET Q q 0 0 0 rg BT 538.68 151.10 Td (meets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (this ) Tj ET Q q 0 0 0 rg BT 67.37 139.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 104.17 139.10 Td (is ) Tj ET Q q 0 0 0 rg BT 113.77 139.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 155.01 139.10 Td (at ) Tj ET Q q 0 0 0 rg BT 165.15 139.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.29 139.10 Td (lar) Tj ET Q q 0 0 0 rg BT 190.66 139.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 209.69 139.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 242.61 139.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.87 139.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 284.56 139.10 Td (that ) Tj ET Q q 0 0 0 rg BT 302.48 139.10 Td (will ) Tj ET Q q 0 0 0 rg BT 320.96 139.10 Td (more ) Tj ET Q q 0 0 0 rg BT 344.43 139.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 370.13 139.10 Td (than ) Tj ET Q q 0 0 0 rg BT 390.27 139.10 Td (not ) Tj ET Q q 0 0 0 rg BT 405.97 139.10 Td (be ) Tj ET Q q 0 0 0 rg BT 418.33 139.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 452.90 139.10 Td (on ) Tj ET Q q 0 0 0 rg BT 465.83 139.10 Td (settlement. ) Tj ET Q q 0 0 0 rg BT 511.70 139.10 Td (A) Tj ET Q q 0 0 0 rg BT 518.37 139.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.30 139.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 555.33 139.10 Td (is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (established ) Tj ET Q q 0 0 0 rg BT 95.88 127.10 Td (for ) Tj ET Q q 0 0 0 rg BT 108.99 127.10 Td (dif) Tj ET Q q 0 0 0 rg BT 119.92 127.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 154.67 127.10 Td (between ) Tj ET Q q 0 0 0 rg BT 189.44 127.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 227.01 127.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 250.11 127.10 Td (in ) Tj ET Q q 0 0 0 rg BT 259.34 127.10 Td (a ) Tj ET Q q 0 0 0 rg BT 265.23 127.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 278.89 127.10 Td (return ) Tj ET Q q 0 0 0 rg BT 304.22 127.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.11 127.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 355.44 127.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 400.75 127.10 Td (in ) Tj ET Q q 0 0 0 rg BT 409.98 127.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.65 127.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 460.08 127.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 506.13 127.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.13 127.10 Td (Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 93.62 115.10 Td (a ) Tj ET Q q 0 0 0 rg BT 100.03 115.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 114.22 115.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 148.40 115.10 Td (as ) Tj ET Q q 0 0 0 rg BT 158.71 115.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.01 115.10 Td (December ) Tj ET Q q 0 0 0 rg BT 212.06 115.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 226.54 115.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 251.01 115.10 Td (and ) Tj ET Q q 0 0 0 rg BT 267.42 115.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 314.37 115.10 Td (that ) Tj ET Q q 0 0 0 rg BT 331.34 115.10 Td (there ) Tj ET Q q 0 0 0 rg BT 353.29 115.10 Td (was ) Tj ET Q q 0 0 0 rg BT 370.82 115.10 Td (no ) Tj ET Q q 0 0 0 rg BT 382.79 115.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 433.07 115.10 Td (to ) Tj ET Q q 0 0 0 rg BT 442.82 115.10 Td (accrue ) Tj ET Q q 0 0 0 rg BT 470.88 115.10 Td (any ) Tj ET Q q 0 0 0 rg BT 487.29 115.10 Td (material ) Tj ET Q q 0 0 0 rg BT 522.02 115.10 Td (additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 91.80 103.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 115.87 103.10 Td (when ) Tj ET Q q 0 0 0 rg BT 140.20 103.10 Td (present ) Tj ET Q q 0 0 0 rg BT 171.75 103.10 Td (as ) Tj ET Q q 0 0 0 rg BT 182.76 103.10 Td (part ) Tj ET Q q 0 0 0 rg BT 200.98 103.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.99 103.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.88 103.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 241.77 103.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 282.22 103.10 Td (calculation, ) Tj ET Q q 0 0 0 rg BT 331.26 103.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 363.37 103.10 Td (and ) Tj ET Q q 0 0 0 rg BT 380.49 103.10 Td (penalties ) Tj ET Q q 0 0 0 rg BT 418.70 103.10 Td (are ) Tj ET Q q 0 0 0 rg BT 433.58 103.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 469.57 103.10 Td (as ) Tj ET Q q 0 0 0 rg BT 480.58 103.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 512.69 103.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 547.57 103.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 91.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.05 91.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 113.31 91.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 151.91 91.10 Td (in ) Tj ET Q q 0 0 0 rg BT 162.19 91.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.90 91.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 229.95 91.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 274.66 91.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.49 91.10 Td (income.) Tj ET Q endstream endobj 135 0 obj <> endobj 136 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 742.10 Td ( reconciliation of the statutory U.S.federal income tax rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.19 742.10 Td (35.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.02 742.10 Td ( to the Company) Tj ET Q q 0 0 0 rg BT 424.18 742.10 Td (s ef) Tj ET Q q 0 0 0 rg BT 438.16 742.10 Td (fective income tax rate is set ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (forth below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 693.60 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 693.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 693.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 693.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 693.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 693.60 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 678.60 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 663.60 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 663.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 663.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 663.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 663.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 663.60 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 648.60 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 633.60 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 633.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 633.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 633.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 633.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 633.60 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 618.60 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 603.60 324.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 603.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 603.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 603.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 706.6 m 434.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 706.6 m 438.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 706.6 m 498.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 706.6 m 502.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 706.6 m 562.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 706.6 m 434.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 693.6 m 434.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 706.6 m 438.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 706.6 m 498.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 693.6 m 498.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 706.6 m 502.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 706.6 m 562.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 693.6 m 562.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 603.6 m 434.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 603.6 m 498.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 603.6 m 562.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 603.6 m 434.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 589.6 m 434.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 587.6 m 434.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 603.6 m 498.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 589.6 m 498.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 587.6 m 498.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 603.6 m 562.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 589.6 m 562.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 587.6 m 562.5 587.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.75 710.83 Td (FortheYearsEndedDecember31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 697.83 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.00 697.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.20 697.83 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 684.17 Td (U.S. statutory tax rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 683.27 Td (35.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 683.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 683.27 Td (35.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 683.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 683.27 Td (35.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 683.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 669.17 Td (Increase related to state and local taxes, net of U.S. income tax benefit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 668.27 Td (1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 668.27 Td (3.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 668.27 Td (2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 654.17 Td (Benefits and taxes related to foreign operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.80 653.32 Td (\(4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 653.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.80 653.32 Td (\(1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 653.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 653.32 Td (\(3.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 653.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 639.17 Td (Valuation allowances) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 638.27 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 638.27 Td (2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 638.27 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 624.17 Td (Sale of merchant banking business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.80 623.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 623.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.80 623.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 623.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 623.32 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 623.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 609.17 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 608.27 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 608.27 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 608.27 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 594.17 Td (Effective income tax rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 593.27 Td (34.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 593.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 593.27 Td (40.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 593.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 593.27 Td (35.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.65 593.