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ET Q q 0 0 0 rg BT 326.02 384.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 377.61 384.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 415.88 384.70 Td (businesses ) Tj ET Q q 0 0 0 rg BT 469.15 384.70 Td (in ) Tj ET Q q 0 0 0 rg BT 480.17 384.70 Td (both ) Tj ET Q q 0 0 0 rg BT 502.87 384.70 Td (of ) Tj ET Q q 0 0 0 rg BT 514.45 384.70 Td (which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 372.70 Td (we ) Tj ET Q q 0 0 0 rg BT 64.43 372.70 Td (have ) Tj ET Q q 0 0 0 rg BT 88.27 372.70 Td (leading ) Tj ET Q q 0 0 0 rg BT 122.67 372.70 Td (market ) Tj ET Q q 0 0 0 rg BT 155.38 372.70 Td (positions. ) Tj ET Q q 0 0 0 rg BT 202.55 372.70 Td (W) Tj ET Q q 0 0 0 rg BT 211.81 372.70 Td (e ) Tj ET Q q 0 0 0 rg BT 219.52 372.70 Td (continued ) Tj ET Q q 0 0 0 rg BT 265.04 372.70 Td (to ) Tj ET Q q 0 0 0 rg BT 275.52 372.70 Td (gain ) Tj ET Q q 0 0 0 rg BT 296.58 372.70 Td (market ) Tj ET Q q 0 0 0 rg BT 329.29 372.70 Td (share ) Tj ET Q q 0 0 0 rg BT 356.45 372.70 Td (in ) Tj ET Q q 0 0 0 rg BT 366.39 372.70 Td (our ) Tj ET Q q 0 0 0 rg BT 382.99 372.70 Td (Equities ) Tj ET Q q 0 0 0 rg BT 420.71 372.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 446.21 372.70 Td (and ) Tj ET Q q 0 0 0 rg BT 465.04 372.70 Td (trading ) Tj ET Q q 0 0 0 rg BT 497.77 372.70 Td (business. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 360.70 Td (Despite ) Tj ET Q q 0 0 0 rg BT 85.85 360.70 Td (the ) Tj ET Q q 0 0 0 rg BT 102.20 360.70 Td (challenges ) Tj ET Q q 0 0 0 rg BT 152.46 360.70 Td (experienced ) Tj ET Q q 0 0 0 rg BT 209.39 360.70 Td (by ) Tj ET Q q 0 0 0 rg BT 222.40 360.70 Td (most ) Tj ET Q q 0 0 0 rg BT 246.52 360.70 Td (of ) Tj ET Q q 0 0 0 rg BT 257.30 360.70 Td (our ) Tj ET Q q 0 0 0 rg BT 274.21 360.70 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 301.11 360.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 336.35 360.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 363.25 360.70 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 418.50 360.70 Td (we ) Tj ET Q q 0 0 0 rg BT 433.73 360.70 Td (saw ) Tj ET Q q 0 0 0 rg BT 453.96 360.70 Td (solid ) Tj ET Q q 0 0 0 rg BT 476.98 360.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 494.98 360.70 Td (Revenues ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 348.70 Td (recorded ) Tj ET Q q 0 0 0 rg BT 91.90 348.70 Td (by ) Tj ET Q q 0 0 0 rg BT 105.40 348.70 Td (our ) Tj ET Q q 0 0 0 rg BT 122.78 348.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 145.16 348.70 Td (and ) Tj ET Q q 0 0 0 rg BT 164.78 348.70 Td (International ) Tj ET Q q 0 0 0 rg BT 222.75 348.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 247.92 348.70 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 303.66 348.70 Td (as ) Tj ET Q q 0 0 0 rg BT 317.15 348.70 Td (well ) Tj ET Q q 0 0 0 rg BT 337.31 348.70 Td (as ) Tj ET Q q 0 0 0 rg BT 350.81 348.70 Td (our ) Tj ET Q q 0 0 0 rg BT 368.19 348.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 390.57 348.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 441.86 348.70 Td (grade ) Tj ET Q q 0 0 0 rg BT 470.37 348.70 Td (corporate ) Tj ET Q q 0 0 0 rg BT 515.55 348.70 Td (credit ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 336.70 Td (business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 306.70 Td ("Fixed ) Tj ET Q q 0 0 0 rg BT 80.59 306.70 Td (Income, ) Tj ET Q q 0 0 0 rg BT 119.24 306.70 Td (which ) Tj ET Q q 0 0 0 rg BT 147.89 306.70 Td (has ) Tj ET Q q 0 0 0 rg BT 167.10 306.70 Td (been ) Tj ET Q q 0 0 0 rg BT 192.43 306.70 Td (a ) Tj ET Q q 0 0 0 rg BT 201.07 306.70 Td (solid ) Tj ET Q q 0 0 0 rg BT 224.72 306.70 Td (to ) Tj ET Q q 0 0 0 rg BT 236.15 306.70 Td (excellent ) Tj ET Q q 0 0 0 rg BT 278.70 306.70 Td (business ) Tj ET Q q 0 0 0 rg BT 321.25 306.70 Td (for ) Tj ET Q q 0 0 0 rg BT 336.00 306.70 Td (Jef) Tj ET Q q 0 0 0 rg BT 349.16 306.70 Td (feries ) Tj ET Q q 0 0 0 rg BT 376.70 306.70 Td (in ) Tj ET Q q 0 0 0 rg BT 387.56 306.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 410.65 306.70 Td (years, ) Tj ET Q q 0 0 0 rg BT 440.97 306.70 Td (did ) Tj ET Q q 0 0 0 rg BT 457.40 306.70 Td (not ) Tj ET Q q 0 0 0 rg BT 474.38 306.70 Td (perform ) Tj ET Q q 0 0 0 rg BT 511.92 306.70 Td (well ) Tj ET Q q 0 0 0 rg BT 532.23 306.70 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 294.70 Td (2015. ) Tj ET Q q 0 0 0 rg BT 77.08 294.70 Td (Almost ) Tj ET Q q 0 0 0 rg BT 110.84 294.70 Td (all ) Tj ET Q q 0 0 0 rg BT 124.03 294.70 Td (our ) Tj ET Q q 0 0 0 rg BT 141.68 294.70 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 169.32 294.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 205.31 294.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 232.95 294.70 Td (businesses ) Tj ET Q q 0 0 0 rg BT 286.17 294.70 Td (were ) Tj ET Q q 0 0 0 rg BT 311.04 294.70 Td (impacted ) Tj ET Q q 0 0 0 rg BT 354.81 294.70 Td (by ) Tj ET Q q 0 0 0 rg BT 368.56 294.70 Td (the ) Tj ET Q q 0 0 0 rg BT 385.66 294.70 Td (prolonged ) Tj ET Q q 0 0 0 rg BT 433.33 294.70 Td (anticipation ) Tj ET Q q 0 0 0 rg BT 487.11 294.70 Td (of ) Tj ET Q q 0 0 0 rg BT 498.64 294.70 Td (the ) Tj ET Q q 0 0 0 rg BT 515.74 294.70 Td (lift-of) Tj ET Q q 0 0 0 rg BT 537.23 294.70 Td (f ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 282.70 Td (inFederal ) Tj ET Q q 0 0 0 rg BT 96.93 282.70 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 137.14 282.70 Td (rate-setting, ) Tj ET Q q 0 0 0 rg BT 192.91 282.70 Td (the ) Tj ET Q q 0 0 0 rg BT 209.78 282.70 Td (collapse ) Tj ET Q q 0 0 0 rg BT 249.43 282.70 Td (in ) Tj ET Q q 0 0 0 rg BT 260.18 282.70 Td (the ) Tj ET Q q 0 0 0 rg BT 277.05 282.70 Td (global ) Tj ET Q q 0 0 0 rg BT 306.71 282.70 Td (energy ) Tj ET Q q 0 0 0 rg BT 340.25 282.70 Td (markets ) Tj ET Q q 0 0 0 rg BT 378.78 282.70 Td (\(where ) Tj ET Q q 0 0 0 rg BT 412.31 282.70 Td (we ) Tj ET Q q 0 0 0 rg BT 428.06 282.70 Td (have ) Tj ET Q q 0 0 0 rg BT 452.71 282.70 Td (long ) Tj ET Q q 0 0 0 rg BT 474.58 282.70 Td (been ) Tj ET Q q 0 0 0 rg BT 499.80 282.70 Td (an ) Tj ET Q q 0 0 0 rg BT 513.89 282.70 Td (active ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 270.70 Td (adviser) Tj ET Q q 0 0 0 rg BT 81.18 270.70 Td (, ) Tj ET Q q 0 0 0 rg BT 86.86 270.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 118.66 270.70 Td (raiser ) Tj ET Q q 0 0 0 rg BT 146.56 270.70 Td (and ) Tj ET Q q 0 0 0 rg BT 166.14 270.70 Td (trader\), ) Tj ET Q q 0 0 0 rg BT 201.27 270.70 Td (reduced ) Tj ET Q q 0 0 0 rg BT 240.30 270.70 Td (originations ) Tj ET Q q 0 0 0 rg BT 294.34 270.70 Td (in ) Tj ET Q q 0 0 0 rg BT 305.01 270.70 Td (leveraged ) Tj ET Q q 0 0 0 rg BT 351.83 270.70 Td (finance ) Tj ET Q q 0 0 0 rg BT 386.97 270.70 Td (and ) Tj ET Q q 0 0 0 rg BT 406.55 270.70 Td (meaningfully ) Tj ET Q q 0 0 0 rg BT 465.59 270.70 Td (reduced ) Tj ET Q q 0 0 0 rg BT 504.62 270.70 Td (liquidity) Tj ET Q q 0 0 0 rg BT 537.23 270.70 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 258.70 Td (There ) Tj ET Q q 0 0 0 rg BT 78.40 258.70 Td (were ) Tj ET Q q 0 0 0 rg BT 102.85 258.70 Td (a ) Tj ET Q q 0 0 0 rg BT 111.19 258.70 Td (number ) Tj ET Q q 0 0 0 rg BT 147.88 258.70 Td (of ) Tj ET Q q 0 0 0 rg BT 159.00 258.70 Td (periods ) Tj ET Q q 0 0 0 rg BT 194.57 258.70 Td (of ) Tj ET Q q 0 0 0 rg BT 205.69 258.70 Td (extreme ) Tj ET Q q 0 0 0 rg BT 244.59 258.70 Td (volatility) Tj ET Q q 0 0 0 rg BT 279.42 258.70 Td (, ) Tj ET Q q 0 0 0 rg BT 284.97 258.70 Td (which ) Tj ET Q q 0 0 0 rg BT 313.32 258.70 Td (were ) Tj ET Q q 0 0 0 rg BT 337.77 258.70 Td (followed ) Tj ET Q q 0 0 0 rg BT 377.24 258.70 Td (by ) Tj ET Q q 0 0 0 rg BT 390.58 258.70 Td (periods ) Tj ET Q q 0 0 0 rg BT 426.16 258.70 Td (of ) Tj ET Q q 0 0 0 rg BT 437.27 258.70 Td (low ) Tj ET Q q 0 0 0 rg BT 455.06 258.70 Td (trading ) Tj ET Q q 0 0 0 rg BT 488.41 258.70 Td (volume.") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 228.70 Td (As ) Tj ET Q q 0 0 0 rg BT 67.42 228.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 114.81 228.70 Td (during ) Tj ET Q q 0 0 0 rg BT 145.53 228.70 Td (our ) Tj ET Q q 0 0 0 rg BT 162.91 228.70 Td (Leucadia ) Tj ET Q q 0 0 0 rg BT 206.42 228.70 Td (Investor ) Tj ET Q q 0 0 0 rg BT 244.92 228.70 Td (Day ) Tj ET Q q 0 0 0 rg BT 265.62 228.70 Td (in ) Tj ET Q q 0 0 0 rg BT 276.33 228.70 Td (October) Tj ET Q q 0 0 0 rg BT 311.35 228.70 Td (, ) Tj ET Q q 0 0 0 rg BT 317.05 228.70 Td (we ) Tj ET Q q 0 0 0 rg BT 332.75 228.70 Td (conducted ) Tj ET Q q 0 0 0 rg BT 381.82 228.70 Td (a ) Tj ET Q q 0 0 0 rg BT 390.31 228.70 Td (detailed ) Tj ET Q q 0 0 0 rg BT 428.26 228.70 Td (review ) Tj ET Q q 0 0 0 rg BT 460.08 228.70 Td (and ) Tj ET Q q 0 0 0 rg BT 479.68 228.70 Td (analysis ) Tj ET Q q 0 0 0 rg BT 518.73 228.70 Td (of ) Tj ET Q q 0 0 0 rg BT 530.00 228.70 Td (all ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 216.70 Td (our ) Tj ET Q q 0 0 0 rg BT 67.94 216.70 Td (businesses ) Tj ET Q q 0 0 0 rg BT 121.95 216.70 Td (and ) Tj ET Q q 0 0 0 rg BT 142.62 216.70 Td (support ) Tj ET Q q 0 0 0 rg BT 179.96 216.70 Td (areas ) Tj ET Q q 0 0 0 rg BT 208.96 216.70 Td (during ) Tj ET Q q 0 0 0 rg BT 240.74 216.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 269.75 216.70 Td (and, ) Tj ET Q q 0 0 0 rg BT 293.20 216.70 Td (as ) Tj ET Q q 0 0 0 rg BT 307.74 216.70 Td (promised, ) Tj ET Q q 0 0 0 rg BT 355.63 216.70 Td (have ) Tj ET Q q 0 0 0 rg BT 381.30 216.70 Td (nowimplemented ) Tj ET Q q 0 0 0 rg BT 463.66 216.70 Td (reductions ) Tj ET Q q 0 0 0 rg BT 513.78 216.70 Td (in ) Tj ET Q q 0 0 0 rg BT 525.55 216.70 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 204.70 Td (commitments ) Tj ET Q q 0 0 0 rg BT 111.60 204.70 Td (of ) Tj ET Q q 0 0 0 rg BT 122.59 204.70 Td (risk, ) Tj ET Q q 0 0 0 rg BT 143.56 204.70 Td (balance ) Tj ET Q q 0 0 0 rg BT 181.24 204.70 Td (sheet ) Tj ET Q q 0 0 0 rg BT 208.35 204.70 Td (and ) Tj ET Q q 0 0 0 rg BT 227.68 204.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 259.23 204.70 Td (that ) Tj ET Q q 0 0 0 rg BT 278.56 204.70 Td (are ) Tj ET Q q 0 0 0 rg BT 295.66 204.70 Td (consistent ) Tj ET Q q 0 0 0 rg BT 343.33 204.70 Td (with ) Tj ET Q q 0 0 0 rg BT 363.76 204.70 Td (the ) Tj ET Q q 0 0 0 rg BT 380.31 204.70 Td (market ) Tj ET Q q 0 0 0 rg BT 413.52 204.70 Td (environment ) Tj ET Q q 0 0 0 rg BT 471.20 204.70 Td (and ) Tj ET Q q 0 0 0 rg BT 490.53 204.70 Td (opportunity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 192.70 Td (we ) Tj ET Q q 0 0 0 rg BT 65.52 192.70 Td (currently ) Tj ET Q q 0 0 0 rg BT 107.11 192.70 Td (envision. ) Tj ET Q q 0 0 0 rg BT 149.81 192.70 Td (In ) Tj ET Q q 0 0 0 rg BT 161.39 192.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 202.44 192.70 Td (we ) Tj ET Q q 0 0 0 rg BT 218.46 192.70 Td (have ) Tj ET Q q 0 0 0 rg BT 243.39 192.70 Td (been ) Tj ET Q q 0 0 0 rg BT 268.88 192.70 Td (aligning ) Tj ET Q q 0 0 0 rg BT 306.59 192.70 Td (our ) Tj ET Q q 0 0 0 rg BT 324.28 192.70 Td (overall ) Tj ET Q q 0 0 0 rg BT 356.98 192.70 Td (resource ) Tj ET Q q 0 0 0 rg BT 399.12 192.70 Td (commitments ) Tj ET Q q 0 0 0 rg BT 461.82 192.70 Td (to ) Tj ET Q q 0 0 0 rg BT 473.40 192.70 Td (achieve ) Tj ET Q q 0 0 0 rg BT 511.10 192.70 Td (further ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 180.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 92.74 180.70 Td (ef) Tj ET Q q 0 0 0 rg BT 100.90 180.70 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 143.58 180.70 Td (and ) Tj ET Q q 0 0 0 rg BT 161.81 180.70 Td (to ) Tj ET Q q 0 0 0 rg BT 171.69 180.70 Td (better ) Tj ET Q q 0 0 0 rg BT 198.81 180.70 Td (match ) Tj ET Q q 0 0 0 rg BT 227.59 180.70 Td (our ) Tj ET Q q 0 0 0 rg BT 243.58 180.70 Td (expectations ) Tj ET Q q 0 0 0 rg BT 301.28 180.70 Td (for ) Tj ET Q q 0 0 0 rg BT 314.49 180.70 Td (2016. ) Tj ET Q q 0 0 0 rg BT 343.53 180.70 Td (At ) Tj ET Q q 0 0 0 rg BT 354.53 180.70 Td (the ) Tj ET Q q 0 0 0 rg BT 369.97 180.70 Td (same ) Tj ET Q q 0 0 0 rg BT 395.97 180.70 Td (time, ) Tj ET Q q 0 0 0 rg BT 419.19 180.70 Td (we ) Tj ET Q q 0 0 0 rg BT 433.52 180.70 Td (recruited ) Tj ET Q q 0 0 0 rg BT 473.97 180.70 Td (new ) Tj ET Q q 0 0 0 rg BT 493.86 180.70 Td (leadership ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 168.70 Td (in ) Tj ET Q q 0 0 0 rg BT 59.28 168.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 91.29 168.70 Td (areas ) Tj ET Q q 0 0 0 rg BT 118.31 168.70 Td (of ) Tj ET Q q 0 0 0 rg BT 128.64 168.70 Td (our ) Tj ET Q q 0 0 0 rg BT 145.10 168.70 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 171.55 168.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 206.34 168.70 Td (and ) Tj ET Q q 0 0 0 rg BT 225.02 168.70 Td (Equities ) Tj ET Q q 0 0 0 rg BT 262.59 168.70 Td (businesses ) Tj ET Q q 0 0 0 rg BT 314.62 168.70 Td (to ) Tj ET Q q 0 0 0 rg BT 324.96 168.70 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 374.21 168.70 Td (both ) Tj ET Q q 0 0 0 rg BT 395.67 168.70 Td (our ) Tj ET Q q 0 0 0 rg BT 412.13 168.70 Td (client ) Tj ET Q q 0 0 0 rg BT 437.47 168.70 Td (of) Tj ET Q q 0 0 0 rg BT 445.63 168.70 Td (fering ) Tj ET Q q 0 0 0 rg BT 472.64 168.70 Td (and ) Tj ET Q q 0 0 0 rg BT 491.32 168.70 Td (our ) Tj ET Q q 0 0 0 rg BT 507.77 168.70 Td (results, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 156.70 Td (and ) Tj ET Q q 0 0 0 rg BT 69.67 156.70 Td (continue ) Tj ET Q q 0 0 0 rg BT 110.96 156.70 Td (to ) Tj ET Q q 0 0 0 rg BT 122.78 156.70 Td (selectively ) Tj ET Q q 0 0 0 rg BT 172.39 156.70 Td (add ) Tj ET Q q 0 0 0 rg BT 192.56 156.70 Td (accomplished ) Tj ET Q q 0 0 0 rg BT 257.18 156.70 Td (senior ) Tj ET Q q 0 0 0 rg BT 287.90 156.70 Td (professionals ) Tj ET Q q 0 0 0 rg BT 350.30 156.70 Td (to ) Tj ET Q q 0 0 0 rg BT 362.13 156.70 Td (our ) Tj ET Q q 0 0 0 rg BT 380.06 156.70 Td (Investment ) Tj ET Q q 0 0 0 rg BT 432.46 156.70 Td (Banking ) Tj ET Q q 0 0 0 rg BT 472.08 156.70 Td (ef) Tj ET Q q 0 0 0 rg BT 480.23 156.70 Td (fort. ) Tj ET Q q 0 0 0 rg BT 503.72 156.70 Td (In ) Tj ET Q q 0 0 0 rg BT 515.54 156.70 Td (Fixed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 144.70 Td (Income ) Tj ET Q q 0 0 0 rg BT 84.83 144.70 Td (particularly) Tj ET Q q 0 0 0 rg BT 132.43 144.70 Td (, ) Tj ET Q q 0 0 0 rg BT 137.74 144.70 Td (we ) Tj ET Q q 0 0 0 rg BT 153.06 144.70 Td (expect ) Tj ET Q q 0 0 0 rg BT 185.06 144.70 Td (these ) Tj ET Q q 0 0 0 rg BT 212.05 144.70 Td (ef) Tj ET Q q 0 0 0 rg BT 220.21 144.70 Td (forts ) Tj ET Q q 0 0 0 rg BT 242.19 144.70 Td (to ) Tj ET Q q 0 0 0 rg BT 253.06 144.70 Td (return ) Tj ET Q q 0 0 0 rg BT 281.72 144.70 Td (our ) Tj ET Q q 0 0 0 rg BT 298.71 144.70 Td (business ) Tj ET Q q 0 0 0 rg BT 340.71 144.70 Td (to ) Tj ET Q q 0 0 0 rg BT 351.58 144.70 Td (more ) Tj ET Q q 0 0 0 rg BT 376.89 144.70 Td (normal ) Tj ET Q q 0 0 0 rg BT 409.99 144.70 Td (profitability ) Tj ET Q q 0 0 0 rg BT 460.32 144.70 Td (in ) Tj ET Q q 0 0 0 rg BT 470.64 144.70 Td (2016. ) Tj ET Q q 0 0 0 rg BT 500.98 144.70 Td (W) Tj ET Q q 0 0 0 rg BT 510.23 144.70 Td (e ) Tj ET Q q 0 0 0 rg BT 518.33 144.70 Td (have ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 132.70 Td (methodically ) Tj ET Q q 0 0 0 rg BT 109.17 132.70 Td (implementeda ) Tj ET Q q 0 0 0 rg BT 178.86 132.70 Td (range ) Tj ET Q q 0 0 0 rg BT 208.53 132.70 Td (of ) Tj ET Q q 0 0 0 rg BT 220.96 132.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 262.86 132.70 Td (which ) Tj ET Q q 0 0 0 rg BT 292.52 132.70 Td (we ) Tj ET Q q 0 0 0 rg BT 309.39 132.70 Td (believe ) Tj ET Q q 0 0 0 rg BT 345.18 132.70 Td (will ) Tj ET Q q 0 0 0 rg BT 363.16 132.70 Td (result ) Tj ET Q q 0 0 0 rg BT 391.70 132.70 Td (in ) Tj ET Q q 0 0 0 rg BT 403.58 132.70 Td (less ) Tj ET Q q 0 0 0 rg BT 425.45 132.70 Td (volatility ) Tj ET Q q 0 0 0 rg BT 465.11 132.70 Td (and ) Tj ET Q q 0 0 0 rg BT 485.89 132.70 Td (risk, ) Tj ET Q q 0 0 0 rg BT 508.31 132.70 Td (greater ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 120.70 Td (ef) Tj ET Q q 0 0 0 rg BT 57.66 120.70 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 93.78 120.70 Td (and ) Tj ET Q q 0 0 0 rg BT 113.25 120.70 Td (better ) Tj ET Q q 0 0 0 rg BT 141.59 120.70 Td (returns, ) Tj ET Q q 0 0 0 rg BT 178.27 120.70 Td (all ) Tj ET Q q 0 0 0 rg BT 191.06 120.70 Td (with ) Tj ET Q q 0 0 0 rg BT 211.62 120.70 Td (no ) Tj ET Q q 0 0 0 rg BT 225.52 120.70 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 277.22 120.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 309.45 120.70 Td (to ) Tj ET Q q 0 0 0 rg BT 320.57 120.70 Td (our ) Tj ET Q q 0 0 0 rg BT 337.80 120.70 Td (clients ) Tj ET Q q 0 0 0 rg BT 368.92 120.70 Td (or ) Tj ET Q q 0 0 0 rg BT 380.59 120.70 Td (our ) Tj ET Q q 0 0 0 rg BT 397.83 120.70 Td (ability ) Tj ET Q q 0 0 0 rg BT 426.17 120.70 Td (to ) Tj ET Q q 0 0 0 rg BT 437.29 120.70 Td (generate ) Tj ET Q q 0 0 0 rg BT 479.54 120.70 Td (revenues.) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 303.25 30.90 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.20 741.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 109.93 741.75 Td (sheet ) Tj ET Q q 0 0 0 rg BT 137.09 741.75 Td (at ) Tj ET Q q 0 0 0 rg BT 148.13 741.75 Td (November ) Tj ET Q q 0 0 0 rg BT 196.95 741.75 Td (30, ) Tj ET Q q 0 0 0 rg BT 213.55 741.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 238.50 741.75 Td (was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 258.98 741.75 Td ($38.5 ) Tj ET Q q 0 0 0 rg BT 286.70 741.75 Td (billion) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 312.27 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 317.75 741.75 Td (down ) Tj ET Q q 0 0 0 rg BT 344.35 741.75 Td ($4.2 ) Tj ET Q q 0 0 0 rg BT 366.51 741.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 394.78 741.75 Td (from ) Tj ET Q q 0 0 0 rg BT 417.48 741.75 Td (three ) Tj ET Q q 0 0 0 rg BT 442.97 741.75 Td (months ) Tj ET Q q 0 0 0 rg BT 478.46 741.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 501.17 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 520.55 741.75 Td ($6.0 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 729.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 78.80 729.75 Td (from ) Tj ET Q q 0 0 0 rg BT 102.53 729.75 Td (the ) Tj ET Q q 0 0 0 rg BT 120.16 729.75 Td (end ) Tj ET Q q 0 0 0 rg BT 140.58 729.75 Td (of ) Tj ET Q q 0 0 0 rg BT 152.64 729.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 179.16 729.75 Td (2014. ) Tj ET Q q 0 0 0 rg BT 207.91 729.75 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 253.34 729.75 Td (\(excluding ) Tj ET Q q 0 0 0 rg BT 302.65 729.75 Td (the ) Tj ET Q q 0 0 0 rg BT 320.28 729.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 353.46 729.75 Td (of ) Tj ET Q q 0 0 0 rg BT 365.53 729.75 Td (the ) Tj ET Q q 0 0 0 rg BT 383.16 729.75 Td (Leucadia ) Tj ET Q q 0 0 0 rg BT 427.48 729.75 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 482.91 729.75 Td (which ) Tj ET Q q 0 0 0 rg BT 512.20 729.75 Td (added ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 717.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 97.14 717.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 136.45 717.75 Td (and ) Tj ET Q q 0 0 0 rg BT 156.31 717.75 Td (a ) Tj ET Q q 0 0 0 rg BT 165.04 717.75 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 231.59 717.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 272.56 717.75 Td (in ) Tj ET Q q 0 0 0 rg BT 283.52 717.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 313.38 717.75 Td (from ) Tj ET Q q 0 0 0 rg BT 336.56 717.75 Td (the ) Tj ET Q q 0 0 0 rg BT 353.63 717.75 Td (transaction's ) Tj ET Q q 0 0 0 rg BT 412.63 717.75 Td (consideration\) ) Tj ET Q q 0 0 0 rg BT 478.62 717.75 Td (was ) Tj ET Q q 0 0 0 rg BT 499.57 717.75 Td (less ) Tj ET Q q 0 0 0 rg BT 520.53 717.75 Td (than ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 705.75 Td (nine ) Tj ET Q q 0 0 0 rg BT 71.34 705.75 Td (times, ) Tj ET Q q 0 0 0 rg BT 100.95 705.75 Td (its ) Tj ET Q q 0 0 0 rg BT 113.88 705.75 Td (lowest ) Tj ET Q q 0 0 0 rg BT 145.16 705.75 Td (level ) Tj ET Q q 0 0 0 rg BT 168.67 705.75 Td (in ) Tj ET Q q 0 0 0 rg BT 179.38 705.75 Td (about ) Tj ET Q q 0 0 0 rg BT 207.34 705.75 Td (seven ) Tj ET Q q 0 0 0 rg BT 236.96 705.75 Td (years. ) Tj ET Q q 0 0 0 rg BT 267.13 705.75 Td (In ) Tj ET Q q 0 0 0 rg BT 278.41 705.75 Td (addition ) Tj ET Q q 0 0 0 rg BT 316.37 705.75 Td (to ) Tj ET Q q 0 0 0 rg BT 327.65 705.75 Td (the ) Tj ET Q q 0 0 0 rg BT 344.48 705.75 Td (absolute ) Tj ET Q q 0 0 0 rg BT 385.23 705.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 429.30 705.75 Td (in ) Tj ET Q q 0 0 0 rg BT 440.02 705.75 Td (our ) Tj ET Q q 0 0 0 rg BT 457.41 705.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 495.37 705.75 Td (sheet, ) Tj ET Q q 0 0 0 rg BT 525.55 705.75 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 693.75 Td (long ) Tj ET Q q 0 0 0 rg BT 71.48 693.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 116.79 693.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 160.44 693.75 Td (was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 181.29 693.75 Td ($16.5 ) Tj ET Q q 0 0 0 rg BT 209.39 693.75 Td (billion) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 234.96 693.75 Td ( ) Tj ET Q q 0 0 0 rg BT 238.03 693.75 Td (at ) Tj ET Q q 0 0 0 rg BT 249.45 693.75 Td (November ) Tj ET Q q 0 0 0 rg BT 298.65 693.75 Td (30, ) Tj ET Q q 0 0 0 rg BT 315.62 693.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 343.72 693.75 Td (down ) Tj ET Q q 0 0 0 rg BT 370.70 693.75 Td ($2.4billion ) Tj ET Q q 0 0 0 rg BT 421.58 693.75 Td (from ) Tj ET Q q 0 0 0 rg BT 444.05 693.75 Td (August ) Tj ET Q q 0 0 0 rg BT 478.25 693.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 495.23 693.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 523.32 693.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 681.75 Td (down ) Tj ET Q q 0 0 0 rg BT 75.29 681.75 Td ($2.1 ) Tj ET Q q 0 0 0 rg BT 96.64 681.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 124.10 681.75 Td (from ) Tj ET Q q 0 0 0 rg BT 145.99 681.75 Td (November ) Tj ET Q q 0 0 0 rg BT 194.00 681.75 Td (30, ) Tj ET Q q 0 0 0 rg BT 209.79 681.75 Td (2014. ) Tj ET Q q 0 0 0 rg BT 239.36 681.75 Td (These ) Tj ET Q q 0 0 0 rg BT 269.04 681.75 Td (reductions ) Tj ET Q q 0 0 0 rg BT 317.06 681.75 Td (were ) Tj ET Q q 0 0 0 rg BT 340.63 681.75 Td (substantially ) Tj ET Q q 0 0 0 rg BT 397.54 681.75 Td (ef) Tj ET Q q 0 0 0 rg BT 405.70 681.75 Td (fected ) Tj ET Q q 0 0 0 rg BT 434.83 681.75 Td (during ) Tj ET Q q 0 0 0 rg BT 464.52 681.75 Td (our ) Tj ET Q q 0 0 0 rg BT 480.86 681.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 508.31 681.75 Td (quarter ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 669.75 Td (and, ) Tj ET Q q 0 0 0 rg BT 70.67 669.75 Td (while ) Tj ET Q q 0 0 0 rg BT 95.17 669.75 Td (the ) Tj ET Q q 0 0 0 rg BT 110.78 669.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 141.95 669.75 Td (was ) Tj ET Q q 0 0 0 rg BT 161.44 669.75 Td (to ) Tj ET Q q 0 0 0 rg BT 171.49 669.75 Td (reduce ) Tj ET Q q 0 0 0 rg BT 203.78 669.75 Td (our ) Tj ET Q q 0 0 0 rg BT 219.94 669.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 260.56 669.75 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 286.72 669.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 321.23 669.75 Td (Net ) Tj ET Q q 0 0 0 rg BT 338.50 669.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 385.24 669.75 Td (and ) Tj ET Q q 0 0 0 rg BT 403.63 669.75 Td (profitability ) Tj ET Q q 0 0 0 rg BT 453.14 669.75 Td (due ) Tj ET Q q 0 0 0 rg BT 471.54 669.75 Td (to ) Tj ET Q q 0 0 0 rg BT 481.59 669.75 Td (the ) Tj ET Q q 0 0 0 rg BT 497.20 669.75 Td (challenge ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 657.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.62 657.75 Td (liquidating ) Tj ET Q q 0 0 0 rg BT 110.44 657.75 Td (positions ) Tj ET Q q 0 0 0 rg BT 153.69 657.75 Td (in ) Tj ET Q q 0 0 0 rg BT 165.26 657.75 Td (a ) Tj ET Q q 0 0 0 rg BT 174.60 657.75 Td (volatile ) Tj ET Q q 0 0 0 rg BT 209.52 657.75 Td (and ) Tj ET Q q 0 0 0 rg BT 229.98 657.75 Td (less ) Tj ET Q q 0 0 0 rg BT 251.55 657.75 Td (liquid ) Tj ET Q q 0 0 0 rg BT 278.69 657.75 Td (environment, ) Tj ET Q q 0 0 0 rg BT 340.28 657.75 Td (we ) Tj ET Q q 0 0 0 rg BT 356.84 657.75 Td (believe ) Tj ET Q q 0 0 0 rg BT 392.32 657.75 Td (this ) Tj ET Q q 0 0 0 rg BT 411.66 657.75 Td (will ) Tj ET Q q 0 0 0 rg BT 429.33 657.75 Td (best ) Tj ET Q q 0 0 0 rg BT 452.02 657.75 Td (position ) Tj ET Q q 0 0 0 rg BT 490.27 657.75 Td (Jef) Tj ET Q q 0 0 0 rg BT 503.43 657.75 Td (feries ) Tj ET Q q 0 0 0 rg BT 531.66 657.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 645.75 Td (succeed ) Tj ET Q q 0 0 0 rg BT 89.88 645.75 Td (in ) Tj ET Q q 0 0 0 rg BT 100.80 645.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 126.19 645.75 Td (and ) Tj ET Q q 0 0 0 rg BT 146.01 645.75 Td (beyond.In ) Tj ET Q q 0 0 0 rg BT 195.85 645.75 Td (this ) Tj ET Q q 0 0 0 rg BT 214.55 645.75 Td (connection, ) Tj ET Q q 0 0 0 rg BT 268.84 645.75 Td (we ) Tj ET Q q 0 0 0 rg BT 284.76 645.75 Td (note ) Tj ET Q q 0 0 0 rg BT 307.36 645.75 Td (that ) Tj ET Q q 0 0 0 rg BT 327.18 645.75 Td (our ) Tj ET Q q 0 0 0 rg BT 344.77 645.75 Td (net ) Tj ET Q q 0 0 0 rg BT 361.81 645.75 Td (distressed ) Tj ET Q q 0 0 0 rg BT 410.52 645.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 444.23 645.75 Td (energy ) Tj ET Q q 0 0 0 rg BT 477.95 645.75 Td (exposure ) Tj ET Q q 0 0 0 rg BT 522.22 645.75 Td (was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 633.75 Td ($39 ) Tj ET Q q 0 0 0 rg BT 68.98 633.75 Td (million ) Tj ET Q q 0 0 0 rg BT 100.12 633.75 Td (at ) Tj ET Q q 0 0 0 rg BT 111.25 633.75 Td (year-end. ) Tj ET Q q 0 0 0 rg BT 155.74 633.75 Td (At ) Tj ET Q q 0 0 0 rg BT 167.98 633.75 Td (the ) Tj ET Q q 0 0 0 rg BT 184.68 633.75 Td (same ) Tj ET Q q 0 0 0 rg BT 211.93 633.75 Td (time, ) Tj ET Q q 0 0 0 rg BT 236.40 633.75 Td (the ) Tj ET Q q 0 0 0 rg BT 253.09 633.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 284.79 633.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 335.39 633.75 Td (with ) Tj ET Q q 0 0 0 rg BT 355.97 633.75 Td (our ) Tj ET Q q 0 0 0 rg BT 373.22 633.75 Td (Prime ) Tj ET Q q 0 0 0 rg BT 402.13 633.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 448.83 633.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 493.87 633.75 Td (comprised ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 621.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 90.42 621.75 Td (of ) Tj ET Q q 0 0 0 rg BT 101.90 621.