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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 392.25 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 83.95 392.25 Td (Ernst ) Tj ET Q q 0 0 0 rg BT 107.56 392.25 Td (& ) Tj ET Q q 0 0 0 rg BT 117.46 392.25 Td (Y) Tj ET Q q 0 0 0 rg BT 123.68 392.25 Td (oung ) Tj ET Q q 0 0 0 rg BT 146.18 392.25 Td (LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 368.25 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 368.25 Td (e have served as the Company's auditor since 2003.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 356.25 Td (Minneapolis, ) Tj ET Q q 0 0 0 rg BT 127.00 356.25 Td (Minnesota) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 344.25 Td (February ) Tj ET Q q 0 0 0 rg BT 110.60 344.25 Td (26, ) Tj ET Q q 0 0 0 rg BT 125.60 344.25 Td (2018) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (2) Tj ET Q 1 1 1 rg /GS0 gs 459.50 647.50 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 469.50 647.50 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 635.50 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 635.50 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 469.50 635.50 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 623.50 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 623.50 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 469.50 623.50 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 611.50 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 469.50 611.50 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 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gs 1 1 1 rg /GS0 gs 469.50 239.50 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 227.50 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 227.50 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 469.50 227.50 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 215.50 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 215.50 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 469.50 215.50 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 551.5 m 539.5 551.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 551.5 m 539.5 551.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 455.5 m 539.5 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 444.5 m 539.5 444.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 442.5 m 539.5 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 323.5 m 539.5 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 239.5 m 539.5 239.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 227.5 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.30 718.12 Td (\(A) Tj ET Q q 0 0 0 rg BT 179.67 718.12 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.90 703.12 Td (Statement of Financial Condition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.95 688.12 Td (December 31, 2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 74.00 651.45 Td (\(Amounts in thousands, except shar) Tj ET Q q 0 0 0 rg BT 187.69 651.45 Td (e data\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 638.23 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 614.12 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.50 614.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 614.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 614.12 Td (8,076) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 602.12 Td (Receivables:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 590.12 Td (Brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 207.36 590.12 Td (ganizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 590.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 590.12 Td (134,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 566.12 Td (Financial instruments and other inventory positions owned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.50 566.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 566.12 Td (637,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 554.12 Td (Financial instruments and other inventory positions owned and pledged as collateral) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.50 554.12 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 554.12 Td (321,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 542.12 Td (T) Tj ET Q q 0 0 0 rg BT 85.76 542.12 Td (otal financial instruments and other inventory positions owned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 542.12 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 542.12 Td (959,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 518.12 Td (Fixed assets \(net of accumulated depreciation and amortization of $50,560\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.50 518.12 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 518.12 Td (23,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 506.12 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 506.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 506.12 Td (80,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 494.12 Td (Intangible assets \(net of accumulated amortization of $29,281\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.50 494.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 494.12 Td (8,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 482.12 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 482.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 482.12 Td (68,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 470.12 Td (Net deferred income tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 470.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 470.12 Td (70,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 458.12 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 458.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 458.12 Td (33,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 446.12 Td (T) Tj ET Q q 0 0 0 rg BT 85.76 446.12 Td (otal assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 446.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 446.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 446.12 Td (1,386,213) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 422.23 Td (Liabilities and Shar) Tj ET Q q 0 0 0 rg BT 158.29 422.23 Td (eholder's Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 398.12 Td (Short-term financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 398.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 398.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 398.12 Td (49,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 386.12 Td (Payables:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 374.12 Td (Brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 207.36 374.12 Td (ganizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 374.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 374.12 Td (18,584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 362.12 Td (Financial instruments and other inventory positions sold, but not yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.50 362.12 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 362.12 Td (346,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 350.12 Td (Accrued compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 350.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 350.12 Td (328,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 338.12 Td (Intercompany payable to Parent Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.50 338.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 338.12 Td (135,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 326.12 Td (Other liabilities and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.50 326.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 326.12 Td (32,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 314.12 Td (T) Tj ET Q q 0 0 0 rg BT 85.76 314.12 Td (otal liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 314.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 314.12 Td (91) Tj ET Q q 0 0 0 rg BT 513.15 314.12 Td (1,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 290.12 Td (Shareholder's equity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 278.12 Td (Preferred stock, $0.01 par value; 3,000 shares authorized, none issued and outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 278.12 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 278.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 266.12 Td (Common stock, $0.01 par value; 1,000 shares authorized, 459 issued and outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.50 266.12 Td (. . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 266.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 254.12 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.50 254.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 254.12 Td (474,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 242.12 Td (Retained earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 242.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 242.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 230.12 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 230.12 Td (otal shareholder's equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.50 230.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 230.12 Td (474,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 206.12 Td (T) Tj ET Q q 0 0 0 rg BT 97.41 206.12 Td (otal liabilities and shareholder's equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 206.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 206.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 206.12 Td (1,386,213) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 205.85 175.20 Td (See Notes to the Statement of Financial Condition) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 665.10 Td (Note 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.49 665.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 101.99 665.10 Td (Or) Tj ET Q q 0 0 0 rg BT 112.73 665.10 Td (ganization and Basis of Pr) Tj ET Q q 0 0 0 rg BT 219.04 665.10 Td (esentation) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 641.10 Td (Organization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 617.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 96.55 617.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 108.03 617.10 Td (fray& ) Tj ET Q q 0 0 0 rg BT 137.85 617.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 155.47 617.10 Td (\("Piper ) Tj ET Q q 0 0 0 rg BT 187.43 617.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 198.91 617.10 Td (fray" ) Tj ET Q q 0 0 0 rg BT 222.53 617.10 Td (or ) Tj ET Q q 0 0 0 rg BT 234.31 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.97 617.10 Td ("Company"\) ) Tj ET Q q 0 0 0 rg BT 303.79 617.10 Td (is ) Tj ET Q q 0 0 0 rg BT 313.91 617.10 Td (a ) Tj ET Q q 0 0 0 rg BT 321.79 617.10 Td (wholly ) Tj ET Q q 0 0 0 rg BT 353.01 617.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 383.12 617.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 427.67 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.44 617.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 463.99 617.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 475.47 617.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 495.02 617.10 Td (Companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 605.10 Td (\("Parent ) Tj ET Q q 0 0 0 rg BT 107.77 605.10 Td (Company"\). ) Tj ET Q q 0 0 0 rg BT 159.17 605.10 Td (The ) Tj ET Q q 0 0 0 rg BT 177.52 605.10 Td (Parent ) Tj ET Q q 0 0 0 rg BT 205.88 605.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 247.57 605.10 Td (is ) Tj ET Q q 0 0 0 rg BT 257.04 605.10 Td (a ) Tj ET Q q 0 0 0 rg BT 264.29 605.10 Td (public ) Tj ET Q q 0 0 0 rg BT 292.09 605.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 325.46 605.10 Td (company ) Tj ET Q q 0 0 0 rg BT 364.92 605.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 418.26 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 428.84 605.10 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 469.95 605.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.20 605.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 514.99 605.10 Td (on ) Tj ET Q q 0 0 0 rg BT 527.80 605.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.10 Td (New ) Tj ET Q q 0 0 0 rg BT 92.12 593.10 Td (Y) Tj ET Q q 0 0 0 rg BT 98.34 593.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 113.12 593.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 137.35 593.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 178.23 593.10 Td (\("NYSE"\). ) Tj ET Q q 0 0 0 rg BT 223.01 593.10 Td (The ) Tj ET Q q 0 0 0 rg BT 240.01 593.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 280.35 593.10 Td (is ) Tj ET Q q 0 0 0 rg BT 288.48 593.10 Td (a ) Tj ET Q q 0 0 0 rg BT 294.37 593.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 333.58 593.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 361.13 593.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 387.01 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.90 593.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 448.24 593.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 481.91 593.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 500.58 593.10 Td (registered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 581.10 Td (under ) Tj ET Q q 0 0 0 rg BT 98.49 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.42 581.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 157.57 581.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 199.89 581.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 218.05 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.09 581.10 Td (1934 ) Tj ET Q q 0 0 0 rg BT 253.81 581.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.97 581.10 Td (is ) Tj ET Q q 0 0 0 rg BT 282.35 581.10 Td (a ) Tj ET Q q 0 0 0 rg BT 290.51 581.10 Td (member ) Tj ET Q q 0 0 0 rg BT 326.99 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.04 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.97 581.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 395.90 581.10 Td (Industry ) Tj ET Q q 0 0 0 rg BT 432.95 581.10 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 480.28 581.10 Td (Authority) Tj ET Q q 0 0 0 rg BT 518.52 581.10 Td (, ) Tj ET Q q 0 0 0 rg BT 524.73 581.10 Td (Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 569.10 Td (\("FINRA"\). ) Tj ET Q q 0 0 0 rg BT 122.30 569.10 Td (As ) Tj ET Q q 0 0 0 rg BT 137.22 569.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 161.86 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.89 569.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 220.59 569.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 248.27 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 266.52 569.10 Td (ef) Tj ET Q q 0 0 0 rg BT 274.11 569.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 296.80 569.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 348.37 569.10 Td (in ) Tj ET Q q 0 0 0 rg BT 359.96 569.10 Td (listed ) Tj ET Q q 0 0 0 rg BT 385.43 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 403.68 569.10 Td (unlisted ) Tj ET Q q 0 0 0 rg BT 439.16 569.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 467.96 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.21 569.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 510.57 569.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 557.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 114.76 557.10 Td (underwrites ) Tj ET Q q 0 0 0 rg BT 164.47 557.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 191.97 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 208.90 557.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 251.39 557.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 271.11 557.10 Td (of) Tj ET Q q 0 0 0 rg BT 279.26 557.10 Td (ferings ) Tj ET Q q 0 0 0 rg BT 309.53 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.47 557.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 363.41 557.10 Td (various ) Tj ET Q q 0 0 0 rg BT 395.34 557.10 Td (other ) Tj ET Q q 0 0 0 rg BT 418.39 557.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 455.87 557.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 492.81 557.10 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 533.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 81.26 533.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 110.77 533.10 Td (August ) Tj ET Q q 0 0 0 rg BT 142.61 533.10 Td (7, ) Tj ET Q q 0 0 0 rg BT 153.07 533.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 178.53 533.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 202.60 533.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 214.08 533.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 233.13 533.10 Td (transitioned ) Tj ET Q q 0 0 0 rg BT 283.30 533.10 Td (from ) Tj ET Q q 0 0 0 rg BT 305.70 533.10 Td (a ) Tj ET Q q 0 0 0 rg BT 313.10 533.10 Td (self ) Tj ET Q q 0 0 0 rg BT 330.49 533.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 365.65 533.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 406.37 533.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 435.43 533.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 462.81 533.10 Td (to ) Tj ET Q q 0 0 0 rg BT 473.55 533.10 Td (a ) Tj ET Q q 0 0 0 rg BT 480.95 533.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 502.79 533.10 Td (disclosed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 521.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 106.82 521.10 Td (model. ) Tj ET Q q 0 0 0 rg BT 136.93 521.10 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 174.54 521.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 196.04 521.10 Td (\("Pershing"\) ) Tj ET Q q 0 0 0 rg BT 248.48 521.10 Td (is ) Tj ET Q q 0 0 0 rg BT 257.77 521.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 281.49 521.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 292.97 521.10 Td (fray's ) Tj ET Q q 0 0 0 rg BT 317.38 521.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 352.19 521.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 380.91 521.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 407.94 521.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 456.11 521.10 Td (for ) Tj ET Q q 0 0 0 rg BT 470.38 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.21 521.10 Td (clearance ) Tj ET Q q 0 0 0 rg BT 525.57 521.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 509.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 115.60 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.43 509.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 146.15 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 163.08 509.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 202.24 509.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 222.51 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.45 509.10 Td (security ) Tj ET Q q 0 0 0 rg BT 273.60 509.10 Td (transactions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 485.10 Td (Basis ) Tj ET Q q 0 0 0 rg BT 96.73 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.56 485.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 117.93 485.10 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 461.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.91 461.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 152.58 461.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 194.27 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.96 461.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 244.30 461.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 285.44 461.10 Td (has ) Tj ET Q q 0 0 0 rg BT 302.13 461.10 Td (been ) Tj ET Q q 0 0 0 rg BT 324.38 461.10 Td (prepared ) Tj ET Q q 0 0 0 rg BT 362.71 461.10 Td (in ) Tj ET Q q 0 0 0 rg BT 373.86 461.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 422.18 461.10 Td (with ) Tj ET Q q 0 0 0 rg BT 443.32 461.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 464.47 461.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 505.03 461.10 Td (accepted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 449.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 118.37 449.10 Td (principles ) Tj ET Q q 0 0 0 rg BT 160.31 449.10 Td (\("U.S. ) Tj ET Q q 0 0 0 rg BT 188.00 449.10 Td (GAAP"\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 425.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.68 425.10 Td (preparation ) Tj ET Q q 0 0 0 rg BT 137.34 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.80 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.14 425.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 202.59 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.05 425.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 250.16 425.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 290.06 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 306.63 425.10 Td (related ) Tj ET Q q 0 0 0 rg BT 335.96 425.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 382.53 425.10 Td (in ) Tj ET Q q 0 0 0 rg BT 392.43 425.10 Td (conformity ) Tj ET Q q 0 0 0 rg BT 439.00 425.10 Td (with ) Tj ET Q q 0 0 0 rg BT 458.90 425.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 478.82 425.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 505.67 425.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.80 425.10 Td (requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 413.10 Td (management ) Tj ET Q q 0 0 0 rg BT 125.40 413.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.50 413.10 Td (make ) Tj ET Q q 0 0 0 rg BT 159.47 413.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 198.99 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.75 413.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 267.51 413.10 Td (that ) Tj ET Q q 0 0 0 rg BT 284.82 413.10 Td (af) Tj ET Q q 0 0 0 rg BT 292.41 413.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 309.71 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.24 413.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 359.87 413.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 396.07 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.71 413.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 432.36 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.11 413.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 488.64 413.10 Td (at ) Tj ET Q q 0 0 0 rg BT 498.17 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.70 413.10 Td (date ) Tj ET Q q 0 0 0 rg BT 531.67 413.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.87 401.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 129.84 401.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.82 401.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 180.45 401.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 223.56 401.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 264.99 401.10 Td (these ) Tj ET Q q 0 0 0 rg BT 289.19 401.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 330.05 401.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.14 401.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 401.24 401.10 Td (are ) Tj ET Q q 0 0 0 rg BT 417.10 401.10 Td (based ) Tj ET Q q 0 0 0 rg BT 443.51 401.10 Td (on ) Tj ET Q q 0 0 0 rg BT 457.16 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 473.03 401.10 Td (best ) Tj ET Q q 0 0 0 rg BT 492.79 401.10 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 389.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 113.09 389.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 139.46 389.10 Td (results ) Tj ET Q q 0 0 0 rg BT 168.07 389.10 Td (could ) Tj ET Q q 0 0 0 rg BT 192.79 389.10 Td (dif) Tj ET Q q 0 0 0 rg BT 203.71 389.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 217.31 389.10 Td (from ) Tj ET Q q 0 0 0 rg BT 239.25 389.10 Td (those ) Tj ET Q q 0 0 0 rg BT 262.86 389.10 Td (estimates.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 365.10 Td (Note 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.49 365.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 101.99 365.10 Td (Summary of Significant ) Tj ET Q q 0 0 0 rg BT 198.19 365.10 Td (Accounting Policies) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 341.10 Td (Principles of Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 317.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.12 317.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.58 317.10 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 183.59 317.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 215.04 317.10 Td (in ) Tj ET Q q 0 0 0 rg BT 225.39 317.10 Td (which ) Tj ET Q q 0 0 0 rg BT 252.41 317.10 Td (it ) Tj ET Q q 0 0 0 rg BT 260.54 317.10 Td (has ) Tj ET Q q 0 0 0 rg BT 276.44 317.10 Td (a ) Tj ET Q q 0 0 0 rg BT 283.45 317.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 329.91 317.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 367.46 317.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 401.78 317.10 Td (The ) Tj ET Q q 0 0 0 rg BT 419.90 317.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 461.36 317.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 507.81 317.10 Td (whether ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 305.10 Td (it ) Tj ET Q q 0 0 0 rg BT 79.28 305.10 Td (has ) Tj ET Q q 0 0 0 rg BT 94.33 305.10 Td (a ) Tj ET Q q 0 0 0 rg BT 100.49 305.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 146.10 305.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.80 305.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 213.96 305.10 Td (in ) Tj ET Q q 0 0 0 rg BT 223.46 305.10 Td (an ) Tj ET Q q 0 0 0 rg BT 234.62 305.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 259.12 305.10 Td (by ) Tj ET Q q 0 0 0 rg BT 270.84 305.10 Td (first ) Tj ET Q q 0 0 0 rg BT 288.67 305.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 332.04 305.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 365.97 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.91 305.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 404.41 305.10 Td (is ) Tj ET Q q 0 0 0 rg BT 412.80 305.10 Td (a ) Tj ET Q q 0 0 0 rg BT 418.96 305.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 452.89 305.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 484.04 305.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 508.54 305.10 Td (\("VIE"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 293.10 Td (or ) Tj ET Q q 0 0 0 rg BT 82.83 293.10 Td (a ) Tj ET Q q 0 0 0 rg BT 89.77 293.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 117.83 293.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 149.76 293.10 Td (entity) Tj ET Q q 0 0 0 rg BT 171.88 293.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 269.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 95.94 269.10 Td (are ) Tj ET Q q 0 0 0 rg BT 111.53 269.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 143.80 269.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.96 269.10 Td (which ) Tj ET Q q 0 0 0 rg BT 182.78 269.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 195.61 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.21 269.10 Td (total ) Tj ET Q q 0 0 0 rg BT 232.37 269.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 260.75 269.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 308.02 269.10 Td (at ) Tj ET Q q 0 0 0 rg BT 318.62 269.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 337.00 269.10 Td (is ) Tj ET Q q 0 0 0 rg BT 347.06 269.10 Td (not ) Tj ET Q q 0 0 0 rg BT 363.22 269.10 Td (suf) Tj ET Q q 0 0 0 rg BT 375.26 269.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 404.19 269.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.35 269.10 Td (enable ) Tj ET Q q 0 0 0 rg BT 444.83 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.43 269.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 486.59 269.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.76 269.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 530.57 269.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 257.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 109.95 257.10 Td (independently ) Tj ET Q q 0 0 0 rg BT 168.46 257.10 Td (or ) Tj ET Q q 0 0 0 rg BT 178.64 257.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 192.71 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.78 257.10 Td (at-risk ) Tj ET Q q 0 0 0 rg BT 234.18 257.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 261.03 257.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 292.32 257.10 Td (do ) Tj ET Q q 0 0 0 rg BT 304.17 257.10 Td (not ) Tj ET Q q 0 0 0 rg BT 318.80 257.10 Td (have ) Tj ET Q q 0 0 0 rg BT 339.53 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.60 257.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 383.78 257.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 442.82 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.00 257.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.29 257.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 505.03 257.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 245.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 105.97 245.10 Td (A) Tj ET Q q 0 0 0 rg BT 112.64 245.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.26 245.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 161.76 245.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 199.36 245.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 231.41 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 241.81 245.10 Td (a ) Tj ET Q q 0 0 0 rg BT 248.68 245.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 267.96 245.10 Td (is ) Tj ET Q q 0 0 0 rg BT 277.25 245.10 Td (present ) Tj ET Q q 0 0 0 rg BT 308.74 245.10 Td (when ) Tj ET Q q 0 0 0 rg BT 333.02 245.10 Td (an ) Tj ET Q q 0 0 0 rg BT 345.08 245.10 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 387.12 245.10 Td (has ) Tj ET Q q 0 0 0 rg BT 403.07 245.10 Td (one ) Tj ET Q q 0 0 0 rg BT 420.13 245.10 Td (or ) Tj ET Q q 0 0 0 rg BT 431.08 245.10 Td (more ) Tj ET Q q 0 0 0 rg BT 454.24 245.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 489.06 245.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 525.01 245.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 233.10 Td (have ) Tj ET Q q 0 0 0 rg BT 92.63 233.10 Td (both ) Tj ET Q q 0 0 0 rg BT 112.16 233.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 123.35 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.32 233.10 Td (power ) Tj ET Q q 0 0 0 rg BT 164.06 233.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.59 233.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 198.11 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.08 233.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 249.93 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.01 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.85 233.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 292.26 233.10 Td (that ) Tj ET Q q 0 0 0 rg BT 309.01 233.10 Td (most ) Tj ET Q q 0 0 0 rg BT 330.21 233.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 381.95 233.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 410.92 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.76 233.10 Td (VIE's ) Tj ET Q q 0 0 0 rg BT 448.86 233.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 489.49 233.10 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 221.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.17 221.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 104.12 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.08 221.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 162.36 221.10 Td (to ) Tj ET Q q 0 0 0 rg BT 172.87 221.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 202.27 221.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 228.89 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.96 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.71 221.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 274.11 221.10 Td (or ) Tj ET Q q 0 0 0 rg BT 285.17 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.12 221.10 Td (right ) Tj ET Q q 0 0 0 rg BT 321.74 221.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.26 221.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 363.85 221.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 398.24 221.10 Td (from ) Tj ET Q q 0 0 0 rg BT 420.42 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.17 221.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 454.56 221.10 Td (that ) Tj ET Q q 0 0 0 rg BT 472.29 221.10 Td (could ) Tj ET Q q 0 0 0 rg BT 497.24 221.10 Td (potentially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 209.10 Td (be ) Tj ET Q q 0 0 0 rg BT 83.36 209.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 127.49 209.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.18 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.18 209.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 172.12 209.10 Td (The ) Tj ET Q q 0 0 0 rg BT 189.58 209.10 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 230.92 209.10 Td (with ) Tj ET Q q 0 0 0 rg BT 250.62 209.10 Td (a ) Tj ET Q q 0 0 0 rg BT 256.98 209.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 302.78 209.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 339.68 209.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 371.03 209.10 Td (is ) Tj ET Q q 0 0 0 rg BT 379.62 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.75 209.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 427.32 209.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 474.21 209.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.57 209.10 Td (consolidates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.54 197.10 Td (VIE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 173.10 Td (V) Tj ET Q q 0 0 0 rg BT 77.93 173.10 Td (oting ) Tj ET Q q 0 0 0 rg BT 100.83 173.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 132.61 173.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 163.83 173.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 182.83 173.10 Td (one ) Tj ET Q q 0 0 0 rg BT 199.61 173.10 Td (or ) Tj ET Q q 0 0 0 rg BT 210.29 173.10 Td (more ) Tj ET Q q 0 0 0 rg BT 233.17 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.85 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.41 173.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 317.94 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.61 173.10 Td (a ) Tj ET Q q 0 0 0 rg BT 335.22 173.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 356.56 173.10 Td (The ) Tj ET Q q 0 0 0 rg BT 374.45 173.10 Td (usual ) Tj ET Q q 0 0 0 rg BT 397.90 173.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 438.01 173.10 Td (for ) Tj ET Q q 0 0 0 rg BT 452.02 173.10 Td (a ) Tj ET Q q 0 0 0 rg BT 458.80 173.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 505.02 173.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 161.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 103.79 161.10 Td (is ) Tj ET Q q 0 0 0 rg BT 112.82 161.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 156.84 161.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.52 161.10 Td (a ) Tj ET Q q 0 0 0 rg BT 174.32 161.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 210.56 161.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 238.47 161.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 270.26 161.10 Td (for ) Tj ET Q q 0 0 0 rg BT 284.28 161.10 Td (a ) Tj ET Q q 0 0 0 rg BT 291.08 161.10 Td (corporation ) Tj ET Q q 0 0 0 rg BT 339.53 161.10 Td (or ) Tj ET Q q 0 0 0 rg BT 350.22 161.10 Td (a ) Tj ET Q q 0 0 0 rg BT 357.01 161.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 393.25 161.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.94 161.10 Td (kick-out ) Tj ET Q q 0 0 0 rg BT 439.62 161.10 Td (or ) Tj ET Q q 0 0 0 rg BT 450.31 161.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 503.20 161.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 528.34 161.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 149.10 Td (a ) Tj ET Q q 0 0 0 rg BT 78.94 149.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 109.77 149.10 Td (partnership.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 125.10 Td (When ) Tj ET Q q 0 0 0 rg BT 98.34 125.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.01 125.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 154.36 125.10 Td (does ) Tj ET Q q 0 0 0 rg BT 175.14 125.10 Td (not ) Tj ET Q q 0 0 0 rg BT 190.38 125.10 Td (have ) Tj ET Q q 0 0 0 rg BT 211.72 125.10 Td (a ) Tj ET Q q 0 0 0 rg BT 218.61 125.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 264.95 125.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 302.39 125.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 334.29 125.10 Td (in ) Tj ET Q q 0 0 0 rg BT 344.52 125.10 Td (an ) Tj ET Q q 0 0 0 rg BT 356.42 125.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 381.65 125.10 Td (but ) Tj ET Q q 0 0 0 rg BT 396.89 125.10 Td (exerts ) Tj ET Q q 0 0 0 rg BT 423.22 125.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 467.89 125.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 507.55 125.10 Td (over ) Tj ET Q q 0 0 0 rg BT 527.78 125.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 113.10 Td (entity's ) Tj ET Q q 0 0 0 rg BT 103.85 113.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 145.00 113.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.82 113.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 201.18 113.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 235.67 113.10 Td (\(generally ) Tj ET Q q 0 0 0 rg BT 279.58 113.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 312.95 113.10 Td (as ) Tj ET Q q 0 0 0 rg BT 324.66 113.10 Td (owning ) Tj ET Q q 0 0 0 rg BT 358.05 113.10 Td (a ) Tj ET Q q 0 0 0 rg BT 365.87 113.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 394.81 113.10 Td (or ) Tj ET Q q 0 0 0 rg BT 406.52 113.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 448.77 113.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 481.59 113.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.30 113.10 Td (between ) Tj ET Q q 0 0 0 rg BT 530.00 113.10 Td (20 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 101.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 105.10 101.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.55 101.10 Td (50 ) Tj ET Q q 0 0 0 rg BT 130.23 101.10 Td (percent\), ) Tj ET Q q 0 0 0 rg BT 169.15 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.04 101.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 233.30 101.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 280.85 101.10 Td (is ) Tj ET Q q 0 0 0 rg BT 291.20 101.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 335.41 101.10 Td (for ) Tj ET Q q 0 0 0 rg BT 350.74 101.10 Td (under ) Tj ET Q q 0 0 0 rg BT 377.18 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.07 101.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 421.74 101.10 Td (method ) Tj ET Q q 0 0 0 rg BT 455.41 101.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.42 101.10 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 517.46 101.10 Td (If ) Tj ET Q q 0 0 0 rg BT 527.80 101.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 89.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.44 89.10 Td (does ) Tj ET Q q 0 0 0 rg BT 134.32 89.10 Td (not ) Tj ET Q q 0 0 0 rg BT 149.65 89.10 Td (have ) Tj ET Q q 0 0 0 rg BT 171.07 89.10 Td (a ) Tj ET Q q 0 0 0 rg BT 178.06 89.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 224.49 89.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 262.02 89.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 294.01 89.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 306.84 89.10 Td (or ) Tj ET Q q 0 0 0 rg BT 317.72 89.10 Td (exert ) Tj ET Q q 0 0 0 rg BT 340.25 89.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 385.02 89.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 424.77 89.10 Td (over) Tj ET Q q 0 0 0 rg BT 442.14 89.10 Td (, ) Tj ET Q q 0 0 0 rg BT 447.19 89.10 Td (an ) Tj ET Q q 0 0 0 rg BT 459.18 89.10 Td (entity) Tj ET Q q 0 0 0 rg BT 481.30 89.10 Td (, ) Tj ET Q q 0 0 0 rg BT 486.35 89.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.12 89.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 77.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 109.49 77.10 Td (for ) Tj ET Q q 0 0 0 rg BT 123.65 77.10 Td (its ) Tj ET Q q 0 0 0 rg BT 135.59 77.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 181.98 77.10 Td (at ) Tj ET Q q 0 0 0 rg BT 191.69 77.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 208.07 77.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 234.72 77.10 Td (if ) Tj ET Q q 0 0 0 rg BT 243.33 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.05 77.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 274.43 77.10 Td (value ) Tj ET Q q 0 0 0 rg BT 298.58 77.10 Td (option ) Tj ET Q q 0 0 0 rg BT 326.64 77.10 Td (was ) Tj ET Q q 0 0 0 rg BT 344.69 77.10 Td (elected, ) Tj ET Q q 0 0 0 rg BT 378.00 77.10 Td (or ) Tj ET Q q 0 0 0 rg BT 388.83 77.10 Td (at ) Tj ET Q q 0 0 0 rg BT 398.55 77.10 Td (cost.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 677.25 Td (Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 653.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 94.57 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 111.58 653.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 131.92 653.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 180.04 653.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 210.39 653.25 Td (of ) Tj ET Q q 0 0 0 rg BT 221.29 653.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 241.63 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 258.64 653.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 286.77 653.25 Td (liquid ) Tj ET Q q 0 0 0 rg BT 312.68 653.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 363.02 653.25 Td (with ) Tj ET Q q 0 0 0 rg BT 383.38 653.25 Td (maturities ) Tj ET Q q 0 0 0 rg BT 425.94 653.25 Td (of ) Tj ET Q q 0 0 0 rg BT 436.84 653.25 Td (90 ) Tj ET Q q 0 0 0 rg BT 449.41 653.25 Td (days ) Tj ET Q q 0 0 0 rg BT 470.31 653.25 Td (or ) Tj ET Q q 0 0 0 rg BT 481.22 653.25 Td (less ) Tj ET Q q 0 0 0 rg BT 498.79 653.25 Td (at ) Tj ET Q q 0 0 0 rg BT 508.58 653.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.37 653.25 Td (date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.83 641.25 Td (origination.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 617.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 94.93 617.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 106.41 617.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 124.33 617.25 Td (is ) Tj ET Q q 0 0 0 rg BT 132.82 617.25 Td (a ) Tj ET Q q 0 0 0 rg BT 139.08 617.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 180.32 617.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 208.24 617.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 234.48 617.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 264.63 617.25 Td (to ) Tj ET Q q 0 0 0 rg BT 274.23 617.25 Td (Rule ) Tj ET Q q 0 0 0 rg BT 294.93 617.25 Td (15c3-3 ) Tj ET Q q 0 0 0 rg BT 324.52 617.25 Td (of ) Tj ET Q q 0 0 0 rg BT 334.67 617.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.71 617.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 389.96 617.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 430.81 617.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 447.07 617.25 Td (of ) Tj ET Q q 0 0 0 rg BT 457.22 617.25 Td (1934, ) Tj ET Q q 0 0 0 rg BT 481.54 617.25 Td (which ) Tj ET Q q 0 0 0 rg BT 507.80 617.25 Td (requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 605.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 100.59 605.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 131.40 605.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 167.20 605.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 206.35 605.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 243.83 605.25 Td (to ) Tj ET Q q 0 0 0 rg BT 254.10 605.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 291.58 605.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 311.84 605.25 Td (or ) Tj ET Q q 0 0 0 rg BT 322.66 605.25 Td (qualified ) Tj ET Q q 0 0 0 rg BT 360.70 605.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 400.95 605.25 Td (in ) Tj ET Q q 0 0 0 rg BT 411.22 605.25 Td (a ) Tj ET Q q 0 0 0 rg BT 418.15 605.25 Td (segregated ) Tj ET Q q 0 0 0 rg BT 463.40 605.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 494.76 605.25 Td (account ) Tj ET Q q 0 0 0 rg BT 528.34 605.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.25 Td (the ) Tj ET Q q 0 0 0 rg BT 87.05 593.25 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 127.64 593.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 158.23 593.25 Td (of ) Tj ET Q q 0 0 0 rg BT 169.39 593.25 Td (its ) Tj ET Q q 0 0 0 rg BT 181.67 593.25 Td (customers. ) Tj ET Q q 0 0 0 rg BT 227.55 593.25 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 276.48 593.25 Td (to ) Tj ET Q q 0 0 0 rg BT 287.09 593.25 Td (transitioning ) Tj ET Q q 0 0 0 rg BT 340.47 593.25 Td (to ) Tj ET Q q 0 0 0 rg BT 351.08 593.25 Td (a ) Tj ET Q q 0 0 0 rg BT 358.35 593.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 380.07 593.25 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 420.11 593.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 455.14 593.25 Td (model ) Tj ET Q q 0 0 0 rg BT 482.97 593.25 Td (in ) Tj ET Q q 0 0 0 rg BT 493.58 593.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 518.91 593.25 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 581.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 83.48 581.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 102.08 581.25 Td (no ) Tj ET Q q 0 0 0 rg BT 114.58 581.25 Td (longer ) Tj ET Q q 0 0 0 rg BT 142.63 581.25 Td (carries ) Tj ET Q q 0 0 0 rg BT 171.77 581.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 210.93 581.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 248.41 581.25 Td (and ) Tj ET Q q 0 0 0 rg BT 265.35 581.25 Td (is ) Tj ET Q q 0 0 0 rg BT 274.52 581.25 Td (no ) Tj ET Q q 0 0 0 rg BT 287.02 581.25 Td (longer ) Tj ET Q q 0 0 0 rg BT 315.07 581.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 345.89 581.25 Td (to ) Tj ET Q q 0 0 0 rg BT 356.17 581.25 Td (Rule ) Tj ET Q q 0 0 0 rg BT 377.56 581.25 Td (15c3-3.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 557.25 Td (Customer) Tj ET Q q 0 0 0 rg BT 114.03 557.25 Td ( ) Tj ET Q q 0 0 0 rg BT 116.35 557.25 Td (T) Tj ET Q q 0 0 0 rg BT 122.28 557.25 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 533.25 Td (As ) Tj ET Q q 0 0 0 rg BT 86.49 533.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 128.20 533.25 Td (in ) Tj ET Q q 0 0 0 rg BT 139.36 533.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 162.18 533.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 173.05 533.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 197.54 533.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 209.02 533.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 228.50 533.25 Td (transitioned ) Tj ET Q q 0 0 0 rg BT 279.09 533.25 Td (from ) Tj ET Q q 0 0 0 rg BT 301.91 533.25 Td (a ) Tj ET Q q 0 0 0 rg BT 309.72 533.25 Td (self ) Tj ET Q q 0 0 0 rg BT 327.54 533.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 363.12 533.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 404.27 533.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 433.74 533.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 461.55 533.25 Td (to ) Tj ET Q q 0 0 0 rg BT 472.70 533.25 Td (a ) Tj ET Q q 0 0 0 rg BT 480.52 533.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 502.79 533.25 Td (disclosed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 521.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 106.64 521.25 Td (model ) Tj ET Q q 0 0 0 rg BT 134.08 521.25 Td (in ) Tj ET Q q 0 0 0 rg BT 144.30 521.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 169.24 521.25 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 206.68 521.25 Td (is ) Tj ET Q q 0 0 0 rg BT 215.79 521.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 239.34 521.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 250.82 521.25 Td (fray's ) Tj ET Q q 0 0 0 rg BT 275.06 521.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 309.70 521.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 338.24 521.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 365.11 521.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 413.09 521.25 Td (for ) Tj ET Q q 0 0 0 rg BT 427.20 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 441.85 521.25 Td (clearance ) Tj ET Q q 0 0 0 rg BT 482.03 521.25 Td (and ) Tj ET Q q 0 0 0 rg BT 498.91 521.25 Td (settlement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 509.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.83 509.25 Td (firm ) Tj ET Q q 0 0 0 rg BT 102.55 509.25 Td (and ) Tj ET Q q 0 0 0 rg BT 119.49 509.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 158.64 509.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 178.91 509.25 Td (and ) Tj ET Q q 0 0 0 rg BT 195.85 509.25 Td (security ) Tj ET Q q 0 0 0 rg BT 230.00 509.25 Td (transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 485.25 Td (Customer ) Tj ET Q q 0 0 0 rg BT 113.50 485.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 153.88 485.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 204.25 485.25 Td (are ) Tj ET Q q 0 0 0 rg BT 219.07 485.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 256.66 485.25 Td (on ) Tj ET Q q 0 0 0 rg BT 269.27 485.25 Td (a ) Tj ET Q q 0 0 0 rg BT 276.32 485.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 320.03 485.25 Td (date ) Tj ET Q q 0 0 0 rg BT 339.30 485.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 364.41 485.25 Td (while ) Tj ET Q q 0 0 0 rg BT 389.24 485.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.07 485.25 Td (related ) Tj ET Q q 0 0 0 rg BT 433.88 485.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 472.03 485.25 Td (and ) Tj ET Q q 0 0 0 rg BT 489.08 485.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 527.80 485.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 473.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 109.19 473.25 Td (on ) Tj ET Q q 0 0 0 rg BT 121.39 473.25 Td (a ) Tj ET Q q 0 0 0 rg BT 128.04 473.25 Td (trade-date ) Tj ET Q q 0 0 0 rg BT 170.22 473.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 194.93 473.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 217.14 473.25 Td (to ) Tj ET Q q 0 0 0 rg BT 227.13 473.25 Td (transitioning ) Tj ET Q q 0 0 0 rg BT 279.89 473.25 Td (to ) Tj ET Q q 0 0 0 rg BT 289.88 473.25 Td (Pershing, ) Tj ET Q q 0 0 0 rg BT 329.59 473.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 368.45 473.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 415.63 473.25 Td (and ) Tj ET Q q 0 0 0 rg BT 432.28 473.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 469.48 473.25 Td (included ) Tj ET Q q 0 0 0 rg BT 506.12 473.25 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 461.25 Td (related ) Tj ET Q q 0 0 0 rg BT 101.70 461.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.98 461.25 Td (both ) Tj ET Q q 0 0 0 rg BT 132.26 461.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 171.41 461.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 191.68 461.25 Td (and ) Tj ET Q q 0 0 0 rg BT 208.62 461.25 Td (mar) Tj ET Q q 0 0 0 rg BT 223.98 461.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 239.26 461.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 289.52 461.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 324.22 461.25 Td (through ) Tj ET Q q 0 0 0 rg BT 357.83 461.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 381.44 461.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 392.92 461.25 Td (fray) Tj ET Q q 0 0 0 rg BT 408.37 461.25 Td (. ) Tj ET Q q 0 0 0 rg BT 413.37 461.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 455.30 461.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 484.46 461.25 Td (by ) Tj ET Q q 0 0 0 rg BT 496.96 461.25 Td (customers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 449.25 Td (including ) Tj ET Q q 0 0 0 rg BT 112.67 449.25 Td (those ) Tj ET Q q 0 0 0 rg BT 136.68 449.25 Td (that ) Tj ET Q q 0 0 0 rg BT 154.58 449.25 Td (collateralize ) Tj ET Q q 0 0 0 rg BT 206.33 449.25 Td (mar) Tj ET Q q 0 0 0 rg BT 221.70 449.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 237.38 449.25 Td (or ) Tj ET Q q 0 0 0 rg BT 248.61 449.25 Td (other ) Tj ET Q q 0 0 0 rg BT 272.05 449.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 302.73 449.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 355.89 449.25 Td (are ) Tj ET Q q 0 0 0 rg BT 371.00 449.25 Td (not ) Tj ET Q q 0 0 0 rg BT 386.68 449.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 424.55 449.25 Td (on ) Tj ET Q q 0 0 0 rg BT 437.45 449.25 Td (the ) Tj ET Q q 0 0 0 rg BT 452.57 449.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 493.79 449.25 Td (of ) Tj ET Q q 0 0 0 rg BT 505.02 449.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 437.25 Td (condition.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 413.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 124.49 413.25 Td (fr) Tj ET Q q 0 0 0 rg BT 132.07 413.25 Td (om ) Tj ET Q q 0 0 0 rg BT 147.90 413.25 Td (and ) Tj ET Q q 0 0 0 rg BT 166.53 413.25 Td (Payables ) Tj ET Q q 0 0 0 rg BT 206.80 413.25 Td (to ) Tj ET Q q 0 0 0 rg BT 217.63 413.25 Td (Br) Tj ET Q q 0 0 0 rg BT 228.56 413.25 Td (okers, ) Tj ET Q q 0 0 0 rg BT 256.89 413.25 Td (Dealers ) Tj ET Q q 0 0 0 rg BT 291.60 413.25 Td (and ) Tj ET Q q 0 0 0 rg BT 310.22 413.25 Td (Clearing ) Tj ET Q q 0 0 0 rg BT 349.94 413.25 Td (Organizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 389.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 81.26 389.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 109.68 389.25 Td (August ) Tj ET Q q 0 0 0 rg BT 140.13 389.25 Td (7, ) Tj ET Q q 0 0 0 rg BT 149.19 389.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 173.26 389.25 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 209.82 389.25 Td (is ) Tj ET Q q 0 0 0 rg BT 218.05 389.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 265.16 389.25 Td (for ) Tj ET Q q 0 0 0 rg BT 278.38 389.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.16 389.25 Td (clearance ) Tj ET Q q 0 0 0 rg BT 331.46 389.25 Td (and ) Tj ET Q q 0 0 0 rg BT 347.47 389.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 390.13 389.25 Td (of ) Tj ET Q q 0 0 0 rg BT 400.02 389.25 Td (firm ) Tj ET Q q 0 0 0 rg BT 418.80 389.25 Td (and ) Tj ET Q q 0 0 0 rg BT 434.80 389.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 473.02 389.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 492.35 389.25 Td (and ) Tj ET Q q 0 0 0 rg BT 508.35 389.25 Td (security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 377.25 Td (transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 353.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 122.32 353.25 Td (from ) Tj ET Q q 0 0 0 rg BT 143.77 353.25 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 178.26 353.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 208.59 353.25 Td (and ) Tj ET Q q 0 0 0 rg BT 225.03 353.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 259.25 353.25 Td (or) Tj ET Q q 0 0 0 rg BT 267.39 353.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 314.94 353.25 Td (include ) Tj ET Q q 0 0 0 rg BT 346.39 353.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 393.37 353.25 Td (from ) Tj ET Q q 0 0 0 rg BT 414.81 353.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 449.02 353.25 Td (or) Tj ET Q q 0 0 0 rg BT 457.17 353.25 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 507.22 353.25 Td (deposits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 341.25 Td (with ) Tj ET Q q 0 0 0 rg BT 93.85 341.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 130.12 341.25 Td (or) Tj ET Q q 0 0 0 rg BT 138.27 341.25 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 190.38 341.25 Td (and ) Tj ET Q q 0 0 0 rg BT 208.89 341.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 257.93 341.25 Td (from ) Tj ET Q q 0 0 0 rg BT 281.43 341.25 Td (brokers ) Tj ET Q q 0 0 0 rg BT 315.49 341.25 Td (and ) Tj ET Q q 0 0 0 rg BT 334.00 341.25 Td (dealers. ) Tj ET Q q 0 0 0 rg BT 368.88 341.25 Td (Payables ) Tj ET Q q 0 0 0 rg BT 408.50 341.25 Td (to ) Tj ET Q q 0 0 0 rg BT 420.35 341.25 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 456.91 341.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 489.29 341.25 Td (and ) Tj ET Q q 0 0 0 rg BT 507.80 341.25 Td (clearing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 329.25 Td (or) Tj ET Q q 0 0 0 rg BT 80.15 329.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 128.19 329.25 Td (include ) Tj ET Q q 0 0 0 rg BT 160.13 329.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 197.61 329.25 Td (to ) Tj ET Q q 0 0 0 rg BT 207.89 329.25 Td (brokers ) Tj ET Q q 0 0 0 rg BT 240.38 329.25 Td (and ) Tj ET Q q 0 0 0 rg BT 257.32 329.25 Td (dealers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 305.25 Td (Collateralized Securities ) Tj ET Q q 0 0 0 rg BT 178.46 305.25 Td (T) Tj ET Q q 0 0 0 rg BT 184.38 305.25 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 281.25 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 120.53 281.25 Td (to ) Tj ET Q q 0 0 0 rg BT 130.73 281.25 Td (transitioning ) Tj ET Q q 0 0 0 rg BT 183.71 281.25 Td (to ) Tj ET Q q 0 0 0 rg BT 193.91 281.25 Td (a ) Tj ET Q q 0 0 0 rg BT 200.77 281.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 222.08 281.25 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 261.72 281.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 296.35 281.25 Td (model ) Tj ET Q q 0 0 0 rg BT 323.77 281.25 Td (on ) Tj ET Q q 0 0 0 rg BT 335.65 281.25 Td (August ) Tj ET Q q 0 0 0 rg BT 366.97 281.25 Td (7, ) Tj ET Q q 0 0 0 rg BT 376.89 281.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 401.82 281.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.46 281.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 457.77 281.25 Td (no ) Tj ET Q q 0 0 0 rg BT 470.19 281.25 Td (longer ) Tj ET Q q 0 0 0 rg BT 498.16 281.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 524.46 281.25 Td (into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 269.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 111.38 269.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 153.53 269.25 Td (under ) Tj ET Q q 0 0 0 rg BT 177.92 269.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 225.07 269.25 Td (to ) Tj ET Q q 0 0 0 rg BT 234.46 269.25 Td (resell, ) Tj ET Q q 0 0 0 rg BT 260.23 269.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 299.61 269.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 317.90 269.25 Td (under ) Tj ET Q q 0 0 0 rg BT 342.28 269.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 389.43 269.25 Td (to ) Tj ET Q q 0 0 0 rg BT 398.83 269.25 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 446.25 269.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.30 269.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 501.68 269.25 Td (borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 257.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.94 257.25 Td (loaned ) Tj ET Q q 0 0 0 rg BT 118.09 257.25 Td (transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 233.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 95.82 233.25 Td (to ) Tj ET Q q 0 0 0 rg BT 106.58 233.25 Td (August ) Tj ET Q q 0 0 0 rg BT 139.30 233.25 Td (7, ) Tj ET Q q 0 0 0 rg BT 150.62 233.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 176.95 233.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 218.53 233.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 262.90 233.25 Td (under ) Tj ET Q q 0 0 0 rg BT 289.49 233.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 338.85 233.25 Td (to ) Tj ET Q q 0 0 0 rg BT 350.45 233.25 Td (resell ) Tj ET Q q 0 0 0 rg BT 375.93 233.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.19 233.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 435.78 233.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 456.27 233.25 Td (under ) Tj ET Q q 0 0 0 rg BT 482.86 233.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 532.22 233.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 221.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 117.05 221.25 Td (were ) Tj ET Q q 0 0 0 rg BT 138.22 221.25 Td (carried ) Tj ET Q q 0 0 0 rg BT 167.72 221.25 Td (at ) Tj ET Q q 0 0 0 rg BT 176.68 221.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.65 221.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 236.81 221.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 272.44 221.25 Td (at ) Tj ET Q q 0 0 0 rg BT 281.40 221.25 Td (which ) Tj ET Q q 0 0 0 rg BT 307.58 221.25 Td (the ) Tj ET Q q 0 0 0 rg BT 321.55 221.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 361.05 221.25 Td (would ) Tj ET Q q 0 0 0 rg BT 387.80 221.25 Td (be ) Tj ET Q q 0 0 0 rg BT 398.98 221.25 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 452.94 221.25 Td (resold ) Tj ET Q q 0 0 0 rg BT 479.13 221.25 Td (or ) Tj ET Q q 0 0 0 rg BT 489.20 221.25 Td (repurchased, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 209.25 Td (including ) Tj ET Q q 0 0 0 rg BT 112.93 209.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 147.17 209.25 Td (interest. ) Tj ET Q q 0 0 0 rg BT 182.26 209.25 Td (It ) Tj ET Q q 0 0 0 rg BT 191.52 209.25 Td (was ) Tj ET Q q 0 0 0 rg BT 210.23 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 225.60 209.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 273.34 209.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 301.49 209.25 Td (to ) Tj ET Q q 0 0 0 rg BT 312.42 209.25 Td (take ) Tj ET Q q 0 0 0 rg BT 332.23 209.25 Td (possession ) Tj ET Q q 0 0 0 rg BT 378.17 209.25 Td (or ) Tj ET Q q 0 0 0 rg BT 389.66 209.25 Td (control ) Tj ET Q q 0 0 0 rg BT 421.14 209.25 Td (of ) Tj ET Q q 0 0 0 rg BT 432.63 209.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 473.55 209.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 517.24 209.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 197.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 121.13 197.25 Td (to ) Tj ET Q q 0 0 0 rg BT 132.52 197.25 Td (resell ) Tj ET Q q 0 0 0 rg BT 157.77 197.25 Td (at ) Tj ET Q q 0 0 0 rg BT 168.59 197.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.41 197.25 Td (time ) Tj ET Q q 0 0 0 rg BT 205.79 197.25 Td (these ) Tj ET Q q 0 0 0 rg BT 229.94 197.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 279.07 197.25 Td (were ) Tj ET Q q 0 0 0 rg BT 302.10 197.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 335.13 197.25 Td (into. ) Tj ET Q q 0 0 0 rg BT 356.53 197.25 Td (The ) Tj ET Q q 0 0 0 rg BT 375.68 197.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 435.92 197.25 Td (to ) Tj ET Q q 0 0 0 rg BT 447.30 197.25 Td (these ) Tj ET Q q 0 0 0 rg BT 471.45 197.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 520.59 197.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 185.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 109.72 185.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 144.11 185.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 175.15 185.25 Td (of ) Tj ET Q q 0 0 0 rg BT 186.21 185.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 206.73 185.25 Td (government ) Tj ET Q q 0 0 0 rg BT 257.22 185.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 297.72 185.25 Td (and ) Tj ET Q q 0 0 0 rg BT 314.89 185.25 Td (major ) Tj ET Q q 0 0 0 rg BT 340.94 185.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 378.66 185.25 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 428.34 185.25 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 470.50 185.25 Td (was ) Tj ET Q q 0 0 0 rg BT 488.78 185.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 518.17 185.25 Td (daily) Tj ET Q q 0 0 0 rg BT 537.51 185.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 173.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.94 173.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 131.43 173.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 171.13 173.25 Td (was ) Tj ET Q q 0 0 0 rg BT 189.18 173.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 226.11 173.25 Td (from ) Tj ET Q q 0 0 0 rg BT 248.05 173.25 Td (or ) Tj ET Q q 0 0 0 rg BT 258.88 173.25 Td (refunded ) Tj ET Q q 0 0 0 rg BT 296.92 173.25 Td (to ) Tj ET Q q 0 0 0 rg BT 307.20 173.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 366.34 173.25 Td (when ) Tj ET Q q 0 0 0 rg BT 390.50 173.25 Td (appropriate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 149.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 113.83 149.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 154.54 149.25 Td (and ) Tj ET Q q 0 0 0 rg BT 171.38 149.25 Td (loaned ) Tj ET Q q 0 0 0 rg BT 200.43 149.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 234.48 149.25 Td (from ) Tj ET Q q 0 0 0 rg BT 256.31 149.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 306.47 149.25 Td (with ) Tj ET Q q 0 0 0 rg BT 326.64 149.25 Td (other ) Tj ET Q q 0 0 0 rg BT 349.59 149.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 378.08 149.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 408.79 149.25 Td (or ) Tj ET Q q 0 0 0 rg BT 419.51 149.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 456.89 149.25 Td (institutions ) Tj ET Q q 0 0 0 rg BT 503.74 149.25 Td (and ) Tj ET Q q 0 0 0 rg BT 520.57 149.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 137.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 109.35 137.25 Td (at ) Tj ET Q q 0 0 0 rg BT 118.93 137.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.52 137.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 165.89 137.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.59 137.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 196.73 137.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 236.29 137.25 Td (advanced ) Tj ET Q q 0 0 0 rg BT 276.42 137.25 Td (or ) Tj ET Q q 0 0 0 rg BT 287.12 137.25 Td (received ) Tj ET Q q 0 0 0 rg BT 323.35 137.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.16 137.25 Td (were ) Tj ET Q q 0 0 0 rg BT 361.96 137.25 Td (included ) Tj ET Q q 0 0 0 rg BT 398.77 137.25 Td (in ) Tj ET Q q 0 0 0 rg BT 408.91 137.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 456.26 137.25 Td (from ) Tj ET Q q 0 0 0 rg BT 478.06 137.25 Td (and ) Tj ET Q q 0 0 0 rg BT 494.87 137.