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 567.50 Td (Note15 Regulatory Requir) Tj ET Q q 0 0 0 rg BT 177.58 567.50 Td (ements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 550.50 Td (Certain subsidiaries of the Company are subject to various regulatory requirements in the UnitedStates, United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.50 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 92.23 538.50 Td (Australia and certain other jurisdictions, which specify) Tj ET Q q 0 0 0 rg BT 310.68 538.50 Td (, among other requirements, minimum net capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.50 Td (requirements for registered broker) Tj ET Q q 0 0 0 rg BT 186.68 526.50 Td (-dealers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 505.50 Td (G&Co is subject to the SEC) Tj ET Q q 0 0 0 rg BT 189.28 505.50 Td (s Uniform Net Capital requirements under Rule15c3-1 \(the Rule\), which specifies, among ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 493.50 Td (other requirements, minimum net capital requirements for registered broker) Tj ET Q q 0 0 0 rg BT 352.19 493.50 Td (-dealers. ) Tj ET Q q 0 0 0 rg BT 388.66 493.50 Td (The Rule requires G&Co to maintain a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 481.50 Td (minimum net capital of the greater of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.89 481.50 Td ($5,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.39 481.50 Td ( or 1/15 of aggregate indebtedness, as defined in the Rule. ) Tj ET Q q 0 0 0 rg BT 463.49 481.50 Td (As of December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 469.50 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 469.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.44 469.50 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.44 469.50 Td (, G&Co) Tj ET Q q 0 0 0 rg BT 143.89 469.50 Td (s net capital was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.20 469.50 Td ($7.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.09 469.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.53 469.50 Td ($7.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.42 469.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 382.08 469.50 Td (, which exceeded its requirement by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.97 469.50 Td ($7.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 457.50 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 457.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.33 457.50 Td ($6.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.22 457.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 199.88 457.50 Td (. G&Co) Tj ET Q q 0 0 0 rg BT 234.33 457.50 Td (s aggregate indebtedness to net capital ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.26 457.50 Td (0.92) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.76 457.50 Td ( to 1 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.98 457.50 Td (1.62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.48 457.50 Td ( to 1 at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 445.50 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.58 445.50 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 445.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.02 445.50 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.02 445.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.68 445.50 Td (. Certain distributions and other capital withdrawals of G&Co are subject to certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 433.50 Td (notifications and restrictive provisions of the Rule.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 412.50 Td (GCI and GCE are subject to capital requirements of the FCA. Greenhill ) Tj ET Q q 0 0 0 rg BT 362.54 412.50 Td (Australia is subject to capital requirements of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.50 Td (ASIC. ) Tj ET Q q 0 0 0 rg BT 77.60 400.50 Td (W) Tj ET Q q 0 0 0 rg BT 86.24 400.50 Td (e are also subject to certain capital regulatory requirements in other jurisdictions. ) Tj ET Q q 0 0 0 rg BT 414.46 400.50 Td (As of December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.49 400.50 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.49 400.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.93 400.50 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 556.93 400.50 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 388.50 Td (GCI, GCE, Greenhill ) Tj ET Q q 0 0 0 rg BT 136.93 388.50 Td (Australia, and our other regulated operations were in compliance with local capital adequacy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.50 Td (requirements. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 352.50 Td (Note16 Business Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 335.50 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 335.50 Td (s activities as an investment banking firm constitutes a single business segment, with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.88 335.50 Td (two) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.88 335.50 Td ( principal sources ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 323.50 Td (of revenue:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 302.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 302.50 Td (Advisory) Tj ET Q q 0 0 0 rg BT 140.57 302.50 Td (, which includes engagements relating to mer) Tj ET Q q 0 0 0 rg BT 321.72 302.50 Td (gers and acquisitions, financing advisory and restructuring, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 290.50 Td (and private equity and real estate capital advisory services;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 269.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 269.50 Td (Investments, which includes the Company's principal investments in certain merchant banking funds, Iridium, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 257.50 Td (other investments and interest income. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 236.50 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 236.50 Td (The Company has principally earned its revenues from advisory fees earned from clients in lar) Tj ET Q q 0 0 0 rg BT 464.02 236.50 Td (ge part upon the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 224.50 Td (successful completion of the client) Tj ET Q q 0 0 0 rg BT 191.63 224.50 Td (s transaction or restructuring, or fund closing. ) Tj ET Q q 0 0 0 rg BT 376.31 224.50 Td (Advisory revenues represented approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 212.50 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.33 212.50 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.33 212.50 Td (102%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.66 212.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.10 212.50 Td (103%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.43 212.50 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 214.14 212.50 Td (s total revenues for the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.28 212.50 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.28 212.50 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.28 212.50 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.28 212.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.72 212.50 Td (201) Tj ET Q q 0 0 0 rg BT 495.35 212.50 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.35 212.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 553.01 212.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 191.50 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.83 191.50 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.83 191.50 Td (, there was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.37 191.50 Td (one) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.81 191.50 Td ( advisory client that accounted for approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.90 191.50 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.23 191.50 Td ( of revenues \(advice to Coventry Health ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.50 Td (Care, Inc. in connection with its sale to ) Tj ET Q q 0 0 0 rg BT 208.30 179.50 Td (Aetna\). For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.09 179.50 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.09 179.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.53 179.50 Td (201) Tj ET Q q 0 0 0 rg BT 378.15 179.50 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.15 179.50 Td (, there were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.57 179.50 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.57 179.50 Td ( advisory clients that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.50 Td (accounted for more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.96 167.50 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.29 167.50 Td ( of total revenues. ) Tj ET Q q 0 0 0 rg BT 242.25 167.50 Td (The Company did not have any single gain on an investment that contributed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.50 Td (more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.76 155.50 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.09 155.50 Td ( to total revenues in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.46 155.50 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.46 155.50 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.46 155.50 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.46 155.50 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.79 155.50 Td (201) Tj ET Q q 0 0 0 rg BT 265.42 155.50 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.42 155.50 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 134.50 Td (Since the financial markets are global in nature, the Company generally manages its business based on the operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 122.50 Td (results of the enterprise taken as whole, not by geographic region. For reporting purposes, the geographic regions are the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 110.50 Td (Americas, Europe, ) Tj ET Q q 0 0 0 rg BT 126.64 110.50 Td (Australia, and ) Tj ET Q q 0 0 0 rg BT 184.68 110.50 Td (Asia, locations in which the Company retains substantially all of its employees.) 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434.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 423.6 m 498.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 421.6 m 498.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 423.6 m 562.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 421.6 m 562.5 421.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 418.35 711.68 Td (As of or) Tj ET Q q 0 0 0 rg BT 445.31 711.68 Td ( for) Tj ET Q q 0 0 0 rg BT 457.38 711.68 Td ( ) Tj ET Q q 0 0 0 rg BT 459.24 711.68 Td (The ) Tj ET Q q 0 0 0 rg BT 474.28 711.68 Td (Y) Tj ET Q q 0 0 0 rg BT 479.17 711.68 Td (ears Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.75 703.68 Td (December) Tj ET Q q 0 0 0 rg BT 479.25 703.68 Td (31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 691.68 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.00 691.68 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.20 691.68 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.65 679.68 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 666.17 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 652.17 Td (Americas) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 652.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 652.17 Td (160,082) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 652.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 652.17 Td (179,204) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 652.