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 147.28 621.75 Td (held ) Tj ET Q q 0 0 0 rg BT 169.33 621.75 Td (on ) Tj ET Q q 0 0 0 rg BT 183.59 621.75 Td (behalf ) Tj ET Q q 0 0 0 rg BT 213.98 621.75 Td (of ) Tj ET Q q 0 0 0 rg BT 225.46 621.75 Td (clients, ) Tj ET Q q 0 0 0 rg BT 259.73 621.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 306.23 621.75 Td (to ) Tj ET Q q 0 0 0 rg BT 317.71 621.75 Td ($3.9billion ) Tj ET Q q 0 0 0 rg BT 368.67 621.75 Td (from ) Tj ET Q q 0 0 0 rg BT 391.81 621.75 Td ($3.3 ) Tj ET Q q 0 0 0 rg BT 414.41 621.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 443.13 621.75 Td (at ) Tj ET Q q 0 0 0 rg BT 454.61 621.75 Td (the ) Tj ET Q q 0 0 0 rg BT 471.65 621.75 Td (end ) Tj ET Q q 0 0 0 rg BT 491.48 621.75 Td (of ) Tj ET Q q 0 0 0 rg BT 502.96 621.75 Td (the ) Tj ET Q q 0 0 0 rg BT 520.01 621.75 Td (prior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 609.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 83.59 609.75 Td (and ) Tj ET Q q 0 0 0 rg BT 102.69 609.75 Td ($3.2billion ) Tj ET Q q 0 0 0 rg BT 152.91 609.75 Td (at ) Tj ET Q q 0 0 0 rg BT 163.65 609.75 Td (the ) Tj ET Q q 0 0 0 rg BT 179.96 609.75 Td (end ) Tj ET Q q 0 0 0 rg BT 199.06 609.75 Td (of ) Tj ET Q q 0 0 0 rg BT 209.80 609.75 Td (2014. ) Tj ET Q q 0 0 0 rg BT 237.24 609.75 Td (Separately) Tj ET Q q 0 0 0 rg BT 284.30 609.75 Td (, ) Tj ET Q q 0 0 0 rg BT 289.49 609.75 Td (Jef) Tj ET Q q 0 0 0 rg BT 302.65 609.75 Td (feries ) Tj ET Q q 0 0 0 rg BT 329.51 609.75 Td (Finance, ) Tj ET Q q 0 0 0 rg BT 370.27 609.75 Td (our ) Tj ET Q q 0 0 0 rg BT 387.13 609.75 Td (50%-owned ) Tj ET Q q 0 0 0 rg BT 442.35 609.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 487.01 609.75 Td (lending ) Tj ET Q q 0 0 0 rg BT 521.67 609.75 Td (joint ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 597.75 Td (venture ) Tj ET Q q 0 0 0 rg BT 85.65 597.75 Td (with ) Tj ET Q q 0 0 0 rg BT 106.23 597.75 Td (MassMutual, ) Tj ET Q q 0 0 0 rg BT 165.71 597.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 214.64 597.75 Td (the ) Tj ET Q q 0 0 0 rg BT 231.34 597.75 Td (syndication ) Tj ET Q q 0 0 0 rg BT 284.17 597.75 Td (of ) Tj ET Q q 0 0 0 rg BT 295.30 597.75 Td (a ) Tj ET Q q 0 0 0 rg BT 303.66 597.75 Td (number ) Tj ET Q q 0 0 0 rg BT 340.36 597.75 Td (of ) Tj ET Q q 0 0 0 rg BT 351.50 597.75 Td (its ) Tj ET Q q 0 0 0 rg BT 364.29 597.75 Td (committed ) Tj ET Q q 0 0 0 rg BT 413.21 597.75 Td (financings ) Tj ET Q q 0 0 0 rg BT 461.04 597.75 Td (during ) Tj ET Q q 0 0 0 rg BT 491.63 597.75 Td (the ) Tj ET Q q 0 0 0 rg BT 508.33 597.75 Td (quarter ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 585.75 Td (and, ) Tj ET Q q 0 0 0 rg BT 73.74 585.75 Td (at ) Tj ET Q q 0 0 0 rg BT 86.86 585.75 Td (year-end, ) Tj ET Q q 0 0 0 rg BT 133.89 585.75 Td (our ) Tj ET Q q 0 0 0 rg BT 153.13 585.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 209.61 585.75 Td (commitments ) Tj ET Q q 0 0 0 rg BT 273.85 585.75 Td (were ) Tj ET Q q 0 0 0 rg BT 300.30 585.75 Td (about ) Tj ET Q q 0 0 0 rg BT 330.11 585.75 Td (29% ) Tj ET Q q 0 0 0 rg BT 354.90 585.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 383.58 585.75 Td (than ) Tj ET Q q 0 0 0 rg BT 407.83 585.75 Td (the ) Tj ET Q q 0 0 0 rg BT 426.51 585.75 Td (average ) Tj ET Q q 0 0 0 rg BT 467.43 585.75 Td (of ) Tj ET Q q 0 0 0 rg BT 480.55 585.75 Td (commitments ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 573.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 103.22 573.75 Td (at ) Tj ET Q q 0 0 0 rg BT 113.57 573.75 Td (quarter-ends ) Tj ET Q q 0 0 0 rg BT 172.28 573.75 Td (over ) Tj ET Q q 0 0 0 rg BT 193.74 573.75 Td (the ) Tj ET Q q 0 0 0 rg BT 209.65 573.75 Td (last ) Tj ET Q q 0 0 0 rg BT 227.22 573.75 Td (two ) Tj ET Q q 0 0 0 rg BT 244.79 573.75 Td (years ) Tj ET Q q 0 0 0 rg BT 271.25 573.75 Td (and ) Tj ET Q q 0 0 0 rg BT 289.95 573.75 Td (33% ) Tj ET Q q 0 0 0 rg BT 311.97 573.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 337.88 573.75 Td (when ) Tj ET Q q 0 0 0 rg BT 363.79 573.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 410.27 573.75 Td (to ) Tj ET Q q 0 0 0 rg BT 420.62 573.75 Td (the ) Tj ET Q q 0 0 0 rg BT 436.53 573.75 Td (end ) Tj ET Q q 0 0 0 rg BT 455.22 573.75 Td (of ) Tj ET Q q 0 0 0 rg BT 465.57 573.75 Td (2014. ) Tj ET Q q 0 0 0 rg BT 492.61 573.75 Td (W) Tj ET Q q 0 0 0 rg BT 501.86 573.75 Td (e ) Tj ET Q q 0 0 0 rg BT 509.43 573.75 Td (remain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 561.75 Td (actively ) Tj ET Q q 0 0 0 rg BT 85.62 561.75 Td (involved ) Tj ET Q q 0 0 0 rg BT 125.09 561.75 Td (serving ) Tj ET Q q 0 0 0 rg BT 160.11 561.75 Td (our ) Tj ET Q q 0 0 0 rg BT 177.34 561.75 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 215.69 561.75 Td (and ) Tj ET Q q 0 0 0 rg BT 235.15 561.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 280.18 561.75 Td (clients ) Tj ET Q q 0 0 0 rg BT 311.30 561.75 Td (with ) Tj ET Q q 0 0 0 rg BT 331.86 561.75 Td (leveraged ) Tj ET Q q 0 0 0 rg BT 378.56 561.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 413.59 561.75 Td (solutions.") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 531.75 Td ("Our ) Tj ET Q q 0 0 0 rg BT 71.73 531.75 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 120.45 531.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 164.69 531.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 186.17 531.75 Td (has ) Tj ET Q q 0 0 0 rg BT 204.31 531.75 Td (been ) Tj ET Q q 0 0 0 rg BT 228.57 531.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 266.72 531.75 Td (by ) Tj ET Q q 0 0 0 rg BT 279.29 531.75 Td ($700 ) Tj ET Q q 0 0 0 rg BT 303.55 531.75 Td (million ) Tj ET Q q 0 0 0 rg BT 333.90 531.75 Td (to ) Tj ET Q q 0 0 0 rg BT 344.26 531.75 Td ($5.6billion ) Tj ET Q q 0 0 0 rg BT 394.08 531.75 Td (at ) Tj ET Q q 0 0 0 rg BT 404.44 531.75 Td (year-end ) Tj ET Q q 0 0 0 rg BT 445.92 531.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 470.18 531.75 Td (from ) Tj ET Q q 0 0 0 rg BT 492.19 531.75 Td ($6.3billion ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 519.75 Td (one ) Tj ET Q q 0 0 0 rg BT 68.77 519.75 Td (year ) Tj ET Q q 0 0 0 rg BT 90.81 519.75 Td (ago. ) Tj ET Q q 0 0 0 rg BT 115.64 519.75 Td (W) Tj ET Q q 0 0 0 rg BT 124.89 519.75 Td (e ) Tj ET Q q 0 0 0 rg BT 133.04 519.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 154.53 519.75 Td (to ) Tj ET Q q 0 0 0 rg BT 165.46 519.75 Td (repay ) Tj ET Q q 0 0 0 rg BT 193.06 519.75 Td (our ) Tj ET Q q 0 0 0 rg BT 210.10 519.75 Td ($350 ) Tj ET Q q 0 0 0 rg BT 234.93 519.75 Td (million ) Tj ET Q q 0 0 0 rg BT 265.85 519.75 Td (March ) Tj ET Q q 0 0 0 rg BT 296.22 519.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 318.27 519.75 Td (maturity ) Tj ET Q q 0 0 0 rg BT 356.42 519.75 Td (from ) Tj ET Q q 0 0 0 rg BT 379.00 519.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 402.71 519.75 Td (on ) Tj ET Q q 0 0 0 rg BT 416.42 519.75 Td (hand. ) Tj ET Q q 0 0 0 rg BT 446.64 519.75 Td (The ) Tj ET Q q 0 0 0 rg BT 466.46 519.75 Td (reductions ) Tj ET Q q 0 0 0 rg BT 515.18 519.75 Td (in ) Tj ET Q q 0 0 0 rg BT 525.55 519.75 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 507.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 86.21 507.75 Td (sheet ) Tj ET Q q 0 0 0 rg BT 112.36 507.75 Td (are ) Tj ET Q q 0 0 0 rg BT 128.49 507.75 Td (reflected ) Tj ET Q q 0 0 0 rg BT 168.53 507.75 Td (in ) Tj ET Q q 0 0 0 rg BT 177.99 507.75 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 238.61 507.75 Td (reductions ) Tj ET Q q 0 0 0 rg BT 286.43 507.75 Td (in ) Tj ET Q q 0 0 0 rg BT 295.89 507.75 Td (our ) Tj ET Q q 0 0 0 rg BT 312.03 507.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 329.26 507.75 Td (and ) Tj ET Q q 0 0 0 rg BT 347.63 507.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 378.22 507.75 Td (commitments, ) Tj ET Q q 0 0 0 rg BT 442.13 507.75 Td (and ) Tj ET Q q 0 0 0 rg BT 460.50 507.75 Td (should ) Tj ET Q q 0 0 0 rg BT 491.65 507.75 Td (collectively ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 495.75 Td (dampen ) Tj ET Q q 0 0 0 rg BT 88.99 495.75 Td (our ) Tj ET Q q 0 0 0 rg BT 106.80 495.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 145.72 495.75 Td (and ) Tj ET Q q 0 0 0 rg BT 165.76 495.75 Td (downside ) Tj ET Q q 0 0 0 rg BT 211.36 495.75 Td (in ) Tj ET Q q 0 0 0 rg BT 222.50 495.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 250.88 495.75 Td (although ) Tj ET Q q 0 0 0 rg BT 292.60 495.75 Td (one ) Tj ET Q q 0 0 0 rg BT 312.64 495.75 Td (can ) Tj ET Q q 0 0 0 rg BT 332.11 495.75 Td (never ) Tj ET Q q 0 0 0 rg BT 360.48 495.75 Td (fully ) Tj ET Q q 0 0 0 rg BT 381.62 495.75 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 427.78 495.75 Td (market ) Tj ET Q q 0 0 0 rg BT 461.69 495.75 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 512.19 495.75 Td (As ) Tj ET Q q 0 0 0 rg BT 527.21 495.75 Td (we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 483.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 87.53 483.75 Td (our ) Tj ET Q q 0 0 0 rg BT 103.88 483.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 140.81 483.75 Td (sheet, ) Tj ET Q q 0 0 0 rg BT 169.95 483.75 Td (ourLevel ) Tj ET Q q 0 0 0 rg BT 212.98 483.75 Td (3 ) Tj ET Q q 0 0 0 rg BT 220.44 483.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 251.24 483.75 Td (remained ) Tj ET Q q 0 0 0 rg BT 294.82 483.75 Td (at ) Tj ET Q q 0 0 0 rg BT 305.06 483.75 Td (about ) Tj ET Q q 0 0 0 rg BT 331.98 483.75 Td (3% ) Tj ET Q q 0 0 0 rg BT 348.33 483.75 Td (of ) Tj ET Q q 0 0 0 rg BT 358.57 483.75 Td (our ) Tj ET Q q 0 0 0 rg BT 374.92 483.75 Td (inventory) Tj ET Q q 0 0 0 rg BT 414.75 483.75 Td (, ) Tj ET Q q 0 0 0 rg BT 419.42 483.75 Td (our ) Tj ET Q q 0 0 0 rg BT 435.77 483.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 471.02 483.75 Td (buf) Tj ET Q q 0 0 0 rg BT 484.74 483.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 498.31 483.75 Td (remained ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 471.75 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.28 471.75 Td ($5.1 ) Tj ET Q q 0 0 0 rg BT 84.18 471.75 Td (billion) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 109.75 471.75 Td (, ) Tj ET Q q 0 0 0 rg BT 115.97 471.75 Td (despite ) Tj ET Q q 0 0 0 rg BT 151.65 471.75 Td (the ) Tj ET Q q 0 0 0 rg BT 168.99 471.75 Td (repayment ) Tj ET Q q 0 0 0 rg BT 219.68 471.75 Td (of ) Tj ET Q q 0 0 0 rg BT 231.46 471.75 Td (a ) Tj ET Q q 0 0 0 rg BT 240.46 471.75 Td ($500 ) Tj ET Q q 0 0 0 rg BT 266.14 471.75 Td (million ) Tj ET Q q 0 0 0 rg BT 297.92 471.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 320.82 471.75 Td (maturity ) Tj ET Q q 0 0 0 rg BT 359.83 471.75 Td (during ) Tj ET Q q 0 0 0 rg BT 391.06 471.75 Td (the ) Tj ET Q q 0 0 0 rg BT 408.40 471.75 Td (quarter) Tj ET Q q 0 0 0 rg BT 439.54 471.75 Td (, ) Tj ET Q q 0 0 0 rg BT 445.75 471.75 Td (and ) Tj ET Q q 0 0 0 rg BT 465.88 471.75 Td (our ) Tj ET Q q 0 0 0 rg BT 483.77 471.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 520.56 471.75 Td (ratio ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 459.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 95.88 459.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.24 459.75 Td (13.2%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.59 459.75 Td (. ) Tj ET Q q 0 0 0 rg BT 143.57 459.75 Td (A) Tj ET Q q 0 0 0 rg BT 150.06 459.75 Td (verage ) Tj ET Q q 0 0 0 rg BT 183.65 459.75 Td (V) Tj ET Q q 0 0 0 rg BT 189.58 459.75 Td (aR ) Tj ET Q q 0 0 0 rg BT 205.38 459.75 Td (for ) Tj ET Q q 0 0 0 rg BT 220.07 459.75 Td (the ) Tj ET Q q 0 0 0 rg BT 236.99 459.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 271.69 459.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 283.05 459.75 Td ($10 ) Tj ET Q q 0 0 0 rg BT 302.75 459.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 331.09 459.75 Td ( ) Tj ET Q q 0 0 0 rg BT 334.11 459.75 Td (was ) Tj ET Q q 0 0 0 rg BT 354.91 459.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 381.83 459.75 Td (by ) Tj ET Q q 0 0 0 rg BT 395.41 459.75 Td (40% ) Tj ET Q q 0 0 0 rg BT 418.44 459.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 465.93 459.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.29 459.75 Td ($14 ) Tj ET Q q 0 0 0 rg BT 496.99 459.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 525.33 459.75 Td ( ) Tj ET Q q 0 0 0 rg BT 528.35 459.75 Td (for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 447.75 Td (the ) Tj ET Q q 0 0 0 rg BT 66.18 447.75 Td (third ) Tj ET Q q 0 0 0 rg BT 88.41 447.75 Td (quarter) Tj ET Q q 0 0 0 rg BT 119.54 447.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 417.75 Td (These ) Tj ET Q q 0 0 0 rg BT 84.81 417.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 133.46 417.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 175.45 417.75 Td (to ) Tj ET Q q 0 0 0 rg BT 187.97 417.75 Td (our ) Tj ET Q q 0 0 0 rg BT 206.60 417.75 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 235.24 417.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 272.22 417.75 Td (business ) Tj ET Q q 0 0 0 rg BT 315.87 417.75 Td (follow ) Tj ET Q q 0 0 0 rg BT 345.62 417.75 Td (our ) Tj ET Q q 0 0 0 rg BT 364.25 417.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 405.12 417.75 Td (to ) Tj ET Q q 0 0 0 rg BT 417.65 417.75 Td (exit ) Tj ET Q q 0 0 0 rg BT 437.39 417.75 Td (our ) Tj ET Q q 0 0 0 rg BT 456.03 417.75 Td (Bache ) Tj ET Q q 0 0 0 rg BT 488.56 417.75 Td (futures ) Tj ET Q q 0 0 0 rg BT 523.32 417.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 405.75 Td (commodities ) Tj ET Q q 0 0 0 rg BT 108.93 405.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 154.48 405.75 Td (which ) Tj ET Q q 0 0 0 rg BT 183.34 405.75 Td (removes ) Tj ET Q q 0 0 0 rg BT 224.99 405.75 Td (a ) Tj ET Q q 0 0 0 rg BT 233.85 405.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 281.62 405.75 Td (drag ) Tj ET Q q 0 0 0 rg BT 304.93 405.75 Td (on ) Tj ET Q q 0 0 0 rg BT 319.36 405.75 Td (Jef) Tj ET Q q 0 0 0 rg BT 332.52 405.75 Td (feries ) Tj ET Q q 0 0 0 rg BT 360.27 405.75 Td (profitability) Tj ET Q q 0 0 0 rg BT 407.33 405.75 Td (. ) Tj ET Q q 0 0 0 rg BT 416.18 405.75 Td (In ) Tj ET Q q 0 0 0 rg BT 427.83 405.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 453.37 405.75 Td (we ) Tj ET Q q 0 0 0 rg BT 469.46 405.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 508.88 405.75 Td (pre-tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 393.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 79.85 393.75 Td (of ) Tj ET Q q 0 0 0 rg BT 90.19 393.75 Td ($135 ) Tj ET Q q 0 0 0 rg BT 114.43 393.75 Td (million ) Tj ET Q q 0 0 0 rg BT 144.77 393.75 Td (and ) Tj ET Q q 0 0 0 rg BT 163.46 393.75 Td (a ) Tj ET Q q 0 0 0 rg BT 171.02 393.75 Td (net ) Tj ET Q q 0 0 0 rg BT 186.92 393.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 230.63 393.75 Td (loss, ) Tj ET Q q 0 0 0 rg BT 253.19 393.75 Td (including ) Tj ET Q q 0 0 0 rg BT 294.66 393.75 Td (wind ) Tj ET Q q 0 0 0 rg BT 317.23 393.75 Td (down ) Tj ET Q q 0 0 0 rg BT 343.14 393.75 Td (costs, ) Tj ET Q q 0 0 0 rg BT 371.25 393.75 Td (of ) Tj ET Q q 0 0 0 rg BT 381.60 393.75 Td ($90 ) Tj ET Q q 0 0 0 rg BT 400.28 393.75 Td (million ) Tj ET Q q 0 0 0 rg BT 430.62 393.75 Td (with ) Tj ET Q q 0 0 0 rg BT 450.41 393.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 485.20 393.75 Td (to ) Tj ET Q q 0 0 0 rg BT 495.54 393.75 Td (Bache.) Tj ET Q q 0 0 0 rg BT 528.90 393.75 Td (All ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 381.75 Td (client ) Tj ET Q q 0 0 0 rg BT 76.17 381.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 119.53 381.75 Td (have ) Tj ET Q q 0 0 0 rg BT 144.54 381.75 Td (now ) Tj ET Q q 0 0 0 rg BT 166.21 381.75 Td (been ) Tj ET Q q 0 0 0 rg BT 191.79 381.75 Td (transferred ) Tj ET Q q 0 0 0 rg BT 243.47 381.75 Td (to ) Tj ET Q q 0 0 0 rg BT 255.14 381.75 Td (Socit ) Tj ET Q q 0 0 0 rg BT 291.83 381.75 Td (Gnrale ) Tj ET Q q 0 0 0 rg BT 336.29 381.75 Td (or ) Tj ET Q q 0 0 0 rg BT 348.51 381.75 Td (other ) Tj ET Q q 0 0 0 rg BT 374.64 381.75 Td (service ) Tj ET Q q 0 0 0 rg BT 409.64 381.75 Td (providers. ) Tj ET Q q 0 0 0 rg BT 459.44 381.75 Td (T) Tj ET Q q 0 0 0 rg BT 464.44 381.75 Td (otal ) Tj ET Q q 0 0 0 rg BT 483.89 381.75 Td (final ) Tj ET Q q 0 0 0 rg BT 505.56 381.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 532.23 381.75 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 369.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 74.52 369.75 Td (should ) Tj ET Q q 0 0 0 rg BT 106.77 369.75 Td (be ) Tj ET Q q 0 0 0 rg BT 120.67 369.75 Td (less ) Tj ET Q q 0 0 0 rg BT 141.23 369.75 Td (than ) Tj ET Q q 0 0 0 rg BT 163.47 369.75 Td ($5 ) Tj ET Q q 0 0 0 rg BT 177.38 369.75 Td (million ) Tj ET Q q 0 0 0 rg BT 208.49 369.75 Td (in ) Tj ET Q q 0 0 0 rg BT 219.06 369.75 Td (aggregate.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 339.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.90 339.75 Td (management ) Tj ET Q q 0 0 0 rg BT 134.67 339.75 Td (team ) Tj ET Q q 0 0 0 rg BT 160.30 339.75 Td (has ) Tj ET Q q 0 0 0 rg BT 179.82 339.75 Td (navigated ) Tj ET Q q 0 0 0 rg BT 226.59 339.75 Td (challenging ) Tj ET Q q 0 0 0 rg BT 280.58 339.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 316.78 339.75 Td (at ) Tj ET Q q 0 0 0 rg BT 328.52 339.75 Td (Jef) Tj ET Q q 0 0 0 rg BT 341.68 339.75 Td (feries ) Tj ET Q q 0 0 0 rg BT 369.53 339.75 Td (before ) Tj ET Q q 0 0 0 rg BT 401.29 339.75 Td (as ) Tj ET Q q 0 0 0 rg BT 415.25 339.75 Td (1990, ) Tj ET Q q 0 0 0 rg BT 443.67 339.75 Td (1994, ) Tj ET Q q 0 0 0 rg BT 472.10 339.75 Td (1998, ) Tj ET Q q 0 0 0 rg BT 500.52 339.75 Td (2001-02, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 327.75 Td (2008-09, ) Tj ET Q q 0 0 0 rg BT 92.44 327.75 Td (201) Tj ET Q q 0 0 0 rg BT 108.38 327.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 117.40 327.75 Td (and ) Tj ET Q q 0 0 0 rg BT 137.55 327.75 Td (now ) Tj ET Q q 0 0 0 rg BT 159.35 327.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 185.06 327.75 Td (each ) Tj ET Q q 0 0 0 rg BT 210.20 327.75 Td (delivered ) Tj ET Q q 0 0 0 rg BT 254.25 327.75 Td (unique ) Tj ET Q q 0 0 0 rg BT 287.74 327.75 Td (dislocation. ) Tj ET Q q 0 0 0 rg BT 344.00 327.75 Td (Each ) Tj ET Q q 0 0 0 rg BT 370.26 327.75 Td (of ) Tj ET Q q 0 0 0 rg BT 382.06 327.75 Td (these ) Tj ET Q q 0 0 0 rg BT 409.98 327.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 446.24 327.75 Td (was ) Tj ET Q q 0 0 0 rg BT 467.48 327.75 Td (also ) Tj ET Q q 0 0 0 rg BT 489.29 327.75 Td (followed ) Tj ET Q q 0 0 0 rg BT 529.44 327.75 Td (by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 315.75 Td (similarly ) Tj ET Q q 0 0 0 rg BT 88.07 315.75 Td (unique ) Tj ET Q q 0 0 0 rg BT 120.56 315.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 153.04 315.75 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 212.76 315.75 Td (and ) Tj ET Q q 0 0 0 rg BT 231.91 315.75 Td (a ) Tj ET Q q 0 0 0 rg BT 239.93 315.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 255.74 315.75 Td (better ) Tj ET Q q 0 0 0 rg BT 283.77 315.75 Td (competitive ) Tj ET Q q 0 0 0 rg BT 336.81 315.75 Td (position ) Tj ET Q q 0 0 0 rg BT 373.74 315.75 Td (for ) Tj ET Q q 0 0 0 rg BT 387.87 315.75 Td (our ) Tj ET Q q 0 0 0 rg BT 404.79 315.75 Td (firm. ) Tj ET Q q 0 0 0 rg BT 428.98 315.75 Td (After ) Tj ET Q q 0 0 0 rg BT 452.56 315.75 Td (all ) Tj ET Q q 0 0 0 rg BT 465.02 315.75 Td (of ) Tj ET Q q 0 0 0 rg BT 475.83 315.75 Td (the ) Tj ET Q q 0 0 0 rg BT 492.19 315.75 Td (challenges ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 303.75 Td (and ) Tj ET Q q 0 0 0 rg BT 68.59 303.75 Td (with ) Tj ET Q q 0 0 0 rg BT 88.77 303.75 Td (the ) Tj ET Q q 0 0 0 rg BT 105.08 303.75 Td (hard ) Tj ET Q q 0 0 0 rg BT 127.49 303.75 Td (work ) Tj ET Q q 0 0 0 rg BT 151.01 303.75 Td (and ) Tj ET Q q 0 0 0 rg BT 170.10 303.75 Td (commitment ) Tj ET Q q 0 0 0 rg BT 226.95 303.75 Td (of ) Tj ET Q q 0 0 0 rg BT 237.69 303.75 Td (all ) Tj ET Q q 0 0 0 rg BT 250.10 303.75 Td (our ) Tj ET Q q 0 0 0 rg BT 266.96 303.75 Td (team, ) Tj ET Q q 0 0 0 rg BT 294.37 303.75 Td (we ) Tj ET Q q 0 0 0 rg BT 309.55 303.75 Td (believe ) Tj ET Q q 0 0 0 rg BT 343.65 303.75 Td (we ) Tj ET Q q 0 0 0 rg BT 358.83 303.75 Td (are ) Tj ET Q q 0 0 0 rg BT 375.69 303.75 Td (now ) Tj ET Q q 0 0 0 rg BT 396.43 303.75 Td (well ) Tj ET Q q 0 0 0 rg BT 416.06 303.75 Td (positioned ) Tj ET Q q 0 0 0 rg BT 464.06 303.75 Td (in ) Tj ET Q q 0 0 0 rg BT 474.24 303.75 Td (our ) Tj ET Q q 0 0 0 rg BT 491.10 303.75 Td (Investment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 291.75 Td (Banking, ) Tj ET Q q 0 0 0 rg BT 90.70 291.75 Td (Equities, ) Tj ET Q q 0 0 0 rg BT 131.34 291.75 Td (and ) Tj ET Q q 0 0 0 rg BT 150.31 291.75 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 177.05 291.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 212.13 291.75 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 270.00 291.75 Td (In ) Tj ET Q q 0 0 0 rg BT 280.63 291.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 320.72 291.75 Td (our ) Tj ET Q q 0 0 0 rg BT 337.46 291.75 Td (tangible ) Tj ET Q q 0 0 0 rg BT 374.77 291.75 Td (equity) Tj ET Q q 0 0 0 rg BT 400.72 291.75 Td (, ) Tj ET Q q 0 0 0 rg BT 405.78 291.75 Td (total ) Tj ET Q q 0 0 0 rg BT 426.97 291.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 458.16 291.75 Td (and ) Tj ET Q q 0 0 0 rg BT 477.13 291.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 512.76 291.75 Td (profile ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 279.75 Td (are ) Tj ET Q q 0 0 0 rg BT 66.72 279.75 Td (stronger ) Tj ET Q q 0 0 0 rg BT 106.16 279.75 Td (than ) Tj ET Q q 0 0 0 rg BT 128.39 279.75 Td (at ) Tj ET Q q 0 0 0 rg BT 139.49 279.75 Td (the ) Tj ET Q q 0 0 0 rg BT 156.15 279.75 Td (end ) Tj ET Q q 0 0 0 rg BT 175.60 279.75 Td (of ) Tj ET Q q 0 0 0 rg BT 186.70 279.75 Td (any ) Tj ET Q q 0 0 0 rg BT 205.59 279.75 Td (of ) Tj ET Q q 0 0 0 rg BT 216.69 279.75 Td (those ) Tj ET Q q 0 0 0 rg BT 243.91 279.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 266.68 279.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 302.24 279.75 Td (of ) Tj ET Q q 0 0 0 rg BT 313.34 279.75 Td (stress. ) Tj ET Q q 0 0 0 rg BT 345.55 279.75 Td (During ) Tj ET Q q 0 0 0 rg BT 377.77 279.75 Td (this ) Tj ET Q q 0 0 0 rg BT 396.10 279.75 Td (year ) Tj ET Q q 0 0 0 rg BT 418.31 279.75 Td (of ) Tj ET Q q 0 0 0 rg BT 429.42 279.75 Td (challenges, ) Tj ET Q q 0 0 0 rg BT 482.77 279.75 Td (we ) Tj ET Q q 0 0 0 rg BT 498.31 279.75 Td (remained ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 267.75 Td (profitable ) Tj ET Q q 0 0 0 rg BT 92.25 267.75 Td (every ) Tj ET Q q 0 0 0 rg BT 118.31 267.75 Td (quarter) Tj ET Q q 0 0 0 rg BT 149.44 267.75 Td (, ) Tj ET Q q 0 0 0 rg BT 153.83 267.75 Td (and ) Tj ET Q q 0 0 0 rg BT 172.12 267.75 Td (were ) Tj ET Q q 0 0 0 rg BT 195.41 267.75 Td (able ) Tj ET Q q 0 0 0 rg BT 215.92 267.75 Td (to ) Tj ET Q q 0 0 0 rg BT 225.87 267.75 Td (analyze, ) Tj ET Q q 0 0 0 rg BT 264.72 267.75 Td (change ) Tj ET Q q 0 0 0 rg BT 299.14 267.75 Td (and ) Tj ET Q q 0 0 0 rg BT 317.43 267.75 Td (adapt ) Tj ET Q q 0 0 0 rg BT 344.07 267.75 Td (our ) Tj ET Q q 0 0 0 rg BT 360.13 267.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 403.44 267.75 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 457.85 267.75 Td (while ) Tj ET Q q 0 0 0 rg BT 482.25 267.75 Td (we ) Tj ET Q q 0 0 0 rg BT 496.64 267.75 Td (continued ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 255.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.36 255.75 Td (serve ) Tj ET Q q 0 0 0 rg BT 87.34 255.75 Td (our ) Tj ET Q q 0 0 0 rg BT 104.32 255.75 Td (clients. ) Tj ET Q q 0 0 0 rg BT 137.97 255.75 Td (In ) Tj ET Q q 0 0 0 rg BT 148.83 255.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 176.38 255.75 Td (we ) Tj ET Q q 0 0 0 rg BT 191.69 255.75 Td (will ) Tj ET Q q 0 0 0 rg BT 208.10 255.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 248.43 255.75 Td (to ) Tj ET Q q 0 0 0 rg BT 259.29 255.75 Td (focus ) Tj ET Q q 0 0 0 rg BT 285.72 255.75 Td (on ) Tj ET Q q 0 0 0 rg BT 299.37 255.75 Td (our ) Tj ET Q q 0 0 0 rg BT 316.35 255.75 Td (clients, ) Tj ET Q q 0 0 0 rg BT 349.99 255.75 Td (be ) Tj ET Q q 0 0 0 rg BT 363.64 255.75 Td (relentless ) Tj ET Q q 0 0 0 rg BT 408.96 255.75 Td (in ) Tj ET Q q 0 0 0 rg BT 419.27 255.75 Td (finding ) Tj ET Q q 0 0 0 rg BT 451.26 255.75 Td (areas ) Tj ET Q q 0 0 0 rg BT 478.80 255.75 Td (where ) Tj ET Q q 0 0 0 rg BT 508.56 255.75 Td (we ) Tj ET Q q 0 0 0 rg BT 523.87 255.75 Td (can ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 243.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 90.21 243.75 Td (to ) Tj ET Q q 0 0 0 rg BT 101.44 243.75 Td (improve ) Tj ET Q q 0 0 0 rg BT 139.91 243.75 Td (our ) Tj ET Q q 0 0 0 rg BT 157.26 243.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 201.85 243.75 Td (results, ) Tj ET Q q 0 0 0 rg BT 236.98 243.75 Td (hire ) Tj ET Q q 0 0 0 rg BT 256.55 243.75 Td (new ) Tj ET Q q 0 0 0 rg BT 277.80 243.75 Td (quality ) Tj ET Q q 0 0 0 rg BT 309.60 243.75 Td (partners, ) Tj ET Q q 0 0 0 rg BT 351.96 243.75 Td (prudently ) Tj ET Q q 0 0 0 rg BT 396.00 243.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 435.03 243.75 Td (our ) Tj ET Q q 0 0 0 rg BT 452.38 243.75 Td (risk, ) Tj ET Q q 0 0 0 rg BT 473.61 243.75 Td (and ) Tj ET Q q 0 0 0 rg BT 493.19 243.75 Td (never ) Tj ET Q q 0 0 0 rg BT 521.10 243.75 Td (stop ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 231.75 Td (appreciating ) Tj ET Q q 0 0 0 rg BT 105.78 231.75 Td (our ) Tj ET Q q 0 0 0 rg BT 122.04 231.75 Td (employee-partners ) Tj ET Q q 0 0 0 rg BT 207.21 231.75 Td (whose ) Tj ET Q q 0 0 0 rg BT 237.92 231.75 Td (hard ) Tj ET Q q 0 0 0 rg BT 259.74 231.75 Td (work ) Tj ET Q q 0 0 0 rg BT 282.65 231.75 Td (and ) Tj ET Q q 0 0 0 rg BT 301.14 231.75 Td (dedication ) Tj ET Q q 0 0 0 rg BT 348.53 231.75 Td (are ) Tj ET Q q 0 0 0 rg BT 364.79 231.75 Td (the ) Tj ET Q q 0 0 0 rg BT 380.49 231.75 Td (backbone ) Tj ET Q q 0 0 0 rg BT 425.66 231.75 Td (and ) Tj ET Q q 0 0 0 rg BT 444.15 231.75 Td (most ) Tj ET Q q 0 0 0 rg BT 467.62 231.75 Td (important ) Tj ET Q q 0 0 0 rg BT 511.11 231.75 Td (assets ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 219.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.62 219.75 Td (Jef) Tj ET Q q 0 0 0 rg BT 73.78 219.75 Td (feries.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 189.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.81 189.75 Td (attached ) Tj ET Q q 0 0 0 rg BT 109.26 189.