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 532.23 137.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 125.25 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 107.35 125.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 138.53 125.25 Td (and ) Tj ET Q q 0 0 0 rg BT 155.84 125.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 190.90 125.25 Td (or) Tj ET Q q 0 0 0 rg BT 199.05 125.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 247.46 125.25 Td (on ) Tj ET Q q 0 0 0 rg BT 260.32 125.25 Td (the ) Tj ET Q q 0 0 0 rg BT 275.40 125.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 316.58 125.25 Td (of ) Tj ET Q q 0 0 0 rg BT 327.78 125.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 365.62 125.25 Td (condition. ) Tj ET Q q 0 0 0 rg BT 408.76 125.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 451.06 125.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 492.24 125.25 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 113.25 Td (required ) Tj ET Q q 0 0 0 rg BT 108.24 113.25 Td (the ) Tj ET Q q 0 0 0 rg BT 123.38 113.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 165.19 113.25 Td (to ) Tj ET Q q 0 0 0 rg BT 175.89 113.25 Td (deposit ) Tj ET Q q 0 0 0 rg BT 207.70 113.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 228.39 113.25 Td (or ) Tj ET Q q 0 0 0 rg BT 239.64 113.25 Td (other ) Tj ET Q q 0 0 0 rg BT 263.11 113.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 303.23 113.25 Td (with ) Tj ET Q q 0 0 0 rg BT 323.93 113.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.07 113.25 Td (lender) Tj ET Q q 0 0 0 rg BT 363.50 113.25 Td (. ) Tj ET Q q 0 0 0 rg BT 368.92 113.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 411.28 113.25 Td (loaned ) Tj ET Q q 0 0 0 rg BT 440.86 113.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 491.54 113.25 Td (required ) Tj ET Q q 0 0 0 rg BT 527.78 113.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 101.25 Td (borrower ) Tj ET Q q 0 0 0 rg BT 111.80 101.25 Td (to ) Tj ET Q q 0 0 0 rg BT 122.73 101.25 Td (deposit ) Tj ET Q q 0 0 0 rg BT 154.76 101.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 175.68 101.25 Td (with ) Tj ET Q q 0 0 0 rg BT 196.61 101.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.98 101.25 Td (Company) Tj ET Q q 0 0 0 rg BT 250.21 101.25 Td (. ) Tj ET Q q 0 0 0 rg BT 255.63 101.25 Td (The ) Tj ET Q q 0 0 0 rg BT 274.33 101.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 316.37 101.25 Td (monitored ) Tj ET Q q 0 0 0 rg BT 360.62 101.25 Td (the ) Tj ET Q q 0 0 0 rg BT 375.99 101.25 Td (market ) Tj ET Q q 0 0 0 rg BT 406.90 101.25 Td (value ) Tj ET Q q 0 0 0 rg BT 431.70 101.25 Td (of ) Tj ET Q q 0 0 0 rg BT 443.18 101.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 484.10 101.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 525.57 101.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 89.25 Td (loaned ) Tj ET Q q 0 0 0 rg BT 100.87 89.25 Td (on ) Tj ET Q q 0 0 0 rg BT 113.09 89.25 Td (a ) Tj ET Q q 0 0 0 rg BT 119.75 89.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 141.97 89.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 166.69 89.25 Td (with ) Tj ET Q q 0 0 0 rg BT 186.68 89.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 228.89 89.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 268.31 89.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 304.96 89.25 Td (or ) Tj ET Q q 0 0 0 rg BT 315.51 89.25 Td (refunded ) Tj ET Q q 0 0 0 rg BT 353.27 89.25 Td (as ) Tj ET Q q 0 0 0 rg BT 363.82 89.25 Td (necessary) Tj ET Q q 0 0 0 rg BT 402.03 89.25 Td (. ) Tj ET Q q 0 0 0 rg BT 406.75 89.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 438.96 89.25 Td (was ) Tj ET Q q 0 0 0 rg BT 456.73 89.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 490.03 89.25 Td (on ) Tj ET Q q 0 0 0 rg BT 502.25 89.25 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 77.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 112.21 77.25 Td (and ) Tj ET Q q 0 0 0 rg BT 128.53 77.25 Td (loaned ) Tj ET Q q 0 0 0 rg BT 157.07 77.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 206.72 77.25 Td (and ) Tj ET Q q 0 0 0 rg BT 223.04 77.25 Td (included ) Tj ET Q q 0 0 0 rg BT 259.36 77.25 Td (in ) Tj ET Q q 0 0 0 rg BT 269.02 77.25 Td (other ) Tj ET Q q 0 0 0 rg BT 291.45 77.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 316.67 77.25 Td (or ) Tj ET Q q 0 0 0 rg BT 326.88 77.25 Td (other ) Tj ET Q q 0 0 0 rg BT 349.31 77.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 388.42 77.25 Td (and ) Tj ET Q q 0 0 0 rg BT 404.74 77.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 437.71 77.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 475.69 77.25 Td (on ) Tj ET Q q 0 0 0 rg BT 487.58 77.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.68 77.25 Td (statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 65.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.83 65.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 120.31 65.25 Td (condition.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 677.25 Td (Fair) Tj ET Q q 0 0 0 rg BT 90.14 677.25 Td ( ) Tj ET Q q 0 0 0 rg BT 92.46 677.25 Td (V) Tj ET Q q 0 0 0 rg BT 98.77 677.25 Td (alue of Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 653.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 112.48 653.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 162.42 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 180.13 653.25 Td (other ) Tj ET Q q 0 0 0 rg BT 203.95 653.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 245.54 653.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 284.93 653.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 314.87 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 332.58 653.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 370.83 653.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 420.76 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 438.47 653.25 Td (other ) Tj ET Q q 0 0 0 rg BT 462.29 653.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 503.89 653.25 Td (positions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 93.07 641.25 Td (but ) Tj ET Q q 0 0 0 rg BT 107.75 641.25 Td (not ) Tj ET Q q 0 0 0 rg BT 122.42 641.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 136.54 641.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 178.98 641.25 Td (on ) Tj ET Q q 0 0 0 rg BT 190.88 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.99 641.25 Td ( ) Tj ET Q q 0 0 0 rg BT 206.89 641.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 247.11 641.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.34 641.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 294.22 641.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 333.89 641.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 363.57 641.25 Td (of ) Tj ET Q q 0 0 0 rg BT 373.80 641.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 410.68 641.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 459.25 641.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 502.25 641.25 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 629.25 Td (with ) Tj ET Q q 0 0 0 rg BT 92.36 629.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 131.03 629.25 Td (settlements ) Tj ET Q q 0 0 0 rg BT 178.60 629.25 Td (and ) Tj ET Q q 0 0 0 rg BT 195.62 629.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 238.18 629.25 Td (contracts\) ) Tj ET Q q 0 0 0 rg BT 280.19 629.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 317.74 629.25 Td (at ) Tj ET Q q 0 0 0 rg BT 327.54 629.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 344.00 629.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 370.74 629.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 412.75 629.25 Td (\(both ) Tj ET Q q 0 0 0 rg BT 436.44 629.25 Td (long ) Tj ET Q q 0 0 0 rg BT 456.80 629.25 Td (and ) Tj ET Q q 0 0 0 rg BT 473.82 629.25 Td (short\), ) Tj ET Q q 0 0 0 rg BT 502.23 629.25 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 617.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 113.48 617.25 Td (with ) Tj ET Q q 0 0 0 rg BT 134.97 617.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 174.78 617.25 Td (settlements, ) Tj ET Q q 0 0 0 rg BT 225.98 617.25 Td (are ) Tj ET Q q 0 0 0 rg BT 241.90 617.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 289.48 617.25 Td (on ) Tj ET Q q 0 0 0 rg BT 303.19 617.25 Td (a ) Tj ET Q q 0 0 0 rg BT 311.34 617.25 Td (trade-date ) Tj ET Q q 0 0 0 rg BT 355.02 617.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 380.42 617.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 430.32 617.25 Td (, ) Tj ET Q q 0 0 0 rg BT 436.53 617.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 467.45 617.25 Td (of ) Tj ET Q q 0 0 0 rg BT 479.49 617.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.42 617.25 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 605.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 121.65 605.25 Td (on ) Tj ET Q q 0 0 0 rg BT 133.52 605.25 Td (the ) Tj ET Q q 0 0 0 rg BT 147.60 605.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 187.80 605.25 Td (of ) Tj ET Q q 0 0 0 rg BT 198.00 605.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 234.85 605.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 274.50 605.25 Td (are ) Tj ET Q q 0 0 0 rg BT 288.57 605.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 325.42 605.25 Td (at ) Tj ET Q q 0 0 0 rg BT 334.51 605.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 350.26 605.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 376.29 605.25 Td (either ) Tj ET Q q 0 0 0 rg BT 400.92 605.25 Td (as ) Tj ET Q q 0 0 0 rg BT 411.12 605.25 Td (required ) Tj ET Q q 0 0 0 rg BT 446.31 605.25 Td (by ) Tj ET Q q 0 0 0 rg BT 458.18 605.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 503.92 605.25 Td (guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.25 Td (or ) Tj ET Q q 0 0 0 rg BT 82.83 593.25 Td (through ) Tj ET Q q 0 0 0 rg BT 116.44 593.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.16 593.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 147.53 593.25 Td (value ) Tj ET Q q 0 0 0 rg BT 171.69 593.25 Td (election.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 569.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 92.50 569.25 Td (V) Tj ET Q q 0 0 0 rg BT 97.50 569.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 117.44 569.25 Td (Measur) Tj ET Q q 0 0 0 rg BT 147.62 569.25 Td (ement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.22 569.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 179.22 569.25 Td ( ) Tj ET Q q 0 0 0 rg BT 181.94 569.25 Td (Definition ) Tj ET Q q 0 0 0 rg BT 225.21 569.25 Td (and ) Tj ET Q q 0 0 0 rg BT 242.93 569.25 Td (Hierar) Tj ET Q q 0 0 0 rg BT 269.78 569.25 Td (chy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.66 569.25 Td ( ) Tj ET Q q 0 0 0 rg BT 286.38 569.25 Td ( ) Tj ET Q q 0 0 0 rg BT 294.10 569.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 333.43 569.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 382.81 569.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 424.97 569.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 452.13 569.25 Td (\("F) Tj ET Q q 0 0 0 rg BT 464.36 569.25 Td (ASB"\) ) Tj ET Q q 0 0 0 rg BT 493.35 569.25 Td (Accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 557.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 113.87 557.25 Td (Codification ) Tj ET Q q 0 0 0 rg BT 166.12 557.25 Td (T) Tj ET Q q 0 0 0 rg BT 171.53 557.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 191.18 557.25 Td (820, ) Tj ET Q q 0 0 0 rg BT 211.12 557.25 Td ("Fair ) Tj ET Q q 0 0 0 rg BT 233.56 557.25 Td (V) Tj ET Q q 0 0 0 rg BT 239.68 557.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 258.77 557.25 Td (Measurement," ) Tj ET Q q 0 0 0 rg BT 322.21 557.25 Td (\("ASC ) Tj ET Q q 0 0 0 rg BT 351.51 557.25 Td (820"\) ) Tj ET Q q 0 0 0 rg BT 376.35 557.25 Td (defines ) Tj ET Q q 0 0 0 rg BT 407.66 557.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 423.98 557.25 Td (value ) Tj ET Q q 0 0 0 rg BT 448.06 557.25 Td (as ) Tj ET Q q 0 0 0 rg BT 458.83 557.25 Td (the ) Tj ET Q q 0 0 0 rg BT 473.48 557.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 505.91 557.25 Td (at ) Tj ET Q q 0 0 0 rg BT 515.56 557.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 545.25 Td (an ) Tj ET Q q 0 0 0 rg BT 83.86 545.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 129.06 545.25 Td (could ) Tj ET Q q 0 0 0 rg BT 153.69 545.25 Td (be ) Tj ET Q q 0 0 0 rg BT 165.55 545.25 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 210.73 545.25 Td (in ) Tj ET Q q 0 0 0 rg BT 220.93 545.25 Td (an ) Tj ET Q q 0 0 0 rg BT 232.79 545.25 Td (orderly ) Tj ET Q q 0 0 0 rg BT 264.09 545.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 310.38 545.25 Td (between ) Tj ET Q q 0 0 0 rg BT 346.12 545.25 Td (market ) Tj ET Q q 0 0 0 rg BT 376.31 545.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 425.38 545.25 Td (at ) Tj ET Q q 0 0 0 rg BT 435.02 545.25 Td (the ) Tj ET Q q 0 0 0 rg BT 449.66 545.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 505.39 545.25 Td (date ) Tj ET Q q 0 0 0 rg BT 524.47 545.25 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 533.25 Td (exit ) Tj ET Q q 0 0 0 rg BT 89.72 533.25 Td (price\). ) Tj ET Q q 0 0 0 rg BT 117.66 533.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 139.84 533.25 Td (820 ) Tj ET Q q 0 0 0 rg BT 157.57 533.25 Td (establishes ) Tj ET Q q 0 0 0 rg BT 203.62 533.25 Td (a ) Tj ET Q q 0 0 0 rg BT 210.78 533.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 227.38 533.25 Td (value ) Tj ET Q q 0 0 0 rg BT 251.77 533.25 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 292.25 533.25 Td (based ) Tj ET Q q 0 0 0 rg BT 317.74 533.25 Td (on ) Tj ET Q q 0 0 0 rg BT 330.47 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 345.41 533.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 372.58 533.25 Td (used ) Tj ET Q q 0 0 0 rg BT 393.64 533.25 Td (to ) Tj ET Q q 0 0 0 rg BT 404.14 533.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 440.19 533.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 456.79 533.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 483.47 533.25 Td (The ) Tj ET Q q 0 0 0 rg BT 501.75 533.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 518.35 533.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 521.25 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 112.32 521.25 Td (maximizes ) Tj ET Q q 0 0 0 rg BT 158.21 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.00 521.25 Td (use ) Tj ET Q q 0 0 0 rg BT 188.90 521.25 Td (of ) Tj ET Q q 0 0 0 rg BT 199.80 521.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 245.69 521.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 272.70 521.25 Td (and ) Tj ET Q q 0 0 0 rg BT 289.71 521.25 Td (minimizes ) Tj ET Q q 0 0 0 rg BT 333.94 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.73 521.25 Td (use ) Tj ET Q q 0 0 0 rg BT 364.63 521.25 Td (of ) Tj ET Q q 0 0 0 rg BT 375.53 521.25 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 431.41 521.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 458.43 521.25 Td (by ) Tj ET Q q 0 0 0 rg BT 471.00 521.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 510.23 521.25 Td (that ) Tj ET Q q 0 0 0 rg BT 527.79 521.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 509.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 117.92 509.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 144.98 509.25 Td (be ) Tj ET Q q 0 0 0 rg BT 157.03 509.25 Td (used ) Tj ET Q q 0 0 0 rg BT 177.97 509.25 Td (when ) Tj ET Q q 0 0 0 rg BT 202.24 509.25 Td (available. ) Tj ET Q q 0 0 0 rg BT 243.43 509.25 Td (Observable ) Tj ET Q q 0 0 0 rg BT 291.58 509.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 318.64 509.25 Td (are ) Tj ET Q q 0 0 0 rg BT 333.45 509.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 360.51 509.25 Td (that ) Tj ET Q q 0 0 0 rg BT 378.11 509.25 Td (market ) Tj ET Q q 0 0 0 rg BT 408.49 509.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 457.75 509.25 Td (would ) Tj ET Q q 0 0 0 rg BT 485.36 509.25 Td (use ) Tj ET Q q 0 0 0 rg BT 501.29 509.25 Td (in ) Tj ET Q q 0 0 0 rg BT 511.68 509.25 Td (pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 85.70 497.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 106.61 497.25 Td (or ) Tj ET Q q 0 0 0 rg BT 116.42 497.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 149.01 497.25 Td (based ) Tj ET Q q 0 0 0 rg BT 173.26 497.25 Td (on ) Tj ET Q q 0 0 0 rg BT 184.74 497.25 Td (market ) Tj ET Q q 0 0 0 rg BT 213.98 497.25 Td (data ) Tj ET Q q 0 0 0 rg BT 232.12 497.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 268.03 497.25 Td (from ) Tj ET Q q 0 0 0 rg BT 288.95 497.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 339.30 497.25 Td (sources. ) Tj ET Q q 0 0 0 rg BT 373.27 497.25 Td (Unobservable ) Tj ET Q q 0 0 0 rg BT 430.29 497.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 456.21 497.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 483.23 497.25 Td (management's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 485.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 123.46 485.25 Td (that ) Tj ET Q q 0 0 0 rg BT 140.47 485.25 Td (market ) Tj ET Q q 0 0 0 rg BT 170.25 485.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 218.91 485.25 Td (would ) Tj ET Q q 0 0 0 rg BT 245.92 485.25 Td (use ) Tj ET Q q 0 0 0 rg BT 261.27 485.25 Td (in ) Tj ET Q q 0 0 0 rg BT 271.06 485.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 301.40 485.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.63 485.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 337.08 485.25 Td (or ) Tj ET Q q 0 0 0 rg BT 347.42 485.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 380.54 485.25 Td (developed ) Tj ET Q q 0 0 0 rg BT 423.65 485.25 Td (based ) Tj ET Q q 0 0 0 rg BT 448.43 485.25 Td (on ) Tj ET Q q 0 0 0 rg BT 460.44 485.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.67 485.25 Td (best ) Tj ET Q q 0 0 0 rg BT 492.80 485.25 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 473.25 Td (available ) Tj ET Q q 0 0 0 rg BT 110.64 473.25 Td (in ) Tj ET Q q 0 0 0 rg BT 120.96 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 135.72 473.25 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 197.23 473.25 Td (The ) Tj ET Q q 0 0 0 rg BT 215.32 473.25 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 255.62 473.25 Td (is ) Tj ET Q q 0 0 0 rg BT 264.84 473.25 Td (broken ) Tj ET Q q 0 0 0 rg BT 295.15 473.25 Td (down ) Tj ET Q q 0 0 0 rg BT 319.92 473.25 Td (into ) Tj ET Q q 0 0 0 rg BT 338.02 473.25 Td (three ) Tj ET Q q 0 0 0 rg BT 360.55 473.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 386.43 473.25 Td (based ) Tj ET Q q 0 0 0 rg BT 411.74 473.25 Td (on ) Tj ET Q q 0 0 0 rg BT 424.29 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.05 473.25 Td (observability ) Tj ET Q q 0 0 0 rg BT 493.81 473.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.68 473.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 531.68 473.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 461.25 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 437.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 114.67 437.25 Td (I ) Tj ET Q q 0 0 0 rg BT 119.92 437.25 Td ( ) Tj ET Q q 0 0 0 rg BT 126.83 437.25 Td (Quoted ) Tj ET Q q 0 0 0 rg BT 158.17 437.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 183.96 437.25 Td (\(unadjusted\) ) Tj ET Q q 0 0 0 rg BT 235.86 437.25 Td (are ) Tj ET Q q 0 0 0 rg BT 249.98 437.25 Td (available ) Tj ET Q q 0 0 0 rg BT 287.98 437.25 Td (in ) Tj ET Q q 0 0 0 rg BT 297.66 437.25 Td (active ) Tj ET Q q 0 0 0 rg BT 323.45 437.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 357.01 437.25 Td (for ) Tj ET Q q 0 0 0 rg BT 370.58 437.25 Td (identical ) Tj ET Q q 0 0 0 rg BT 406.92 437.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 432.16 437.25 Td (or ) Tj ET Q q 0 0 0 rg BT 442.40 437.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 481.53 437.25 Td (as ) Tj ET Q q 0 0 0 rg BT 491.77 437.25 Td (of ) Tj ET Q q 0 0 0 rg BT 502.01 437.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.14 437.25 Td (report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 425.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 111.73 425.25 Td (A) Tj ET Q q 0 0 0 rg BT 118.40 425.25 Td ( ) Tj ET Q q 0 0 0 rg BT 121.71 425.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 152.23 425.25 Td (price ) Tj ET Q q 0 0 0 rg BT 175.53 425.25 Td (for ) Tj ET Q q 0 0 0 rg BT 190.49 425.25 Td (an ) Tj ET Q q 0 0 0 rg BT 203.24 425.25 Td (identical ) Tj ET Q q 0 0 0 rg BT 240.97 425.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 263.72 425.25 Td (or ) Tj ET Q q 0 0 0 rg BT 275.36 425.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 309.77 425.25 Td (in ) Tj ET Q q 0 0 0 rg BT 320.86 425.25 Td (an ) Tj ET Q q 0 0 0 rg BT 333.60 425.25 Td (active ) Tj ET Q q 0 0 0 rg BT 360.78 425.25 Td (market ) Tj ET Q q 0 0 0 rg BT 391.85 425.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 429.60 425.25 Td (the ) Tj ET Q q 0 0 0 rg BT 445.12 425.25 Td (most ) Tj ET Q q 0 0 0 rg BT 467.88 425.25 Td (reliable ) Tj ET Q q 0 0 0 rg BT 501.17 425.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 518.35 425.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 413.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 145.81 413.25 Td (because ) Tj ET Q q 0 0 0 rg BT 179.96 413.25 Td (it ) Tj ET Q q 0 0 0 rg BT 188.01 413.25 Td (is ) Tj ET Q q 0 0 0 rg BT 197.18 413.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 230.22 413.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 276.04 413.25 Td (to ) Tj ET Q q 0 0 0 rg BT 286.32 413.25 Td (the ) Tj ET Q q 0 0 0 rg BT 301.04 413.25 Td (market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 389.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 116.03 389.25 Td (II ) Tj ET Q q 0 0 0 rg BT 125.96 389.25 Td ( ) Tj ET Q q 0 0 0 rg BT 134.22 389.25 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 166.37 389.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 194.09 389.25 Td (are ) Tj ET Q q 0 0 0 rg BT 209.56 389.25 Td (other ) Tj ET Q q 0 0 0 rg BT 233.37 389.25 Td (than ) Tj ET Q q 0 0 0 rg BT 253.85 389.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 284.34 389.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 311.48 389.25 Td (in ) Tj ET Q q 0 0 0 rg BT 322.52 389.25 Td (active ) Tj ET Q q 0 0 0 rg BT 349.66 389.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 387.08 389.25 Td (which ) Tj ET Q q 0 0 0 rg BT 414.79 389.25 Td (are ) Tj ET Q q 0 0 0 rg BT 430.26 389.25 Td (either ) Tj ET Q q 0 0 0 rg BT 456.29 389.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 490.10 389.25 Td (or ) Tj ET Q q 0 0 0 rg BT 501.69 389.25 Td (indirectly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 377.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 136.10 377.25 Td (as ) Tj ET Q q 0 0 0 rg BT 147.21 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.32 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.32 377.25 Td (report ) Tj ET Q q 0 0 0 rg BT 199.98 377.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 221.72 377.25 Td (The ) Tj ET Q q 0 0 0 rg BT 240.05 377.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 267.81 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 278.93 377.25 Td (these ) Tj ET Q q 0 0 0 rg BT 302.25 377.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 340.02 377.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 389.46 377.25 Td (include ) Tj ET Q q 0 0 0 rg BT 421.68 377.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 471.13 377.25 Td (for ) Tj ET Q q 0 0 0 rg BT 485.57 377.25 Td (which ) Tj ET Q q 0 0 0 rg BT 512.79 377.25 Td (quoted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 365.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 115.71 365.25 Td (are ) Tj ET Q q 0 0 0 rg BT 129.74 365.25 Td (available ) Tj ET Q q 0 0 0 rg BT 167.66 365.25 Td (but ) Tj ET Q q 0 0 0 rg BT 182.27 365.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 209.09 365.25 Td (less ) Tj ET Q q 0 0 0 rg BT 225.92 365.25 Td (frequently) Tj ET Q q 0 0 0 rg BT 266.36 365.25 Td (, ) Tj ET Q q 0 0 0 rg BT 270.69 365.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 319.19 365.25 Td (whose ) Tj ET Q q 0 0 0 rg BT 346.57 365.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 362.28 365.25 Td (value ) Tj ET Q q 0 0 0 rg BT 385.76 365.25 Td (have ) Tj ET Q q 0 0 0 rg BT 406.47 365.25 Td (been ) Tj ET Q q 0 0 0 rg BT 427.17 365.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 458.99 365.25 Td (using ) Tj ET Q q 0 0 0 rg BT 482.49 365.25 Td (a ) Tj ET Q q 0 0 0 rg BT 488.76 365.25 Td (model ) Tj ET Q q 0 0 0 rg BT 515.58 365.25 Td (where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 353.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 117.25 353.25 Td (to ) Tj ET Q q 0 0 0 rg BT 127.83 353.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.85 353.25 Td (model ) Tj ET Q q 0 0 0 rg BT 170.65 353.25 Td (are ) Tj ET Q q 0 0 0 rg BT 185.66 353.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 219.00 353.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 265.12 353.25 Td (in ) Tj ET Q q 0 0 0 rg BT 275.70 353.25 Td (the ) Tj ET Q q 0 0 0 rg BT 290.72 353.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 323.79 353.25 Td (or ) Tj ET Q q 0 0 0 rg BT 334.92 353.25 Td (can ) Tj ET Q q 0 0 0 rg BT 351.60 353.25 Td (be ) Tj ET Q q 0 0 0 rg BT 363.84 353.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 396.63 353.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 442.75 353.25 Td (from ) Tj ET Q q 0 0 0 rg BT 465.00 353.25 Td (or ) Tj ET Q q 0 0 0 rg BT 476.13 353.25 Td (corroborated ) Tj ET Q q 0 0 0 rg BT 530.01 353.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 341.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 135.99 341.25 Td (market ) Tj ET Q q 0 0 0 rg BT 166.43 341.25 Td (data, ) Tj ET Q q 0 0 0 rg BT 188.27 341.25 Td (and ) Tj ET Q q 0 0 0 rg BT 205.38 341.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 254.72 341.25 Td (that ) Tj ET Q q 0 0 0 rg BT 272.40 341.25 Td (are ) Tj ET Q q 0 0 0 rg BT 287.28 341.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 303.83 341.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 333.17 341.25 Td (using ) Tj ET Q q 0 0 0 rg BT 357.51 341.25 Td (other ) Tj ET Q q 0 0 0 rg BT 380.74 341.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 418.40 341.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 470.24 341.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.13 341.25 Td (parameters ) Tj ET Q q 0 0 0 rg BT 531.67 341.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 329.25 Td (which ) Tj ET Q q 0 0 0 rg BT 116.94 329.25 Td (can ) Tj ET Q q 0 0 0 rg BT 133.32 329.25 Td (be ) Tj ET Q q 0 0 0 rg BT 145.25 329.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 178.30 329.25 Td (observed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 305.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 114.83 305.25 Td (III ) Tj ET Q q 0 0 0 rg BT 126.89 305.25 Td ( ) Tj ET Q q 0 0 0 rg BT 133.96 305.25 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 183.25 305.25 Td (that ) Tj ET Q q 0 0 0 rg BT 200.31 305.25 Td (have ) Tj ET Q q 0 0 0 rg BT 221.26 305.25 Td (little ) Tj ET Q q 0 0 0 rg BT 241.66 305.25 Td (to ) Tj ET Q q 0 0 0 rg BT 251.51 305.25 Td (no ) Tj ET Q q 0 0 0 rg BT 263.58 305.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 293.97 305.25 Td (observability ) Tj ET Q q 0 0 0 rg BT 348.25 305.25 Td (as ) Tj ET Q q 0 0 0 rg BT 358.65 305.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.05 305.25 Td (the ) Tj ET Q q 0 0 0 rg BT 383.34 305.25 Td (report ) Tj ET Q q 0 0 0 rg BT 409.28 305.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 430.36 305.25 Td (These ) Tj ET Q q 0 0 0 rg BT 456.30 305.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 493.35 305.25 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 293.25 Td (are ) Tj ET Q q 0 0 0 rg BT 104.38 293.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 144.87 293.25 Td (using ) Tj ET Q q 0 0 0 rg BT 168.72 293.25 Td (management's ) Tj ET Q q 0 0 0 rg BT 227.68 293.25 Td (best ) Tj ET Q q 0 0 0 rg BT 245.96 293.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 281.46 293.25 Td (of ) Tj ET Q q 0 0 0 rg BT 291.96 293.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 308.01 293.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 334.34 293.25 Td (where ) Tj ET Q q 0 0 0 rg BT 360.95 293.25 Td (the ) Tj ET Q q 0 0 0 rg BT 375.34 293.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 401.96 293.25 Td (into ) Tj ET Q q 0 0 0 rg BT 419.69 293.25 Td (the ) Tj ET Q q 0 0 0 rg BT 434.09 293.25 Td (determination ) Tj ET Q q 0 0 0 rg BT 491.80 293.25 Td (of ) Tj ET Q q 0 0 0 rg BT 502.30 293.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 518.36 293.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 281.25 Td (require ) Tj ET Q q 0 0 0 rg BT 120.82 281.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 165.53 281.25 Td (management ) Tj ET Q q 0 0 0 rg BT 219.12 281.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 259.39 281.25 Td (or ) Tj ET Q q 0 0 0 rg BT 270.22 281.25 Td (estimation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 257.25 Td (V) Tj ET Q q 0 0 0 rg BT 77.00 257.25 Td (aluation ) Tj ET Q q 0 0 0 rg BT 113.10 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.65 257.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 165.30 257.25 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.52 257.25 Td ( ) Tj ET Q q 0 0 0 rg BT 215.29 257.25 Td ( ) Tj ET Q q 0 0 0 rg BT 223.05 257.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 250.26 257.25 Td (on ) Tj ET Q q 0 0 0 rg BT 263.03 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 278.01 257.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 305.77 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.86 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 331.85 257.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 379.20 257.25 Td (business ) Tj ET Q q 0 0 0 rg BT 415.85 257.25 Td (and ) Tj ET Q q 0 0 0 rg BT 433.06 257.25 Td (its ) Tj ET Q q 0 0 0 rg BT 445.28 257.25 Td (role ) Tj ET Q q 0 0 0 rg BT 463.59 257.25 Td (as ) Tj ET Q q 0 0 0 rg BT 474.69 257.25 Td (a ) Tj ET Q q 0 0 0 rg BT 481.89 257.25 Td ("dealer" ) Tj ET Q q 0 0 0 rg BT 517.25 257.25 Td (in ) Tj ET Q q 0 0 0 rg BT 527.80 257.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 245.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 112.02 245.25 Td (industry) Tj ET Q q 0 0 0 rg BT 144.15 245.25 Td (, ) Tj ET Q q 0 0 0 rg BT 148.90 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.37 245.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 179.50 245.25 Td (values ) Tj ET Q q 0 0 0 rg BT 207.30 245.25 Td (of ) Tj ET Q q 0 0 0 rg BT 217.88 245.25 Td (its ) Tj ET Q q 0 0 0 rg BT 229.58 245.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 266.81 245.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 315.73 245.25 Td (are ) Tj ET Q q 0 0 0 rg BT 330.19 245.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 377.42 245.25 Td (internally) Tj ET Q q 0 0 0 rg BT 415.09 245.25 Td (. ) Tj ET Q q 0 0 0 rg BT 419.68 245.25 Td (When ) Tj ET Q q 0 0 0 rg BT 445.81 245.25 Td (available, ) Tj ET Q q 0 0 0 rg BT 486.65 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.12 245.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 233.25 Td (values ) Tj ET Q q 0 0 0 rg BT 99.65 233.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 136.73 233.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 185.50 233.25 Td (at ) Tj ET Q q 0 0 0 rg BT 194.82 233.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 240.23 233.25 Td (market ) Tj ET Q q 0 0 0 rg BT 270.10 233.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 298.58 233.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 344.00 233.25 Td (market ) Tj ET Q q 0 0 0 rg BT 373.86 233.25 Td (parameters, ) Tj ET Q q 0 0 0 rg BT 422.33 233.25 Td (or ) Tj ET Q q 0 0 0 rg BT 432.76 233.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 460.96 233.25 Td (or ) Tj ET Q q 0 0 0 rg BT 471.39 233.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 497.92 233.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 523.90 233.25 Td (\(bid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 221.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.76 221.25 Td (ask ) Tj ET Q q 0 0 0 rg BT 104.41 221.25 Td (prices\). ) Tj ET Q q 0 0 0 rg BT 136.43 221.25 Td (In ) Tj ET Q q 0 0 0 rg BT 147.08 221.25 Td (the ) Tj ET Q q 0 0 0 rg BT 161.61 221.25 Td (case ) Tj ET Q q 0 0 0 rg BT 181.14 221.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.79 221.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 229.09 221.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 278.07 221.25 Td (transacted ) Tj ET Q q 0 0 0 rg BT 320.92 221.25 Td (on ) Tj ET Q q 0 0 0 rg BT 333.24 221.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 379.42 221.25 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 425.88 221.25 Td (the ) Tj ET Q q 0 0 0 rg BT 440.42 221.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 486.05 221.25 Td (market ) Tj ET Q q 0 0 0 rg BT 516.13 221.25 Td (prices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 209.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 111.85 209.25 Td (quotations ) Tj ET Q q 0 0 0 rg BT 156.71 209.25 Td (for ) Tj ET Q q 0 0 0 rg BT 171.57 209.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 216.42 209.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 267.39 209.25 Td (from ) Tj ET Q q 0 0 0 rg BT 290.03 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 305.44 209.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 346.40 209.25 Td (on ) Tj ET Q q 0 0 0 rg BT 359.60 209.25 Td (which ) Tj ET Q q 0 0 0 rg BT 387.24 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 402.66 209.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 440.84 209.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 486.81 209.25 Td (is ) Tj ET Q q 0 0 0 rg BT 496.68 209.25 Td (principally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 197.25 Td (traded.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 173.25 Td (A) Tj ET Q q 0 0 0 rg BT 78.67 173.25 Td ( ) Tj ET Q q 0 0 0 rg BT 80.94 173.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 125.98 173.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 171.56 173.25 Td (of ) Tj ET Q q 0 0 0 rg BT 182.16 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 196.64 173.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 212.79 173.25 Td (value ) Tj ET Q q 0 0 0 rg BT 236.72 173.25 Td (of ) Tj ET Q q 0 0 0 rg BT 247.32 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 261.80 173.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 308.66 173.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 345.91 173.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 394.84 173.25 Td (and ) Tj ET Q q 0 0 0 rg BT 411.55 173.25 Td (other ) Tj ET Q q 0 0 0 rg BT 434.37 173.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 474.96 173.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 513.35 173.25 Td (owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 161.25 Td (and ) Tj ET Q q 0 0 0 rg BT 89.34 161.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 127.23 161.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 176.80 161.25 Td (and ) Tj ET Q q 0 0 0 rg BT 194.14 161.25 Td (other ) Tj ET Q q 0 0 0 rg BT 217.59 161.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 258.82 161.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 297.84 161.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 319.92 161.25 Td (but ) Tj ET Q q 0 0 0 rg BT 335.60 161.25 Td (not ) Tj ET Q q 0 0 0 rg BT 351.28 161.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 366.40 161.25 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 412.34 161.25 Td (are ) Tj ET Q q 0 0 0 rg BT 427.46 161.25 Td (based ) Tj ET Q q 0 0 0 rg BT 453.13 161.25 Td (on ) Tj ET Q q 0 0 0 rg BT 466.03 161.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 512.25 161.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 149.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 101.14 149.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 147.22 149.25 Td (market ) Tj ET Q q 0 0 0 rg BT 177.75 149.25 Td (parameters, ) Tj ET Q q 0 0 0 rg BT 226.87 149.25 Td (or ) Tj ET Q q 0 0 0 rg BT 237.97 149.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 270.72 149.25 Td (from ) Tj ET Q q 0 0 0 rg BT 292.92 149.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 321.78 149.25 Td (or ) Tj ET Q q 0 0 0 rg BT 332.87 149.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 360.06 149.25 Td (prices. ) Tj ET Q q 0 0 0 rg BT 389.00 149.25 Td (The ) Tj ET Q q 0 0 0 rg BT 407.31 149.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 455.06 149.25 Td (of ) Tj ET Q q 0 0 0 rg BT 466.16 149.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 512.23 149.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 137.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 97.89 137.25 Td (and ) Tj ET Q q 0 0 0 rg BT 114.35 137.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 144.69 137.25 Td (parameters ) Tj ET Q q 0 0 0 rg BT 190.57 137.25 Td (can ) Tj ET Q q 0 0 0 rg BT 206.46 137.25 Td (vary ) Tj ET Q q 0 0 0 rg BT 226.24 137.25 Td (from ) Tj ET Q q 0 0 0 rg BT 247.70 137.25 Td (product ) Tj ET Q q 0 0 0 rg BT 280.26 137.25 Td (to ) Tj ET Q q 0 0 0 rg BT 290.05 137.25 Td (product. ) Tj ET Q q 0 0 0 rg BT 324.97 137.25 Td (Where ) Tj ET Q q 0 0 0 rg BT 353.63 137.25 Td (available, ) Tj ET Q q 0 0 0 rg BT 394.23 137.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 439.57 137.25 Td (market ) Tj ET Q q 0 0 0 rg BT 469.35 137.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 495.24 137.25 Td (and ) Tj ET Q q 0 0 0 rg BT 511.69 137.25 Td (pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 125.25 Td (or ) Tj ET Q q 0 0 0 rg BT 83.55 125.25 Td (market ) Tj ET Q q 0 0 0 rg BT 114.52 125.25 Td (parameters ) Tj ET Q q 0 0 0 rg BT 161.60 125.25 Td (in ) Tj ET Q q 0 0 0 rg BT 172.60 125.25 Td (a ) Tj ET Q q 0 0 0 rg BT 180.25 125.25 Td (product ) Tj ET Q q 0 0 0 rg BT 214.01 125.25 Td (may ) Tj ET Q q 0 0 0 rg BT 234.44 125.25 Td (be ) Tj ET Q q 0 0 0 rg BT 247.10 125.25 Td (used ) Tj ET Q q 0 0 0 rg BT 268.64 125.25 Td (to ) Tj ET Q q 0 0 0 rg BT 279.64 125.25 Td (derive ) Tj ET Q q 0 0 0 rg BT 307.84 125.25 Td (a ) Tj ET Q q 0 0 0 rg BT 315.49 125.25 Td (price ) Tj ET Q q 0 0 0 rg BT 338.69 125.25 Td (without ) Tj ET Q q 0 0 0 rg BT 372.46 125.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 412.33 125.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 457.76 125.25 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 501.25 125.25 Td (In ) Tj ET Q q 0 0 0 rg BT 512.80 125.25 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 113.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 108.37 113.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 153.90 113.25 Td (market ) Tj ET Q q 0 0 0 rg BT 183.88 113.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 209.97 113.25 Td (or ) Tj ET Q q 0 0 0 rg BT 220.51 113.25 Td (market ) Tj ET Q q 0 0 0 rg BT 250.49 113.25 Td (parameters ) Tj ET Q q 0 0 0 rg BT 296.57 113.25 Td (are ) Tj ET Q q 0 0 0 rg BT 310.99 113.25 Td (not ) Tj ET Q q 0 0 0 rg BT 325.98 113.25 Td (available ) Tj ET Q q 0 0 0 rg BT 364.29 113.25 Td (for ) Tj ET Q q 0 0 0 rg BT 378.16 113.25 Td (all ) Tj ET Q q 0 0 0 rg BT 390.37 113.25 Td (products, ) Tj ET Q q 0 0 0 rg BT 429.52 113.25 Td (and ) Tj ET Q q 0 0 0 rg BT 446.17 113.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 462.27 113.25 Td (value ) Tj ET Q q 0 0 0 rg BT 486.14 113.25 Td (is ) Tj ET Q q 0 0 0 rg BT 495.02 113.25 Td (determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 101.25 Td (using ) Tj ET Q q 0 0 0 rg BT 96.13 101.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 141.35 101.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 189.35 101.25 Td (for ) Tj ET Q q 0 0 0 rg BT 203.47 101.25 Td (each ) Tj ET Q q 0 0 0 rg BT 224.24 101.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 265.01 101.25 Td (product. ) Tj ET Q q 0 0 0 rg BT 300.34 101.25 Td (These ) Tj ET Q q 0 0 0 rg BT 326.68 101.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 371.90 101.25 Td (involve ) Tj ET Q q 0 0 0 rg BT 404.36 101.25 Td (some ) Tj ET Q q 0 0 0 rg BT 427.92 101.25 Td (degree ) Tj ET Q q 0 0 0 rg BT 457.03 101.25 Td (of ) Tj ET Q q 0 0 0 rg BT 467.82 101.25 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 510.55 101.25 Td (Results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 89.25 Td (from ) Tj ET Q q 0 0 0 rg BT 93.05 89.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 131.87 89.25 Td (models ) Tj ET Q q 0 0 0 rg BT 162.37 89.25 Td (and ) Tj ET Q q 0 0 0 rg BT 178.42 89.25 Td (other ) Tj ET Q q 0 0 0 rg BT 200.58 89.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 244.95 89.25 Td (in ) Tj ET Q q 0 0 0 rg BT 254.34 89.25 Td (one ) Tj ET Q q 0 0 0 rg BT 270.39 89.25 Td (period ) Tj ET Q q 0 0 0 rg BT 297.55 89.25 Td (may ) Tj ET Q q 0 0 0 rg BT 316.38 89.25 Td (not ) Tj ET Q q 0 0 0 rg BT 330.77 89.25 Td (be ) Tj ET Q q 0 0 0 rg BT 341.82 89.25 Td (indicative ) Tj ET Q q 0 0 0 rg BT 382.86 89.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.80 89.25 Td (future ) Tj ET Q q 0 0 0 rg BT 418.29 89.25 Td (period ) Tj ET Q q 0 0 0 rg BT 445.45 89.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 460.94 89.25 Td (value ) Tj ET Q q 0 0 0 rg BT 484.20 89.25 Td (measurement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 65.25 Td (For ) Tj ET Q q 0 0 0 rg BT 87.33 65.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 136.55 65.25 Td (in ) Tj ET Q q 0 0 0 rg BT 145.77 65.25 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 176.11 65.25 Td (or ) Tj ET Q q 0 0 0 rg BT 185.88 65.25 Td (privately ) Tj ET Q q 0 0 0 rg BT 222.86 65.25 Td (held ) Tj ET Q q 0 0 0 rg BT 241.52 65.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 280.73 65.25 Td (that ) Tj ET Q q 0 0 0 rg BT 297.17 65.25 Td (do ) Tj ET Q q 0 0 0 rg BT 308.61 65.25 Td (not ) Tj ET Q q 0 0 0 rg BT 322.83 65.25 Td (have ) Tj ET Q q 0 0 0 rg BT 343.15 65.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 372.36 65.25 Td (determinable ) Tj ET Q q 0 0 0 rg BT 426.00 65.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 441.32 65.25 Td (values, ) Tj ET Q q 0 0 0 rg BT 470.81 65.25 Td (the ) Tj ET Q q 0 0 0 rg BT 484.47 65.25 Td (determination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 53.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.68 53.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 98.90 53.25 Td (value ) Tj ET Q q 0 0 0 rg BT 122.91 53.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 157.46 53.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.03 53.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 213.26 53.25 Td (to ) Tj ET Q q 0 0 0 rg BT 223.39 53.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 259.06 53.25 Td (the ) Tj ET Q q 0 0 0 rg BT 273.63 53.25 Td (value ) Tj ET Q q 0 0 0 rg BT 297.63 53.25 Td (of ) Tj ET Q q 0 0 0 rg BT 308.31 53.25 Td (the ) Tj ET Q q 0 0 0 rg BT 322.87 53.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 362.99 53.25 Td (using ) Tj ET Q q 0 0 0 rg BT 387.00 53.25 Td (the ) Tj ET Q q 0 0 0 rg BT 401.57 53.25 Td (best ) Tj ET Q q 0 0 0 rg BT 420.03 53.25 Td (information ) Tj ET Q q 0 0 0 rg BT 469.59 53.25 Td (available. ) Tj ET Q q 0 0 0 rg BT 510.01 53.25 Td (Among ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.81 677.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 116.62 677.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 162.53 677.10 Td (by ) Tj ET Q q 0 0 0 rg BT 175.13 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.94 677.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 231.43 677.10 Td (in ) Tj ET Q q 0 0 0 rg BT 241.80 677.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 292.72 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.54 677.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 324.01 677.10 Td (value ) Tj ET Q q 0 0 0 rg BT 348.26 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.19 677.10 Td (such ) Tj ET Q q 0 0 0 rg BT 380.12 677.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 417.70 677.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 466.96 677.10 Td (are ) Tj ET Q q 0 0 0 rg BT 481.77 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.58 677.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 517.79 677.10 Td (terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.10 665.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 125.66 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.66 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.54 665.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 200.58 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.47 665.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 253.11 665.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 293.55 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 310.65 665.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 351.08 665.10 Td (results ) Tj ET Q q 0 0 0 rg BT 379.86 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.85 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.73 665.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 428.66 665.10 Td (, ) Tj ET Q q 0 0 0 rg BT 433.83 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.71 665.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 478.59 665.10 Td (market ) Tj ET Q q 0 0 0 rg BT 509.02 665.10 Td (price ) Tj ET Q q 0 0 0 rg BT 531.67 665.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 653.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 108.63 653.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 137.48 653.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 179.10 653.10 Td (with ) Tj ET Q q 0 0 0 rg BT 200.74 653.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 232.37 653.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 264.00 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.30 653.10 Td (yield, ) Tj ET Q q 0 0 0 rg BT 308.65 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.95 653.10 Td (other ) Tj ET Q q 0 0 0 rg BT 351.36 653.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 382.42 653.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 423.48 653.10 Td (pertinent ) Tj ET Q q 0 0 0 rg BT 462.88 653.10 Td (to ) Tj ET Q q 0 0 0 rg BT 474.52 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.60 653.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 531.67 653.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 124.46 641.10 Td (In ) Tj ET Q q 0 0 0 rg BT 134.97 641.10 Td (instances ) Tj ET Q q 0 0 0 rg BT 173.80 641.10 Td (where ) Tj ET Q q 0 0 0 rg BT 200.41 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 207.03 641.10 Td (security ) Tj ET Q q 0 0 0 rg BT 240.87 641.10 Td (is ) Tj ET Q q 0 0 0 rg BT 249.72 641.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 280.23 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.19 641.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 322.91 641.10 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 372.02 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.42 641.10 Td (value ) Tj ET Q q 0 0 0 rg BT 410.26 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.77 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.17 641.10 Td (security ) Tj ET Q q 0 0 0 rg BT 469.01 641.10 Td (is ) Tj ET Q q 0 0 0 rg BT 477.86 641.10 Td (based ) Tj ET Q q 0 0 0 rg BT 502.81 641.10 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 629.10 Td (on ) Tj ET Q q 0 0 0 rg BT 84.24 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.70 629.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 128.16 629.10 Td (price ) Tj ET Q q 0 0 0 rg BT 150.38 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.96 629.10 Td (a ) Tj ET Q q 0 0 0 rg BT 167.63 629.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 197.65 629.10 Td (security ) Tj ET Q q 0 0 0 rg BT 231.55 629.10 Td (without ) Tj ET Q q 0 0 0 rg BT 264.34 629.10 Td (restriction ) Tj ET Q q 0 0 0 rg BT 307.13 629.10 Td (but ) Tj ET Q q 0 0 0 rg BT 322.15 629.10 Td (may ) Tj ET Q q 0 0 0 rg BT 341.60 629.10 Td (be ) Tj ET Q q 0 0 0 rg BT 353.28 629.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 387.17 629.10 Td (by ) Tj ET Q q 0 0 0 rg BT 399.41 629.10 Td (an ) Tj ET Q q 0 0 0 rg BT 411.09 629.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 443.33 629.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 483.89 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.91 629.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 521.68 629.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 617.10 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 122.88 617.10 Td (In ) Tj ET Q q 0 0 0 rg BT 135.15 617.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 174.36 617.10 Td (even ) Tj ET Q q 0 0 0 rg BT 197.18 617.10 Td (where ) Tj ET Q q 0 0 0 rg BT 225.55 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.71 617.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 284.54 617.10 Td (derives ) Tj ET Q q 0 0 0 rg BT 317.36 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.52 617.10 Td (value ) Tj ET Q q 0 0 0 rg BT 359.12 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.39 617.10 Td (a ) Tj ET Q q 0 0 0 rg BT 379.77 617.10 Td (security ) Tj ET Q q 0 0 0 rg BT 415.37 617.10 Td (based ) Tj ET Q q 0 0 0 rg BT 442.08 617.10 Td (on ) Tj ET Q q 0 0 0 rg BT 456.02 617.10 Td (information ) Tj ET Q q 0 0 0 rg BT 507.18 617.10 Td (from ) Tj ET Q q 0 0 0 rg BT 530.56 617.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 605.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 124.68 605.10 Td (source, ) Tj ET Q q 0 0 0 rg BT 157.09 605.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 188.11 605.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 241.37 605.10 Td (may ) Tj ET Q q 0 0 0 rg BT 262.40 605.10 Td (be ) Tj ET Q q 0 0 0 rg BT 275.65 605.10 Td (required ) Tj ET Q q 0 0 0 rg BT 312.78 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.37 605.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 368.16 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.19 605.10 Td (security's ) Tj ET Q q 0 0 0 rg BT 425.35 605.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 443.04 605.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 471.00 605.10 Td (For ) Tj ET Q q 0 0 0 rg BT 488.71 605.10 Td (instance, ) Tj ET Q q 0 0 0 rg BT 527.78 605.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.44 593.10 Td (assumes ) Tj ET Q q 0 0 0 rg BT 149.32 593.10 Td (that ) Tj ET Q q 0 0 0 rg BT 166.86 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.63 593.10 Td (size ) Tj ET Q q 0 0 0 rg BT 199.73 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 210.61 593.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 249.28 593.10 Td (in ) Tj ET Q q 0 0 0 rg BT 259.60 593.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 299.92 593.10 Td (that ) Tj ET Q q 0 0 0 rg BT 317.46 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.23 593.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 373.67 593.10 Td (holds ) Tj ET Q q 0 0 0 rg BT 397.89 593.10 Td (would ) Tj ET Q q 0 0 0 rg BT 425.44 593.10 Td (not ) Tj ET Q q 0 0 0 rg BT 440.77 593.10 Td (be ) Tj ET Q q 0 0 0 rg BT 452.76 593.10 Td (lar) Tj ET Q q 0 0 0 rg BT 463.12 593.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 475.11 593.10 Td (enough ) Tj ET Q q 0 0 0 rg BT 507.10 593.10 Td (to ) Tj ET Q q 0 0 0 rg BT 517.43 593.10 Td (af) Tj ET Q q 0 0 0 rg BT 525.02 593.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.46 581.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 115.93 581.10 Td (price ) Tj ET Q q 0 0 0 rg BT 138.16 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.73 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.20 581.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 203.21 581.10 Td (if ) Tj ET Q q 0 0 0 rg BT 211.56 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.02 581.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 245.49 581.10 Td (sells ) Tj ET Q q 0 0 0 rg BT 265.51 581.10 Td (them, ) Tj ET Q q 0 0 0 rg BT 290.25 581.10 Td (and ) Tj ET Q q 0 0 0 rg BT 306.94 581.10 Td (that ) Tj ET Q q 0 0 0 rg BT 324.18 581.10 Td (any ) Tj ET Q q 0 0 0 rg BT 340.86 581.10 Td (such ) Tj ET Q q 0 0 0 rg BT 361.44 581.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 379.23 581.10 Td (would ) Tj ET Q q 0 0 0 rg BT 406.48 581.10 Td (happen ) Tj ET Q q 0 0 0 rg BT 437.60 581.10 Td (in ) Tj ET Q q 0 0 0 rg BT 447.63 581.10 Td (an ) Tj ET Q q 0 0 0 rg BT 459.31 581.10 Td (orderly ) Tj ET Q q 0 0 0 rg BT 490.43 581.10 Td (manner) Tj ET Q q 0 0 0 rg BT 519.87 581.10 Td (. ) Tj ET Q q 0 0 0 rg BT 524.45 581.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 569.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 98.37 569.10 Td (value ) Tj ET Q q 0 0 0 rg BT 122.53 569.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 156.67 569.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 179.17 569.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 225.56 569.10 Td (could ) Tj ET Q q 0 0 0 rg BT 250.28 569.10 Td (be ) Tj ET Q q 0 0 0 rg BT 262.22 569.10 Td (dif) Tj ET Q q 0 0 0 rg BT 273.15 569.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 298.96 569.10 Td (from ) Tj ET Q q 0 0 0 rg BT 320.90 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.62 569.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 374.21 569.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 415.03 569.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 431.41 569.10 Td (value.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 545.10 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 97.83 545.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 521.10 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 98.14 521.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 124.83 521.10 Td (include ) Tj ET Q q 0 0 0 rg BT 157.62 521.10 Td (furniture ) Tj ET Q q 0 0 0 rg BT 195.96 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.76 521.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 261.83 521.10 Td (software ) Tj ET Q q 0 0 0 rg BT 299.62 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.42 521.10 Td (leasehold ) Tj ET Q q 0 0 0 rg BT 358.54 521.10 Td (improvements. ) Tj ET Q q 0 0 0 rg BT 421.61 521.10 Td (Furniture ) Tj ET Q q 0 0 0 rg BT 462.19 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 479.99 521.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 525.56 521.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 509.10 Td (software ) Tj ET Q q 0 0 0 rg BT 109.60 509.10 Td (are ) Tj ET Q q 0 0 0 rg BT 124.97 509.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 174.21 509.10 Td (using ) Tj ET Q q 0 0 0 rg BT 199.05 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.43 509.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 265.92 509.10 Td (method ) Tj ET Q q 0 0 0 rg BT 299.08 509.10 Td (over ) Tj ET Q q 0 0 0 rg BT 320.02 509.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 361.50 509.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 389.11 509.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 411.16 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.66 509.10 Td (three ) Tj ET Q q 0 0 0 rg BT 445.81 509.10 Td (to ) Tj ET Q q 0 0 0 rg BT 456.76 509.10 Td (ten ) Tj ET Q q 0 0 0 rg BT 472.14 509.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 498.90 509.10 Td (Leasehold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 497.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 132.52 497.10 Td (are ) Tj ET Q q 0 0 0 rg BT 148.03 497.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 191.32 497.10 Td (over ) Tj ET Q q 0 0 0 rg BT 212.39 497.10 Td (ten ) Tj ET Q q 0 0 0 rg BT 227.91 497.10 Td (years ) Tj ET Q q 0 0 0 rg BT 252.32 497.10 Td (or ) Tj ET Q q 0 0 0 rg BT 263.95 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.48 497.10 Td (life ) Tj ET Q q 0 0 0 rg BT 296.11 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 307.74 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.26 497.10 Td (lease, ) Tj ET Q q 0 0 0 rg BT 349.06 497.10 Td (whichever ) Tj ET Q q 0 0 0 rg BT 394.01 497.10 Td (is ) Tj ET Q q 0 0 0 rg BT 403.98 497.10 Td (shorter) Tj ET Q q 0 0 0 rg BT 431.20 497.10 Td (. ) Tj ET Q q 0 0 0 rg BT 436.77 497.10 Td (The ) Tj ET Q q 0 0 0 rg BT 455.62 497.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 497.81 497.10 Td (capitalizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 485.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 102.14 485.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 125.09 485.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 161.34 485.10 Td (in ) Tj ET Q q 0 0 0 rg BT 172.06 485.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 218.88 485.10 Td (with ) Tj ET Q q 0 0 0 rg BT 239.60 485.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 273.08 485.10 Td (use ) Tj ET Q q 0 0 0 rg BT 289.35 485.10 Td (software ) Tj ET Q q 0 0 0 rg BT 326.72 485.10 Td (projects ) Tj ET Q q 0 0 0 rg BT 361.32 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.70 485.10 Td (amortizes ) Tj ET Q q 0 0 0 rg BT 420.52 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.67 485.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 468.61 485.10 Td (over ) Tj ET Q q 0 0 0 rg BT 489.32 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.48 485.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 473.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 98.94 473.10 Td (life ) Tj ET Q q 0 0 0 rg BT 114.76 473.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.59 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.31 473.10 Td (asset, ) Tj ET Q q 0 0 0 rg BT 164.75 473.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 204.45 473.10 Td (three ) Tj ET Q q 0 0 0 rg BT 226.94 473.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.21 473.10 Td (seven ) Tj ET Q q 0 0 0 rg BT 262.48 473.10 Td (years.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 449.10 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 425.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.06 425.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 129.46 425.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 154.84 425.10 Td (its ) Tj ET Q q 0 0 0 rg BT 165.80 425.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 205.07 425.10 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 257.66 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.61 425.10 Td (other ) Tj ET Q q 0 0 0 rg BT 295.67 425.10 Td (of) Tj ET Q q 0 0 0 rg BT 303.82 425.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 324.21 425.10 Td (under ) Tj ET Q q 0 0 0 rg BT 348.49 425.10 Td (various ) Tj ET Q q 0 0 0 rg BT 379.44 425.10 Td (non-cancelable ) Tj ET Q q 0 0 0 rg BT 441.47 425.10 Td (leases. ) Tj ET Q q 0 0 0 rg BT 469.25 425.10 Td (The ) Tj ET Q q 0 0 0 rg BT 486.30 425.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 511.69 425.10 Td (require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 413.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 108.54 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.98 413.10 Td (real ) Tj ET Q q 0 0 0 rg BT 136.07 413.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 160.94 413.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 186.09 413.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 226.51 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.06 413.10 Td (common ) Tj ET Q q 0 0 0 rg BT 280.16 413.10 Td (area ) Tj ET Q q 0 0 0 rg BT 298.91 413.10 Td (maintenance, ) Tj ET Q q 0 0 0 rg BT 354.04 413.10 Td (in ) Tj ET Q q 0 0 0 rg BT 363.93 413.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 398.80 413.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.69 413.10 Td (rent. ) Tj ET Q q 0 0 0 rg BT 428.69 413.10 Td (The ) Tj ET Q q 0 0 0 rg BT 446.34 413.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 470.67 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.10 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.42 413.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 401.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 94.70 401.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 142.95 401.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 182.87 401.10 Td (range ) Tj ET Q q 0 0 0 rg BT 207.79 401.10 Td (up ) Tj ET Q q 0 0 0 rg BT 220.51 401.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.00 401.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 260.37 401.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 286.69 401.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 312.18 401.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.23 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.16 401.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 364.76 401.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 396.91 401.10 Td (renewal ) Tj ET Q q 0 0 0 rg BT 431.27 401.10 Td (options, ) Tj ET Q q 0 0 0 rg BT 465.93 401.10 Td (escalation ) Tj ET Q q 0 0 0 rg BT 508.63 401.10 Td (clauses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 389.10 Td (rent-free ) Tj ET Q q 0 0 0 rg BT 108.91 389.10 Td (holidays ) Tj ET Q q 0 0 0 rg BT 145.30 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.24 389.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 202.50 389.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 221.11 389.10 Td (adjustments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 365.10 Td (For ) Tj ET Q q 0 0 0 rg BT 88.38 365.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 114.75 365.10 Td (that ) Tj ET Q q 0 0 0 rg BT 132.24 365.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 164.16 365.10 Td (escalation ) Tj ET Q q 0 0 0 rg BT 206.64 365.10 Td (clauses ) Tj ET Q q 0 0 0 rg BT 238.00 365.10 Td (or ) Tj ET Q q 0 0 0 rg BT 248.83 365.10 Td (rent-free ) Tj ET Q q 0 0 0 rg BT 285.73 365.10 Td (holidays, ) Tj ET Q q 0 0 0 rg BT 324.61 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.32 365.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 380.70 365.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 425.94 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.65 365.10 Td (related ) Tj ET Q q 0 0 0 rg BT 470.35 365.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 488.38 365.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 523.08 365.10 Td (on ) Tj ET Q q 0 0 0 rg BT 535.57 365.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 353.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 122.72 353.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 145.12 353.10 Td (from ) Tj ET Q q 0 0 0 rg BT 166.96 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.58 353.10 Td (date ) Tj ET Q q 0 0 0 rg BT 200.64 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.26 353.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 256.54 353.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 279.49 353.10 Td (possession ) Tj ET Q q 0 0 0 rg BT 324.68 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.41 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.03 353.10 Td (property ) Tj ET Q q 0 0 0 rg BT 386.30 353.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.48 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.10 353.10 Td (end ) Tj ET Q q 0 0 0 rg BT 427.94 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.67 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.29 353.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 479.02 353.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 501.41 353.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 524.46 353.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 341.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.35 341.10 Td (records ) Tj ET Q q 0 0 0 rg BT 145.25 341.10 Td (any ) Tj ET Q q 0 0 0 rg BT 162.16 341.10 Td (dif) Tj ET Q q 0 0 0 rg BT 173.08 341.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 204.96 341.10 Td (between ) Tj ET Q q 0 0 0 rg BT 240.75 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.43 341.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 306.22 341.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 324.23 341.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 360.59 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.49 341.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 413.85 341.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 447.41 341.10 Td (under ) Tj ET Q q 0 0 0 rg BT 472.64 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.33 341.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 513.67 341.10 Td (as ) Tj ET Q q 0 0 0 rg BT 524.47 341.10 Td (part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.83 329.10 Td (other ) Tj ET Q q 0 0 0 rg BT 105.88 329.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 145.59 329.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.53 329.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 196.12 329.10 Td (expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 305.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 94.03 305.10 Td (or ) Tj ET Q q 0 0 0 rg BT 104.39 305.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 126.40 305.10 Td (incentives ) Tj ET Q q 0 0 0 rg BT 168.97 305.10 Td (received ) Tj ET Q q 0 0 0 rg BT 204.86 305.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 226.89 305.10 Td (entering ) Tj ET Q q 0 0 0 rg BT 261.69 305.10 Td (into ) Tj ET Q q 0 0 0 rg BT 279.27 305.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 308.50 305.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 334.41 305.10 Td (are ) Tj ET Q q 0 0 0 rg BT 348.64 305.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 394.53 305.10 Td (on ) Tj ET Q q 0 0 0 rg BT 406.56 305.10 Td (a ) Tj ET Q q 0 0 0 rg BT 413.03 305.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 463.38 305.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 485.41 305.10 Td (as ) Tj ET Q q 0 0 0 rg BT 495.77 305.10 Td (a ) Tj ET Q q 0 0 0 rg BT 502.23 305.10 Td (reduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.39 293.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 100.00 293.