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 652.17 Td (153,812) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 638.17 Td (Europe) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 638.17 Td (84,360) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 638.17 Td (57,606) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 638.17 Td (60,068) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 624.17 Td (Australia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 624.17 Td (34,868) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 624.17 Td (44,801) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 624.17 Td (70,669) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 610.17 Td (Asia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 609.27 Td (7,842) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 609.27 Td (3,468) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 609.27 Td (9,444) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 595.17 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 595.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 595.17 Td (287,152) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 595.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 595.17 Td (285,079) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 595.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 595.17 Td (293,993) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 581.17 Td (Income \(loss\) before taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 567.17 Td (Americas) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 567.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 567.17 Td (30,264) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 567.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 567.17 Td (56,837) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 567.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 567.17 Td (22,812) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 553.17 Td (Europe) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 553.17 Td (34,349) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 553.17 Td (8,447) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 553.17 Td (12,578) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 539.17 Td (Australia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 539.17 Td (6,270) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 539.17 Td (10,982) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 539.17 Td (33,776) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 525.17 Td (Asia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 525.17 Td (323) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.80 525.22 Td (\(5,791) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 525.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 525.22 Td (\(496) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 525.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 511.17 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 511.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 511.17 Td (71,206) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 511.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 511.17 Td (70,475) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 511.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 511.17 Td (68,670) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 497.17 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 483.17 Td (Americas) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 483.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 483.17 Td (144,462) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 483.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 483.17 Td (166,128) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 483.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 483.17 Td (192,111) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 469.17 Td (Europe) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 469.17 Td (54,772) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 469.17 Td (40,758) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 469.17 Td (74,689) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 455.17 Td (Australia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 455.17 Td (149,534) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 455.17 Td (172,406) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 455.17 Td (182,155) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 441.17 Td (Asia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 441.17 Td (4,678) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 441.17 Td (7,678) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 441.17 Td (11,785) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 427.17 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 427.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 427.17 Td (353,446) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 427.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 427.17 Td (386,970) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 427.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 427.17 Td (460,740) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 392.50 Td (Note17 Subsequent Events) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 375.50 Td (The Company evaluates subsequent events through the date on which the financial statements are issued.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 354.50 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.72 354.50 Td (January28, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.32 354.50 Td (, the Board of Directors of the Company declared a quarterly dividend of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.67 354.50 Td ($0.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.17 354.50 Td ( per share. ) Tj ET Q q 0 0 0 rg BT 517.85 354.50 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 342.50 Td (dividend will be payable on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.58 342.50 Td (March19, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.18 342.50 Td ( to the common stockholders of record on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.59 342.50 Td (March5, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.19 342.50 Td (.) Tj ET Q endstream endobj 139 0 obj <> endobj 140 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-25) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Supplemental Financial Information Quarterly Results \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 701.10 Td (The following represents the Company) Tj ET Q q 0 0 0 rg BT 232.85 701.10 Td (s unaudited quarterly results for the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.82 701.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.82 701.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.25 701.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.25 701.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (These quarterly results were prepared in accordance with U.S.generally accepted accounting principles and reflect all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (adjustments that are, in the opinion of management, necessary for a fair presentation of the results.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 608.80 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 608.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 608.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 608.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 608.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 608.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 608.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 608.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 578.80 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 578.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 578.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 578.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 578.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 578.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 578.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 578.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 548.80 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 548.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 548.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 548.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 548.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 548.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 548.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 548.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 518.80 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 518.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 518.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 518.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 518.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 518.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 518.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 518.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 488.80 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 488.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 488.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 488.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 488.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 488.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 488.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 488.80 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 642.8 m 370.5 642.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 642.8 m 374.5 642.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 642.8 m 434.5 642.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 642.8 m 438.5 642.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 642.8 m 498.5 642.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 642.8 m 502.5 642.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 642.8 m 562.5 642.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 642.8 m 370.5 642.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 621.8 m 370.5 621.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 642.8 m 374.5 642.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 642.8 m 434.5 642.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 621.8 m 434.5 621.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 642.8 m 438.5 642.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 642.8 m 498.5 642.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 621.8 m 498.5 621.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 642.8 m 502.5 642.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 642.8 m 562.5 642.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 621.8 m 562.5 621.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 578.8 m 370.5 578.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 578.8 m 434.5 578.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 578.8 m 498.5 578.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 578.8 m 562.5 578.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 548.8 m 370.5 548.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 548.8 m 434.5 548.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 548.8 m 498.5 548.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 548.8 m 562.5 548.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 534.8 m 370.5 534.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 532.8 m 370.5 532.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 534.8 m 434.5 534.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 532.8 m 434.5 532.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 534.8 m 498.5 534.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 532.8 m 498.5 532.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 534.8 m 562.5 534.