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 148.03 189.75 Td (tables ) Tj ET Q q 0 0 0 rg BT 176.79 189.75 Td (should ) Tj ET Q q 0 0 0 rg BT 208.34 189.75 Td (be ) Tj ET Q q 0 0 0 rg BT 221.55 189.75 Td (read ) Tj ET Q q 0 0 0 rg BT 243.64 189.75 Td (in ) Tj ET Q q 0 0 0 rg BT 253.51 189.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 303.96 189.75 Td (with ) Tj ET Q q 0 0 0 rg BT 323.82 189.75 Td (our ) Tj ET Q q 0 0 0 rg BT 340.36 189.75 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 383.56 189.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 415.66 189.75 Td (on ) Tj ET Q q 0 0 0 rg BT 428.86 189.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 454.27 189.75 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 478.58 189.75 Td (for ) Tj ET Q q 0 0 0 rg BT 492.33 189.75 Td (the ) Tj ET Q q 0 0 0 rg BT 508.32 189.75 Td (quarter ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 177.75 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.63 177.75 Td (August31, ) Tj ET Q q 0 0 0 rg BT 130.34 177.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 152.59 177.75 Td ( ) Tj ET Q q 0 0 0 rg BT 155.48 177.75 Td (and ) Tj ET Q q 0 0 0 rg BT 175.07 177.75 Td (our ) Tj ET Q q 0 0 0 rg BT 191.84 177.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 225.88 177.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 258.79 177.75 Td (on ) Tj ET Q q 0 0 0 rg BT 272.81 177.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 299.04 177.75 Td (10-K ) Tj ET Q q 0 0 0 rg BT 323.06 177.75 Td (for ) Tj ET Q q 0 0 0 rg BT 337.62 177.75 Td (the ) Tj ET Q q 0 0 0 rg BT 354.42 177.75 Td (year ) Tj ET Q q 0 0 0 rg BT 376.77 177.75 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.48 177.75 Td (November30, ) Tj ET Q q 0 0 0 rg BT 473.18 177.75 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.43 177.75 Td (. ) Tj ET Q q 0 0 0 rg BT 500.53 177.75 Td (Amounts ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 165.75 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 96.84 165.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.60 165.75 Td (November30, ) Tj ET Q q 0 0 0 rg BT 174.82 165.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 197.07 165.75 Td ( ) Tj ET Q q 0 0 0 rg BT 200.48 165.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 246.15 165.75 Td (a ) Tj ET Q q 0 0 0 rg BT 255.13 165.75 Td (preliminary ) Tj ET Q q 0 0 0 rg BT 307.45 165.75 Td (estimate ) Tj ET Q q 0 0 0 rg BT 348.66 165.75 Td (as ) Tj ET Q q 0 0 0 rg BT 362.64 165.75 Td (of ) Tj ET Q q 0 0 0 rg BT 374.39 165.75 Td (the ) Tj ET Q q 0 0 0 rg BT 391.71 165.75 Td (date ) Tj ET Q q 0 0 0 rg BT 414.59 165.75 Td (of ) Tj ET Q q 0 0 0 rg BT 426.35 165.75 Td (this ) Tj ET Q q 0 0 0 rg BT 445.33 165.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 487.10 165.75 Td (release ) Tj ET Q q 0 0 0 rg BT 523.32 165.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 153.75 Td (may ) Tj ET Q q 0 0 0 rg BT 71.58 153.75 Td (be ) Tj ET Q q 0 0 0 rg BT 85.90 153.75 Td (revised ) Tj ET Q q 0 0 0 rg BT 121.33 153.75 Td (in ) Tj ET Q q 0 0 0 rg BT 132.31 153.75 Td (our ) Tj ET Q q 0 0 0 rg BT 149.32 153.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 183.65 153.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 216.86 153.75 Td (on ) Tj ET Q q 0 0 0 rg BT 231.18 153.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 257.70 153.75 Td (10-K ) Tj ET Q q 0 0 0 rg BT 282.02 153.75 Td (for ) Tj ET Q q 0 0 0 rg BT 296.88 153.75 Td (the ) Tj ET Q q 0 0 0 rg BT 313.97 153.75 Td (year ) Tj ET Q q 0 0 0 rg BT 336.62 153.75 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 367.62 153.75 Td (November30, ) Tj ET Q q 0 0 0 rg BT 433.62 153.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.87 153.75 Td (. ) Tj ET Q q 0 0 0 rg BT 461.21 153.75 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 503.31 153.75 Td (financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 141.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 95.57 141.75 Td (referenced ) Tj ET Q q 0 0 0 rg BT 145.53 141.75 Td (above ) Tj ET Q q 0 0 0 rg BT 174.94 141.75 Td (are ) Tj ET Q q 0 0 0 rg BT 191.55 141.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 239.17 141.75 Td ( ) Tj ET Q q 0 0 0 rg BT 241.33 141.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 280.18 141.75 Td (measures, ) Tj ET Q q 0 0 0 rg BT 329.03 141.75 Td (which ) Tj ET Q q 0 0 0 rg BT 356.75 141.75 Td (management ) Tj ET Q q 0 0 0 rg BT 417.28 141.75 Td (believes ) Tj ET Q q 0 0 0 rg BT 456.13 141.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 491.09 141.75 Td (meaningful ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 129.75 Td (information ) Tj ET Q q 0 0 0 rg BT 101.95 129.75 Td (to ) Tj ET Q q 0 0 0 rg BT 113.28 129.75 Td (enable ) Tj ET Q q 0 0 0 rg BT 146.29 129.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 189.29 129.75 Td (to ) Tj ET Q q 0 0 0 rg BT 200.62 129.75 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 241.41 129.75 Td (the ) Tj ET Q q 0 0 0 rg BT 258.30 129.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 310.99 129.75 Td (results ) Tj ET Q q 0 0 0 rg BT 343.43 129.75 Td (in ) Tj ET Q q 0 0 0 rg BT 354.20 129.75 Td (the ) Tj ET Q q 0 0 0 rg BT 371.09 129.75 Td (context ) Tj ET Q q 0 0 0 rg BT 406.32 129.75 Td (of ) Tj ET Q q 0 0 0 rg BT 417.64 129.75 Td (exiting ) Tj ET Q q 0 0 0 rg BT 449.53 129.75 Td (the ) Tj ET Q q 0 0 0 rg BT 466.42 129.75 Td (Bache ) Tj ET Q q 0 0 0 rg BT 497.76 129.75 Td (business. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 117.75 Td (Refer ) Tj ET Q q 0 0 0 rg BT 77.03 117.75 Td (to ) Tj ET Q q 0 0 0 rg BT 88.44 117.75 Td (the ) Tj ET Q q 0 0 0 rg BT 105.41 117.75 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 169.64 117.75 Td (Schedules ) Tj ET Q q 0 0 0 rg BT 219.41 117.75 Td (on ) Tj ET Q q 0 0 0 rg BT 233.61 117.75 Td (pages ) Tj ET Q q 0 0 0 rg BT 263.92 117.75 Td (6-8 ) Tj ET Q q 0 0 0 rg BT 281.45 117.75 Td (for ) Tj ET Q q 0 0 0 rg BT 296.19 117.75 Td (a ) Tj ET Q q 0 0 0 rg BT 304.83 117.75 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 366.26 117.75 Td (of ) Tj ET Q q 0 0 0 rg BT 377.07 117.75 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 419.06 117.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 466.03 117.75 Td (to ) Tj ET Q q 0 0 0 rg BT 477.45 117.75 Td (the ) Tj ET Q q 0 0 0 rg BT 494.42 117.75 Td (respective ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 105.75 Td (direct ) Tj ET Q q 0 0 0 rg BT 76.73 105.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 98.96 105.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 126.57 105.75 Td ( ) Tj ET Q q 0 0 0 rg BT 129.34 105.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 168.81 105.75 Td (measures.) 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70.60 729.75 Td (of ) Tj ET Q q 0 0 0 rg BT 82.81 729.75 Td (the ) Tj ET Q q 0 0 0 rg BT 100.57 729.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 147.57 729.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 165.88 729.75 Td (of ) Tj ET Q q 0 0 0 rg BT 178.08 729.75 Td (1933 ) Tj ET Q q 0 0 0 rg BT 204.19 729.75 Td (and ) Tj ET Q q 0 0 0 rg BT 224.74 729.75 Td (Section ) Tj ET Q q 0 0 0 rg BT 261.96 729.75 Td (21E ) Tj ET Q q 0 0 0 rg BT 283.61 729.75 Td (of ) Tj ET Q q 0 0 0 rg BT 295.81 729.75 Td (the ) Tj ET Q q 0 0 0 rg BT 313.58 729.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 361.35 729.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 408.92 729.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 427.23 729.75 Td (of ) Tj ET Q q 0 0 0 rg BT 439.43 729.75 Td (1934. ) Tj ET Q q 0 0 0 rg BT 468.32 729.75 Td (Forward-looking ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 717.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 100.57 717.75 Td (include ) Tj ET Q q 0 0 0 rg BT 134.42 717.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 185.49 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705.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 340.77 705.75 Td (year ) Tj ET Q q 0 0 0 rg BT 362.20 705.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 391.97 705.75 Td (It ) Tj ET Q q 0 0 0 rg BT 399.50 705.75 Td (is ) Tj ET Q q 0 0 0 rg BT 408.70 705.75 Td (possible ) Tj ET Q q 0 0 0 rg BT 447.37 705.75 Td (that ) Tj ET Q q 0 0 0 rg BT 466.02 705.75 Td (the ) Tj ET Q q 0 0 0 rg BT 481.90 705.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 510.56 705.75 Td (results ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 693.75 Td (may ) Tj ET Q q 0 0 0 rg BT 71.28 693.75 Td (dif) Tj ET Q q 0 0 0 rg BT 81.66 693.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 96.22 693.75 Td (materially ) Tj ET Q q 0 0 0 rg BT 141.90 693.75 Td (from ) Tj ET Q q 0 0 0 rg BT 164.79 693.75 Td (the ) Tj ET Q q 0 0 0 rg BT 181.59 693.75 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 232.85 693.75 Td (results ) Tj ET Q q 0 0 0 rg BT 265.19 693.75 Td (indicated ) Tj ET Q q 0 0 0 rg BT 308.11 693.75 Td (in ) Tj ET Q q 0 0 0 rg BT 318.79 693.75 Td (these ) Tj ET 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0 0 rg BT 49.50 418.55 Td ( ) Tj ET Q q 0 0 0 rg BT 63.21 418.55 Td (T) Tj ET Q q 0 0 0 rg BT 68.21 418.55 Td (el. ) Tj ET Q q 0 0 0 rg BT 81.55 418.55 Td (\(212\) ) Tj ET Q q 0 0 0 rg BT 107.67 418.55 Td (284-2338) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 395.75 Td (_____________________ ) Tj ET Q q 0 0 0 rg BT 169.07 395.75 Td ( ) Tj ET Q q 0 0 0 rg BT 171.85 395.75 Td ( ) Tj ET Q q 0 0 0 rg BT 174.63 395.75 Td ( ) Tj ET Q q 0 0 0 rg BT 177.41 395.75 Td ( ) Tj ET Q q 0 0 0 rg BT 180.18 395.75 Td ( ) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 303.25 30.90 Td (4) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.75 663.5 m 284.75 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.75 663.5 m 362.75 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.75 663.5 m 371.75 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.75 663.5 m 375.75 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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Ended) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 284.05 647.12 Td (November 30, 2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 378.50 647.12 Td (August 31, 2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 461.05 647.12 Td (November 30, 2014) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 617.72 Td (Revenues:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 603.72 Td ( Commissions) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 287.25 603.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 322.55 603.72 Td (146,288) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 378.25 603.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 411.30 603.72 Td (172,284) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 464.25 603.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.55 603.72 Td (180,275) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 589.72 Td ( Principal transactions) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 324.35 589.77 Td (\(38,525) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 352.20 589.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 413.10 589.72 Td (\(50,297) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 440.95 589.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 501.35 589.72 Td (\(33,841) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 529.20 589.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 575.72 Td ( Investment banking) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 322.55 575.72 Td (372,930) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 411.30 575.72 Td (389,820) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.55 575.72 Td (316,012) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 561.72 Td ( ) Tj ET Q q 0 0 0 rg BT 57.64 561.72 Td (Asset management fees and investment income from ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 551.72 Td ( managed funds) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 331.65 553.12 Td (8,020) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 420.40 553.12 Td (4,182) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 508.65 553.12 Td (1,728) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 538.72 Td ( Interest income) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 322.55 538.72 Td (221,962) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 411.30 538.72 Td (230,805) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.55 538.72 Td (237,911) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 524.72 Td ( Other revenues) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 328.90 524.72 Td (\(8,736) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 352.20 524.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 415.85 524.72 Td (34,329) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 504.10 524.72 Td (20,919) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 510.72 Td ( Total revenues) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 322.55 510.72 Td (701,939) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 411.30 510.72 Td (781,123) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.55 510.72 Td (723,004) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 496.72 Td ( Interest expense) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 322.55 496.72 Td (188,843) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 411.30 496.72 Td (202,195) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.55 496.72 Td (198,195) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 482.72 Td ( Net revenues) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 322.55 482.72 Td (513,096) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 411.30 482.72 Td (578,928) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.55 482.72 Td (524,809) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 453.72 Td (Non-interest expenses:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 439.72 Td ( Compensation and benefits) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 322.55 439.72 Td (284,647) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 411.30 439.72 Td (336,499) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.55 439.72 Td (308,487) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 410.72 Td ( Non-compensation expenses:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 396.72 Td ( Floor brokerage and clearing fees) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 327.10 396.77 Td (40,932) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 415.85 396.72 Td (45,307) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 504.10 396.72 Td (55,829) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 382.72 Td ( Technology and communications) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 327.10 382.77 Td (78,918) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 415.85 382.72 Td (89,378) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 504.10 382.72 Td (66,363) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 368.72 Td ( Occupancy and equipment rental) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 327.10 368.77 Td (26,567) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 415.85 368.72 Td (25,967) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 504.10 368.72 Td (26,115) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 354.72 Td ( Business development) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 327.10 354.77 Td (27,098) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 415.85 354.72 Td (30,527) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 504.10 354.72 Td (27,791) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 340.72 Td ( Professional services) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 327.10 340.77 Td (27,613) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 415.85 340.72 Td (24,684) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 504.10 340.72 Td (28,206) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 326.72 Td ( Bad debt provision) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 328.90 326.72 Td (\(5,483) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 352.20 326.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 420.40 326.72 Td (5,158) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 504.10 326.72 Td (50,772) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 312.72 Td ( Goodwill impairment) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 344.00 312.72 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 432.75 312.72 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 504.10 312.72 Td (54,000) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 298.72 Td ( Other) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 327.10 298.77 Td (15,693) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 415.85 298.72 Td (14,315) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 504.10 298.72 Td (21,266) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 284.72 Td ( Total non-compensation expenses) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 322.55 284.72 Td (211,338) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 411.30 284.72 Td (235,336) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.55 284.72 Td (330,342) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 270.72 Td ( Total non-interest expenses) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 322.55 270.72 Td (495,985) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 411.30 270.72 Td (571,835) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.55 270.72 Td (638,829) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 256.72 Td (Earnings \(loss\) before income taxes) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 327.10 256.77 Td (17,111) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 420.40 256.72 Td (7,093) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 496.80 256.72 Td (\(114,020) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 529.20 256.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 242.72 Td (Income tax expense \(benefit\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 328.90 242.72 Td (\(7,546) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 352.20 242.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 420.40 242.72 Td (4,609) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 501.35 242.72 Td (\(13,901) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 529.20 242.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 228.72 Td ( Net earnings \(loss\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 327.10 228.77 Td (24,657) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 420.40 228.72 Td (2,484) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 496.80 228.72 Td (\(100,119) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 529.20 228.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 214.12 Td ( Net earnings \(loss\) attributable to noncontrolling ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 204.12 Td ( interests) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 338.50 204.12 Td (148) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 427.25 204.12 Td (427) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 512.75 204.12 Td (\(360) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 529.20 204.12 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 189.72 Td ( Net earnings \(loss\) attributable to Jefferies Group LLC) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 287.25 189.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 327.10 189.77 Td (24,509) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 378.25 189.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 420.40 189.72 Td (2,057) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 464.25 189.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 501.35 189.72 Td (\(99,759) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 529.20 189.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 160.72 Td (Pretax operating margin) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 340.75 160.72 Td (3.3) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 354.95 160.72 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 429.50 160.72 Td (1.2) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 440.95 160.72 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 510.50 160.72 Td (\(21.7) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 529.20 160.72 Td (\)%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.25 146.72 Td (Effective tax rate) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 333.50 146.72 Td (\(44.1) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 352.20 146.72 Td (\)%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 424.95 146.72 Td (65.0) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 440.95 146.72 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 513.20 146.72 Td (12.2) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 531.95 146.72 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 303.25 30.90 Td (5) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 663.5 m 319.25 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.25 663.5 m 414.25 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.25 663.5 m 423.25 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.25 663.5 m 427.25 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 663.5 m 521.25 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 649.5 m 319.25 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.25 649.5 m 414.25 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.25 649.5 m 427.25 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 649.5 m 521.25 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 527.5 m 319.25 527.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.25 527.5 m 414.25 527.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.25 527.5 m 427.25 527.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 527.5 m 521.25 527.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 499.5 m 319.25 499.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.25 499.5 m 414.25 499.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.25 499.5 m 427.25 499.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 499.5 m 521.25 499.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 499.5 m 319.25 499.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 485.5 m 319.25 485.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.25 499.5 m 414.25 499.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.25 485.5 m 414.25 485.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.25 499.5 m 427.25 499.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.25 485.5 m 427.25 485.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 499.5 m 521.25 499.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 485.5 m 521.25 485.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 301.5 m 319.25 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.25 301.5 m 427.25 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 287.5 m 319.25 287.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.25 301.5 m 414.25 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.25 287.5 m 414.25 287.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.25 287.5 m 427.25 287.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 301.5 m 521.25 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 287.5 m 521.25 287.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 273.5 m 319.25 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.25 287.5 m 414.25 287.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.25 273.5 m 414.25 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.25 273.5 m 427.25 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 287.5 m 521.25 287.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 273.5 m 521.25 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 245.5 m 319.25 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.25 245.5 m 414.25 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.25 245.5 m 427.25 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 245.5 m 521.25 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 217.5 m 319.25 217.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.25 217.5 m 414.25 217.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.25 217.5 m 427.25 217.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 217.5 m 521.25 217.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 217.5 m 319.25 217.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 204.5 m 319.25 204.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.25 202.5 m 319.25 202.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.25 204.5 m 414.25 204.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.25 202.5 m 414.25 202.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.25 217.5 m 427.25 217.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.25 204.5 m 427.25 204.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.25 202.5 m 427.25 202.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 204.5 m 521.25 204.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 202.5 m 521.25 202.5 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 206.00 738.72 Td (JEFFERIES GROUP LLC AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 203.30 724.72 Td (CONSOLIDATED STATEMENTS OF EARNINGS) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 245.45 710.72 Td (\(Amounts in Thousands\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 270.95 696.72 Td (\(Unaudited\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 395.40 667.72 Td (Year Ended) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 327.05 653.72 Td (November 30, 2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 434.55 653.72 Td (November 30, 2014) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 624.72 Td (Revenues:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 610.72 Td ( Commissions) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 321.75 610.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 376.80 610.72 Td (659,002) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 429.75 610.