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 134.27 293.10 Td (from ) Tj ET Q q 0 0 0 rg BT 155.77 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.05 293.10 Td (date ) Tj ET Q q 0 0 0 rg BT 188.77 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.05 293.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 244.00 293.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 266.61 293.10 Td (possession ) Tj ET Q q 0 0 0 rg BT 311.46 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.85 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.13 293.10 Td (property ) Tj ET Q q 0 0 0 rg BT 372.07 293.10 Td (or ) Tj ET Q q 0 0 0 rg BT 382.46 293.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 417.28 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.56 293.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 451.39 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 461.23 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.51 293.10 Td (end ) Tj ET Q q 0 0 0 rg BT 492.01 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.41 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.69 293.10 Td (initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 281.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 94.81 281.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 118.27 281.10 Td (The ) Tj ET Q q 0 0 0 rg BT 136.64 281.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 178.36 281.10 Td (records ) Tj ET Q q 0 0 0 rg BT 210.62 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.66 281.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 278.47 281.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 310.19 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.35 281.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 344.16 281.10 Td (incentives ) Tj ET Q q 0 0 0 rg BT 387.54 281.10 Td (as ) Tj ET Q q 0 0 0 rg BT 398.69 281.10 Td (part ) Tj ET Q q 0 0 0 rg BT 417.07 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.23 281.10 Td (other ) Tj ET Q q 0 0 0 rg BT 451.61 281.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 491.65 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.92 281.10 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 269.10 Td (expenses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 245.10 Td (Goodwill and Intangible ) Tj ET Q q 0 0 0 rg BT 177.87 245.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 221.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 112.27 221.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 155.30 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.01 221.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 186.38 221.10 Td (value ) Tj ET Q q 0 0 0 rg BT 210.52 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.34 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.05 221.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 292.42 221.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 338.21 221.10 Td (in ) Tj ET Q q 0 0 0 rg BT 348.48 221.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 377.07 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.90 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.60 221.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 418.97 221.10 Td (value ) Tj ET Q q 0 0 0 rg BT 443.12 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.94 221.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 501.97 221.10 Td (net ) Tj ET Q q 0 0 0 rg BT 516.68 221.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 209.10 Td (at ) Tj ET Q q 0 0 0 rg BT 82.04 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.09 209.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 143.80 209.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 165.58 209.10 Td (The ) Tj ET Q q 0 0 0 rg BT 183.95 209.10 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 242.30 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.46 209.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 291.84 209.10 Td (is ) Tj ET Q q 0 0 0 rg BT 301.34 209.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 342.48 209.10 Td (annually) Tj ET Q q 0 0 0 rg BT 376.26 209.10 Td (, ) Tj ET Q q 0 0 0 rg BT 381.59 209.10 Td (at ) Tj ET Q q 0 0 0 rg BT 391.63 209.10 Td (a ) Tj ET Q q 0 0 0 rg BT 398.90 209.10 Td (minimum, ) Tj ET Q q 0 0 0 rg BT 443.12 209.10 Td (or ) Tj ET Q q 0 0 0 rg BT 454.28 209.10 Td (on ) Tj ET Q q 0 0 0 rg BT 467.10 209.10 Td (an ) Tj ET Q q 0 0 0 rg BT 479.37 209.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 511.08 209.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 533.91 209.10 Td (if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 197.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 131.41 197.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 165.84 197.10 Td (a ) Tj ET Q q 0 0 0 rg BT 173.05 197.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 208.60 197.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 244.70 197.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.25 197.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 284.66 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.65 197.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 335.74 197.10 Td (amount. ) Tj ET Q q 0 0 0 rg BT 371.01 197.10 Td (See ) Tj ET Q q 0 0 0 rg BT 388.22 197.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 410.43 197.10 Td (1) Tj ET Q q 0 0 0 rg BT 415.06 197.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 422.83 197.10 Td (for ) Tj ET Q q 0 0 0 rg BT 437.26 197.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 480.03 197.10 Td (information ) Tj ET Q q 0 0 0 rg BT 530.01 197.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.72 185.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 133.80 185.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 171.85 185.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 220.45 185.10 Td (testing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 161.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 114.63 161.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 140.04 161.10 Td (with ) Tj ET Q q 0 0 0 rg BT 159.91 161.10 Td (determinable ) Tj ET Q q 0 0 0 rg BT 214.19 161.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 235.17 161.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 265.03 161.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.45 161.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 314.19 161.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 367.38 161.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.90 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.21 161.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 438.08 161.10 Td (& ) Tj ET Q q 0 0 0 rg BT 447.95 161.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 488.92 161.10 Td (International ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 149.10 Td (\("Simmons"\) ) Tj ET Q q 0 0 0 rg BT 126.79 149.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 148.94 149.10 Td (name ) Tj ET Q q 0 0 0 rg BT 172.77 149.10 Td (that ) Tj ET Q q 0 0 0 rg BT 189.94 149.10 Td (are ) Tj ET Q q 0 0 0 rg BT 204.32 149.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 246.47 149.10 Td (over ) Tj ET Q q 0 0 0 rg BT 266.41 149.10 Td (their ) Tj ET Q q 0 0 0 rg BT 286.91 149.10 Td (original ) Tj ET Q q 0 0 0 rg BT 320.19 149.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 360.68 149.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 387.29 149.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 408.35 149.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 441.07 149.10 Td (from ) Tj ET Q q 0 0 0 rg BT 462.68 149.10 Td (four ) Tj ET Q q 0 0 0 rg BT 481.52 149.10 Td (to ) Tj ET Q q 0 0 0 rg BT 491.47 149.10 Td (seven ) Tj ET Q q 0 0 0 rg BT 516.41 149.10 Td (years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 137.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.05 137.10 Td (pattern ) Tj ET Q q 0 0 0 rg BT 120.31 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.14 137.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 184.18 137.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 216.10 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.82 137.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 259.43 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.26 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.98 137.10 Td (realization ) Tj ET Q q 0 0 0 rg BT 329.68 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.51 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.22 137.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 396.59 137.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 430.75 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.58 137.10 Td (such ) Tj ET Q q 0 0 0 rg BT 462.41 137.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 504.90 137.10 Td (assets.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 677.25 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 653.25 Td (The ) Tj ET Q q 0 0 0 rg BT 88.99 653.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 135.02 653.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 184.24 653.25 Td (include ) Tj ET Q q 0 0 0 rg BT 215.12 653.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 241.56 653.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 290.78 653.25 Td (in ) Tj ET Q q 0 0 0 rg BT 300.01 653.25 Td (private ) Tj ET Q q 0 0 0 rg BT 329.22 653.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 373.43 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 389.31 653.25 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 442.14 653.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 491.36 653.25 Td (in ) Tj ET Q q 0 0 0 rg BT 500.58 653.25 Td (registered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.25 Td (mutual ) Tj ET Q q 0 0 0 rg BT 102.63 641.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 127.71 641.25 Td (and ) Tj ET Q q 0 0 0 rg BT 145.01 641.25 Td (warrants ) Tj ET Q q 0 0 0 rg BT 182.29 641.25 Td (of ) Tj ET Q q 0 0 0 rg BT 193.48 641.25 Td (public ) Tj ET Q q 0 0 0 rg BT 221.33 641.25 Td (and ) Tj ET Q q 0 0 0 rg BT 238.63 641.25 Td (private ) Tj ET Q q 0 0 0 rg BT 269.25 641.25 Td (companies. ) Tj ET Q q 0 0 0 rg BT 317.37 641.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 346.90 641.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 397.53 641.25 Td (in ) Tj ET Q q 0 0 0 rg BT 408.17 641.25 Td (private ) Tj ET Q q 0 0 0 rg BT 438.79 641.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 484.41 641.25 Td (are ) Tj ET Q q 0 0 0 rg BT 499.47 641.25 Td (accounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 629.25 Td (for ) Tj ET Q q 0 0 0 rg BT 86.28 629.25 Td (at ) Tj ET Q q 0 0 0 rg BT 96.13 629.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 112.63 629.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 139.41 629.25 Td (as ) Tj ET Q q 0 0 0 rg BT 150.36 629.25 Td (required ) Tj ET Q q 0 0 0 rg BT 186.30 629.25 Td (by ) Tj ET Q q 0 0 0 rg BT 198.93 629.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 245.42 629.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 284.14 629.25 Td (or ) Tj ET Q q 0 0 0 rg BT 295.10 629.25 Td (if ) Tj ET Q q 0 0 0 rg BT 303.83 629.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.67 629.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 335.17 629.25 Td (value ) Tj ET Q q 0 0 0 rg BT 359.45 629.25 Td (option ) Tj ET Q q 0 0 0 rg BT 387.63 629.25 Td (was ) Tj ET Q q 0 0 0 rg BT 405.81 629.25 Td (elected, ) Tj ET Q q 0 0 0 rg BT 439.24 629.25 Td (or ) Tj ET Q q 0 0 0 rg BT 450.20 629.25 Td (at ) Tj ET Q q 0 0 0 rg BT 460.04 629.25 Td (cost. ) Tj ET Q q 0 0 0 rg BT 481.27 629.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 532.22 629.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 617.25 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 123.29 617.25 Td (are ) Tj ET Q q 0 0 0 rg BT 137.91 617.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 180.86 617.25 Td (for ) Tj ET Q q 0 0 0 rg BT 194.93 617.25 Td (under ) Tj ET Q q 0 0 0 rg BT 220.11 617.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.74 617.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 262.15 617.25 Td (method, ) Tj ET Q q 0 0 0 rg BT 297.06 617.25 Td (which ) Tj ET Q q 0 0 0 rg BT 323.91 617.25 Td (is ) Tj ET Q q 0 0 0 rg BT 333.00 617.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 372.61 617.25 Td (the ) Tj ET Q q 0 0 0 rg BT 387.24 617.25 Td (net ) Tj ET Q q 0 0 0 rg BT 401.87 617.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 423.72 617.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 450.29 617.25 Td (or ) Tj ET Q q 0 0 0 rg BT 461.04 617.25 Td (at ) Tj ET Q q 0 0 0 rg BT 470.67 617.25 Td (cost. ) Tj ET Q q 0 0 0 rg BT 491.69 617.25 Td (Investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 605.25 Td (in ) Tj ET Q q 0 0 0 rg BT 82.56 605.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 124.77 605.25 Td (mutual ) Tj ET Q q 0 0 0 rg BT 155.33 605.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 180.34 605.25 Td (are ) Tj ET Q q 0 0 0 rg BT 195.33 605.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 238.64 605.25 Td (for ) Tj ET Q q 0 0 0 rg BT 253.09 605.25 Td (at ) Tj ET Q q 0 0 0 rg BT 263.09 605.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 279.75 605.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 306.69 605.25 Td (Company-owned ) Tj ET Q q 0 0 0 rg BT 378.35 605.25 Td (warrants ) Tj ET Q q 0 0 0 rg BT 415.57 605.25 Td (with ) Tj ET Q q 0 0 0 rg BT 436.13 605.25 Td (a ) Tj ET Q q 0 0 0 rg BT 443.35 605.25 Td (cashless ) Tj ET Q q 0 0 0 rg BT 478.91 605.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 514.45 605.25 Td (option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.25 Td (are ) Tj ET Q q 0 0 0 rg BT 86.71 593.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 115.86 593.25 Td (at ) Tj ET Q q 0 0 0 rg BT 125.58 593.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 141.96 593.25 Td (value.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 569.25 Td (Other) Tj ET Q q 0 0 0 rg BT 97.37 569.25 Td ( ) Tj ET Q q 0 0 0 rg BT 99.31 569.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 545.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 96.98 545.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 122.53 545.25 Td (include ) Tj ET Q q 0 0 0 rg BT 154.18 545.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 201.36 545.25 Td (and ) Tj ET Q q 0 0 0 rg BT 218.01 545.25 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 250.21 545.25 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 291.03 545.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 341.55 545.25 Td (include ) Tj ET Q q 0 0 0 rg BT 373.20 545.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 387.62 545.25 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 437.31 545.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 470.60 545.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 502.25 545.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.90 545.25 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 533.25 Td (made ) Tj ET Q q 0 0 0 rg BT 96.47 533.25 Td (to ) Tj ET Q q 0 0 0 rg BT 107.06 533.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 155.14 533.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 192.95 533.25 Td (in ) Tj ET Q q 0 0 0 rg BT 203.54 533.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 250.23 533.25 Td (with ) Tj ET Q q 0 0 0 rg BT 270.82 533.25 Td (their ) Tj ET Q q 0 0 0 rg BT 291.96 533.25 Td (recruitment. ) Tj ET Q q 0 0 0 rg BT 343.36 533.25 Td (Employee ) Tj ET Q q 0 0 0 rg BT 386.72 533.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 410.65 533.25 Td (are ) Tj ET Q q 0 0 0 rg BT 425.67 533.25 Td (for) Tj ET Q q 0 0 0 rg BT 437.15 533.25 Td (given ) Tj ET Q q 0 0 0 rg BT 462.18 533.25 Td (based ) Tj ET Q q 0 0 0 rg BT 487.76 533.25 Td (on ) Tj ET Q q 0 0 0 rg BT 500.58 533.25 Td (continued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 521.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 124.53 521.25 Td (and ) Tj ET Q q 0 0 0 rg BT 141.51 521.25 Td (are ) Tj ET Q q 0 0 0 rg BT 156.26 521.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 198.78 521.25 Td (using ) Tj ET Q q 0 0 0 rg BT 222.99 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 237.75 521.25 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 288.61 521.25 Td (method ) Tj ET Q q 0 0 0 rg BT 321.15 521.25 Td (over ) Tj ET Q q 0 0 0 rg BT 341.46 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.22 521.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 399.29 521.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 424.05 521.25 Td (of ) Tj ET Q q 0 0 0 rg BT 434.92 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 449.68 521.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 475.83 521.25 Td (which ) Tj ET Q q 0 0 0 rg BT 502.81 521.25 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 509.25 Td (range ) Tj ET Q q 0 0 0 rg BT 96.71 509.25 Td (from ) Tj ET Q q 0 0 0 rg BT 118.65 509.25 Td (two ) Tj ET Q q 0 0 0 rg BT 136.15 509.25 Td (to ) Tj ET Q q 0 0 0 rg BT 146.42 509.25 Td (five ) Tj ET Q q 0 0 0 rg BT 164.47 509.25 Td (years.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 485.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 105.98 485.25 Td (T) Tj ET Q q 0 0 0 rg BT 111.73 485.25 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 461.25 Td (The ) Tj ET Q q 0 0 0 rg BT 89.53 461.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 130.39 461.25 Td (is ) Tj ET Q q 0 0 0 rg BT 139.04 461.25 Td (included ) Tj ET Q q 0 0 0 rg BT 175.45 461.25 Td (in ) Tj ET Q q 0 0 0 rg BT 185.21 461.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.41 461.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 251.93 461.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 271.69 461.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 301.42 461.25 Td (income ) Tj ET Q q 0 0 0 rg BT 332.83 461.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 347.03 461.25 Td (return ) Tj ET Q q 0 0 0 rg BT 372.89 461.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 393.19 461.25 Td (by ) Tj ET Q q 0 0 0 rg BT 405.17 461.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.37 461.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 446.89 461.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 487.76 461.25 Td (on ) Tj ET Q q 0 0 0 rg BT 499.74 461.25 Td (a ) Tj ET Q q 0 0 0 rg BT 506.15 461.25 Td (calendar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 449.25 Td (year ) Tj ET Q q 0 0 0 rg BT 91.00 449.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 115.29 449.25 Td (combined ) Tj ET Q q 0 0 0 rg BT 156.51 449.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 186.07 449.25 Td (for ) Tj ET Q q 0 0 0 rg BT 199.52 449.25 Td (state ) Tj ET Q q 0 0 0 rg BT 219.63 449.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 233.64 449.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 270.98 449.25 Td (where ) Tj ET Q q 0 0 0 rg BT 297.20 449.25 Td (required ) Tj ET Q q 0 0 0 rg BT 332.30 449.25 Td (and ) Tj ET Q q 0 0 0 rg BT 348.53 449.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 383.07 449.25 Td (state ) Tj ET Q q 0 0 0 rg BT 403.19 449.25 Td (income ) Tj ET Q q 0 0 0 rg BT 434.41 449.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 448.42 449.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 477.98 449.25 Td (where ) Tj ET Q q 0 0 0 rg BT 504.19 449.25 Td (required. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 437.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.18 437.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.71 437.25 Td (determines ) Tj ET Q q 0 0 0 rg BT 178.21 437.25 Td (and ) Tj ET Q q 0 0 0 rg BT 195.29 437.25 Td (records ) Tj ET Q q 0 0 0 rg BT 227.35 437.25 Td (income ) Tj ET Q q 0 0 0 rg BT 259.42 437.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 282.60 437.25 Td (based ) Tj ET Q q 0 0 0 rg BT 308.01 437.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 330.64 437.25 Td (the ) Tj ET Q q 0 0 0 rg BT 345.50 437.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 389.80 437.25 Td (of ) Tj ET Q q 0 0 0 rg BT 400.77 437.25 Td (a ) Tj ET Q q 0 0 0 rg BT 407.84 437.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 422.69 437.25 Td (sharing ) Tj ET Q q 0 0 0 rg BT 454.77 437.25 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 507.38 437.25 Td (with ) Tj ET Q q 0 0 0 rg BT 527.79 437.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 425.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 100.17 425.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 141.68 425.25 Td (and ) Tj ET Q q 0 0 0 rg BT 158.74 425.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 179.15 425.25 Td (af) Tj ET Q q 0 0 0 rg BT 186.74 425.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 217.68 425.25 Td (entities. ) Tj ET Q q 0 0 0 rg BT 251.69 425.25 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 289.84 425.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 304.68 425.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 330.63 425.25 Td (and ) Tj ET Q q 0 0 0 rg BT 347.69 425.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 387.53 425.25 Td (are ) Tj ET Q q 0 0 0 rg BT 402.36 425.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 448.85 425.25 Td (for ) Tj ET Q q 0 0 0 rg BT 463.13 425.25 Td (the ) Tj ET Q q 0 0 0 rg BT 477.97 425.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 516.13 425.25 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 413.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 85.89 413.25 Td (consequences ) Tj ET Q q 0 0 0 rg BT 142.53 413.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 189.74 413.25 Td (to ) Tj ET Q q 0 0 0 rg BT 199.19 413.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 241.95 413.25 Td (dif) Tj ET Q q 0 0 0 rg BT 252.88 413.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 287.85 413.25 Td (between ) Tj ET Q q 0 0 0 rg BT 322.84 413.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 358.40 413.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 393.38 413.25 Td (for ) Tj ET Q q 0 0 0 rg BT 406.71 413.25 Td (income ) Tj ET Q q 0 0 0 rg BT 437.82 413.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 451.70 413.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 488.92 413.25 Td (and ) Tj ET Q q 0 0 0 rg BT 505.03 413.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 401.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 112.61 401.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 152.95 401.25 Td (using ) Tj ET Q q 0 0 0 rg BT 176.91 401.25 Td (enacted ) Tj ET Q q 0 0 0 rg BT 209.73 401.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 224.24 401.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 245.41 401.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 283.23 401.25 Td (to ) Tj ET Q q 0 0 0 rg BT 293.30 401.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 317.81 401.25 Td (to ) Tj ET Q q 0 0 0 rg BT 327.87 401.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 359.04 401.25 Td (income ) Tj ET Q q 0 0 0 rg BT 390.76 401.25 Td (in ) Tj ET Q q 0 0 0 rg BT 400.83 401.25 Td (the ) Tj ET Q q 0 0 0 rg BT 415.33 401.25 Td (years ) Tj ET Q q 0 0 0 rg BT 438.72 401.25 Td (in ) Tj ET Q q 0 0 0 rg BT 448.79 401.25 Td (which ) Tj ET Q q 0 0 0 rg BT 475.52 401.25 Td (those ) Tj ET Q q 0 0 0 rg BT 498.92 401.25 Td (temporary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 389.25 Td (dif) Tj ET Q q 0 0 0 rg BT 82.93 389.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 119.07 389.25 Td (are ) Tj ET Q q 0 0 0 rg BT 134.12 389.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 172.49 389.25 Td (to ) Tj ET Q q 0 0 0 rg BT 183.11 389.25 Td (be ) Tj ET Q q 0 0 0 rg BT 195.39 389.25 Td (recovered ) Tj ET Q q 0 0 0 rg BT 237.64 389.25 Td (or ) Tj ET Q q 0 0 0 rg BT 248.81 389.25 Td (settled. ) Tj ET Q q 0 0 0 rg BT 280.05 389.25 Td (The ) Tj ET Q q 0 0 0 rg BT 298.43 389.25 Td (realization ) Tj ET Q q 0 0 0 rg BT 343.47 389.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.64 389.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 390.78 389.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 405.84 389.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 432.01 389.25 Td (is ) Tj ET Q q 0 0 0 rg BT 441.52 389.25 Td (assessed ) Tj ET Q q 0 0 0 rg BT 478.24 389.25 Td (and ) Tj ET Q q 0 0 0 rg BT 495.52 389.25 Td (a ) Tj ET Q q 0 0 0 rg BT 502.80 389.25 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 377.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 115.06 377.25 Td (is ) Tj ET Q q 0 0 0 rg BT 124.26 377.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 170.65 377.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.96 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.70 377.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 222.66 377.25 Td (that ) Tj ET Q q 0 0 0 rg BT 240.19 377.25 Td (it ) Tj ET Q q 0 0 0 rg BT 248.27 377.25 Td (is ) Tj ET Q q 0 0 0 rg BT 257.47 377.25 Td (more ) Tj ET Q q 0 0 0 rg BT 280.54 377.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 305.85 377.25 Td (than ) Tj ET Q q 0 0 0 rg BT 325.59 377.25 Td (not ) Tj ET Q q 0 0 0 rg BT 340.90 377.25 Td (that ) Tj ET Q q 0 0 0 rg BT 358.42 377.25 Td (any ) Tj ET Q q 0 0 0 rg BT 375.39 377.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 406.80 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 417.66 377.25 Td (a ) Tj ET Q q 0 0 0 rg BT 424.63 377.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 460.46 377.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 475.21 377.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 497.17 377.25 Td (will ) Tj ET Q q 0 0 0 rg BT 515.26 377.25 Td (not ) Tj ET Q q 0 0 0 rg BT 530.57 377.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 365.25 Td (realized. ) Tj ET Q q 0 0 0 rg BT 110.27 365.25 Td (T) Tj ET Q q 0 0 0 rg BT 115.68 365.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 129.57 365.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 166.77 365.25 Td (for ) Tj ET Q q 0 0 0 rg BT 182.88 365.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 224.54 365.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 241.20 365.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 281.77 365.25 Td (are ) Tj ET Q q 0 0 0 rg BT 298.42 365.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 337.85 365.25 Td (in ) Tj ET Q q 0 0 0 rg BT 350.08 365.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 399.49 365.25 Td (with ) Tj ET Q q 0 0 0 rg BT 421.71 365.25 Td (F) Tj ET Q q 0 0 0 rg BT 426.53 365.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 449.45 365.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 500.56 365.25 Td (Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 353.25 Td (Codification ) Tj ET Q q 0 0 0 rg BT 124.25 353.25 Td (T) Tj ET Q q 0 0 0 rg BT 129.66 353.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 149.32 353.25 Td (740, ) Tj ET Q q 0 0 0 rg BT 169.26 353.25 Td ("Income ) Tj ET Q q 0 0 0 rg BT 205.59 353.25 Td (T) Tj ET Q q 0 0 0 rg BT 211.00 353.25 Td (axes" ) Tj ET Q q 0 0 0 rg BT 235.29 353.25 Td (\("ASC ) Tj ET Q q 0 0 0 rg BT 264.60 353.25 Td (740"\). ) Tj ET Q q 0 0 0 rg BT 291.78 353.25 Td (The ) Tj ET Q q 0 0 0 rg BT 309.76 353.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 351.09 353.25 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 396.28 353.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 428.16 353.25 Td (and ) Tj ET Q q 0 0 0 rg BT 445.04 353.25 Td (penalties, ) Tj ET Q q 0 0 0 rg BT 485.52 353.25 Td (if ) Tj ET Q q 0 0 0 rg BT 494.07 353.25 Td (any) Tj ET Q q 0 0 0 rg BT 507.86 353.25 Td (, ) Tj ET Q q 0 0 0 rg BT 512.80 353.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 341.25 Td (to ) Tj ET Q q 0 0 0 rg BT 82.28 341.25 Td (income ) Tj ET Q q 0 0 0 rg BT 114.21 341.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 128.93 341.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 160.86 341.25 Td (as ) Tj ET Q q 0 0 0 rg BT 171.69 341.25 Td (part ) Tj ET Q q 0 0 0 rg BT 189.74 341.25 Td (of ) Tj ET Q q 0 0 0 rg BT 200.57 341.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.29 341.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 255.56 341.25 Td (for ) Tj ET Q q 0 0 0 rg BT 269.72 341.25 Td (income ) Tj ET Q q 0 0 0 rg BT 301.66 341.25 Td (taxes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 317.25 Td (Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 293.25 Td (The ) Tj ET Q q 0 0 0 rg BT 89.30 293.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 129.94 293.25 Td (is ) Tj ET Q q 0 0 0 rg BT 138.37 293.25 Td (involved ) Tj ET Q q 0 0 0 rg BT 175.12 293.25 Td (in ) Tj ET Q q 0 0 0 rg BT 184.65 293.25 Td (various ) Tj ET Q q 0 0 0 rg BT 215.85 293.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 249.82 293.25 Td (and ) Tj ET Q q 0 0 0 rg BT 266.01 293.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 302.76 293.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 323.95 293.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 374.02 293.25 Td (related ) Tj ET Q q 0 0 0 rg BT 402.98 293.25 Td (to ) Tj ET Q q 0 0 0 rg BT 412.51 293.25 Td (its ) Tj ET Q q 0 0 0 rg BT 423.71 293.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 461.86 293.25 Td (including ) Tj ET Q q 0 0 0 rg BT 501.39 293.25 Td (litigation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 281.25 Td (arbitration ) Tj ET Q q 0 0 0 rg BT 115.89 281.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.57 281.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 175.90 281.25 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 228.79 281.25 Td (The ) Tj ET Q q 0 0 0 rg BT 246.58 281.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 287.70 281.25 Td (establishes ) Tj ET Q q 0 0 0 rg BT 333.27 281.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 368.26 281.25 Td (for ) Tj ET Q q 0 0 0 rg BT 382.16 281.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 419.39 281.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 445.52 281.25 Td (to ) Tj ET Q q 0 0 0 rg BT 455.54 281.25 Td (the ) Tj ET Q q 0 0 0 rg BT 470.00 281.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 496.67 281.25 Td (that ) Tj ET Q q 0 0 0 rg BT 513.90 281.25 Td (claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 269.25 Td (are ) Tj ET Q q 0 0 0 rg BT 87.18 269.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 125.13 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 136.43 269.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 154.96 269.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.37 269.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.56 269.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 220.53 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 231.83 269.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.01 269.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 265.54 269.25 Td (can ) Tj ET Q q 0 0 0 rg BT 282.39 269.25 Td (be ) Tj ET Q q 0 0 0 rg BT 294.80 269.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 341.09 269.25 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 384.66 269.25 Td (The ) Tj ET Q q 0 0 0 rg BT 403.18 269.25 Td (determination ) Tj ET Q q 0 0 0 rg BT 461.69 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 472.99 269.25 Td (the ) Tj ET Q q 0 0 0 rg BT 488.17 269.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 525.58 269.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 257.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 103.37 257.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 139.75 257.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 174.46 257.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 219.17 257.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 259.45 257.25 Td (on ) Tj ET Q q 0 0 0 rg BT 271.95 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 286.66 257.25 Td (part ) Tj ET Q q 0 0 0 rg BT 304.71 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 315.54 257.25 Td (management.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 233.25 Td (Note 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.49 233.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 101.99 233.25 Td (Recent ) Tj ET Q q 0 0 0 rg BT 131.51 233.25 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 189.18 233.25 Td (onouncements and Other Guidance) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 209.25 Td (Guidance ) Tj ET Q q 0 0 0 rg BT 115.62 209.25 Td (for) Tj ET Q q 0 0 0 rg BT 128.21 209.25 Td ( ) Tj ET Q q 0 0 0 rg BT 130.15 209.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 181.55 209.25 Td (Impacts ) Tj ET Q q 0 0 0 rg BT 218.49 209.25 Td (of ) Tj ET Q q 0 0 0 rg BT 229.32 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 244.97 209.25 Td (T) Tj ET Q q 0 0 0 rg BT 250.72 209.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 263.22 209.25 Td (Cuts ) Tj ET Q q 0 0 0 rg BT 285.73 209.25 Td (and ) Tj ET Q q 0 0 0 rg BT 304.35 209.25 Td (Jobs ) Tj ET Q q 0 0 0 rg BT 325.75 209.25 Td (Act) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 185.25 Td (In ) Tj ET Q q 0 0 0 rg BT 82.79 185.25 Td (December ) Tj ET Q q 0 0 0 rg BT 126.32 185.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 151.28 185.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.95 185.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 207.84 185.25 Td (and ) Tj ET Q q 0 0 0 rg BT 224.73 185.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 266.61 185.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 319.63 185.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 347.09 185.25 Td (Staf) Tj ET Q q 0 0 0 rg BT 363.02 185.25 Td (f ) Tj ET Q q 0 0 0 rg BT 368.26 185.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 417.37 185.25 Td (Bulletin ) Tj ET Q q 0 0 0 rg BT 452.05 185.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 469.22 185.25 Td (1) Tj ET Q q 0 0 0 rg BT 473.85 185.25 Td (18, ) Tj ET Q q 0 0 0 rg BT 488.81 185.25 Td ("Income ) Tj ET Q q 0 0 0 rg BT 525.15 185.25 Td (T) Tj ET Q q 0 0 0 rg BT 530.56 185.25 Td (ax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 173.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 121.30 173.25 Td (Implications ) Tj ET Q q 0 0 0 rg BT 173.94 173.25 Td (of ) Tj ET Q q 0 0 0 rg BT 184.92 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.59 173.25 Td (T) Tj ET Q q 0 0 0 rg BT 205.00 173.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 217.08 173.25 Td (Cuts ) Tj ET Q q 0 0 0 rg BT 238.07 173.25 Td (and ) Tj ET Q q 0 0 0 rg BT 255.15 173.25 Td (Jobs ) Tj ET Q q 0 0 0 rg BT 275.00 173.25 Td (Act" ) Tj ET Q q 0 0 0 rg BT 296.17 173.25 Td (\("SAB ) Tj ET Q q 0 0 0 rg BT 325.68 173.25 Td (1) Tj ET Q q 0 0 0 rg BT 330.31 173.25 Td (18"\). ) Tj ET Q q 0 0 0 rg BT 352.87 173.25 Td (SAB ) Tj ET Q q 0 0 0 rg BT 374.96 173.25 Td (1) Tj ET Q q 0 0 0 rg BT 379.59 173.25 Td (18 ) Tj ET Q q 0 0 0 rg BT 392.24 173.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 429.33 173.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 468.07 173.25 Td (on ) Tj ET Q q 0 0 0 rg BT 480.71 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.58 173.25 Td (application ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 161.25 Td (of ) Tj ET Q q 0 0 0 rg BT 81.45 161.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 102.35 161.25 Td (740 ) Tj ET Q q 0 0 0 rg BT 118.79 161.25 Td (as ) Tj ET Q q 0 0 0 rg BT 128.57 161.25 Td (it ) Tj ET Q q 0 0 0 rg BT 135.57 161.25 Td (pertains ) Tj ET Q q 0 0 0 rg BT 168.66 161.25 Td (to ) Tj ET Q q 0 0 0 rg BT 177.89 161.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.44 161.25 Td (T) Tj ET Q q 0 0 0 rg BT 196.85 161.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 207.73 161.25 Td (Cuts ) Tj ET Q q 0 0 0 rg BT 227.51 161.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.40 161.25 Td (Jobs ) Tj ET Q q 0 0 0 rg BT 262.30 161.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 278.19 161.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 295.17 161.25 Td ("T) Tj ET Q q 0 0 0 rg BT 304.67 161.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 315.55 161.25 Td (Reform ) Tj ET Q q 0 0 0 rg BT 347.22 161.25 Td (Act"\). ) Tj ET Q q 0 0 0 rg BT 373.01 161.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 399.45 161.25 Td (SAB ) Tj ET Q q 0 0 0 rg BT 420.34 161.25 Td (1) Tj ET Q q 0 0 0 rg BT 424.97 161.25 Td (18, ) Tj ET Q q 0 0 0 rg BT 438.91 161.25 Td (if ) Tj ET Q q 0 0 0 rg BT 446.47 161.25 Td (a ) Tj ET Q q 0 0 0 rg BT 452.35 161.25 Td (company's ) Tj ET Q q 0 0 0 rg BT 496.14 161.25 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 149.25 Td (for ) Tj ET Q q 0 0 0 rg BT 86.39 149.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 116.31 149.25 Td (income ) Tj ET Q q 0 0 0 rg BT 148.47 149.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 163.42 149.25 Td (ef) Tj ET Q q 0 0 0 rg BT 171.00 149.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 192.61 149.25 Td (of ) Tj ET Q q 0 0 0 rg BT 203.66 149.25 Td (the ) Tj ET Q q 0 0 0 rg BT 218.41 149.25 Td (T) Tj ET Q q 0 0 0 rg BT 223.82 149.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 235.98 149.25 Td (Reform ) Tj ET Q q 0 0 0 rg BT 268.66 149.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 285.82 149.25 Td (is ) Tj ET Q q 0 0 0 rg BT 295.22 149.25 Td (incomplete ) Tj ET Q q 0 0 0 rg BT 342.37 149.25 Td (but ) Tj ET Q q 0 0 0 rg BT 357.88 149.25 Td (a ) Tj ET Q q 0 0 0 rg BT 365.04 149.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 410.52 149.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 446.57 149.25 Td (for ) Tj ET Q q 0 0 0 rg BT 460.95 149.25 Td (those ) Tj ET Q q 0 0 0 rg BT 484.79 149.25 Td (ef) Tj ET Q q 0 0 0 rg BT 492.37 149.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 513.98 149.25 Td (can ) Tj ET Q q 0 0 0 rg BT 530.58 149.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 137.25 Td (determined, ) Tj ET Q q 0 0 0 rg BT 122.15 137.25 Td (then ) Tj ET Q q 0 0 0 rg BT 142.03 137.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.91 137.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 202.33 137.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 238.32 137.25 Td (should ) Tj ET Q q 0 0 0 rg BT 267.65 137.25 Td (be ) Tj ET Q q 0 0 0 rg BT 279.76 137.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 315.74 137.25 Td (as ) Tj ET Q q 0 0 0 rg BT 326.74 137.25 Td (a ) Tj ET Q q 0 0 0 rg BT 333.84 137.25 Td (provisional ) Tj ET Q q 0 0 0 rg BT 381.50 137.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 416.47 137.25 Td (The ) Tj ET Q q 0 0 0 rg BT 434.68 137.25 Td (provisional ) Tj ET Q q 0 0 0 rg BT 482.34 137.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 515.01 137.25 Td (would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 125.25 Td (be ) Tj ET Q q 0 0 0 rg BT 82.81 125.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 112.50 125.25 Td (to ) Tj ET Q q 0 0 0 rg BT 121.65 125.25 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 166.90 125.25 Td (during ) Tj ET Q q 0 0 0 rg BT 194.38 125.25 Td (a ) Tj ET Q q 0 0 0 rg BT 200.18 125.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 254.86 125.25 Td (period ) Tj ET Q q 0 0 0 rg BT 281.78 125.25 Td (until ) Tj ET Q q 0 0 0 rg BT 301.48 125.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.07 125.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 360.31 125.25 Td (under ) Tj ET Q q 0 0 0 rg BT 384.14 125.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 404.96 125.25 Td (740 ) Tj ET Q q 0 0 0 rg BT 421.33 125.25 Td (is ) Tj ET Q q 0 0 0 rg BT 429.37 125.25 Td (complete. ) Tj ET Q q 0 0 0 rg BT 469.79 125.25 Td (The ) Tj ET Q q 0 0 0 rg BT 486.71 125.25 Td (measurement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 113.25 Td (period ) Tj ET Q q 0 0 0 rg BT 99.63 113.25 Td (would ) Tj ET Q q 0 0 0 rg BT 126.72 113.25 Td (be ) Tj ET Q q 0 0 0 rg BT 138.24 113.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 168.66 113.25 Td (to ) Tj ET Q q 0 0 0 rg BT 178.52 113.25 Td (one ) Tj ET Q q 0 0 0 rg BT 195.04 113.25 Td (year ) Tj ET Q q 0 0 0 rg BT 214.33 113.25 Td (from ) Tj ET Q q 0 0 0 rg BT 235.86 113.25 Td (the ) Tj ET Q q 0 0 0 rg BT 250.16 113.25 Td (enactment ) Tj ET Q q 0 0 0 rg BT 293.33 113.25 Td (date ) Tj ET Q q 0 0 0 rg BT 312.07 113.25 Td (of ) Tj ET Q q 0 0 0 rg BT 322.49 113.25 Td (December ) Tj ET Q q 0 0 0 rg BT 365.66 113.25 Td (22, ) Tj ET Q q 0 0 0 rg BT 380.24 113.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 404.83 113.25 Td (SAB ) Tj ET Q q 0 0 0 rg BT 426.37 113.25 Td (1) Tj ET Q q 0 0 0 rg BT 430.99 113.25 Td (18 ) Tj ET Q q 0 0 0 rg BT 443.08 113.25 Td (also ) Tj ET Q q 0 0 0 rg BT 461.27 113.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 495.56 113.25 Td (disclosures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 101.25 Td (about ) Tj ET Q q 0 0 0 rg BT 95.75 101.25 Td (the ) Tj ET Q q 0 0 0 rg BT 109.51 101.25 Td (material ) Tj ET Q q 0 0 0 rg BT 143.81 101.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 180.33 101.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 218.52 101.25 Td (impacts ) Tj ET Q q 0 0 0 rg BT 251.16 101.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.03 101.25 Td (the ) Tj ET Q q 0 0 0 rg BT 274.67 101.25 Td (T) Tj ET Q q 0 0 0 rg BT 280.08 101.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 291.06 101.25 Td (Reform ) Tj ET Q q 0 0 0 rg BT 322.80 101.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 338.78 101.25 Td (for ) Tj ET Q q 0 0 0 rg BT 351.98 101.25 Td (which ) Tj ET Q q 0 0 0 rg BT 377.96 101.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 423.37 101.25 Td (under ) Tj ET Q q 0 0 0 rg BT 447.33 101.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 468.32 101.25 Td (740 ) Tj ET Q q 0 0 0 rg BT 484.86 101.25 Td (is ) Tj ET Q q 0 0 0 rg BT 493.07 101.25 Td (incomplete. ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 677.25 Td (Adoption ) Tj ET Q q 0 0 0 rg BT 114.51 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 125.34 677.25 Td (New ) Tj ET Q q 0 0 0 rg BT 146.17 677.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 197.57 677.25 Td (Standards) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 653.25 Td (Goodwill Impairment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 629.25 Td (In ) Tj ET Q q 0 0 0 rg BT 82.62 629.25 Td (January ) Tj ET Q q 0 0 0 rg BT 116.01 629.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 140.81 629.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.32 629.25 Td (F) Tj ET Q q 0 0 0 rg BT 160.13 629.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 181.88 629.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 208.67 629.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 230.96 629.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 247.98 629.25 Td (2017-04, ) Tj ET Q q 0 0 0 rg BT 286.10 629.25 Td ("Intangibles ) Tj ET Q q 0 0 0 rg BT 336.91 629.25 Td ( ) Tj ET Q q 0 0 0 rg BT 344.20 629.25 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 384.27 629.25 Td (and ) Tj ET Q q 0 0 0 rg BT 401.00 629.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 426.06 629.25 Td (\(T) Tj ET Q q 0 0 0 rg BT 434.80 629.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 454.31 629.25 Td (350\): ) Tj ET Q q 0 0 0 rg BT 477.71 629.25 Td (Simplifying ) Tj ET Q q 0 0 0 rg BT 527.79 629.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 617.25 Td (T) Tj ET Q q 0 0 0 rg BT 77.41 617.25 Td (est ) Tj ET Q q 0 0 0 rg BT 91.39 617.25 Td (for ) Tj ET Q q 0 0 0 rg BT 105.93 617.25 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 146.58 617.25 Td (Impairment" ) Tj ET Q q 0 0 0 rg BT 200.19 617.25 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 230.48 617.25 Td (2017-04"\). ) Tj ET Q q 0 0 0 rg BT 275.96 617.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 298.84 617.25 Td (2017-04 ) Tj ET Q q 0 0 0 rg BT 335.05 617.25 Td (eliminates ) Tj ET Q q 0 0 0 rg BT 379.02 617.25 Td (the ) Tj ET Q q 0 0 0 rg BT 394.11 617.25 Td (requirement ) Tj ET Q q 0 0 0 rg BT 445.30 617.25 Td (to ) Tj ET Q q 0 0 0 rg BT 455.95 617.25 Td (calculate ) Tj ET Q q 0 0 0 rg BT 494.36 617.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.45 617.25 Td (implied ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 605.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 87.75 605.25 Td (value ) Tj ET Q q 0 0 0 rg BT 111.29 605.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.49 605.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 158.93 605.25 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 178.85 605.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 212.94 605.25 Td (a ) Tj ET Q q 0 0 0 rg BT 219.25 605.25 Td (hypothetical ) Tj ET Q q 0 0 0 rg BT 270.56 605.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 307.97 605.25 Td (price ) Tj ET Q q 0 0 0 rg BT 329.84 605.25 Td (allocation\) ) Tj ET Q q 0 0 0 rg BT 374.47 605.25 Td (to ) Tj ET Q q 0 0 0 rg BT 384.13 605.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 419.32 605.25 Td (a ) Tj ET Q q 0 0 0 rg BT 425.64 605.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 463.07 605.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 511.05 605.25 Td (char) Tj ET Q q 0 0 0 rg BT 528.07 605.25 Td (ge. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.25 Td (Instead, ) Tj ET Q q 0 0 0 rg BT 106.29 593.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 138.08 593.25 Td (will ) Tj ET Q q 0 0 0 rg BT 156.54 593.25 Td (record ) Tj ET Q q 0 0 0 rg BT 184.99 593.25 Td (an ) Tj ET Q q 0 0 0 rg BT 197.34 593.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 246.34 593.25 Td (char) Tj ET Q q 0 0 0 rg BT 263.37 593.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 275.72 593.25 Td (based ) Tj ET Q q 0 0 0 rg BT 301.40 593.25 Td (on ) Tj ET Q q 0 0 0 rg BT 314.31 593.25 Td (the ) Tj ET Q q 0 0 0 rg BT 329.43 593.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 358.44 593.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.68 593.25 Td (a ) Tj ET Q q 0 0 0 rg BT 377.03 593.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 416.59 593.25 Td (unit's ) Tj ET Q q 0 0 0 rg BT 440.75 593.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 476.97 593.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 509.88 593.25 Td (over ) Tj ET Q q 0 0 0 rg BT 530.56 593.25 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 581.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 88.38 581.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 114.85 581.25 Td (The ) Tj ET Q q 0 0 0 rg BT 132.90 581.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 174.29 581.25 Td (early ) Tj ET Q q 0 0 0 rg BT 196.77 581.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 230.37 581.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 252.88 581.25 Td (2017-04 ) Tj ET Q q 0 0 0 rg BT 288.71 581.25 Td (ef) Tj ET Q q 0 0 0 rg BT 296.30 581.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 326.00 581.25 Td (July ) Tj ET Q q 0 0 0 rg BT 345.17 581.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 355.17 581.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 377.67 581.25 Td (on ) Tj ET Q q 0 0 0 rg BT 390.17 581.25 Td (a ) Tj ET Q q 0 0 0 rg BT 397.11 581.25 Td (prospective ) Tj ET Q q 0 0 0 rg BT 445.70 581.25 Td (basis.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 557.25 Td (Futur) Tj ET Q q 0 0 0 rg BT 96.82 557.25 Td (e ) Tj ET Q q 0 0 0 rg BT 103.21 557.25 Td (Adoption ) Tj ET Q q 0 0 0 rg BT 145.72 557.25 Td (of ) Tj ET Q q 0 0 0 rg BT 156.55 557.25 Td (New ) Tj ET Q q 0 0 0 rg BT 177.38 557.25 Td (Applicable ) Tj ET Q q 0 0 0 rg BT 225.45 557.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 276.84 557.25 Td (Standards) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 533.25 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 122.82 533.25 Td (and ) Tj ET Q q 0 0 0 rg BT 140.32 533.25 Td (Measur) Tj ET Q q 0 0 0 rg BT 170.50 533.25 Td (ement ) Tj ET Q q 0 0 0 rg BT 196.88 533.25 Td (of ) Tj ET Q q 0 0 0 rg BT 207.16 533.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 248.36 533.25 Td (Assets ) Tj ET Q q 0 0 0 rg BT 275.86 533.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.36 533.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 334.74 533.25 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 509.25 Td (In ) Tj ET Q q 0 0 0 rg BT 82.36 509.25 Td (January ) Tj ET Q q 0 0 0 rg BT 115.49 509.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 140.02 509.25 Td (the ) Tj ET Q q 0 0 0 rg BT 154.27 509.25 Td (F) Tj ET Q q 0 0 0 rg BT 159.09 509.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 180.57 509.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 207.15 509.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 229.19 509.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 245.94 509.25 Td (2016-01, ) Tj ET Q q 0 0 0 rg BT 283.80 509.25 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 327.12 509.25 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 376.37 509.25 Td (- ) Tj ET Q q 0 0 0 rg BT 381.73 509.25 Td (Overall ) Tj ET Q q 0 0 0 rg BT 413.75 509.25 Td (\(Subtopic ) Tj ET Q q 0 0 0 rg BT 454.66 509.25 Td (825-10\): ) Tj ET Q q 0 0 0 rg BT 491.13 509.25 Td (Recognition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 497.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.91 497.25 Td (Measurement ) Tj ET Q q 0 0 0 rg BT 145.81 497.25 Td (of ) Tj ET Q q 0 0 0 rg BT 156.61 497.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 195.75 497.25 Td (Assets ) Tj ET Q q 0 0 0 rg BT 224.34 497.25 Td (and ) Tj ET Q q 0 0 0 rg BT 241.25 497.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 280.93 497.25 Td (Liabilities" ) Tj ET Q q 0 0 0 rg BT 328.04 497.25 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 357.93 497.25 Td (2016-01"\). ) Tj ET Q q 0 0 0 rg BT 403.46 497.25 Td (The ) Tj ET Q q 0 0 0 rg BT 421.48 497.25 Td (amendments ) Tj ET Q q 0 0 0 rg BT 474.50 497.25 Td (in ) Tj ET Q q 0 0 0 rg BT 484.20 497.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 506.68 497.25 Td (2016-01 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 485.25 Td (address ) Tj ET Q q 0 0 0 rg BT 105.21 485.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 135.64 485.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 167.74 485.25 Td (of ) Tj ET Q q 0 0 0 rg BT 179.30 485.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.74 485.25 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 246.00 485.25 Td (measurement, ) Tj ET Q q 0 0 0 rg BT 305.04 485.25 Td (presentation ) Tj ET Q q 0 0 0 rg BT 357.13 485.25 Td (and ) Tj ET Q q 0 0 0 rg BT 374.80 485.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 418.57 485.25 Td (of ) Tj ET Q q 0 0 0 rg BT 430.12 485.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 468.33 485.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 520.00 485.25 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 473.25 Td (2016-01 ) Tj ET Q q 0 0 0 rg BT 107.19 473.25 Td (is ) Tj ET Q q 0 0 0 rg BT 115.73 473.25 Td (ef) Tj ET Q q 0 0 0 rg BT 123.32 473.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 152.38 473.25 Td (for ) Tj ET Q q 0 0 0 rg BT 165.91 473.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 194.43 473.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.73 473.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 241.48 473.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 272.78 473.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 314.64 473.25 Td (after ) Tj ET Q q 0 0 0 rg BT 334.82 473.25 Td (December ) Tj ET Q q 0 0 0 rg BT 377.77 473.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 392.13 473.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 416.49 473.25 Td (Except ) Tj ET Q q 0 0 0 rg BT 446.12 473.25 Td (for ) Tj ET Q q 0 0 0 rg BT 459.65 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 473.73 473.25 Td (early ) Tj ET Q q 0 0 0 rg BT 495.58 473.25 Td (application ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 461.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 111.32 461.25 Td (outlined ) Tj ET Q q 0 0 0 rg BT 147.32 461.25 Td (in ) Tj ET Q q 0 0 0 rg BT 157.61 461.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 180.84 461.25 Td (2016-01, ) Tj ET Q q 0 0 0 rg BT 219.90 461.25 Td (early ) Tj ET Q q 0 0 0 rg BT 243.11 461.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 281.33 461.25 Td (is ) Tj ET Q q 0 0 0 rg BT 291.23 461.25 Td (not ) Tj ET Q q 0 0 0 rg BT 307.24 461.25 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 351.05 461.25 Td (The ) Tj ET Q q 0 0 0 rg BT 369.82 461.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 408.04 461.25 Td (of ) Tj ET Q q 0 0 0 rg BT 418.89 461.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 442.12 461.25 Td (2016-01 ) Tj ET Q q 0 0 0 rg BT 478.68 461.25 Td (will ) Tj ET Q q 0 0 0 rg BT 497.46 461.25 Td (not ) Tj ET Q q 0 0 0 rg BT 513.46 461.25 Td (have ) Tj ET Q q 0 0 0 rg BT 535.57 461.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 449.25 Td (material ) Tj ET Q q 0 0 0 rg BT 107.26 449.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 136.97 449.25 Td (on ) Tj ET Q q 0 0 0 rg BT 149.47 449.25 Td (the ) Tj ET Q q 0 0 0 rg BT 164.19 449.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 211.27 449.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 248.75 449.25 Td (position ) Tj ET Q q 0 0 0 rg BT 283.47 449.25 Td (or ) Tj ET Q q 0 0 0 rg BT 294.30 449.25 Td (disclosures.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 425.25 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 401.25 Td (In ) Tj ET Q q 0 0 0 rg BT 82.46 401.25 Td (February ) Tj ET Q q 0 0 0 rg BT 120.69 401.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 145.33 401.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.68 401.25 Td (F) Tj ET Q q 0 0 0 rg BT 164.50 401.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 186.08 401.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 212.74 401.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 234.88 401.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 251.74 401.25 Td (2016-02, ) Tj ET Q q 0 0 0 rg BT 289.70 401.25 Td ("Leases ) Tj ET Q q 0 0 0 rg BT 323.12 401.25 Td (\(T) Tj ET Q q 0 0 0 rg BT 331.86 401.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 351.21 401.25 Td (842\)" ) Tj ET Q q 0 0 0 rg BT 375.76 401.25 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 405.31 401.25 Td (2016-02"\). ) Tj ET Q q 0 0 0 rg BT 450.21 401.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 472.35 401.25 Td (2016-02 ) Tj ET Q q 0 0 0 rg BT 507.81 401.25 Td (requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 389.25 Td (lessees ) Tj ET Q q 0 0 0 rg BT 102.96 389.25 Td (to ) Tj ET Q q 0 0 0 rg BT 113.93 389.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 155.99 389.25 Td (a ) Tj ET Q q 0 0 0 rg BT 163.62 389.25 Td (right-of-use ) Tj ET Q q 0 0 0 rg BT 214.02 389.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 236.65 389.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.28 389.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 277.46 389.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 311.76 389.25 Td (on ) Tj ET Q q 0 0 0 rg BT 324.95 389.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.36 389.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 381.87 389.25 Td (of ) Tj ET Q q 0 0 0 rg BT 393.39 389.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 431.57 389.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 472.53 389.25 Td (and ) Tj ET Q q 0 0 0 rg BT 490.16 389.25 Td (disclose ) Tj ET Q q 0 0 0 rg BT 525.57 389.25 Td (key ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 377.25 Td (information ) Tj ET Q q 0 0 0 rg BT 122.82 377.25 Td (about ) Tj ET Q q 0 0 0 rg BT 148.64 377.25 Td (leasing ) Tj ET Q q 0 0 0 rg BT 180.58 377.25 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 239.75 377.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 263.36 377.25 Td (2016-02 ) Tj ET Q q 0 0 0 rg BT 300.30 377.25 Td (is ) Tj ET Q q 0 0 0 rg BT 310.58 377.25 Td (ef) Tj ET Q q 0 0 0 rg BT 318.16 377.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 348.97 377.25 Td (for ) Tj ET Q q 0 0 0 rg BT 364.24 377.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 394.50 377.25 Td (and ) Tj ET Q q 0 0 0 rg BT 412.55 377.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 445.04 377.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 478.09 377.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 521.69 377.25 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 365.25 Td (December ) Tj ET Q q 0 0 0 rg BT 115.73 365.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 130.88 365.25 Td (2018. ) Tj ET Q q 0 0 0 rg BT 155.45 365.25 Td (As ) Tj ET Q q 0 0 0 rg BT 169.21 365.25 Td (of ) Tj ET Q q 0 0 0 rg BT 180.19 365.25 Td (December ) Tj ET Q q 0 0 0 rg BT 223.92 365.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 239.07 365.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 264.22 365.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.08 365.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 320.62 365.25 Td (had ) Tj ET Q q 0 0 0 rg BT 337.71 365.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 398.11 365.25 Td (60 ) Tj ET Q q 0 0 0 rg BT 410.76 365.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 451.18 365.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 477.70 365.25 Td (for ) Tj ET Q q 0 0 0 rg BT 492.01 365.25 Td (of) Tj ET Q q 0 0 0 rg BT 500.16 365.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 517.79 365.25 Td (space ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 353.25 Td (with ) Tj ET Q q 0 0 0 rg BT 91.86 353.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 132.80 353.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 173.77 353.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 195.83 353.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 252.34 353.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.75 353.25 Td ($61.3 ) Tj ET Q q 0 0 0 rg BT 287.33 353.25 Td (million. ) Tj ET Q q 0 0 0 rg BT 320.80 353.25 Td (Upon ) Tj ET Q q 0 0 0 rg BT 345.10 353.25 Td (adoption, ) Tj ET Q q 0 0 0 rg BT 384.67 353.25 Td (this ) Tj ET Q q 0 0 0 rg BT 401.20 353.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 423.26 353.25 Td (commitment ) Tj ET Q q 0 0 0 rg BT 475.88 353.25 Td (will ) Tj ET Q q 0 0 0 rg BT 493.52 353.25 Td (be ) Tj ET Q q 0 0 0 rg BT 505.03 353.25 Td (reflected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 341.25 Td (on ) Tj ET Q q 0 0 0 rg BT 85.75 341.25 Td (the ) Tj ET Q q 0 0 0 rg BT 101.72 341.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 143.79 341.25 Td (of ) Tj ET Q q 0 0 0 rg BT 155.87 341.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 194.60 341.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 236.13 341.25 Td (as ) Tj ET Q q 0 0 0 rg BT 248.21 341.25 Td (a ) Tj ET Q q 0 0 0 rg BT 256.40 341.25 Td (right-of-use ) Tj ET Q q 0 0 0 rg BT 307.36 341.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 330.54 341.25 Td (and ) Tj ET Q q 0 0 0 rg BT 348.73 341.25 Td (a ) Tj ET Q q 0 0 0 rg BT 356.92 341.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 380.66 341.25 Td (commitment ) Tj ET Q q 0 0 0 rg BT 434.96 341.25 Td (liability) Tj ET Q q 0 0 0 rg BT 465.42 341.25 Td (. ) Tj ET Q q 0 0 0 rg BT 471.40 341.25 Td (The ) Tj ET Q q 0 0 0 rg BT 490.69 341.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 533.33 341.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 329.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 116.15 329.25 Td (other ) Tj ET Q q 0 0 0 rg BT 139.19 329.25 Td (service ) Tj ET Q q 0 0 0 rg BT 170.01 329.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 208.60 329.25 Td (which ) Tj ET Q q 0 0 0 rg BT 235.53 329.25 Td (may ) Tj ET Q q 0 0 0 rg BT 255.25 329.25 Td (include ) Tj ET Q q 0 0 0 rg BT 287.18 329.25 Td (embedded ) Tj ET Q q 0 0 0 rg BT 330.77 329.25 Td (leases, ) Tj ET Q q 0 0 0 rg BT 359.64 329.25 Td (however) Tj ET Q q 0 0 0 rg BT 393.67 329.25 Td (, ) Tj ET Q q 0 0 0 rg BT 398.67 329.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.38 329.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 454.77 329.25 Td (does ) Tj ET Q q 0 0 0 rg BT 475.60 329.25 Td (not ) Tj ET Q q 0 0 0 rg BT 490.87 329.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 519.46 329.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 317.25 Td (to ) Tj ET Q q 0 0 0 rg BT 82.28 317.25 Td (be ) Tj ET Q q 0 0 0 rg BT 94.22 317.25 Td (material. ) Tj ET Q q 0 0 0 rg BT 131.79 317.25 Td (The ) Tj ET Q q 0 0 0 rg BT 149.84 317.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 179.55 317.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.38 317.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.10 317.25 Td (new ) Tj ET Q q 0 0 0 rg BT 224.26 317.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 262.85 317.25 Td (on ) Tj ET Q q 0 0 0 rg BT 275.35 317.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 298.96 317.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 310.44 317.25 Td (fray's ) Tj ET Q q 0 0 0 rg BT 334.73 317.25 Td (net ) Tj ET Q q 0 0 0 rg BT 349.45 317.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 378.60 317.25 Td (is ) Tj ET Q q 0 0 0 rg BT 387.77 317.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 425.80 317.25 Td (to ) Tj ET Q q 0 0 0 rg BT 436.08 317.25 Td (be ) Tj ET Q q 0 0 0 rg BT 448.02 317.25 Td (minimal.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 293.25 Td (Financial Instruments Cr) Tj ET Q q 0 0 0 rg BT 180.79 293.25 Td (edit Losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 269.25 Td (In ) Tj ET Q q 0 0 0 rg BT 82.84 269.25 Td (June ) Tj ET Q q 0 0 0 rg BT 103.68 269.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 128.69 269.25 Td (the ) Tj ET Q q 0 0 0 rg BT 143.41 269.25 Td (F) Tj ET Q q 0 0 0 rg BT 148.23 269.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 170.19 269.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 197.15 269.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 219.66 269.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 236.89 269.25 Td (2016-13, ) Tj ET Q q 0 0 0 rg BT 275.23 269.25 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 319.03 269.25 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 368.76 269.25 Td ( ) Tj ET Q q 0 0 0 rg BT 376.27 269.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 403.77 269.25 Td (Losses ) Tj ET Q q 0 0 0 rg BT 433.50 269.25 Td (\(T) Tj ET Q q 0 0 0 rg BT 442.24 269.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 461.97 269.25 Td (326\): ) Tj ET Q q 0 0 0 rg BT 485.59 269.25 Td (Measurement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 83.75 257.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 112.17 257.25 Td (Losses ) Tj ET Q q 0 0 0 rg BT 142.81 257.25 Td (on ) Tj ET Q q 0 0 0 rg BT 156.23 257.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 196.86 257.25 Td (Instruments" ) Tj ET Q q 0 0 0 rg BT 251.58 257.25 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 282.42 257.25 Td (2016-13"\). ) Tj ET Q q 0 0 0 rg BT 328.83 257.25 Td (The ) Tj ET Q q 0 0 0 rg BT 347.80 257.25 Td (new ) Tj ET Q q 0 0 0 rg BT 367.88 257.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 407.40 257.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 443.02 257.25 Td (an ) Tj ET Q q 0 0 0 rg BT 455.88 257.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 482.08 257.25 Td (to ) Tj ET Q q 0 0 0 rg BT 493.27 257.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 530.01 257.25 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 245.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 109.88 245.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 135.00 245.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 161.24 245.25 Td (for ) Tj ET Q q 0 0 0 rg BT 175.25 245.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 212.58 245.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 238.26 245.25 Td (held ) Tj ET Q q 0 0 0 rg BT 257.83 245.25 Td (at ) Tj ET Q q 0 0 0 rg BT 267.40 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 281.97 245.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 320.97 245.25 Td (date ) Tj ET Q q 0 0 0 rg BT 339.98 245.25 Td (based ) Tj ET Q q 0 0 0 rg BT 365.10 245.25 Td (on ) Tj ET Q q 0 0 0 rg BT 377.45 245.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 417.01 245.25 Td (experience, ) Tj ET Q q 0 0 0 rg BT 465.17 245.25 Td (current ) Tj ET Q q 0 0 0 rg BT 495.83 245.25 Td (conditions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 233.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.87 233.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 134.06 233.25 Td (and ) Tj ET Q q 0 0 0 rg BT 150.94 233.25 Td (supportable ) Tj ET Q q 0 0 0 rg BT 200.03 233.25 Td (forecasts ) Tj ET Q q 0 0 0 rg BT 238.00 233.25 Td (as ) Tj ET Q q 0 0 0 rg BT 248.77 233.25 Td (opposed ) Tj ET Q q 0 0 0 rg BT 284.53 233.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.75 233.25 Td (delaying ) Tj ET Q q 0 0 0 rg BT 331.62 233.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 379.59 233.25 Td (until ) Tj ET Q q 0 0 0 rg BT 400.36 233.25 Td (the ) Tj ET Q q 0 0 0 rg BT 415.02 233.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 433.01 233.25 Td (was ) Tj ET Q q 0 0 0 rg BT 451.00 233.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 488.42 233.25 Td (of ) Tj ET Q q 0 0 0 rg BT 499.19 233.25 Td (occurring. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 221.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 93.54 221.25 Td (2016-13 ) Tj ET Q q 0 0 0 rg BT 128.41 221.25 Td (is ) Tj ET Q q 0 0 0 rg BT 136.61 221.25 Td (ef) Tj ET Q q 0 0 0 rg BT 144.20 221.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 172.94 221.25 Td (for ) Tj ET Q q 0 0 0 rg BT 186.13 221.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 214.32 221.25 Td (and ) Tj ET Q q 0 0 0 rg BT 230.30 221.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 260.72 221.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 291.69 221.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 333.22 221.25 Td (after ) Tj ET Q q 0 0 0 rg BT 353.07 221.25 Td (December ) Tj ET Q q 0 0 0 rg BT 395.69 221.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 409.73 221.25 Td (2019. ) Tj ET Q q 0 0 0 rg BT 433.76 221.25 Td (Early ) Tj ET Q q 0 0 0 rg BT 456.95 221.