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 532.8 m 562.5 532.8 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 386.20 647.03 Td (For the Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.50 634.03 Td (March31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.00 626.03 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 389.75 634.03 Td (June30,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 626.03 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.40 634.03 Td (Sept.30,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.00 626.03 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.55 634.03 Td (Dec.31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.00 626.03 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 377.00 613.03 Td (\(in millions, except per share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 599.37 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 598.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 598.47 Td (79.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 598.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 598.47 Td (86.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 598.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 598.47 Td (44.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 598.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 598.47 Td (76.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 584.37 Td (Total expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 583.47 Td (57.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 583.47 Td (61.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 583.47 Td (41.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 583.47 Td (55.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 569.37 Td (Income before taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 568.47 Td (21.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 568.47 Td (25.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.15 568.47 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 568.47 Td (21.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 554.37 Td (Provision for taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 553.47 Td (8.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.15 553.47 Td (9.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.15 553.47 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.15 553.47 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 539.37 Td (Net income allocated to common stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 538.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 538.47 Td (13.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 538.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 538.47 Td (15.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 538.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.15 538.47 Td (1.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 538.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 538.47 Td (15.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 524.37 Td (Earnings per share:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 509.37 Td (Basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 508.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 508.47 Td (0.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 508.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 508.47 Td (0.52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 508.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 508.47 Td (0.06) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 508.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 508.47 Td (0.53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 494.37 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 493.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 493.47 Td (0.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 493.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 493.47 Td (0.52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 493.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 493.47 Td (0.06) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 493.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 493.47 Td (0.53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 479.37 Td (Dividends declared per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 478.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 478.47 Td (0.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 478.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 478.47 Td (0.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 478.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 478.47 Td (0.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 478.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 478.47 Td (0.45) Tj ET Q BT /F2 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 404.80 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 404.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 404.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 404.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 404.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 404.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 404.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 404.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 374.80 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 374.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 374.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 374.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 374.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 374.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 374.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 374.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 344.80 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 344.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 344.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 344.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 344.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 344.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 344.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 344.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 314.80 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 314.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 314.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 314.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 314.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 314.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 314.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 314.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 284.80 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 284.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 284.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 284.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 284.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 284.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 284.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 284.80 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 438.79999999999995 m 369.5 438.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 438.79999999999995 m 373.5 438.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 438.79999999999995 m 433.5 438.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 438.79999999999995 m 437.5 438.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 438.79999999999995 m 497.5 438.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 438.79999999999995 m 501.5 438.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 438.79999999999995 m 561.5 438.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 438.79999999999995 m 369.5 438.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 417.79999999999995 m 369.5 417.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 438.79999999999995 m 373.5 438.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 438.79999999999995 m 433.5 438.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 417.79999999999995 m 433.5 417.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 438.79999999999995 m 437.5 438.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 438.79999999999995 m 497.5 438.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 417.79999999999995 m 497.5 417.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 438.79999999999995 m 501.5 438.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 438.79999999999995 m 561.5 438.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 417.79999999999995 m 561.5 417.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 374.79999999999995 m 369.5 374.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 374.79999999999995 m 433.5 374.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 374.79999999999995 m 497.5 374.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 374.79999999999995 m 561.5 374.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 344.79999999999995 m 369.5 344.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 344.79999999999995 m 433.5 344.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 344.79999999999995 m 497.5 344.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 344.79999999999995 m 561.5 344.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 330.79999999999995 m 369.5 330.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 328.79999999999995 m 369.5 328.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 330.79999999999995 m 433.5 330.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 328.79999999999995 m 433.5 328.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 330.79999999999995 m 497.5 330.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 328.79999999999995 m 497.5 328.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 330.79999999999995 m 561.5 330.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 328.79999999999995 m 561.5 328.79999999999995 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 385.20 443.03 Td (For the Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 321.50 430.03 Td (March31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 331.00 422.03 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 388.75 430.03 Td (June30,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.00 422.03 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.40 430.03 Td (Sept.30,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.00 422.03 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.55 430.03 Td (Dec.31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.00 422.03 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.00 409.03 Td (\(in millions, except per share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 395.37 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 394.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.15 394.47 Td (82.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 394.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 394.47 Td (47.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 394.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 394.47 Td (62.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 394.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 394.47 Td (92.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 380.37 Td (Total expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.15 379.47 Td (57.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 379.47 Td (43.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 379.47 Td (48.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 379.47 Td (64.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 365.37 Td (Income before taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.15 364.47 Td (24.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.15 364.47 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 364.47 Td (13.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 364.47 Td (28.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 350.37 Td (Provision for taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 349.47 Td (8.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.15 349.47 Td (1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 349.47 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 349.47 Td (13.