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 483.80 610.72 Td (668,801) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 596.72 Td ( Principal transactions) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 376.80 596.72 Td (172,617) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 483.80 596.72 Td (532,292) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 582.72 Td ( Investment banking) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 369.95 582.72 Td (1,439,007) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 476.95 582.72 Td (1,529,274) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 568.72 Td ( ) Tj ET Q q 0 0 0 rg BT 70.14 568.72 Td (Asset management fees and investment income from managed ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 558.72 Td ( funds) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 385.90 560.12 Td (8,015) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 488.35 560.12 Td (17,047) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 545.72 Td ( Interest income) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 376.80 545.72 Td (922,189) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 476.95 545.72 Td (1,019,970) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 531.72 Td ( Other revenues) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 381.35 531.72 Td (74,074) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 488.35 531.72 Td (78,881) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 517.72 Td ( Total revenues) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 369.95 517.72 Td (3,274,904) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 476.95 517.72 Td (3,846,265) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 503.72 Td ( Interest expense) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 376.80 503.72 Td (799,654) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 483.80 503.72 Td (856,127) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 489.72 Td ( Net revenues) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 369.95 489.72 Td (2,475,250) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 476.95 489.72 Td (2,990,138) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 460.72 Td (Non-interest expenses:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 446.72 Td ( Compensation and benefits) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 369.95 446.72 Td (1,467,131) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 476.95 446.72 Td (1,698,530) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 417.72 Td ( Non-compensation expenses:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 403.72 Td ( Floor brokerage and clearing fees) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 376.80 403.72 Td (200,032) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 483.80 403.72 Td (215,329) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 389.72 Td ( Technology and communications) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 376.80 389.72 Td (313,044) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 483.80 389.72 Td (268,212) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 375.72 Td ( Occupancy and equipment rental) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 376.80 375.72 Td (101,138) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 483.80 375.72 Td (107,767) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 361.72 Td ( Business development) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 376.80 361.72 Td (105,963) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 483.80 361.72 Td (106,984) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 347.72 Td ( Professional services) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 376.80 347.72 Td (103,972) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 483.80 347.72 Td (109,601) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 333.72 Td ( Bad debt provision) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 390.00 333.72 Td (\(396) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 406.45 333.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 488.35 333.72 Td (55,355) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 319.72 Td ( Goodwill impairment) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 398.25 319.72 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 488.35 319.72 Td (54,000) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 305.72 Td ( Other) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 381.35 305.72 Td (62,566) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 488.35 305.72 Td (71,339) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 291.72 Td ( Total non-compensation expenses) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 376.80 291.72 Td (886,319) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 483.80 291.72 Td (988,587) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 277.72 Td ( Total non-interest expenses) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 369.95 277.72 Td (2,353,450) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 476.95 277.72 Td (2,687,117) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 263.72 Td (Earnings before income taxes) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 376.80 263.72 Td (121,800) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 483.80 263.72 Td (303,021) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 249.72 Td (Income tax expense) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 381.35 249.72 Td (21,924) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 483.80 249.72 Td (142,061) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 235.72 Td ( Net earnings) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 381.35 235.72 Td (99,876) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 483.80 235.72 Td (160,960) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 221.72 Td ( Net earnings attributable to noncontrolling interests) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 385.90 221.72 Td (1,795) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 492.90 221.72 Td (3,400) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 207.72 Td ( Net earnings attributable to Jefferies Group LLC) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 321.75 207.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 381.35 207.72 Td (98,081) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 429.75 207.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 483.80 207.72 Td (157,560) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 178.72 Td (Pretax operating margin) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 395.00 178.72 Td (4.9) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 406.45 178.72 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 497.45 178.72 Td (10.1) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 513.45 178.72 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 63.75 164.72 Td (Effective tax rate) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 390.45 164.72 Td (18.0) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 406.45 164.72 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 497.45 164.72 Td (46.9) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 513.45 164.72 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 303.25 30.90 Td (6) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 673.5 m 300.25 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 673.5 m 358.25 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 673.5 m 375.25 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 673.5 m 379.25 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 673.5 m 437.25 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.25 673.5 m 454.25 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 673.5 m 458.25 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 673.5 m 516.25 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 659.5 m 300.25 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 659.5 m 358.25 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 673.5 m 379.25 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 659.5 m 379.25 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 673.5 m 437.25 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 659.5 m 437.25 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 659.5 m 458.25 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 659.5 m 516.25 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 592.5 m 300.25 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 592.5 m 358.25 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 592.5 m 379.25 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 592.5 m 437.25 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 592.5 m 458.25 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 592.5 m 300.25 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 578.5 m 300.25 578.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 592.5 m 358.25 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 578.5 m 358.25 578.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 592.5 m 379.25 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 578.5 m 379.25 578.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 592.5 m 437.25 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 578.5 m 437.25 578.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 592.5 m 458.25 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 578.5 m 458.25 578.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 592.5 m 516.25 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 578.5 m 516.25 578.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 560.5 m 300.25 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 558.5 m 300.25 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 560.5 m 358.25 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 558.5 m 358.25 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 560.5 m 379.25 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 558.5 m 379.25 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 560.5 m 437.25 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 558.5 m 437.25 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 560.5 m 458.25 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 558.5 m 458.25 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 560.5 m 516.25 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 558.5 m 516.25 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 546.5 m 300.25 546.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 544.5 m 300.25 544.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 558.5 m 358.25 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 560.5 m 358.25 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 546.5 m 358.25 546.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 544.5 m 358.25 544.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 546.5 m 379.25 546.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 544.5 m 379.25 544.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 558.5 m 437.25 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 560.5 m 437.25 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 546.5 m 437.25 546.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 544.5 m 437.25 544.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 546.5 m 458.25 546.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 544.5 m 458.25 544.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 546.5 m 516.25 546.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 544.5 m 516.25 544.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 502.5 m 300.25 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 502.5 m 358.25 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 502.5 m 375.25 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 502.5 m 379.25 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 502.5 m 437.25 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.25 502.5 m 454.25 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 502.5 m 458.25 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 502.5 m 516.25 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 487.5 m 300.25 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 487.5 m 358.25 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 502.5 m 379.25 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 487.5 m 379.25 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 502.5 m 437.25 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 487.5 m 437.25 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 487.5 m 458.25 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 487.5 m 516.25 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 421.5 m 300.25 421.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 421.5 m 379.25 421.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 421.5 m 458.25 421.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 421.5 m 300.25 421.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 407.5 m 300.25 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 421.5 m 358.25 421.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 407.5 m 358.25 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 421.5 m 379.25 421.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 407.5 m 379.25 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 421.5 m 437.25 421.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 407.5 m 437.25 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 421.5 m 458.25 421.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 407.5 m 458.25 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 421.5 m 516.25 421.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 407.5 m 516.25 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 390.5 m 300.25 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 388.5 m 300.25 388.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 390.5 m 358.25 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 388.5 m 358.25 388.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 390.5 m 379.25 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 388.5 m 379.25 388.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 390.5 m 437.25 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 388.5 m 437.25 388.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 390.5 m 458.25 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 388.5 m 458.25 388.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 390.5 m 516.25 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 388.5 m 516.25 388.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 376.5 m 300.25 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 374.5 m 300.25 374.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 376.5 m 358.25 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 374.5 m 358.25 374.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 376.5 m 379.25 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 374.5 m 379.25 374.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 376.5 m 437.25 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 374.5 m 437.25 374.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 376.5 m 458.25 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 374.5 m 458.25 374.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 376.5 m 516.25 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 374.5 m 516.25 374.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 326.5 m 300.25 326.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 326.5 m 358.25 326.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 326.5 m 375.25 326.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 326.5 m 379.25 326.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 326.5 m 437.25 326.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.25 326.5 m 454.25 326.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 326.5 m 458.25 326.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 326.5 m 516.25 326.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 311.5 m 300.25 311.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 311.5 m 358.25 311.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 326.5 m 379.25 326.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 311.5 m 379.25 311.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 326.5 m 437.25 326.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 311.5 m 437.25 311.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 311.5 m 458.25 311.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 311.5 m 516.25 311.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 245.5 m 300.25 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 245.5 m 379.25 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 245.5 m 458.25 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 245.5 m 300.25 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 231.5 m 300.25 231.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 245.5 m 358.25 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 231.5 m 358.25 231.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 231.5 m 379.25 231.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 245.5 m 437.25 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 231.5 m 437.25 231.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 245.5 m 458.25 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 231.5 m 458.25 231.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 245.5 m 516.25 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 231.5 m 516.25 231.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 213.5 m 300.25 213.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 211.5 m 300.25 211.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 213.5 m 358.25 213.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 211.5 m 358.25 211.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 213.5 m 379.25 213.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 211.5 m 379.25 211.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 213.5 m 437.25 213.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 211.5 m 437.25 211.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 213.5 m 458.25 213.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 211.5 m 458.25 211.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 213.5 m 516.25 213.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 211.5 m 516.25 211.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 199.5 m 300.25 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.25 197.5 m 300.25 197.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 199.5 m 358.25 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.25 197.5 m 358.25 197.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 199.5 m 379.25 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.25 197.5 m 379.25 197.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 211.5 m 437.25 211.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 213.5 m 437.25 213.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 199.5 m 437.25 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 197.5 m 437.25 197.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 199.5 m 458.25 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.25 197.5 m 458.25 197.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 199.5 m 516.25 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.25 197.5 m 516.25 197.5 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 206.00 738.72 Td (JEFFERIES GROUP LLC AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 180.20 724.72 Td (CONSOLIDATED ADJUSTED SELECTED FINANCIAL DATA) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 245.45 710.72 Td (\(Amounts in Thousands\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 270.95 696.72 Td (\(Unaudited\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 338.95 677.72 Td (Quarter Ended November 30, 2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 314.95 663.72 Td (GAAP) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 380.90 663.72 Td (Adjustments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 467.20 663.72 Td (Adjusted) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 644.72 Td (Net revenues) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 302.75 644.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 320.80 644.72 Td (513,096) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 381.75 644.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 417.55 644.72 Td (\(363) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 434.00 644.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 440.20 644.72 Td (\(1\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 460.75 644.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 478.80 644.72 Td (513,459) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 624.72 Td (Non-interest expenses:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 610.72 Td ( Compensation and benefits) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 320.80 610.72 Td (284,647) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 413.45 610.72 Td (7,111) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 440.20 610.72 Td (\(2\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 478.80 610.72 Td (277,536) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 596.72 Td ( Non-compensation expenses) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 320.80 596.72 Td (211,338) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 408.90 596.72 Td (12,327) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 440.20 596.72 Td (\(3\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 478.80 596.72 Td (199,011) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 582.72 Td (Total non-interest expenses) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 320.80 582.72 Td (495,985) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 408.90 582.72 Td (19,438) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 440.20 582.72 Td (\(4\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 478.80 582.72 Td (476,547) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 563.72 Td (Operating income \(loss\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 302.75 563.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 325.35 563.72 Td (17,111) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 381.75 563.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 406.15 563.72 Td (\(19,801) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 434.00 563.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 460.75 563.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 483.35 563.72 Td (36,912) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 549.72 Td (Net earnings \(loss\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 302.75 549.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 325.35 549.72 Td (24,657) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 381.75 549.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 406.15 549.72 Td (\(12,165) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 434.00 549.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 460.75 549.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 483.35 549.72 Td (36,822) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 530.12 Td (Compensation ratio \(a\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 334.45 530.12 Td (55.5) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 350.45 530.12 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 492.45 530.12 Td (54.1) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 508.45 530.12 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 345.05 507.12 Td (Quarter Ended August 31, 2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 314.95 492.12 Td (GAAP) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 380.90 492.12 Td (Adjustments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 467.20 492.12 Td (Adjusted) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 472.72 Td (Net revenues) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 302.75 472.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 320.80 472.72 Td (578,928) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 381.75 472.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 410.70 472.72 Td (\(4,289) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 434.00 472.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 440.20 472.72 Td (\(1\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 460.75 472.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 478.80 472.72 Td (583,217) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 453.72 Td (Non-interest expenses:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 439.72 Td ( Compensation and benefits) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 320.80 439.72 Td (336,499) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 408.90 439.72 Td (22,117) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 440.20 439.72 Td (\(2\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 478.80 439.72 Td (314,382) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 425.72 Td ( Non-compensation expenses) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 320.80 425.72 Td (235,336) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 408.90 425.72 Td (37,708) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 440.20 425.72 Td (\(3\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 478.80 425.72 Td (197,628) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 411.72 Td (Total non-interest expenses) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 320.80 411.72 Td (571,835) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 408.90 411.72 Td (59,825) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 478.80 411.72 Td (512,010) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 393.72 Td (Operating income \(loss\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 302.75 393.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 329.90 393.72 Td (7,093) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 381.75 393.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 406.15 393.72 Td (\(64,114) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 434.00 393.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 460.75 393.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 483.35 393.72 Td (71,207) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 379.72 Td (Net earnings \(loss\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 302.75 379.