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 493.48 221.25 Td (is ) Tj ET Q q 0 0 0 rg BT 501.69 221.25 Td (permitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 209.25 Td (for ) Tj ET Q q 0 0 0 rg BT 85.66 209.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 114.31 209.25 Td (and ) Tj ET Q q 0 0 0 rg BT 130.75 209.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 161.62 209.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 193.06 209.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 235.05 209.25 Td (after ) Tj ET Q q 0 0 0 rg BT 255.36 209.25 Td (December ) Tj ET Q q 0 0 0 rg BT 298.45 209.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 312.94 209.25 Td (2018. ) Tj ET Q q 0 0 0 rg BT 337.29 209.25 Td (The ) Tj ET Q q 0 0 0 rg BT 354.84 209.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 395.72 209.25 Td (does ) Tj ET Q q 0 0 0 rg BT 416.05 209.25 Td (not ) Tj ET Q q 0 0 0 rg BT 430.83 209.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 458.92 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 473.13 209.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 510.12 209.25 Td (of ) Tj ET Q q 0 0 0 rg BT 520.01 209.25 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 197.25 Td (2016-13 ) Tj ET Q q 0 0 0 rg BT 107.83 197.25 Td (to ) Tj ET Q q 0 0 0 rg BT 118.11 197.25 Td (have ) Tj ET Q q 0 0 0 rg BT 139.49 197.25 Td (a ) Tj ET Q q 0 0 0 rg BT 146.42 197.25 Td (material ) Tj ET Q q 0 0 0 rg BT 181.68 197.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 211.39 197.25 Td (on ) Tj ET Q q 0 0 0 rg BT 223.89 197.25 Td (its ) Tj ET Q q 0 0 0 rg BT 235.84 197.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 276.66 197.25 Td (of ) Tj ET Q q 0 0 0 rg BT 287.49 197.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 324.97 197.25 Td (condition.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 677.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 94.63 677.25 Td (4 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 102.27 677.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 143.79 677.25 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 193.66 677.25 Td (and ) Tj ET Q q 0 0 0 rg BT 211.30 677.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 237.27 677.25 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 278.22 677.25 Td (Positions ) Tj ET Q q 0 0 0 rg BT 318.09 677.25 Td (Owned ) Tj ET Q q 0 0 0 rg BT 349.06 677.25 Td (and ) Tj ET Q q 0 0 0 rg BT 366.70 677.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 408.22 677.25 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 458.09 677.25 Td (and ) Tj ET Q q 0 0 0 rg BT 475.73 677.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 501.70 677.25 Td (Inventory ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 104.00 665.25 Td (Positions ) Tj ET Q q 0 0 0 rg BT 143.73 665.25 Td (Sold, ) Tj ET Q q 0 0 0 rg BT 166.50 665.25 Td (but ) Tj ET Q q 0 0 0 rg BT 181.78 665.25 Td (Not ) Tj ET Q q 0 0 0 rg BT 198.73 665.25 Td (Y) Tj ET Q q 0 0 0 rg BT 203.38 665.25 Td (et ) Tj ET Q q 0 0 0 rg BT 213.09 665.25 Td (Pur) Tj ET Q q 0 0 0 rg BT 227.72 665.25 Td (chased) Tj ET Q 1 1 1 rg /GS0 gs 73.00 594.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 461.00 594.75 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 471.00 594.75 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 73.00 582.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 461.00 582.75 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 471.00 582.75 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 73.00 570.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 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instruments and other inventory positions owned:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 597.37 Td (Corporate securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 585.37 Td (Equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.00 585.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.50 585.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 585.37 Td (51,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 573.37 Td (Convertible securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.00 573.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 573.37 Td (74,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 561.37 Td (Fixed income securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 561.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 561.37 Td (30,145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 549.37 Td (Municipal securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 537.37 Td (T) Tj ET Q q 0 0 0 rg BT 87.26 537.37 Td (axable securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.00 537.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 537.37 Td (67,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 525.37 Td (T) Tj ET Q q 0 0 0 rg BT 87.26 525.37 Td (ax-exempt securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.00 525.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 525.37 Td (345,701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 513.37 Td (Short-term securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.00 513.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 513.37 Td (62,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 501.37 Td (Mortgage-backed securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.00 501.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 501.37 Td (481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 489.37 Td (U.S. government agency securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 489.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 489.37 Td (317,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 477.37 Td (U.S. government securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.00 477.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.65 477.37 Td (9,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 465.37 Td (Derivative contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.00 465.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 465.37 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.50 453.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 453.37 Td (959,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 429.37 Td (Financial instruments and other inventory positions sold, but not yet purchased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 417.37 Td (Corporate securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 405.37 Td (Equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.00 405.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.50 405.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 405.37 Td (101,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 393.37 Td (Fixed income securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 393.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 393.37 Td (30,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 381.37 Td (U.S. government agency securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 381.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 381.37 Td (49,077) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 369.37 Td (U.S. government securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.00 369.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 369.37 Td (165,507) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.50 357.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 357.37 Td (346,393) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 328.25 Td (At ) Tj ET Q q 0 0 0 rg BT 84.03 328.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 142.15 328.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 166.69 328.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 203.70 328.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 252.40 328.25 Td (and ) Tj ET Q q 0 0 0 rg BT 268.87 328.25 Td (other ) Tj ET Q q 0 0 0 rg BT 291.45 328.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 331.81 328.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 369.96 328.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 398.66 328.25 Td (in ) Tj ET Q q 0 0 0 rg BT 408.47 328.25 Td (the ) Tj ET Q q 0 0 0 rg BT 422.72 328.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 454.75 328.25 Td (of ) Tj ET Q q 0 0 0 rg BT 465.11 328.25 Td ($321.5 ) Tj ET Q q 0 0 0 rg BT 494.64 328.25 Td (million ) Tj ET Q q 0 0 0 rg BT 525.57 328.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 316.25 Td (been ) Tj ET Q q 0 0 0 rg BT 93.38 316.25 Td (pledged ) Tj ET Q q 0 0 0 rg BT 127.53 316.25 Td (as ) Tj ET Q q 0 0 0 rg BT 138.36 316.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 178.06 316.25 Td (for ) Tj ET Q q 0 0 0 rg BT 192.22 316.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 236.38 316.25 Td (financings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 292.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 111.66 292.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 160.77 292.25 Td (and ) Tj ET Q q 0 0 0 rg BT 177.65 292.25 Td (other ) Tj ET Q q 0 0 0 rg BT 200.65 292.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 241.42 292.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 279.98 292.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 301.60 292.25 Td (but ) Tj ET Q q 0 0 0 rg BT 316.82 292.25 Td (not ) Tj ET Q q 0 0 0 rg BT 332.05 292.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 346.71 292.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 389.70 292.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 428.79 292.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 475.68 292.25 Td (of ) Tj ET Q q 0 0 0 rg BT 486.45 292.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.12 292.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 280.25 Td (to ) Tj ET Q q 0 0 0 rg BT 81.69 280.25 Td (deliver ) Tj ET Q q 0 0 0 rg BT 111.36 280.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.48 280.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 163.49 280.25 Td (security ) Tj ET Q q 0 0 0 rg BT 197.05 280.25 Td (at ) Tj ET Q q 0 0 0 rg BT 206.17 280.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.30 280.25 Td (contracted ) Tj ET Q q 0 0 0 rg BT 263.85 280.25 Td (price, ) Tj ET Q q 0 0 0 rg BT 288.24 280.25 Td (thereby ) Tj ET Q q 0 0 0 rg BT 320.13 280.25 Td (creating ) Tj ET Q q 0 0 0 rg BT 354.25 280.25 Td (a ) Tj ET Q q 0 0 0 rg BT 360.59 280.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 393.61 280.25 Td (to ) Tj ET Q q 0 0 0 rg BT 403.29 280.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 440.74 280.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.87 280.25 Td (security ) Tj ET Q q 0 0 0 rg BT 488.43 280.25 Td (in ) Tj ET Q q 0 0 0 rg BT 498.12 280.25 Td (the ) Tj ET Q q 0 0 0 rg BT 512.24 280.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 268.25 Td (at ) Tj ET Q q 0 0 0 rg BT 81.90 268.25 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 125.12 268.25 Td (prices. ) Tj ET Q q 0 0 0 rg BT 153.98 268.25 Td (The ) Tj ET Q q 0 0 0 rg BT 172.21 268.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 213.77 268.25 Td (is ) Tj ET Q q 0 0 0 rg BT 223.12 268.25 Td (obligated ) Tj ET Q q 0 0 0 rg BT 263.02 268.25 Td (to ) Tj ET Q q 0 0 0 rg BT 273.47 268.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 305.58 268.25 Td (the ) Tj ET Q q 0 0 0 rg BT 320.47 268.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 360.92 268.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 380.27 268.25 Td (short ) Tj ET Q q 0 0 0 rg BT 402.95 268.25 Td (at ) Tj ET Q q 0 0 0 rg BT 412.84 268.25 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 456.06 268.25 Td (market ) Tj ET Q q 0 0 0 rg BT 486.51 268.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 515.56 268.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 256.25 Td (may ) Tj ET Q q 0 0 0 rg BT 91.46 256.25 Td (exceed ) Tj ET Q q 0 0 0 rg BT 121.45 256.25 Td (the ) Tj ET Q q 0 0 0 rg BT 135.91 256.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 168.15 256.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 205.36 256.25 Td (on ) Tj ET Q q 0 0 0 rg BT 217.60 256.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.06 256.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 272.62 256.25 Td (of ) Tj ET Q q 0 0 0 rg BT 283.19 256.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 320.41 256.25 Td (condition. ) Tj ET Q q 0 0 0 rg BT 362.77 256.25 Td (The ) Tj ET Q q 0 0 0 rg BT 380.55 256.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 421.68 256.25 Td (economically ) Tj ET Q q 0 0 0 rg BT 477.79 256.25 Td (hedges ) Tj ET Q q 0 0 0 rg BT 507.80 256.25 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 244.25 Td (in ) Tj ET Q q 0 0 0 rg BT 81.84 244.25 Td (the ) Tj ET Q q 0 0 0 rg BT 96.11 244.25 Td (market ) Tj ET Q q 0 0 0 rg BT 125.94 244.25 Td (value ) Tj ET Q q 0 0 0 rg BT 149.65 244.25 Td (of ) Tj ET Q q 0 0 0 rg BT 160.04 244.25 Td (its ) Tj ET Q q 0 0 0 rg BT 171.55 244.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 208.59 244.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 257.31 244.25 Td (and ) Tj ET Q q 0 0 0 rg BT 273.81 244.25 Td (other ) Tj ET Q q 0 0 0 rg BT 296.42 244.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 336.80 244.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 374.98 244.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 403.70 244.25 Td (using ) Tj ET Q q 0 0 0 rg BT 427.43 244.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 467.82 244.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 505.99 244.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 527.22 244.25 Td (but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 232.25 Td (not ) Tj ET Q q 0 0 0 rg BT 87.28 232.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 102.00 232.25 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 147.53 232.25 Td (and ) Tj ET Q q 0 0 0 rg BT 164.47 232.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 204.72 232.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 232.21 232.25 Td (options.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 208.25 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 118.92 208.25 Td (Contract ) Tj ET Q q 0 0 0 rg BT 159.74 208.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 202.25 208.25 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 184.25 Td (The ) Tj ET Q q 0 0 0 rg BT 91.15 184.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 133.63 184.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 161.11 184.25 Td (into ) Tj ET Q q 0 0 0 rg BT 180.26 184.25 Td (option ) Tj ET Q q 0 0 0 rg BT 209.42 184.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 249.11 184.25 Td (to ) Tj ET Q q 0 0 0 rg BT 260.49 184.25 Td (economically ) Tj ET Q q 0 0 0 rg BT 317.95 184.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 345.43 184.25 Td (market ) Tj ET Q q 0 0 0 rg BT 376.79 184.25 Td (value ) Tj ET Q q 0 0 0 rg BT 402.04 184.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 420.64 184.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 465.33 184.25 Td (with ) Tj ET Q q 0 0 0 rg BT 486.71 184.25 Td (its ) Tj ET Q q 0 0 0 rg BT 499.76 184.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 531.68 184.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 172.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 121.00 172.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 164.39 172.25 Td (As ) Tj ET Q q 0 0 0 rg BT 179.52 172.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.87 172.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 251.97 172.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 278.49 172.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.72 172.25 Td (total ) Tj ET Q q 0 0 0 rg BT 316.51 172.25 Td (absolute ) Tj ET Q q 0 0 0 rg BT 353.85 172.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 390.64 172.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 426.86 172.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 460.88 172.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 505.99 172.25 Td (with ) Tj ET Q q 0 0 0 rg BT 527.78 172.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 160.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 119.46 160.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 169.01 160.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 196.89 160.25 Td (option ) Tj ET Q q 0 0 0 rg BT 225.33 160.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 268.19 160.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 307.17 160.25 Td (was ) Tj ET Q q 0 0 0 rg BT 325.61 160.25 Td ($9.6 ) Tj ET Q q 0 0 0 rg BT 345.99 160.25 Td (million. ) Tj ET Q q 0 0 0 rg BT 380.06 160.25 Td (The ) Tj ET Q q 0 0 0 rg BT 398.49 160.25 Td (Company) Tj ET Q q 0 0 0 rg BT 440.15 160.25 Td (s ) Tj ET Q q 0 0 0 rg BT 446.93 160.25 Td (option ) Tj ET Q q 0 0 0 rg BT 475.37 160.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 514.34 160.25 Td (do ) Tj ET Q q 0 0 0 rg BT 527.23 160.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 148.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 102.32 148.25 Td (for ) Tj ET Q q 0 0 0 rg BT 115.98 148.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 141.86 148.25 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 190.23 148.25 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 238.33 148.25 Td (are ) Tj ET Q q 0 0 0 rg BT 252.53 148.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 287.85 148.25 Td (on ) Tj ET Q q 0 0 0 rg BT 299.85 148.25 Td (a ) Tj ET Q q 0 0 0 rg BT 306.28 148.25 Td (net ) Tj ET Q q 0 0 0 rg BT 320.50 148.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 342.50 148.25 Td (by ) Tj ET Q q 0 0 0 rg BT 354.50 148.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 407.03 148.25 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 427.08 148.25 Td (the ) Tj ET Q q 0 0 0 rg BT 441.29 148.25 Td (net ) Tj ET Q q 0 0 0 rg BT 455.51 148.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 488.60 148.25 Td (or ) Tj ET Q q 0 0 0 rg BT 498.93 148.25 Td (receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 136.25 Td (for ) Tj ET Q q 0 0 0 rg BT 86.52 136.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 129.35 136.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 155.54 136.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.83 136.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 212.91 136.25 Td (for ) Tj ET Q q 0 0 0 rg BT 227.42 136.25 Td (a ) Tj ET Q q 0 0 0 rg BT 234.72 136.25 Td (given ) Tj ET Q q 0 0 0 rg BT 259.79 136.25 Td (counterparty\) ) Tj ET Q q 0 0 0 rg BT 316.51 136.25 Td (when ) Tj ET Q q 0 0 0 rg BT 341.03 136.25 Td (a ) Tj ET Q q 0 0 0 rg BT 348.32 136.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 370.61 136.25 Td (right ) Tj ET Q q 0 0 0 rg BT 392.36 136.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.54 136.25 Td (of) Tj ET Q q 0 0 0 rg BT 411.69 136.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 428.99 136.25 Td (exists ) Tj ET Q q 0 0 0 rg BT 454.62 136.25 Td (and ) Tj ET Q q 0 0 0 rg BT 471.92 136.25 Td (on ) Tj ET Q q 0 0 0 rg BT 484.77 136.25 Td (a ) Tj ET Q q 0 0 0 rg BT 492.07 136.25 Td (net ) Tj ET Q q 0 0 0 rg BT 507.14 136.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 530.00 136.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 124.25 Td (cross ) Tj ET Q q 0 0 0 rg BT 96.37 124.25 Td (product ) Tj ET Q q 0 0 0 rg BT 130.74 124.25 Td (when ) Tj ET Q q 0 0 0 rg BT 156.22 124.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 201.13 124.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 246.62 124.25 Td (are ) Tj ET Q q 0 0 0 rg BT 262.65 124.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 289.80 124.25 Td (in ) Tj ET Q q 0 0 0 rg BT 301.39 124.25 Td (master ) Tj ET Q q 0 0 0 rg BT 331.87 124.25 Td (netting ) Tj ET Q q 0 0 0 rg BT 363.46 124.25 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 414.47 124.25 Td (As ) Tj ET Q q 0 0 0 rg BT 429.41 124.25 Td (of ) Tj ET Q q 0 0 0 rg BT 441.56 124.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 501.46 124.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 527.79 124.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 112.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 119.08 112.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 161.56 112.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 200.15 112.25 Td (are ) Tj ET Q q 0 0 0 rg BT 214.86 112.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 250.68 112.25 Td (at ) Tj ET Q q 0 0 0 rg BT 260.39 112.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 284.01 112.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 300.38 112.25 Td (market ) Tj ET Q q 0 0 0 rg BT 330.65 112.25 Td (value ) Tj ET Q q 0 0 0 rg BT 354.80 112.25 Td (on ) Tj ET Q q 0 0 0 rg BT 367.30 112.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.02 112.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 422.84 112.25 Td (of ) Tj ET Q q 0 0 0 rg BT 433.67 112.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 471.15 112.25 Td (condition.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 677.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 94.49 677.25 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.49 677.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 101.99 677.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 122.27 677.25 Td (V) Tj ET Q q 0 0 0 rg BT 127.27 677.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 146.99 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 157.26 677.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 198.65 677.25 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 653.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 98.75 653.25 Td (on ) Tj ET Q q 0 0 0 rg BT 111.05 653.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.58 653.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 152.87 653.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.51 653.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.03 653.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 224.92 653.25 Td (business ) Tj ET Q q 0 0 0 rg BT 261.12 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 277.86 653.25 Td (its ) Tj ET Q q 0 0 0 rg BT 289.62 653.25 Td (role ) Tj ET Q q 0 0 0 rg BT 307.47 653.25 Td (as ) Tj ET Q q 0 0 0 rg BT 318.11 653.25 Td (a ) Tj ET Q q 0 0 0 rg BT 324.85 653.25 Td ("dealer" ) Tj ET Q q 0 0 0 rg BT 359.75 653.25 Td (in ) Tj ET Q q 0 0 0 rg BT 369.83 653.25 Td (the ) Tj ET Q q 0 0 0 rg BT 384.36 653.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 424.43 653.25 Td (industry) Tj ET Q q 0 0 0 rg BT 456.56 653.25 Td (, ) Tj ET Q q 0 0 0 rg BT 461.37 653.25 Td (the ) Tj ET Q q 0 0 0 rg BT 475.89 653.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 492.07 653.25 Td (values ) Tj ET Q q 0 0 0 rg BT 519.93 653.25 Td (of ) Tj ET Q q 0 0 0 rg BT 530.56 653.25 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 109.81 641.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 159.31 641.25 Td (are ) Tj ET Q q 0 0 0 rg BT 174.35 641.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 222.17 641.25 Td (internally) Tj ET Q q 0 0 0 rg BT 259.84 641.25 Td (. ) Tj ET Q q 0 0 0 rg BT 264.97 641.25 Td (The ) Tj ET Q q 0 0 0 rg BT 283.35 641.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 330.76 641.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 371.91 641.25 Td (are ) Tj ET Q q 0 0 0 rg BT 386.95 641.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 425.33 641.25 Td (to ) Tj ET Q q 0 0 0 rg BT 435.95 641.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 464.88 641.25 Td (that ) Tj ET Q q 0 0 0 rg BT 482.71 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.76 641.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 514.47 641.25 Td (values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 629.25 Td (used ) Tj ET Q q 0 0 0 rg BT 92.92 629.25 Td (for ) Tj ET Q q 0 0 0 rg BT 107.17 629.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 144.73 629.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 183.98 629.25 Td (are ) Tj ET Q q 0 0 0 rg BT 198.77 629.25 Td (based ) Tj ET Q q 0 0 0 rg BT 224.13 629.25 Td (on ) Tj ET Q q 0 0 0 rg BT 236.72 629.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 282.62 629.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 309.66 629.25 Td (wherever ) Tj ET Q q 0 0 0 rg BT 349.44 629.25 Td (possible. ) Tj ET Q q 0 0 0 rg BT 387.31 629.25 Td (In ) Tj ET Q q 0 0 0 rg BT 398.23 629.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.03 629.25 Td (event ) Tj ET Q q 0 0 0 rg BT 437.27 629.25 Td (that ) Tj ET Q q 0 0 0 rg BT 454.86 629.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 500.76 629.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 527.80 629.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 617.25 Td (not ) Tj ET Q q 0 0 0 rg BT 86.57 617.25 Td (available, ) Tj ET Q q 0 0 0 rg BT 126.96 617.25 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 182.07 617.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 208.31 617.25 Td (are ) Tj ET Q q 0 0 0 rg BT 222.32 617.25 Td (developed ) Tj ET Q q 0 0 0 rg BT 265.21 617.25 Td (based ) Tj ET Q q 0 0 0 rg BT 289.77 617.25 Td (on ) Tj ET Q q 0 0 0 rg BT 301.57 617.25 Td (an ) Tj ET Q q 0 0 0 rg BT 312.80 617.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 356.25 617.25 Td (of ) Tj ET Q q 0 0 0 rg BT 366.37 617.25 Td (all ) Tj ET Q q 0 0 0 rg BT 378.17 617.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 412.16 617.25 Td (empirical ) Tj ET Q q 0 0 0 rg BT 451.72 617.25 Td (market ) Tj ET Q q 0 0 0 rg BT 481.28 617.25 Td (data, ) Tj ET Q q 0 0 0 rg BT 502.23 617.25 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 605.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 98.43 605.25 Td (evidenced ) Tj ET Q q 0 0 0 rg BT 141.51 605.25 Td (by ) Tj ET Q q 0 0 0 rg BT 154.06 605.25 Td (market ) Tj ET Q q 0 0 0 rg BT 184.37 605.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 237.18 605.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 269.16 605.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 293.09 605.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 318.40 605.25 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 353.44 605.25 Td (volatilities ) Tj ET Q q 0 0 0 rg BT 398.21 605.25 Td (and ) Tj ET Q q 0 0 0 rg BT 415.19 605.25 Td (correlations ) Tj ET Q q 0 0 0 rg BT 464.94 605.25 Td (and ) Tj ET Q q 0 0 0 rg BT 481.93 605.25 Td (other ) Tj ET Q q 0 0 0 rg BT 505.03 605.25 Td (security-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 106.51 593.25 Td (information. ) Tj ET Q q 0 0 0 rg BT 159.39 593.25 Td (V) Tj ET Q q 0 0 0 rg BT 165.51 593.25 Td (aluation ) Tj ET Q q 0 0 0 rg BT 201.13 593.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 252.33 593.25 Td (related ) Tj ET Q q 0 0 0 rg BT 282.94 593.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.14 593.25 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 337.00 593.25 Td (or ) Tj ET Q q 0 0 0 rg BT 348.75 593.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 402.70 593.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 428.88 593.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 447.30 593.25 Td (are ) Tj ET Q q 0 0 0 rg BT 462.92 593.25 Td (also ) Tj ET Q q 0 0 0 rg BT 482.45 593.25 Td (considered. ) Tj ET Q q 0 0 0 rg BT 531.68 593.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 581.25 Td (estimating ) Tj ET Q q 0 0 0 rg BT 116.92 581.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 134.07 581.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 161.48 581.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.97 581.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 219.12 581.25 Td (may ) Tj ET Q q 0 0 0 rg BT 239.60 581.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 267.85 581.25 Td (information ) Tj ET Q q 0 0 0 rg BT 318.33 581.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 357.14 581.25 Td (by ) Tj ET Q q 0 0 0 rg BT 370.40 581.25 Td (third ) Tj ET Q q 0 0 0 rg BT 392.55 581.25 Td (party ) Tj ET Q q 0 0 0 rg BT 416.37 581.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 447.95 581.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 482.88 581.25 Td (to ) Tj ET Q q 0 0 0 rg BT 493.92 581.25 Td (corroborate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 569.25 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 157.24 569.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 173.62 569.25 Td (value ) Tj ET Q q 0 0 0 rg BT 197.78 569.25 Td (estimates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 545.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.87 545.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 133.08 545.25 Td (employs ) Tj ET Q q 0 0 0 rg BT 170.29 545.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 204.71 545.25 Td (control ) Tj ET Q q 0 0 0 rg BT 236.35 545.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 278.00 545.25 Td (to ) Tj ET Q q 0 0 0 rg BT 289.10 545.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 332.40 545.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.94 545.25 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 411.24 545.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.89 545.25 Td (the ) Tj ET Q q 0 0 0 rg BT 438.43 545.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 455.63 545.25 Td (value ) Tj ET Q q 0 0 0 rg BT 480.61 545.25 Td (of ) Tj ET Q q 0 0 0 rg BT 492.26 545.25 Td (its ) Tj ET Q q 0 0 0 rg BT 505.03 545.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 533.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 123.75 533.25 Td (The ) Tj ET Q q 0 0 0 rg BT 142.09 533.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 189.46 533.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 230.57 533.25 Td (are ) Tj ET Q q 0 0 0 rg BT 245.57 533.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 283.91 533.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.48 533.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 323.37 533.25 Td (that ) Tj ET Q q 0 0 0 rg BT 341.15 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.16 533.25 Td (internally-estimated ) Tj ET Q q 0 0 0 rg BT 438.92 533.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 455.59 533.25 Td (values ) Tj ET Q q 0 0 0 rg BT 483.92 533.25 Td (are ) Tj ET Q q 0 0 0 rg BT 498.92 533.25 Td (accurately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 521.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 109.55 521.25 Td (and ) Tj ET Q q 0 0 0 rg BT 126.56 521.25 Td (that ) Tj ET Q q 0 0 0 rg BT 144.13 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.92 521.25 Td (data ) Tj ET Q q 0 0 0 rg BT 178.14 521.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 205.16 521.25 Td (and ) Tj ET Q q 0 0 0 rg BT 222.17 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.96 521.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 276.75 521.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 322.08 521.25 Td (used ) Tj ET Q q 0 0 0 rg BT 342.99 521.25 Td (are ) Tj ET Q q 0 0 0 rg BT 357.76 521.25 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 408.37 521.25 Td (consistently ) Tj ET Q q 0 0 0 rg BT 458.71 521.25 Td (applied, ) Tj ET Q q 0 0 0 rg BT 493.22 521.25 Td (and ) Tj ET Q q 0 0 0 rg BT 510.23 521.25 Td (that ) Tj ET Q q 0 0 0 rg BT 527.80 521.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 509.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 123.02 509.25 Td (are ) Tj ET Q q 0 0 0 rg BT 136.79 509.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 181.11 509.25 Td (and ) Tj ET Q q 0 0 0 rg BT 197.12 509.25 Td (consistent ) Tj ET Q q 0 0 0 rg BT 238.68 509.25 Td (with ) Tj ET Q q 0 0 0 rg BT 258.03 509.25 Td (the ) Tj ET Q q 0 0 0 rg BT 271.81 509.25 Td (objective ) Tj ET Q q 0 0 0 rg BT 310.03 509.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.92 509.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 369.81 509.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 385.26 509.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 410.98 509.25 Td (Individuals ) Tj ET Q q 0 0 0 rg BT 457.54 509.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 488.00 509.25 Td (of ) Tj ET Q q 0 0 0 rg BT 497.89 509.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.68 509.25 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 497.25 Td (departments ) Tj ET Q q 0 0 0 rg BT 122.99 497.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 157.32 497.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 208.32 497.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 238.76 497.25 Td (verification ) Tj ET Q q 0 0 0 rg BT 286.97 497.25 Td (reviews ) Tj ET Q q 0 0 0 rg BT 320.19 497.25 Td (as ) Tj ET Q q 0 0 0 rg BT 330.65 497.25 Td (of ) Tj ET Q q 0 0 0 rg BT 341.10 497.25 Td (each ) Tj ET Q q 0 0 0 rg BT 361.53 497.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 400.31 497.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 421.43 497.25 Td (The ) Tj ET Q q 0 0 0 rg BT 439.10 497.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 480.11 497.25 Td (has ) Tj ET Q q 0 0 0 rg BT 495.56 497.25 Td (established ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 485.25 Td (parameters ) Tj ET Q q 0 0 0 rg BT 118.63 485.25 Td (which ) Tj ET Q q 0 0 0 rg BT 145.83 485.25 Td (set ) Tj ET Q q 0 0 0 rg BT 159.70 485.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 181.91 485.25 Td (when ) Tj ET Q q 0 0 0 rg BT 206.33 485.25 Td (the ) Tj ET Q q 0 0 0 rg BT 221.32 485.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 237.96 485.25 Td (value ) Tj ET Q q 0 0 0 rg BT 262.38 485.25 Td (of ) Tj ET Q q 0 0 0 rg BT 273.47 485.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 314.00 485.25 Td (are ) Tj ET Q q 0 0 0 rg BT 328.97 485.25 Td (independently ) Tj ET Q q 0 0 0 rg BT 388.39 485.25 Td (verified. ) Tj ET Q q 0 0 0 rg BT 424.55 485.25 Td (The ) Tj ET Q q 0 0 0 rg BT 442.86 485.25 Td (selection ) Tj ET Q q 0 0 0 rg BT 481.17 485.25 Td (parameters ) Tj ET Q q 0 0 0 rg BT 527.79 485.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 473.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 111.40 473.25 Td (based ) Tj ET Q q 0 0 0 rg BT 136.36 473.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 158.56 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.97 473.25 Td (type ) Tj ET Q q 0 0 0 rg BT 192.39 473.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.91 473.25 Td (security) Tj ET Q q 0 0 0 rg BT 233.92 473.25 Td (, ) Tj ET Q q 0 0 0 rg BT 238.61 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.03 473.25 Td (level ) Tj ET Q q 0 0 0 rg BT 274.66 473.25 Td (of ) Tj ET Q q 0 0 0 rg BT 285.18 473.25 Td (estimation ) Tj ET Q q 0 0 0 rg BT 329.04 473.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 346.24 473.25 Td (of ) Tj ET Q q 0 0 0 rg BT 356.76 473.25 Td (a ) Tj ET Q q 0 0 0 rg BT 363.40 473.25 Td (security) Tj ET Q q 0 0 0 rg BT 394.40 473.25 Td (, ) Tj ET Q q 0 0 0 rg BT 399.10 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.51 473.25 Td (materiality ) Tj ET Q q 0 0 0 rg BT 459.02 473.25 Td (of ) Tj ET Q q 0 0 0 rg BT 469.55 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 483.96 473.25 Td (security ) Tj ET Q q 0 0 0 rg BT 517.82 473.25 Td (to ) Tj ET Q q 0 0 0 rg BT 527.79 473.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 461.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 119.27 461.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 160.29 461.25 Td (of ) Tj ET Q q 0 0 0 rg BT 171.31 461.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 208.99 461.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 251.96 461.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 286.86 461.25 Td (in ) Tj ET Q q 0 0 0 rg BT 297.33 461.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 313.90 461.25 Td (value ) Tj ET Q q 0 0 0 rg BT 338.25 461.25 Td (from ) Tj ET Q q 0 0 0 rg BT 360.38 461.25 Td (period ) Tj ET Q q 0 0 0 rg BT 388.63 461.25 Td (to ) Tj ET Q q 0 0 0 rg BT 399.10 461.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 429.84 461.25 Td (and ) Tj ET Q q 0 0 0 rg BT 446.97 461.25 Td (other ) Tj ET Q q 0 0 0 rg BT 470.21 461.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 504.00 461.25 Td (facts ) Tj ET Q q 0 0 0 rg BT 525.57 461.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 449.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 131.10 449.25 Td (of ) Tj ET Q q 0 0 0 rg BT 141.89 449.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.56 449.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 203.60 449.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 243.82 449.25 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 283.77 449.25 Td (In ) Tj ET Q q 0 0 0 rg BT 294.56 449.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 338.67 449.25 Td (the ) Tj ET Q q 0 0 0 rg BT 353.34 449.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 379.13 449.25 Td (internally-estimated ) Tj ET Q q 0 0 0 rg BT 461.56 449.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 477.89 449.25 Td (values ) Tj ET Q q 0 0 0 rg BT 505.90 449.25 Td (made ) Tj ET Q q 0 0 0 rg BT 530.01 449.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 437.25 Td (the ) Tj ET Q q 0 0 0 rg BT 86.82 437.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 134.00 437.25 Td (traders, ) Tj ET Q q 0 0 0 rg BT 166.31 437.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.13 437.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 208.71 437.25 Td (and ) Tj ET Q q 0 0 0 rg BT 225.75 437.25 Td (complexity ) Tj ET Q q 0 0 0 rg BT 273.35 437.25 Td (of ) Tj ET Q q 0 0 0 rg BT 284.28 437.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 324.64 437.25 Td (involved ) Tj ET Q q 0 0 0 rg BT 362.24 437.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 385.11 437.25 Td (term, ) Tj ET Q q 0 0 0 rg BT 408.54 437.25 Td (coupon, ) Tj ET Q q 0 0 0 rg BT 443.08 437.25 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 485.38 437.25 Td (and ) Tj ET Q q 0 0 0 rg BT 502.42 437.25 Td (other ) Tj ET Q q 0 0 0 rg BT 525.56 437.25 Td (key ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 425.25 Td (drivers ) Tj ET Q q 0 0 0 rg BT 101.68 425.25 Td (of ) Tj ET Q q 0 0 0 rg BT 111.92 425.25 Td (value\), ) Tj ET Q q 0 0 0 rg BT 141.32 425.25 Td (level ) Tj ET Q q 0 0 0 rg BT 162.66 425.25 Td (of ) Tj ET Q q 0 0 0 rg BT 172.91 425.25 Td (market ) Tj ET Q q 0 0 0 rg BT 202.58 425.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 234.48 425.25 Td (for ) Tj ET Q q 0 0 0 rg BT 248.05 425.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 290.23 425.25 Td (and ) Tj ET Q q 0 0 0 rg BT 306.58 425.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 353.48 425.25 Td (of ) Tj ET Q q 0 0 0 rg BT 363.72 425.25 Td (market ) Tj ET Q q 0 0 0 rg BT 393.39 425.25 Td (data ) Tj ET Q q 0 0 0 rg BT 411.96 425.25 Td (are ) Tj ET Q q 0 0 0 rg BT 426.08 425.25 Td (considered. ) Tj ET Q q 0 0 0 rg BT 473.67 425.25 Td (The ) Tj ET Q q 0 0 0 rg BT 491.13 425.25 Td (independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 413.25 Td (price ) Tj ET Q q 0 0 0 rg BT 94.92 413.25 Td (verification ) Tj ET Q q 0 0 0 rg BT 143.94 413.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 190.74 413.25 Td (include, ) Tj ET Q q 0 0 0 rg BT 225.60 413.25 Td (but ) Tj ET Q q 0 0 0 rg BT 241.31 413.25 Td (are ) Tj ET Q q 0 0 0 rg BT 256.45 413.25 Td (not ) Tj ET Q q 0 0 0 rg BT 272.16 413.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 303.43 413.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 316.64 413.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 351.79 413.25 Td (of ) Tj ET Q q 0 0 0 rg BT 363.05 413.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 385.96 413.25 Td (data ) Tj ET Q q 0 0 0 rg BT 405.55 413.25 Td (\(both ) Tj ET Q q 0 0 0 rg BT 429.59 413.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 463.07 413.25 Td (and ) Tj ET Q q 0 0 0 rg BT 480.44 413.25 Td (external ) Tj ET Q q 0 0 0 rg BT 515.57 413.25 Td (where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 401.25 Td (available\), ) Tj ET Q q 0 0 0 rg BT 115.75 401.25 Td (corroboration ) Tj ET Q q 0 0 0 rg BT 172.00 401.25 Td (to ) Tj ET Q q 0 0 0 rg BT 181.61 401.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.66 401.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 234.71 401.25 Td (of ) Tj ET Q q 0 0 0 rg BT 244.87 401.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 282.82 401.25 Td (with ) Tj ET Q q 0 0 0 rg BT 302.42 401.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 332.03 401.25 Td (characteristics, ) Tj ET Q q 0 0 0 rg BT 393.55 401.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 414.27 401.25 Td (and ) Tj ET Q q 0 0 0 rg BT 430.54 401.25 Td (components, ) Tj ET Q q 0 0 0 rg BT 483.20 401.25 Td (or ) Tj ET Q q 0 0 0 rg BT 493.36 401.25 Td (comparison ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 389.25 Td (to ) Tj ET Q q 0 0 0 rg BT 81.66 389.25 Td (an ) Tj ET Q q 0 0 0 rg BT 92.98 389.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 137.05 389.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 167.26 389.25 Td (source, ) Tj ET Q q 0 0 0 rg BT 197.74 389.25 Td (such ) Tj ET Q q 0 0 0 rg BT 217.95 389.25 Td (as ) Tj ET Q q 0 0 0 rg BT 228.16 389.25 Td (a ) Tj ET Q q 0 0 0 rg BT 234.48 389.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 279.68 389.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 299.33 389.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 319.54 389.25 Td (model. ) Tj ET Q q 0 0 0 rg BT 348.78 389.25 Td (The ) Tj ET Q q 0 0 0 rg BT 366.21 389.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 412.67 389.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 451.76 389.25 Td (committee, ) Tj ET Q q 0 0 0 rg BT 498.34 389.25 Td (comprised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.56 377.25 Td (members ) Tj ET Q q 0 0 0 rg BT 121.44 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 132.00 377.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 158.67 377.25 Td (management ) Tj ET Q q 0 0 0 rg BT 211.98 377.25 Td (and ) Tj ET Q q 0 0 0 rg BT 228.65 377.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 245.88 377.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 301.69 377.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 338.36 377.25 Td (oversight ) Tj ET Q q 0 0 0 rg BT 377.81 377.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.47 377.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 424.46 377.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 481.14 377.25 Td (for ) Tj ET Q q 0 0 0 rg BT 495.02 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.47 377.25 Td (internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 365.25 Td (control ) Tj ET Q q 0 0 0 rg BT 102.83 365.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 143.65 365.25 Td (and ) Tj ET Q q 0 0 0 rg BT 160.58 365.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 206.95 365.25 Td (related ) Tj ET Q q 0 0 0 rg BT 236.65 365.25 Td (to ) Tj ET Q q 0 0 0 rg BT 246.93 365.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 263.31 365.25 Td (value ) Tj ET Q q 0 0 0 rg BT 287.46 365.25 Td (measurements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 341.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.05 341.25 Td (following ) Tj ET Q q 0 0 0 rg BT 131.43 341.25 Td (is ) Tj ET Q q 0 0 0 rg BT 140.60 341.25 Td (a ) Tj ET Q q 0 0 0 rg BT 147.54 341.25 Td (description ) Tj ET Q q 0 0 0 rg BT 194.48 341.25 Td (of ) Tj ET Q q 0 0 0 rg BT 205.31 341.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.02 341.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 259.73 341.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 305.00 341.25 Td (used ) Tj ET Q q 0 0 0 rg BT 325.83 341.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.11 341.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 371.92 341.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 388.30 341.25 Td (value.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 317.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 96.17 317.25 Td (Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 293.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 94.43 293.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 142.41 293.25 Td (include ) Tj ET Q q 0 0 0 rg BT 174.27 293.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 202.26 293.25 Td (liquid ) Tj ET Q q 0 0 0 rg BT 228.03 293.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 278.23 293.25 Td (with ) Tj ET Q q 0 0 0 rg BT 298.44 293.25 Td (original ) Tj ET Q q 0 0 0 rg BT 331.98 293.25 Td (maturities ) Tj ET Q q 0 0 0 rg BT 374.40 293.25 Td (of ) Tj ET Q q 0 0 0 rg BT 385.16 293.25 Td (90 ) Tj ET Q q 0 0 0 rg BT 397.59 293.25 Td (days ) Tj ET Q q 0 0 0 rg BT 418.35 293.25 Td (or ) Tj ET Q q 0 0 0 rg BT 429.11 293.25 Td (less. ) Tj ET Q q 0 0 0 rg BT 448.51 293.25 Td (Actively ) Tj ET Q q 0 0 0 rg BT 485.37 293.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 512.79 293.25 Td (money ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 281.25 Td (market ) Tj ET Q q 0 0 0 rg BT 102.26 281.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 126.99 281.25 Td (are ) Tj ET Q q 0 0 0 rg BT 141.69 281.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 182.51 281.25 Td (at ) Tj ET Q q 0 0 0 rg BT 192.22 281.25 Td (their ) Tj ET Q q 0 0 0 rg BT 213.05 281.25 Td (net ) Tj ET Q q 0 0 0 rg BT 227.77 281.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 249.71 281.25 Td (value ) Tj ET Q q 0 0 0 rg BT 273.86 281.25 Td (and ) Tj ET Q q 0 0 0 rg BT 290.80 281.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 331.06 281.25 Td (as ) Tj ET Q q 0 0 0 rg BT 341.89 281.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 367.16 281.25 Td (I.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 257.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 114.50 257.25 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 169.23 257.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.85 257.25 Td (Other) Tj ET Q q 0 0 0 rg BT 213.22 257.25 Td ( ) Tj ET Q q 0 0 0 rg BT 215.72 257.25 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 260.44 257.25 Td (Positions ) Tj ET Q q 0 0 0 rg BT 301.28 257.25 Td (Owned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 233.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.07 233.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.48 233.25 Td (records ) Tj ET Q q 0 0 0 rg BT 163.44 233.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 200.94 233.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 250.13 233.25 Td (and ) Tj ET Q q 0 0 0 rg BT 267.09 233.25 Td (other ) Tj ET Q q 0 0 0 rg BT 290.16 233.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 331.01 233.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 369.66 233.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 398.84 233.25 Td (and ) Tj ET Q q 0 0 0 rg BT 415.80 233.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 453.31 233.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 502.50 233.25 Td (and ) Tj ET Q q 0 0 0 rg BT 519.46 233.25 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 221.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 112.83 221.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 151.44 221.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 173.11 221.25 Td (but ) Tj ET Q q 0 0 0 rg BT 188.39 221.25 Td (not ) Tj ET Q q 0 0 0 rg BT 203.67 221.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 218.39 221.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 261.42 221.25 Td (at ) Tj ET Q q 0 0 0 rg BT 271.14 221.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 287.52 221.25 Td (value ) Tj ET Q q 0 0 0 rg BT 311.67 221.25 Td (on ) Tj ET Q q 0 0 0 rg BT 324.17 221.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.89 221.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 379.71 221.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.54 221.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 428.02 221.25 Td (condition.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 197.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 100.06 197.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 140.33 197.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.33 197.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.29 197.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 188.66 197.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 215.60 197.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 242.55 197.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 282.26 197.25 Td (are ) Tj ET Q q 0 0 0 rg BT 296.42 197.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 325.03 197.25 Td (based ) Tj ET Q q 0 0 0 rg BT 349.75 197.25 Td (on ) Tj ET Q q 0 0 0 rg BT 361.70 197.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 390.87 197.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 416.70 197.25 Td (from ) Tj ET Q q 0 0 0 rg BT 438.09 197.25 Td (the ) Tj ET Q q 0 0 0 rg BT 452.26 197.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 491.96 197.25 Td (for ) Tj ET Q q 0 0 0 rg BT 505.58 197.25 Td (identical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 185.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 97.23 185.25 Td (or ) Tj ET Q q 0 0 0 rg BT 107.47 185.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 146.59 185.25 Td (as ) Tj ET Q q 0 0 0 rg BT 156.82 185.25 Td (of ) Tj ET Q q 0 0 0 rg BT 167.06 185.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.18 185.25 Td (period-end ) Tj ET Q q 0 0 0 rg BT 226.40 185.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 247.32 185.25 Td (T) Tj ET Q q 0 0 0 rg BT 252.73 185.25 Td (o ) Tj ET Q q 0 0 0 rg BT 259.64 185.25 Td (the ) Tj ET Q q 0 0 0 rg BT 273.76 185.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 300.09 185.25 Td (these ) Tj ET Q q 0 0 0 rg BT 322.55 185.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 362.21 185.25 Td (are ) Tj ET Q q 0 0 0 rg BT 376.33 185.25 Td (actively ) Tj ET Q q 0 0 0 rg BT 409.88 185.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 436.77 185.25 Td (and ) Tj ET Q q 0 0 0 rg BT 453.11 185.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 492.23 185.25 Td (adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 173.25 Td (are ) Tj ET Q q 0 0 0 rg BT 87.09 173.25 Td (not ) Tj ET Q q 0 0 0 rg BT 102.75 173.25 Td (applied, ) Tj ET Q q 0 0 0 rg BT 137.56 173.25 Td (they ) Tj ET Q q 0 0 0 rg BT 157.66 173.25 Td (are ) Tj ET Q q 0 0 0 rg BT 172.75 173.25 Td (categorized ) Tj ET Q q 0 0 0 rg BT 221.71 173.25 Td (as ) Tj ET Q q 0 0 0 rg BT 232.92 173.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 258.56 173.25 Td (I. ) Tj ET Q q 0 0 0 rg BT 267.27 173.25 Td (Non-exchange ) Tj ET Q q 0 0 0 rg BT 328.46 173.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 356.33 173.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 384.20 173.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 424.85 173.25 Td (\(principally ) Tj ET Q q 0 0 0 rg BT 474.38 173.25 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 503.37 173.25 Td (preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 161.25 Td (securities\) ) Tj ET Q q 0 0 0 rg BT 115.58 161.25 Td (are ) Tj ET Q q 0 0 0 rg BT 130.28 161.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 171.08 161.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 210.78 161.25 Td (using ) Tj ET Q q 0 0 0 rg BT 234.94 161.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 263.52 161.25 Td (quotations, ) Tj ET Q q 0 0 0 rg BT 310.18 161.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 336.54 161.25 Td (observed ) Tj ET Q q 0 0 0 rg BT 375.13 161.25 Td (for ) Tj ET Q q 0 0 0 rg BT 389.28 161.25 Td (recently ) Tj ET Q q 0 0 0 rg BT 423.97 161.25 Td (executed ) Tj ET Q q 0 0 0 rg BT 461.99 161.25 Td (market ) Tj ET Q q 0 0 0 rg BT 492.24 161.25 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 149.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.52 149.25 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 173.35 149.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 189.31 149.25 Td (value ) Tj ET Q q 0 0 0 rg BT 213.05 149.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 252.35 149.25 Td (based ) Tj ET Q q 0 0 0 rg BT 277.20 149.25 Td (on ) Tj ET Q q 0 0 0 rg BT 289.28 149.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 334.68 149.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 361.21 149.25 Td (and ) Tj ET Q q 0 0 0 rg BT 377.74 149.25 Td (are ) Tj ET Q q 0 0 0 rg BT 392.03 149.25 Td (categorized ) Tj ET Q q 0 0 0 rg BT 440.19 149.25 Td (within ) Tj ET Q q 0 0 0 rg BT 467.83 149.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 492.68 149.25 Td (II ) Tj ET Q q 0 0 0 rg BT 501.42 149.25 Td (of ) Tj ET Q q 0 0 0 rg BT 511.84 149.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.14 149.25 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 137.25 Td (value ) Tj ET Q q 0 0 0 rg BT 96.16 137.25 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 133.26 137.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 113.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 122.27 113.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 163.65 113.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.65 113.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.71 113.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 221.98 113.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 262.80 113.25 Td (are ) Tj ET Q q 0 0 0 rg BT 278.07 113.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 307.78 113.25 Td (based ) Tj ET Q q 0 0 0 rg BT 333.61 113.25 Td (on ) Tj ET Q q 0 0 0 rg BT 346.67 113.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 393.04 113.25 Td (trades, ) Tj ET Q q 0 0 0 rg BT 422.48 113.25 Td (when ) Tj ET Q q 0 0 0 rg BT 447.19 113.25 Td (available. ) Tj ET Q q 0 0 0 rg BT 488.17 113.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 537.50 113.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 101.25 Td (these ) Tj ET Q q 0 0 0 rg BT 95.05 101.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 142.53 101.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 182.79 101.25 Td (are ) Tj ET Q q 0 0 0 rg BT 197.50 101.25 Td (categorized ) Tj ET Q q 0 0 0 rg BT 246.08 101.25 Td (as ) Tj ET Q q 0 0 0 rg BT 256.91 101.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 282.17 101.25 Td (II.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 77.25 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 115.26 77.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 136.28 77.25 Td (income ) Tj ET Q q 0 0 0 rg BT 166.74 77.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 206.65 77.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.65 77.25 Td ( ) Tj ET Q q 0 0 0 rg BT 213.24 77.25 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 237.60 77.25 Td (income ) Tj ET Q q 0 0 0 rg BT 268.62 77.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 307.97 77.25 Td (include ) Tj ET Q q 0 0 0 rg BT 338.99 77.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 378.33 77.25 Td (bonds ) Tj ET Q q 0 0 0 rg BT 403.81 77.25 Td (which ) Tj ET Q q 0 0 0 rg BT 429.83 77.25 Td (are ) Tj ET Q q 0 0 0 rg BT 443.62 77.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 471.86 77.25 Td (based ) Tj ET Q q 0 0 0 rg BT 496.22 77.25 Td (on ) Tj ET Q q 0 0 0 rg BT 507.80 77.25 Td (recently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 65.25 Td (executed ) Tj ET Q q 0 0 0 rg BT 109.49 65.25 Td (market ) Tj ET Q q 0 0 0 rg BT 139.21 65.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 188.92 65.25 Td (of ) Tj ET Q q 0 0 0 rg BT 199.21 65.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 247.80 65.25 Td (size, ) Tj ET Q q 0 0 0 rg BT 267.80 65.25 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 352.50 65.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 368.33 65.25 Td (value ) Tj ET Q q 0 0 0 rg BT 391.94 65.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 431.11 65.25 Td (based ) Tj ET Q q 0 0 0 rg BT 455.83 65.25 Td (on ) Tj ET Q q 0 0 0 rg BT 467.79 65.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 513.06 65.25 Td (inputs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 53.25 Td (or ) Tj ET Q q 0 0 0 rg BT 82.83 53.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 111.43 53.25 Td (quotations. ) Tj ET Q q 0 0 0 rg BT 157.54 53.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 206.88 53.25 Td (, ) Tj ET Q q 0 0 0 rg BT 211.88 53.25 Td (these ) Tj ET Q q 0 0 0 rg BT 234.92 53.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 275.18 53.25 Td (bonds ) Tj ET Q q 0 0 0 rg BT 301.57 53.25 Td (are ) Tj ET Q q 0 0 0 rg BT 316.28 53.25 Td (categorized ) Tj ET Q q 0 0 0 rg BT 364.86 53.25 Td (as ) Tj ET Q q 0 0 0 rg BT 375.69 53.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 400.95 53.25 Td (II.) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 33.60 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 677.10 Td (T) Tj ET Q q 0 0 0 rg BT 76.64 677.10 Td (axable ) Tj ET Q q 0 0 0 rg BT 106.20 677.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 149.09 677.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 190.31 677.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.31 677.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.00 677.10 Td (T) Tj ET Q q 0 0 0 rg BT 203.41 677.10 Td (axable ) Tj ET Q q 0 0 0 rg BT 232.40 677.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 275.29 677.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 315.95 677.10 Td (are ) Tj ET Q q 0 0 0 rg BT 331.05 677.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 360.60 677.10 Td (using ) Tj ET Q q 0 0 0 rg BT 385.17 677.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 420.27 677.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 458.70 677.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 504.91 677.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 531.68 677.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 665.10 Td (market ) Tj ET Q q 0 0 0 rg BT 101.59 665.10 Td (price ) Tj ET Q q 0 0 0 rg BT 123.40 665.10 Td (quotations ) Tj ET Q q 0 0 0 rg BT 166.89 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.15 665.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 221.06 665.10 Td (are ) Tj ET Q q 0 0 0 rg BT 235.09 665.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 274.12 665.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 322.03 665.10 Td (as ) Tj ET Q q 0 0 0 rg BT 332.18 665.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 356.77 665.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 367.76 665.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 399.01 665.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 429.73 665.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 460.43 665.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 502.24 665.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 653.10 Td (are ) Tj ET Q q 0 0 0 rg BT 87.25 653.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 116.95 653.10 Td (using ) Tj ET Q q 0 0 0 rg BT 141.67 653.10 Td (market ) Tj ET Q q 0 0 0 rg BT 172.48 653.10 Td (data ) Tj ET Q q 0 0 0 rg BT 192.18 653.10 Td (for ) Tj ET Q q 0 0 0 rg BT 206.89 653.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 256.57 653.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 297.38 653.10 Td (\(maturity ) Tj ET Q q 0 0 0 rg BT 337.64 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.13 653.10 Td (sector\) ) Tj ET Q q 0 0 0 rg BT 385.38 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.86 653.10 Td (management ) Tj ET Q q 0 0 0 rg BT 457.00 653.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 497.82 653.10 Td (to ) Tj ET Q q 0 0 0 rg BT 508.64 653.10 Td (infer ) Tj ET Q q 0 0 0 rg BT 530.56 653.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 119.78 641.10 Td (current ) Tj ET Q q 0 0 0 rg BT 150.35 641.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 172.60 641.10 Td (or ) Tj ET Q q 0 0 0 rg BT 183.18 641.10 Td (other ) Tj ET Q q 0 0 0 rg BT 205.97 641.10 Td (model-based ) Tj ET Q q 0 0 0 rg BT 259.32 641.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 298.78 641.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 343.80 641.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 377.14 641.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 424.92 641.10 Td (by ) Tj ET Q q 0 0 0 rg BT 437.18 641.10 Td (management ) Tj ET Q q 0 0 0 rg BT 490.52 641.10 Td (based ) Tj ET Q q 0 0 0 rg BT 515.54 641.10 Td (on ) Tj ET Q q 0 0 0 rg BT 527.79 641.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 629.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 105.59 629.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 133.08 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.91 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.63 629.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 201.68 629.10 Td (security ) Tj ET Q q 0 0 0 rg BT 235.83 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 252.77 629.10 Td (are ) Tj ET Q q 0 0 0 rg BT 267.48 629.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 306.06 629.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 354.64 629.10 Td (as ) Tj ET Q q 0 0 0 rg BT 365.47 629.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 390.74 629.10 Td (III.) 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Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 401.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 90.75 401.10 Td (government ) Tj ET Q q 0 0 0 rg BT 139.48 401.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 169.31 401.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 209.16 401.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.16 401.10 Td ( ) Tj ET Q q 0 0 0 rg BT 215.69 401.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 234.99 401.10 Td (government ) Tj ET Q q 0 0 0 rg BT 284.28 401.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 314.12 401.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 353.41 401.10 Td (include ) Tj ET Q q 0 0 0 rg BT 384.36 401.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 414.20 401.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 432.94 401.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 458.36 401.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.32 401.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 513.61 401.10 Td (bonds. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 389.10 Td (Agency ) Tj ET Q q 0 0 0 rg BT 105.81 389.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 125.73 389.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 152.33 389.10 Td (are ) Tj ET Q q 0 0 0 rg BT 167.24 389.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 196.60 389.10 Td (by ) Tj ET Q q 0 0 0 rg BT 209.31 389.10 Td (using ) Tj ET Q q 0 0 0 rg BT 233.69 389.10 Td (either ) Tj ET Q q 0 0 0 rg BT 259.16 389.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 284.63 389.10 Td (price ) Tj ET Q q 0 0 0 rg BT 307.32 389.10 Td (quotes ) Tj ET Q q 0 0 0 rg BT 336.13 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 347.17 389.10 Td (price ) Tj ET Q q 0 0 0 rg BT 369.86 389.10 Td (quotes ) Tj ET Q q 0 0 0 rg BT 398.68 389.10 Td (for ) Tj ET Q q 0 0 0 rg BT 413.04 389.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 462.39 389.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 485.10 389.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 525.57 389.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 377.10 Td (are ) Tj ET Q q 0 0 0 rg BT 86.99 377.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 135.86 377.10 Td (as ) Tj ET Q q 0 0 0 rg BT 146.97 377.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 172.52 377.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 184.47 377.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 226.13 377.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 252.81 377.10 Td (include ) Tj ET Q q 0 0 0 rg BT 285.03 377.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 311.70 377.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 345.03 377.10 Td (by ) Tj ET Q q 0 0 0 rg BT 357.81 377.10 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 404.75 377.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 445.30 377.10 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 499.75 377.10 Td (securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 365.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 103.90 365.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 161.33 365.10 Td (mortgage-obligation ) Tj ET Q q 0 0 0 rg BT 246.56 365.10 Td (\("CMO"\) ) Tj ET Q q 0 0 0 rg BT 287.75 365.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 329.10 365.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.12 365.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 379.02 365.10 Td (interest-only ) Tj ET Q q 0 0 0 rg BT 433.14 365.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 476.99 365.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 519.45 365.10 Td (pass-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 353.10 Td (through ) Tj ET Q q 0 0 0 rg BT 105.22 353.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 147.59 353.10 Td (CMO ) Tj ET Q q 0 0 0 rg BT 172.49 353.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 212.36 353.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.91 353.10 Td (interest-only ) Tj ET Q q 0 0 0 rg BT 281.56 353.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 321.44 353.10 Td (are ) Tj ET Q q 0 0 0 rg BT 335.76 353.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 364.52 353.10 Td (using ) Tj ET Q q 0 0 0 rg BT 388.30 353.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 422.62 353.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 460.26 353.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 505.69 353.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 531.67 353.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 341.10 Td (other ) Tj ET Q q 0 0 0 rg BT 94.27 341.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 139.32 341.10 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 167.99 341.10 Td (such ) Tj ET Q q 0 0 0 rg BT 188.05 341.10 Td (as ) Tj ET Q q 0 0 0 rg BT 198.11 341.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 247.04 341.10 Td (speeds ) Tj ET Q q 0 0 0 rg BT 275.43 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.59 341.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 329.40 341.10 Td (are ) Tj ET Q q 0 0 0 rg BT 343.34 341.