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 335.37 Td (Net income allocated to common stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 334.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.15 334.47 Td (16.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 334.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.15 334.47 Td (2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 334.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 334.47 Td (8.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 334.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 334.47 Td (15.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 320.37 Td (Earnings per share:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 305.37 Td (Basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 304.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.15 304.47 Td (0.53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 304.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 304.47 Td (0.07) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 304.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 304.47 Td (0.28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 304.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 304.47 Td (0.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 290.37 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 289.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.15 289.47 Td (0.53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 289.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 289.47 Td (0.07) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 289.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 289.47 Td (0.28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 289.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 289.47 Td (0.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 275.37 Td (Dividends declared per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 274.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.15 274.47 Td (0.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 274.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 274.47 Td (0.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 274.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 274.47 Td (0.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 274.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 274.47 Td (0.45) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 141 0 obj <> endobj 142 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.75 31.60 Td (E-1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (\(b\). Exhibits) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 267.30 721.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 309.91 721.25 Td ( INDEX) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 689.75 m 100.5 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 104.5 689.75 m 562.5 689.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 701.98 Td (Exhibit) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 693.98 Td (Number) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 313.20 693.98 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 680.32 Td (2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 680.32 Td (Purchase Agreement, dated as of June10, 2011, by and among JPMorgan U.S. Pooled Corporate Finance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 670.32 Td (Institutional Investors IV LLC, JPMorgan U.S. Corporate Finance Institutional Offshore Investors IV L.P., J.P.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 660.32 Td (Morgan Secondary Private Equity Investors LLC, 522 Fifth Avenue Fund, L.P., Constellation Energy Group,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 650.32 Td (Inc. Master Trust, Constellation Energy Nuclear Group, LLC Master Trust, GCP Pooled Block 1, LLC, GCP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 640.32 Td (Offshore Block 1, LLC, GCP Offshore Block 2, LLC, GCP Offshore Block 3, LLC and GCP Offshore Block 4,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 630.32 Td (LLC, Greenhill Capital Partners, LLC \(the Seller\), GCP Managing Partner II, L.P. and Greenhill & Co., Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 620.32 Td (\(incorporated by reference to Exhibit2.1 to the Registrants Current Report on Form8-K filed on June 16,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 610.32 Td (2011\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 595.32 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 595.32 Td (Amended and Restated Certificate of Incorporation \(incorporated by reference to Exhibit3.1 to the Registrants) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 585.32 Td (Current Report on Form8-K filed on October27, 2007\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 570.32 Td (3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 570.32 Td (Amended and Restated By-Laws \(incorporated by reference to Exhibit3.2 to the Registrants registration) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 560.32 Td (statement on FormS-1/A \(No.333-113526\) filed May5, 2004\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 545.32 Td (3.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 545.32 Td (Certificate of Designations, Preferences and Rights of SeriesA-1 Contingent Convertible Preferred Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 535.32 Td (\(incorporated by reference to Exhibit3.1 to Registrants Current Report on Form8-K filed on April1, 2010\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 520.32 Td (3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 520.32 Td (Certificate of Designations, Preferences and Rights of SeriesA-2 Contingent Convertible Preferred Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 510.32 Td (\(incorporated by reference to Exhibit3.2 to Registrants Current Report on Form8-K filed on April1, 2010\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 495.32 Td (4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 495.32 Td (Form of Common Stock Certificate \(incorporated by reference to Exhibit4.1 to the Registrants registration) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 485.32 Td (statement on FormS-1/A \(No.333-113526\) filed on April30, 2004\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 470.32 Td (10.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 470.32 Td (Form of Indemnification Agreement \(incorporated by reference to Exhibit10.6 to the Registrants registration) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 460.32 Td (statement on FormS-1/A \(No.333-113526\) filed on April30, 2004\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 445.32 Td (10.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 445.32 Td (Sublease Agreement dated January1, 2004 between Greenhill Aviation Co., LLC and Riversville Aircraft) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 435.32 Td (Corporation \(incorporated by reference to Exhibit10.14 to the Registrants registration statement on FormS-1/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 425.32 Td (\(No.333-113526\) filed on April30, 2004\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 410.32 Td (10.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 410.32 Td (Form of Senior Advisor Employment and Non-Competition Agreement \(incorporated by reference to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 400.32 Td (Exhibit10.29 to the Registrants Quarterly Report on Form10-Q for the period ended September30, 2005\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 385.32 Td (10.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 385.32 Td (Loan Agreement dated as of January31, 2006 by and between First Republic Bank and Greenhill& Co., Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 375.32 Td (\(incorporated by reference to Exhibit10.31 to the Registrants Annual Report on Form10-K for the fiscal year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 365.32 Td (ended December31, 2005\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 350.32 Td (10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 350.32 Td (Amended and Restated Equity Incentive Plan \(incorporated by reference to Exhibit10.44 to the Registrants) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 340.32 Td (Quarterly Report on Form10-Q for the period ended March31, 2009\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 325.32 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 325.32 Td (Form of Greenhill& Co. Equity Incentive Plan Restricted Stock Award Notification \(MDs\) Five Year Ratable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 315.32 Td (Vesting \(incorporated by reference to Exhibit10.45 to the Registrants Quarterly Report on Form10-Q for the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 305.32 Td (period ended March31, 2009\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 290.32 Td (10.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 290.32 Td (Form of Greenhill& Co. Equity Incentive Plan Restricted Stock Award Notification \(MDs\) Five Year Cliff) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 280.32 Td (Vesting \(incorporated by reference to Exhibit10.46 to the Registrants Quarterly Report on Form10-Q for the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 270.32 Td (period ended March31, 2009\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 255.32 Td (10.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 255.32 Td (Form of Greenhill& Co. Equity Incentive Plan Restricted Stock Award Notification \(non-MDs\) Five Year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 245.32 Td (Ratable Vesting \(incorporated by reference to Exhibit10.47 to the Registrants Quarterly Report on Form10-Q) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 235.32 Td (for the period ended March31, 2009\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 220.32 Td (10.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 220.32 Td (Lease between 300 Park Avenue, Inc. and Greenhill& Co., Inc. dated June17, 2009 \(incorporated by reference) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 210.32 Td (to Exhibit10.1 of the Registrants report on Form8-K filed on June22, 2009\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 195.32 Td (10.10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 195.32 Td (Share Sale Agreement dated March16, 2010 among Greenhill& Co., Inc., Caergwrle Investments Pty Ltd,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 185.32 Td (Mordant Investments Pty Ltd, Baliac Pty Ltd, Peter Hunt, Simon Mordant and RonMalek \(incorporated by) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 175.32 Td (reference as Exhibit2.1 to Registrants Current Report on Form8-K filed on April1, 2010\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 160.32 Td (10.11) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 160.32 Td (Form of Security Agreement \(LLC Distribution\) by and between Greenhill& Co., Inc. and First Republic Bank.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 150.32 Td (\(incorporated by reference to Exhibit10.53 to Registrants Quarterly Report on Form10-Q for the period ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 140.32 Td (March31, 2010\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 125.32 Td (10.