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 329.90 379.72 Td (2,484) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 381.75 379.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 406.15 379.72 Td (\(44,318) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 434.00 379.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 460.75 379.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 483.35 379.72 Td (46,802) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 355.72 Td (Compensation ratio \(a\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 334.45 355.72 Td (58.1) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 350.45 355.72 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 492.45 355.72 Td (53.9) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 508.45 355.72 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 338.95 331.12 Td (Quarter Ended November 30, 2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 314.95 316.12 Td (GAAP) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 380.90 316.12 Td (Adjustments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 467.20 316.12 Td (Adjusted) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 296.72 Td (Net revenues) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 302.75 296.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 320.80 296.72 Td (524,809) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 381.75 296.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 408.90 296.72 Td (54,907) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 440.20 296.72 Td (\(1\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 460.75 296.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 478.80 296.72 Td (469,902) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 277.72 Td (Non-interest expenses:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 263.72 Td ( Compensation and benefits) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 320.80 263.72 Td (308,487) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 408.90 263.72 Td (21,794) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 440.20 263.72 Td (\(2\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 478.80 263.72 Td (286,693) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 249.72 Td ( Non-compensation expenses) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 320.80 249.72 Td (330,342) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 404.35 249.72 Td (145,075) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 440.20 249.72 Td (\(3\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 478.80 249.72 Td (185,267) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 235.72 Td (Total non-interest expenses) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 320.80 235.72 Td (638,829) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 404.35 235.72 Td (166,869) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 478.80 235.72 Td (471,960) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 217.12 Td (Operating income \(loss\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 302.75 217.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 318.05 217.12 Td (\(114,020) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 350.45 217.12 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 381.75 217.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 401.60 217.12 Td (\(111,962) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 434.00 217.12 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 460.75 217.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 485.15 217.12 Td (\(2,058) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 508.45 217.12 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 202.72 Td (Net earnings \(loss\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 302.75 202.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 318.05 202.72 Td (\(100,119) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 350.45 202.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 381.75 202.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 406.15 202.72 Td (\(82,338) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 434.00 202.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 460.75 202.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 480.60 202.72 Td (\(17,781) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 508.45 202.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 181.72 Td (Compensation ratio \(a\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 334.45 181.72 Td (58.8) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 350.45 181.72 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 492.45 181.72 Td (61.0) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 508.45 181.72 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 159.72 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 86.27 159.72 Td ( ) Tj ET Q q 0 0 0 rg BT 87.77 159.72 Td (Reconciliation ) Tj ET Q q 0 0 0 rg BT 140.32 159.72 Td (of ) Tj ET Q q 0 0 0 rg BT 148.66 159.72 Td (the ) Tj ET Q q 0 0 0 rg BT 161.56 159.72 Td (compensation ) Tj ET Q q 0 0 0 rg BT 214.12 159.72 Td (ratio ) Tj ET Q q 0 0 0 rg BT 231.57 159.72 Td (for ) Tj ET Q q 0 0 0 rg BT 242.64 159.72 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 260.09 159.72 Td (GAAP) Tj ET Q q 0 0 0 rg BT 282.81 159.72 Td ( ) Tj ET Q q 0 0 0 rg BT 284.24 159.72 Td (to ) Tj ET Q q 0 0 0 rg BT 292.51 159.72 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 325.70 159.72 Td (is ) Tj ET Q q 0 0 0 rg BT 333.12 159.72 Td (a ) Tj ET Q q 0 0 0 rg BT 339.18 159.72 Td (derivation ) Tj ET Q q 0 0 0 rg BT 376.24 159.72 Td (of ) Tj ET Q q 0 0 0 rg BT 384.58 159.72 Td (the ) Tj ET Q q 0 0 0 rg BT 397.48 159.72 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 446.84 159.72 Td (of ) Tj ET Q q 0 0 0 rg BT 455.18 159.72 Td (the ) Tj ET Q q 0 0 0 rg BT 468.08 159.72 Td (components ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 149.72 Td (above.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 128.72 Td (This ) Tj ET Q q 0 0 0 rg BT 94.33 128.72 Td (presentation ) Tj ET Q q 0 0 0 rg BT 143.56 128.72 Td (of ) Tj ET Q q 0 0 0 rg BT 153.68 128.72 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 189.69 128.72 Td (financial ) Tj ET Q q 0 0 0 rg BT 223.87 128.72 Td (information ) Tj ET Q q 0 0 0 rg BT 268.52 128.72 Td (is ) Tj ET Q q 0 0 0 rg BT 278.54 128.72 Td (an ) Tj ET Q q 0 0 0 rg BT 291.75 128.72 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 331.86 128.72 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 370.92 128.72 Td ( ) Tj ET Q q 0 0 0 rg BT 375.01 128.72 Td (financial ) Tj ET Q q 0 0 0 rg BT 409.19 128.72 Td (measure. ) Tj ET Q q 0 0 0 rg BT 446.66 128.72 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 482.66 128.72 Td (financial ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 118.72 Td (information ) Tj ET Q q 0 0 0 rg BT 117.17 118.72 Td (begins ) Tj ET Q q 0 0 0 rg BT 143.19 118.72 Td (with ) Tj ET Q q 0 0 0 rg BT 159.63 118.72 Td (information ) Tj ET Q q 0 0 0 rg BT 202.05 118.72 Td (prepared ) Tj ET Q q 0 0 0 rg BT 236.73 118.72 Td (in ) Tj ET Q q 0 0 0 rg BT 244.96 118.72 Td (accordance ) Tj ET Q q 0 0 0 rg BT 289.21 118.72 Td (with ) Tj ET Q q 0 0 0 rg BT 305.65 118.72 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 323.45 118.72 Td (GAAP) Tj ET Q q 0 0 0 rg BT 346.10 118.72 Td ( ) Tj ET Q q 0 0 0 rg BT 347.95 118.72 Td (and ) Tj ET Q q 0 0 0 rg BT 363.49 118.72 Td (then ) Tj ET Q q 0 0 0 rg BT 381.31 118.72 Td (those ) Tj ET Q q 0 0 0 rg BT 403.23 118.72 Td (results ) Tj ET Q q 0 0 0 rg BT 429.24 118.72 Td (are ) Tj ET Q q 0 0 0 rg BT 442.94 118.72 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 475.80 118.72 Td (to ) Tj ET Q q 0 0 0 rg BT 484.50 118.72 Td (exclude ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 108.72 Td (the ) Tj ET Q q 0 0 0 rg BT 88.57 108.72 Td (operations ) Tj ET Q q 0 0 0 rg BT 129.28 108.72 Td (of ) Tj ET Q q 0 0 0 rg BT 138.53 108.72 Td (the ) Tj ET Q q 0 0 0 rg BT 152.35 108.72 Td (Company's ) Tj ET Q q 0 0 0 rg BT 195.53 108.72 Td (Bache ) Tj ET Q q 0 0 0 rg BT 221.19 108.72 Td (business. ) Tj ET Q q 0 0 0 rg BT 258.10 108.72 Td (The ) Tj ET Q q 0 0 0 rg BT 274.65 108.72 Td (Company ) Tj ET Q q 0 0 0 rg BT 312.16 108.72 Td (believes ) Tj ET Q q 0 0 0 rg BT 344.66 108.72 Td (that ) Tj ET Q q 0 0 0 rg BT 360.75 108.72 Td (the ) Tj ET Q q 0 0 0 rg BT 374.57 108.72 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 410.70 108.72 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 445.03 108.72 Td (measures ) Tj ET Q q 0 0 0 rg BT 483.45 108.72 Td (and ) Tj ET Q q 0 0 0 rg BT 499.54 108.72 Td (any ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 98.72 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 121.00 98.72 Td (thereto, ) Tj ET Q q 0 0 0 rg BT 150.84 98.72 Td (when ) Tj ET Q q 0 0 0 rg BT 172.46 98.72 Td (presented ) Tj ET Q q 0 0 0 rg BT 210.96 98.72 Td (in ) Tj ET Q q 0 0 0 rg BT 219.37 98.72 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 262.89 98.72 Td (with ) Tj ET Q q 0 0 0 rg BT 279.50 98.72 Td (comparable ) Tj ET Q q 0 0 0 rg BT 324.37 98.72 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 342.35 98.72 Td (GAAP) Tj ET Q q 0 0 0 rg BT 364.99 98.72 Td ( ) Tj ET Q q 0 0 0 rg BT 367.02 98.72 Td (measures ) Tj ET Q q 0 0 0 rg BT 405.05 98.72 Td (are ) Tj ET Q q 0 0 0 rg BT 418.93 98.72 Td (useful ) Tj ET Q q 0 0 0 rg BT 442.84 98.72 Td (to ) Tj ET Q q 0 0 0 rg BT 451.71 98.72 Td (investors ) Tj ET Q q 0 0 0 rg BT 486.56 98.72 Td (as ) Tj ET Q q 0 0 0 rg BT 497.25 98.72 Td (they ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 88.72 Td (enable ) Tj ET Q q 0 0 0 rg BT 101.70 88.72 Td (investors ) Tj ET Q q 0 0 0 rg BT 136.84 88.72 Td (to ) Tj ET Q q 0 0 0 rg BT 146.00 88.72 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 179.33 88.72 Td (the ) Tj ET Q q 0 0 0 rg BT 193.06 88.72 Td (Company's ) Tj ET Q q 0 0 0 rg BT 236.15 88.72 Td (results ) Tj ET Q q 0 0 0 rg BT 262.63 88.72 Td (in ) Tj ET Q q 0 0 0 rg BT 271.33 88.72 Td (the ) Tj ET Q q 0 0 0 rg BT 285.06 88.72 Td (context ) Tj ET Q q 0 0 0 rg BT 313.83 88.72 Td (of ) Tj ET Q q 0 0 0 rg BT 322.99 88.72 Td (exiting ) Tj ET Q q 0 0 0 rg BT 349.02 88.72 Td (the ) Tj ET Q q 0 0 0 rg BT 362.75 88.72 Td (Bache ) Tj ET Q q 0 0 0 rg BT 388.32 88.72 Td (business. ) Tj ET Q q 0 0 0 rg BT 425.15 88.72 Td (These ) Tj ET Q q 0 0 0 rg BT 450.27 88.72 Td (measures ) Tj ET Q q 0 0 0 rg BT 488.60 88.72 Td (should ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 78.72 Td (not ) Tj ET Q q 0 0 0 rg BT 89.04 78.72 Td (be ) Tj ET Q q 0 0 0 rg BT 101.06 78.72 Td (considered ) Tj ET Q q 0 0 0 rg BT 144.06 78.72 Td (a ) Tj ET Q q 0 0 0 rg BT 151.52 78.72 Td (substitute ) Tj ET Q q 0 0 0 rg BT 189.52 78.72 Td (for) Tj ET Q q 0 0 0 rg BT 198.64 78.72 Td (, ) Tj ET Q q 0 0 0 rg BT 203.81 78.72 Td (or ) Tj ET Q q 0 0 0 rg BT 213.99 78.72 Td (superior ) Tj ET Q q 0 0 0 rg BT 246.51 78.72 Td (to, ) Tj ET Q q 0 0 0 rg BT 258.52 78.72 Td (measures ) Tj ET Q q 0 0 0 rg BT 297.42 78.72 Td (of ) Tj ET Q q 0 0 0 rg BT 307.15 78.72 Td (financial ) Tj ET Q q 0 0 0 rg BT 340.13 78.72 Td (performance ) Tj ET Q q 0 0 0 rg BT 389.05 78.72 Td (prepared ) Tj ET Q q 0 0 0 rg BT 424.77 78.72 Td (in ) Tj ET Q q 0 0 0 rg BT 434.04 78.72 Td (accordance ) Tj ET Q q 0 0 0 rg BT 479.33 78.72 Td (with ) Tj ET Q q 0 0 0 rg BT 496.80 78.72 Td (U.S. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.75 68.72 Td (GAAP) Tj ET Q q 0 0 0 rg BT 96.49 68.72 Td (.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 303.25 30.90 Td (7) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 658.5 m 295.75 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.75 658.5 m 355.75 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.75 658.5 m 370.75 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 658.5 m 374.75 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 658.5 m 434.75 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.75 658.5 m 452.75 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 658.5 m 456.75 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 658.5 m 516.75 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 643.5 m 295.75 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.75 643.5 m 355.75 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 643.5 m 374.75 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 643.5 m 434.75 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 643.5 m 456.75 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 643.5 m 516.75 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 574.5 m 295.75 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.75 574.5 m 355.75 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 574.5 m 374.75 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 574.5 m 434.75 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 574.5 m 456.75 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 574.5 m 295.75 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 559.5 m 295.75 559.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.75 574.5 m 355.75 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.75 559.5 m 355.75 559.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 574.5 m 374.75 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 559.5 m 374.75 559.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 574.5 m 434.75 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 559.5 m 434.75 559.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 574.5 m 456.75 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 559.5 m 456.75 559.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 574.5 m 516.75 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 559.5 m 516.75 559.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 541.5 m 295.75 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 539.5 m 295.75 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.75 541.5 m 355.75 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.75 539.5 m 355.75 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 541.5 m 374.75 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 539.5 m 374.75 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 541.5 m 434.75 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 539.5 m 434.75 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 541.5 m 456.75 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 539.5 m 456.75 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 541.5 m 516.75 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 539.5 m 516.75 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 519.5 m 295.75 519.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 517.5 m 295.75 517.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.75 519.5 m 355.75 519.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.75 517.5 m 355.75 517.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 519.5 m 374.75 519.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 517.5 m 374.75 517.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 519.5 m 434.75 519.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 517.5 m 434.75 517.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 519.5 m 456.75 519.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 517.5 m 456.75 517.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 519.5 m 516.75 519.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 517.5 m 516.75 517.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 464.5 m 295.75 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.75 464.5 m 355.75 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.75 464.5 m 370.75 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 464.5 m 374.75 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 464.5 m 434.75 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.75 464.5 m 452.75 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 464.5 m 456.75 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 464.5 m 516.75 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 449.5 m 295.75 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.75 449.5 m 355.75 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 449.5 m 374.75 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 449.5 m 434.75 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 449.5 m 456.75 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 449.5 m 516.75 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 376.5 m 295.75 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 376.5 m 374.75 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 376.5 m 434.75 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 376.5 m 456.75 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 376.5 m 295.75 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 361.5 m 295.75 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.75 376.5 m 355.75 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.75 361.5 m 355.75 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 376.5 m 374.75 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 361.5 m 374.75 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 376.5 m 434.75 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 361.5 m 434.75 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 376.5 m 456.75 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 361.5 m 456.75 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 376.5 m 516.75 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 361.5 m 516.75 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 341.5 m 295.75 341.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 339.5 m 295.75 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.75 341.5 m 355.75 341.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.75 339.5 m 355.75 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 341.5 m 374.75 341.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 339.5 m 374.75 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 341.5 m 434.75 341.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 339.5 m 434.75 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 341.5 m 456.75 341.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 339.5 m 456.75 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 341.5 m 516.75 341.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 339.5 m 516.75 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 319.5 m 295.75 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 317.5 m 295.75 317.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.75 319.5 m 355.75 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.75 317.5 m 355.75 317.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 319.5 m 374.75 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 317.5 m 374.75 317.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 319.5 m 434.75 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 317.5 m 434.75 317.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 319.5 m 456.75 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 317.5 m 456.75 317.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 319.5 m 516.75 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 317.5 m 516.75 317.5 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 206.00 738.12 Td (JEFFERIES GROUP LLC AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 180.20 723.12 Td (CONSOLIDATED ADJUSTED SELECTED FINANCIAL DATA) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 245.45 708.12 Td (\(Amounts in Thousands\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 270.95 693.12 Td (\(Unaudited\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 343.10 663.12 Td (Year Ended November 30, 2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 311.45 648.12 Td (GAAP) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 377.40 648.12 Td (Adjustments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 466.70 648.12 Td (Adjusted) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 628.12 Td (Net revenues) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 298.25 628.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 311.45 628.12 Td (2,475,250) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 377.25 628.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 406.40 628.12 Td (80,199) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 438.20 628.12 Td (\(1\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 459.25 628.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 472.45 628.12 Td (2,395,051) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 609.12 Td (Non-interest expenses:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 594.12 Td ( Compensation and benefits) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 311.45 594.12 Td (1,467,131) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 406.40 594.12 Td (87,681) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 438.20 594.12 Td (\(2\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 472.45 594.12 Td (1,379,450) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 579.12 Td ( Non-compensation expenses) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 318.30 579.12 Td (886,319) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 401.85 579.12 Td (127,168) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 438.20 579.12 Td (\(3\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 479.30 579.12 Td (759,151) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 564.12 Td (Total non-interest expenses) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 311.45 564.12 Td (2,353,450) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 401.85 564.12 Td (214,849) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 438.20 564.12 Td (\(4\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 472.45 564.12 Td (2,138,601) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 545.12 Td (Operating income \(loss\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 298.25 545.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 318.30 545.12 Td (121,800) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 377.25 545.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 399.10 545.12 Td (\(134,650) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 431.50 545.12 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 459.25 545.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 479.30 545.12 Td (256,450) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 523.12 Td (Net earnings \(loss\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 298.25 523.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 322.85 523.12 Td (99,876) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 377.25 523.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 403.65 523.12 Td (\(89,602) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 431.50 523.12 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 459.25 523.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 479.30 523.12 Td (189,478) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 500.12 Td (Compensation ratio \(a\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 331.95 500.12 Td (59.3) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 347.95 500.12 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 492.95 500.12 Td (57.6) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 508.95 500.12 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 343.10 469.12 Td (Year Ended November 30, 2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 311.45 454.12 Td (GAAP) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 377.40 454.12 Td (Adjustments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 466.70 454.12 Td (Adjusted) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 432.12 Td (Net revenues) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 298.25 432.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 311.45 432.12 Td (2,990,138) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 377.25 432.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 401.85 432.12 Td (202,797) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 438.20 432.12 Td (\(1\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 459.25 432.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 472.45 432.12 Td (2,787,341) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 411.12 Td (Non-interest expenses:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 396.12 Td ( Compensation and benefits) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 311.45 396.12 Td (1,698,530) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 406.40 396.12 Td (98,618) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 438.20 396.12 Td (\(2\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 472.45 396.12 Td (1,599,912) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 381.12 Td ( Non-compensation expenses) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 318.30 381.12 Td (988,587) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 401.85 381.12 Td (249,586) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 438.20 381.12 Td (\(3\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 479.30 381.12 Td (739,001) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 366.12 Td (Total non-interest expenses) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 311.45 366.12 Td (2,687,117) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 401.85 366.12 Td (348,204) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 472.45 366.12 Td (2,338,913) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 345.12 Td (Operating income \(loss\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 298.25 345.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 318.30 345.12 Td (303,021) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 377.25 345.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 399.10 345.12 Td (\(145,407) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 431.50 345.12 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 459.25 345.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 479.30 345.12 Td (448,428) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 323.12 Td (Net earnings \(loss\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 298.25 323.