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 382.27 341.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 430.07 341.10 Td (as ) Tj ET Q q 0 0 0 rg BT 440.13 341.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 464.62 341.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 475.51 341.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 516.12 341.10 Td (bonds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 329.10 Td (are ) Tj ET Q q 0 0 0 rg BT 86.25 329.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 114.94 329.10 Td (using ) Tj ET Q q 0 0 0 rg BT 138.65 329.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 184.00 329.10 Td (market ) Tj ET Q q 0 0 0 rg BT 213.80 329.10 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 242.79 329.10 Td (such ) Tj ET Q q 0 0 0 rg BT 263.16 329.10 Td (as ) Tj ET Q q 0 0 0 rg BT 273.53 329.10 Td (market ) Tj ET Q q 0 0 0 rg BT 303.33 329.10 Td (yields ) Tj ET Q q 0 0 0 rg BT 329.26 329.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 361.84 329.10 Td (from ) Tj ET Q q 0 0 0 rg BT 383.32 329.10 Td (202-303 ) Tj ET Q q 0 0 0 rg BT 418.69 329.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 440.73 329.10 Td (points ) Tj ET Q q 0 0 0 rg BT 467.21 329.10 Td (\("bps"\) ) Tj ET Q q 0 0 0 rg BT 497.97 329.10 Td (on ) Tj ET Q q 0 0 0 rg BT 510.01 329.10 Td (spreads ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 317.10 Td (over ) Tj ET Q q 0 0 0 rg BT 93.83 317.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 115.68 317.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 151.95 317.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 196.28 317.10 Td (or ) Tj ET Q q 0 0 0 rg BT 208.68 317.10 Td (models ) Tj ET Q q 0 0 0 rg BT 241.63 317.10 Td (based ) Tj ET Q q 0 0 0 rg BT 268.46 317.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 292.53 317.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 343.79 317.10 Td (expectations ) Tj ET Q q 0 0 0 rg BT 397.84 317.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 432.45 317.10 Td (from ) Tj ET Q q 0 0 0 rg BT 455.96 317.10 Td (0%-39% ) Tj ET Q q 0 0 0 rg BT 495.01 317.10 Td (conditional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 305.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 121.70 305.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 139.19 305.10 Td (\("CPR"\). ) Tj ET Q q 0 0 0 rg BT 177.73 305.10 Td (These ) Tj ET Q q 0 0 0 rg BT 204.11 305.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 244.37 305.10 Td (are ) Tj ET Q q 0 0 0 rg BT 259.08 305.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 307.66 305.10 Td (as ) Tj ET Q q 0 0 0 rg BT 318.49 305.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 343.75 305.10 Td (II.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 281.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 93.09 281.10 Td (government ) Tj ET Q q 0 0 0 rg BT 144.17 281.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 186.37 281.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.37 281.10 Td ( ) Tj ET Q q 0 0 0 rg BT 195.24 281.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 216.90 281.10 Td (government ) Tj ET Q q 0 0 0 rg BT 268.53 281.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 310.17 281.10 Td (include ) Tj ET Q q 0 0 0 rg BT 343.47 281.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 372.90 281.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 400.11 281.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 421.77 281.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 457.84 281.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 499.48 281.10 Td (which ) Tj ET Q q 0 0 0 rg BT 527.79 281.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 269.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 111.90 269.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 141.26 269.10 Td (using ) Tj ET Q q 0 0 0 rg BT 165.63 269.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 195.54 269.10 Td (market ) Tj ET Q q 0 0 0 rg BT 226.00 269.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 252.58 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.72 269.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 308.50 269.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 357.28 269.10 Td (as ) Tj ET Q q 0 0 0 rg BT 368.31 269.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 393.77 269.10 Td (I. ) Tj ET Q q 0 0 0 rg BT 402.11 269.10 Td (The ) Tj ET Q q 0 0 0 rg BT 420.35 269.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 461.94 269.10 Td (does ) Tj ET Q q 0 0 0 rg BT 482.97 269.10 Td (not ) Tj ET Q q 0 0 0 rg BT 498.44 269.10 Td (transact ) Tj ET Q q 0 0 0 rg BT 532.24 269.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 257.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 112.26 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.09 257.10 Td (countries ) Tj ET Q q 0 0 0 rg BT 162.25 257.10 Td (other ) Tj ET Q q 0 0 0 rg BT 185.30 257.10 Td (than ) Tj ET Q q 0 0 0 rg BT 205.01 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.73 257.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 240.01 257.10 Td (government.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 233.10 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 120.43 233.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.43 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.76 233.10 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 172.29 233.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 210.72 233.10 Td (include ) Tj ET Q q 0 0 0 rg BT 242.49 233.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 269.82 233.10 Td (options ) Tj ET Q q 0 0 0 rg BT 301.60 233.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 342.52 233.10 Td (which ) Tj ET Q q 0 0 0 rg BT 369.30 233.10 Td (are ) Tj ET Q q 0 0 0 rg BT 383.84 233.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 412.82 233.10 Td (based ) Tj ET Q q 0 0 0 rg BT 437.93 233.10 Td (on ) Tj ET Q q 0 0 0 rg BT 450.26 233.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 479.81 233.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 506.02 233.10 Td (from ) Tj ET Q q 0 0 0 rg BT 527.79 233.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 221.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 112.62 221.10 Td (for ) Tj ET Q q 0 0 0 rg BT 127.15 221.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 164.44 221.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 190.64 221.10 Td (or ) Tj ET Q q 0 0 0 rg BT 201.83 221.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 241.92 221.10 Td (as ) Tj ET Q q 0 0 0 rg BT 253.11 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.31 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.39 221.10 Td (period-end ) Tj ET Q q 0 0 0 rg BT 325.57 221.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 347.39 221.10 Td (T) Tj ET Q q 0 0 0 rg BT 352.80 221.10 Td (o ) Tj ET Q q 0 0 0 rg BT 360.67 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.75 221.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 403.05 221.10 Td (these ) Tj ET Q q 0 0 0 rg BT 426.46 221.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 465.42 221.10 Td (are ) Tj ET Q q 0 0 0 rg BT 480.49 221.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 515.01 221.10 Td (traded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 209.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.94 209.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 128.65 209.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 178.92 209.10 Td (are ) Tj ET Q q 0 0 0 rg BT 193.63 209.10 Td (not ) Tj ET Q q 0 0 0 rg BT 208.91 209.10 Td (applied, ) Tj ET Q q 0 0 0 rg BT 243.34 209.10 Td (they ) Tj ET Q q 0 0 0 rg BT 263.06 209.10 Td (are ) Tj ET Q q 0 0 0 rg BT 277.77 209.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 326.35 209.10 Td (as ) Tj ET Q q 0 0 0 rg BT 337.18 209.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 362.44 209.10 Td (I.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 677.25 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 653.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.72 653.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 138.47 653.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 189.41 653.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 219.24 653.25 Td (at ) Tj ET Q q 0 0 0 rg BT 229.62 653.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 246.67 653.25 Td (value ) Tj ET Q q 0 0 0 rg BT 271.50 653.25 Td (include ) Tj ET Q q 0 0 0 rg BT 304.10 653.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 332.27 653.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 383.21 653.25 Td (in ) Tj ET Q q 0 0 0 rg BT 394.16 653.25 Td (private ) Tj ET Q q 0 0 0 rg BT 425.09 653.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 471.03 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 488.64 653.25 Td (partnerships, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 121.61 641.25 Td (in ) Tj ET Q q 0 0 0 rg BT 131.23 641.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 172.49 641.25 Td (mutual ) Tj ET Q q 0 0 0 rg BT 202.10 641.25 Td (funds, ) Tj ET Q q 0 0 0 rg BT 228.66 641.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.94 641.25 Td (warrants ) Tj ET Q q 0 0 0 rg BT 281.21 641.25 Td (of ) Tj ET Q q 0 0 0 rg BT 291.38 641.25 Td (public ) Tj ET Q q 0 0 0 rg BT 318.21 641.25 Td (and ) Tj ET Q q 0 0 0 rg BT 334.49 641.25 Td (private ) Tj ET Q q 0 0 0 rg BT 364.09 641.25 Td (companies. ) Tj ET Q q 0 0 0 rg BT 411.19 641.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 461.35 641.25 Td (in ) Tj ET Q q 0 0 0 rg BT 470.97 641.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 512.23 641.25 Td (mutual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 629.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 96.47 629.25 Td (are ) Tj ET Q q 0 0 0 rg BT 110.92 629.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 139.82 629.25 Td (based ) Tj ET Q q 0 0 0 rg BT 164.83 629.25 Td (on ) Tj ET Q q 0 0 0 rg BT 177.08 629.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 206.54 629.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 232.66 629.25 Td (on ) Tj ET Q q 0 0 0 rg BT 244.91 629.25 Td (active ) Tj ET Q q 0 0 0 rg BT 271.02 629.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 304.92 629.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.61 629.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 361.62 629.25 Td (as ) Tj ET Q q 0 0 0 rg BT 372.19 629.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 397.20 629.25 Td (I. ) Tj ET Q q 0 0 0 rg BT 405.28 629.25 Td (Company-owned ) Tj ET Q q 0 0 0 rg BT 476.40 629.25 Td (warrants, ) Tj ET Q q 0 0 0 rg BT 515.57 629.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 617.25 Td (have ) Tj ET Q q 0 0 0 rg BT 92.37 617.25 Td (a ) Tj ET Q q 0 0 0 rg BT 98.29 617.25 Td (cashless ) Tj ET Q q 0 0 0 rg BT 132.55 617.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 166.79 617.25 Td (option, ) Tj ET Q q 0 0 0 rg BT 196.34 617.25 Td (are ) Tj ET Q q 0 0 0 rg BT 210.04 617.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 238.18 617.25 Td (based ) Tj ET Q q 0 0 0 rg BT 262.44 617.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 283.93 617.25 Td (the ) Tj ET Q q 0 0 0 rg BT 297.63 617.25 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 356.89 617.25 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 415.59 617.25 Td (model ) Tj ET Q q 0 0 0 rg BT 442.07 617.25 Td (and ) Tj ET Q q 0 0 0 rg BT 458.00 617.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 486.69 617.25 Td (unobservable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 605.25 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 101.96 605.25 Td (The ) Tj ET Q q 0 0 0 rg BT 120.74 605.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 162.87 605.25 Td (applies ) Tj ET Q q 0 0 0 rg BT 194.44 605.25 Td (a ) Tj ET Q q 0 0 0 rg BT 202.12 605.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 239.25 605.25 Td (discount ) Tj ET Q q 0 0 0 rg BT 276.38 605.25 Td (to ) Tj ET Q q 0 0 0 rg BT 287.40 605.25 Td (the ) Tj ET Q q 0 0 0 rg BT 302.86 605.25 Td (value ) Tj ET Q q 0 0 0 rg BT 327.75 605.25 Td (of ) Tj ET Q q 0 0 0 rg BT 339.32 605.25 Td (its ) Tj ET Q q 0 0 0 rg BT 352.01 605.25 Td (warrants ) Tj ET Q q 0 0 0 rg BT 389.68 605.25 Td (in ) Tj ET Q q 0 0 0 rg BT 400.70 605.25 Td (public ) Tj ET Q q 0 0 0 rg BT 428.94 605.25 Td (and ) Tj ET Q q 0 0 0 rg BT 446.62 605.25 Td (private ) Tj ET Q q 0 0 0 rg BT 477.62 605.25 Td (companies. ) Tj ET Q q 0 0 0 rg BT 526.13 605.25 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.25 Td (warrants ) Tj ET Q q 0 0 0 rg BT 109.36 593.25 Td (in ) Tj ET Q q 0 0 0 rg BT 120.07 593.25 Td (private ) Tj ET Q q 0 0 0 rg BT 150.77 593.25 Td (companies, ) Tj ET Q q 0 0 0 rg BT 198.97 593.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 239.11 593.25 Td (adjustments, ) Tj ET Q q 0 0 0 rg BT 292.32 593.25 Td (based ) Tj ET Q q 0 0 0 rg BT 318.02 593.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 340.96 593.25 Td (management's ) Tj ET Q q 0 0 0 rg BT 400.67 593.25 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 443.88 593.25 Td (are ) Tj ET Q q 0 0 0 rg BT 459.02 593.25 Td (made ) Tj ET Q q 0 0 0 rg BT 483.61 593.25 Td (to ) Tj ET Q q 0 0 0 rg BT 494.32 593.25 Td (account ) Tj ET Q q 0 0 0 rg BT 528.35 593.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 581.25 Td (dif) Tj ET Q q 0 0 0 rg BT 82.93 581.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 118.39 581.25 Td (between ) Tj ET Q q 0 0 0 rg BT 153.87 581.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.24 581.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 208.72 581.25 Td (security ) Tj ET Q q 0 0 0 rg BT 242.53 581.25 Td (and ) Tj ET Q q 0 0 0 rg BT 259.13 581.25 Td (the ) Tj ET Q q 0 0 0 rg BT 273.51 581.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 296.78 581.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 335.05 581.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 364.41 581.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.90 581.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 423.70 581.25 Td (companies. ) Tj ET Q q 0 0 0 rg BT 471.13 581.25 Td (Company-owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 569.25 Td (warrants ) Tj ET Q q 0 0 0 rg BT 108.78 569.25 Td (are ) Tj ET Q q 0 0 0 rg BT 123.34 569.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 159.01 569.25 Td (as ) Tj ET Q q 0 0 0 rg BT 169.70 569.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 194.81 569.25 Td (III ) Tj ET Q q 0 0 0 rg BT 207.16 569.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 235.34 569.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 286.02 569.25 Td (in ) Tj ET Q q 0 0 0 rg BT 296.15 569.25 Td (private ) Tj ET Q q 0 0 0 rg BT 326.27 569.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 371.38 569.25 Td (are ) Tj ET Q q 0 0 0 rg BT 385.95 569.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 414.95 569.25 Td (based ) Tj ET Q q 0 0 0 rg BT 440.08 569.25 Td (on ) Tj ET Q q 0 0 0 rg BT 452.43 569.25 Td (an ) Tj ET Q q 0 0 0 rg BT 464.22 569.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 511.01 569.25 Td (of ) Tj ET Q q 0 0 0 rg BT 521.70 569.25 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 557.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 117.83 557.25 Td (security) Tj ET Q q 0 0 0 rg BT 148.83 557.25 Td (. ) Tj ET Q q 0 0 0 rg BT 153.65 557.25 Td (These ) Tj ET Q q 0 0 0 rg BT 180.03 557.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 220.29 557.25 Td (are ) Tj ET Q q 0 0 0 rg BT 235.00 557.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 274.70 557.25 Td (categorized ) Tj ET Q q 0 0 0 rg BT 323.28 557.25 Td (as ) Tj ET Q q 0 0 0 rg BT 334.11 557.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 359.37 557.25 Td (III.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 533.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 93.31 533.25 Td (V) Tj ET Q q 0 0 0 rg BT 98.31 533.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 119.06 533.25 Td (Option ) Tj ET Q q 0 0 0 rg BT 150.37 533.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.37 533.25 Td ( ) Tj ET Q q 0 0 0 rg BT 158.65 533.25 Td (The ) Tj ET Q q 0 0 0 rg BT 177.73 533.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 195.14 533.25 Td (value ) Tj ET Q q 0 0 0 rg BT 220.33 533.25 Td (option ) Tj ET Q q 0 0 0 rg BT 249.42 533.25 Td (permits ) Tj ET Q q 0 0 0 rg BT 282.94 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 298.69 533.25 Td (irrevocable ) Tj ET Q q 0 0 0 rg BT 347.20 533.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 364.61 533.25 Td (value ) Tj ET Q q 0 0 0 rg BT 389.79 533.25 Td (option ) Tj ET Q q 0 0 0 rg BT 418.88 533.25 Td (election ) Tj ET Q q 0 0 0 rg BT 454.07 533.25 Td (on ) Tj ET Q q 0 0 0 rg BT 467.60 533.25 Td (an ) Tj ET Q q 0 0 0 rg BT 480.57 533.25 Td (instrument-by-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 521.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 116.66 521.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 138.54 521.25 Td (at ) Tj ET Q q 0 0 0 rg BT 147.64 521.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 172.86 521.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 220.29 521.25 Td (of ) Tj ET Q q 0 0 0 rg BT 230.50 521.25 Td (an ) Tj ET Q q 0 0 0 rg BT 241.82 521.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 263.15 521.25 Td (or ) Tj ET Q q 0 0 0 rg BT 273.36 521.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 306.36 521.25 Td (or ) Tj ET Q q 0 0 0 rg BT 316.57 521.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 338.46 521.25 Td (an ) Tj ET Q q 0 0 0 rg BT 349.78 521.25 Td (event ) Tj ET Q q 0 0 0 rg BT 373.32 521.25 Td (that ) Tj ET Q q 0 0 0 rg BT 390.20 521.25 Td (gives ) Tj ET Q q 0 0 0 rg BT 413.19 521.25 Td (rise ) Tj ET Q q 0 0 0 rg BT 429.51 521.25 Td (to ) Tj ET Q q 0 0 0 rg BT 439.18 521.25 Td (a ) Tj ET Q q 0 0 0 rg BT 445.50 521.25 Td (new ) Tj ET Q q 0 0 0 rg BT 464.05 521.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 485.93 521.25 Td (of ) Tj ET Q q 0 0 0 rg BT 496.15 521.25 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 509.25 Td (for ) Tj ET Q q 0 0 0 rg BT 86.46 509.25 Td (that ) Tj ET Q q 0 0 0 rg BT 104.25 509.25 Td (instrument. ) Tj ET Q q 0 0 0 rg BT 152.12 509.25 Td (The ) Tj ET Q q 0 0 0 rg BT 170.46 509.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 187.13 509.25 Td (value ) Tj ET Q q 0 0 0 rg BT 211.59 509.25 Td (option ) Tj ET Q q 0 0 0 rg BT 239.94 509.25 Td (was ) Tj ET Q q 0 0 0 rg BT 258.29 509.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 289.40 509.25 Td (for ) Tj ET Q q 0 0 0 rg BT 303.85 509.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 333.85 509.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 361.64 509.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 412.21 509.25 Td (at ) Tj ET Q q 0 0 0 rg BT 422.23 509.25 Td (inception ) Tj ET Q q 0 0 0 rg BT 462.24 509.25 Td (to ) Tj ET Q q 0 0 0 rg BT 472.81 509.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 501.14 509.25 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 497.25 Td (events ) Tj ET Q q 0 0 0 rg BT 99.80 497.25 Td (in ) Tj ET Q q 0 0 0 rg BT 109.84 497.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 145.97 497.25 Td (on ) Tj ET Q q 0 0 0 rg BT 158.23 497.25 Td (a ) Tj ET Q q 0 0 0 rg BT 164.92 497.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 192.73 497.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 217.48 497.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 246.40 497.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 296.43 497.25 Td (of ) Tj ET Q q 0 0 0 rg BT 307.02 497.25 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 326.78 497.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 360.42 497.25 Td (included ) Tj ET Q q 0 0 0 rg BT 397.11 497.25 Td (within ) Tj ET Q q 0 0 0 rg BT 424.92 497.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 474.95 497.25 Td (on ) Tj ET Q q 0 0 0 rg BT 487.21 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.68 497.25 Td (statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 485.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.83 485.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 120.31 485.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 163.08 485.25 Td (are ) Tj ET Q q 0 0 0 rg BT 177.79 485.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 220.82 485.25 Td (for ) Tj ET Q q 0 0 0 rg BT 234.98 485.25 Td (at ) Tj ET Q q 0 0 0 rg BT 244.70 485.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 261.08 485.25 Td (value ) Tj ET Q q 0 0 0 rg BT 285.23 485.25 Td (and ) Tj ET Q q 0 0 0 rg BT 302.17 485.25 Td (are ) Tj ET Q q 0 0 0 rg BT 316.88 485.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 357.14 485.25 Td (as ) Tj ET Q q 0 0 0 rg BT 367.97 485.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 393.24 485.25 Td (III ) Tj ET Q q 0 0 0 rg BT 405.73 485.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 431.56 485.25 Td (at ) Tj ET Q q 0 0 0 rg BT 441.27 485.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 499.86 485.25 Td (2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 458.85 Td (The ) Tj ET Q q 0 0 0 rg BT 90.79 458.85 Td (following ) Tj ET Q q 0 0 0 rg BT 132.91 458.85 Td (table ) Tj ET Q q 0 0 0 rg BT 155.58 458.85 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 206.59 458.85 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 257.03 458.85 Td (information ) Tj ET Q q 0 0 0 rg BT 307.48 458.85 Td (about ) Tj ET Q q 0 0 0 rg BT 332.94 458.85 Td (the ) Tj ET Q q 0 0 0 rg BT 348.39 458.85 Td (significant ) Tj ET Q q 0 0 0 rg BT 393.84 458.85 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 450.40 458.85 Td (inputs ) Tj ET Q q 0 0 0 rg BT 478.09 458.85 Td (used ) Tj ET Q q 0 0 0 rg BT 499.65 458.85 Td (in ) Tj ET Q q 0 0 0 rg BT 510.67 458.85 Td (the ) Tj ET Q q 0 0 0 rg BT 526.13 458.85 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 444.45 Td (value ) Tj ET Q q 0 0 0 rg BT 96.16 444.45 Td (measurement ) Tj ET Q q 0 0 0 rg BT 151.97 444.45 Td (of ) Tj ET Q q 0 0 0 rg BT 162.80 444.45 Td (the ) Tj ET Q q 0 0 0 rg BT 177.51 444.45 Td (Company's ) Tj ET Q q 0 0 0 rg BT 224.59 444.45 Td (Level ) Tj ET Q q 0 0 0 rg BT 249.86 444.45 Td (III ) Tj ET Q q 0 0 0 rg BT 262.35 444.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 299.83 444.45 Td (instruments ) Tj ET Q q 0 0 0 rg BT 348.99 444.45 Td (as ) Tj ET Q q 0 0 0 rg BT 359.82 444.45 Td (of ) Tj ET Q q 0 0 0 rg BT 370.65 444.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 429.24 444.45 Td (2017:) Tj ET Q 1 1 1 rg /GS0 gs 73.00 352.95 117.00 -21.00 re f /GS0 gs 1 1 1 rg /GS0 gs 190.00 352.95 5.00 -21.00 re f /GS0 gs 1 1 1 rg /GS0 gs 195.00 352.95 99.00 -21.00 re f /GS0 gs 1 1 1 rg /GS0 gs 298.00 352.95 131.00 -21.00 re f /GS0 gs 1 1 1 rg /GS0 gs 73.00 331.95 117.00 -21.00 re f /GS0 gs 1 1 1 rg /GS0 gs 190.00 331.95 5.00 -21.00 re f /GS0 gs 1 1 1 rg /GS0 gs 195.00 331.95 99.00 -21.00 re f /GS0 gs 1 1 1 rg /GS0 gs 298.00 331.95 131.00 -21.00 re f /GS0 gs 1 1 1 rg /GS0 gs 73.00 299.95 117.00 -22.00 re f /GS0 gs 1 1 1 rg /GS0 gs 190.00 299.95 5.00 -22.00 re f /GS0 gs 1 1 1 rg /GS0 gs 195.00 299.95 99.00 -22.00 re f /GS0 gs 1 1 1 rg /GS0 gs 298.00 299.95 131.00 -22.00 re f /GS0 gs 1 1 1 rg /GS0 gs 298.00 277.95 131.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 298.00 265.95 131.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 298.00 253.95 131.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195 404.95000000000005 m 294 404.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298 404.95000000000005 m 429 404.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 404.95000000000005 m 489 404.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 404.95000000000005 m 541 404.95000000000005 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 225.40 418.40 Td (V) Tj ET Q q 0 0 0 rg BT 231.49 418.40 Td (aluation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.20 418.40 Td (W) Tj ET Q q 0 0 0 rg BT 506.95 418.40 Td (eighted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.15 408.35 Td (T) Tj ET Q q 0 0 0 rg BT 229.74 408.35 Td (echnique) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.60 408.35 Td (Unobservable Input) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.25 408.35 Td (Range) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.80 408.35 Td (A) Tj ET Q q 0 0 0 rg BT 506.63 408.35 Td (verage) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.50 396.40 Td (Assets:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 75.50 385.21 Td (Financial instruments and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 80.00 376.21 Td (other inventory positions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 80.00 367.21 Td (owned:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 81.50 355.26 Td (Municipal securities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 87.50 344.21 Td (T) Tj ET Q q 0 0 0 rg BT 92.68 344.21 Td (ax-exempt securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 170.75 344.21 Td (. . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 197.50 344.21 Td (Discounted cash flow) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.25 344.21 Td (. . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.50 344.21 Td (Expectedrecoveryrate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.50 335.21 Td (\(%ofpar\)\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.75 335.21 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.25 336.41 Td (5 - 60%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.85 336.41 Td (19.4%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 87.50 323.21 Td (Short-term securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 166.25 323.21 Td (. . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 197.50 323.21 Td (Discounted cash flow) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.25 323.21 Td (. . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.50 323.21 Td (Expectedrecoveryrate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.50 314.21 Td (\(%ofpar\)\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.75 314.21 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 315.41 Td (66 - 94%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.85 315.41 Td (91.0%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 81.50 302.26 Td (Mortgage-backed securities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 87.50 291.21 Td (Collateralized by) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 282.21 Td (residential mortgages) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 170.75 282.21 Td (. . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 197.50 282.41 Td (Discounted cash flow) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.25 282.21 Td (. . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.50 282.41 Td (Credit default rates \(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.75 282.21 Td (. . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 448.50 282.41 Td (1 - 2%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.10 282.41 Td (1.5%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.50 269.21 Td (Prepayment rates \(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.25 269.21 Td (. . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 448.85 269.21 Td (20.0%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.85 269.21 Td (20.0%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.50 257.21 Td (Loss severity \(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.75 257.21 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 257.21 Td (25 - 50%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.85 257.21 Td (26.9%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.50 245.21 Td (V) Tj ET Q q 0 0 0 rg BT 306.00 245.21 Td (aluation yields \(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.75 245.21 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.10 245.21 Td (5.0%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.10 245.21 Td (5.0%) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 72.00 223.25 Td (Sensitivity ) Tj ET Q q 0 0 0 rg BT 106.88 223.25 Td (of ) Tj ET Q q 0 0 0 rg BT 115.10 223.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.88 223.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 140.43 223.25 Td (value ) Tj ET Q q 0 0 0 rg BT 159.76 223.25 Td (to ) Tj ET Q q 0 0 0 rg BT 167.98 223.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 196.20 223.25 Td (in ) Tj ET Q q 0 0 0 rg BT 204.42 223.25 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 249.52 223.25 Td (inputs:) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 72.00 213.65 Td (\(1\) ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 90.00 213.65 Td (Significant incr) Tj ET Q q 0 0 0 rg BT 139.25 213.65 Td (ease/\(decr) Tj ET Q q 0 0 0 rg BT 172.27 213.65 Td (ease\) in the unobservable input in isolation would r) Tj ET Q q 0 0 0 rg BT 337.30 213.65 Td (esult in a significantly higher/\(lower\) fair value measur) Tj ET Q q 0 0 0 rg BT 514.98 213.65 Td (ement.) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 72.00 204.05 Td (\(2\) ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 90.00 204.05 Td (Significant ) Tj ET Q q 0 0 0 rg BT 126.42 204.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 154.39 204.05 Td (in ) Tj ET Q q 0 0 0 rg BT 162.37 204.05 Td (any ) Tj ET Q q 0 0 0 rg BT 175.68 204.05 Td (of ) Tj ET Q q 0 0 0 rg BT 183.66 204.05 Td (these ) Tj ET Q q 0 0 0 rg BT 201.85 204.05 Td (inputs ) Tj ET Q q 0 0 0 rg BT 223.17 204.05 Td (in ) Tj ET Q q 0 0 0 rg BT 231.15 204.05 Td (isolation ) Tj ET Q q 0 0 0 rg BT 260.91 204.05 Td (could ) Tj ET Q q 0 0 0 rg BT 280.44 204.05 Td (r) Tj ET Q q 0 0 0 rg BT 283.26 204.05 Td (esult ) Tj ET Q q 0 0 0 rg BT 300.12 204.05 Td (in ) Tj ET Q q 0 0 0 rg BT 308.10 204.05 Td (a ) Tj ET Q q 0 0 0 rg BT 313.86 204.05 Td (significantly ) Tj ET Q q 0 0 0 rg BT 355.17 204.05 Td (differ) Tj ET Q q 0 0 0 rg BT 372.20 204.05 Td (ent ) Tj ET Q q 0 0 0 rg BT 383.73 204.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 397.05 204.05 Td (value. ) Tj ET Q q 0 0 0 rg BT 418.13 204.05 Td (Generally) Tj ET Q q 0 0 0 rg BT 449.67 204.05 Td (, ) Tj ET Q q 0 0 0 rg BT 453.43 204.05 Td (a ) Tj ET Q q 0 0 0 rg BT 459.19 204.05 Td (change ) Tj ET Q q 0 0 0 rg BT 484.05 204.05 Td (in ) Tj ET Q q 0 0 0 rg BT 492.03 204.05 Td (the ) Tj ET Q q 0 0 0 rg BT 503.56 204.05 Td (assumption ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 90.00 194.45 Td (used ) Tj ET Q q 0 0 0 rg BT 106.64 194.45 Td (for ) Tj ET Q q 0 0 0 rg BT 117.95 194.45 Td (cr) Tj ET Q q 0 0 0 rg BT 124.31 194.45 Td (edit ) Tj ET Q q 0 0 0 rg BT 138.28 194.45 Td (default ) Tj ET Q q 0 0 0 rg BT 162.47 194.45 Td (rates ) Tj ET Q q 0 0 0 rg BT 180.45 194.45 Td (is ) Tj ET Q q 0 0 0 rg BT 187.75 194.45 Td (accompanied ) Tj ET Q q 0 0 0 rg BT 232.38 194.45 Td (by ) Tj ET Q q 0 0 0 rg BT 241.90 194.45 Td (a ) Tj ET Q q 0 0 0 rg BT 247.88 194.45 Td (dir) Tj ET Q q 0 0 0 rg BT 256.91 194.45 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 290.43 194.45 Td (similar ) Tj ET Q q 0 0 0 rg BT 315.07 194.45 Td (change ) Tj ET Q q 0 0 0 rg BT 340.15 194.45 Td (in ) Tj ET Q q 0 0 0 rg BT 348.34 194.45 Td (the ) Tj ET Q q 0 0 0 rg BT 360.09 194.45 Td (assumption ) Tj ET Q q 0 0 0 rg BT 398.51 194.45 Td (used ) Tj ET Q q 0 0 0 rg BT 415.15 194.45 Td (for ) Tj ET Q q 0 0 0 rg BT 426.46 194.45 Td (the ) Tj ET Q q 0 0 0 rg BT 438.20 194.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 452.63 194.45 Td (severity ) Tj ET Q q 0 0 0 rg BT 479.47 194.45 Td (and ) Tj ET Q q 0 0 0 rg BT 493.45 194.45 Td (a ) Tj ET Q q 0 0 0 rg BT 499.42 194.45 Td (dir) Tj ET Q q 0 0 0 rg BT 508.46 194.45 Td (ectionally ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 90.00 184.85 Td (inverse ) Tj ET Q q 0 0 0 rg BT 115.10 184.85 Td (change ) Tj ET Q q 0 0 0 rg BT 140.20 184.85 Td (in ) Tj ET Q q 0 0 0 rg BT 148.43 184.85 Td (the ) Tj ET Q q 0 0 0 rg BT 160.20 184.85 Td (assumption ) Tj ET Q q 0 0 0 rg BT 198.65 184.85 Td (for ) Tj ET Q q 0 0 0 rg BT 209.98 184.85 Td (valuation ) Tj ET Q q 0 0 0 rg BT 242.20 184.85 Td (yields.) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 72.00 175.25 Td (\(3\) ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 90.00 175.25 Td (The ) Tj ET Q q 0 0 0 rg BT 104.14 175.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 134.72 175.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 158.63 175.25 Td (of ) Tj ET Q q 0 0 0 rg BT 166.99 175.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 195.35 175.25 Td (in ) Tj ET Q q 0 0 0 rg BT 203.71 175.25 Td (pr) Tj ET Q q 0 0 0 rg BT 210.52 175.25 Td (epayment ) Tj ET Q q 0 0 0 rg BT 243.31 175.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 261.45 175.25 Td (on ) Tj ET Q q 0 0 0 rg BT 271.59 175.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 285.29 175.25 Td (value ) Tj ET Q q 0 0 0 rg BT 304.75 175.25 Td (is ) Tj ET Q q 0 0 0 rg BT 312.23 175.25 Td (dependent ) Tj ET Q q 0 0 0 rg BT 347.24 175.25 Td (on ) Tj ET Q q 0 0 0 rg BT 357.38 175.25 Td (other ) Tj ET Q q 0 0 0 rg BT 376.40 175.25 Td (security-specific ) Tj ET Q q 0 0 0 rg BT 430.96 175.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 457.33 175.25 Td (such ) Tj ET Q q 0 0 0 rg BT 474.13 175.25 Td (as ) Tj ET Q q 0 0 0 rg BT 483.38 175.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.29 175.25 Td (par ) Tj ET Q q 0 0 0 rg BT 508.54 175.25 Td (value ) Tj ET Q q 0 0 0 rg BT 528.01 175.25 Td (and ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 90.00 165.65 Td (structur) Tj ET Q q 0 0 0 rg BT 115.04 165.65 Td (e. ) Tj ET Q q 0 0 0 rg BT 123.10 165.65 Td (Changes ) Tj ET Q q 0 0 0 rg BT 153.62 165.65 Td (in ) Tj ET Q q 0 0 0 rg BT 162.36 165.65 Td (the ) Tj ET Q q 0 0 0 rg BT 174.64 165.65 Td (pr) Tj ET Q q 0 0 0 rg BT 181.46 165.65 Td (epayment ) Tj ET Q q 0 0 0 rg BT 214.63 165.65 Td (rates ) Tj ET Q q 0 0 0 rg BT 233.14 165.65 Td (may ) Tj ET Q q 0 0 0 rg BT 248.99 165.65 Td (r) Tj ET Q q 0 0 0 rg BT 251.80 165.65 Td (esult ) Tj ET Q q 0 0 0 rg BT 269.43 165.65 Td (in ) Tj ET Q q 0 0 0 rg BT 278.16 165.65 Td (dir) Tj ET Q q 0 0 0 rg BT 287.20 165.65 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 321.26 165.65 Td (similar ) Tj ET Q q 0 0 0 rg BT 346.45 165.65 Td (or ) Tj ET Q q 0 0 0 rg BT 356.07 165.65 Td (dir) Tj ET Q q 0 0 0 rg BT 365.11 165.65 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 399.17 165.65 Td (inverse ) Tj ET Q q 0 0 0 rg BT 424.79 165.65 Td (changes ) Tj ET Q q 0 0 0 rg BT 453.52 165.65 Td (in ) Tj ET Q q 0 0 0 rg BT 462.25 165.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 476.33 165.65 Td (value ) Tj ET Q q 0 0 0 rg BT 496.17 165.65 Td (depending ) Tj ET Q q 0 0 0 rg BT 532.00 165.65 Td (on ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 90.00 156.05 Td (whether ) Tj ET Q q 0 0 0 rg BT 117.77 156.05 Td (the ) Tj ET Q q 0 0 0 rg BT 129.55 156.05 Td (security ) Tj ET Q q 0 0 0 rg BT 156.87 156.05 Td (trades ) Tj ET Q q 0 0 0 rg BT 178.87 156.05 Td (at ) Tj ET Q q 0 0 0 rg BT 187.09 156.05 Td (a ) Tj ET Q q 0 0 0 rg BT 193.09 156.05 Td (pr) Tj ET Q q 0 0 0 rg BT 199.91 156.05 Td (emium ) Tj ET Q q 0 0 0 rg BT 223.24 156.05 Td (or ) Tj ET Q q 0 0 0 rg BT 232.35 156.05 Td (discount ) Tj ET Q q 0 0 0 rg BT 261.46 156.05 Td (to ) Tj ET Q q 0 0 0 rg BT 269.68 156.05 Td (the ) Tj ET Q q 0 0 0 rg BT 281.46 156.05 Td (par ) Tj ET Q q 0 0 0 rg BT 294.57 156.05 Td (value.) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 677.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.14 677.10 Td (following ) Tj ET Q q 0 0 0 rg BT 131.62 677.10 Td (table ) Tj ET Q q 0 0 0 rg BT 153.65 677.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 204.01 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.82 677.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 258.63 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.55 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.36 677.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 331.53 677.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 369.11 677.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 418.37 677.10 Td (by ) Tj ET Q q 0 0 0 rg BT 430.96 677.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 461.88 677.10 Td (observability ) Tj ET Q q 0 0 0 rg BT 516.69 677.10 Td (levels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 665.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 104.49 665.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.21 665.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 136.17 665.10 Td (820 ) Tj ET Q q 0 0 0 rg BT 153.67 665.10 Td (as ) Tj ET Q q 0 0 0 rg BT 164.50 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.33 665.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 233.91 665.10 Td (2017:) Tj ET Q 1 1 1 rg /GS0 gs 71.50 587.20 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 587.20 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 576.20 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 576.20 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 565.20 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 565.20 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 543.20 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 543.20 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 532.20 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 532.20 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 521.20 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 521.20 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 510.20 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 510.20 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 499.20 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 499.20 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 488.20 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 488.20 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 477.20 156.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 477.20 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 465.20 156.00 -20.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 465.20 10.00 -20.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 434.20 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 434.20 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 423.20 156.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 423.20 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 347.20 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 347.20 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 336.20 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 336.20 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 325.20 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 325.20 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 314.20 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 314.20 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 303.20 156.00 -32.00 re f /GS0 gs 1 1 1 rg /GS0 gs 227.50 303.20 10.00 -32.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 629.2 m 307.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 629.2 m 384.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 629.2 m 462.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 629.2 m 539.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 465.20000000000005 m 307.5 465.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 465.20000000000005 m 384.5 465.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 465.20000000000005 m 462.5 465.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 465.20000000000005 m 307.5 465.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 465.20000000000005 m 384.5 465.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 465.20000000000005 m 462.5 465.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 465.20000000000005 m 539.5 465.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 423.20000000000005 m 307.5 423.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 423.20000000000005 m 384.5 423.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 423.20000000000005 m 462.5 423.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 412.20000000000005 m 307.5 412.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 410.20000000000005 m 307.5 410.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 412.20000000000005 m 384.5 412.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 410.20000000000005 m 384.5 410.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 412.20000000000005 m 462.5 412.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 410.20000000000005 m 462.5 410.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 423.20000000000005 m 539.5 423.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 412.20000000000005 m 539.5 412.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 410.20000000000005 m 539.5 410.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 303.20000000000005 m 307.5 303.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 272.20000000000005 m 307.5 272.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 270.20000000000005 m 307.5 270.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 303.20000000000005 m 384.5 303.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 272.20000000000005 m 384.5 272.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 270.20000000000005 m 384.5 270.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 303.20000000000005 m 462.5 303.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 272.20000000000005 m 462.5 272.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 270.20000000000005 m 462.5 270.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 303.20000000000005 m 539.5 303.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 272.20000000000005 m 539.5 272.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 270.20000000000005 m 539.5 270.20000000000005 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 74.00 632.15 Td (\(Dollars in thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.60 631.65 Td (Level I) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.85 631.65 Td (Level II) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.10 631.65 Td (Level III) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.15 631.65 Td (T) Tj ET Q q 0 0 0 rg BT 499.33 631.65 Td (otal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.00 620.65 Td (Assets:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 74.00 609.46 Td (Financial instruments and other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 78.50 600.51 Td (inventory positions owned:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 80.00 589.51 Td (Corporate securities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 578.51 Td (Equity securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 154.25 578.51 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.00 578.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.75 578.51 Td (1,863) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.00 578.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.25 578.51 Td (50,033) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.00 578.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 578.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 578.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.25 578.51 Td (51,896) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 567.51 Td (Convertible securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 172.25 567.51 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.00 567.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.25 567.51 Td (74,456) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 567.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.25 567.51 Td (74,456) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 556.51 Td (Fixed income securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.25 556.51 Td (. . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.00 556.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.25 556.51 Td (30,145) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 556.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.25 556.51 Td (30,145) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 80.00 545.51 Td (Municipal securities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 534.51 Td (T) Tj ET Q q 0 0 0 rg BT 97.18 534.51 Td (axable securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.75 534.51 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.00 534.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.25 534.51 Td (67,699) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 534.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.25 534.51 Td (67,699) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 523.51 Td (T) Tj ET Q q 0 0 0 rg BT 97.18 523.51 Td (ax-exempt securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 172.25 523.51 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.00 523.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.75 523.51 Td (345,001) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.50 523.51 Td (700) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 523.51 Td (345,701) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 512.51 Td (Short-term securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 167.75 512.51 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.00 512.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.25 512.51 Td (61,537) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.50 512.51 Td (714) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.25 512.51 Td (62,251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 80.00 501.51 Td (Mortgage-backed securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.25 501.51 Td (. . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.00 501.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.00 501.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.50 501.51 Td (481) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.50 501.51 Td (481) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 80.00 490.51 Td (U.S. government agency securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.25 490.51 Td (. . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.00 490.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.75 490.51 Td (317,318) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 490.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 490.51 Td (317,318) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 80.00 479.51 Td (U.S. government securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.25 479.51 Td (. . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.75 479.51 Td (9,317) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.00 479.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 479.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.75 479.51 Td (9,317) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 80.00 468.46 Td (Derivative contracts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 154.25 468.46 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.50 468.46 Td (6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.00 468.46 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 468.46 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.50 468.46 Td (6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 74.00 456.46 Td (T) Tj ET Q q 0 0 0 rg BT 79.18 456.46 Td (otal financial instruments and other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 78.50 447.51 Td (inventory positions owned) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 176.75 447.51 Td (. . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.25 449.66 Td (1) Tj ET Q q 0 0 0 rg BT 283.75 449.66 Td (1,186) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.75 449.66 Td (946,189) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.75 449.66 Td (1,895) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 449.66 Td (959,270) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 74.00 425.51 Td (Investments at fair value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 163.25 425.51 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.75 425.51 Td (6,698) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.00 425.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.50 425.51 Td (354) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.75 425.51 Td (7,052) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 74.00 414.46 Td (T) Tj ET Q q 0 0 0 rg BT 78.87 414.46 Td (otal assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 118.25 414.46 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.00 414.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.25 414.46 Td (17,884) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.00 414.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.75 414.46 Td (946,189) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.00 414.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.75 414.46 Td (2,249) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 414.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 414.46 Td (966,322) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.00 391.65 Td (Liabilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 74.00 380.46 Td (Financial instruments and other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 78.50 371.46 Td (inventory positions sold, but not yet) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 78.50 362.46 Td (purchased:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 80.00 349.51 Td (Corporate securities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 338.51 Td (Equity securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 154.25 338.51 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.00 338.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.25 338.51 Td (91,934) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.00 338.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.75 338.51 Td (9,583) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.00 338.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 338.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 338.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 338.51 Td (101,517) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 327.51 Td (Fixed income securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.25 327.51 Td (. . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.00 327.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.25 327.51 Td (30,292) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 327.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.25 327.51 Td (30,292) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 80.00 316.51 Td (U.S. government agency securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.25 316.51 Td (. . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.00 316.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.25 316.51 Td (49,077) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 316.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.25 316.51 Td (49,077) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 80.00 305.51 Td (U.S. government securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.25 305.51 Td (. . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.75 305.51 Td (165,507) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.00 305.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 305.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 305.51 Td (165,507) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 74.00 294.46 Td (T) Tj ET Q q 0 0 0 rg BT 78.87 294.46 Td (otal financial instruments and other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 78.50 285.46 Td (inventory positions sold, but not yet) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 78.50 276.46 Td (purchased) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 118.25 276.46 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.00 275.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.75 275.66 Td (257,441) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.00 275.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.25 275.66 Td (88,952) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.00 275.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 275.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 275.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 275.66 Td (346,393) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 247.70 Td (The ) Tj ET Q q 0 0 0 rg BT 90.60 247.70 Td (Company's ) Tj ET Q q 0 0 0 rg BT 138.23 247.70 Td (Level ) Tj ET Q q 0 0 0 rg BT 164.05 247.70 Td (III ) Tj ET Q q 0 0 0 rg BT 177.09 247.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 203.48 247.70 Td (were ) Tj ET Q q 0 0 0 rg BT 225.96 247.70 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 246.51 247.70 Td (million, ) Tj ET Q q 0 0 0 rg BT 280.96 247.70 Td (or ) Tj ET Q q 0 0 0 rg BT 292.34 247.70 Td (0.2 ) Tj ET Q q 0 0 0 rg BT 307.89 247.70 Td (percent ) Tj ET Q q 0 0 0 rg BT 340.37 247.70 Td (of ) Tj ET Q q 0 0 0 rg BT 351.75 247.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 389.79 247.70 Td (instruments ) Tj ET Q q 0 0 0 rg BT 439.51 247.70 Td (measured ) Tj ET Q q 0 0 0 rg BT 480.87 247.70 Td (at ) Tj ET Q q 0 0 0 rg BT 491.14 247.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 508.07 247.70 Td (value ) Tj ET Q q 0 0 0 rg BT 532.78 247.70 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 235.70 Td (December31, ) Tj ET Q q 0 0 0 rg BT 130.58 235.70 Td (2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 211.70 Td (The ) Tj ET Q q 0 0 0 rg BT 90.37 211.70 Td (carrying ) Tj ET Q q 0 0 0 rg BT 126.51 211.70 Td (values ) Tj ET Q q 0 0 0 rg BT 154.89 211.70 Td (of ) Tj ET Q q 0 0 0 rg BT 166.04 211.70 Td (the ) Tj ET Q q 0 0 0 rg BT 181.09 211.70 Td (Company's ) Tj ET Q q 0 0 0 rg BT 228.49 211.70 Td (cash, ) Tj ET Q q 0 0 0 rg BT 251.59 211.70 Td (receivables ) Tj ET Q q 0 0 0 rg BT 299.38 211.70 Td (and ) Tj ET Q q 0 0 0 rg BT 316.65 211.70 Td (payables ) Tj ET Q q 0 0 0 rg BT 354.46 211.70 Td (either ) Tj ET Q q 0 0 0 rg BT 380.05 211.70 Td (from ) Tj ET Q q 0 0 0 rg BT 402.32 211.70 Td (or ) Tj ET Q q 0 0 0 rg BT 413.47 211.70 Td (to ) Tj ET Q q 0 0 0 rg BT 424.08 211.70 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 459.39 211.70 Td (dealers ) Tj ET Q q 0 0 0 rg BT 490.53 211.70 Td (and ) Tj ET Q q 0 0 0 rg BT 507.80 211.70 Td (clearing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 199.70 Td (or) Tj ET Q q 0 0 0 rg BT 80.15 199.70 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 128.19 199.70 Td (and ) Tj ET Q q 0 0 0 rg BT 145.13 199.70 Td (short-term ) Tj ET Q q 0 0 0 rg BT 189.29 199.70 Td (financings ) Tj ET Q q 0 0 0 rg BT 233.44 199.70 Td (approximate ) Tj ET Q q 0 0 0 rg BT 285.92 199.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 302.30 199.70 Td (value ) Tj ET Q q 0 0 0 rg BT 326.45 199.70 Td (due ) Tj ET Q q 0 0 0 rg BT 343.39 199.70 Td (to ) Tj ET Q q 0 0 0 rg BT 353.67 199.70 Td (their ) Tj ET Q q 0 0 0 rg BT 374.50 199.70 Td (liquid ) Tj ET Q q 0 0 0 rg BT 400.33 199.70 Td (or ) Tj ET Q q 0 0 0 rg BT 411.16 199.70 Td (short-term ) Tj ET Q q 0 0 0 rg BT 455.32 199.70 Td (nature.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 175.70 Td (Note 6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.49 175.70 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 101.99 175.70 Td (V) Tj ET Q q 0 0 0 rg BT 106.99 175.70 Td (ariable Inter) Tj ET Q q 0 0 0 rg BT 157.44 175.70 Td (est Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 151.70 Td (The ) Tj ET Q q 0 0 0 rg BT 90.06 151.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.47 151.70 Td (has ) Tj ET Q q 0 0 0 rg BT 147.31 151.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 197.60 151.70 Td (in ) Tj ET Q q 0 0 0 rg BT 207.90 151.70 Td (various ) Tj ET Q q 0 0 0 rg BT 239.85 151.70 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 293.74 151.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 324.59 151.70 Td (liability ) Tj ET Q q 0 0 0 rg BT 358.21 151.70 Td (companies, ) Tj ET Q q 0 0 0 rg BT 405.99 151.70 Td (or ) Tj ET Q q 0 0 0 rg BT 416.84 151.70 Td (registered ) Tj ET Q q 0 0 0 rg BT 458.78 151.70 Td (mutual ) Tj ET Q q 0 0 0 rg BT 489.07 151.70 Td (funds. ) Tj ET Q q 0 0 0 rg BT 516.13 151.70 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 139.70 Td (entities ) Tj ET Q q 0 0 0 rg BT 103.76 139.70 Td (were ) Tj ET Q q 0 0 0 rg BT 126.07 139.70 Td (established ) Tj ET Q q 0 0 0 rg BT 173.39 139.70 Td (for ) Tj ET Q q 0 0 0 rg BT 187.93 139.70 Td (the ) Tj ET Q q 0 0 0 rg BT 203.03 139.70 Td (purpose ) Tj ET Q q 0 0 0 rg BT 237.57 139.70 Td (of ) Tj ET Q q 0 0 0 rg BT 248.78 139.70 Td (investing ) Tj ET Q q 0 0 0 rg BT 288.32 139.70 Td (in ) Tj ET Q q 0 0 0 rg BT 298.98 139.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 339.63 139.70 Td (of ) Tj ET Q q 0 0 0 rg BT 350.84 139.70 Td (public ) Tj ET Q q 0 0 0 rg BT 378.71 139.70 Td (or ) Tj ET Q q 0 0 0 rg BT 389.92 139.70 Td (private ) Tj ET Q q 0 0 0 rg BT 420.57 139.70 Td (companies, ) Tj ET Q q 0 0 0 rg BT 468.71 139.70 Td (or ) Tj ET Q q 0 0 0 rg BT 479.92 139.70 Td (municipal ) Tj ET Q q 0 0 0 rg BT 522.80 139.70 Td (debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 127.70 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 120.26 127.70 Td (or ) Tj ET Q q 0 0 0 rg BT 129.91 127.70 Td (providing ) Tj ET Q q 0 0 0 rg BT 170.12 127.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 209.20 127.70 Td (to ) Tj ET Q q 0 0 0 rg BT 218.30 127.70 Td (senior ) Tj ET Q q 0 0 0 rg BT 244.06 127.70 Td (living ) Tj ET Q q 0 0 0 rg BT 268.71 127.70 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 306.96 127.70 Td (and ) Tj ET Q q 0 0 0 rg BT 322.72 127.70 Td (were ) Tj ET Q q 0 0 0 rg BT 343.47 127.70 Td (initially ) Tj ET Q q 0 0 0 rg BT 375.90 127.70 Td (financed ) Tj ET Q q 0 0 0 rg BT 411.64 127.70 Td (through ) Tj ET Q q 0 0 0 rg BT 444.07 127.70 Td (the ) Tj ET Q q 0 0 0 rg BT 457.61 127.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 485.58 127.70 Td (commitments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 115.70 Td (or ) Tj ET Q q 0 0 0 rg BT 82.83 115.70 Td (seed ) Tj ET Q q 0 0 0 rg BT 103.10 115.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 153.37 115.70 Td (of ) Tj ET Q q 0 0 0 rg BT 164.20 115.70 Td (the ) Tj ET Q q 0 0 0 rg BT 178.92 115.70 Td (members.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 91.70 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 95.66 91.70 Td (are ) Tj ET Q q 0 0 0 rg BT 110.97 91.70 Td (entities ) Tj ET Q q 0 0 0 rg BT 142.96 91.70 Td (in ) Tj ET Q q 0 0 0 rg BT 153.85 91.70 Td (which ) Tj ET Q q 0 0 0 rg BT 181.40 91.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 209.50 91.70 Td (investors ) Tj ET Q q 0 0 0 rg BT 248.72 91.70 Td (lack ) Tj ET Q q 0 0 0 rg BT 268.48 91.70 Td (the ) Tj ET Q q 0 0 0 rg BT 283.80 91.70 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 344.10 91.70 Td (of ) Tj ET Q q 0 0 0 rg BT 355.54 91.70 Td (a ) Tj ET Q q 0 0 0 rg BT 363.08 91.70 Td (controlling ) Tj ET Q q 0 0 0 rg BT 410.07 91.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 448.16 91.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 480.70 91.70 Td (or ) Tj ET Q q 0 0 0 rg BT 492.14 91.70 Td (do ) Tj ET Q q 0 0 0 rg BT 505.25 91.70 Td (not ) Tj ET Q q 0 0 0 rg BT 521.14 91.70 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 79.70 Td (suf) Tj ET Q q 0 0 0 rg BT 84.04 79.70 Td (ficient ) Tj ET Q q 0 0 0 rg BT 111.53 79.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 138.47 79.70 Td (at ) Tj ET Q q 0 0 0 rg BT 147.63 79.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 164.57 79.70 Td (for ) Tj ET Q q 0 0 0 rg BT 178.18 79.70 Td (the ) Tj ET Q q 0 0 0 rg BT 192.34 79.70 Td (entity ) Tj ET Q q 0 0 0 rg BT 217.06 79.70 Td (to ) Tj ET Q q 0 0 0 rg BT 226.78 79.70 Td (finance ) Tj ET Q q 0 0 0 rg BT 258.15 79.70 Td (its ) Tj ET Q q 0 0 0 rg BT 269.54 79.70 Td (activities. ) Tj ET Q q 0 0 0 rg BT 309.95 79.70 Td (The ) Tj ET Q q 0 0 0 rg BT 327.44 79.70 Td (determination ) Tj ET Q q 0 0 0 rg BT 384.92 79.70 Td (as ) Tj ET Q q 0 0 0 rg BT 395.20 79.70 Td (to ) Tj ET Q q 0 0 0 rg BT 404.92 79.70 Td (whether ) Tj ET Q q 0 0 0 rg BT 439.07 79.70 Td (an ) Tj ET Q q 0 0 0 rg BT 450.45 79.70 Td (entity ) Tj ET Q q 0 0 0 rg BT 475.17 79.70 Td (is ) Tj ET Q q 0 0 0 rg BT 483.79 79.70 Td (a ) Tj ET Q q 0 0 0 rg BT 490.03 79.70 Td (VIE ) Tj ET Q q 0 0 0 rg BT 508.63 79.70 Td (is ) Tj ET Q q 0 0 0 rg BT 517.25 79.70 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 67.70 Td (on ) Tj ET Q q 0 0 0 rg BT 84.18 67.70 Td (the ) Tj ET Q q 0 0 0 rg BT 98.58 67.70 Td (structure ) Tj ET Q q 0 0 0 rg BT 135.74 67.70 Td (and ) Tj ET Q q 0 0 0 rg BT 152.36 67.70 Td (nature ) Tj ET Q q 0 0 0 rg BT 179.53 67.70 Td (of ) Tj ET Q q 0 0 0 rg BT 190.04 67.70 Td (each ) Tj ET Q q 0 0 0 rg BT 210.53 67.70 Td (entity) Tj ET Q q 0 0 0 rg BT 232.66 67.70 Td (. ) Tj ET Q q 0 0 0 rg BT 237.18 67.70 Td (The ) Tj ET Q q 0 0 0 rg BT 254.91 67.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 295.97 67.70 Td (also ) Tj ET Q q 0 0 0 rg BT 314.26 67.70 Td (considers ) Tj ET Q q 0 0 0 rg BT 354.21 67.70 Td (other ) Tj ET Q q 0 0 0 rg BT 376.94 67.70 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 436.31 67.70 Td (such ) Tj ET Q q 0 0 0 rg BT 456.82 67.70 Td (as ) Tj ET Q q 0 0 0 rg BT 467.33 67.70 Td (the ) Tj ET Q q 0 0 0 rg BT 481.72 67.70 Td (power ) Tj ET Q q 0 0 0 rg BT 508.89 67.70 Td (through ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 677.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 100.34 677.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 125.91 677.10 Td (or ) Tj ET Q q 0 0 0 rg BT 137.03 677.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 167.59 677.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 193.16 677.10 Td (to ) Tj ET Q q 0 0 0 rg BT 203.72 677.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 229.28 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.28 677.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 283.17 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.29 677.10 Td (an ) Tj ET Q q 0 0 0 rg BT 306.51 677.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 332.07 677.10 Td (that ) Tj ET Q q 0 0 0 rg BT 349.86 677.10 Td (most ) Tj ET Q q 0 0 0 rg BT 372.09 677.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 424.87 677.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 454.87 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.88 677.10 Td (entity's ) Tj ET Q q 0 0 0 rg BT 501.13 677.10 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 665.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 125.02 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 141.96 665.10 Td (how ) Tj ET Q q 0 0 0 rg BT 161.68 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.40 665.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 201.67 665.10 Td (is ) Tj ET Q q 0 0 0 rg BT 210.84 665.10 Td (financed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.10 Td (The ) Tj ET Q q 0 0 0 rg BT 91.73 641.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 134.79 641.10 Td (is ) Tj ET Q q 0 0 0 rg BT 145.64 641.10 Td (required ) Tj ET Q q 0 0 0 rg BT 183.13 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.09 641.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 244.81 641.10 Td (all ) Tj ET Q q 0 0 0 rg BT 258.68 641.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 283.41 641.10 Td (for ) Tj ET Q q 0 0 0 rg BT 299.25 641.10 Td (which ) Tj ET Q q 0 0 0 rg BT 327.87 641.10 Td (it ) Tj ET Q q 0 0 0 rg BT 337.61 641.10 Td (is ) Tj ET Q q 0 0 0 rg BT 348.45 641.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 395.95 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 407.91 641.10 Td (be ) Tj ET Q q 0 0 0 rg BT 421.52 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.92 641.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 473.75 641.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 518.07 641.10 Td (. ) Tj ET Q q 0 0 0 rg BT 524.45 641.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 629.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 129.44 629.10 Td (as ) Tj ET Q q 0 0 0 rg BT 139.67 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.36 629.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 183.47 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.59 629.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 238.38 629.10 Td (is ) Tj ET Q q 0 0 0 rg BT 246.95 629.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 292.17 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.85 629.10 Td (be ) Tj ET Q q 0 0 0 rg BT 313.19 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.31 629.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 360.87 629.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 407.74 629.10 Td (is ) Tj ET Q q 0 0 0 rg BT 416.32 629.10 Td (based ) Tj ET Q q 0 0 0 rg BT 440.99 629.10 Td (on ) Tj ET Q q 0 0 0 rg BT 452.89 629.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 487.00 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.12 629.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 617.10 Td (has ) Tj ET Q q 0 0 0 rg BT 87.67 617.10 Td (both ) Tj ET Q q 0 0 0 rg BT 107.78 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.34 617.10 Td (power ) Tj ET Q q 0 0 0 rg BT 149.67 617.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.78 617.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 184.88 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.44 617.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 237.88 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.54 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.93 617.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 281.93 617.10 Td (that ) Tj ET Q q 0 0 0 rg BT 299.26 617.10 Td (most ) Tj ET Q q 0 0 0 rg BT 321.05 617.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 373.38 617.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 402.92 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.48 617.10 Td (entity's ) Tj ET Q q 0 0 0 rg BT 448.28 617.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 489.49 617.10 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 605.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.63 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.04 605.