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 125.32 Td (Reaffirmation of Third-Party Security Agreement, dated as of July15, 2011, between First Republic Bank and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 115.32 Td (Greenhill Capital Partners, LLC \(incorporated by reference to Exhibit10.2 to Registrants Quarterly Report on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 105.32 Td (Form10-Q for the period ended June 30, 2011\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 90.32 Td (10.13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 90.32 Td (Employment, Non-Competition and Pledge Agreement dated as of May 11, 2004 among Robert F. Greenhill,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 80.32 Td (Greenhill Family Partnership and Greenhill & Co., Inc. \(incorporated by reference to Exhibit10.59 to the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 70.32 Td (Registrants Annual Report on Form10-K for the year ended December31, 2012\)) Tj ET Q endstream endobj 143 0 obj <> endobj 144 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.75 31.60 Td (E-2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 738.07 Td (10.14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 738.07 Td (Employment, Non-Competition and Pledge Agreement dated as of May 11, 2004 between Scott L. Bok and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 728.07 Td (Greenhill & Co., Inc. \(incorporated by reference to Exhibit10.60 to the Registrants Annual Report on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 718.07 Td (Form10-K for the year ended December31, 2012\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 703.07 Td (10.15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 703.07 Td (Employment, Non-Competition and Pledge Agreement dated as of May 11, 2004 between Harold J. Rodriguez,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 693.07 Td (Jr. and Greenhill & Co., Inc. \(incorporated by reference to Exhibit10.61 to the Registrants Annual Report on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 683.07 Td (Form10-K for the year ended December31, 2012\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 668.07 Td (10.16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 667.17 Td (Renewal and Modification Agreement, dated as of May 1, 2013, between First Republic Bank and Greenhill &) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 657.17 Td (Co., Inc. \(incorporated by reference to Exhibit10.2 to Registrants Quarterly Report on Form10-Q for the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 647.17 Td (period ended March 31, 2013\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 633.07 Td (10.17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 632.17 Td (Modification Agreement, dated as of September 27, 2013, between First Republic Bank and Greenhill & Co.,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 622.17 Td (Inc. \(incorporated by reference to Exhibit10.1 to Registrants Quarterly Report on Form10-Q for the period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 612.17 Td (ended September 30, 2013\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 598.07 Td (21.1*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 598.07 Td (List of Subsidiaries of the Registrant.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 583.07 Td (23.1*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 583.07 Td (Consent of Ernst& Young LLP.) 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Section1350, as Adopted Pursuant to Section906) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 508.07 Td (of the Sarbanes-Oxley Act of 2002.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 493.07 Td (32.2**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 493.07 Td (Certification of Chief Financial Officer Pursuant to 18U.S.C. Section1350, as Adopted Pursuant to Section906) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 483.07 Td (of the Sarbanes-Oxley Act of 2002.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 468.07 Td (101**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.00 468.07 Td (Interactive data files pursuant to Rule 405 of Regulation S-T.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 5.00 Tf ET q 0 0 0 rg BT 50.00 445.00 Td (_____________________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 425.07 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 425.07 Td (Filed ) Tj ET Q q 0 0 0 rg BT 106.06 425.07 Td (herewith.) 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Td (reporting, ) Tj ET Q q 0 0 0 rg BT 344.37 487.25 Td (or ) Tj ET Q q 0 0 0 rg BT 354.92 487.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 384.34 487.25 Td (such ) Tj ET Q q 0 0 0 rg BT 404.88 487.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 437.64 487.25 Td (control ) Tj ET Q q 0 0 0 rg BT 468.18 487.25 Td (over ) Tj ET Q q 0 0 0 rg BT 488.16 487.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.35 487.25 Td (reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 475.25 Td (to ) Tj ET Q q 0 0 0 rg BT 95.95 475.25 Td (be ) Tj ET Q q 0 0 0 rg BT 107.56 475.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 145.28 475.25 Td (under ) Tj ET Q q 0 0 0 rg BT 170.22 475.25 Td (our ) Tj ET Q q 0 0 0 rg BT 185.73 475.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 236.51 475.25 Td (to ) Tj ET Q q 0 0 0 rg BT 246.46 475.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 279.18 475.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 324.11 475.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 365.15 475.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 405.63 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.02 475.25 Td (reliability ) Tj ET Q q 0 0 0 rg BT 461.07 475.25 Td (of ) Tj ET Q q 0 0 0 rg BT 471.58 475.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 508.73 475.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 547.56 475.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 463.25 Td (the ) Tj ET Q q 0 0 0 rg BT 99.97 463.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 147.25 463.25 Td (of ) Tj ET Q q 0 0 0 rg BT 157.34 463.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 194.07 463.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 238.04 463.25 Td (for ) Tj ET Q q 0 0 0 rg BT 251.45 463.25 Td (external ) Tj ET Q q 0 0 0 rg BT 285.40 463.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 322.71 463.25 Td (in ) Tj ET Q q 0 0 0 rg BT 332.24 463.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 378.95 463.25 Td (with ) Tj ET Q q 0 0 0 rg BT 398.49 463.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 437.44 463.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 474.16 463.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 519.79 463.25 Td (principles;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 442.25 Td (c\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 442.25 Td (Evaluated ) Tj ET Q q 0 0 0 rg BT 164.90 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 180.04 442.25 Td (ef) Tj ET Q q 0 0 0 rg BT 187.63 442.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 234.97 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 246.22 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 261.36 442.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 301.90 442.25 Td (s ) Tj ET Q q 0 0 0 rg BT 308.72 442.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 352.19 442.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 387.32 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 404.68 442.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 451.47 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 468.83 442.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 510.07 442.25 Td (in ) Tj ET Q q 0 0 0 rg BT 520.77 442.25 Td (this ) Tj ET Q q 0 0 0 rg BT 538.14 442.25 Td (report ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 430.25 Td (our ) Tj ET Q q 0 0 0 rg BT 101.64 430.25 Td (conclusions ) Tj ET Q q 0 0 0 rg BT 151.16 430.25 Td (about ) Tj ET Q q 0 0 0 rg BT 175.69 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.21 430.25 Td (ef) Tj ET Q q 0 0 0 rg BT 197.80 430.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 244.53 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 255.17 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 269.69 430.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 312.54 430.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 347.07 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 363.81 430.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 412.49 430.25 Td (as ) Tj ET Q q 0 0 0 rg BT 423.12 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 433.76 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.29 430.25 Td (end ) Tj ET Q q 0 0 0 rg BT 465.03 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 475.67 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 490.19 430.25 Td (period ) Tj ET Q q 0 0 0 rg BT 518.05 430.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 552.00 430.25 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 418.25 Td (this ) Tj ET Q q 0 0 0 rg BT 102.95 418.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 132.10 418.25 Td (report ) Tj ET Q q 0 0 0 rg BT 158.48 418.25 Td (based ) Tj ET Q q 0 0 0 rg BT 183.75 418.25 Td (on ) Tj ET Q q 0 0 0 rg BT 196.25 418.25 Td (such ) Tj ET Q q 0 0 0 rg BT 217.08 418.25 Td (evaluation;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 397.25 Td (d\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 397.25 Td (Disclosed ) Tj ET Q q 0 0 0 rg BT 164.71 397.25 Td (in ) Tj ET Q q 0 0 0 rg BT 175.75 397.25 Td (this ) Tj ET Q q 0 0 0 rg BT 193.47 397.25 Td (report ) Tj ET Q q 0 0 0 rg BT 220.62 397.25 Td (any ) Tj ET Q q 0 0 0 rg BT 238.33 397.25 Td (change ) Tj ET Q q 0 0 0 rg BT 269.91 397.25 Td (in ) Tj ET Q q 0 0 0 rg BT 280.96 397.25 Td (the ) Tj ET Q q 0 0 0 rg BT 296.44 397.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 336.99 397.25 Td (s ) Tj ET Q q 0 0 0 rg BT 344.15 397.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 377.96 397.25 Td (control ) Tj ET Q q 0 0 0 rg BT 409.55 397.25 Td (over ) Tj ET Q q 0 0 0 rg BT 430.59 397.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 468.84 397.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 508.76 397.25 Td (that ) Tj ET Q q 0 0 0 rg BT 527.03 397.25 Td (occurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 385.25 Td (during ) Tj ET Q q 0 0 0 rg BT 114.28 385.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.66 385.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 169.20 385.25 Td (s ) Tj ET Q q 0 0 0 rg BT 175.26 385.25 Td (most ) Tj ET Q q 0 0 0 rg BT 196.88 385.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 223.47 385.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 247.29 385.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 277.78 385.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 295.49 385.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 336.03 385.25 Td (s ) Tj ET Q q 0 0 0 rg BT 342.09 385.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 368.70 385.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 392.52 385.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 423.01 385.25 Td (in ) Tj ET Q q 0 0 0 rg BT 432.95 385.25 Td (the ) Tj ET Q q 0 0 0 rg BT 447.34 385.25 Td (case ) Tj ET Q q 0 0 0 rg BT 466.71 385.25 Td (of ) Tj ET Q q 0 0 0 rg BT 477.21 385.25 Td (an ) Tj ET Q q 0 0 0 rg BT 488.82 385.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 517.64 385.25 Td (report\) ) Tj ET Q q 0 0 0 rg BT 547.02 385.25 Td (that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 373.25 Td (has ) Tj ET Q q 0 0 0 rg BT 103.66 373.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 148.52 373.25 Td (af) Tj ET Q q 0 0 0 rg BT 156.11 373.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 187.35 373.25 Td (or ) Tj ET Q q 0 0 0 rg BT 200.01 373.25 Td (is ) Tj ET Q q 0 0 0 rg BT 211.00 373.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 258.65 373.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 285.74 373.25 Td (to ) Tj ET Q q 0 0 0 rg BT 297.85 373.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 342.71 373.25 Td (af) Tj ET Q q 0 0 0 rg BT 350.30 373.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 372.11 373.25 Td (the ) Tj ET Q q 0 0 0 rg BT 388.65 373.