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 318.30 323.12 Td (160,960) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 377.25 323.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 403.65 323.12 Td (\(99,468) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 431.50 323.12 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 459.25 323.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 479.30 323.12 Td (260,428) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 302.12 Td (Compensation ratio \(a\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 331.95 302.12 Td (56.8) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 347.95 302.12 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 492.95 302.12 Td (57.4) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 508.95 302.12 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 277.72 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 85.82 277.72 Td ( ) Tj ET Q q 0 0 0 rg BT 87.37 277.72 Td (Reconciliation ) Tj ET Q q 0 0 0 rg BT 139.97 277.72 Td (of ) Tj ET Q q 0 0 0 rg BT 148.36 277.72 Td (the ) Tj ET Q q 0 0 0 rg BT 161.31 277.72 Td (compensation ) Tj ET Q q 0 0 0 rg BT 213.92 277.72 Td (ratio ) Tj ET Q q 0 0 0 rg BT 231.42 277.72 Td (for ) Tj ET Q q 0 0 0 rg BT 242.54 277.72 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 260.04 277.72 Td (GAAP) Tj ET Q q 0 0 0 rg BT 282.76 277.72 Td ( ) Tj ET Q q 0 0 0 rg BT 284.24 277.72 Td (to ) Tj ET Q q 0 0 0 rg BT 292.55 277.72 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 325.78 277.72 Td (is ) Tj ET Q q 0 0 0 rg BT 333.26 277.72 Td (a ) Tj ET Q q 0 0 0 rg BT 339.37 277.72 Td (derivation ) Tj ET Q q 0 0 0 rg BT 376.47 277.72 Td (of ) Tj ET Q q 0 0 0 rg BT 384.86 277.72 Td (the ) Tj ET Q q 0 0 0 rg BT 397.82 277.72 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 447.23 277.72 Td (of ) Tj ET Q q 0 0 0 rg BT 455.62 277.72 Td (the ) Tj ET Q q 0 0 0 rg BT 468.57 277.72 Td (components ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 267.72 Td (above.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 246.72 Td (This ) Tj ET Q q 0 0 0 rg BT 93.91 246.72 Td (presentation ) Tj ET Q q 0 0 0 rg BT 143.22 246.72 Td (of ) Tj ET Q q 0 0 0 rg BT 153.41 246.72 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 189.49 246.72 Td (financial ) Tj ET Q q 0 0 0 rg BT 223.75 246.72 Td (information ) Tj ET Q q 0 0 0 rg BT 268.48 246.72 Td (is ) Tj ET Q q 0 0 0 rg BT 278.58 246.72 Td (an ) Tj ET Q q 0 0 0 rg BT 291.87 246.72 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 332.06 246.72 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 371.12 246.72 Td ( ) Tj ET Q q 0 0 0 rg BT 375.29 246.72 Td (financial ) Tj ET Q q 0 0 0 rg BT 409.55 246.72 Td (measure. ) Tj ET Q q 0 0 0 rg BT 447.08 246.72 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 483.16 246.72 Td (financial ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 236.72 Td (information ) Tj ET Q q 0 0 0 rg BT 116.73 236.72 Td (begins ) Tj ET Q q 0 0 0 rg BT 142.81 236.72 Td (with ) Tj ET Q q 0 0 0 rg BT 159.30 236.72 Td (information ) Tj ET Q q 0 0 0 rg BT 201.78 236.72 Td (prepared ) Tj ET Q q 0 0 0 rg BT 236.52 236.72 Td (in ) Tj ET Q q 0 0 0 rg BT 244.81 236.72 Td (accordance ) Tj ET Q q 0 0 0 rg BT 289.12 236.72 Td (with ) Tj ET Q q 0 0 0 rg BT 305.61 236.72 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 323.47 236.72 Td (GAAP) Tj ET Q q 0 0 0 rg BT 346.12 236.72 Td ( ) Tj ET Q q 0 0 0 rg BT 348.03 236.72 Td (and ) Tj ET Q q 0 0 0 rg BT 363.63 236.72 Td (then ) Tj ET Q q 0 0 0 rg BT 381.50 236.72 Td (those ) Tj ET Q q 0 0 0 rg BT 403.48 236.72 Td (results ) Tj ET Q q 0 0 0 rg BT 429.55 236.72 Td (are ) Tj ET Q q 0 0 0 rg BT 443.31 236.72 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 476.23 236.72 Td (to ) Tj ET Q q 0 0 0 rg BT 484.99 236.72 Td (exclude ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 226.72 Td (the ) Tj ET Q q 0 0 0 rg BT 88.13 226.72 Td (operations ) Tj ET Q q 0 0 0 rg BT 128.90 226.72 Td (of ) Tj ET Q q 0 0 0 rg BT 138.22 226.72 Td (the ) Tj ET Q q 0 0 0 rg BT 152.10 226.72 Td (Company's ) Tj ET Q q 0 0 0 rg BT 195.34 226.72 Td (Bache ) Tj ET Q q 0 0 0 rg BT 221.07 226.72 Td (business. ) Tj ET Q q 0 0 0 rg BT 258.05 226.72 Td (The ) Tj ET Q q 0 0 0 rg BT 274.65 226.72 Td (Company ) Tj ET Q q 0 0 0 rg BT 312.22 226.72 Td (believes ) Tj ET Q q 0 0 0 rg BT 344.79 226.72 Td (that ) Tj ET Q q 0 0 0 rg BT 360.95 226.72 Td (the ) Tj ET Q q 0 0 0 rg BT 374.83 226.72 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 411.01 226.72 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 445.40 226.72 Td (measures ) Tj ET Q q 0 0 0 rg BT 483.88 226.72 Td (and ) Tj ET Q q 0 0 0 rg BT 500.04 226.72 Td (any ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 216.72 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 120.56 216.72 Td (thereto, ) Tj ET Q q 0 0 0 rg BT 150.46 216.72 Td (when ) Tj ET Q q 0 0 0 rg BT 172.15 216.72 Td (presented ) Tj ET Q q 0 0 0 rg BT 210.71 216.72 Td (in ) Tj ET Q q 0 0 0 rg BT 219.19 216.72 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 262.77 216.72 Td (with ) Tj ET Q q 0 0 0 rg BT 279.44 216.72 Td (comparable ) Tj ET Q q 0 0 0 rg BT 324.37 216.72 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 342.41 216.72 Td (GAAP) Tj ET Q q 0 0 0 rg BT 365.06 216.72 Td ( ) Tj ET Q q 0 0 0 rg BT 367.15 216.72 Td (measures ) Tj ET Q q 0 0 0 rg BT 405.24 216.72 Td (are ) Tj ET Q q 0 0 0 rg BT 419.18 216.72 Td (useful ) Tj ET Q q 0 0 0 rg BT 443.16 216.72 Td (to ) Tj ET Q q 0 0 0 rg BT 452.09 216.72 Td (investors ) Tj ET Q q 0 0 0 rg BT 486.99 216.72 Td (as ) Tj ET Q q 0 0 0 rg BT 497.75 216.72 Td (they ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 206.72 Td (enable ) Tj ET Q q 0 0 0 rg BT 101.26 206.72 Td (investors ) Tj ET Q q 0 0 0 rg BT 136.46 206.72 Td (to ) Tj ET Q q 0 0 0 rg BT 145.68 206.72 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 179.07 206.72 Td (the ) Tj ET Q q 0 0 0 rg BT 192.85 206.72 Td (Company's ) Tj ET Q q 0 0 0 rg BT 236.00 206.72 Td (results ) Tj ET Q q 0 0 0 rg BT 262.54 206.72 Td (in ) Tj ET Q q 0 0 0 rg BT 271.31 206.72 Td (the ) Tj ET Q q 0 0 0 rg BT 285.09 206.72 Td (context ) Tj ET Q q 0 0 0 rg BT 313.92 206.72 Td (of ) Tj ET Q q 0 0 0 rg BT 323.14 206.72 Td (exiting ) Tj ET Q q 0 0 0 rg BT 349.23 206.72 Td (the ) Tj ET Q q 0 0 0 rg BT 363.01 206.72 Td (Bache ) Tj ET Q q 0 0 0 rg BT 388.65 206.72 Td (business. ) Tj ET Q q 0 0 0 rg BT 425.53 206.72 Td (These ) Tj ET Q q 0 0 0 rg BT 450.71 206.72 Td (measures ) Tj ET Q q 0 0 0 rg BT 489.10 206.72 Td (should ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 196.72 Td (not ) Tj ET Q q 0 0 0 rg BT 88.60 196.72 Td (be ) Tj ET Q q 0 0 0 rg BT 100.67 196.72 Td (considered ) Tj ET Q q 0 0 0 rg BT 143.74 196.72 Td (a ) Tj ET Q q 0 0 0 rg BT 151.25 196.72 Td (substitute ) Tj ET Q q 0 0 0 rg BT 189.31 196.72 Td (for) Tj ET Q q 0 0 0 rg BT 198.43 196.72 Td (, ) Tj ET Q q 0 0 0 rg BT 203.66 196.72 Td (or ) Tj ET Q q 0 0 0 rg BT 213.90 196.72 Td (superior ) Tj ET Q q 0 0 0 rg BT 246.48 196.72 Td (to, ) Tj ET Q q 0 0 0 rg BT 258.55 196.72 Td (measures ) Tj ET Q q 0 0 0 rg BT 297.51 196.72 Td (of ) Tj ET Q q 0 0 0 rg BT 307.30 196.72 Td (financial ) Tj ET Q q 0 0 0 rg BT 340.34 196.72 Td (performance ) Tj ET Q q 0 0 0 rg BT 389.32 196.72 Td (prepared ) Tj ET Q q 0 0 0 rg BT 425.10 196.72 Td (in ) Tj ET Q q 0 0 0 rg BT 434.43 196.72 Td (accordance ) Tj ET Q q 0 0 0 rg BT 479.78 196.72 Td (with ) Tj ET Q q 0 0 0 rg BT 497.31 196.72 Td (U.S. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.25 186.72 Td (GAAP) Tj ET Q q 0 0 0 rg BT 95.99 186.72 Td (.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 303.25 30.90 Td (8) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 207.00 729.00 Td (JEFFERIES GROUP) Tj ET Q q 0 0 0 rg BT 283.86 729.00 Td ( LLC ) Tj ET Q q 0 0 0 rg BT 304.06 729.00 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 181.20 717.00 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 229.79 717.00 Td (TED ) Tj ET Q q 0 0 0 rg BT 248.17 717.00 Td (ADJUSTED SELECTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 384.67 717.00 Td ( DA) Tj ET Q q 0 0 0 rg BT 398.19 717.00 Td (T) Tj ET Q q 0 0 0 rg BT 402.60 717.00 Td (A) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 269.20 705.00 Td (FOOTNOTES) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 678.00 Td (\(1\) ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 678.00 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 124.74 678.00 Td (generated ) Tj ET Q q 0 0 0 rg BT 163.98 678.00 Td (by ) Tj ET Q q 0 0 0 rg BT 174.95 678.00 Td (the ) Tj ET Q q 0 0 0 rg BT 188.67 678.00 Td (Bache ) Tj ET Q q 0 0 0 rg BT 214.23 678.00 Td (business, ) Tj ET Q q 0 0 0 rg BT 251.19 678.00 Td (including ) Tj ET Q q 0 0 0 rg BT 285.87 678.00 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 337.85 678.00 Td (principal ) Tj ET Q q 0 0 0 rg BT 370.70 678.00 Td (transaction ) Tj ET Q q 0 0 0 rg BT 413.13 678.00 Td (revenues ) Tj ET Q q 0 0 0 rg BT 449.18 678.00 Td (and ) Tj ET Q q 0 0 0 rg BT 465.17 678.00 Td (net ) Tj ET Q q 0 0 0 rg BT 478.88 678.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 508.09 678.00 Td (revenue, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 664.20 Td (for ) Tj ET Q q 0 0 0 rg BT 97.35 664.20 Td (the ) Tj ET Q q 0 0 0 rg BT 111.03 664.20 Td (presented ) Tj ET Q q 0 0 0 rg BT 149.79 664.20 Td (period ) Tj ET Q q 0 0 0 rg BT 174.86 664.20 Td (have ) Tj ET Q q 0 0 0 rg BT 194.92 664.20 Td (been ) Tj ET Q q 0 0 0 rg BT 215.45 664.20 Td (classified ) Tj ET Q q 0 0 0 rg BT 251.46 664.20 Td (as ) Tj ET Q q 0 0 0 rg BT 262.40 664.20 Td (a ) Tj ET Q q 0 0 0 rg BT 269.24 664.20 Td (reduction ) Tj ET Q q 0 0 0 rg BT 305.26 664.20 Td (of ) Tj ET Q q 0 0 0 rg BT 314.38 664.20 Td (revenue ) Tj ET Q q 0 0 0 rg BT 346.29 664.20 Td (in ) Tj ET Q q 0 0 0 rg BT 354.95 664.20 Td (the ) Tj ET Q q 0 0 0 rg BT 368.63 664.20 Td (presentation ) Tj ET Q q 0 0 0 rg BT 416.05 664.20 Td (of ) Tj ET Q q 0 0 0 rg BT 424.72 664.20 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 458.92 664.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 491.29 664.20 Td (measures.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 644.40 Td (\(2\) ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 644.40 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 140.36 644.40 Td (expense ) Tj ET Q q 0 0 0 rg BT 173.35 644.40 Td (and ) Tj ET Q q 0 0 0 rg BT 189.02 644.40 Td (benefits ) Tj ET Q q 0 0 0 rg BT 219.73 644.40 Td (recognized ) Tj ET Q q 0 0 0 rg BT 261.84 644.40 Td (during ) Tj ET Q q 0 0 0 rg BT 286.62 644.40 Td (the ) Tj ET Q q 0 0 0 rg BT 300.00 644.40 Td (presented ) Tj ET Q q 0 0 0 rg BT 338.47 644.40 Td (period ) Tj ET Q q 0 0 0 rg BT 363.25 644.40 Td (for ) Tj ET Q q 0 0 0 rg BT 374.80 644.40 Td (employees ) Tj ET Q q 0 0 0 rg BT 416.45 644.40 Td (whose ) Tj ET Q q 0 0 0 rg BT 442.13 644.40 Td (sole ) Tj ET Q q 0 0 0 rg BT 459.16 644.40 Td (responsibilities ) Tj ET Q q 0 0 0 rg BT 514.93 644.40 Td (pertain ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 630.60 Td (to ) Tj ET Q q 0 0 0 rg BT 94.68 630.60 Td (the ) Tj ET Q q 0 0 0 rg BT 108.42 630.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 142.21 630.60 Td (of ) Tj ET Q q 0 0 0 rg BT 151.39 630.60 Td (the ) Tj ET Q q 0 0 0 rg BT 165.13 630.60 Td (Bache ) Tj ET Q q 0 0 0 rg BT 190.72 630.60 Td (business, ) Tj ET Q q 0 0 0 rg BT 227.71 630.60 Td (including ) Tj ET Q q 0 0 0 rg BT 262.42 630.60 Td (front ) Tj ET Q q 0 0 0 rg BT 281.17 630.60 Td (of) Tj ET Q q 0 0 0 rg BT 287.87 630.60 Td (fice ) Tj ET Q q 0 0 0 rg BT 302.97 630.60 Td (personnel ) Tj ET Q q 0 0 0 rg BT 341.33 630.60 Td (and ) Tj ET Q q 0 0 0 rg BT 357.35 630.60 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 395.25 630.60 Td (support ) Tj ET Q q 0 0 0 rg BT 424.95 630.60 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 465.58 630.60 Td (have ) Tj ET Q q 0 0 0 rg BT 485.70 630.60 Td (been ) Tj ET Q q 0 0 0 rg BT 506.28 630.60 Td (classified ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 616.80 Td (as ) Tj ET Q q 0 0 0 rg BT 96.44 616.80 Td (a ) Tj ET Q q 0 0 0 rg BT 103.28 616.80 Td (reduction ) Tj ET Q q 0 0 0 rg BT 139.30 616.80 Td (of ) Tj ET Q q 0 0 0 rg BT 148.42 616.80 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 203.58 616.80 Td (and ) Tj ET Q q 0 0 0 rg BT 219.54 616.80 Td (benefits ) Tj ET Q q 0 0 0 rg BT 250.54 616.80 Td (expense ) Tj ET Q q 0 0 0 rg BT 283.83 616.80 Td (in ) Tj ET Q q 0 0 0 rg BT 292.49 616.80 Td (the ) Tj ET Q q 0 0 0 rg BT 306.17 616.80 Td (presentation ) Tj ET Q q 0 0 0 rg BT 353.59 616.80 Td (of ) Tj ET Q q 0 0 0 rg BT 362.26 616.80 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 396.46 616.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 428.83 616.80 Td (measures.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 597.00 Td (\(3\) ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 597.00 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 123.51 597.00 Td (directly ) Tj ET Q q 0 0 0 rg BT 151.48 597.00 Td (related ) Tj ET Q q 0 0 0 rg BT 178.55 597.00 Td (to ) Tj ET Q q 0 0 0 rg BT 187.39 597.00 Td (the ) Tj ET Q q 0 0 0 rg BT 200.78 597.00 Td (operations ) Tj ET Q q 0 0 0 rg BT 241.07 597.00 Td (of ) Tj ET Q q 0 0 0 rg BT 249.91 597.00 Td (the ) Tj ET Q q 0 0 0 rg BT 263.31 597.00 Td (Bache ) Tj ET Q q 0 0 0 rg BT 288.55 597.00 Td (business ) Tj ET Q q 0 0 0 rg BT 322.92 597.00 Td (for ) Tj ET Q q 0 0 0 rg BT 334.48 597.00 Td (the ) Tj ET Q q 0 0 0 rg BT 347.88 597.00 Td (presented ) Tj ET Q q 0 0 0 rg BT 386.35 597.00 Td (periods ) Tj ET Q q 0 0 0 rg BT 415.24 597.00 Td (have ) Tj ET Q q 0 0 0 rg BT 435.02 597.00 Td (been ) Tj ET Q q 0 0 0 rg BT 455.25 597.00 Td (excluded ) Tj ET Q q 0 0 0 rg BT 490.08 597.00 Td (from ) Tj ET Q q 0 0 0 rg BT 508.08 597.00 Td (Adjusted ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 583.20 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 155.19 583.20 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 194.66 583.20 Td (These ) Tj ET Q q 0 0 0 rg BT 219.67 583.20 Td (expenses ) Tj ET Q q 0 0 0 rg BT 257.00 583.20 Td (include ) Tj ET Q q 0 0 0 rg BT 285.21 583.20 Td (Floor ) Tj ET Q q 0 0 0 rg BT 306.11 583.20 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 345.25 583.20 Td (and ) Tj ET Q q 0 0 0 rg BT 361.16 583.20 Td (clearing ) Tj ET Q q 0 0 0 rg BT 392.09 583.20 Td (fees, ) Tj ET Q q 0 0 0 rg BT 412.10 583.20 Td (amortization ) Tj ET Q q 0 0 0 rg BT 458.98 583.20 Td (of ) Tj ET Q q 0 0 0 rg BT 468.04 583.20 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 509.02 583.20 Td (software ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 569.40 Td (used ) Tj ET Q q 0 0 0 rg BT 105.53 569.40 Td (directly ) Tj ET Q q 0 0 0 rg BT 133.76 569.40 Td (by ) Tj ET Q q 0 0 0 rg BT 144.67 569.40 Td (the ) Tj ET Q q 0 0 0 rg BT 158.32 569.40 Td (Bache ) Tj ET Q q 0 0 0 rg BT 183.82 569.40 Td (business ) Tj ET Q q 0 0 0 rg BT 218.44 569.40 Td (in ) Tj ET Q q 0 0 0 rg BT 227.07 569.40 Td (conducting ) Tj ET Q q 0 0 0 rg BT 268.99 569.40 Td (its ) Tj ET Q q 0 0 0 rg BT 279.44 569.40 Td (business ) Tj ET Q q 0 0 0 rg BT 314.05 569.40 Td (activities, ) Tj ET Q q 0 0 0 rg BT 350.03 569.40 Td (technology ) Tj ET Q q 0 0 0 rg BT 391.95 569.40 Td (and ) Tj ET Q q 0 0 0 rg BT 407.88 569.40 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 449.34 569.40 Td (expenses ) Tj ET Q q 0 0 0 rg BT 486.70 569.40 Td (directly ) Tj ET Q q 0 0 0 rg BT 514.92 569.40 Td (related ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 555.60 Td (to ) Tj ET Q q 0 0 0 rg BT 94.01 555.60 Td (conducting ) Tj ET Q q 0 0 0 rg BT 135.35 555.60 Td (Bache ) Tj ET Q q 0 0 0 rg BT 160.27 555.60 Td (business ) Tj ET Q q 0 0 0 rg BT 194.31 555.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 234.27 555.60 Td (and ) Tj ET Q q 0 0 0 rg BT 249.63 555.60 Td (business ) Tj ET Q q 0 0 0 rg BT 283.66 555.60 Td (development ) Tj ET Q q 0 0 0 rg BT 332.29 555.60 Td (and ) Tj ET Q q 0 0 0 rg BT 347.64 555.60 Td (professional ) Tj ET Q q 0 0 0 rg BT 393.53 555.60 Td (services ) Tj ET Q q 0 0 0 rg BT 425.28 555.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 462.06 555.60 Td (incurred ) Tj ET Q q 0 0 0 rg BT 493.35 555.60 Td (by ) Tj ET Q q 0 0 0 rg BT 503.68 555.60 Td (the ) Tj ET Q q 0 0 0 rg BT 516.75 555.60 Td (Bache ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 541.80 Td (business ) Tj ET Q q 0 0 0 rg BT 120.55 541.80 Td (as ) Tj ET Q q 0 0 0 rg BT 131.90 541.80 Td (part ) Tj ET Q q 0 0 0 rg BT 148.72 541.80 Td (of ) Tj ET Q q 0 0 0 rg BT 158.25 541.80 Td (its ) Tj ET Q q 0 0 0 rg BT 169.14 541.80 Td (client ) Tj ET Q q 0 0 0 rg BT 190.97 541.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 212.80 541.80 Td (and ) Tj ET Q q 0 0 0 rg BT 229.17 541.80 Td (trading ) Tj ET Q q 0 0 0 rg BT 256.93 541.80 Td (activities, ) Tj ET Q q 0 0 0 rg BT 293.35 541.80 Td (including ) Tj ET Q q 0 0 0 rg BT 328.40 541.80 Td (estimates ) Tj ET Q q 0 0 0 rg BT 366.19 541.80 Td (of ) Tj ET Q q 0 0 0 rg BT 375.71 541.80 Td (certain ) Tj ET Q q 0 0 0 rg BT 403.01 541.80 Td (support ) Tj ET Q q 0 0 0 rg BT 433.05 541.80 Td (costs ) Tj ET Q q 0 0 0 rg BT 454.89 541.80 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 493.14 541.80 Td (to ) Tj ET Q q 0 0 0 rg BT 502.67 541.80 Td (the ) Tj ET Q q 0 0 0 rg BT 516.75 541.80 Td (Bache ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 528.00 Td (business.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 508.20 Td (\(4\) ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 508.20 Td (T) Tj ET Q q 0 0 0 rg BT 89.60 508.20 Td (otal ) Tj ET Q q 0 0 0 rg BT 104.76 508.20 Td (non-interest ) Tj ET Q q 0 0 0 rg BT 149.99 508.20 Td (expenses ) Tj ET Q q 0 0 0 rg BT 187.03 508.20 Td (for ) Tj ET Q q 0 0 0 rg BT 198.53 508.20 Td (the ) Tj ET Q q 0 0 0 rg BT 211.87 508.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 239.78 508.20 Td (and ) Tj ET Q q 0 0 0 rg BT 255.39 508.20 Td (year ) Tj ET Q q 0 0 0 rg BT 273.28 508.20 Td (ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 298.01 508.20 Td (November30, ) Tj ET Q q 0 0 0 rg BT 351.45 508.20 Td (2015) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 369.69 508.20 Td ( ) Tj ET Q q 0 0 0 rg BT 371.62 508.20 Td (include ) Tj ET Q q 0 0 0 rg BT 399.54 508.20 Td (costs ) Tj ET Q q 0 0 0 rg BT 420.62 508.20 Td (of ) Tj ET Q q 0 0 0 rg BT 429.39 508.20 Td ($1) Tj ET Q q 0 0 0 rg BT 437.91 508.20 Td (1.2 ) Tj ET Q q 0 0 0 rg BT 451.24 508.20 Td (million ) Tj ET Q q 0 0 0 rg BT 476.41 508.20 Td (and ) Tj ET Q q 0 0 0 rg BT 492.02 508.20 Td ($73.1 ) Tj ET Q q 0 0 0 rg BT 514.48 508.20 Td (million, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 494.40 Td (respectively) Tj ET Q q 0 0 0 rg BT 128.20 494.40 Td (, ) Tj ET Q q 0 0 0 rg BT 132.63 494.40 Td (on ) Tj ET Q q 0 0 0 rg BT 143.90 494.40 Td (a ) Tj ET Q q 0 0 0 rg BT 150.61 494.40 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 178.28 494.40 Td (basis, ) Tj ET Q q 0 0 0 rg BT 201.85 494.40 Td (related ) Tj ET Q q 0 0 0 rg BT 229.07 494.40 Td (to ) Tj ET Q q 0 0 0 rg BT 238.06 494.40 Td (our ) Tj ET Q q 0 0 0 rg BT 252.06 494.40 Td (exit ) Tj ET Q q 0 0 0 rg BT 266.97 494.40 Td (of ) Tj ET Q q 0 0 0 rg BT 275.96 494.40 Td (the ) Tj ET Q q 0 0 0 rg BT 289.51 494.40 Td (Bache ) Tj ET Q q 0 0 0 rg BT 314.91 494.40 Td (business.) Tj ET Q q 0 0 0 rg BT 351.70 494.40 Td (The ) Tj ET Q q 0 0 0 rg BT 367.97 494.40 Td (after-tax ) Tj ET Q q 0 0 0 rg BT 400.21 494.40 Td (ef) Tj ET Q q 0 0 0 rg BT 406.90 494.40 Td (fect ) Tj ET Q q 0 0 0 rg BT 422.27 494.40 Td (of ) Tj ET Q q 0 0 0 rg BT 431.26 494.40 Td (these ) Tj ET Q q 0 0 0 rg BT 453.48 494.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 474.77 494.40 Td (is ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 482.84 494.40 Td ($8.1 ) Tj ET Q q 0 0 0 rg BT 500.95 494.40 Td (million) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 524.19 494.40 Td ( ) Tj ET Q q 0 0 0 rg BT 526.33 494.40 Td (and ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 480.60 Td ($52.6 ) Tj ET Q q 0 0 0 rg BT 109.14 480.60 Td (million) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 132.38 480.60 Td ( ) Tj ET Q q 0 0 0 rg BT 135.50 480.60 Td (for ) Tj ET Q q 0 0 0 rg BT 148.19 480.60 Td (the ) Tj ET Q q 0 0 0 rg BT 162.72 480.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 191.82 480.60 Td (and ) Tj ET Q q 0 0 0 rg BT 208.62 480.60 Td (year ) Tj ET Q q 0 0 0 rg BT 227.69 480.60 Td (ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 253.62 480.60 Td (November30, ) Tj ET Q q 0 0 0 rg BT 308.24 480.60 Td (2015) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 326.49 480.60 Td (, ) Tj ET Q q 0 0 0 rg BT 331.89 480.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 374.59 480.60 Td (.) Tj ET Q q 0 0 0 rg BT 379.01 480.60 Td (These ) Tj ET Q q 0 0 0 rg BT 404.92 480.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 427.19 480.60 Td (consist ) Tj ET Q q 0 0 0 rg BT 455.83 480.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 489.93 480.60 Td (of ) Tj ET Q q 0 0 0 rg BT 499.89 480.60 Td (severance, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 466.80 Td (retention ) Tj ET Q q 0 0 0 rg BT 118.69 466.80 Td (and ) Tj ET Q q 0 0 0 rg BT 133.65 466.80 Td (benefit ) Tj ET Q q 0 0 0 rg BT 159.55 466.80 Td (payments ) Tj ET Q q 0 0 0 rg BT 196.38 466.80 Td (for ) Tj ET Q q 0 0 0 rg BT 207.23 466.80 Td (employees, ) Tj ET Q q 0 0 0 rg BT 250.45 466.80 Td (incremental ) Tj ET Q q 0 0 0 rg BT 294.11 466.80 Td (amortization ) Tj ET Q q 0 0 0 rg BT 340.06 466.80 Td (of ) Tj ET Q q 0 0 0 rg BT 348.17 466.80 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 391.86 466.80 Td (restricted ) Tj ET Q q 0 0 0 rg BT 426.86 466.80 Td (stock ) Tj ET Q q 0 0 0 rg BT 447.28 466.80 Td (and ) Tj ET Q q 0 0 0 rg BT 462.24 466.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 480.84 466.80 Td (awards, ) Tj ET Q q 0 0 0 rg BT 510.83 466.80 Td (contract ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 453.00 Td (termination ) Tj ET Q q 0 0 0 rg BT 128.46 453.00 Td (costs ) Tj ET Q q 0 0 0 rg BT 150.00 453.00 Td (and ) Tj ET Q q 0 0 0 rg BT 166.07 453.00 Td (incremental ) Tj ET Q q 0 0 0 rg BT 210.85 453.00 Td (amortization ) Tj ET Q q 0 0 0 rg BT 257.91 453.00 Td (expense ) Tj ET Q q 0 0 0 rg BT 291.30 453.00 Td (of ) Tj ET Q q 0 0 0 rg BT 300.54 453.00 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 341.68 453.00 Td (software ) Tj ET Q q 0 0 0 rg BT 375.06 453.00 Td (expected ) Tj ET Q q 0 0 0 rg BT 410.74 453.00 Td (to ) Tj ET Q q 0 0 0 rg BT 419.97 453.00 Td (no ) Tj ET Q q 0 0 0 rg BT 431.48 453.00 Td (longer ) Tj ET Q q 0 0 0 rg BT 456.67 453.00 Td (be ) Tj ET Q q 0 0 0 rg BT 468.18 453.00 Td (used ) Tj ET Q q 0 0 0 rg BT 488.36 453.00 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 533.16 453.00 Td (to ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.50 439.20 Td (the ) Tj ET Q q 0 0 0 rg BT 99.18 439.20 Td (wind-down ) Tj ET Q q 0 0 0 rg BT 140.65 439.20 Td (of ) Tj ET Q q 0 0 0 rg BT 149.77 439.20 Td (the ) Tj ET Q q 0 0 0 rg BT 163.45 439.20 Td (business.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 303.25 30.90 Td (9) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.25 663.5 m 348.25 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.25 663.5 m 365.25 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 663.5 m 443.25 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.25 663.5 m 453.25 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.25 663.5 m 538.25 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.25 647.5 m 348.25 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 647.5 m 443.25 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.25 647.5 m 538.25 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.25 602.5 m 443.25 602.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.25 602.5 m 348.25 602.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.25 587.5 m 348.25 587.5 l s 0 0 0 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592.12 Td (132,146) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 410.35 592.12 Td (184,926) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 505.35 592.12 Td (207,069) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 52.75 562.12 Td (Equity) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 319.90 562.12 Td (93,547) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 410.35 562.12 Td (127,051) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 509.90 562.12 Td (67,910) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 52.75 547.12 Td (Debt) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 319.90 547.12 Td (68,705) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 410.35 547.12 Td (113,928) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 505.35 547.12 Td (131,901) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 52.75 532.12 Td ( Capital markets) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 315.35 532.12 Td (162,252) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 410.35 532.12 Td (240,979) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 505.35 532.12 Td (199,811) Tj ET Q BT /F5 10.00 Tf ET q 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0 0 rg BT 410.35 402.72 Td (578,928) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 455.75 402.72 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 505.35 402.72 Td (524,809) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 52.75 371.6939453125 m 94.6689453125 371.6939453125 l s q 0 0 0 rg BT 52.75 373.12 Td (Other Data) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 52.75 358.12 Td (Number of trading days) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 335.85 358.12 Td (63) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 430.85 358.12 Td (65) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 525.85 358.12 Td (63) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 52.75 343.12 Td (Number of trading loss days) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 335.85 343.12 Td (22) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 430.85 343.12 Td (21) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 525.85 343.12 Td (17) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 52.75 328.12 Td (Number of trading loss days excluding KCG) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 335.85 328.12 Td (23) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 430.85 328.12 Td (18) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 525.85 328.12 Td (16) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 52.75 306.12 Td (Average firmwide VaR \(in millions\) \(A\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 268.75 306.