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 145.79 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 155.76 605.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 184.61 605.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 210.70 605.10 Td (or ) Tj ET Q q 0 0 0 rg BT 221.22 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.63 605.10 Td (right ) Tj ET Q q 0 0 0 rg BT 256.72 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 266.69 605.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 297.74 605.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 331.59 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.12 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.37 605.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 375.22 605.10 Td (that ) Tj ET Q q 0 0 0 rg BT 392.41 605.10 Td (could ) Tj ET Q q 0 0 0 rg BT 416.82 605.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 461.78 605.10 Td (be ) Tj ET Q q 0 0 0 rg BT 473.42 605.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 517.82 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.79 605.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.10 Td (VIE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 569.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.18 569.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.70 569.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 179.31 569.10 Td (it ) Tj ET Q q 0 0 0 rg BT 187.49 569.10 Td (is ) Tj ET Q q 0 0 0 rg BT 196.79 569.10 Td (not ) Tj ET Q q 0 0 0 rg BT 212.20 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.05 569.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 261.34 569.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 308.94 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.90 569.10 Td (these ) Tj ET Q q 0 0 0 rg BT 342.89 569.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 366.07 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.14 569.10 Td (accordingly ) Tj ET Q q 0 0 0 rg BT 432.97 569.10 Td (does ) Tj ET Q q 0 0 0 rg BT 453.93 569.10 Td (not ) Tj ET Q q 0 0 0 rg BT 469.34 569.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 517.52 569.10 Td (them. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 557.10 Td (These ) Tj ET Q q 0 0 0 rg BT 98.54 557.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 121.96 557.10 Td (had ) Tj ET Q q 0 0 0 rg BT 139.27 557.10 Td (net ) Tj ET Q q 0 0 0 rg BT 154.36 557.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 180.56 557.10 Td (approximating ) Tj ET Q q 0 0 0 rg BT 241.75 557.10 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 262.12 557.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 291.10 557.10 Td (at ) Tj ET Q q 0 0 0 rg BT 301.19 557.10 Td (December ) Tj ET Q q 0 0 0 rg BT 345.14 557.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 360.51 557.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 385.67 557.10 Td (The ) Tj ET Q q 0 0 0 rg BT 404.09 557.10 Td (Company) Tj ET Q q 0 0 0 rg BT 445.76 557.10 Td (s ) Tj ET Q q 0 0 0 rg BT 452.52 557.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 491.49 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 502.14 557.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 520.57 557.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 545.10 Td (these ) Tj ET Q q 0 0 0 rg BT 95.81 545.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 119.88 545.10 Td (is ) Tj ET Q q 0 0 0 rg BT 130.07 545.10 Td ($3.7 ) Tj ET Q q 0 0 0 rg BT 151.09 545.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 186.00 545.10 Td (which ) Tj ET Q q 0 0 0 rg BT 213.96 545.10 Td (is ) Tj ET Q q 0 0 0 rg BT 224.15 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.89 545.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 276.72 545.10 Td (value ) Tj ET Q q 0 0 0 rg BT 301.90 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.75 545.10 Td (its ) Tj ET Q q 0 0 0 rg BT 326.71 545.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 356.88 545.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 413.18 545.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 451.67 545.10 Td (in ) Tj ET Q q 0 0 0 rg BT 462.97 545.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 514.26 545.10 Td (on ) Tj ET Q q 0 0 0 rg BT 527.78 545.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 533.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 111.71 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.43 533.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 157.80 533.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 196.97 533.10 Td (at ) Tj ET Q q 0 0 0 rg BT 205.57 533.10 Td (December ) Tj ET Q q 0 0 0 rg BT 248.05 533.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 261.94 533.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 285.73 533.10 Td (The ) Tj ET Q q 0 0 0 rg BT 302.67 533.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 342.94 533.10 Td (had ) Tj ET Q q 0 0 0 rg BT 358.77 533.10 Td (no ) Tj ET Q q 0 0 0 rg BT 370.16 533.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 408.77 533.10 Td (related ) Tj ET Q q 0 0 0 rg BT 437.36 533.10 Td (to ) Tj ET Q q 0 0 0 rg BT 446.53 533.10 Td (these ) Tj ET Q q 0 0 0 rg BT 468.37 533.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 490.31 533.10 Td (at ) Tj ET Q q 0 0 0 rg BT 498.92 533.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 521.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 86.29 521.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 110.58 521.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 164.86 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.87 521.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 219.55 521.10 Td (has ) Tj ET Q q 0 0 0 rg BT 234.67 521.10 Td (not ) Tj ET Q q 0 0 0 rg BT 249.24 521.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 286.58 521.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 323.35 521.10 Td (or ) Tj ET Q q 0 0 0 rg BT 333.47 521.10 Td (other ) Tj ET Q q 0 0 0 rg BT 355.81 521.10 Td (support ) Tj ET Q q 0 0 0 rg BT 387.61 521.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.18 521.10 Td (these ) Tj ET Q q 0 0 0 rg BT 419.39 521.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 441.73 521.10 Td (that ) Tj ET Q q 0 0 0 rg BT 458.52 521.10 Td (it ) Tj ET Q q 0 0 0 rg BT 465.86 521.10 Td (was ) Tj ET Q q 0 0 0 rg BT 483.21 521.10 Td (not ) Tj ET Q q 0 0 0 rg BT 497.78 521.10 Td (previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 509.10 Td (contractually ) Tj ET Q q 0 0 0 rg BT 126.70 509.10 Td (required ) Tj ET Q q 0 0 0 rg BT 162.51 509.10 Td (to ) Tj ET Q q 0 0 0 rg BT 172.79 509.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 205.84 509.10 Td (as ) Tj ET Q q 0 0 0 rg BT 216.67 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.50 509.10 Td (December ) Tj ET Q q 0 0 0 rg BT 271.08 509.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 286.08 509.10 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 485.10 Td (Note 7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.49 485.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 101.99 485.10 Td (Receivables fr) Tj ET Q q 0 0 0 rg BT 158.54 485.10 Td (om and Payables to Br) Tj ET Q q 0 0 0 rg BT 249.82 485.10 Td (okers, Dealers and Clearing Or) Tj ET Q q 0 0 0 rg BT 376.94 485.10 Td (ganizations) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 438.6 m 539.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 390.6 m 539.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 379.6 m 539.5 379.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 377.6 m 539.5 377.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.90 453.33 Td (December) Tj ET Q q 0 0 0 rg BT 518.02 453.33 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 74.00 442.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 494.00 441.33 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 429.22 Td (Receivable from clearing or) Tj ET Q q 0 0 0 rg BT 185.80 429.22 Td (ganizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 429.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 429.22 Td (109,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 417.22 Td (Deposits with clearing or) Tj ET Q q 0 0 0 rg BT 174.72 417.22 Td (ganizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.50 417.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 417.22 Td (1) Tj ET Q q 0 0 0 rg BT 513.15 417.22 Td (1,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 405.22 Td (Receivable from brokers and dealers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.50 405.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 405.22 Td (12,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 393.22 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.50 393.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 393.22 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 381.22 Td (T) Tj ET Q q 0 0 0 rg BT 85.41 381.22 Td (otal receivables from brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 297.91 381.22 Td (ganizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.50 381.22 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 381.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 381.22 Td (134,330) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 332.6 m 539.5 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 320.6 m 539.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 309.6 m 539.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 307.6 m 539.5 307.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.90 347.33 Td (December) Tj ET Q q 0 0 0 rg BT 518.02 347.33 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 74.00 336.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 494.00 335.33 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 323.22 Td (Payable to brokers and dealers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 323.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 323.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 323.22 Td (18,584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 311.22 Td (T) Tj ET Q q 0 0 0 rg BT 85.41 311.22 Td (otal payables to brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 276.26 311.22 Td (ganizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 311.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 311.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 311.22 Td (18,584) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 285.10 Td (As ) Tj ET Q q 0 0 0 rg BT 86.49 285.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 128.20 285.10 Td (in ) Tj ET Q q 0 0 0 rg BT 139.36 285.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 162.18 285.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 173.05 285.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 197.54 285.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 209.02 285.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 228.50 285.10 Td (transitioned ) Tj ET Q q 0 0 0 rg BT 279.09 285.10 Td (from ) Tj ET Q q 0 0 0 rg BT 301.91 285.10 Td (a ) Tj ET Q q 0 0 0 rg BT 309.72 285.10 Td (self ) Tj ET Q q 0 0 0 rg BT 327.54 285.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 363.12 285.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 404.27 285.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 433.74 285.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 461.55 285.10 Td (to ) Tj ET Q q 0 0 0 rg BT 472.70 285.10 Td (a ) Tj ET Q q 0 0 0 rg BT 480.52 285.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 502.79 285.10 Td (disclosed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 273.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 105.47 273.10 Td (model ) Tj ET Q q 0 0 0 rg BT 131.72 273.10 Td (in ) Tj ET Q q 0 0 0 rg BT 140.77 273.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 164.53 273.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 190.78 273.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.26 273.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 250.11 273.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 270.26 273.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 308.74 273.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 342.21 273.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 387.61 273.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.09 273.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 436.24 273.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.83 273.10 Td (its ) Tj ET Q q 0 0 0 rg BT 456.54 273.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 495.57 273.10 Td (inventories ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 261.10 Td (and ) Tj ET Q q 0 0 0 rg BT 90.35 261.10 Td (all ) Tj ET Q q 0 0 0 rg BT 104.25 261.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.49 261.10 Td (its ) Tj ET Q q 0 0 0 rg BT 129.84 261.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 170.41 261.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 210.42 261.10 Td (are ) Tj ET Q q 0 0 0 rg BT 226.53 261.10 Td (held ) Tj ET Q q 0 0 0 rg BT 247.66 261.10 Td (by ) Tj ET Q q 0 0 0 rg BT 261.56 261.10 Td (or ) Tj ET Q q 0 0 0 rg BT 273.80 261.10 Td (cleared ) Tj ET Q q 0 0 0 rg BT 306.57 261.10 Td (through ) Tj ET Q q 0 0 0 rg BT 341.59 261.10 Td (Pershing. ) Tj ET Q q 0 0 0 rg BT 382.71 261.10 Td (The ) Tj ET Q q 0 0 0 rg BT 402.17 261.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 444.96 261.10 Td (has ) Tj ET Q q 0 0 0 rg BT 462.20 261.10 Td (also ) Tj ET Q q 0 0 0 rg BT 482.22 261.10 Td (established ) Tj ET Q q 0 0 0 rg BT 530.56 261.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 249.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 125.10 249.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.01 249.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 164.13 249.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 205.02 249.10 Td (from ) Tj ET Q q 0 0 0 rg BT 227.59 249.10 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 265.72 249.10 Td (related ) Tj ET Q q 0 0 0 rg BT 296.05 249.10 Td (to ) Tj ET Q q 0 0 0 rg BT 306.96 249.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.30 249.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 359.31 249.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.77 249.10 Td (its ) Tj ET Q q 0 0 0 rg BT 383.35 249.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 414.80 249.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 456.53 249.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 499.66 249.10 Td (under ) Tj ET Q q 0 0 0 rg BT 525.55 249.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 237.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 124.13 237.10 Td (is ) Tj ET Q q 0 0 0 rg BT 132.95 237.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 165.65 237.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 205.01 237.10 Td (by ) Tj ET Q q 0 0 0 rg BT 217.17 237.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 259.59 237.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.18 237.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 315.54 237.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 360.47 237.10 Td (could ) Tj ET Q q 0 0 0 rg BT 384.84 237.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 413.64 237.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.02 237.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 460.17 237.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.65 237.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 503.92 237.10 Td (available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 225.10 Td (under ) Tj ET Q q 0 0 0 rg BT 98.04 225.10 Td (this ) Tj ET Q q 0 0 0 rg BT 115.77 225.10 Td (arrangement. ) Tj ET Q q 0 0 0 rg BT 171.28 225.10 Td (The ) Tj ET Q q 0 0 0 rg BT 190.10 225.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 224.49 225.10 Td (is ) Tj ET Q q 0 0 0 rg BT 234.43 225.10 Td (at ) Tj ET Q q 0 0 0 rg BT 244.93 225.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.42 225.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 303.13 225.10 Td (of ) Tj ET Q q 0 0 0 rg BT 314.74 225.10 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 353.01 225.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.73 225.10 Td (could ) Tj ET Q q 0 0 0 rg BT 396.22 225.10 Td (be ) Tj ET Q q 0 0 0 rg BT 408.94 225.10 Td (denied. ) Tj ET Q q 0 0 0 rg BT 441.13 225.10 Td (The ) Tj ET Q q 0 0 0 rg BT 459.95 225.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 507.81 225.10 Td (clearing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 213.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 123.37 213.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 160.88 213.10 Td (are ) Tj ET Q q 0 0 0 rg BT 174.48 213.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 210.86 213.10 Td (net ) Tj ET Q q 0 0 0 rg BT 224.48 213.10 Td (from ) Tj ET Q q 0 0 0 rg BT 245.32 213.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 275.05 213.10 Td (activity) Tj ET Q q 0 0 0 rg BT 304.39 213.10 Td (. ) Tj ET Q q 0 0 0 rg BT 308.19 213.10 Td (The ) Tj ET Q q 0 0 0 rg BT 325.14 213.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 371.13 213.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 391.42 213.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 430.04 213.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 463.64 213.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 506.68 213.10 Td (includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 201.10 Td (a ) Tj ET Q q 0 0 0 rg BT 78.94 201.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 117.53 201.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 156.69 201.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 180.30 201.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 191.78 201.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 210.37 201.10 Td (to ) Tj ET Q q 0 0 0 rg BT 220.65 201.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 258.14 201.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 286.74 201.10 Td (net ) Tj ET Q q 0 0 0 rg BT 301.46 201.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 330.61 201.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.44 201.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 363.94 201.10 Td (million.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 177.10 Td (Note 8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.49 177.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 101.99 177.10 Td (Collateralized Securities T) Tj ET Q q 0 0 0 rg BT 208.66 177.10 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 153.10 Td (As ) Tj ET Q q 0 0 0 rg BT 86.49 153.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 128.20 153.10 Td (in ) Tj ET Q q 0 0 0 rg BT 139.36 153.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 162.18 153.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 173.05 153.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 197.54 153.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 209.02 153.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 228.50 153.10 Td (transitioned ) Tj ET Q q 0 0 0 rg BT 279.09 153.10 Td (from ) Tj ET Q q 0 0 0 rg BT 301.91 153.10 Td (a ) Tj ET Q q 0 0 0 rg BT 309.72 153.10 Td (self ) Tj ET Q q 0 0 0 rg BT 327.54 153.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 363.12 153.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 404.27 153.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 433.74 153.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 461.55 153.10 Td (to ) Tj ET Q q 0 0 0 rg BT 472.70 153.10 Td (a ) Tj ET Q q 0 0 0 rg BT 480.52 153.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 502.79 153.10 Td (disclosed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 141.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 106.70 141.10 Td (model ) Tj ET Q q 0 0 0 rg BT 134.20 141.10 Td (in ) Tj ET Q q 0 0 0 rg BT 144.48 141.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.19 141.10 Td (third ) Tj ET Q q 0 0 0 rg BT 180.58 141.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 211.39 141.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.22 141.10 Td (2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 117.10 Td (The ) Tj ET Q q 0 0 0 rg BT 91.62 117.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 140.28 117.10 Td (current ) Tj ET Q q 0 0 0 rg BT 172.67 117.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 218.40 117.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 260.24 117.10 Td (and ) Tj ET Q q 0 0 0 rg BT 278.75 117.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 302.26 117.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 343.00 117.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 384.83 117.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 425.01 117.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 459.08 117.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.37 117.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 518.33 117.10 Td (using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 105.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 111.71 105.10 Td (as ) Tj ET Q q 0 0 0 rg BT 122.00 105.10 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 163.64 105.10 Td (In ) Tj ET Q q 0 0 0 rg BT 173.92 105.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.09 105.10 Td (event ) Tj ET Q q 0 0 0 rg BT 211.70 105.10 Td (that ) Tj ET Q q 0 0 0 rg BT 228.64 105.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.81 105.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 295.29 105.10 Td (did ) Tj ET Q q 0 0 0 rg BT 310.02 105.10 Td (not ) Tj ET Q q 0 0 0 rg BT 324.75 105.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 346.14 105.10 Td (its ) Tj ET Q q 0 0 0 rg BT 357.53 105.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 403.90 105.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 446.41 105.10 Td (to ) Tj ET Q q 0 0 0 rg BT 456.14 105.10 Td (return ) Tj ET Q q 0 0 0 rg BT 481.96 105.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 521.68 105.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 93.10 Td (as ) Tj ET Q q 0 0 0 rg BT 82.74 93.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 122.34 93.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 145.02 93.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 181.87 93.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.06 93.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.68 93.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 231.31 93.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.05 93.10 Td (a ) Tj ET Q q 0 0 0 rg BT 248.89 93.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 294.61 93.10 Td (agreement\), ) Tj ET Q q 0 0 0 rg BT 344.49 93.10 Td (or ) Tj ET Q q 0 0 0 rg BT 355.23 93.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 398.18 93.10 Td (did ) Tj ET Q q 0 0 0 rg BT 413.37 93.10 Td (not ) Tj ET Q q 0 0 0 rg BT 428.56 93.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 459.85 93.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 502.25 93.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 81.10 Td (or ) Tj ET Q q 0 0 0 rg BT 83.44 81.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 104.32 81.10 Td (for ) Tj ET Q q 0 0 0 rg BT 119.10 81.10 Td (mar) Tj ET Q q 0 0 0 rg BT 134.46 81.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 150.35 81.10 Td (when ) Tj ET Q q 0 0 0 rg BT 175.13 81.10 Td (required, ) Tj ET Q q 0 0 0 rg BT 214.06 81.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.39 81.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 271.38 81.10 Td (was ) Tj ET Q q 0 0 0 rg BT 290.05 81.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 325.93 81.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.82 81.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.15 81.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 370.26 81.10 Td (of ) Tj ET Q q 0 0 0 rg BT 381.71 81.10 Td (reacquiring ) Tj ET Q q 0 0 0 rg BT 430.35 81.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.68 81.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 486.56 81.10 Td (or ) Tj ET Q q 0 0 0 rg BT 498.00 81.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 527.78 81.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 69.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 111.28 69.10 Td (at ) Tj ET Q q 0 0 0 rg BT 120.01 69.10 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 169.27 69.10 Td (market ) Tj ET Q q 0 0 0 rg BT 198.55 69.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 223.94 69.10 Td (in ) Tj ET Q q 0 0 0 rg BT 233.23 69.10 Td (order ) Tj ET Q q 0 0 0 rg BT 255.84 69.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.13 69.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 292.75 69.10 Td (its ) Tj ET Q q 0 0 0 rg BT 303.71 69.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 352.06 69.10 Td (The ) Tj ET Q q 0 0 0 rg BT 369.12 69.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 409.52 69.10 Td (controlled ) Tj ET Q q 0 0 0 rg BT 451.57 69.10 Td (this ) Tj ET Q q 0 0 0 rg BT 467.54 69.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 484.05 69.10 Td (by ) Tj ET Q q 0 0 0 rg BT 495.56 69.10 Td (monitoring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 57.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.87 57.10 Td (market ) Tj ET Q q 0 0 0 rg BT 117.30 57.10 Td (value ) Tj ET Q q 0 0 0 rg BT 141.61 57.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.60 57.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 193.02 57.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 227.33 57.10 Td (or ) Tj ET Q q 0 0 0 rg BT 238.32 57.10 Td (used ) Tj ET Q q 0 0 0 rg BT 259.31 57.10 Td (as ) Tj ET Q q 0 0 0 rg BT 270.29 57.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 310.15 57.10 Td (on ) Tj ET Q q 0 0 0 rg BT 322.81 57.10 Td (a ) Tj ET Q q 0 0 0 rg BT 329.90 57.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 352.56 57.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 375.21 57.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.31 57.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 431.62 57.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 482.05 57.10 Td (in ) Tj ET Q q 0 0 0 rg BT 492.49 57.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.36 57.10 Td (event ) Tj ET Q q 0 0 0 rg BT 531.68 57.10 Td (of ) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 677.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 100.51 677.10 Td (market ) Tj ET Q q 0 0 0 rg BT 130.69 677.10 Td (exposure. ) Tj ET Q q 0 0 0 rg BT 171.52 677.10 Td (The ) Tj ET Q q 0 0 0 rg BT 189.48 677.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 230.78 677.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 250.41 677.10 Td (unaf) Tj ET Q q 0 0 0 rg BT 268.00 677.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 298.73 677.10 Td (third ) Tj ET Q q 0 0 0 rg BT 320.03 677.10 Td (party ) Tj ET Q q 0 0 0 rg BT 342.99 677.10 Td (custodians ) Tj ET Q q 0 0 0 rg BT 387.62 677.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.81 677.10 Td (administer ) Tj ET Q q 0 0 0 rg BT 442.44 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.06 677.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 502.80 677.10 Td (collateral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 665.10 Td (for ) Tj ET Q q 0 0 0 rg BT 86.16 665.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 115.86 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.69 665.10 Td (its ) Tj ET Q q 0 0 0 rg BT 138.64 665.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 182.80 665.10 Td (financings ) Tj ET Q q 0 0 0 rg BT 226.95 665.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.23 665.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 272.50 665.10 Td (risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.10 Td (In ) Tj ET Q q 0 0 0 rg BT 83.07 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 90.25 641.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 121.85 641.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 167.90 641.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 212.28 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.23 641.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 268.86 641.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 311.03 641.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 348.75 641.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 398.15 641.10 Td (from ) Tj ET Q q 0 0 0 rg BT 420.33 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 427.51 641.10 Td (seller) Tj ET Q q 0 0 0 rg BT 448.76 641.10 Td (, ) Tj ET Q q 0 0 0 rg BT 454.00 641.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 491.73 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.25 641.10 Td (exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 629.10 Td (for ) Tj ET Q q 0 0 0 rg BT 85.91 629.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 108.44 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.13 629.10 Td (agrees ) Tj ET Q q 0 0 0 rg BT 152.92 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 162.95 629.10 Td (resell ) Tj ET Q q 0 0 0 rg BT 186.86 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.33 629.10 Td (same ) Tj ET Q q 0 0 0 rg BT 224.13 629.10 Td (or ) Tj ET Q q 0 0 0 rg BT 234.71 629.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 287.52 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.99 629.10 Td (same ) Tj ET Q q 0 0 0 rg BT 324.79 629.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 362.02 629.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 410.94 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.97 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.44 629.10 Td (seller ) Tj ET Q q 0 0 0 rg BT 459.35 629.10 Td (at ) Tj ET Q q 0 0 0 rg BT 468.82 629.10 Td (a ) Tj ET Q q 0 0 0 rg BT 475.51 629.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 501.09 629.10 Td (price ) Tj ET Q q 0 0 0 rg BT 523.33 629.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 617.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 105.34 617.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 137.02 617.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.06 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.53 617.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 190.16 617.10 Td (In ) Tj ET Q q 0 0 0 rg BT 200.74 617.10 Td (a ) Tj ET Q q 0 0 0 rg BT 207.43 617.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 252.99 617.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 299.39 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.86 617.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 355.00 617.10 Td (sells ) Tj ET Q q 0 0 0 rg BT 375.03 617.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 412.26 617.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 461.18 617.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.21 617.10 Td (a ) Tj ET Q q 0 0 0 rg BT 477.90 617.10 Td (buyer) Tj ET Q q 0 0 0 rg BT 500.27 617.10 Td (, ) Tj ET Q q 0 0 0 rg BT 505.02 617.10 Td (typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 605.10 Td (for ) Tj ET Q q 0 0 0 rg BT 86.27 605.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 109.15 605.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.19 605.10 Td (agrees ) Tj ET Q q 0 0 0 rg BT 154.34 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 164.73 605.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 210.64 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.47 605.10 Td (same ) Tj ET Q q 0 0 0 rg BT 248.62 605.10 Td (or ) Tj ET Q q 0 0 0 rg BT 259.56 605.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 312.72 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.55 605.10 Td (same ) Tj ET Q q 0 0 0 rg BT 350.70 605.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 388.29 605.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 437.57 605.10 Td (from ) Tj ET Q q 0 0 0 rg BT 459.61 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.44 605.10 Td (buyer ) Tj ET Q q 0 0 0 rg BT 499.82 605.10 Td (at ) Tj ET Q q 0 0 0 rg BT 509.64 605.10 Td (a ) Tj ET Q q 0 0 0 rg BT 516.69 605.10 Td (stated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.10 Td (price ) Tj ET Q q 0 0 0 rg BT 95.12 593.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 114.92 593.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 149.14 593.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 181.71 593.10 Td (at ) Tj ET Q q 0 0 0 rg BT 192.06 593.10 Td (a ) Tj ET Q q 0 0 0 rg BT 199.64 593.10 Td (future ) Tj ET Q q 0 0 0 rg BT 226.65 593.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 248.94 593.10 Td (Even ) Tj ET Q q 0 0 0 rg BT 272.62 593.10 Td (though ) Tj ET Q q 0 0 0 rg BT 303.53 593.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 349.97 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.55 593.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 399.55 593.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 445.99 593.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 494.66 593.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 527.79 593.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 581.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 94.44 581.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 127.99 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.33 581.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 184.00 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.34 581.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 233.33 581.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 285.50 581.10 Td (they ) Tj ET Q q 0 0 0 rg BT 305.73 581.10 Td (are ) Tj ET Q q 0 0 0 rg BT 320.94 581.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 364.49 581.10 Td (for ) Tj ET Q q 0 0 0 rg BT 379.15 581.10 Td (as ) Tj ET Q q 0 0 0 rg BT 390.49 581.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 431.27 581.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 488.14 581.10 Td (because ) Tj ET Q q 0 0 0 rg BT 522.79 581.10 Td (they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 569.10 Td (require ) Tj ET Q q 0 0 0 rg BT 102.82 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.53 569.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 155.01 569.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 204.18 569.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.46 569.10 Td (be ) Tj ET Q q 0 0 0 rg BT 226.39 569.10 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 277.20 569.10 Td (or ) Tj ET Q q 0 0 0 rg BT 288.03 569.10 Td (resold ) Tj ET Q q 0 0 0 rg BT 314.97 569.10 Td (at ) Tj ET Q q 0 0 0 rg BT 324.69 569.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 361.07 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.90 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.61 569.10 Td (agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 545.10 Td (In ) Tj ET Q q 0 0 0 rg BT 82.55 545.10 Td (a ) Tj ET Q q 0 0 0 rg BT 89.21 545.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 129.20 545.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 169.74 545.10 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 218.33 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.77 545.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 273.88 545.10 Td (borrows ) Tj ET Q q 0 0 0 rg BT 308.88 545.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 348.86 545.10 Td (from ) Tj ET Q q 0 0 0 rg BT 370.52 545.10 Td (a ) Tj ET Q q 0 0 0 rg BT 377.18 545.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 429.93 545.10 Td (in ) Tj ET Q q 0 0 0 rg BT 439.93 545.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 479.91 545.10 Td (for ) Tj ET Q q 0 0 0 rg BT 493.79 545.10 Td (cash. ) Tj ET Q q 0 0 0 rg BT 516.12 545.10 Td (When ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.02 533.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 128.71 533.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 159.28 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.30 533.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 217.36 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.38 533.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 285.71 533.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 316.28 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.30 533.10 Td (cash. ) Tj ET Q q 0 0 0 rg BT 354.37 533.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 387.16 533.10 Td (is ) Tj ET Q q 0 0 0 rg BT 396.63 533.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 436.64 533.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 456.65 533.10 Td (periodically ) Tj ET Q q 0 0 0 rg BT 507.21 533.10 Td (over ) Tj ET Q q 0 0 0 rg BT 527.79 533.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 521.10 Td (life ) Tj ET Q q 0 0 0 rg BT 87.83 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.66 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.37 521.10 Td (transaction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 497.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.29 497.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 129.92 497.10 Td (had ) Tj ET Q q 0 0 0 rg BT 146.09 497.10 Td (no ) Tj ET Q q 0 0 0 rg BT 157.83 497.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 206.24 497.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 245.75 497.10 Td (lending ) Tj ET Q q 0 0 0 rg BT 277.48 497.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 333.08 497.10 Td (as ) Tj ET Q q 0 0 0 rg BT 343.15 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.23 497.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 411.05 497.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 435.29 497.10 Td (See ) Tj ET Q q 0 0 0 rg BT 451.47 497.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 472.65 497.10 Td (4 ) Tj ET Q q 0 0 0 rg BT 479.39 497.10 Td (for ) Tj ET Q q 0 0 0 rg BT 492.79 497.10 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 485.10 Td (related ) Tj ET Q q 0 0 0 rg BT 101.70 485.10 Td (to ) Tj ET Q q 0 0 0 rg BT 111.98 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.70 485.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 173.78 485.10 Td (of) Tj ET Q q 0 0 0 rg BT 181.93 485.10 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 214.42 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.25 485.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 267.73 485.10 Td (contracts. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 461.10 Td (Note 9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.49 461.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 101.99 461.10 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 437.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.97 437.10 Td (Company) Tj ET Q q 0 0 0 rg BT 131.63 437.10 Td (s ) Tj ET Q q 0 0 0 rg BT 137.94 437.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 188.13 437.10 Td (include ) Tj ET Q q 0 0 0 rg BT 219.98 437.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 270.18 437.10 Td (in ) Tj ET Q q 0 0 0 rg BT 280.37 437.10 Td (private ) Tj ET Q q 0 0 0 rg BT 310.56 437.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 355.74 437.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.59 437.10 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 426.39 437.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 468.23 437.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 498.42 437.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 525.56 437.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 425.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 108.93 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.76 425.10 Td (public ) Tj ET Q q 0 0 0 rg BT 147.25 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 164.19 425.10 Td (private ) Tj ET Q q 0 0 0 rg BT 194.46 425.10 Td (companies.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 390.6 m 539.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 354.6 m 539.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 343.6 m 539.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 341.6 m 539.5 341.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.90 405.33 Td (December) Tj ET Q q 0 0 0 rg BT 518.02 405.33 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 74.00 394.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 494.00 393.33 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 381.22 Td (Investments at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 381.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 381.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 381.22 Td (7,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 369.22 Td (Investments at cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 369.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 369.22 Td (1,854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 357.22 Td (Investments accounted for under the equity method) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 357.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 357.22 Td (59,489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 345.22 Td (T) Tj ET Q q 0 0 0 rg BT 85.41 345.22 Td (otal investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 345.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 345.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 345.22 Td (68,395) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 319.10 Td (At ) Tj ET Q q 0 0 0 rg BT 84.07 319.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 142.23 319.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 166.80 319.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 216.65 319.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 246.48 319.10 Td (on ) Tj ET Q q 0 0 0 rg BT 258.55 319.10 Td (a ) Tj ET Q q 0 0 0 rg BT 265.06 319.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 283.24 319.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 305.31 319.10 Td (had ) Tj ET Q q 0 0 0 rg BT 321.82 319.10 Td (an ) Tj ET Q q 0 0 0 rg BT 333.34 319.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 373.73 319.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 389.68 319.10 Td (market ) Tj ET Q q 0 0 0 rg BT 419.51 319.10 Td (value ) Tj ET Q q 0 0 0 rg BT 443.24 319.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.65 319.10 Td ($3.2 ) Tj ET Q q 0 0 0 rg BT 473.22 319.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 506.68 319.10 Td (Because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 307.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 112.54 307.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 153.08 307.10 Td (were ) Tj ET Q q 0 0 0 rg BT 175.84 307.10 Td (based ) Tj ET Q q 0 0 0 rg BT 201.94 307.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 225.27 307.10 Td (management's ) Tj ET Q q 0 0 0 rg BT 285.38 307.10 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 328.99 307.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 380.09 307.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 411.17 307.10 Td (at ) Tj ET Q q 0 0 0 rg BT 421.72 307.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 441.16 307.10 Td (would ) Tj ET Q q 0 0 0 rg BT 469.49 307.10 Td (be ) Tj ET Q q 0 0 0 rg BT 482.26 307.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 531.67 307.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 295.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 97.26 295.10 Td (III ) Tj ET Q q 0 0 0 rg BT 109.75 295.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 135.58 295.10 Td (in ) Tj ET Q q 0 0 0 rg BT 145.86 295.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.58 295.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 176.96 295.10 Td (value ) Tj ET Q q 0 0 0 rg BT 201.11 295.10 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 238.22 295.10 Td (, ) Tj ET Q q 0 0 0 rg BT 243.22 295.10 Td (if ) Tj ET Q q 0 0 0 rg BT 251.82 295.10 Td (they ) Tj ET Q q 0 0 0 rg BT 271.54 295.10 Td (were ) Tj ET Q q 0 0 0 rg BT 293.47 295.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 323.72 295.10 Td (at ) Tj ET Q q 0 0 0 rg BT 333.44 295.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 349.82 295.10 Td (value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 271.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 122.97 271.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 166.16 271.10 Td (for ) Tj ET Q q 0 0 0 rg BT 180.46 271.10 Td (under ) Tj ET Q q 0 0 0 rg BT 205.88 271.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.75 271.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 248.39 271.10 Td (method ) Tj ET Q q 0 0 0 rg BT 281.04 271.10 Td (include ) Tj ET Q q 0 0 0 rg BT 313.12 271.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 344.10 271.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 391.73 271.10 Td (interests. ) Tj ET Q q 0 0 0 rg BT 430.01 271.10 Td (The ) Tj ET Q q 0 0 0 rg BT 448.21 271.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 484.17 271.10 Td (value ) Tj ET Q q 0 0 0 rg BT 508.48 271.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.46 271.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 259.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 122.49 259.10 Td (is ) Tj ET Q q 0 0 0 rg BT 131.88 259.10 Td (based ) Tj ET Q q 0 0 0 rg BT 157.37 259.10 Td (on ) Tj ET Q q 0 0 0 rg BT 170.09 259.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.02 259.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 231.62 259.10 Td (vehicle's ) Tj ET Q q 0 0 0 rg BT 268.91 259.10 Td (net ) Tj ET Q q 0 0 0 rg BT 283.84 259.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 306.00 259.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 332.68 259.10 Td (The ) Tj ET Q q 0 0 0 rg BT 350.94 259.10 Td (net ) Tj ET Q q 0 0 0 rg BT 365.88 259.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 391.93 259.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.98 259.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 449.58 259.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 501.17 259.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 531.67 259.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 247.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 122.23 247.10 Td (in ) Tj ET Q q 0 0 0 rg BT 132.46 247.10 Td (both ) Tj ET Q q 0 0 0 rg BT 152.70 247.10 Td (marketable ) Tj ET Q q 0 0 0 rg BT 199.57 247.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.46 247.10 Td (non-marketable ) Tj ET Q q 0 0 0 rg BT 281.67 247.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 324.21 247.10 Td (The ) Tj ET Q q 0 0 0 rg BT 342.21 247.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 387.99 247.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 438.22 247.10 Td (held ) Tj ET Q q 0 0 0 rg BT 457.89 247.10 Td (by ) Tj ET Q q 0 0 0 rg BT 470.35 247.10 Td (such ) Tj ET Q q 0 0 0 rg BT 491.13 247.10 Td (partnerships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 235.10 Td (are ) Tj ET Q q 0 0 0 rg BT 86.63 235.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 115.71 235.10 Td (based ) Tj ET Q q 0 0 0 rg BT 140.91 235.10 Td (on ) Tj ET Q q 0 0 0 rg BT 153.33 235.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.98 235.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 208.72 235.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 225.03 235.10 Td (value ) Tj ET Q q 0 0 0 rg BT 249.11 235.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 296.51 235.10 Td (by ) Tj ET Q q 0 0 0 rg BT 308.94 235.10 Td (management ) Tj ET Q q 0 0 0 rg BT 362.45 235.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.21 235.10 Td (our ) Tj ET Q q 0 0 0 rg BT 388.96 235.10 Td (af) Tj ET Q q 0 0 0 rg BT 396.55 235.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 427.30 235.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 478.60 235.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 497.97 235.10 Td (in ) Tj ET Q q 0 0 0 rg BT 508.17 235.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.81 235.10 Td (case ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 223.10 Td (of ) Tj ET Q q 0 0 0 rg BT 83.02 223.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 133.49 223.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.96 223.10 Td (unaf) Tj ET Q q 0 0 0 rg BT 161.55 223.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 192.56 223.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 239.13 223.10 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 293.20 223.10 Td (are ) Tj ET Q q 0 0 0 rg BT 308.10 223.10 Td (based ) Tj ET Q q 0 0 0 rg BT 333.56 223.10 Td (on ) Tj ET Q q 0 0 0 rg BT 346.25 223.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 383.92 223.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 428.83 223.10 Td (prepared ) Tj ET Q q 0 0 0 rg BT 466.50 223.10 Td (by ) Tj ET Q q 0 0 0 rg BT 479.19 223.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.10 223.10 Td (unaf) Tj ET Q q 0 0 0 rg BT 511.68 223.10 Td (filiated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 211.10 Td (general ) Tj ET Q q 0 0 0 rg BT 103.92 211.10 Td (partners.) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 677.25 Td (Note 10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.49 677.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 106.99 677.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 132.64 677.25 Td (Assets) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 630.75 m 539.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 558.75 m 539.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 547.75 m 539.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 545.75 m 539.5 545.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.90 645.48 Td (December) Tj ET Q q 0 0 0 rg BT 518.02 645.48 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 74.00 634.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 494.00 633.48 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 621.37 Td (Fee receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 621.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 621.37 Td (13,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 609.37 Td (Accrued interest receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.50 609.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 609.37 Td (4,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 597.37 Td (For) Tj ET Q q 0 0 0 rg BT 87.80 597.37 Td (givable loans, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 597.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 597.37 Td (6,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 585.37 Td (Prepaid expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 585.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 585.37 Td (4,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 573.37 Td (Secured loan receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 573.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 573.37 Td (2,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 561.37 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.50 561.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 561.37 Td (1,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 549.37 Td (T) Tj ET Q q 0 0 0 rg BT 85.41 549.37 Td (otal other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 549.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 549.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 549.37 Td (33,430) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 523.25 Td (Note 1) Tj ET Q q 0 0 0 rg BT 98.94 523.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.94 523.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 106.44 523.25 Td (Goodwill and Intangible ) Tj ET Q q 0 0 0 rg BT 207.09 523.25 Td (Assets) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 452.75 m 539.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 441.75 m 539.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 439.75 m 539.5 439.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 380.75 m 539.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 369.75 m 539.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 367.75 m 539.5 367.75 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 74.00 492.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 479.48 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 467.37 Td (Balance at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 467.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 467.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 467.37 Td (80,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 455.37 Td (Goodwill acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 455.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 455.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 443.37 Td (Balance at December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 443.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 443.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 443.37 Td (80,486) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 419.48 Td (Intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 407.37 Td (Balance at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 407.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 407.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 407.37 Td (18,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 395.37 Td (Intangible assets acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 395.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 395.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 383.37 Td (Amortization of intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.50 383.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.80 383.37 Td (\(9,629) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 383.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 371.37 Td (Balance at December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 371.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 371.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 371.37 Td (8,904) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 345.25 Td (The ) Tj ET Q q 0 0 0 rg BT 89.95 345.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.24 345.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 151.43 345.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 189.39 345.25 Td (and ) Tj ET Q q 0 0 0 rg BT 206.23 345.25 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 263.61 345.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 306.01 345.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 331.74 345.25 Td (for ) Tj ET Q q 0 0 0 rg BT 345.81 345.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 394.31 345.25 Td (on ) Tj ET Q q 0 0 0 rg BT 406.71 345.25 Td (an ) Tj ET Q q 0 0 0 rg BT 418.56 345.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 447.62 345.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 470.02 345.25 Td (and ) Tj ET Q q 0 0 0 rg BT 486.87 345.25 Td (on ) Tj ET Q q 0 0 0 rg BT 499.27 345.25 Td (an ) Tj ET Q q 0 0 0 rg BT 511.11 345.25 Td (interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 333.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 95.43 333.25 Td (when ) Tj ET Q q 0 0 0 rg BT 120.52 333.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 180.58 333.25 Td (exist ) Tj ET Q q 0 0 0 rg BT 202.90 333.25 Td (that ) Tj ET Q q 0 0 0 rg BT 221.32 333.25 Td (could ) Tj ET Q q 0 0 0 rg BT 246.97 333.25 Td (indicate ) Tj ET Q q 0 0 0 rg BT 282.04 333.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 318.25 333.25 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 370.03 333.25 Td (The ) Tj ET Q q 0 0 0 rg BT 389.00 333.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 431.32 333.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 452.52 333.25 Td (for ) Tj ET Q q 0 0 0 rg BT 467.61 333.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 517.14 333.25 Td (at ) Tj ET Q q 0 0 0 rg BT 527.78 333.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 321.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 110.02 321.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 126.94 321.25 Td (level, ) Tj ET Q q 0 0 0 rg BT 150.24 321.25 Td (which ) Tj ET Q q 0 0 0 rg BT 176.05 321.25 Td (is ) Tj ET Q q 0 0 0 rg BT 184.08 321.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 222.65 321.25 Td (one ) Tj ET Q q 0 0 0 rg BT 238.46 321.25 Td (level ) Tj ET Q q 0 0 0 rg BT 259.26 321.25 Td (below ) Tj ET Q q 0 0 0 rg BT 285.06 321.25 Td (its ) Tj ET Q q 0 0 0 rg BT 295.88 321.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 335.01 321.25 Td (segments. ) Tj ET Q q 0 0 0 rg BT 375.99 321.25 Td (The ) Tj ET Q q 0 0 0 rg BT 392.90 321.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 433.16 321.25 Td (has ) Tj ET Q q 0 0 0 rg BT 447.85 321.25 Td (identified ) Tj ET Q q 0 0 0 rg BT 487.54 321.25 Td (one ) Tj ET Q q 0 0 0 rg BT 503.34 321.25 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 309.25 Td (unit: ) Tj ET Q q 0 0 0 rg BT 93.31 309.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 122.93 309.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 159.85 309.25 Td (When ) Tj ET Q q 0 0 0 rg BT 186.70 309.25 Td (testing ) Tj ET Q q 0 0 0 rg BT 216.34 309.25 Td (for ) Tj ET Q q 0 0 0 rg BT 230.97 309.25 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 282.54 309.25 Td (the ) Tj ET Q q 0 0 0 rg BT 297.73 309.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 339.59 309.25 Td (has ) Tj ET Q q 0 0 0 rg BT 355.90 309.25 Td (the ) Tj ET Q q 0 0 0 rg BT 371.09 309.25 Td (option ) Tj ET Q q 0 0 0 rg BT 399.62 309.25 Td (to ) Tj ET Q q 0 0 0 rg BT 410.37 309.25 Td (first ) Tj ET Q q 0 0 0 rg BT 429.45 309.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 456.87 309.25 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 502.05 309.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 532.23 309.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 297.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 114.32 297.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 148.87 297.25 Td (it ) Tj ET Q q 0 0 0 rg BT 156.77 297.25 Td (is ) Tj ET Q q 0 0 0 rg BT 165.78 297.25 Td (more ) Tj ET Q q 0 0 0 rg BT 188.66 297.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 213.78 297.25 Td (than ) Tj ET Q q 0 0 0 rg BT 233.33 297.25 Td (not ) Tj ET Q q 0 0 0 rg BT 248.45 297.25 Td (that ) Tj ET Q q 0 0 0 rg BT 265.79 297.25 Td (the ) Tj ET Q q 0 0 0 rg BT 280.34 297.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 296.56 297.25 Td (value ) Tj ET Q q 0 0 0 rg BT 320.56 297.25 Td (of ) Tj ET Q q 0 0 0 rg BT 331.23 297.25 Td (the ) Tj ET Q q 0 0 0 rg BT 345.79 297.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 384.78 297.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 402.68 297.25 Td (is ) Tj ET Q q 0 0 0 rg BT 411.69 297.25 Td (less ) Tj ET Q q 0 0 0 rg BT 429.03 297.25 Td (than ) Tj ET Q q 0 0 0 rg BT 448.59 297.25 Td (its ) Tj ET Q q 0 0 0 rg BT 460.37 297.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 496.03 297.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 530.87 297.25 Td (If, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 285.25 Td (after ) Tj ET Q q 0 0 0 rg BT 92.82 285.25 Td (making ) Tj ET Q q 0 0 0 rg BT 125.32 285.25 Td (an ) Tj ET Q q 0 0 0 rg BT 137.26 285.25 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 186.70 285.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.42 285.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 242.81 285.25 Td (determines ) Tj ET Q q 0 0 0 rg BT 289.19 285.25 Td (it ) Tj ET Q q 0 0 0 rg BT 297.25 285.25 Td (is ) Tj ET Q q 0 0 0 rg BT 306.42 285.25 Td (not ) Tj ET Q q 0 0 0 rg BT 321.71 285.25 Td (more ) Tj ET Q q 0 0 0 rg BT 344.76 285.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 370.04 285.25 Td (than ) Tj ET Q q 0 0 0 rg BT 389.76 285.25 Td (not ) Tj ET Q q 0 0 0 rg BT 405.04 285.25 Td (that ) Tj ET Q q 0 0 0 rg BT 422.54 285.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.26 285.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 453.64 285.25 Td (value ) Tj ET Q q 0 0 0 rg BT 477.80 285.25 Td (of ) Tj ET Q q 0 0 0 rg BT 488.63 285.25 Td (the ) Tj ET Q q 0 0 0 rg BT 503.35 285.25 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 273.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 88.93 273.25 Td (is ) Tj ET Q q 0 0 0 rg BT 96.97 273.25 Td (less ) Tj ET Q q 0 0 0 rg BT 113.35 273.25 Td (than ) Tj ET Q q 0 0 0 rg BT 131.94 273.25 Td (its ) Tj ET Q q 0 0 0 rg BT 142.76 273.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 177.45 273.25 Td (amount, ) Tj ET Q q 0 0 0 rg BT 211.32 273.25 Td (then ) Tj ET Q q 0 0 0 rg BT 229.91 273.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 276.27 273.25 Td (further ) Tj ET Q q 0 0 0 rg BT 304.85 273.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 338.44 273.25 Td (is ) Tj ET Q q 0 0 0 rg BT 346.48 273.25 Td (unnecessary) Tj ET Q q 0 0 0 rg BT 394.70 273.25 Td (. ) Tj ET Q q 0 0 0 rg BT 398.57 273.25 Td (However) Tj ET Q q 0 0 0 rg BT 434.82 273.25 Td (, ) Tj ET Q q 0 0 0 rg BT 438.70 273.25 Td (if ) Tj ET Q q 0 0 0 rg BT 446.18 273.25 Td (the ) Tj ET Q q 0 0 0 rg BT 459.77 273.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 500.03 273.25 Td (concludes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 261.25 Td (otherwise, ) Tj ET Q q 0 0 0 rg BT 115.38 261.25 Td (then ) Tj ET Q q 0 0 0 rg BT 134.60 261.25 Td (the ) Tj ET Q q 0 0 0 rg BT 148.82 261.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 189.71 261.25 Td (is ) Tj ET Q q 0 0 0 rg BT 198.38 261.25 Td (required ) Tj ET Q q 0 0 0 rg BT 233.69 261.25 Td (to ) Tj ET Q q 0 0 0 rg BT 243.47 261.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 277.68 261.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.90 261.25 Td (two-step ) Tj ET Q q 0 0 0 rg BT 328.34 261.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 376.44 261.25 Td (test, ) Tj ET Q q 0 0 0 rg BT 394.83 261.25 Td (which ) Tj ET Q q 0 0 0 rg BT 421.27 261.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 455.48 261.25 Td (management ) Tj ET Q q 0 0 0 rg BT 508.57 261.25 Td (to ) Tj ET Q q 0 0 0 rg BT 518.35 261.25 Td (make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 249.25 Td (judgments ) Tj ET Q q 0 0 0 rg BT 116.36 249.25 Td (in ) Tj ET Q q 0 0 0 rg BT 126.84 249.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 177.86 249.25 Td (what ) Tj ET Q q 0 0 0 rg BT 200.00 249.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 252.15 249.25 Td (to ) Tj ET Q q 0 0 0 rg BT 262.62 249.25 Td (use ) Tj ET Q q 0 0 0 rg BT 278.65 249.25 Td (in ) Tj ET Q q 0 0 0 rg BT 289.13 249.25 Td (the ) Tj ET Q q 0 0 0 rg BT 304.05 249.25 Td (calculation. ) Tj ET Q q 0 0 0 rg BT 352.92 249.25 Td (The ) Tj ET Q q 0 0 0 rg BT 371.16 249.25 Td (first ) Tj ET Q q 0 0 0 rg BT 389.97 249.25 Td (step ) Tj ET Q q 0 0 0 rg BT 408.78 249.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 443.69 249.25 Td (a ) Tj ET Q q 0 0 0 rg BT 450.82 249.25 Td (comparison ) Tj ET Q q 0 0 0 rg BT 500.18 249.25 Td (of ) Tj ET Q q 0 0 0 rg BT 511.21 249.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.12 249.25 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 237.25 Td (value ) Tj ET Q q 0 0 0 rg BT 95.91 237.25 Td (of ) Tj ET Q q 0 0 0 rg BT 106.49 237.25 Td (the ) Tj ET Q q 0 0 0 rg BT 120.96 237.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 159.87 237.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 177.68 237.25 Td (to ) Tj ET Q q 0 0 0 rg BT 187.71 237.25 Td (its ) Tj ET Q q 0 0 0 rg BT 199.41 237.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 234.98 237.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 261.38 237.25 Td (including ) Tj ET Q q 0 0 0 rg BT 301.41 237.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 339.75 237.25 Td (goodwill. ) Tj ET Q q 0 0 0 rg BT 379.90 237.25 Td (The ) Tj ET Q q 0 0 0 rg BT 397.70 237.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 438.27 237.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 454.40 237.25 Td (value ) Tj ET Q q 0 0 0 rg BT 478.31 237.25 Td (of ) Tj ET Q q 0 0 0 rg BT 488.89 237.25 Td (the ) Tj ET Q q 0 0 0 rg BT 503.36 237.25 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 225.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 89.39 225.25 Td (is ) Tj ET Q q 0 0 0 rg BT 97.89 225.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 129.71 225.25 Td (based ) Tj ET Q q 0 0 0 rg BT 154.31 225.25 Td (on ) Tj ET Q q 0 0 0 rg BT 166.15 225.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 205.19 225.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 249.79 225.25 Td (that ) Tj ET Q q 0 0 0 rg BT 266.62 225.25 Td (a ) Tj ET Q q 0 0 0 rg BT 272.89 225.25 Td (market ) Tj ET Q q 0 0 0 rg BT 302.49 225.25 Td (participant ) Tj ET Q q 0 0 0 rg BT 347.08 225.25 Td (would ) Tj ET Q q 0 0 0 rg BT 373.91 225.25 Td (use. ) Tj ET Q q 0 0 0 rg BT 391.45 225.25 Td (The ) Tj ET Q q 0 0 0 rg BT 408.83 225.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 449.55 225.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 488.59 225.25 Td (the ) Tj ET Q q 0 0 0 rg BT 502.64 225.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 518.35 225.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 213.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.68 213.25 Td (the ) Tj ET Q q 0 0 0 rg BT 97.25 213.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 136.25 213.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 154.16 213.25 Td (using ) Tj ET Q q 0 0 0 rg BT 178.18 213.25 Td (the ) Tj ET Q q 0 0 0 rg BT 192.75 213.25 Td (income ) Tj ET Q q 0 0 0 rg BT 224.53 213.25 Td (approach ) Tj ET Q q 0 0 0 rg BT 263.53 213.25 Td (\(discounted ) Tj ET Q q 0 0 0 rg BT 312.53 213.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 332.65 213.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 353.33 213.25 Td (method\) ) Tj ET Q q 0 0 0 rg BT 389.00 213.25 Td (and ) Tj ET Q q 0 0 0 rg BT 405.79 213.25 Td (market ) Tj ET Q q 0 0 0 rg BT 435.91 213.25 Td (approach ) Tj ET Q q 0 0 0 rg BT 474.90 213.25 Td (\(earnings ) Tj ET Q q 0 0 0 rg BT 514.46 213.25 Td (and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 201.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 117.47 201.25 Td (multiples\). ) Tj ET Q q 0 0 0 rg BT 161.76 201.25 Td (As ) Tj ET Q q 0 0 0 rg BT 174.46 201.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 214.39 201.25 Td (in ) Tj ET Q q 0 0 0 rg BT 223.76 201.