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 429.19 373.25 Td (s ) Tj ET Q q 0 0 0 rg BT 437.41 373.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 472.28 373.25 Td (control ) Tj ET Q q 0 0 0 rg BT 504.93 373.25 Td (over ) Tj ET Q q 0 0 0 rg BT 527.02 373.25 Td (financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 361.25 Td (reporting;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 340.25 Td (5. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 340.25 Td (The ) Tj ET Q q 0 0 0 rg BT 103.61 340.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 144.16 340.25 Td (s ) Tj ET Q q 0 0 0 rg BT 150.11 340.25 Td (other ) Tj ET Q q 0 0 0 rg BT 172.73 340.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 213.67 340.25 Td (of) Tj ET Q q 0 0 0 rg BT 221.82 340.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 242.20 340.25 Td (and ) Tj ET Q q 0 0 0 rg BT 258.70 340.25 Td (I ) Tj ET Q q 0 0 0 rg BT 264.10 340.25 Td (have ) Tj ET Q q 0 0 0 rg BT 285.04 340.25 Td (disclosed, ) Tj ET Q q 0 0 0 rg BT 326.83 340.25 Td (based ) Tj ET Q q 0 0 0 rg BT 351.66 340.25 Td (on ) Tj ET Q q 0 0 0 rg BT 363.73 340.25 Td (our ) Tj ET Q q 0 0 0 rg BT 379.13 340.25 Td (most ) Tj ET Q q 0 0 0 rg BT 400.64 340.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 427.13 340.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 470.85 340.25 Td (of ) Tj ET Q q 0 0 0 rg BT 481.25 340.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 513.86 340.25 Td (control ) Tj ET Q q 0 0 0 rg BT 544.25 340.25 Td (over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.71 328.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 129.58 328.25 Td (to ) Tj ET Q q 0 0 0 rg BT 140.09 328.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.03 328.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 195.57 328.25 Td (s ) Tj ET Q q 0 0 0 rg BT 202.19 328.25 Td (auditors ) Tj ET Q q 0 0 0 rg BT 237.13 328.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.29 328.25 Td (the ) Tj ET Q q 0 0 0 rg BT 269.23 328.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 291.95 328.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 336.88 328.25 Td (of ) Tj ET Q q 0 0 0 rg BT 347.94 328.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 388.48 328.25 Td (s ) Tj ET Q q 0 0 0 rg BT 395.10 328.25 Td (board ) Tj ET Q q 0 0 0 rg BT 420.59 328.25 Td (of ) Tj ET Q q 0 0 0 rg BT 431.65 328.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 469.36 328.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 483.74 328.25 Td (persons ) Tj ET Q q 0 0 0 rg BT 517.02 328.25 Td (performing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 316.25 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 108.87 316.25 Td (functions\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 295.25 Td (a\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 295.25 Td (All ) Tj ET Q q 0 0 0 rg BT 136.86 295.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 181.16 295.25 Td (deficiencies ) Tj ET Q q 0 0 0 rg BT 230.99 295.25 Td (and ) Tj ET Q q 0 0 0 rg BT 247.52 295.25 Td (material ) Tj ET Q q 0 0 0 rg BT 282.36 295.25 Td (weaknesses ) Tj ET Q q 0 0 0 rg BT 331.10 295.25 Td (in ) Tj ET Q q 0 0 0 rg BT 340.96 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 355.26 295.25 Td (design ) Tj ET Q q 0 0 0 rg BT 383.46 295.25 Td (or ) Tj ET Q q 0 0 0 rg BT 393.87 295.25 Td (operation ) Tj ET Q q 0 0 0 rg BT 433.72 295.25 Td (of ) Tj ET Q q 0 0 0 rg BT 444.13 295.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 476.76 295.25 Td (control ) Tj ET Q q 0 0 0 rg BT 507.17 295.25 Td (over ) Tj ET Q q 0 0 0 rg BT 527.02 295.25 Td (financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 283.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 124.86 283.25 Td (which ) Tj ET Q q 0 0 0 rg BT 151.50 283.25 Td (are ) Tj ET Q q 0 0 0 rg BT 165.91 283.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 211.43 283.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 236.41 283.25 Td (to ) Tj ET Q q 0 0 0 rg BT 246.39 283.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 286.91 283.25 Td (af) Tj ET Q q 0 0 0 rg BT 294.50 283.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 311.69 283.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.11 283.25 Td (registrant) Tj ET Q q 0 0 0 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250.25 Td (management ) Tj ET Q q 0 0 0 rg BT 374.26 250.25 Td (or ) Tj ET Q q 0 0 0 rg BT 385.13 250.25 Td (other ) Tj ET Q q 0 0 0 rg BT 408.23 250.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 453.53 250.25 Td (who ) Tj ET Q q 0 0 0 rg BT 473.30 250.25 Td (have ) Tj ET Q q 0 0 0 rg BT 494.72 250.25 Td (a ) Tj ET Q q 0 0 0 rg BT 501.70 250.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 546.46 250.25 Td (role ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 238.25 Td (in ) Tj ET Q q 0 0 0 rg BT 96.28 238.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.00 238.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 151.54 238.25 Td (s ) Tj ET Q q 0 0 0 rg BT 157.93 238.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 190.97 238.25 Td (control ) Tj ET Q q 0 0 0 rg BT 221.80 238.25 Td (over ) Tj ET Q q 0 0 0 rg BT 242.06 238.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 279.54 238.25 Td (reporting.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 227.45 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 202.95000000000005 m 508.5 202.95000000000005 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.00 207.52 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 307.95 207.52 Td (Scott ) Tj ET Q q 0 0 0 rg BT 331.00 207.52 Td (L. ) Tj ET Q q 0 0 0 rg BT 342.11 207.52 Td (Bok) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.00 193.52 Td (Scott ) Tj ET Q q 0 0 0 rg BT 319.06 193.52 Td (L. ) Tj ET Q q 0 0 0 rg BT 330.17 193.52 Td (Bok) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.00 179.52 Td (Chief ) Tj ET Q q 0 0 0 rg BT 320.72 179.52 Td (Executive ) Tj ET Q q 0 0 0 rg BT 363.20 179.52 Td (Of) Tj ET Q q 0 0 0 rg BT 373.57 179.52 Td (ficer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.30 165.52 Td (Date:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 165.52 Td (February 27, 2014) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 155 0 obj <> endobj 156 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 499.35 742.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 541.96 742.25 Td (31.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (I, ) Tj ET Q q 0 0 0 rg BT 58.33 721.25 Td (Christopher ) Tj ET Q q 0 0 0 rg BT 107.87 721.25 Td (T) Tj ET Q q 0 0 0 rg BT 113.23 721.25 Td (. ) Tj ET Q q 0 0 0 rg BT 118.23 721.25 Td (Grubb ) Tj ET Q q 0 0 0 rg BT 146.28 721.25 Td (certify ) Tj ET Q q 0 0 0 rg BT 174.88 721.25 Td (that:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 700.25 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 700.25 Td (I ) Tj ET Q q 0 0 0 rg BT 91.83 700.25 Td (have ) Tj ET Q q 0 0 0 rg BT 113.21 700.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 152.35 700.25 Td (this ) Tj ET Q q 0 0 0 rg BT 169.30 700.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 198.46 700.25 Td (report ) Tj ET Q q 0 0 0 rg BT 224.83 700.25 Td (on ) Tj ET Q q 0 0 0 rg BT 237.33 700.25 Td (Form10-K ) Tj ET Q q 0 0 0 rg BT 284.55 700.25 Td (of ) Tj ET Q q 0 0 0 rg BT 295.38 700.25 Td (Greenhill& ) Tj ET Q q 0 0 0 rg BT 345.93 700.25 Td (Co., ) Tj ET Q q 0 0 0 rg BT 365.10 700.25 Td (Inc.;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 679.25 Td (2. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 679.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 113.05 679.25 Td (on ) Tj ET Q q 0 0 0 rg BT 125.65 679.25 Td (my ) Tj ET Q q 0 0 0 rg BT 141.04 679.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 190.02 679.25 Td (this ) Tj ET Q q 0 0 0 rg BT 207.08 679.25 Td (report ) Tj ET Q q 0 0 0 rg BT 233.56 679.25 Td (does ) Tj ET Q q 0 0 0 rg BT 254.50 679.25 Td (not ) Tj ET Q q 0 0 0 rg BT 269.89 679.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 301.93 679.25 Td (any ) Tj ET Q q 0 0 0 rg BT 318.97 679.25 Td (untrue ) Tj ET Q q 0 0 0 rg BT 347.13 679.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 388.06 679.25 Td (of ) Tj ET Q q 0 0 0 rg BT 398.99 679.25 Td (a ) Tj ET Q q 0 0 0 rg BT 406.04 679.25 Td (material ) Tj ET Q q 0 0 0 rg BT 441.41 679.25 Td (fact ) Tj ET Q q 0 0 0 rg BT 459.00 679.25 Td (or ) Tj ET Q q 0 0 0 rg BT 469.94 679.25 Td (omit ) Tj ET Q q 0 0 0 rg BT 490.88 679.25 Td (to ) Tj ET Q q 0 0 0 rg BT 501.26 679.25 Td (state ) Tj ET Q q 0 0 0 rg BT 522.20 679.25 Td (a ) Tj ET Q q 0 0 0 rg BT 529.24 679.25 Td (material ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 667.25 Td (fact ) Tj ET Q q 0 0 0 rg BT 67.03 667.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 107.94 667.25 Td (to ) Tj ET Q q 0 0 0 rg BT 117.77 667.25 Td (make ) Tj ET Q q 0 0 0 rg BT 141.47 667.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.73 667.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 199.98 667.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 226.18 667.25 Td (in ) Tj ET Q q 0 0 0 rg BT 236.01 667.25 Td (light ) Tj ET Q q 0 0 0 rg BT 256.39 667.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.76 667.25 Td (the ) Tj ET Q q 0 0 0 rg BT 281.02 667.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 339.71 667.25 Td (under ) Tj ET Q q 0 0 0 rg BT 364.52 667.25 Td (which ) Tj ET Q q 0 0 0 rg BT 391.01 667.25 Td (such ) Tj ET Q q 0 0 0 rg BT 411.38 667.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 455.64 667.25 Td (were ) Tj ET Q q 0 0 0 rg BT 477.11 667.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 503.31 667.25 Td (not ) Tj ET Q q 0 0 0 rg BT 518.14 667.25 Td (misleading ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 655.25 Td (with ) Tj ET Q q 0 0 0 rg BT 70.28 655.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 101.09 655.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.37 655.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.09 655.25 Td (period ) Tj ET Q q 0 0 0 rg BT 154.14 655.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 188.28 655.25 Td (by ) Tj ET Q q 0 0 0 rg BT 200.78 655.25 Td (this ) Tj ET Q q 0 0 0 rg BT 217.73 655.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 246.88 655.25 Td (report;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 634.25 Td (3. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 634.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 112.92 634.25 Td (on ) Tj ET Q q 0 0 0 rg BT 125.41 634.25 Td (my ) Tj ET Q q 0 0 0 rg BT 140.67 634.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 189.53 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.23 634.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 241.70 634.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 288.89 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 305.82 634.25 Td (other ) Tj ET Q q 0 0 0 rg BT 328.85 634.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 366.31 634.25 Td (information ) Tj ET Q q 0 0 0 rg BT 416.01 634.25 Td (included ) Tj ET Q q 0 0 0 rg BT 452.93 634.25 Td (in ) Tj ET Q q 0 0 0 rg BT 463.19 634.25 Td (this ) Tj ET Q q 0 0 0 rg BT 480.12 634.25 Td (report, ) Tj ET Q q 0 0 0 rg BT 508.98 634.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 533.12 634.25 Td (present ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.82 622.25 Td (all ) Tj ET Q q 0 0 0 rg BT 73.87 622.25 Td (material ) Tj ET Q q 0 0 0 rg BT 109.67 622.25 Td (respects ) Tj ET Q q 0 0 0 rg BT 144.92 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.19 622.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.21 622.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 241.53 622.25 Td (results ) Tj ET Q q 0 0 0 rg BT 270.69 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 282.06 622.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 326.76 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 344.25 622.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 365.06 622.