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 329.00 306.12 Td (9.72) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 367.75 306.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 419.45 306.12 Td (13.77) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 455.75 306.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 514.45 306.12 Td (12.75) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 52.75 291.12 Td (Average firmwide VaR excluding KCG \(in millions\) \(A\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 268.75 291.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 329.00 291.12 Td (8.46) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 367.75 291.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 419.45 291.12 Td (12.16) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 455.75 291.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 519.00 291.12 Td (8.77) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 52.75 261.72 Td (\(A\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 71.75 261.72 Td (V) Tj ET Q q 0 0 0 rg BT 76.62 261.72 Td (aR ) Tj ET Q q 0 0 0 rg BT 89.28 261.72 Td (estimates ) Tj ET Q q 0 0 0 rg BT 126.57 261.72 Td (the ) Tj ET Q q 0 0 0 rg BT 140.16 261.72 Td (potential ) Tj ET Q q 0 0 0 rg BT 173.35 261.72 Td (loss ) Tj ET Q q 0 0 0 rg BT 190.13 261.72 Td (in ) Tj ET Q q 0 0 0 rg BT 198.70 261.72 Td (value ) Tj ET Q q 0 0 0 rg BT 220.49 261.72 Td (of ) Tj ET Q q 0 0 0 rg BT 229.52 261.72 Td (our ) Tj ET Q q 0 0 0 rg BT 243.56 261.72 Td (trading ) Tj ET Q q 0 0 0 rg BT 270.82 261.72 Td (positions ) Tj ET Q q 0 0 0 rg BT 305.37 261.72 Td (due ) Tj ET Q q 0 0 0 rg BT 321.24 261.72 Td (to ) Tj ET Q q 0 0 0 rg BT 330.27 261.72 Td (adverse ) Tj ET Q q 0 0 0 rg BT 361.63 261.72 Td (market ) Tj ET Q q 0 0 0 rg BT 388.89 261.72 Td (movements ) Tj ET Q q 0 0 0 rg BT 433.46 261.72 Td (over ) Tj ET Q q 0 0 0 rg BT 451.60 261.72 Td (a ) Tj ET Q q 0 0 0 rg BT 458.35 261.72 Td (one-day ) Tj ET Q q 0 0 0 rg BT 490.17 261.72 Td (time ) Tj ET Q q 0 0 0 rg BT 507.85 261.72 Td (horizon ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 71.75 251.72 Td (with ) Tj ET Q q 0 0 0 rg BT 88.25 251.72 Td (a ) Tj ET Q q 0 0 0 rg BT 94.73 251.72 Td (95% ) Tj ET Q q 0 0 0 rg BT 113.05 251.72 Td (confidence ) Tj ET Q q 0 0 0 rg BT 154.64 251.72 Td (level. ) Tj ET Q q 0 0 0 rg BT 175.70 251.72 Td (For ) Tj ET Q q 0 0 0 rg BT 189.92 251.72 Td (a ) Tj ET Q q 0 0 0 rg BT 196.40 251.72 Td (further ) Tj ET Q q 0 0 0 rg BT 222.02 251.72 Td (discussion ) Tj ET Q q 0 0 0 rg BT 262.23 251.72 Td (of ) Tj ET Q q 0 0 0 rg BT 270.98 251.72 Td (the ) Tj ET Q q 0 0 0 rg BT 284.30 251.72 Td (calculation ) Tj ET Q q 0 0 0 rg BT 324.97 251.72 Td (of ) Tj ET Q q 0 0 0 rg BT 333.73 251.72 Td (V) Tj ET Q q 0 0 0 rg BT 338.60 251.72 Td (aR, ) Tj ET Q q 0 0 0 rg BT 353.27 251.72 Td (see ) Tj ET Q q 0 0 0 rg BT 368.41 251.72 Td ("V) Tj ET Q q 0 0 0 rg BT 376.19 251.72 Td (alue ) Tj ET Q q 0 0 0 rg BT 393.61 251.72 Td (at ) Tj ET Q q 0 0 0 rg BT 402.37 251.72 Td (risk" ) Tj ET Q q 0 0 0 rg BT 419.95 251.72 Td (in ) Tj ET Q q 0 0 0 rg BT 428.25 251.72 Td (Part ) Tj ET Q q 0 0 0 rg BT 445.21 251.72 Td (II, ) Tj ET Q q 0 0 0 rg BT 453.97 251.72 Td (Item ) Tj ET Q q 0 0 0 rg BT 471.83 251.72 Td (7 ) Tj ET Q q 0 0 0 rg BT 478.31 251.72 Td ("Management's ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 71.75 241.72 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 113.68 241.72 Td (and ) Tj ET Q q 0 0 0 rg BT 129.19 241.72 Td (Analysis" ) Tj ET Q q 0 0 0 rg BT 164.92 241.72 Td (in ) Tj ET Q q 0 0 0 rg BT 173.58 241.72 Td (our ) Tj ET Q q 0 0 0 rg BT 187.26 241.72 Td (Annual ) Tj ET Q q 0 0 0 rg BT 215.08 241.72 Td (Report ) Tj ET Q q 0 0 0 rg BT 241.96 241.72 Td (on ) Tj ET Q q 0 0 0 rg BT 253.37 241.72 Td (Form ) Tj ET Q q 0 0 0 rg BT 274.78 241.72 Td (10-K ) Tj ET Q q 0 0 0 rg BT 294.38 241.72 Td (for ) Tj ET Q q 0 0 0 rg BT 306.23 241.72 Td (the ) Tj ET Q q 0 0 0 rg BT 319.91 241.72 Td (year ) Tj ET Q q 0 0 0 rg BT 338.14 241.72 Td (ended ) Tj ET Q q 0 0 0 rg BT 363.22 241.72 Td (November ) Tj ET Q q 0 0 0 rg BT 403.33 241.72 Td (30, ) Tj ET Q q 0 0 0 rg BT 417.01 241.72 Td (2014.) 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330.75 624.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 384.35 624.12 Td (758,456) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 431.75 624.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 485.35 624.12 Td (696,221) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 72.75 609.12 Td (Fixed income) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 384.35 609.12 Td (269,772) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 485.35 609.12 Td (747,596) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 97.75 594.12 Td (Total sales and trading) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 377.50 594.12 Td (1,028,228) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 478.50 594.12 Td (1,443,817) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 72.75 564.12 Td (Equity) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 384.35 564.12 Td (408,474) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 485.35 564.12 Td (339,683) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 72.75 549.12 Td (Debt) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 384.35 549.12 Td (398,179) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 485.35 549.12 Td (627,536) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 72.75 534.12 Td ( Capital markets) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 384.35 534.12 Td (806,653) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 485.35 534.12 Td (967,219) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 72.75 519.12 Td ( Advisory) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 384.35 519.12 Td (632,354) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 485.35 519.12 Td (562,055) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 97.75 504.12 Td (Total investment banking) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 377.50 504.12 Td (1,439,007) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 478.50 504.12 Td (1,529,274) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 72.75 474.12 Td (Asset management fees and investment income \(loss\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 72.75 464.12 Td ( from managed funds:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 72.75 449.12 Td ( Asset management fees) Tj ET Q BT /F5 10.00 Tf ET q 0 0 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Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 393.45 309.12 Td (12.40) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 431.75 309.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 494.45 309.12 Td (14.35) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 72.75 294.12 Td (Average firmwide VaR excluding KCG \(in millions\) \(A\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 330.75 294.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 398.00 294.12 Td (9.97) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 431.75 294.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.00 294.12 Td (9.54) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 72.75 264.72 Td (\(A\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 97.75 264.72 Td (V) Tj ET Q q 0 0 0 rg BT 102.62 264.72 Td (aR ) Tj ET Q q 0 0 0 rg BT 115.33 264.72 Td (estimates ) Tj ET Q q 0 0 0 rg BT 152.66 264.72 Td (the ) Tj ET Q q 0 0 0 rg BT 166.29 264.72 Td (potential ) Tj ET Q q 0 0 0 rg BT 199.53 264.72 Td (loss ) Tj ET Q q 0 0 0 rg BT 216.34 264.72 Td (in ) Tj ET Q q 0 0 0 rg BT 224.96 264.72 Td (value ) Tj ET Q q 0 0 0 rg BT 246.79 264.72 Td (of ) Tj ET Q q 0 0 0 rg BT 255.87 264.72 Td (our ) Tj ET Q q 0 0 0 rg BT 269.95 264.72 Td (trading ) Tj ET Q q 0 0 0 rg BT 297.25 264.72 Td (positions ) Tj ET Q q 0 0 0 rg BT 331.85 264.72 Td (due ) Tj ET Q q 0 0 0 rg BT 347.76 264.72 Td (to ) Tj ET Q q 0 0 0 rg BT 356.84 264.72 Td (adverse ) Tj ET Q q 0 0 0 rg BT 388.24 264.72 Td (market ) Tj ET Q q 0 0 0 rg BT 415.54 264.72 Td (movements ) Tj ET Q q 0 0 0 rg BT 460.16 264.72 Td (over ) Tj ET Q q 0 0 0 rg BT 478.34 264.72 Td (a ) Tj ET Q q 0 0 0 rg BT 485.13 264.72 Td (one-day ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 97.75 254.72 Td (time ) Tj ET Q q 0 0 0 rg BT 115.13 254.72 Td (horizon ) Tj ET Q q 0 0 0 rg BT 143.90 254.72 Td (with ) Tj ET Q q 0 0 0 rg BT 160.36 254.72 Td (a ) Tj ET Q q 0 0 0 rg BT 166.81 254.72 Td (95% ) Tj ET Q q 0 0 0 rg BT 185.10 254.72 Td (confidence ) Tj ET Q q 0 0 0 rg BT 226.65 254.72 Td (level. ) Tj ET Q q 0 0 0 rg BT 247.68 254.72 Td (For 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(Discussion ) Tj ET Q q 0 0 0 rg BT 231.12 244.72 Td (and ) Tj ET Q q 0 0 0 rg BT 246.40 244.72 Td (Analysis" ) Tj ET Q q 0 0 0 rg BT 281.83 244.72 Td (in ) Tj ET Q q 0 0 0 rg BT 290.19 244.72 Td (our ) Tj ET Q q 0 0 0 rg BT 303.64 244.72 Td (Annual ) Tj ET Q q 0 0 0 rg BT 331.15 244.72 Td (Report ) Tj ET Q q 0 0 0 rg BT 357.75 244.72 Td (on ) Tj ET Q q 0 0 0 rg BT 368.85 244.72 Td (Form ) Tj ET Q q 0 0 0 rg BT 389.97 244.72 Td (10-K ) Tj ET Q q 0 0 0 rg BT 409.27 244.72 Td (for ) Tj ET Q q 0 0 0 rg BT 420.82 244.72 Td (the ) Tj ET Q q 0 0 0 rg BT 434.21 244.72 Td (year ) Tj ET Q q 0 0 0 rg BT 452.15 244.72 Td (ended ) Tj ET Q q 0 0 0 rg BT 476.93 244.72 Td (November ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 97.75 234.72 Td (30, ) Tj ET Q q 0 0 0 rg BT 111.43 234.72 Td (2014.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 300.70 30.90 Td (1) Tj ET Q q 0 0 0 rg BT 305.79 30.90 Td (1) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.25 654.5 m 387.25 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.25 654.5 m 391.25 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.25 654.5 m 461.25 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.25 654.5 m 465.25 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.25 654.5 m 535.25 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.25 640.5 m 387.25 640.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.25 640.5 m 461.25 640.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.25 640.5 m 535.25 640.5 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 206.00 737.12 Td (JEFFERIES GROUP LLC AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 245.30 721.12 Td (FINANCIAL HIGHLIGHTS) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 209.90 705.12 Td (\(Amounts in Millions, Except Where Noted\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 270.95 689.12 Td (\(Unaudited\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 403.95 658.73 Td (Quarter Ended) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 323.00 644.73 Td (November 30, 2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 400.75 644.73 Td (August 31, 2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 470.00 644.73 Td (November 30, 2014) Tj ET Q BT /F4 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 51.75 613.58515625 m 109.7109375 613.58515625 l s q 0 0 0 rg BT 51.75 614.73 Td (Financial position:) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 600.73 Td (Total assets \(1\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 321.75 600.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 360.75 600.73 Td (38,537) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 393.75 600.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 434.75 600.73 Td (42,785) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 467.75 600.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 508.80 600.78 Td (44,518) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 586.73 Td (Average total assets for the period \(1\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 321.75 586.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 360.75 586.73 Td (48,720) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 393.75 586.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 434.75 586.73 Td (48,327) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 467.75 586.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 508.80 586.78 Td (51,030) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 572.73 Td (Average total assets less goodwill and intangible assets for the period \(1\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 321.75 572.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 360.75 572.73 Td (46,831) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 393.75 572.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 434.75 572.73 Td (46,432) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 467.75 572.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 508.80 572.78 Td (49,077) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 552.73 Td (Cash and cash equivalents \(1\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 321.75 552.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 364.45 552.73 Td (3,510) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 393.75 552.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 438.45 552.73 Td (3,442) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 467.75 552.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 512.45 552.73 Td (4,080) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 538.73 Td (Cash and cash equivalents and other sources of liquidity \(1\) \(2\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 321.75 538.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 364.45 538.73 Td (5,081) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 393.75 538.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 438.45 538.73 Td (5,151) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 467.75 538.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 512.45 538.73 Td (5,500) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 524.73 Td (Cash and cash equivalents and other sources of liquidity - % total assets \(1\) \(2\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 368.05 524.73 Td (13.2) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 380.90 524.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 442.05 524.73 Td (12.0) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 454.90 524.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 516.10 524.78 Td (12.4) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 528.90 524.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 509.73 Td (Cash and cash equivalents and other sources of liquidity - % total assets less goodwill ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 501.73 Td ( and intangible assets \(1\) \(2\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 368.05 501.73 Td (13.9) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 380.90 501.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 442.05 501.73 Td (12.6) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 454.90 501.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 516.10 501.78 Td (12.9) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 528.90 501.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 481.73 Td (Financial instruments owned \(1\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 321.75 481.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 360.75 481.73 Td (16,540) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 393.75 481.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 434.75 481.73 Td (18,892) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 467.75 481.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 508.80 481.78 Td (18,637) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 467.73 Td (Goodwill and intangible assets \(1\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 321.75 467.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 364.45 467.73 Td (1,891) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 393.75 467.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 438.45 467.73 Td (1,891) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 467.75 467.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 512.45 467.73 Td (1,904) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 447.73 Td (Total equity \(including noncontrolling interests\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 321.75 447.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 364.45 447.73 Td (5,513) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 393.75 447.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 438.45 447.73 Td (5,514) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 467.75 447.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 512.45 447.73 Td (5,463) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 433.73 Td (Total member's equity) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 321.75 433.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 364.45 433.73 Td (5,486) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 393.75 433.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 438.45 433.73 Td (5,481) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 467.75 433.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 512.45 433.73 Td (5,425) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 419.73 Td (Tangible member's equity \(3\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 321.75 419.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 364.45 419.73 Td (3,595) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 393.75 419.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 438.45 419.73 Td (3,590) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 467.75 419.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 512.45 419.73 Td (3,520) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 398.73 Td (Bache assets \(4\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 321.75 398.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 373.55 398.73 Td (45) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 393.75 398.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 443.95 398.73 Td (263) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 467.75 398.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 512.45 398.73 Td (4,202) Tj ET Q BT /F4 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 51.75 368.58515625 m 143.9921875 368.58515625 l s q 0 0 0 rg BT 51.75 369.73 Td (Level 3 financial instruments:) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 355.73 Td (Level 3 financial instruments owned \(1\) \(5\) \(6\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 321.75 355.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 369.95 355.73 Td (501) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 393.75 355.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 443.95 355.73 Td (474) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 467.75 355.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 517.95 355.73 Td (485) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 341.73 Td (Level 3 financial instruments owned - % total assets \(1\) \(6\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 371.75 341.73 Td (1.3) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 380.90 341.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 445.75 341.73 Td (1.1) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 454.90 341.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 519.75 341.73 Td (1.1) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 528.90 341.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 328.73 Td (Total Level 3 financial instruments owned - % total financial instruments \(1\) \(6\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 371.75 328.73 Td (3.0) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 380.90 328.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 445.75 328.73 Td (2.5) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 454.90 328.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 519.75 328.73 Td (2.6) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 528.90 328.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 314.73 Td (Level 3 financial instruments owned - % tangible member's equity \(1\) \(6\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 368.05 314.73 Td (13.9) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 380.90 314.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 442.05 314.73 Td (13.2) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 454.90 314.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 516.10 314.78 Td (13.8) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 528.90 314.73 Td (%) Tj ET Q BT /F4 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 51.75 284.58515625 m 148.359375 284.58515625 l s q 0 0 0 rg BT 51.75 285.73 Td (Other data and financial ratios:) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 271.73 Td (Total capital \(1\) \(7\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 321.75 271.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 360.75 271.73 Td (10,802) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 393.75 271.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 434.75 271.73 Td (10,850) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 467.75 271.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 508.80 271.78 Td (11,269) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 257.73 Td (Leverage ratio \(1\) \(8\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 371.75 257.73 Td (7.0) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 445.75 257.73 Td (7.8) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 519.75 257.73 Td (8.1) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 243.73 Td (Adjusted leverage ratio \(1\) \(9\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 371.75 243.73 Td (8.8) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 442.05 243.73 Td (10.3) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 516.10 243.78 Td (10.4) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 229.73 Td (Tangible gross leverage ratio \(1\) \(10\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 368.05 229.73 Td (10.2) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 442.05 229.73 Td (11.4) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 516.10 229.78 Td (12.1) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 215.73 Td (Leverage ratio - excluding impacts of the Leucadia transaction \(1\) \(11\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 371.75 215.73 Td (8.8) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 445.75 215.73 Td (9.8) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 516.10 215.78 Td (10.3) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 195.73 Td (Number of trading days) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 373.55 195.73 Td (63) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 447.55 195.73 Td (65) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 521.60 195.78 Td (63) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 180.73 Td (Number of trading loss days) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 373.55 180.73 Td (22) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 447.55 180.73 Td (21) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 521.60 180.78 Td (17) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 165.73 Td (Number of trading loss days excluding KCG) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 373.55 165.73 Td (23) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 447.55 165.73 Td (18) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 521.60 165.78 Td (16) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 151.73 Td (Average firmwide VaR \(12\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 321.75 151.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 368.05 151.73 Td (9.72) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 393.75 151.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 438.45 151.73 Td (13.77) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 467.75 151.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 512.45 151.73 Td (12.75) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 137.73 Td (Average firmwide VaR excluding KCG \(12\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 321.75 137.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 368.05 137.73 Td (8.46) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 393.75 137.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 438.45 137.73 Td (12.16) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 467.75 137.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 516.10 137.78 Td (8.77) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 108.73 Td (Number of employees, at period end) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 364.45 108.73 Td (3,557) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 438.45 108.73 Td (3,665) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 512.45 108.73 Td (3,915) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 300.50 30.90 Td (12) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.25 300.5 m 375.25 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 300.5 m 435.25 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.25 300.5 m 495.25 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.25 300.5 m 375.25 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.25 245.5 m 375.25 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.25 232.5 m 375.25 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 245.5 m 435.25 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 232.5 m 435.25 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.25 245.5 m 495.25 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.25 232.5 m 495.25 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.25 162.5 m 375.25 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.25 149.5 m 375.25 149.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 162.5 m 435.25 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 149.5 m 435.25 149.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.25 162.5 m 495.25 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.25 149.5 m 495.25 149.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.25 131.5 m 375.25 131.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.25 129.5 m 375.25 129.