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 244.79 201.25 Td (3, ) Tj ET Q q 0 0 0 rg BT 253.88 201.25 Td (the ) Tj ET Q q 0 0 0 rg BT 267.69 201.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 308.17 201.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 341.07 201.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 362.67 201.25 Td (2017-04 ) Tj ET Q q 0 0 0 rg BT 397.59 201.25 Td (ef) Tj ET Q q 0 0 0 rg BT 405.18 201.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 433.98 201.25 Td (July ) Tj ET Q q 0 0 0 rg BT 452.24 201.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 461.33 201.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 485.07 201.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 506.67 201.25 Td (2017-04 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 189.25 Td (eliminates ) Tj ET Q q 0 0 0 rg BT 115.91 189.25 Td (the ) Tj ET Q q 0 0 0 rg BT 130.94 189.25 Td (second ) Tj ET Q q 0 0 0 rg BT 161.52 189.25 Td (step ) Tj ET Q q 0 0 0 rg BT 180.44 189.25 Td (from ) Tj ET Q q 0 0 0 rg BT 202.69 189.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.72 189.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 256.08 189.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 305.00 189.25 Td (test. ) Tj ET Q q 0 0 0 rg BT 323.57 189.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 372.91 189.25 Td (, ) Tj ET Q q 0 0 0 rg BT 378.22 189.25 Td (the ) Tj ET Q q 0 0 0 rg BT 393.25 189.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 434.95 189.25 Td (will ) Tj ET Q q 0 0 0 rg BT 453.31 189.25 Td (record ) Tj ET Q q 0 0 0 rg BT 481.66 189.25 Td (an ) Tj ET Q q 0 0 0 rg BT 493.91 189.25 Td (impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 177.25 Td (char) Tj ET Q q 0 0 0 rg BT 89.03 177.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 100.96 177.25 Td (based ) Tj ET Q q 0 0 0 rg BT 126.23 177.25 Td (on ) Tj ET Q q 0 0 0 rg BT 138.73 177.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.45 177.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 182.05 177.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.88 177.25 Td (a ) Tj ET Q q 0 0 0 rg BT 199.82 177.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 238.97 177.25 Td (unit's ) Tj ET Q q 0 0 0 rg BT 262.72 177.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 298.54 177.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 331.03 177.25 Td (over ) Tj ET Q q 0 0 0 rg BT 351.30 177.25 Td (its ) Tj ET Q q 0 0 0 rg BT 363.25 177.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 379.63 177.25 Td (value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 153.25 Td (The ) Tj ET Q q 0 0 0 rg BT 91.91 153.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 135.15 153.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 181.16 153.25 Td (its ) Tj ET Q q 0 0 0 rg BT 194.97 153.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 225.98 153.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 265.90 153.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 316.36 153.25 Td (testing ) Tj ET Q q 0 0 0 rg BT 347.38 153.25 Td (as ) Tj ET Q q 0 0 0 rg BT 360.07 153.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.76 153.25 Td (October ) Tj ET Q q 0 0 0 rg BT 409.33 153.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 426.19 153.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 453.05 153.25 Td (which ) Tj ET Q q 0 0 0 rg BT 481.85 153.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 517.86 153.25 Td (in ) Tj ET Q q 0 0 0 rg BT 530.00 153.25 Td (no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 141.25 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 123.05 141.25 Td (The ) Tj ET Q q 0 0 0 rg BT 141.23 141.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 182.76 141.25 Td (also ) Tj ET Q q 0 0 0 rg BT 201.51 141.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 242.46 141.25 Td (its ) Tj ET Q q 0 0 0 rg BT 254.54 141.25 Td (definite-lived ) Tj ET Q q 0 0 0 rg BT 311.05 141.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 353.68 141.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 379.65 141.25 Td (and ) Tj ET Q q 0 0 0 rg BT 396.73 141.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 440.46 141.25 Td (there ) Tj ET Q q 0 0 0 rg BT 463.08 141.25 Td (was ) Tj ET Q q 0 0 0 rg BT 481.27 141.25 Td (no ) Tj ET Q q 0 0 0 rg BT 493.91 141.25 Td (impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 129.25 Td (in ) Tj ET Q q 0 0 0 rg BT 82.28 129.25 Td (2017.) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 677.25 Td (Note 12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.49 677.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 106.99 677.25 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 132.07 677.25 Td (Assets) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 630.75 m 539.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 594.75 m 539.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 570.75 m 539.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 559.75 m 539.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 557.75 m 539.5 557.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.90 645.48 Td (December) Tj ET Q q 0 0 0 rg BT 518.02 645.48 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 74.00 634.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 494.00 633.48 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 621.37 Td (Furniture and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 621.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 621.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 621.37 Td (35,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 609.37 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 609.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 609.37 Td (26,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 597.37 Td (Software) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 597.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 597.37 Td (1) Tj ET Q q 0 0 0 rg BT 513.15 597.37 Td (1,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 585.37 Td (T) Tj ET Q q 0 0 0 rg BT 85.41 585.37 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 585.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 585.37 Td (73,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 573.37 Td (Accumulated depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 573.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.80 573.37 Td (\(50,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 573.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 561.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 561.37 Td (23,300) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 535.25 Td (Note 13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.49 535.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 106.99 535.25 Td (Short-T) Tj ET Q q 0 0 0 rg BT 136.63 535.25 Td (erm Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 511.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.66 511.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 132.67 511.25 Td (issues ) Tj ET Q q 0 0 0 rg BT 159.68 511.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 193.33 511.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 243.64 511.25 Td (paper ) Tj ET Q q 0 0 0 rg BT 268.97 511.25 Td (to ) Tj ET Q q 0 0 0 rg BT 279.86 511.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 301.31 511.25 Td (a ) Tj ET Q q 0 0 0 rg BT 308.86 511.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 340.87 511.25 Td (of ) Tj ET Q q 0 0 0 rg BT 352.31 511.25 Td (its ) Tj ET Q q 0 0 0 rg BT 364.88 511.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 405.76 511.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 443.44 511.25 Td (. ) Tj ET Q q 0 0 0 rg BT 448.83 511.25 Td (The ) Tj ET Q q 0 0 0 rg BT 467.49 511.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 517.80 511.25 Td (paper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 499.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 95.68 499.25 Td (\(CP) Tj ET Q q 0 0 0 rg BT 115.31 499.25 Td ( ) Tj ET Q q 0 0 0 rg BT 117.88 499.25 Td (Notes\) ) Tj ET Q q 0 0 0 rg BT 151.55 499.25 Td (can ) Tj ET Q q 0 0 0 rg BT 167.99 499.25 Td (be ) Tj ET Q q 0 0 0 rg BT 180.00 499.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 207.57 499.25 Td (with ) Tj ET Q q 0 0 0 rg BT 227.92 499.25 Td (maturities ) Tj ET Q q 0 0 0 rg BT 270.48 499.25 Td (of ) Tj ET Q q 0 0 0 rg BT 281.38 499.25 Td (27 ) Tj ET Q q 0 0 0 rg BT 293.95 499.25 Td (days ) Tj ET Q q 0 0 0 rg BT 314.85 499.25 Td (to ) Tj ET Q q 0 0 0 rg BT 325.20 499.25 Td (270 ) Tj ET Q q 0 0 0 rg BT 342.77 499.25 Td (days ) Tj ET Q q 0 0 0 rg BT 363.67 499.25 Td (from ) Tj ET Q q 0 0 0 rg BT 385.67 499.25 Td (the ) Tj ET Q q 0 0 0 rg BT 400.46 499.25 Td (date ) Tj ET Q q 0 0 0 rg BT 419.69 499.25 Td (of ) Tj ET Q q 0 0 0 rg BT 430.59 499.25 Td (issuance. ) Tj ET Q q 0 0 0 rg BT 469.35 499.25 Td (The ) Tj ET Q q 0 0 0 rg BT 487.46 499.25 Td (CP) Tj ET Q q 0 0 0 rg BT 499.32 499.25 Td ( ) Tj ET Q q 0 0 0 rg BT 501.89 499.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 527.79 499.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 487.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 110.59 487.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 138.08 487.25 Td (under ) Tj ET Q q 0 0 0 rg BT 163.34 487.25 Td (two ) Tj ET Q q 0 0 0 rg BT 180.84 487.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 216.09 487.25 Td (programs, ) Tj ET Q q 0 0 0 rg BT 258.85 487.25 Td (CP) Tj ET Q q 0 0 0 rg BT 270.71 487.25 Td ( ) Tj ET Q q 0 0 0 rg BT 273.20 487.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 299.59 487.25 Td (A) Tj ET Q q 0 0 0 rg BT 306.26 487.25 Td ( ) Tj ET Q q 0 0 0 rg BT 308.75 487.25 Td (and ) Tj ET Q q 0 0 0 rg BT 325.68 487.25 Td (CP) Tj ET Q q 0 0 0 rg BT 337.54 487.25 Td ( ) Tj ET Q q 0 0 0 rg BT 340.04 487.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 366.97 487.25 Td (II ) Tj ET Q q 0 0 0 rg BT 375.57 487.25 Td (A, ) Tj ET Q q 0 0 0 rg BT 387.79 487.25 Td (and ) Tj ET Q q 0 0 0 rg BT 404.72 487.25 Td (are ) Tj ET Q q 0 0 0 rg BT 419.42 487.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 452.45 487.25 Td (by ) Tj ET Q q 0 0 0 rg BT 464.95 487.25 Td (dif) Tj ET Q q 0 0 0 rg BT 475.88 487.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 501.69 487.25 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 475.25 Td (classes. ) Tj ET Q q 0 0 0 rg BT 105.39 475.25 Td (CP) Tj ET Q q 0 0 0 rg BT 117.25 475.25 Td ( ) Tj ET Q q 0 0 0 rg BT 120.38 475.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 147.94 475.25 Td (III ) Tj ET Q q 0 0 0 rg BT 160.37 475.25 Td (A) Tj ET Q q 0 0 0 rg BT 167.04 475.25 Td ( ) Tj ET Q q 0 0 0 rg BT 170.16 475.25 Td (was ) Tj ET Q q 0 0 0 rg BT 188.84 475.25 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 243.07 475.25 Td (during ) Tj ET Q q 0 0 0 rg BT 272.30 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 287.64 475.25 Td (third ) Tj ET Q q 0 0 0 rg BT 309.66 475.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 341.10 475.25 Td (of ) Tj ET Q q 0 0 0 rg BT 352.55 475.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 377.49 475.25 Td (As ) Tj ET Q q 0 0 0 rg BT 391.72 475.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.18 475.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 462.39 475.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 488.01 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 503.36 475.25 Td (weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 463.25 Td (average ) Tj ET Q q 0 0 0 rg BT 105.86 463.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 142.51 463.25 Td (of ) Tj ET Q q 0 0 0 rg BT 153.61 463.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 203.05 463.25 Td (CP) Tj ET Q q 0 0 0 rg BT 214.91 463.25 Td ( ) Tj ET Q q 0 0 0 rg BT 217.68 463.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 243.79 463.25 Td (was ) Tj ET Q q 0 0 0 rg BT 262.11 463.25 Td (8 ) Tj ET Q q 0 0 0 rg BT 269.88 463.25 Td (days. ) Tj ET Q q 0 0 0 rg BT 293.28 463.25 Td (The ) Tj ET Q q 0 0 0 rg BT 311.60 463.25 Td (CP) Tj ET Q q 0 0 0 rg BT 323.46 463.25 Td ( ) Tj ET Q q 0 0 0 rg BT 326.24 463.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 352.34 463.25 Td (are ) Tj ET Q q 0 0 0 rg BT 367.32 463.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 399.52 463.25 Td (bearing ) Tj ET Q q 0 0 0 rg BT 432.28 463.25 Td (or ) Tj ET Q q 0 0 0 rg BT 443.39 463.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 462.83 463.25 Td (at ) Tj ET Q q 0 0 0 rg BT 472.82 463.25 Td (a ) Tj ET Q q 0 0 0 rg BT 480.03 463.25 Td (discount ) Tj ET Q q 0 0 0 rg BT 516.69 463.25 Td (to ) Tj ET Q q 0 0 0 rg BT 527.24 463.25 Td (par ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 451.25 Td (with ) Tj ET Q q 0 0 0 rg BT 91.61 451.25 Td (an ) Tj ET Q q 0 0 0 rg BT 102.88 451.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 134.14 451.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 150.96 451.25 Td (based ) Tj ET Q q 0 0 0 rg BT 175.55 451.25 Td (on ) Tj ET Q q 0 0 0 rg BT 187.38 451.25 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 219.21 451.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 237.71 451.25 Td (an ) Tj ET Q q 0 0 0 rg BT 248.98 451.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 291.90 451.25 Td (mar) Tj ET Q q 0 0 0 rg BT 307.27 451.25 Td (gin. ) Tj ET Q q 0 0 0 rg BT 324.38 451.25 Td (CP) Tj ET Q q 0 0 0 rg BT 336.24 451.25 Td ( ) Tj ET Q q 0 0 0 rg BT 338.07 451.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 364.34 451.25 Td (II ) Tj ET Q q 0 0 0 rg BT 372.42 451.25 Td (A) Tj ET Q q 0 0 0 rg BT 379.09 451.25 Td ( ) Tj ET Q q 0 0 0 rg BT 380.92 451.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 416.08 451.25 Td (a ) Tj ET Q q 0 0 0 rg BT 422.35 451.25 Td (revised ) Tj ET Q q 0 0 0 rg BT 453.05 451.25 Td (covenant ) Tj ET Q q 0 0 0 rg BT 490.98 451.25 Td (that ) Tj ET Q q 0 0 0 rg BT 507.80 451.25 Td (requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 439.25 Td (the ) Tj ET Q q 0 0 0 rg BT 87.13 439.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 128.93 439.25 Td (to ) Tj ET Q q 0 0 0 rg BT 139.62 439.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 177.53 439.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 206.54 439.25 Td (net ) Tj ET Q q 0 0 0 rg BT 221.67 439.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 251.24 439.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.48 439.25 Td ($100 ) Tj ET Q q 0 0 0 rg BT 285.39 439.25 Td (million. ) Tj ET Q q 0 0 0 rg BT 319.06 439.25 Td (At ) Tj ET Q q 0 0 0 rg BT 331.97 439.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 390.97 439.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 416.38 439.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.51 439.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 473.31 439.25 Td (had ) Tj ET Q q 0 0 0 rg BT 490.67 439.25 Td (CP) Tj ET Q q 0 0 0 rg BT 502.53 439.25 Td ( ) Tj ET Q q 0 0 0 rg BT 505.44 439.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 531.69 439.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 427.25 Td ($50.0 ) Tj ET Q q 0 0 0 rg BT 97.00 427.25 Td (million ) Tj ET Q q 0 0 0 rg BT 128.39 427.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 177.56 427.25 Td (with ) Tj ET Q q 0 0 0 rg BT 197.83 427.25 Td (a ) Tj ET Q q 0 0 0 rg BT 204.77 427.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 243.93 427.25 Td (average ) Tj ET Q q 0 0 0 rg BT 277.51 427.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 309.45 427.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 326.93 427.25 Td (of ) Tj ET Q q 0 0 0 rg BT 337.76 427.25 Td (2.32%.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 403.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.03 403.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.40 403.25 Td (has ) Tj ET Q q 0 0 0 rg BT 147.21 403.25 Td (both ) Tj ET Q q 0 0 0 rg BT 167.47 403.25 Td (committed ) Tj ET Q q 0 0 0 rg BT 212.72 403.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.64 403.25 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 284.89 403.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 329.03 403.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 350.95 403.25 Td (line ) Tj ET Q q 0 0 0 rg BT 368.43 403.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 408.67 403.25 Td (available ) Tj ET Q q 0 0 0 rg BT 447.24 403.25 Td (on ) Tj ET Q q 0 0 0 rg BT 459.72 403.25 Td (a ) Tj ET Q q 0 0 0 rg BT 466.64 403.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 499.66 403.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 524.47 403.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 391.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.21 391.25 Td (uses ) Tj ET Q q 0 0 0 rg BT 132.75 391.25 Td (these ) Tj ET Q q 0 0 0 rg BT 155.63 391.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 180.71 391.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 217.46 391.25 Td (in ) Tj ET Q q 0 0 0 rg BT 227.57 391.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.11 391.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 278.31 391.25 Td (course ) Tj ET Q q 0 0 0 rg BT 306.73 391.25 Td (of ) Tj ET Q q 0 0 0 rg BT 317.38 391.25 Td (business ) Tj ET Q q 0 0 0 rg BT 353.60 391.25 Td (to ) Tj ET Q q 0 0 0 rg BT 363.70 391.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 384.35 391.25 Td (a ) Tj ET Q q 0 0 0 rg BT 391.11 391.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 422.32 391.25 Td (of ) Tj ET Q q 0 0 0 rg BT 432.98 391.25 Td (its ) Tj ET Q q 0 0 0 rg BT 444.75 391.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 467.07 391.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 511.04 391.25 Td (and ) Tj ET Q q 0 0 0 rg BT 527.81 391.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 379.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 104.50 379.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 145.32 379.25 Td (under ) Tj ET Q q 0 0 0 rg BT 170.58 379.25 Td (these ) Tj ET Q q 0 0 0 rg BT 193.63 379.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 218.89 379.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 255.82 379.25 Td (varies ) Tj ET Q q 0 0 0 rg BT 282.20 379.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 304.70 379.25 Td (based ) Tj ET Q q 0 0 0 rg BT 329.96 379.25 Td (on ) Tj ET Q q 0 0 0 rg BT 342.46 379.25 Td (the ) Tj ET Q q 0 0 0 rg BT 357.18 379.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 404.26 379.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 437.87 379.25 Td (needs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 355.25 Td (The ) Tj ET Q q 0 0 0 rg BT 89.82 355.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 136.67 355.25 Td (committed ) Tj ET Q q 0 0 0 rg BT 181.71 355.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 225.64 355.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 247.35 355.25 Td (line ) Tj ET Q q 0 0 0 rg BT 264.62 355.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 304.66 355.25 Td (at ) Tj ET Q q 0 0 0 rg BT 314.15 355.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 372.51 355.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 394.78 355.25 Td (consisted ) Tj ET Q q 0 0 0 rg BT 434.27 355.25 Td (of ) Tj ET Q q 0 0 0 rg BT 444.87 355.25 Td (a ) Tj ET Q q 0 0 0 rg BT 451.58 355.25 Td (one-year ) Tj ET Q q 0 0 0 rg BT 488.83 355.25 Td ($200 ) Tj ET Q q 0 0 0 rg BT 511.10 355.25 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 343.25 Td (committed ) Tj ET Q q 0 0 0 rg BT 116.85 343.25 Td (revolving ) Tj ET Q q 0 0 0 rg BT 157.26 343.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 182.10 343.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 212.50 343.25 Td (with ) Tj ET Q q 0 0 0 rg BT 232.36 343.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 252.23 343.25 Td (Bank, ) Tj ET Q q 0 0 0 rg BT 277.92 343.25 Td (N.A., ) Tj ET Q q 0 0 0 rg BT 301.94 343.25 Td (which ) Tj ET Q q 0 0 0 rg BT 328.46 343.25 Td (was ) Tj ET Q q 0 0 0 rg BT 346.10 343.25 Td (renewed ) Tj ET Q q 0 0 0 rg BT 382.05 343.25 Td (in ) Tj ET Q q 0 0 0 rg BT 391.91 343.25 Td (December ) Tj ET Q q 0 0 0 rg BT 435.07 343.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 459.19 343.25 Td (Advances ) Tj ET Q q 0 0 0 rg BT 500.70 343.25 Td (under ) Tj ET Q q 0 0 0 rg BT 525.55 343.25 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 331.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 103.54 331.25 Td (are ) Tj ET Q q 0 0 0 rg BT 118.96 331.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 152.72 331.25 Td (by ) Tj ET Q q 0 0 0 rg BT 165.94 331.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 196.36 331.25 Td (marketable ) Tj ET Q q 0 0 0 rg BT 243.99 331.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 287.24 331.25 Td (The ) Tj ET Q q 0 0 0 rg BT 306.01 331.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 337.54 331.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 374.09 331.25 Td (a ) Tj ET Q q 0 0 0 rg BT 381.74 331.25 Td (covenant ) Tj ET Q q 0 0 0 rg BT 421.05 331.25 Td (that ) Tj ET Q q 0 0 0 rg BT 439.27 331.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 474.69 331.25 Td (the ) Tj ET Q q 0 0 0 rg BT 490.13 331.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 532.23 331.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 319.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 109.22 319.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 150.33 319.25 Td (net ) Tj ET Q q 0 0 0 rg BT 164.78 319.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 193.65 319.25 Td (of ) Tj ET Q q 0 0 0 rg BT 204.21 319.25 Td ($120 ) Tj ET Q q 0 0 0 rg BT 226.43 319.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 260.05 319.25 Td (and ) Tj ET Q q 0 0 0 rg BT 276.71 319.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.16 319.25 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 320.60 319.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 358.37 319.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 390.59 319.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.14 319.25 Td (all ) Tj ET Q q 0 0 0 rg BT 413.36 319.25 Td (advances ) Tj ET Q q 0 0 0 rg BT 452.23 319.25 Td (under ) Tj ET Q q 0 0 0 rg BT 477.23 319.25 Td (this ) Tj ET Q q 0 0 0 rg BT 493.90 319.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 524.45 319.25 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 307.25 Td (be ) Tj ET Q q 0 0 0 rg BT 83.09 307.25 Td (due ) Tj ET Q q 0 0 0 rg BT 99.17 307.25 Td (on ) Tj ET Q q 0 0 0 rg BT 110.82 307.25 Td (December14, ) Tj ET Q q 0 0 0 rg BT 168.55 307.25 Td (2018. ) Tj ET Q q 0 0 0 rg BT 192.58 307.25 Td (The ) Tj ET Q q 0 0 0 rg BT 209.78 307.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 250.31 307.25 Td (pays ) Tj ET Q q 0 0 0 rg BT 270.29 307.25 Td (a ) Tj ET Q q 0 0 0 rg BT 276.38 307.25 Td (nonrefundable ) Tj ET Q q 0 0 0 rg BT 335.78 307.25 Td (commitment ) Tj ET Q q 0 0 0 rg BT 387.97 307.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 401.83 307.25 Td (on ) Tj ET Q q 0 0 0 rg BT 413.48 307.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.34 307.25 Td (unused ) Tj ET Q q 0 0 0 rg BT 457.32 307.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 487.85 307.25 Td (of ) Tj ET Q q 0 0 0 rg BT 497.83 307.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.70 307.25 Td (facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 295.25 Td (on ) Tj ET Q q 0 0 0 rg BT 84.50 295.25 Td (a ) Tj ET Q q 0 0 0 rg BT 91.44 295.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 130.03 295.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 154.48 295.25 Td (At ) Tj ET Q q 0 0 0 rg BT 166.98 295.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 225.56 295.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 250.56 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 265.28 295.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 306.67 295.25 Td (had ) Tj ET Q q 0 0 0 rg BT 323.61 295.25 Td (no ) Tj ET Q q 0 0 0 rg BT 336.11 295.25 Td (advances ) Tj ET Q q 0 0 0 rg BT 375.25 295.25 Td (against ) Tj ET Q q 0 0 0 rg BT 406.08 295.25 Td (this ) Tj ET Q q 0 0 0 rg BT 423.03 295.25 Td (line ) Tj ET Q q 0 0 0 rg BT 440.52 295.25 Td (of ) Tj ET Q q 0 0 0 rg BT 451.35 295.25 Td (credit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 271.25 Td (The ) Tj ET Q q 0 0 0 rg BT 91.26 271.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 139.56 271.25 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 196.05 271.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 230.30 271.25 Td (line ) Tj ET Q q 0 0 0 rg BT 249.01 271.25 Td (at ) Tj ET Q q 0 0 0 rg BT 259.95 271.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 319.75 271.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 343.47 271.25 Td (totaled ) Tj ET Q q 0 0 0 rg BT 374.40 271.25 Td ($85 ) Tj ET Q q 0 0 0 rg BT 393.11 271.25 Td (million ) Tj ET Q q 0 0 0 rg BT 425.72 271.25 Td (and ) Tj ET Q q 0 0 0 rg BT 443.88 271.25 Td (is ) Tj ET Q q 0 0 0 rg BT 454.27 271.25 Td (dependent ) Tj ET Q q 0 0 0 rg BT 499.08 271.25 Td (on ) Tj ET Q q 0 0 0 rg BT 512.79 271.25 Td (having ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 259.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 120.30 259.25 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 162.76 259.25 Td (as ) Tj ET Q q 0 0 0 rg BT 173.86 259.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 221.60 259.25 Td (by ) Tj ET Q q 0 0 0 rg BT 234.37 259.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.35 259.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 271.56 259.25 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 318.46 259.25 Td (to ) Tj ET Q q 0 0 0 rg BT 329.01 259.25 Td (secure ) Tj ET Q q 0 0 0 rg BT 357.31 259.25 Td (an ) Tj ET Q q 0 0 0 rg BT 369.52 259.25 Td (advance ) Tj ET Q q 0 0 0 rg BT 405.04 259.25 Td (under ) Tj ET Q q 0 0 0 rg BT 430.57 259.25 Td (the ) Tj ET Q q 0 0 0 rg BT 445.55 259.25 Td (line. ) Tj ET Q q 0 0 0 rg BT 465.62 259.25 Td (The ) Tj ET Q q 0 0 0 rg BT 483.93 259.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 531.68 259.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 247.25 Td (the ) Tj ET Q q 0 0 0 rg BT 87.36 247.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 135.08 247.25 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 190.99 247.25 Td (line ) Tj ET Q q 0 0 0 rg BT 209.13 247.25 Td (is ) Tj ET Q q 0 0 0 rg BT 218.94 247.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 250.40 247.25 Td (to ) Tj ET Q q 0 0 0 rg BT 261.32 247.25 Td (approval ) Tj ET Q q 0 0 0 rg BT 299.45 247.25 Td (by ) Tj ET Q q 0 0 0 rg BT 312.59 247.25 Td (the ) Tj ET Q q 0 0 0 rg BT 327.95 247.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 350.53 247.25 Td (each ) Tj ET Q q 0 0 0 rg BT 371.98 247.25 Td (time ) Tj ET Q q 0 0 0 rg BT 392.90 247.25 Td (an ) Tj ET Q q 0 0 0 rg BT 405.48 247.25 Td (advance ) Tj ET Q q 0 0 0 rg BT 441.37 247.25 Td (is ) Tj ET Q q 0 0 0 rg BT 451.18 247.25 Td (requested ) Tj ET Q q 0 0 0 rg BT 492.64 247.25 Td (and ) Tj ET Q q 0 0 0 rg BT 510.22 247.25 Td (may ) Tj ET Q q 0 0 0 rg BT 530.58 247.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 235.25 Td (denied. ) Tj ET Q q 0 0 0 rg BT 103.10 235.25 Td (At ) Tj ET Q q 0 0 0 rg BT 115.60 235.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 174.19 235.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 199.19 235.25 Td (the ) Tj ET Q q 0 0 0 rg BT 213.90 235.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 255.29 235.25 Td (had ) Tj ET Q q 0 0 0 rg BT 272.23 235.25 Td (no ) Tj ET Q q 0 0 0 rg BT 284.73 235.25 Td (advances ) Tj ET Q q 0 0 0 rg BT 323.88 235.25 Td (against ) Tj ET Q q 0 0 0 rg BT 354.70 235.25 Td (this ) Tj ET Q q 0 0 0 rg BT 371.65 235.25 Td (line ) Tj ET Q q 0 0 0 rg BT 389.14 235.25 Td (of ) Tj ET Q q 0 0 0 rg BT 399.97 235.25 Td (credit. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 211.25 Td (Note 14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.49 211.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 106.99 211.25 Td (Contingencies, Commitments and Guarantees) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 187.25 Td (Legal Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 163.25 Td (The ) Tj ET Q q 0 0 0 rg BT 89.12 163.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 129.58 163.25 Td (has ) Tj ET Q q 0 0 0 rg BT 144.48 163.25 Td (been ) Tj ET Q q 0 0 0 rg BT 164.94 163.25 Td (named ) Tj ET Q q 0 0 0 rg BT 193.16 163.25 Td (as ) Tj ET Q q 0 0 0 rg BT 203.07 163.25 Td (a ) Tj ET Q q 0 0 0 rg BT 209.08 163.25 Td (defendant ) Tj ET Q q 0 0 0 rg BT 250.08 163.25 Td (in ) Tj ET Q q 0 0 0 rg BT 259.43 163.25 Td (various ) Tj ET Q q 0 0 0 rg BT 290.44 163.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 311.45 163.25 Td (actions, ) Tj ET Q q 0 0 0 rg BT 343.85 163.25 Td (including ) Tj ET Q q 0 0 0 rg BT 383.20 163.25 Td (complaints ) Tj ET Q q 0 0 0 rg BT 428.65 163.25 Td (and ) Tj ET Q q 0 0 0 rg BT 444.66 163.25 Td (litigation ) Tj ET Q q 0 0 0 rg BT 482.35 163.25 Td (and ) Tj ET Q q 0 0 0 rg BT 498.36 163.25 Td (arbitration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 151.25 Td (claims, ) Tj ET Q q 0 0 0 rg BT 103.00 151.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 132.61 151.25 Td (from ) Tj ET Q q 0 0 0 rg BT 154.44 151.25 Td (its ) Tj ET Q q 0 0 0 rg BT 166.28 151.25 Td (business ) Tj ET Q q 0 0 0 rg BT 202.57 151.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 243.56 151.25 Td (Such ) Tj ET Q q 0 0 0 rg BT 265.96 151.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 296.67 151.25 Td (include ) Tj ET Q q 0 0 0 rg BT 328.50 151.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 357.00 151.25 Td (related ) Tj ET Q q 0 0 0 rg BT 386.60 151.25 Td (to ) Tj ET Q q 0 0 0 rg BT 396.77 151.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 436.93 151.25 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 479.30 151.25 Td (and ) Tj ET Q q 0 0 0 rg BT 496.13 151.25 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 139.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 107.52 139.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 149.42 139.25 Td (and ) Tj ET Q q 0 0 0 rg BT 167.16 139.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 197.67 139.25 Td (class ) Tj ET Q q 0 0 0 rg BT 220.41 139.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 252.03 139.25 Td (that ) Tj ET Q q 0 0 0 rg BT 270.33 139.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 310.84 139.25 Td (allege ) Tj ET Q q 0 0 0 rg BT 338.02 139.25 Td (violations ) Tj ET Q q 0 0 0 rg BT 380.76 139.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.40 139.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 433.46 139.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 455.10 139.25 Td (and ) Tj ET Q q 0 0 0 rg BT 472.84 139.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 493.91 139.25 Td (unspecified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 127.25 Td (damages, ) Tj ET Q q 0 0 0 rg BT 111.04 127.25 Td (which ) Tj ET Q q 0 0 0 rg BT 137.04 127.25 Td (could ) Tj ET Q q 0 0 0 rg BT 160.81 127.25 Td (be ) Tj ET Q q 0 0 0 rg BT 171.81 127.25 Td (substantial. ) Tj ET Q q 0 0 0 rg BT 218.30 127.25 Td (Also, ) Tj ET Q q 0 0 0 rg BT 241.25 127.25 Td (the ) Tj ET Q q 0 0 0 rg BT 255.02 127.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 295.46 127.25 Td (is ) Tj ET Q q 0 0 0 rg BT 303.69 127.25 Td (involved ) Tj ET Q q 0 0 0 rg BT 340.25 127.25 Td (from ) Tj ET Q q 0 0 0 rg BT 361.24 127.25 Td (time ) Tj ET Q q 0 0 0 rg BT 380.57 127.25 Td (to ) Tj ET Q q 0 0 0 rg BT 389.91 127.25 Td (time ) Tj ET Q q 0 0 0 rg BT 409.24 127.25 Td (in ) Tj ET Q q 0 0 0 rg BT 418.58 127.25 Td (investigations ) Tj ET Q q 0 0 0 rg BT 475.68 127.25 Td (and ) Tj ET Q q 0 0 0 rg BT 491.68 127.25 Td (proceedings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 115.25 Td (by ) Tj ET Q q 0 0 0 rg BT 86.34 115.25 Td (governmental ) Tj ET Q q 0 0 0 rg BT 145.66 115.25 Td (agencies ) Tj ET Q q 0 0 0 rg BT 184.43 115.25 Td (and ) Tj ET Q q 0 0 0 rg BT 203.20 115.25 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 266.41 115.25 Td (or) Tj ET Q q 0 0 0 rg BT 274.56 115.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 324.44 115.25 Td (\("SROs"\) ) Tj ET Q q 0 0 0 rg BT 366.95 115.25 Td (which ) Tj ET Q q 0 0 0 rg BT 395.73 115.25 Td (could ) Tj ET Q q 0 0 0 rg BT 422.28 115.25 Td (result ) Tj ET Q q 0 0 0 rg BT 448.84 115.25 Td (in ) Tj ET Q q 0 0 0 rg BT 460.96 115.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 495.84 115.25 Td (judgments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 103.25 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 118.10 103.25 Td (penalties, ) Tj ET Q q 0 0 0 rg BT 158.64 103.25 Td (fines ) Tj ET Q q 0 0 0 rg BT 180.58 103.25 Td (or ) Tj ET Q q 0 0 0 rg BT 191.41 103.25 Td (other ) Tj ET Q q 0 0 0 rg BT 214.46 103.25 Td (relief.) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 677.10 Td (Given ) Tj ET Q q 0 0 0 rg BT 101.36 677.10 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 157.38 677.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 200.62 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.76 677.10 Td (timing, ) Tj ET Q q 0 0 0 rg BT 251.30 677.10 Td (scope, ) Tj ET Q q 0 0 0 rg BT 281.49 677.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 316.41 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.78 677.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 375.14 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.39 677.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 425.53 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.90 677.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 484.81 677.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 509.17 677.10 Td (actions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 665.10 Td (investigations ) Tj ET Q q 0 0 0 rg BT 129.67 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.22 665.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 189.43 665.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 239.87 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.42 665.10 Td (other ) Tj ET Q q 0 0 0 rg BT 279.08 665.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 310.91 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.24 665.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 361.25 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.69 665.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 406.57 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.12 665.10 Td (ranges ) Tj ET Q q 0 0 0 rg BT 451.34 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.79 665.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 507.22 665.10 Td (possible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 653.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 98.67 653.10 Td (are ) Tj ET Q q 0 0 0 rg BT 113.65 653.10 Td (dif) Tj ET Q q 0 0 0 rg BT 124.58 653.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 148.46 653.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.02 653.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 201.78 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.99 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.10 653.10 Td (necessity ) Tj ET Q q 0 0 0 rg BT 269.53 653.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 300.63 653.10 Td (to ) Tj ET Q q 0 0 0 rg BT 311.19 653.10 Td (future ) Tj ET Q q 0 0 0 rg BT 337.84 653.10 Td (revision. ) Tj ET Q q 0 0 0 rg BT 375.34 653.10 Td (Subject ) Tj ET Q q 0 0 0 rg BT 408.11 653.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.67 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.66 653.10 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 477.81 653.10 Td (management ) Tj ET Q q 0 0 0 rg BT 531.68 653.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.80 641.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 126.26 641.10 Td (believes, ) Tj ET Q q 0 0 0 rg BT 163.11 641.10 Td (based ) Tj ET Q q 0 0 0 rg BT 187.45 641.10 Td (on ) Tj ET Q q 0 0 0 rg BT 199.03 641.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 236.71 641.10 Td (available ) Tj ET Q q 0 0 0 rg BT 274.38 641.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 325.67 641.10 Td (after ) Tj ET Q q 0 0 0 rg BT 345.56 641.10 Td (consultation ) Tj ET Q q 0 0 0 rg BT 396.02 641.10 Td (with ) Tj ET Q q 0 0 0 rg BT 415.38 641.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 445.85 641.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 466.86 641.10 Td (counsel ) Tj ET Q q 0 0 0 rg BT 498.99 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.01 641.10 Td (taking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 629.10 Td (into ) Tj ET Q q 0 0 0 rg BT 91.15 629.10 Td (account ) Tj ET Q q 0 0 0 rg BT 125.84 629.10 Td (its ) Tj ET Q q 0 0 0 rg BT 138.89 629.10 Td (established ) Tj ET Q q 0 0 0 rg BT 186.92 629.10 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 225.77 629.10 Td (that ) Tj ET Q q 0 0 0 rg BT 244.36 629.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 280.18 629.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 303.21 629.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 337.63 629.10 Td (investigations ) Tj ET Q q 0 0 0 rg BT 396.78 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.81 629.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 459.50 629.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 511.41 629.10 Td (will ) Tj ET Q q 0 0 0 rg BT 530.56 629.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 617.10 Td (resolved ) Tj ET Q q 0 0 0 rg BT 108.62 617.10 Td (with ) Tj ET Q q 0 0 0 rg BT 129.14 617.10 Td (no ) Tj ET Q q 0 0 0 rg BT 141.88 617.10 Td (material ) Tj ET Q q 0 0 0 rg BT 177.38 617.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 210.66 617.10 Td (ef) Tj ET Q q 0 0 0 rg BT 218.25 617.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 235.97 617.10 Td (on ) Tj ET Q q 0 0 0 rg BT 248.72 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.67 617.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 304.74 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.81 617.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 353.53 617.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 394.05 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.12 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.08 617.10 Td (Company) Tj ET Q q 0 0 0 rg BT 458.31 617.10 Td (. ) Tj ET Q q 0 0 0 rg BT 463.56 617.10 Td (However) Tj ET Q q 0 0 0 rg BT 499.81 617.10 Td (, ) Tj ET Q q 0 0 0 rg BT 505.05 617.10 Td (if ) Tj ET Q q 0 0 0 rg BT 513.90 617.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 605.10 Td (any ) Tj ET Q q 0 0 0 rg BT 87.79 605.10 Td (period ) Tj ET Q q 0 0 0 rg BT 114.68 605.10 Td (a ) Tj ET Q q 0 0 0 rg BT 120.47 605.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 156.81 605.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 188.70 605.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 238.92 605.10 Td (should ) Tj ET Q q 0 0 0 rg BT 266.94 605.10 Td (become ) Tj ET Q q 0 0 0 rg BT 299.38 605.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 335.71 605.10 Td (or ) Tj ET Q q 0 0 0 rg BT 345.39 605.10 Td (resolved ) Tj ET Q q 0 0 0 rg BT 380.62 605.10 Td (for ) Tj ET Q q 0 0 0 rg BT 393.63 605.10 Td (an ) Tj ET Q q 0 0 0 rg BT 404.42 605.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 435.76 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.89 605.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 472.34 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.02 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.58 605.10 Td (established ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.10 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 110.18 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 127.54 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.67 593.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 180.57 593.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 221.26 593.10 Td (as ) Tj ET Q q 0 0 0 rg BT 232.51 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.76 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.90 593.10 Td (end ) Tj ET Q q 0 0 0 rg BT 276.25 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.50 593.10 Td (that ) Tj ET Q q 0 0 0 rg BT 305.42 593.10 Td (period ) Tj ET Q q 0 0 0 rg BT 333.88 593.10 Td (could ) Tj ET Q q 0 0 0 rg BT 359.02 593.10 Td (be ) Tj ET Q q 0 0 0 rg BT 371.38 593.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 414.83 593.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 456.07 593.10 Td (af) Tj ET Q q 0 0 0 rg BT 463.65 593.10 Td (fected. ) Tj ET Q q 0 0 0 rg BT 493.50 593.10 Td (In ) Tj ET Q q 0 0 0 rg BT 504.75 593.10 Td (addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 581.10 Td (there ) Tj ET Q q 0 0 0 rg BT 94.78 581.10 Td (can ) Tj ET Q q 0 0 0 rg BT 111.45 581.10 Td (be ) Tj ET Q q 0 0 0 rg BT 123.69 581.10 Td (no ) Tj ET Q q 0 0 0 rg BT 136.48 581.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 178.15 581.10 Td (that ) Tj ET Q q 0 0 0 rg BT 195.94 581.10 Td (material ) Tj ET Q q 0 0 0 rg BT 231.49 581.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 258.18 581.10 Td (will ) Tj ET Q q 0 0 0 rg BT 276.53 581.10 Td (not ) Tj ET Q q 0 0 0 rg BT 292.10 581.10 Td (be ) Tj ET Q q 0 0 0 rg BT 304.34 581.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 340.45 581.10 Td (from ) Tj ET Q q 0 0 0 rg BT 362.68 581.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 391.58 581.10 Td (that ) Tj ET Q q 0 0 0 rg BT 409.37 581.10 Td (have ) Tj ET Q q 0 0 0 rg BT 431.04 581.10 Td (not ) Tj ET Q q 0 0 0 rg BT 446.62 581.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 461.63 581.10 Td (been ) Tj ET Q q 0 0 0 rg BT 483.30 581.10 Td (brought ) Tj ET Q q 0 0 0 rg BT 517.21 581.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.78 581.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 569.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 119.08 569.10 Td (attention ) Tj ET Q q 0 0 0 rg BT 156.57 569.10 Td (or ) Tj ET Q q 0 0 0 rg BT 167.40 569.10 Td (are ) Tj ET Q q 0 0 0 rg BT 182.11 569.10 Td (not ) Tj ET Q q 0 0 0 rg BT 197.39 569.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 212.10 569.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 259.58 569.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.86 569.10 Td (be ) Tj ET Q q 0 0 0 rg BT 281.80 569.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 327.62 569.10 Td (possible.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 545.10 Td (Operating Lease Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 521.10 Td (The ) Tj ET Q q 0 0 0 rg BT 88.94 521.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 129.21 521.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 154.48 521.10 Td (of) Tj ET Q q 0 0 0 rg BT 162.63 521.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 179.01 521.10 Td (space ) Tj ET Q q 0 0 0 rg BT 202.61 521.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 247.88 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.49 521.10 Td (United ) Tj ET Q q 0 0 0 rg BT 290.10 521.10 Td (States. ) Tj ET Q q 0 0 0 rg BT 317.57 521.10 Td (Aggregate ) Tj ET Q q 0 0 0 rg BT 360.60 521.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 400.89 521.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 422.26 521.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 478.09 521.10 Td (under ) Tj ET Q q 0 0 0 rg BT 502.25 521.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 509.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 98.38 509.10 Td (as ) Tj ET Q q 0 0 0 rg BT 109.21 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.04 509.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 178.62 509.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 201.12 509.10 Td (are ) Tj ET Q q 0 0 0 rg BT 215.83 509.10 Td (as ) Tj ET Q q 0 0 0 rg BT 226.66 509.10 Td (follows:) Tj ET Q 1 1 1 rg /GS0 gs 71.50 486.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 486.60 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 469.50 486.60 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 474.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 474.60 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 469.50 474.60 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 462.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 462.60 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 469.50 462.60 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 450.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 450.60 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 469.50 450.60 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 438.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 438.60 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 469.50 438.60 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 426.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 426.60 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 469.50 426.60 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 414.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 414.60 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 469.50 414.60 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 414.6 m 539.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 414.6 m 539.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 403.6 m 539.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 401.6 m 539.5 401.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 74.00 490.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.00 490.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 477.22 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.50 477.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 477.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 477.22 Td (12,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 465.22 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.50 465.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 465.22 Td (10,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 453.22 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.50 453.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 453.22 Td (10,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 441.22 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.50 441.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 441.22 Td (6,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 429.22 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.50 429.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 429.22 Td (5,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 417.22 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.50 417.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 417.22 Td (14,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 405.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 405.22 Td (61,304) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 379.10 Td (T) Tj ET Q q 0 0 0 rg BT 77.41 379.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 95.51 379.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 137.51 379.10 Td (rentals ) Tj ET Q q 0 0 0 rg BT 167.27 379.10 Td (to ) Tj ET Q q 0 0 0 rg BT 178.15 379.10 Td (be ) Tj ET Q q 0 0 0 rg BT 190.69 379.10 Td (received ) Tj ET Q q 0 0 0 rg BT 227.66 379.10 Td (from ) Tj ET Q q 0 0 0 rg BT 250.20 379.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 273.31 379.10 Td (through ) Tj ET Q q 0 0 0 rg BT 307.52 379.10 Td (2022 ) Tj ET Q q 0 0 0 rg BT 330.62 379.10 Td (under ) Tj ET Q q 0 0 0 rg BT 356.50 379.10 Td (noncancelable ) Tj ET Q q 0 0 0 rg BT 416.79 379.10 Td (subleases ) Tj ET Q q 0 0 0 rg BT 457.66 379.10 Td (were ) Tj ET Q q 0 0 0 rg BT 480.19 379.10 Td ($3.5 ) Tj ET Q q 0 0 0 rg BT 500.80 379.10 Td (million ) Tj ET Q q 0 0 0 rg BT 532.79 379.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 367.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 130.58 367.10 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 343.10 Td (Investment Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 319.10 Td (As ) Tj ET Q q 0 0 0 rg BT 85.06 319.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.33 319.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 153.36 319.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 177.81 319.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.97 319.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 232.81 319.10 Td (had ) Tj ET Q q 0 0 0 rg BT 249.19 319.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 305.57 319.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.30 319.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 341.13 319.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 400.84 319.10 Td ($6.4 ) Tj ET Q q 0 0 0 rg BT 420.28 319.10 Td (million ) Tj ET Q q 0 0 0 rg BT 451.12 319.10 Td (in ) Tj ET Q q 0 0 0 rg BT 460.84 319.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 491.12 319.10 Td (partnerships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 307.10 Td (that ) Tj ET Q q 0 0 0 rg BT 89.50 307.10 Td (make ) Tj ET Q q 0 0 0 rg BT 113.65 307.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 163.92 307.10 Td (in ) Tj ET Q q 0 0 0 rg BT 174.20 307.10 Td (private ) Tj ET Q q 0 0 0 rg BT 204.47 307.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 231.96 307.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 277.22 307.10 Td (or ) Tj ET Q q 0 0 0 rg BT 288.05 307.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 321.10 307.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 361.37 307.10 Td (for ) Tj ET Q q 0 0 0 rg BT 375.53 307.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 402.46 307.10 Td (living ) Tj ET Q q 0 0 0 rg BT 428.30 307.10 Td (facilities. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 283.10 Td (Other) Tj ET Q q 0 0 0 rg BT 97.37 283.10 Td ( Guarantees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 259.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.16 259.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.67 259.10 Td (is ) Tj ET Q q 0 0 0 rg BT 140.96 259.10 Td (a ) Tj ET Q q 0 0 0 rg BT 148.01 259.10 Td (member ) Tj ET Q q 0 0 0 rg BT 183.39 259.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.34 259.10 Td (numerous ) Tj ET Q q 0 0 0 rg BT 236.39 259.10 Td (exchanges. ) Tj ET Q q 0 0 0 rg BT 283.16 259.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 310.76 259.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.60 259.10 Td (membership ) Tj ET Q q 0 0 0 rg BT 377.65 259.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 425.80 259.10 Td (with ) Tj ET Q q 0 0 0 rg BT 446.19 259.10 Td (these ) Tj ET Q q 0 0 0 rg BT 469.36 259.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 503.36 259.10 Td (members ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 247.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 111.71 247.10 Td (are ) Tj ET Q q 0 0 0 rg BT 126.43 247.10 Td (required ) Tj ET Q q 0 0 0 rg BT 162.25 247.10 Td (to ) Tj ET Q q 0 0 0 rg BT 172.54 247.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 213.91 247.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.63 247.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 281.67 247.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.50 247.10 Td (other ) Tj ET Q q 0 0 0 rg BT 315.56 247.10 Td (members, ) Tj ET Q q 0 0 0 rg BT 357.22 247.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.17 247.10 Td (if ) Tj ET Q q 0 0 0 rg BT 382.79 247.10 Td (a ) Tj ET Q q 0 0 0 rg BT 389.74 247.10 Td (member ) Tj ET Q q 0 0 0 rg BT 425.01 247.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 462.50 247.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 491.67 247.10 Td (to ) Tj ET Q q 0 0 0 rg BT 501.95 247.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 530.57 247.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 235.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 118.69 235.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.72 235.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.18 235.10 Td (exchange, ) Tj ET Q q 0 0 0 rg BT 185.68 235.10 Td (other ) Tj ET Q q 0 0 0 rg BT 208.48 235.10 Td (members ) Tj ET Q q 0 0 0 rg BT 247.38 235.10 Td (would ) Tj ET Q q 0 0 0 rg BT 274.63 235.10 Td (be ) Tj ET Q q 0 0 0 rg BT 286.31 235.10 Td (required ) Tj ET Q q 0 0 0 rg BT 321.88 235.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.90 235.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 353.58 235.10 Td (shortfalls. ) Tj ET Q q 0 0 0 rg BT 395.39 235.10 Td (T) Tj ET Q q 0 0 0 rg BT 400.80 235.10 Td (o ) Tj ET Q q 0 0 0 rg BT 408.04 235.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 443.06 235.10 Td (these ) Tj ET Q q 0 0 0 rg BT 465.85 235.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 518.62 235.10 Td (risks, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 223.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.43 223.10 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 132.28 223.10 Td (often ) Tj ET Q q 0 0 0 rg BT 156.04 223.10 Td (require ) Tj ET Q q 0 0 0 rg BT 187.57 223.10 Td (members ) Tj ET Q q 0 0 0 rg BT 227.43 223.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.42 223.10 Td (post ) Tj ET Q q 0 0 0 rg BT 258.30 223.10 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 301.21 223.10 Td (In ) Tj ET Q q 0 0 0 rg BT 312.75 223.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 351.23 223.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.66 223.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 408.76 223.10 Td (identifies ) Tj ET Q q 0 0 0 rg BT 449.18 223.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.83 223.10 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 512.79 223.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 211.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 106.23 211.10 Td (agents ) Tj ET Q q 0 0 0 rg BT 133.81 211.10 Td (against ) Tj ET Q q 0 0 0 rg BT 164.17 211.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 202.29 211.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 239.31 211.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 265.23 211.10 Td (in ) Tj ET Q q 0 0 0 rg BT 275.04 211.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 320.94 211.10 Td (with ) Tj ET Q q 0 0 0 rg BT 340.75 211.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 381.67 211.10 Td (services ) Tj ET Q q 0 0 0 rg BT 415.91 211.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.71 211.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.96 211.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 480.88 211.10 Td (or ) Tj ET Q q 0 0 0 rg BT 491.24 211.10 Td (its ) Tj ET Q q 0 0 0 rg BT 502.72 211.10 Td (af) Tj ET Q q 0 0 0 rg BT 510.30 211.10 Td (filiates. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 199.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.47 199.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 137.97 199.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 181.45 199.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 219.36 199.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 253.39 199.10 Td (under ) Tj ET Q q 0 0 0 rg BT 279.08 199.10 Td (these ) Tj ET Q q 0 0 0 rg BT 302.55 199.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 359.33 199.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 388.91 199.10 Td (be ) Tj ET Q q 0 0 0 rg BT 401.27 199.10 Td (quantified. ) Tj ET Q q 0 0 0 rg BT 447.24 199.10 Td (However) Tj ET Q q 0 0 0 rg BT 483.49 199.10 Td (, ) Tj ET Q q 0 0 0 rg BT 488.91 199.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 187.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 107.69 187.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.83 187.10 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 166.30 187.10 Td (that ) Tj ET Q q 0 0 0 rg BT 184.22 187.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.36 187.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 241.17 187.10 Td (would ) Tj ET Q q 0 0 0 rg BT 269.09 187.10 Td (be ) Tj ET Q q 0 0 0 rg BT 281.45 187.10 Td (required ) Tj ET Q q 0 0 0 rg BT 317.69 187.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.39 187.10 Td (make ) Tj ET Q q 0 0 0 rg BT 352.96 187.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 394.21 187.10 Td (under ) Tj ET Q q 0 0 0 rg BT 419.90 187.10 Td (these ) Tj ET Q q 0 0 0 rg BT 443.37 187.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 500.16 187.10 Td (is ) Tj ET Q q 0 0 0 rg BT 509.75 187.10 Td (remote. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 175.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 121.34 175.10 Td (, ) Tj ET Q q 0 0 0 rg BT 126.34 175.10 Td (no ) Tj ET Q q 0 0 0 rg BT 138.84 175.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 172.44 175.10 Td (is ) Tj ET Q q 0 0 0 rg BT 181.61 175.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 219.09 175.10 Td (in ) Tj ET Q q 0 0 0 rg BT 229.37 175.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.08 175.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 284.91 175.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.74 175.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 333.22 175.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 373.49 175.10 Td (for ) Tj ET Q q 0 0 0 rg BT 387.65 175.10 Td (these ) Tj ET Q q 0 0 0 rg BT 410.70 175.10 Td (arrangements.) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (19) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 677.25 Td (Concentration of Cr) Tj ET Q q 0 0 0 rg BT 158.47 677.25 Td (edit Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 653.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.85 653.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 133.04 653.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 170.78 653.25 Td (investment, ) Tj ET Q q 0 0 0 rg BT 220.46 653.25 Td (capital-raising ) Tj ET Q q 0 0 0 rg BT 280.96 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 298.70 653.25 Td (related ) Tj ET Q q 0 0 0 rg BT 329.21 653.25 Td (services ) Tj ET Q q 0 0 0 rg BT 364.72 653.25 Td (to ) Tj ET Q q 0 0 0 rg BT 375.80 653.25 Td (a ) Tj ET Q q 0 0 0 rg BT 383.54 653.25 Td (diverse ) Tj ET Q q 0 0 0 rg BT 415.72 653.25 Td (group ) Tj ET Q q 0 0 0 rg BT 442.35 653.25 Td (of ) Tj ET Q q 0 0 0 rg BT 453.98 653.25 Td (domestic ) Tj ET Q q 0 0 0 rg BT 493.39 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 511.13 653.25 Td (foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.25 Td (customers, ) Tj ET Q q 0 0 0 rg BT 117.66 641.25 Td (including ) Tj ET Q q 0 0 0 rg BT 158.04 641.25 Td (governments, ) Tj ET Q q 0 0 0 rg BT 214.80 641.25 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 269.90 641.25 Td (and ) Tj ET Q q 0 0 0 rg BT 286.94 641.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 337.33 641.25 Td (and ) Tj ET Q q 0 0 0 rg BT 354.38 641.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 397.54 641.25 Td (investors. ) Tj ET Q q 0 0 0 rg BT 438.57 641.25 Td (The ) Tj ET Q q 0 0 0 rg BT 456.72 641.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 503.91 641.25 Td (exposure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 629.25 Td (to ) Tj ET Q q 0 0 0 rg BT 82.51 629.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 108.00 629.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 125.72 629.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 169.54 629.25 Td (with ) Tj ET Q q 0 0 0 rg BT 190.05 629.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.99 629.25 Td (non-performance ) Tj ET Q q 0 0 0 rg BT 276.57 629.25 Td (of ) Tj ET Q q 0 0 0 rg BT 287.63 629.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 330.90 629.25 Td (in ) Tj ET Q q 0 0 0 rg BT 341.41 629.25 Td (fulfilling ) Tj ET Q q 0 0 0 rg BT 379.69 629.25 Td (their ) Tj ET Q q 0 0 0 rg BT 400.74 629.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 447.89 629.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 495.06 629.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 532.22 629.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 617.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 112.29 617.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 162.59 617.25 Td (can ) Tj ET Q q 0 0 0 rg BT 178.99 617.25 Td (be ) Tj ET Q q 0 0 0 rg BT 190.96 617.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 224.03 617.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 263.21 617.25 Td (by ) Tj ET Q q 0 0 0 rg BT 275.74 617.25 Td (volatile ) Tj ET Q q 0 0 0 rg BT 308.26 617.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 348.55 617.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 385.24 617.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 410.53 617.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 444.71 617.25 Td (and ) Tj ET Q q 0 0 0 rg BT 461.68 617.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 505.31 617.25 Td (changes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 605.25 Td (This ) Tj ET Q q 0 0 0 rg BT 93.35 605.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 133.01 605.25 Td (is ) Tj ET Q q 0 0 0 rg BT 143.25 605.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 185.14 605.25 Td (on ) Tj ET Q q 0 0 0 rg BT 198.70 605.25 Td (an ) Tj ET Q q 0 0 0 rg BT 211.71 605.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 255.83 605.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 296.05 605.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 319.62 605.25 Td (and ) Tj ET Q q 0 0 0 rg BT 337.63 605.25 Td (on ) Tj ET Q q 0 0 0 rg BT 351.20 605.25 Td (a ) Tj ET Q q 0 0 0 rg BT 359.21 605.25 Td (group ) Tj ET Q q 0 0 0 rg BT 386.10 605.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 409.67 605.25 Td (for ) Tj ET Q q 0 0 0 rg BT 424.90 605.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 469.02 605.25 Td (that ) Tj ET Q q 0 0 0 rg BT 487.58 605.25 Td (share ) Tj ET Q q 0 0 0 rg BT 512.25 605.25 Td (similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.25 Td (attributes. ) Tj ET Q q 0 0 0 rg BT 113.23 593.25 Td (T) Tj ET Q q 0 0 0 rg BT 118.64 593.25 Td (o ) Tj ET Q q 0 0 0 rg BT 125.28 593.25 Td (alleviate ) Tj ET Q q 0 0 0 rg BT 160.78 593.25 Td (the ) Tj ET Q q 0 0 0 rg BT 174.64 593.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 211.26 593.25 Td (for ) Tj ET Q q 0 0 0 rg BT 224.56 593.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 241.20 593.25 Td (concentrations, ) Tj ET Q q 0 0 0 rg BT 303.65 593.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 355.82 593.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 380.22 593.25 Td (limits ) Tj ET Q q 0 0 0 rg BT 404.64 593.25 Td (have ) Tj ET Q q 0 0 0 rg BT 425.15 593.25 Td (been ) Tj ET Q q 0 0 0 rg BT 445.67 593.25 Td (implemented ) Tj ET Q q 0 0 0 rg BT 499.51 593.25 Td (for ) Tj ET Q q 0 0 0 rg BT 512.81 593.25 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 581.25 Td (products ) Tj ET Q q 0 0 0 rg BT 108.94 581.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.88 581.25 Td (are ) Tj ET Q q 0 0 0 rg BT 140.58 581.25 Td (continually ) Tj ET Q q 0 0 0 rg BT 188.07 581.25 Td (monitored ) Tj ET Q q 0 0 0 rg BT 231.68 581.25 Td (in ) Tj ET Q q 0 0 0 rg BT 241.96 581.25 Td (light ) Tj ET Q q 0 0 0 rg BT 262.79 581.25 Td (of ) Tj ET Q q 0 0 0 rg BT 273.62 581.25 Td (changing ) Tj ET Q q 0 0 0 rg BT 312.78 581.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 351.93 581.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.87 581.25 Td (market ) Tj ET Q q 0 0 0 rg BT 399.13 581.25 Td (conditions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 557.25 Td (Note 15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.49 557.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 106.99 557.25 Td (Employee Benefit Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 533.25 Td (The ) Tj ET Q q 0 0 0 rg BT 89.88 533.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 117.76 533.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 158.98 533.25 Td (has ) Tj ET Q q 0 0 0 rg BT 174.64 533.25 Td (various ) Tj ET Q q 0 0 0 rg BT 206.41 533.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 247.61 533.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 277.71 533.25 Td (plans, ) Tj ET Q q 0 0 0 rg BT 303.65 533.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.42 533.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 373.30 533.25 Td (all ) Tj ET Q q 0 0 0 rg BT 385.63 533.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 426.84 533.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 471.94 533.25 Td (are ) Tj ET Q q 0 0 0 rg BT 486.48 533.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 520.45 533.25 Td (by ) Tj ET Q q 0 0 0 rg BT 532.79 533.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 521.25 Td (least ) Tj ET Q q 0 0 0 rg BT 92.83 521.25 Td (one ) Tj ET Q q 0 0 0 rg BT 109.76 521.25 Td (plan. ) Tj ET Q q 0 0 0 rg BT 131.80 521.25 Td (The ) Tj ET Q q 0 0 0 rg BT 149.85 521.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 173.46 521.25 Td (include ) Tj ET Q q 0 0 0 rg BT 205.39 521.25 Td (health ) Tj ET Q q 0 0 0 rg BT 232.32 521.25 Td (and ) Tj ET Q q 0 0 0 rg BT 249.26 521.25 Td (welfare ) Tj ET Q q 0 0 0 rg BT 281.74 521.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 305.34 521.25 Td (and ) Tj ET Q q 0 0 0 rg BT 322.28 521.25 Td (a ) Tj ET Q q 0 0 0 rg BT 329.22 521.25 Td (tax-qualified ) Tj ET Q q 0 0 0 rg BT 382.81 521.25 Td (retirement ) Tj ET Q q 0 0 0 rg BT 426.40 521.25 Td (plan. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 497.25 Td (Note 16 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 106.99 497.25 Td (Par) Tj ET Q q 0 0 0 rg BT 121.62 497.25 Td (ent Company Compensation Plans) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 473.25 Td (Stock-Based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 449.25 Td (The ) Tj ET Q q 0 0 0 rg BT 89.62 449.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 117.24 449.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 158.21 449.25 Td (maintains ) Tj ET Q q 0 0 0 rg BT 199.16 449.25 Td (a ) Tj ET Q q 0 0 0 rg BT 205.68 449.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 254.96 449.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 312.58 449.25 Td (plan, ) Tj ET Q q 0 0 0 rg BT 334.37 449.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.66 449.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 371.84 449.