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 390.33 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.71 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.97 622.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 457.78 622.25 Td (as ) Tj ET Q q 0 0 0 rg BT 469.15 622.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 483.03 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.51 622.25 Td (for) Tj ET Q q 0 0 0 rg BT 511.77 622.25 Td (, ) Tj ET Q q 0 0 0 rg BT 517.32 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.58 622.25 Td (periods ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 90.82 610.25 Td (in ) Tj ET Q q 0 0 0 rg BT 101.09 610.25 Td (this ) Tj ET Q q 0 0 0 rg BT 118.04 610.25 Td (report;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 589.25 Td (4. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 589.25 Td (The ) Tj ET Q q 0 0 0 rg BT 104.60 589.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 145.14 589.25 Td (s ) Tj ET Q q 0 0 0 rg BT 152.08 589.25 Td (other ) Tj ET Q q 0 0 0 rg BT 175.68 589.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 217.61 589.25 Td (of) Tj ET Q q 0 0 0 rg BT 225.76 589.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 247.12 589.25 Td (and ) Tj ET Q q 0 0 0 rg BT 264.61 589.25 Td (I ) Tj ET Q q 0 0 0 rg BT 271.00 589.25 Td (are ) Tj ET Q q 0 0 0 rg BT 286.25 589.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 334.85 589.25 Td (for ) Tj ET Q q 0 0 0 rg BT 349.56 589.25 Td (establishing ) Tj ET Q q 0 0 0 rg BT 400.39 589.25 Td (and ) Tj ET Q q 0 0 0 rg BT 417.88 589.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 468.70 589.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 512.30 589.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 547.57 589.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 577.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 96.35 577.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 110.49 577.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 142.96 577.25 Td (in ) Tj ET Q q 0 0 0 rg BT 153.22 577.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 194.58 577.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 211.50 577.25 Td (Rules13a-15\(e\) ) Tj ET Q q 0 0 0 rg BT 278.12 577.25 Td (and ) Tj ET Q q 0 0 0 rg BT 295.04 577.25 Td (15d-15\(e\)\) ) Tj ET Q q 0 0 0 rg BT 340.29 577.25 Td (and ) Tj ET Q q 0 0 0 rg BT 357.21 577.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 390.23 577.25 Td (control ) Tj ET Q q 0 0 0 rg BT 421.04 577.25 Td (over ) Tj ET Q q 0 0 0 rg BT 441.29 577.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 478.75 577.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 517.89 577.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 532.03 577.25 Td (defined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 565.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 565.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 101.65 565.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 118.59 565.25 Td (Rules13a-15\(f\) ) Tj ET Q q 0 0 0 rg BT 184.13 565.25 Td (and ) Tj ET Q q 0 0 0 rg BT 201.06 565.25 Td (15d-15\(f\)\) ) Tj ET Q q 0 0 0 rg BT 245.21 565.25 Td (for ) Tj ET Q q 0 0 0 rg BT 259.38 565.25 Td (the ) Tj ET Q q 0 0 0 rg BT 274.09 565.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 314.36 565.25 Td (and ) Tj ET Q q 0 0 0 rg BT 331.29 565.25 Td (have:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 544.25 Td (a\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 544.25 Td (Designed ) Tj ET Q q 0 0 0 rg BT 163.21 544.25 Td (such ) Tj ET Q q 0 0 0 rg BT 184.98 544.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 228.97 544.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 264.63 544.25 Td (and ) Tj ET Q q 0 0 0 rg BT 282.51 544.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 332.32 544.25 Td (or ) Tj ET Q q 0 0 0 rg BT 344.09 544.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 374.74 544.25 Td (such ) Tj ET Q q 0 0 0 rg BT 396.51 544.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 440.50 544.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 476.15 544.25 Td (and ) Tj ET Q q 0 0 0 rg BT 494.03 544.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 541.34 544.25 Td (to ) Tj ET Q q 0 0 0 rg BT 552.56 544.25 Td (be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 532.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 124.10 532.25 Td (under ) Tj ET Q q 0 0 0 rg BT 149.43 532.25 Td (our ) Tj ET Q q 0 0 0 rg BT 165.31 532.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 216.48 532.25 Td (to ) Tj ET Q q 0 0 0 rg BT 226.81 532.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 255.47 532.25 Td (that ) Tj ET Q q 0 0 0 rg BT 273.02 532.25 Td (material ) Tj ET Q q 0 0 0 rg BT 308.33 532.25 Td (information ) Tj ET Q q 0 0 0 rg BT 358.10 532.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 391.20 532.25 Td (to ) Tj ET Q q 0 0 0 rg BT 401.53 532.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.31 532.25 Td (registrant, ) Tj ET Q q 0 0 0 rg BT 459.13 532.25 Td (including ) Tj ET Q q 0 0 0 rg BT 499.46 532.25 Td (its ) Tj ET Q q 0 0 0 rg BT 511.46 532.25 Td (consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 520.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 137.53 520.25 Td (is ) Tj ET Q q 0 0 0 rg BT 146.01 520.25 Td (made ) Tj ET Q q 0 0 0 rg BT 169.48 520.25 Td (known ) Tj ET Q q 0 0 0 rg BT 198.51 520.25 Td (to ) Tj ET Q q 0 0 0 rg BT 208.10 520.25 Td (us ) Tj ET Q q 0 0 0 rg BT 218.80 520.25 Td (by ) Tj ET Q q 0 0 0 rg BT 230.61 520.25 Td (others ) Tj ET Q q 0 0 0 rg BT 256.86 520.25 Td (within ) Tj ET Q q 0 0 0 rg BT 284.23 520.25 Td (those ) Tj ET Q q 0 0 0 rg BT 307.15 520.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 340.35 520.25 Td (particularly ) Tj ET Q q 0 0 0 rg BT 388.25 520.25 Td (during ) Tj ET Q q 0 0 0 rg BT 416.17 520.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.19 520.25 Td (period ) Tj ET Q q 0 0 0 rg BT 457.55 520.25 Td (in ) Tj ET Q q 0 0 0 rg BT 467.14 520.25 Td (which ) Tj ET Q q 0 0 0 rg BT 493.39 520.25 Td (this ) Tj ET Q q 0 0 0 rg BT 509.65 520.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 538.12 520.25 Td (report ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 508.25 Td (is ) Tj ET Q q 0 0 0 rg BT 95.17 508.25 Td (being ) Tj ET Q q 0 0 0 rg BT 119.89 508.25 Td (prepared;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 487.25 Td (b\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 487.25 Td (Designed ) Tj ET Q q 0 0 0 rg BT 161.98 487.25 Td (such ) Tj ET Q q 0 0 0 rg BT 182.53 487.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 215.28 487.25 Td (control ) Tj ET Q q 0 0 0 rg BT 245.82 487.25 Td (over ) Tj ET Q q 0 0 0 rg BT 265.81 487.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 303.00 487.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 344.37 487.25 Td (or ) Tj ET Q q 0 0 0 rg BT 354.92 487.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 384.34 487.25 Td (such ) Tj ET Q q 0 0 0 rg BT 404.88 487.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 437.64 487.25 Td (control ) Tj ET Q q 0 0 0 rg BT 468.18 487.25 Td (over ) Tj ET Q q 0 0 0 rg BT 488.16 487.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.35 487.25 Td (reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 475.25 Td (to ) Tj ET Q q 0 0 0 rg BT 95.95 475.25 Td (be ) Tj ET Q q 0 0 0 rg BT 107.56 475.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 145.28 475.25 Td (under ) Tj ET Q q 0 0 0 rg BT 170.22 475.25 Td (our ) Tj ET Q q 0 0 0 rg BT 185.73 475.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 236.51 475.25 Td (to ) Tj ET Q q 0 0 0 rg BT 246.46 475.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 279.18 475.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 324.11 475.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 365.15 475.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 405.63 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.02 475.25 Td (reliability ) Tj ET Q q 0 0 0 rg BT 461.07 475.25 Td (of ) Tj ET Q q 0 0 0 rg BT 471.58 475.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 508.73 475.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 547.56 475.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 463.25 Td (the ) Tj ET Q q 0 0 0 rg BT 99.97 463.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 147.25 463.25 Td (of ) Tj ET Q q 0 0 0 rg BT 157.34 463.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 194.07 463.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 238.04 463.25 Td (for ) Tj ET Q q 0 0 0 rg BT 251.45 463.25 Td (external ) Tj ET Q q 0 0 0 rg BT 285.40 463.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 322.71 463.25 Td (in ) Tj ET Q q 0 0 0 rg BT 332.24 463.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 378.95 463.25 Td (with ) Tj ET Q q 0 0 0 rg BT 398.49 463.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 437.44 463.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 474.16 463.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 519.79 463.25 Td (principles;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 442.25 Td (c\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 442.25 Td (Evaluated ) Tj ET Q q 0 0 0 rg BT 164.90 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 180.04 442.25 Td (ef) Tj ET Q q 0 0 0 rg BT 187.63 442.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 234.97 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 246.22 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 261.36 442.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 301.90 442.25 Td (s ) Tj ET Q q 0 0 0 rg BT 308.72 442.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 352.19 442.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 387.32 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 404.68 442.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 451.47 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 468.83 442.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 510.07 442.25 Td (in ) Tj ET Q q 0 0 0 rg BT 520.77 442.25 Td (this ) Tj ET Q q 0 0 0 rg BT 538.14 442.25 Td (report ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 430.25 Td (our ) Tj ET Q q 0 0 0 rg BT 101.64 430.25 Td (conclusions ) Tj ET Q q 0 0 0 rg BT 151.16 430.25 Td (about ) Tj ET Q q 0 0 0 rg BT 175.69 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.21 430.25 Td (ef) Tj ET Q q 0 0 0 rg BT 197.80 430.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 244.53 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 255.17 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 269.69 430.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 312.54 430.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 347.07 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 363.81 430.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 412.49 430.25 Td (as ) Tj ET Q q 0 0 0 rg BT 423.12 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 433.76 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.29 430.25 Td (end ) Tj ET Q q 0 0 0 rg BT 465.03 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 475.67 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 490.19 430.25 Td (period ) Tj ET Q q 0 0 0 rg BT 518.05 430.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 552.00 430.25 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 418.25 Td (this ) Tj ET Q q 0 0 0 rg BT 102.95 418.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 132.10 418.25 Td (report ) Tj ET Q q 0 0 0 rg BT 158.48 418.25 Td (based ) Tj ET Q q 0 0 0 rg BT 183.75 418.25 Td (on ) Tj ET Q q 0 0 0 rg BT 196.25 418.25 Td (such ) Tj ET Q q 0 0 0 rg BT 217.08 418.25 Td (evaluation;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 397.25 Td (d\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 397.25 Td (Disclosed ) Tj ET Q 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