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 383.32 449.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 401.50 449.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 448.11 449.25 Td (Amended ) Tj ET Q q 0 0 0 rg BT 489.06 449.25 Td (and ) Tj ET Q q 0 0 0 rg BT 505.58 449.25 Td (Restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 437.25 Td (2003 ) Tj ET Q q 0 0 0 rg BT 94.61 437.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 127.40 437.25 Td (and ) Tj ET Q q 0 0 0 rg BT 145.19 437.25 Td (Long-T) Tj ET Q q 0 0 0 rg BT 175.04 437.25 Td (erm ) Tj ET Q q 0 0 0 rg BT 193.93 437.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 234.48 437.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 255.61 437.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 274.51 437.25 Td ("Incentive ) Tj ET Q q 0 0 0 rg BT 319.14 437.25 Td (Plan"\). ) Tj ET Q q 0 0 0 rg BT 349.94 437.25 Td (The ) Tj ET Q q 0 0 0 rg BT 368.84 437.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 409.39 437.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 430.52 437.25 Td (permits ) Tj ET Q q 0 0 0 rg BT 463.86 437.25 Td (the ) Tj ET Q q 0 0 0 rg BT 479.43 437.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 503.32 437.25 Td (of ) Tj ET Q q 0 0 0 rg BT 515.00 437.25 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 425.25 Td (awards, ) Tj ET Q q 0 0 0 rg BT 104.94 425.25 Td (including ) Tj ET Q q 0 0 0 rg BT 144.83 425.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 184.15 425.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 209.87 425.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 249.19 425.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 272.42 425.25 Td (units ) Tj ET Q q 0 0 0 rg BT 293.98 425.25 Td (and ) Tj ET Q q 0 0 0 rg BT 310.54 425.25 Td (non-qualified ) Tj ET Q q 0 0 0 rg BT 366.52 425.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 389.75 425.25 Td (options, ) Tj ET Q q 0 0 0 rg BT 423.81 425.25 Td (to ) Tj ET Q q 0 0 0 rg BT 433.71 425.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.04 425.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 494.74 425.25 Td (employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 413.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.60 413.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 121.98 413.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 155.03 413.25 Td (to ) Tj ET Q q 0 0 0 rg BT 165.86 413.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 211.69 413.25 Td (have ) Tj ET Q q 0 0 0 rg BT 233.62 413.25 Td (either ) Tj ET Q q 0 0 0 rg BT 259.44 413.25 Td (three-year ) Tj ET Q q 0 0 0 rg BT 303.02 413.25 Td (clif) Tj ET Q q 0 0 0 rg BT 316.17 413.25 Td (f ) Tj ET Q q 0 0 0 rg BT 322.56 413.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 354.50 413.25 Td (periods, ) Tj ET Q q 0 0 0 rg BT 389.50 413.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 408.66 413.25 Td (ratably ) Tj ET Q q 0 0 0 rg BT 439.48 413.25 Td (over ) Tj ET Q q 0 0 0 rg BT 460.31 413.25 Td (three ) Tj ET Q q 0 0 0 rg BT 483.35 413.25 Td (years ) Tj ET Q q 0 0 0 rg BT 507.51 413.25 Td (in ) Tj ET Q q 0 0 0 rg BT 518.35 413.25 Td (equal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 401.25 Td (installments ) Tj ET Q q 0 0 0 rg BT 122.88 401.25 Td (or ) Tj ET Q q 0 0 0 rg BT 133.76 401.25 Td (clif) Tj ET Q q 0 0 0 rg BT 146.91 401.25 Td (f ) Tj ET Q q 0 0 0 rg BT 152.79 401.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 171.44 401.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 193.99 401.25 Td (meeting ) Tj ET Q q 0 0 0 rg BT 228.76 401.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 258.51 401.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 311.58 401.25 Td (or ) Tj ET Q q 0 0 0 rg BT 322.46 401.25 Td (market-based ) Tj ET Q q 0 0 0 rg BT 378.88 401.25 Td (metrics. ) Tj ET Q q 0 0 0 rg BT 413.17 401.25 Td (The ) Tj ET Q q 0 0 0 rg BT 431.27 401.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 471.02 401.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 491.35 401.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 528.34 401.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 389.25 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 119.63 389.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 151.19 389.25 Td (of ) Tj ET Q q 0 0 0 rg BT 162.20 389.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 193.19 389.25 Td (if ) Tj ET Q q 0 0 0 rg BT 201.98 389.25 Td (there ) Tj ET Q q 0 0 0 rg BT 224.64 389.25 Td (is ) Tj ET Q q 0 0 0 rg BT 233.98 389.25 Td (a ) Tj ET Q q 0 0 0 rg BT 241.09 389.25 Td (severance ) Tj ET Q q 0 0 0 rg BT 283.18 389.25 Td (event, ) Tj ET Q q 0 0 0 rg BT 310.01 389.25 Td (a ) Tj ET Q q 0 0 0 rg BT 317.13 389.25 Td (change ) Tj ET Q q 0 0 0 rg BT 348.12 389.25 Td (in ) Tj ET Q q 0 0 0 rg BT 358.57 389.25 Td (control ) Tj ET Q q 0 0 0 rg BT 389.57 389.25 Td (of ) Tj ET Q q 0 0 0 rg BT 400.57 389.25 Td (the ) Tj ET Q q 0 0 0 rg BT 415.47 389.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 443.69 389.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 485.25 389.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 499.58 389.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 532.24 389.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 87.15 377.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 127.29 377.25 Td (Plan\), ) Tj ET Q q 0 0 0 rg BT 153.84 377.25 Td (in ) Tj ET Q q 0 0 0 rg BT 164.55 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 179.71 377.25 Td (event ) Tj ET Q q 0 0 0 rg BT 204.30 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.57 377.25 Td (a ) Tj ET Q q 0 0 0 rg BT 222.94 377.25 Td (participant's ) Tj ET Q q 0 0 0 rg BT 274.33 377.25 Td (death, ) Tj ET Q q 0 0 0 rg BT 301.42 377.25 Td (and ) Tj ET Q q 0 0 0 rg BT 318.80 377.25 Td (at ) Tj ET Q q 0 0 0 rg BT 328.95 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.11 377.25 Td (discretion ) Tj ET Q q 0 0 0 rg BT 386.48 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 397.74 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 412.90 377.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 471.38 377.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 516.52 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.79 377.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 365.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 100.05 365.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 147.13 365.25 Td (board ) Tj ET Q q 0 0 0 rg BT 172.40 365.25 Td (of ) Tj ET Q q 0 0 0 rg BT 183.23 365.25 Td (directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 341.25 Td (The ) Tj ET Q q 0 0 0 rg BT 91.36 341.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 120.72 341.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 163.42 341.25 Td (also ) Tj ET Q q 0 0 0 rg BT 183.34 341.25 Td (established ) Tj ET Q q 0 0 0 rg BT 231.58 341.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.61 341.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 271.42 341.25 Td (Employment ) Tj ET Q q 0 0 0 rg BT 326.90 341.25 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 377.07 341.25 Td (A) Tj ET Q q 0 0 0 rg BT 383.37 341.25 Td (ward ) Tj ET Q q 0 0 0 rg BT 407.17 341.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 428.76 341.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 448.12 341.25 Td ("Inducement ) Tj ET Q q 0 0 0 rg BT 503.22 341.25 Td (Plan"\) ) Tj ET Q q 0 0 0 rg BT 532.22 341.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 329.25 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 123.27 329.25 Td (with ) Tj ET Q q 0 0 0 rg BT 145.10 329.25 Td (the ) Tj ET Q q 0 0 0 rg BT 161.37 329.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 209.30 329.25 Td (of ) Tj ET Q q 0 0 0 rg BT 221.69 329.25 Td (Simmons. ) Tj ET Q q 0 0 0 rg BT 265.74 329.25 Td (These ) Tj ET Q q 0 0 0 rg BT 293.67 329.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 322.71 329.25 Td (clif) Tj ET Q q 0 0 0 rg BT 335.86 329.25 Td (f ) Tj ET Q q 0 0 0 rg BT 343.24 329.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 363.40 329.25 Td (in ) Tj ET Q q 0 0 0 rg BT 375.23 329.25 Td (three ) Tj ET Q q 0 0 0 rg BT 399.27 329.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 426.92 329.25 Td (Employees ) Tj ET Q q 0 0 0 rg BT 475.41 329.25 Td (forfeit ) Tj ET Q q 0 0 0 rg BT 504.45 329.25 Td (unvested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 317.25 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 121.70 317.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 141.98 317.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 169.47 317.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 191.97 317.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 240.57 317.25 Td (of ) Tj ET Q q 0 0 0 rg BT 251.40 317.25 Td (employment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 293.25 Td (Acquisition-r) Tj ET Q q 0 0 0 rg BT 128.49 293.25 Td (elated ) Tj ET Q q 0 0 0 rg BT 156.54 293.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 220.16 293.25 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 269.25 Td (In ) Tj ET Q q 0 0 0 rg BT 83.54 269.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 119.53 269.25 Td (to ) Tj ET Q q 0 0 0 rg BT 130.52 269.25 Td (the ) Tj ET Q q 0 0 0 rg BT 145.95 269.25 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 196.36 269.25 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 219.85 269.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.28 269.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 277.38 269.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 310.01 269.25 Td (into ) Tj ET Q q 0 0 0 rg BT 328.78 269.25 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 406.41 269.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 465.16 269.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 522.24 269.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 257.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 100.86 257.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 145.29 257.25 Td (for ) Tj ET Q q 0 0 0 rg BT 158.61 257.25 Td (retention ) Tj ET Q q 0 0 0 rg BT 195.81 257.25 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 235.15 257.25 Td (Additional ) Tj ET Q q 0 0 0 rg BT 279.59 257.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 299.02 257.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 356.22 257.25 Td (may ) Tj ET Q q 0 0 0 rg BT 375.10 257.25 Td (be ) Tj ET Q q 0 0 0 rg BT 386.19 257.25 Td (available ) Tj ET Q q 0 0 0 rg BT 423.94 257.25 Td (to ) Tj ET Q q 0 0 0 rg BT 433.38 257.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 462.24 257.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 507.79 257.25 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 245.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 119.11 245.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 151.79 245.25 Td (to ) Tj ET Q q 0 0 0 rg BT 163.92 245.25 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 208.80 245.25 Td (an ) Tj ET Q q 0 0 0 rg BT 222.59 245.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 270.82 245.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 307.38 245.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 343.38 245.25 Td (threshold ) Tj ET Q q 0 0 0 rg BT 384.95 245.25 Td (during ) Tj ET Q q 0 0 0 rg BT 415.40 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.97 245.25 Td (three ) Tj ET Q q 0 0 0 rg BT 456.30 245.25 Td (year ) Tj ET Q q 0 0 0 rg BT 477.86 245.25 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 520.00 245.25 Td (post-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 233.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 118.52 233.25 Td (period ) Tj ET Q q 0 0 0 rg BT 146.70 233.25 Td (to ) Tj ET Q q 0 0 0 rg BT 157.12 233.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.97 233.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 199.04 233.25 Td (they ) Tj ET Q q 0 0 0 rg BT 218.89 233.25 Td (are ) Tj ET Q q 0 0 0 rg BT 233.74 233.25 Td (employed ) Tj ET Q q 0 0 0 rg BT 275.81 233.25 Td (by ) Tj ET Q q 0 0 0 rg BT 288.45 233.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.30 233.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 344.82 233.25 Td (at ) Tj ET Q q 0 0 0 rg BT 354.68 233.25 Td (the ) Tj ET Q q 0 0 0 rg BT 369.53 233.25 Td (time ) Tj ET Q q 0 0 0 rg BT 389.94 233.25 Td (of ) Tj ET Q q 0 0 0 rg BT 400.91 233.25 Td (payment. ) Tj ET Q q 0 0 0 rg BT 439.89 233.25 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 479.20 233.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 520.16 233.25 Td (to ) Tj ET Q q 0 0 0 rg BT 530.57 233.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 221.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 105.62 221.25 Td (related ) Tj ET Q q 0 0 0 rg BT 135.35 221.25 Td (to ) Tj ET Q q 0 0 0 rg BT 145.65 221.25 Td (this ) Tj ET Q q 0 0 0 rg BT 162.63 221.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 215.67 221.25 Td (award ) Tj ET Q q 0 0 0 rg BT 242.63 221.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 262.37 221.25 Td (will ) Tj ET Q q 0 0 0 rg BT 280.45 221.25 Td (be ) Tj ET Q q 0 0 0 rg BT 292.42 221.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 329.92 221.25 Td (over ) Tj ET Q q 0 0 0 rg BT 350.21 221.25 Td (the ) Tj ET Q q 0 0 0 rg BT 364.96 221.25 Td (requisite ) Tj ET Q q 0 0 0 rg BT 401.92 221.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 454.96 221.25 Td (period ) Tj ET Q q 0 0 0 rg BT 483.04 221.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.89 221.25 Td (three ) Tj ET Q q 0 0 0 rg BT 516.40 221.25 Td (years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 209.25 Td (As ) Tj ET Q q 0 0 0 rg BT 85.61 209.25 Td (of ) Tj ET Q q 0 0 0 rg BT 96.44 209.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 155.03 209.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 180.03 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.74 209.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 236.13 209.25 Td (had ) Tj ET Q q 0 0 0 rg BT 253.07 209.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 286.65 209.25 Td ($28.1 ) Tj ET Q q 0 0 0 rg BT 311.65 209.25 Td (million ) Tj ET Q q 0 0 0 rg BT 343.04 209.25 Td (related ) Tj ET Q q 0 0 0 rg BT 372.75 209.25 Td (to ) Tj ET Q q 0 0 0 rg BT 383.03 209.25 Td (this ) Tj ET Q q 0 0 0 rg BT 399.97 209.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 453.00 209.25 Td (award ) Tj ET Q q 0 0 0 rg BT 479.92 209.25 Td (plan.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 185.25 Td (Deferr) Tj ET Q q 0 0 0 rg BT 100.13 185.25 Td (ed ) Tj ET Q q 0 0 0 rg BT 112.63 185.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 176.80 185.25 Td (Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 161.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.05 161.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 118.09 161.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 159.48 161.25 Td (maintains ) Tj ET Q q 0 0 0 rg BT 200.86 161.25 Td (various ) Tj ET Q q 0 0 0 rg BT 232.80 161.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 268.61 161.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 326.65 161.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 383.01 161.25 Td (for ) Tj ET Q q 0 0 0 rg BT 397.17 161.25 Td (employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 137.25 Td (The ) Tj ET Q q 0 0 0 rg BT 89.26 137.25 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 141.52 137.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 176.54 137.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 233.79 137.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 252.72 137.25 Td (is ) Tj ET Q q 0 0 0 rg BT 261.11 137.25 Td (an ) Tj ET Q q 0 0 0 rg BT 272.26 137.25 Td (unfunded ) Tj ET Q q 0 0 0 rg BT 311.74 137.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 330.67 137.25 Td (which ) Tj ET Q q 0 0 0 rg BT 356.82 137.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 384.65 137.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 413.56 137.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 440.83 137.25 Td (compensated ) Tj ET Q q 0 0 0 rg BT 494.75 137.25 Td (employees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 125.25 Td (at ) Tj ET Q q 0 0 0 rg BT 83.07 125.25 Td (their ) Tj ET Q q 0 0 0 rg BT 105.25 125.25 Td (election, ) Tj ET Q q 0 0 0 rg BT 143.25 125.25 Td (to ) Tj ET Q q 0 0 0 rg BT 154.88 125.25 Td (defer ) Tj ET Q q 0 0 0 rg BT 179.27 125.25 Td (a ) Tj ET Q q 0 0 0 rg BT 187.56 125.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 234.71 125.25 Td (of ) Tj ET Q q 0 0 0 rg BT 246.89 125.25 Td (their ) Tj ET Q q 0 0 0 rg BT 269.07 125.25 Td (base ) Tj ET Q q 0 0 0 rg BT 290.69 125.25 Td (salary) Tj ET Q q 0 0 0 rg BT 313.92 125.25 Td (, ) Tj ET Q q 0 0 0 rg BT 320.27 125.25 Td (commissions ) Tj ET Q q 0 0 0 rg BT 376.35 125.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 405.75 125.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 427.37 125.25 Td (bonuses. ) Tj ET Q q 0 0 0 rg BT 465.66 125.25 Td (The ) Tj ET Q q 0 0 0 rg BT 485.06 125.25 Td (deferrals ) Tj ET Q q 0 0 0 rg BT 523.89 125.25 Td (vest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 113.25 Td (immediately ) Tj ET Q q 0 0 0 rg BT 125.54 113.25 Td (and ) Tj ET Q q 0 0 0 rg BT 143.52 113.25 Td (are ) Tj ET Q q 0 0 0 rg BT 159.28 113.25 Td (non-forfeitable. ) Tj ET Q q 0 0 0 rg BT 225.04 113.25 Td (The ) Tj ET Q q 0 0 0 rg BT 244.14 113.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 281.58 113.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 318.43 113.25 Td (under ) Tj ET Q q 0 0 0 rg BT 344.75 113.25 Td (this ) Tj ET Q q 0 0 0 rg BT 362.75 113.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 383.52 113.25 Td (are ) Tj ET Q q 0 0 0 rg BT 399.27 113.25 Td (held ) Tj ET Q q 0 0 0 rg BT 420.04 113.25 Td (in ) Tj ET Q q 0 0 0 rg BT 431.37 113.25 Td (a ) Tj ET Q q 0 0 0 rg BT 439.36 113.25 Td (grantor ) Tj ET Q q 0 0 0 rg BT 471.78 113.25 Td (trust. ) Tj ET Q q 0 0 0 rg BT 495.35 113.25 Td (The ) Tj ET Q q 0 0 0 rg BT 514.45 113.25 Td (Parent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 101.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.43 101.25 Td (invests, ) Tj ET Q q 0 0 0 rg BT 146.25 101.25 Td (as ) Tj ET Q q 0 0 0 rg BT 157.12 101.25 Td (a ) Tj ET Q q 0 0 0 rg BT 164.10 101.25 Td (principal, ) Tj ET Q q 0 0 0 rg BT 204.68 101.25 Td (in ) Tj ET Q q 0 0 0 rg BT 215.00 101.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 265.32 101.25 Td (to ) Tj ET Q q 0 0 0 rg BT 275.64 101.25 Td (economically ) Tj ET Q q 0 0 0 rg BT 332.05 101.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 358.46 101.25 Td (its ) Tj ET Q q 0 0 0 rg BT 370.45 101.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 413.55 101.25 Td (under ) Tj ET Q q 0 0 0 rg BT 438.86 101.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.62 101.25 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 506.70 101.25 Td (deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 89.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 129.54 89.25 Td (plan. ) Tj ET Q q 0 0 0 rg BT 151.26 89.25 Td (On ) Tj ET Q q 0 0 0 rg BT 165.04 89.25 Td (August ) Tj ET Q q 0 0 0 rg BT 195.94 89.25 Td (9, ) Tj ET Q q 0 0 0 rg BT 205.44 89.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 229.94 89.25 Td (the ) Tj ET Q q 0 0 0 rg BT 244.16 89.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 271.71 89.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 318.29 89.25 Td (board ) Tj ET Q q 0 0 0 rg BT 343.06 89.25 Td (of ) Tj ET Q q 0 0 0 rg BT 353.39 89.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 390.38 89.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 429.59 89.25 Td (the ) Tj ET Q q 0 0 0 rg BT 443.81 89.25 Td (discontinuance ) Tj ET Q q 0 0 0 rg BT 505.79 89.25 Td (of ) Tj ET Q q 0 0 0 rg BT 516.12 89.25 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 77.25 Td (deferral ) Tj ET Q q 0 0 0 rg BT 105.58 77.25 Td (elections ) Tj ET Q q 0 0 0 rg BT 143.63 77.25 Td (by ) Tj ET Q q 0 0 0 rg BT 156.13 77.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 205.28 77.25 Td (for ) Tj ET Q q 0 0 0 rg BT 219.44 77.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 272.46 77.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 304.40 77.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 346.89 77.25 Td (after ) Tj ET Q q 0 0 0 rg BT 367.71 77.25 Td (December ) Tj ET Q q 0 0 0 rg BT 411.29 77.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 426.29 77.25 Td (2017.) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 677.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.03 677.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 113.61 677.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 125.09 677.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 143.67 677.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 191.15 677.10 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 222.51 677.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 245.55 677.10 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 288.58 677.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 313.82 677.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 360.74 677.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 380.99 677.10 Td (is ) Tj ET Q q 0 0 0 rg BT 390.14 677.10 Td (a ) Tj ET Q q 0 0 0 rg BT 397.06 677.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 418.43 677.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 448.68 677.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 484.46 677.10 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 665.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 91.40 665.10 Td (which ) Tj ET Q q 0 0 0 rg BT 118.01 665.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 146.30 665.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 178.47 665.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 223.41 665.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.37 665.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 254.42 665.10 Td (to ) Tj ET Q q 0 0 0 rg BT 264.38 665.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 295.42 665.10 Td (a ) Tj ET Q q 0 0 0 rg BT 302.04 665.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 333.10 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.61 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.01 665.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 396.84 665.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 454.56 665.10 Td (they ) Tj ET Q q 0 0 0 rg BT 473.96 665.10 Td (would ) Tj ET Q q 0 0 0 rg BT 501.14 665.10 Td (otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 653.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 103.10 653.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.12 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.57 653.10 Td (form ) Tj ET Q q 0 0 0 rg BT 149.25 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.81 653.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 199.25 653.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 225.10 653.10 Td (instead ) Tj ET Q q 0 0 0 rg BT 255.66 653.10 Td (in ) Tj ET Q q 0 0 0 rg BT 265.68 653.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 305.12 653.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 335.13 653.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 355.70 653.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 382.93 653.10 Td (\("MFRS ) Tj ET Q q 0 0 0 rg BT 418.77 653.10 Td (A) Tj ET Q q 0 0 0 rg BT 425.07 653.10 Td (wards"\) ) Tj ET Q q 0 0 0 rg BT 458.60 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.17 653.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 515.29 653.10 Td (funds. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.10 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 100.72 641.10 Td (A) Tj ET Q q 0 0 0 rg BT 107.03 641.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 133.52 641.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 152.25 641.10 Td (ratably ) Tj ET Q q 0 0 0 rg BT 182.62 641.10 Td (over ) Tj ET Q q 0 0 0 rg BT 203.01 641.10 Td (three ) Tj ET Q q 0 0 0 rg BT 225.61 641.10 Td (years ) Tj ET Q q 0 0 0 rg BT 249.32 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 259.71 641.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 283.98 641.10 Td (installments ) Tj ET Q q 0 0 0 rg BT 334.93 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 351.98 641.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 385.14 641.10 Td (for ) Tj ET Q q 0 0 0 rg BT 399.42 641.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 441.47 641.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 472.97 641.10 Td (after ) Tj ET Q q 0 0 0 rg BT 493.90 641.10 Td (termination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 83.42 629.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 136.50 629.10 Td (so ) Tj ET Q q 0 0 0 rg BT 148.49 629.10 Td (long ) Tj ET Q q 0 0 0 rg BT 169.36 629.10 Td (as ) Tj ET Q q 0 0 0 rg BT 180.78 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.09 629.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 238.06 629.10 Td (does ) Tj ET Q q 0 0 0 rg BT 259.48 629.10 Td (not ) Tj ET Q q 0 0 0 rg BT 275.35 629.10 Td (violate ) Tj ET Q q 0 0 0 rg BT 305.65 629.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 335.95 629.10 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 405.14 629.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 452.66 629.10 Td (set ) Tj ET Q q 0 0 0 rg BT 466.86 629.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 489.40 629.10 Td (in ) Tj ET Q q 0 0 0 rg BT 500.27 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.57 629.10 Td (award ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 617.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 115.89 617.10 Td (or ) Tj ET Q q 0 0 0 rg BT 126.47 617.10 Td (any ) Tj ET Q q 0 0 0 rg BT 143.15 617.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 187.04 617.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 218.72 617.10 Td (into ) Tj ET Q q 0 0 0 rg BT 236.52 617.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 258.77 617.10 Td (termination. ) Tj ET Q q 0 0 0 rg BT 309.62 617.10 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 338.05 617.10 Td (A) Tj ET Q q 0 0 0 rg BT 344.36 617.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 370.49 617.10 Td (are ) Tj ET Q q 0 0 0 rg BT 384.94 617.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 413.85 617.10 Td (by ) Tj ET Q q 0 0 0 rg BT 426.10 617.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 467.22 617.10 Td (recipients ) Tj ET Q q 0 0 0 rg BT 508.34 617.10 Td (\(subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 82.28 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.00 605.10 Td (aforementioned ) Tj ET Q q 0 0 0 rg BT 162.24 605.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 193.63 605.10 Td (restrictions\) ) Tj ET Q q 0 0 0 rg BT 243.89 605.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.83 605.10 Td (as ) Tj ET Q q 0 0 0 rg BT 271.66 605.10 Td (such ) Tj ET Q q 0 0 0 rg BT 292.49 605.10 Td (are ) Tj ET Q q 0 0 0 rg BT 307.20 605.10 Td (not ) Tj ET Q q 0 0 0 rg BT 322.48 605.10 Td (included ) Tj ET Q q 0 0 0 rg BT 359.41 605.10 Td (on ) Tj ET Q q 0 0 0 rg BT 371.91 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.63 605.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 427.45 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.28 605.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 475.76 605.10 Td (condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 581.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.25 581.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.85 581.10 Td (has ) Tj ET Q q 0 0 0 rg BT 147.88 581.10 Td (also ) Tj ET Q q 0 0 0 rg BT 166.70 581.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 199.39 581.10 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 228.18 581.10 Td (A) Tj ET Q q 0 0 0 rg BT 234.49 581.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 261.08 581.10 Td (to ) Tj ET Q q 0 0 0 rg BT 271.56 581.10 Td (new ) Tj ET Q q 0 0 0 rg BT 290.93 581.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 336.40 581.10 Td (as ) Tj ET Q q 0 0 0 rg BT 347.43 581.10 Td (a ) Tj ET Q q 0 0 0 rg BT 354.58 581.10 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 396.16 581.10 Td (tool. ) Tj ET Q q 0 0 0 rg BT 416.92 581.10 Td (Employees ) Tj ET Q q 0 0 0 rg BT 464.06 581.10 Td (must ) Tj ET Q q 0 0 0 rg BT 486.22 581.10 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 511.70 581.10 Td (service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 569.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 126.70 569.10 Td (in ) Tj ET Q q 0 0 0 rg BT 136.98 569.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 177.23 569.10 Td (for ) Tj ET Q q 0 0 0 rg BT 191.39 569.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 216.67 569.10 Td (to ) Tj ET Q q 0 0 0 rg BT 226.95 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.67 569.10 Td (awards. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 545.10 Td (Note 17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.49 545.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 106.99 545.10 Td (Net Capital Requir) Tj ET Q q 0 0 0 rg BT 182.73 545.10 Td (ements and Other Regulatory Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 521.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 95.72 521.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 107.20 521.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 125.91 521.10 Td (is ) Tj ET Q q 0 0 0 rg BT 135.19 521.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 177.23 521.10 Td (as ) Tj ET Q q 0 0 0 rg BT 188.17 521.10 Td (a ) Tj ET Q q 0 0 0 rg BT 195.22 521.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 235.59 521.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 264.30 521.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 291.34 521.10 Td (with ) Tj ET Q q 0 0 0 rg BT 311.73 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.55 521.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 347.51 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.56 521.10 Td (is ) Tj ET Q q 0 0 0 rg BT 373.84 521.10 Td (a ) Tj ET Q q 0 0 0 rg BT 380.89 521.10 Td (member ) Tj ET Q q 0 0 0 rg BT 416.26 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.20 521.10 Td (various ) Tj ET Q q 0 0 0 rg BT 459.25 521.10 Td (SROs ) Tj ET Q q 0 0 0 rg BT 485.21 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.26 521.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 509.10 Td (exchanges. ) Tj ET Q q 0 0 0 rg BT 118.37 509.10 Td (FINRA) Tj ET Q q 0 0 0 rg BT 147.82 509.10 Td ( ) Tj ET Q q 0 0 0 rg BT 150.04 509.10 Td (serves ) Tj ET Q q 0 0 0 rg BT 177.26 509.10 Td (as ) Tj ET Q q 0 0 0 rg BT 187.81 509.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 211.14 509.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 222.62 509.10 Td (fray's ) Tj ET Q q 0 0 0 rg BT 246.64 509.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 280.52 509.10 Td (SRO. ) Tj ET Q q 0 0 0 rg BT 304.69 509.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 328.02 509.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 339.50 509.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 357.83 509.10 Td (is ) Tj ET Q q 0 0 0 rg BT 366.72 509.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 397.27 509.10 Td (to ) Tj ET Q q 0 0 0 rg BT 407.27 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.71 509.10 Td (uniform ) Tj ET Q q 0 0 0 rg BT 456.15 509.10 Td (net ) Tj ET Q q 0 0 0 rg BT 470.59 509.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 499.46 509.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 517.23 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.78 509.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 497.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 92.99 497.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.08 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.95 497.10 Td (net ) Tj ET Q q 0 0 0 rg BT 139.82 497.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 169.13 497.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 187.33 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.31 497.10 Td (FINRA. ) Tj ET Q q 0 0 0 rg BT 233.47 497.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 257.23 497.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 268.71 497.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 287.46 497.10 Td (has ) Tj ET Q q 0 0 0 rg BT 303.44 497.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 334.41 497.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.84 497.10 Td (use ) Tj ET Q q 0 0 0 rg BT 360.82 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.69 497.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 420.54 497.10 Td (method ) Tj ET Q q 0 0 0 rg BT 453.19 497.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 494.16 497.10 Td (by ) Tj ET Q q 0 0 0 rg BT 506.81 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.68 497.10 Td (SEC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 485.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 92.00 485.10 Td (which ) Tj ET Q q 0 0 0 rg BT 120.89 485.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 157.55 485.10 Td (that ) Tj ET Q q 0 0 0 rg BT 176.99 485.10 Td (it ) Tj ET Q q 0 0 0 rg BT 187.00 485.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 226.44 485.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 269.79 485.10 Td (net ) Tj ET Q q 0 0 0 rg BT 286.46 485.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 317.56 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.34 485.10 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 352.29 485.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 387.15 485.10 Td (Advances ) Tj ET Q q 0 0 0 rg BT 431.03 485.10 Td (to ) Tj ET Q q 0 0 0 rg BT 443.26 485.10 Td (af) Tj ET Q q 0 0 0 rg BT 450.85 485.10 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 485.01 485.10 Td (repayment ) Tj ET Q q 0 0 0 rg BT 531.67 485.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 473.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 126.25 473.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 148.56 473.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 186.14 473.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 227.06 473.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.09 473.10 Td (other ) Tj ET Q q 0 0 0 rg BT 267.23 473.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 294.82 473.10 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 346.28 473.10 Td (by ) Tj ET Q q 0 0 0 rg BT 358.88 473.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 382.58 473.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 394.06 473.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 412.75 473.10 Td (are ) Tj ET Q q 0 0 0 rg BT 427.54 473.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 458.46 473.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.83 473.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 498.63 473.10 Td (approvals, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 461.10 Td (notifications ) Tj ET Q q 0 0 0 rg BT 124.49 461.10 Td (and ) Tj ET Q q 0 0 0 rg BT 141.43 461.10 Td (other ) Tj ET Q q 0 0 0 rg BT 164.48 461.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 208.65 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.48 461.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 240.32 461.10 Td (and ) Tj ET Q q 0 0 0 rg BT 257.25 461.10 Td (FINRA) Tj ET Q q 0 0 0 rg BT 286.71 461.10 Td ( ) Tj ET Q q 0 0 0 rg BT 289.21 461.10 Td (rules.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 437.10 Td (At ) Tj ET Q q 0 0 0 rg BT 84.46 437.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 143.00 437.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 167.95 437.10 Td (net ) Tj ET Q q 0 0 0 rg BT 182.63 437.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 211.73 437.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 254.71 437.10 Td (under ) Tj ET Q q 0 0 0 rg BT 279.94 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.61 437.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 315.41 437.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 333.41 437.10 Td (was ) Tj ET Q q 0 0 0 rg BT 351.42 437.10 Td ($137.6 ) Tj ET Q q 0 0 0 rg BT 381.38 437.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 415.22 437.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.12 437.10 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 471.77 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.44 437.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 527.79 437.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 425.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 100.49 425.10 Td (required ) Tj ET Q q 0 0 0 rg BT 135.65 425.10 Td (under ) Tj ET Q q 0 0 0 rg BT 160.26 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.32 425.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 194.50 425.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 211.89 425.10 Td (by ) Tj ET Q q 0 0 0 rg BT 223.73 425.10 Td ($136.6 ) Tj ET Q q 0 0 0 rg BT 253.08 425.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 286.18 425.10 Td (The ) Tj ET Q q 0 0 0 rg BT 303.57 425.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 344.29 425.10 Td (received ) Tj ET Q q 0 0 0 rg BT 380.00 425.10 Td (a ) Tj ET Q q 0 0 0 rg BT 386.28 425.10 Td ($25.0 ) Tj ET Q q 0 0 0 rg BT 410.62 425.10 Td (million ) Tj ET Q q 0 0 0 rg BT 441.36 425.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 469.85 425.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 520.57 425.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.89 413.10 Td (Parent ) Tj ET Q q 0 0 0 rg BT 115.11 413.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 156.66 413.10 Td (in ) Tj ET Q q 0 0 0 rg BT 167.11 413.10 Td (January ) Tj ET Q q 0 0 0 rg BT 200.88 413.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 225.86 413.10 Td (The ) Tj ET Q q 0 0 0 rg BT 244.08 413.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 285.64 413.10 Td (anticipates ) Tj ET Q q 0 0 0 rg BT 331.06 413.10 Td ($20.0 ) Tj ET Q q 0 0 0 rg BT 356.24 413.10 Td (million ) Tj ET Q q 0 0 0 rg BT 387.80 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.80 413.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 428.12 413.10 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 479.67 413.10 Td (within ) Tj ET Q q 0 0 0 rg BT 507.90 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.78 413.10 Td (next ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 401.10 Td (six ) Tj ET Q q 0 0 0 rg BT 86.17 401.10 Td (months.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 377.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.19 377.10 Td (Company) Tj ET Q q 0 0 0 rg BT 130.85 377.10 Td (s ) Tj ET Q q 0 0 0 rg BT 136.39 377.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 180.80 377.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 224.10 377.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 248.50 377.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 278.46 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.54 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.40 377.10 Td (Parent ) Tj ET Q q 0 0 0 rg BT 335.59 377.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 381.81 377.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 407.90 377.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 430.65 377.10 Td (include ) Tj ET Q q 0 0 0 rg BT 461.72 377.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 503.35 377.10 Td (requiring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 365.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 94.95 365.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 106.43 365.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 124.38 365.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.00 365.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 170.84 365.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 211.58 365.10 Td (net ) Tj ET Q q 0 0 0 rg BT 225.64 365.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 254.13 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.31 365.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 286.16 365.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 319.39 365.10 Td (CP) Tj ET Q q 0 0 0 rg BT 331.25 365.10 Td ( ) Tj ET Q q 0 0 0 rg BT 333.10 365.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 358.27 365.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 385.12 365.10 Td (under ) Tj ET Q q 0 0 0 rg BT 409.73 365.10 Td (CP) Tj ET Q q 0 0 0 rg BT 421.59 365.10 Td ( ) Tj ET Q q 0 0 0 rg BT 423.44 365.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 449.72 365.10 Td (II ) Tj ET Q q 0 0 0 rg BT 457.82 365.10 Td (A) Tj ET Q q 0 0 0 rg BT 464.49 365.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.34 365.10 Td (include ) Tj ET Q q 0 0 0 rg BT 497.62 365.10 Td (a ) Tj ET Q q 0 0 0 rg BT 503.90 365.10 Td (covenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 353.10 Td (that ) Tj ET Q q 0 0 0 rg BT 90.53 353.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 126.26 353.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 150.90 353.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 162.38 353.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 182.01 353.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.32 353.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 231.84 353.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 261.47 353.10 Td (net ) Tj ET Q q 0 0 0 rg BT 277.21 353.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 307.40 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.26 353.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 342.79 353.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 377.45 353.10 Td (The ) Tj ET Q q 0 0 0 rg BT 396.53 353.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 444.64 353.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 467.06 353.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 507.80 353.10 Td (clearing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 341.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 115.45 341.10 Td (with ) Tj ET Q q 0 0 0 rg BT 135.04 341.10 Td (Pershing ) Tj ET Q q 0 0 0 rg BT 171.86 341.10 Td (also ) Tj ET Q q 0 0 0 rg BT 189.78 341.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 224.92 341.10 Td (a ) Tj ET Q q 0 0 0 rg BT 231.17 341.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 269.08 341.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 307.54 341.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 330.47 341.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 341.94 341.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 359.86 341.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.45 341.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 406.25 341.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 434.16 341.10 Td (net ) Tj ET Q q 0 0 0 rg BT 448.19 341.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 476.66 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.80 341.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 508.61 341.10 Td (million.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 317.10 Td (Note 18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.49 317.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 106.99 317.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 143.56 317.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 293.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.01 293.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.42 293.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 107.51 293.10 Td (Reform ) Tj ET Q q 0 0 0 rg BT 140.13 293.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 157.22 293.10 Td (was ) Tj ET Q q 0 0 0 rg BT 175.42 293.10 Td (enacted ) Tj ET Q q 0 0 0 rg BT 208.61 293.10 Td (on ) Tj ET Q q 0 0 0 rg BT 221.26 293.10 Td (December ) Tj ET Q q 0 0 0 rg BT 265.00 293.10 Td (22, ) Tj ET Q q 0 0 0 rg BT 280.16 293.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 304.72 293.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 326.83 293.10 Td (740 ) Tj ET Q q 0 0 0 rg BT 344.48 293.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 379.34 293.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 424.76 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 435.19 293.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 476.71 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.58 293.10 Td (ef) Tj ET Q q 0 0 0 rg BT 499.17 293.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 516.81 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.79 293.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 281.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 86.19 281.10 Td (law ) Tj ET Q q 0 0 0 rg BT 102.60 281.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 136.78 281.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.53 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.72 281.10 Td (period ) Tj ET Q q 0 0 0 rg BT 188.24 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.54 281.10 Td (enactment ) Tj ET Q q 0 0 0 rg BT 241.60 281.10 Td (even ) Tj ET Q q 0 0 0 rg BT 262.45 281.10 Td (though ) Tj ET Q q 0 0 0 rg BT 292.21 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.39 281.10 Td (ef) Tj ET Q q 0 0 0 rg BT 313.98 281.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 343.16 281.10 Td (date ) Tj ET Q q 0 0 0 rg BT 361.79 281.10 Td (for ) Tj ET Q q 0 0 0 rg BT 375.42 281.10 Td (most ) Tj ET Q q 0 0 0 rg BT 396.84 281.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 440.48 281.10 Td (is ) Tj ET Q q 0 0 0 rg BT 449.12 281.10 Td (for ) Tj ET Q q 0 0 0 rg BT 462.76 281.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 476.95 281.10 Td (years ) Tj ET Q q 0 0 0 rg BT 500.02 281.10 Td (beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 269.10 Td (after ) Tj ET Q q 0 0 0 rg BT 92.59 269.10 Td (December ) Tj ET Q q 0 0 0 rg BT 135.95 269.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 150.73 269.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 175.51 269.10 Td (In ) Tj ET Q q 0 0 0 rg BT 186.11 269.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 233.35 269.10 Td (with ) Tj ET Q q 0 0 0 rg BT 253.41 269.10 Td (SAB ) Tj ET Q q 0 0 0 rg BT 275.14 269.10 Td (1) Tj ET Q q 0 0 0 rg BT 279.77 269.10 Td (18, ) Tj ET Q q 0 0 0 rg BT 294.54 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.04 269.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 350.20 269.10 Td (has ) Tj ET Q q 0 0 0 rg BT 365.81 269.10 Td (made ) Tj ET Q q 0 0 0 rg BT 389.74 269.10 Td (a ) Tj ET Q q 0 0 0 rg BT 396.45 269.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 441.48 269.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 477.08 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.69 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.18 269.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 531.67 269.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.25 257.10 Td (T) Tj ET Q q 0 0 0 rg BT 92.66 257.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 105.36 257.10 Td (Reform ) Tj ET Q q 0 0 0 rg BT 138.46 257.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 156.16 257.10 Td (which ) Tj ET Q q 0 0 0 rg BT 183.87 257.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 216.56 257.10 Td (an ) Tj ET Q q 0 0 0 rg BT 229.26 257.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 270.85 257.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 311.88 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.47 257.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 360.05 257.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 375.53 257.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 402.13 257.10 Td (as ) Tj ET Q q 0 0 0 rg BT 413.72 257.10 Td (a ) Tj ET Q q 0 0 0 rg BT 421.43 257.10 Td (result ) Tj ET Q q 0 0 0 rg BT 446.91 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.51 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 473.99 257.10 Td (statutory ) Tj ET Q q 0 0 0 rg BT 512.25 257.10 Td (federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 245.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 112.48 245.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 130.20 245.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 167.34 245.10 Td (from ) Tj ET Q q 0 0 0 rg BT 189.51 245.10 Td (35 ) Tj ET Q q 0 0 0 rg BT 202.23 245.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 234.39 245.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.89 245.10 Td (21 ) Tj ET Q q 0 0 0 rg BT 257.62 245.10 Td (percent. ) Tj ET Q q 0 0 0 rg BT 292.08 245.10 Td (The ) Tj ET Q q 0 0 0 rg BT 310.35 245.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 351.97 245.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 393.02 245.10 Td (to ) Tj ET Q q 0 0 0 rg BT 403.53 245.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 439.57 245.10 Td (its ) Tj ET Q q 0 0 0 rg BT 451.74 245.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 491.68 245.10 Td (surrounding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.72 233.10 Td (remeasurement ) Tj ET Q q 0 0 0 rg BT 150.30 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.13 233.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 196.93 233.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 211.65 233.10 Td (assets.) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F2 14.00 Tf ET q 0 0 0 rg BT 243.35 749.15 Td (Piper Jaffray & Co.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 156.75 733.35 Td (\(A) Tj ET Q q 0 0 0 rg BT 167.95 733.35 Td ( Wholly Owned Subsidiary of Piper Jaffray Companies\)) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 717.50 Td (Notes to the Statement of Financial Condition) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 256.45 701.65 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 677.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 110.08 677.10 Td (income ) Tj ET Q q 0 0 0 rg BT 142.06 677.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 156.83 677.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 182.71 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.70 677.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 239.46 677.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 267.55 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.31 677.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 297.08 677.10 Td (ef) Tj ET Q q 0 0 0 rg BT 304.67 677.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 322.21 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.09 677.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 376.73 677.10 Td (dif) Tj ET Q q 0 0 0 rg BT 387.66 677.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 423.51 677.10 Td (between ) Tj ET Q q 0 0 0 rg BT 459.38 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.15 677.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 510.01 677.10 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 81.96 665.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 106.92 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.98 665.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 161.83 665.10 Td (for ) Tj ET Q q 0 0 0 rg BT 175.11 665.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 211.72 665.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 250.00 665.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 287.18 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 303.25 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.09 665.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 352.61 665.10 Td (used ) Tj ET Q q 0 0 0 rg BT 372.56 665.10 Td (for ) Tj ET Q q 0 0 0 rg BT 385.85 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.70 665.10 Td (same ) Tj ET Q q 0 0 0 rg BT 421.87 665.10 Td (items ) Tj ET Q q 0 0 0 rg BT 445.16 665.10 Td (for ) Tj ET Q q 0 0 0 rg BT 458.45 665.10 Td (income ) Tj ET Q q 0 0 0 rg BT 489.51 665.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 503.36 665.10 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 653.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 112.37 653.10 Td (The ) Tj ET Q q 0 0 0 rg BT 130.42 653.10 Td (net ) Tj ET Q q 0 0 0 rg BT 145.13 653.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 180.94 653.10 Td (income ) Tj ET Q q 0 0 0 rg BT 212.87 653.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 227.59 653.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 253.42 653.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 293.14 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.97 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.68 653.10 Td (following ) Tj ET Q q 0 0 0 rg BT 360.07 653.10 Td (items ) Tj ET Q q 0 0 0 rg BT 384.24 653.10 Td (at ) Tj ET Q q 0 0 0 rg BT 393.95 653.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 452.54 653.10 Td (2017:) Tj ET Q 1 1 1 rg /GS0 gs 71.50 618.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 606.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 594.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 582.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 570.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 534.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 522.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 510.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 498.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 486.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 474.60 388.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 570.6 m 539.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 558.6 m 539.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 498.6 m 539.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 486.6 m 539.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 463.6 m 539.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 461.6 m 539.5 461.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 74.00 634.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 621.22 Td (Deferred tax assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 609.22 Td (Deferred compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 609.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 609.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 609.22 Td (57,402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 597.22 Td (Goodwill and intangible assets tax basis in excess of book basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 597.22 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 597.22 Td (10,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 585.22 Td (Liabilities/accruals not currently deductible) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 585.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 585.22 Td (1,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 573.22 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 573.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 573.22 Td (3,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 561.22 Td (T) Tj ET Q q 0 0 0 rg BT 91.76 561.22 Td (otal deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.50 561.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 561.22 Td (72,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 537.22 Td (Deferred tax liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 525.22 Td (Unrealized gains on firm investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 525.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 525.22 Td (447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 513.22 Td (Fixed assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.50 513.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 513.22 Td (2,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 501.22 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 501.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 501.22 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 489.22 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 489.22 Td (otal deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 489.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 489.22 Td (2,874) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 465.22 Td (Net deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 465.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 465.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 465.22 Td (70,022) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 439.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.65 439.10 Td (realization ) Tj ET Q q 0 0 0 rg BT 135.95 439.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.38 439.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 183.79 439.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 199.11 439.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 225.54 439.10 Td (is ) Tj ET Q q 0 0 0 rg BT 235.32 439.10 Td (assessed ) Tj ET Q q 0 0 0 rg BT 272.30 439.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.84 439.10 Td (a ) Tj ET Q q 0 0 0 rg BT 297.39 439.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 337.70 439.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 381.34 439.10 Td (is ) Tj ET Q q 0 0 0 rg BT 391.11 439.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 429.19 439.10 Td (to ) Tj ET Q q 0 0 0 rg BT 440.07 439.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.39 439.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 482.93 439.10 Td (that ) Tj ET Q q 0 0 0 rg BT 501.02 439.10 Td (it ) Tj ET Q q 0 0 0 rg BT 509.68 439.10 Td (is ) Tj ET Q q 0 0 0 rg BT 519.46 439.10 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 427.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 97.25 427.10 Td (than ) Tj ET Q q 0 0 0 rg BT 116.94 427.10 Td (not ) Tj ET Q q 0 0 0 rg BT 132.19 427.10 Td (that ) Tj ET Q q 0 0 0 rg BT 149.66 427.10 Td (any ) Tj ET Q q 0 0 0 rg BT 166.57 427.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 197.93 427.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.73 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.42 427.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 259.20 427.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 273.89 427.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 295.80 427.10 Td (will ) Tj ET Q q 0 0 0 rg BT 313.83 427.10 Td (not ) Tj ET Q q 0 0 0 rg BT 329.08 427.10 Td (be ) Tj ET Q q 0 0 0 rg BT 340.99 427.10 Td (realized. ) Tj ET Q q 0 0 0 rg BT 377.43 427.10 Td (The ) Tj ET Q q 0 0 0 rg BT 395.45 427.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 436.81 427.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 472.05 427.10 Td (that ) Tj ET Q q 0 0 0 rg BT 489.51 427.10 Td (its ) Tj ET Q q 0 0 0 rg BT 501.44 427.10 Td (future ) Tj ET Q q 0 0 0 rg BT 527.79 427.10 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 415.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 100.61 415.10 Td (will ) Tj ET Q q 0 0 0 rg BT 118.67 415.10 Td (be ) Tj ET Q q 0 0 0 rg BT 130.60 415.10 Td (suf) Tj ET Q q 0 0 0 rg BT 142.64 415.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 170.69 415.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.96 415.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 222.33 415.10 Td (its ) Tj ET Q q 0 0 0 rg BT 234.28 415.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 270.08 415.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 284.80 415.10 Td (assets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 391.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 94.49 391.10 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.49 391.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 106.99 391.10 Td (Related ) Tj ET Q q 0 0 0 rg BT 140.03 391.10 Td (Party ) Tj ET Q q 0 0 0 rg BT 164.75 391.10 Td (T) Tj ET Q q 0 0 0 rg BT 169.76 391.10 Td (ransactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 367.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.77 367.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 130.89 367.10 Td (has ) Tj ET Q q 0 0 0 rg BT 146.44 367.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 190.88 367.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 240.87 367.10 Td (with ) Tj ET Q q 0 0 0 rg BT 260.88 367.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.32 367.10 Td (Parent ) Tj ET Q q 0 0 0 rg BT 303.09 367.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 344.21 367.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.87 367.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.32 367.10 Td (Parent ) Tj ET Q q 0 0 0 rg BT 403.09 367.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 449.90 367.10 Td (other ) Tj ET Q q 0 0 0 rg BT 472.67 367.10 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 524.45 367.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 355.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.06 355.10 Td (arranges ) Tj ET Q q 0 0 0 rg BT 149.10 355.10 Td (for ) Tj ET Q q 0 0 0 rg BT 162.93 355.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.32 355.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 215.03 355.10 Td (or ) Tj ET Q q 0 0 0 rg BT 225.54 355.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 243.25 355.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.76 355.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 296.19 355.10 Td (holds ) Tj ET Q q 0 0 0 rg BT 320.04 355.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 369.98 355.10 Td (in ) Tj ET Q q 0 0 0 rg BT 379.93 355.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 404.33 355.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 442.60 355.10 Td (by ) Tj ET Q q 0 0 0 rg BT 454.77 355.10 Td (af) Tj ET Q q 0 0 0 rg BT 462.36 355.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 491.74 355.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.35 355.10 Td (markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 343.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 114.68 343.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 164.05 343.10 Td (for ) Tj ET Q q 0 0 0 rg BT 178.42 343.10 Td (af) Tj ET Q q 0 0 0 rg BT 186.01 343.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 218.23 343.10 Td (The ) Tj ET Q q 0 0 0 rg BT 236.48 343.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 278.07 343.10 Td (allocates ) Tj ET Q q 0 0 0 rg BT 315.75 343.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 354.56 343.10 Td (or ) Tj ET Q q 0 0 0 rg BT 365.59 343.10 Td (records ) Tj ET Q q 0 0 0 rg BT 397.72 343.10 Td (a ) Tj ET Q q 0 0 0 rg BT 404.86 343.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 436.46 343.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.49 343.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.41 343.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 500.65 343.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 530.00 343.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 331.10 Td (af) Tj ET Q q 0 0 0 rg BT 79.59 331.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 110.52 331.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.01 331.10 Td (return ) Tj ET Q q 0 0 0 rg BT 149.61 331.10 Td (for ) Tj ET Q q 0 0 0 rg BT 164.98 331.10 Td (services ) Tj ET Q q 0 0 0 rg BT 200.91 331.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 240.17 331.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.67 331.10 Td (af) Tj ET Q q 0 0 0 rg BT 259.26 331.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 292.69 331.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 325.84 331.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 367.32 331.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 409.63 331.10 Td (along ) Tj ET Q q 0 0 0 rg BT 435.57 331.10 Td (with ) Tj ET Q q 0 0 0 rg BT 457.06 331.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 497.43 331.10 Td (for ) Tj ET Q q 0 0 0 rg BT 512.80 331.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 319.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 124.24 319.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 159.52 319.10 Td (by ) Tj ET Q q 0 0 0 rg BT 171.48 319.10 Td (af) Tj ET Q q 0 0 0 rg BT 179.07 319.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 208.25 319.10 Td (are ) Tj ET Q q 0 0 0 rg BT 222.42 319.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 255.49 319.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 274.67 319.10 Td (by ) Tj ET Q q 0 0 0 rg BT 286.64 319.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.82 319.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 341.67 319.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.07 319.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 412.25 319.10 Td (reimbursed ) Tj ET Q q 0 0 0 rg BT 459.20 319.10 Td (by ) Tj ET Q q 0 0 0 rg BT 471.17 319.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.35 319.10 Td (af) Tj ET Q q 0 0 0 rg BT 492.94 319.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 524.47 319.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 307.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.86 307.10 Td (also ) Tj ET Q q 0 0 0 rg BT 132.94 307.10 Td (owns ) Tj ET Q q 0 0 0 rg BT 157.03 307.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 207.77 307.10 Td (in ) Tj ET Q q 0 0 0 rg BT 218.52 307.10 Td (af) Tj ET Q q 0 0 0 rg BT 226.11 307.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 257.40 307.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 282.60 307.10 Td (that ) Tj ET Q q 0 0 0 rg BT 300.57 307.10 Td (are ) Tj ET Q q 0 0 0 rg BT 315.75 307.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 359.25 307.10 Td (for ) Tj ET Q q 0 0 0 rg BT 373.88 307.10 Td (under ) Tj ET Q q 0 0 0 rg BT 399.63 307.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.81 307.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 442.78 307.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 478.25 307.10 Td (In ) Tj ET Q q 0 0 0 rg BT 489.55 307.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 527.80 307.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 295.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 112.67 295.10 Td (may ) Tj ET Q q 0 0 0 rg BT 131.67 295.10 Td (transact ) Tj ET Q q 0 0 0 rg BT 164.55 295.10 Td (with ) Tj ET Q q 0 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