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 131.5 m 435.25 131.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 129.5 m 435.25 129.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.25 131.5 m 495.25 131.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.25 129.5 m 495.25 129.5 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.75 738.72 Td ( JEFFERIES GROUP LLC AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.75 724.72 Td ( FINANCIAL HIGHLIGHTS - FOOTNOTES) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 706.18 Td (\(1\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 706.18 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 100.58 706.18 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 131.34 706.18 Td (to ) Tj ET Q q 0 0 0 rg BT 138.76 706.18 Td (November ) Tj ET Q q 0 0 0 rg BT 170.96 706.18 Td (30, ) Tj ET Q q 0 0 0 rg BT 182.03 706.18 Td (2015 ) Tj ET Q q 0 0 0 rg BT 198.56 706.18 Td (represent ) Tj ET Q q 0 0 0 rg BT 228.22 706.18 Td (a ) Tj ET Q q 0 0 0 rg BT 233.82 706.18 Td (preliminary ) Tj ET Q q 0 0 0 rg BT 267.84 706.18 Td (estimate ) Tj ET Q q 0 0 0 rg BT 294.58 706.18 Td (as ) Tj ET Q q 0 0 0 rg BT 303.45 706.18 Td (of ) Tj ET Q q 0 0 0 rg BT 310.87 706.18 Td (the ) Tj ET Q q 0 0 0 rg BT 321.94 706.18 Td (date ) Tj ET Q q 0 0 0 rg BT 336.65 706.18 Td (of ) Tj ET Q q 0 0 0 rg BT 344.07 706.18 Td (this ) Tj ET Q q 0 0 0 rg BT 356.22 706.18 Td (earnings ) Tj ET Q q 0 0 0 rg BT 383.33 706.18 Td (release ) Tj ET Q q 0 0 0 rg BT 406.79 706.18 Td (and ) Tj ET Q q 0 0 0 rg BT 419.68 706.18 Td (may ) Tj ET Q q 0 0 0 rg BT 434.02 706.18 Td (be ) Tj ET Q q 0 0 0 rg BT 443.26 706.18 Td (revised ) Tj ET Q q 0 0 0 rg BT 466.35 706.18 Td (in ) Tj ET Q q 0 0 0 rg BT 473.40 706.18 Td (our ) Tj ET Q q 0 0 0 rg BT 484.63 706.18 Td (Annual ) Tj ET Q q 0 0 0 rg BT 506.82 706.18 Td (Report ) Tj ET Q q 0 0 0 rg BT 528.45 706.18 Td (on ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 698.18 Td (Form ) Tj ET Q q 0 0 0 rg BT 89.88 698.18 Td (10-K ) Tj ET Q q 0 0 0 rg BT 105.56 698.18 Td (for ) Tj ET Q q 0 0 0 rg BT 115.04 698.18 Td (the ) Tj ET Q q 0 0 0 rg BT 125.98 698.18 Td (year ) Tj ET Q q 0 0 0 rg BT 140.57 698.18 Td (ended ) Tj ET Q q 0 0 0 rg BT 160.64 698.18 Td (November ) Tj ET Q q 0 0 0 rg BT 192.72 698.18 Td (30, ) Tj ET Q q 0 0 0 rg BT 203.66 698.18 Td (2015.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 679.18 Td (\(2\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 679.18 Td (At ) Tj ET Q q 0 0 0 rg BT 80.67 679.18 Td (November ) Tj ET Q q 0 0 0 rg BT 112.66 679.18 Td (30, ) Tj ET Q q 0 0 0 rg BT 123.50 679.18 Td (2015, ) Tj ET Q q 0 0 0 rg BT 141.65 679.18 Td (other ) Tj ET Q q 0 0 0 rg BT 158.33 679.18 Td (sources ) Tj ET Q q 0 0 0 rg BT 183.03 679.18 Td (of ) Tj ET Q q 0 0 0 rg BT 190.22 679.18 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 213.83 679.18 Td (include ) Tj ET Q q 0 0 0 rg BT 236.34 679.18 Td (high ) Tj ET Q q 0 0 0 rg BT 250.47 679.18 Td (quality ) Tj ET Q q 0 0 0 rg BT 271.16 679.18 Td (sovereign ) Tj ET Q q 0 0 0 rg BT 301.33 679.18 Td (government ) Tj ET Q q 0 0 0 rg BT 337.70 679.18 Td (securities ) Tj ET Q q 0 0 0 rg BT 367.14 679.18 Td (and ) Tj ET Q q 0 0 0 rg BT 379.81 679.18 Td (reverse ) Tj ET Q q 0 0 0 rg BT 403.41 679.18 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 437.96 679.18 Td (agreements ) Tj ET Q q 0 0 0 rg BT 474.33 679.18 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 514.34 679.18 Td (by ) Tj ET Q q 0 0 0 rg BT 523.00 679.18 Td (U.S. ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 671.18 Td (government ) Tj ET Q q 0 0 0 rg BT 109.38 671.18 Td (securities ) Tj ET Q q 0 0 0 rg BT 139.07 671.18 Td (and ) Tj ET Q q 0 0 0 rg BT 151.99 671.18 Td (other ) Tj ET Q q 0 0 0 rg BT 168.93 671.18 Td (high ) Tj ET Q q 0 0 0 rg BT 183.31 671.18 Td (quality ) Tj ET Q q 0 0 0 rg BT 204.26 671.18 Td (sovereign ) Tj ET Q q 0 0 0 rg BT 234.68 671.18 Td (government ) Tj ET Q q 0 0 0 rg BT 271.31 671.18 Td (securities ) Tj ET Q q 0 0 0 rg BT 301.00 671.18 Td (of ) Tj ET Q q 0 0 0 rg BT 308.45 671.18 Td ($1,266 ) Tj ET Q q 0 0 0 rg BT 330.50 671.18 Td (million, ) Tj ET Q q 0 0 0 rg BT 352.90 671.18 Td (in ) Tj ET Q q 0 0 0 rg BT 359.98 671.18 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 393.33 671.18 Td (and ) Tj ET Q q 0 0 0 rg BT 406.26 671.18 Td ($305 ) Tj ET Q q 0 0 0 rg BT 422.84 671.18 Td (million, ) Tj ET Q q 0 0 0 rg BT 445.23 671.18 Td (being ) Tj ET Q q 0 0 0 rg BT 463.26 671.18 Td (the ) Tj ET Q q 0 0 0 rg BT 474.36 671.18 Td (total ) Tj ET Q q 0 0 0 rg BT 488.75 671.18 Td (of ) Tj ET Q q 0 0 0 rg BT 496.20 671.18 Td (the ) Tj ET Q q 0 0 0 rg BT 507.30 671.18 Td (estimated ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 663.18 Td (amount ) Tj ET Q q 0 0 0 rg BT 95.97 663.18 Td (of ) Tj ET Q q 0 0 0 rg BT 102.79 663.18 Td (additional ) Tj ET Q q 0 0 0 rg BT 132.21 663.18 Td (secured ) Tj ET Q q 0 0 0 rg BT 156.89 663.18 Td (financing ) Tj ET Q q 0 0 0 rg BT 184.49 663.18 Td (that ) Tj ET Q q 0 0 0 rg BT 196.78 663.18 Td (could ) Tj ET Q q 0 0 0 rg BT 213.80 663.18 Td (be ) Tj ET Q q 0 0 0 rg BT 222.44 663.18 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 255.87 663.18 Td (expected ) Tj ET Q q 0 0 0 rg BT 283.84 663.18 Td (to ) Tj ET Q q 0 0 0 rg BT 290.65 663.18 Td (be ) Tj ET Q q 0 0 0 rg BT 299.29 663.18 Td (obtained ) Tj ET Q q 0 0 0 rg BT 325.80 663.18 Td (from ) Tj ET Q q 0 0 0 rg BT 340.26 663.18 Td (our ) Tj ET Q q 0 0 0 rg BT 351.08 663.18 Td (financial ) Tj ET Q q 0 0 0 rg BT 376.49 663.18 Td (instruments ) Tj ET Q q 0 0 0 rg BT 411.74 663.18 Td (that ) Tj ET Q q 0 0 0 rg BT 424.03 663.18 Td (are ) Tj ET Q q 0 0 0 rg BT 434.85 663.18 Td (currently ) Tj ET Q q 0 0 0 rg BT 461.34 663.18 Td (not ) Tj ET Q q 0 0 0 rg BT 471.80 663.18 Td (pledged ) Tj ET Q q 0 0 0 rg BT 496.49 663.18 Td (at ) Tj ET Q q 0 0 0 rg BT 503.30 663.18 Td (reasonable ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 655.18 Td (financing ) Tj ET Q q 0 0 0 rg BT 100.79 655.18 Td (haircuts. ) Tj ET Q q 0 0 0 rg BT 127.20 655.18 Td (At ) Tj ET Q q 0 0 0 rg BT 135.00 655.18 Td (November ) Tj ET Q q 0 0 0 rg BT 167.04 655.18 Td (30, ) Tj ET Q q 0 0 0 rg BT 177.94 655.18 Td (2014 ) Tj ET Q q 0 0 0 rg BT 194.32 655.18 Td (amounts ) Tj ET Q q 0 0 0 rg BT 221.26 655.18 Td (also ) Tj ET Q q 0 0 0 rg BT 235.08 655.18 Td (included ) Tj ET Q q 0 0 0 rg BT 261.30 655.18 Td (additional ) Tj ET Q q 0 0 0 rg BT 291.17 655.18 Td (funds ) Tj ET Q q 0 0 0 rg BT 309.00 655.18 Td (that ) Tj ET Q q 0 0 0 rg BT 321.72 655.18 Td (were ) Tj ET Q q 0 0 0 rg BT 337.72 655.18 Td (available ) Tj ET Q q 0 0 0 rg BT 365.40 655.18 Td (under ) Tj ET Q q 0 0 0 rg BT 383.95 655.18 Td (the ) Tj ET Q q 0 0 0 rg BT 394.86 655.18 Td (committed ) Tj ET Q q 0 0 0 rg BT 426.90 655.18 Td (senior ) Tj ET Q q 0 0 0 rg BT 446.55 655.18 Td (secured ) Tj ET Q q 0 0 0 rg BT 471.67 655.18 Td (revolving ) Tj ET Q q 0 0 0 rg BT 499.70 655.18 Td (credit ) Tj ET Q q 0 0 0 rg BT 517.53 655.18 Td (facility ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 647.18 Td (available ) Tj ET Q q 0 0 0 rg BT 100.58 647.18 Td (for ) Tj ET Q q 0 0 0 rg BT 110.18 647.18 Td (working ) Tj ET Q q 0 0 0 rg BT 134.72 647.18 Td (capital ) Tj ET Q q 0 0 0 rg BT 155.62 647.18 Td (needs ) Tj ET Q q 0 0 0 rg BT 175.43 647.18 Td (of ) Tj ET Q q 0 0 0 rg BT 182.85 647.18 Td (Jef) Tj ET Q q 0 0 0 rg BT 191.54 647.18 Td (feries ) Tj ET Q q 0 0 0 rg BT 209.47 647.18 Td (Bache. ) Tj ET Q q 0 0 0 rg BT 231.77 647.18 Td (The ) Tj ET Q q 0 0 0 rg BT 244.95 647.18 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 288.47 647.18 Td (amounts ) Tj ET Q q 0 0 0 rg BT 315.57 647.18 Td (included ) Tj ET Q q 0 0 0 rg BT 341.95 647.18 Td (in ) Tj ET Q q 0 0 0 rg BT 348.99 647.18 Td (other ) Tj ET Q q 0 0 0 rg BT 365.88 647.18 Td (sources ) Tj ET Q q 0 0 0 rg BT 390.79 647.18 Td (of ) Tj ET Q q 0 0 0 rg BT 398.20 647.18 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 422.02 647.18 Td (at ) Tj ET Q q 0 0 0 rg BT 429.23 647.18 Td (August ) Tj ET Q q 0 0 0 rg BT 451.41 647.18 Td (31, ) Tj ET Q q 0 0 0 rg BT 462.47 647.18 Td (2015 ) Tj ET Q q 0 0 0 rg BT 479.01 647.18 Td (were ) Tj ET Q q 0 0 0 rg BT 495.16 647.18 Td ($1,263 ) Tj ET Q q 0 0 0 rg BT 517.16 647.18 Td (million ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 639.18 Td (and ) Tj ET Q q 0 0 0 rg BT 85.52 639.18 Td ($446 ) Tj ET Q q 0 0 0 rg BT 101.94 639.18 Td (million, ) Tj ET Q q 0 0 0 rg BT 124.18 639.18 Td (respectively) Tj ET Q q 0 0 0 rg BT 158.58 639.18 Td (, ) Tj ET Q q 0 0 0 rg BT 161.98 639.18 Td (and ) Tj ET Q q 0 0 0 rg BT 174.75 639.18 Td (at ) Tj ET Q q 0 0 0 rg BT 182.05 639.18 Td (November ) Tj ET Q q 0 0 0 rg BT 214.13 639.18 Td (30, ) Tj ET Q q 0 0 0 rg BT 225.08 639.18 Td (2014, ) Tj ET Q q 0 0 0 rg BT 243.32 639.18 Td (were ) Tj ET Q q 0 0 0 rg BT 259.36 639.18 Td ($1,057 ) Tj ET Q q 0 0 0 rg BT 281.25 639.18 Td (million ) Tj ET Q q 0 0 0 rg BT 301.66 639.18 Td (and ) Tj ET Q q 0 0 0 rg BT 314.43 639.18 Td ($364 ) Tj ET Q q 0 0 0 rg BT 330.85 639.18 Td (million, ) Tj ET Q q 0 0 0 rg BT 353.09 639.18 Td (respectively) Tj ET Q q 0 0 0 rg BT 387.49 639.18 Td (.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 618.18 Td (\(3\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 618.18 Td (T) Tj ET Q q 0 0 0 rg BT 76.39 618.18 Td (angible ) Tj ET Q q 0 0 0 rg BT 99.61 618.18 Td (member's ) Tj ET Q q 0 0 0 rg BT 130.64 618.18 Td (equity ) Tj ET Q q 0 0 0 rg BT 150.57 618.18 Td (\(a ) Tj ET Q q 0 0 0 rg BT 158.83 618.18 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 190.13 618.18 Td ( ) Tj ET Q q 0 0 0 rg BT 192.50 618.18 Td (financial ) Tj ET Q q 0 0 0 rg BT 218.99 618.18 Td (measure\) ) Tj ET Q q 0 0 0 rg BT 249.13 618.18 Td (represents ) Tj ET Q q 0 0 0 rg BT 282.55 618.18 Td (total ) Tj ET Q q 0 0 0 rg BT 297.37 618.18 Td (member's ) Tj ET Q q 0 0 0 rg BT 328.40 618.18 Td (equity ) Tj ET Q q 0 0 0 rg BT 348.33 618.18 Td (less ) Tj ET Q q 0 0 0 rg BT 362.42 618.18 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 388.55 618.18 Td (and ) Tj ET Q q 0 0 0 rg BT 401.92 618.18 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 435.71 618.18 Td (intangible ) Tj ET Q q 0 0 0 rg BT 466.22 618.18 Td (assets. ) Tj ET Q q 0 0 0 rg BT 489.44 618.18 Td (W) Tj ET Q q 0 0 0 rg BT 495.57 618.18 Td (e ) Tj ET Q q 0 0 0 rg BT 501.59 618.18 Td (believe ) Tj ET Q q 0 0 0 rg BT 524.80 618.18 Td (that ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 610.18 Td (tangible ) Tj ET Q q 0 0 0 rg BT 97.96 610.18 Td (member's' ) Tj ET Q q 0 0 0 rg BT 130.05 610.18 Td (equity ) Tj ET Q q 0 0 0 rg BT 149.79 610.18 Td (is ) Tj ET Q q 0 0 0 rg BT 156.76 610.18 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 191.09 610.18 Td (for ) Tj ET Q q 0 0 0 rg BT 200.98 610.18 Td (valuation ) Tj ET Q q 0 0 0 rg BT 229.47 610.18 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 260.52 610.18 Td (as ) Tj ET Q q 0 0 0 rg BT 269.68 610.18 Td (financial ) Tj ET Q q 0 0 0 rg BT 295.99 610.18 Td (companies ) Tj ET Q q 0 0 0 rg BT 329.94 610.18 Td (are ) Tj ET Q q 0 0 0 rg BT 341.66 610.18 Td (often ) Tj ET Q q 0 0 0 rg BT 358.48 610.18 Td (measured ) Tj ET Q q 0 0 0 rg BT 389.89 610.18 Td (as ) Tj ET Q q 0 0 0 rg BT 399.05 610.18 Td (a ) Tj ET Q q 0 0 0 rg BT 404.93 610.18 Td (multiple ) Tj ET Q q 0 0 0 rg BT 429.77 610.18 Td (of ) Tj ET Q q 0 0 0 rg BT 437.48 610.18 Td (tangible ) Tj ET Q q 0 0 0 rg BT 462.69 610.18 Td (member's ) Tj ET Q q 0 0 0 rg BT 493.52 610.18 Td (equity) Tj ET Q q 0 0 0 rg BT 510.79 610.18 Td (, ) Tj ET Q q 0 0 0 rg BT 514.61 610.18 Td (making ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 602.18 Td (these ) Tj ET Q q 0 0 0 rg BT 90.63 602.18 Td (ratios ) Tj ET Q q 0 0 0 rg BT 108.49 602.18 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 142.41 602.18 Td (for ) Tj ET Q q 0 0 0 rg BT 151.89 602.18 Td (investors.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 585.18 Td (\(4\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 585.18 Td (Bache ) Tj ET Q q 0 0 0 rg BT 93.50 585.18 Td (assets ) Tj ET Q q 0 0 0 rg BT 114.61 585.18 Td (\(a ) Tj ET Q q 0 0 0 rg BT 122.59 585.18 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 153.89 585.18 Td ( ) Tj ET Q q 0 0 0 rg BT 155.98 585.18 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.20 585.18 Td (measure\) ) Tj ET Q q 0 0 0 rg BT 212.05 585.18 Td (includes ) Tj ET Q q 0 0 0 rg BT 238.27 585.18 Td (Cash ) Tj ET Q q 0 0 0 rg BT 255.73 585.18 Td (and ) Tj ET Q q 0 0 0 rg BT 268.82 585.18 Td (cash ) Tj ET Q q 0 0 0 rg BT 284.82 585.18 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 321.99 585.18 Td (Cash ) Tj ET Q q 0 0 0 rg BT 339.45 585.18 Td (and ) Tj ET Q q 0 0 0 rg BT 352.54 585.18 Td (securities ) Tj ET Q q 0 0 0 rg BT 382.39 585.18 Td (segregated, ) Tj ET Q q 0 0 0 rg BT 419.19 585.18 Td (Financial ) Tj ET Q q 0 0 0 rg BT 447.59 585.18 Td (instruments ) Tj ET Q q 0 0 0 rg BT 483.65 585.18 Td (owned, ) Tj ET Q q 0 0 0 rg BT 506.95 585.18 Td (Securities ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 577.18 Td (purchased ) Tj ET Q q 0 0 0 rg BT 105.21 577.18 Td (under ) Tj ET Q q 0 0 0 rg BT 123.81 577.18 Td (agreements ) Tj ET Q q 0 0 0 rg BT 160.28 577.18 Td (to ) Tj ET Q q 0 0 0 rg BT 167.58 577.18 Td (resell ) Tj ET Q q 0 0 0 rg BT 185.08 577.18 Td (and ) Tj ET Q q 0 0 0 rg BT 197.85 577.18 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 235.41 577.18 Td (attributable ) Tj ET Q q 0 0 0 rg BT 269.69 577.18 Td (to ) Tj ET Q q 0 0 0 rg BT 276.99 577.18 Td (our ) Tj ET Q q 0 0 0 rg BT 288.29 577.18 Td (Bache ) Tj ET Q q 0 0 0 rg BT 308.72 577.18 Td (business.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 561.18 Td (\(5\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 561.18 Td (Level ) Tj ET Q q 0 0 0 rg BT 90.54 561.18 Td (3 ) Tj ET Q q 0 0 0 rg BT 96.30 561.18 Td (financial ) Tj ET Q q 0 0 0 rg BT 122.48 561.18 Td (instruments ) Tj ET Q q 0 0 0 rg BT 158.50 561.18 Td (represent ) Tj ET Q q 0 0 0 rg BT 188.32 561.18 Td (those ) Tj ET Q q 0 0 0 rg BT 206.48 561.18 Td (financial ) Tj ET Q q 0 0 0 rg BT 232.66 561.18 Td (instruments ) Tj ET Q q 0 0 0 rg BT 268.68 561.18 Td (classified ) Tj ET Q q 0 0 0 rg BT 297.78 561.18 Td (as ) Tj ET Q q 0 0 0 rg BT 306.82 561.18 Td (such ) Tj ET Q q 0 0 0 rg BT 322.79 561.18 Td (under ) Tj ET Q q 0 0 0 rg BT 341.44 561.18 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 375.83 561.18 Td (Standards ) Tj ET Q q 0 0 0 rg BT 407.84 561.18 Td (Codification ) Tj ET Q q 0 0 0 rg BT 444.23 561.18 Td (820, ) Tj ET Q q 0 0 0 rg BT 459.11 561.18 Td (accounted ) Tj ET Q q 0 0 0 rg BT 491.49 561.18 Td (for ) Tj ET Q q 0 0 0 rg BT 501.26 561.18 Td (at ) Tj ET Q q 0 0 0 rg BT 508.84 561.18 Td (fair ) Tj ET Q q 0 0 0 rg BT 520.06 561.18 Td (value ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 553.18 Td (and ) Tj ET Q q 0 0 0 rg BT 85.52 553.18 Td (included ) Tj ET Q q 0 0 0 rg BT 111.78 553.18 Td (within ) Tj ET Q q 0 0 0 rg BT 130.38 553.18 Td (Financial ) Tj ET Q q 0 0 0 rg BT 158.45 553.18 Td (instruments ) Tj ET Q q 0 0 0 rg BT 194.19 553.18 Td (owned.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 536.18 Td (\(6\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 536.18 Td (In ) Tj ET Q q 0 0 0 rg BT 80.18 536.18 Td (May ) Tj ET Q q 0 0 0 rg BT 94.52 536.18 Td (2015, ) Tj ET Q q 0 0 0 rg BT 112.89 536.18 Td (the ) Tj ET Q q 0 0 0 rg BT 123.97 536.18 Td (Financial ) Tj ET Q q 0 0 0 rg BT 151.97 536.18 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 186.20 536.18 Td (Standards ) Tj ET Q q 0 0 0 rg BT 218.06 536.18 Td (Board ) Tj ET Q q 0 0 0 rg BT 237.52 536.18 Td (issued ) Tj ET Q q 0 0 0 rg BT 258.23 536.18 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 292.46 536.18 Td (Standards ) Tj ET Q q 0 0 0 rg BT 324.32 536.18 Td (Update ) Tj ET Q q 0 0 0 rg BT 347.43 536.18 Td (No. ) Tj ET Q q 0 0 0 rg BT 359.59 536.18 Td (2015-07, ) Tj ET Q q 0 0 0 rg BT 387.44 536.18 Td (Fair ) Tj ET Q q 0 0 0 rg BT 402.87 536.18 Td (V) Tj ET Q q 0 0 0 rg BT 407.01 536.18 Td (alue ) Tj ET Q q 0 0 0 rg BT 421.12 536.18 Td (Measurement ) Tj ET Q q 0 0 0 rg BT 463.18 536.18 Td (\(T) Tj ET Q q 0 0 0 rg BT 469.01 536.18 Td (opic ) Tj ET Q q 0 0 0 rg BT 482.64 536.18 Td (820\) ) Tj ET Q q 0 0 0 rg BT 497.72 536.18 Td (- ) Tj ET Q q 0 0 0 rg BT 501.85 536.18 Td (Disclosures ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 528.18 Td (for ) Tj ET Q q 0 0 0 rg BT 82.32 528.18 Td (Investments ) Tj ET Q q 0 0 0 rg BT 119.62 528.18 Td (in ) Tj ET Q q 0 0 0 rg BT 126.64 528.18 Td (Certain ) Tj ET Q q 0 0 0 rg BT 149.70 528.18 Td (Entities ) Tj ET Q q 0 0 0 rg BT 173.07 528.18 Td (That ) Tj ET Q q 0 0 0 rg BT 188.06 528.18 Td (Calculate ) Tj ET Q q 0 0 0 rg BT 217.33 528.18 Td (Net ) Tj ET Q q 0 0 0 rg BT 229.26 528.18 Td (Asset ) Tj ET Q q 0 0 0 rg BT 247.41 528.18 Td (V) Tj ET Q q 0 0 0 rg BT 251.54 528.18 Td (alue ) Tj ET Q q 0 0 0 rg BT 265.62 528.18 Td (per ) Tj ET Q q 0 0 0 rg BT 277.02 528.18 Td (Share ) Tj ET Q q 0 0 0 rg BT 296.44 528.18 Td (\(or ) Tj ET Q q 0 0 0 rg BT 306.37 528.18 Td (Its ) Tj ET Q q 0 0 0 rg BT 315.22 528.18 Td (Equivalent\). ) Tj ET Q q 0 0 0 rg BT 353.91 528.18 Td (The ) Tj ET Q q 0 0 0 rg BT 367.07 528.18 Td (guidance ) Tj ET Q q 0 0 0 rg BT 395.62 528.18 Td (removes ) Tj ET Q q 0 0 0 rg BT 422.69 528.18 Td (the ) Tj ET Q q 0 0 0 rg BT 433.73 528.18 Td (requirement ) Tj ET Q q 0 0 0 rg BT 470.65 528.18 Td (to ) Tj ET Q q 0 0 0 rg BT 478.04 528.18 Td (include ) Tj ET Q q 0 0 0 rg BT 500.75 528.18 Td (investments ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 520.18 Td (in ) Tj ET Q q 0 0 0 rg BT 79.71 520.18 Td (the ) Tj ET Q q 0 0 0 rg BT 90.68 520.18 Td (fair ) Tj ET Q q 0 0 0 rg BT 101.65 520.18 Td (value ) Tj ET Q q 0 0 0 rg BT 119.18 520.18 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 148.01 520.18 Td (for ) Tj ET Q q 0 0 0 rg BT 157.52 520.18 Td (which ) Tj ET Q q 0 0 0 rg BT 176.14 520.18 Td (the ) Tj ET Q q 0 0 0 rg BT 187.12 520.18 Td (fair ) Tj ET Q q 0 0 0 rg BT 198.08 520.18 Td (value ) Tj ET Q q 0 0 0 rg BT 215.62 520.18 Td (is ) Tj ET Q q 0 0 0 rg BT 222.21 520.18 Td (measured ) Tj ET Q q 0 0 0 rg BT 253.23 520.18 Td (at ) Tj ET Q q 0 0 0 rg BT 260.56 520.18 Td (net ) Tj ET Q q 0 0 0 rg BT 271.53 520.18 Td (asset ) Tj ET Q q 0 0 0 rg BT 289.07 520.18 Td (value ) Tj ET Q q 0 0 0 rg BT 306.60 520.18 Td (using ) Tj ET Q q 0 0 0 rg BT 324.14 520.18 Td (the ) Tj ET Q q 0 0 0 rg BT 335.11 520.18 Td (practical ) Tj ET Q q 0 0 0 rg BT 361.39 520.18 Td (expedient ) Tj ET Q q 0 0 0 rg BT 391.70 520.18 Td (under ) Tj ET Q q 0 0 0 rg BT 410.33 520.18 Td (Fair ) Tj ET Q q 0 0 0 rg BT 425.66 520.18 Td (V) Tj ET Q q 0 0 0 rg BT 429.79 520.18 Td (alue ) Tj ET Q q 0 0 0 rg BT 443.81 520.18 Td (Measurements ) Tj ET Q q 0 0 0 rg BT 489.05 520.18 Td (and ) Tj ET Q q 0 0 0 rg BT 501.85 520.18 Td (Disclosures ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 512.18 Td (\(T) Tj ET Q q 0 0 0 rg BT 78.58 512.18 Td (opic ) Tj ET Q q 0 0 0 rg BT 92.17 512.18 Td (820\). ) Tj ET Q q 0 0 0 rg BT 111.17 512.18 Td (The ) Tj ET Q q 0 0 0 rg BT 124.35 512.18 Td (guidance ) Tj ET Q q 0 0 0 rg BT 152.90 512.18 Td (also ) Tj ET Q q 0 0 0 rg BT 166.86 512.18 Td (removes ) Tj ET Q q 0 0 0 rg BT 193.94 512.18 Td (the ) Tj ET Q q 0 0 0 rg BT 204.99 512.18 Td (requirement ) Tj ET Q q 0 0 0 rg BT 241.92 512.18 Td (to ) Tj ET Q q 0 0 0 rg BT 249.31 512.18 Td (make ) Tj ET Q q 0 0 0 rg BT 267.28 512.18 Td (certain ) Tj ET Q q 0 0 0 rg BT 288.90 512.18 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 323.64 512.18 Td (for ) Tj ET Q q 0 0 0 rg BT 333.22 512.18 Td (all ) Tj ET Q q 0 0 0 rg BT 341.71 512.18 Td (investments ) Tj ET Q q 0 0 0 rg BT 378.64 512.18 Td (that ) Tj ET Q q 0 0 0 rg BT 391.51 512.18 Td (are ) Tj ET Q q 0 0 0 rg BT 402.91 512.18 Td (eligible ) Tj ET Q q 0 0 0 rg BT 425.26 512.18 Td (to ) Tj ET Q q 0 0 0 rg BT 432.66 512.18 Td (be ) Tj ET Q q 0 0 0 rg BT 441.88 512.18 Td (measured ) Tj ET Q q 0 0 0 rg BT 472.98 512.18 Td (at ) Tj ET Q q 0 0 0 rg BT 480.37 512.18 Td (fair ) Tj ET Q q 0 0 0 rg BT 491.41 512.18 Td (value ) Tj ET Q q 0 0 0 rg BT 509.02 512.18 Td (using ) Tj ET Q q 0 0 0 rg BT 526.63 512.18 Td (the ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 504.18 Td (net ) Tj ET Q q 0 0 0 rg BT 83.73 504.18 Td (asset ) Tj ET Q q 0 0 0 rg BT 101.28 504.18 Td (value ) Tj ET Q q 0 0 0 rg BT 118.83 504.18 Td (practical ) Tj ET Q q 0 0 0 rg BT 145.12 504.18 Td (expedient. ) Tj ET Q q 0 0 0 rg BT 177.26 504.18 Td (Rather) Tj ET Q q 0 0 0 rg BT 196.76 504.18 Td (, ) Tj ET Q q 0 0 0 rg BT 200.27 504.18 Td (those ) Tj ET Q q 0 0 0 rg BT 218.18 504.18 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 252.86 504.18 Td (are ) Tj ET Q q 0 0 0 rg BT 264.21 504.18 Td (limited ) Tj ET Q q 0 0 0 rg BT 285.03 504.18 Td (to ) Tj ET Q q 0 0 0 rg BT 292.36 504.18 Td (investments ) Tj ET Q q 0 0 0 rg BT 329.23 504.18 Td (for ) Tj ET Q q 0 0 0 rg BT 338.75 504.18 Td (which ) Tj ET Q q 0 0 0 rg BT 357.38 504.18 Td (we ) Tj ET Q q 0 0 0 rg BT 367.63 504.18 Td (have ) Tj ET Q q 0 0 0 rg BT 383.71 504.18 Td (elected ) Tj ET Q q 0 0 0 rg BT 406.73 504.18 Td (to ) Tj ET Q q 0 0 0 rg BT 414.07 504.18 Td (measure ) Tj ET Q q 0 0 0 rg BT 441.45 504.18 Td (the ) Tj ET Q q 0 0 0 rg BT 452.44 504.18 Td (fair ) Tj ET Q q 0 0 0 rg BT 463.41 504.18 Td (value ) Tj ET Q q 0 0 0 rg BT 480.96 504.18 Td (using ) Tj ET Q q 0 0 0 rg BT 498.50 504.18 Td (that ) Tj ET Q q 0 0 0 rg BT 511.31 504.18 Td (practical ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 496.18 Td (expedient. ) Tj ET Q q 0 0 0 rg BT 104.79 496.18 Td (The ) Tj ET Q q 0 0 0 rg BT 117.87 496.18 Td (guidance ) Tj ET Q q 0 0 0 rg BT 146.32 496.18 Td (is ) Tj ET Q q 0 0 0 rg BT 152.88 496.18 Td (ef) Tj ET Q q 0 0 0 rg BT 158.30 496.18 Td (fective ) Tj ET Q q 0 0 0 rg BT 179.03 496.18 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 223.15 496.18 Td (and ) Tj ET Q q 0 0 0 rg BT 235.92 496.18 Td (we ) Tj ET Q q 0 0 0 rg BT 246.13 496.18 Td (have ) Tj ET Q q 0 0 0 rg BT 262.18 496.18 Td (early ) Tj ET Q q 0 0 0 rg BT 278.22 496.18 Td (adopted ) Tj ET Q q 0 0 0 rg BT 303.76 496.18 Td (this ) Tj ET Q q 0 0 0 rg BT 315.80 496.18 Td (guidance ) Tj ET Q q 0 0 0 rg BT 344.25 496.18 Td (during ) Tj ET Q q 0 0 0 rg BT 364.31 496.18 Td (the ) Tj ET Q q 0 0 0 rg BT 375.25 496.18 Td (second ) Tj ET Q q 0 0 0 rg BT 398.23 496.18 Td (quarter ) Tj ET Q q 0 0 0 rg BT 420.84 496.18 Td (of ) Tj ET Q q 0 0 0 rg BT 428.14 496.18 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 444.91 496.18 Td (2015. ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 476.18 Td (\(7\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 476.18 Td (At ) Tj ET Q q 0 0 0 rg BT 81.00 476.18 Td (November ) Tj ET Q q 0 0 0 rg BT 113.30 476.18 Td (30, ) Tj ET Q q 0 0 0 rg BT 124.47 476.18 Td (2015, ) Tj ET Q q 0 0 0 rg BT 142.71 476.18 Td (August ) Tj ET Q q 0 0 0 rg BT 165.00 476.18 Td (31, ) Tj ET Q q 0 0 0 rg BT 176.17 476.18 Td (2015 ) Tj ET Q q 0 0 0 rg BT 192.81 476.18 Td (and ) Tj ET Q q 0 0 0 rg BT 205.80 476.18 Td (November ) Tj ET Q q 0 0 0 rg BT 238.10 476.18 Td (30, ) Tj ET Q q 0 0 0 rg BT 249.27 476.18 Td (2014, ) Tj ET Q q 0 0 0 rg BT 267.73 476.18 Td (total ) Tj ET Q q 0 0 0 rg BT 282.18 476.18 Td (capital ) Tj ET Q q 0 0 0 rg BT 303.19 476.18 Td (includes ) Tj ET Q q 0 0 0 rg BT 329.31 476.18 Td (our ) Tj ET Q q 0 0 0 rg BT 340.83 476.18 Td (long-term ) Tj ET Q q 0 0 0 rg BT 370.59 476.18 Td (debt ) Tj ET Q q 0 0 0 rg BT 385.40 476.18 Td (of ) Tj ET Q q 0 0 0 rg BT 392.92 476.18 Td ($5,289 ) Tj ET Q q 0 0 0 rg BT 415.03 476.18 Td (million, ) Tj ET Q q 0 0 0 rg BT 437.49 476.18 Td ($5,337 ) Tj ET Q q 0 0 0 rg BT 459.60 476.18 Td (million ) Tj ET Q q 0 0 0 rg BT 480.24 476.18 Td (and ) Tj ET Q q 0 0 0 rg BT 493.23 476.18 Td ($5,806 ) Tj ET Q q 0 0 0 rg BT 515.34 476.18 Td (million, ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 468.18 Td (respectively) Tj ET Q q 0 0 0 rg BT 107.15 468.18 Td (, ) Tj ET Q q 0 0 0 rg BT 110.34 468.18 Td (and ) Tj ET Q q 0 0 0 rg BT 122.89 468.18 Td (total ) Tj ET Q q 0 0 0 rg BT 136.90 468.18 Td (equity) Tj ET Q q 0 0 0 rg BT 154.17 468.18 Td (. ) Tj ET Q q 0 0 0 rg BT 157.36 468.18 Td ( ) Tj ET Q q 0 0 0 rg BT 158.97 468.18 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 190.47 468.18 Td (debt ) Tj ET Q q 0 0 0 rg BT 204.85 468.18 Td (included ) Tj ET Q q 0 0 0 rg BT 230.89 468.18 Td (in ) Tj ET Q q 0 0 0 rg BT 237.61 468.18 Td (total ) Tj ET Q q 0 0 0 rg BT 251.62 468.18 Td (capital ) Tj ET Q q 0 0 0 rg BT 272.19 468.18 Td (is ) Tj ET Q q 0 0 0 rg BT 278.53 468.18 Td (reduced ) Tj ET Q q 0 0 0 rg BT 303.85 468.18 Td (by ) Tj ET Q q 0 0 0 rg BT 312.38 468.18 Td (amounts ) Tj ET Q q 0 0 0 rg BT 339.15 468.18 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 374.69 468.18 Td (under ) Tj ET Q q 0 0 0 rg BT 393.07 468.18 Td (the ) Tj ET Q q 0 0 0 rg BT 403.80 468.18 Td (revolving ) Tj ET Q q 0 0 0 rg BT 431.66 468.18 Td (credit ) Tj ET Q q 0 0 0 rg BT 449.31 468.18 Td (facility ) Tj ET Q q 0 0 0 rg BT 469.15 468.18 Td (and ) Tj ET Q q 0 0 0 rg BT 481.70 468.18 Td (the ) Tj ET Q q 0 0 0 rg BT 492.43 468.18 Td (amount ) Tj ET Q q 0 0 0 rg BT 515.92 468.18 Td (of ) Tj ET Q q 0 0 0 rg BT 523.00 468.18 Td (debt ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 460.18 Td (maturing ) Tj ET Q q 0 0 0 rg BT 100.10 460.18 Td (in ) Tj ET Q q 0 0 0 rg BT 107.03 460.18 Td (less ) Tj ET Q q 0 0 0 rg BT 120.52 460.18 Td (than ) Tj ET Q q 0 0 0 rg BT 135.11 460.18 Td (one ) Tj ET Q q 0 0 0 rg BT 147.88 460.18 Td (year) Tj ET Q q 0 0 0 rg BT 160.46 460.18 Td (, ) Tj ET Q q 0 0 0 rg BT 163.93 460.18 Td (where ) Tj ET Q q 0 0 0 rg BT 183.62 460.18 Td (applicable.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 442.18 Td (\(8\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 441.73 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 101.93 441.73 Td (ratio ) Tj ET Q q 0 0 0 rg BT 116.52 441.73 Td (equals ) Tj ET Q q 0 0 0 rg BT 137.67 441.73 Td (total ) Tj ET Q q 0 0 0 rg BT 151.90 441.73 Td (assets ) Tj ET Q q 0 0 0 rg BT 172.69 441.73 Td (divided ) Tj ET Q q 0 0 0 rg BT 195.30 441.73 Td (by ) Tj ET Q q 0 0 0 rg BT 204.05 441.73 Td (total ) Tj ET Q q 0 0 0 rg BT 218.28 441.73 Td (equity) Tj ET Q q 0 0 0 rg BT 235.55 441.73 Td (.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 425.18 Td (\(9\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 425.18 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 100.28 425.18 Td (leverage ) Tj ET Q q 0 0 0 rg BT 127.44 425.18 Td (ratio ) Tj ET Q q 0 0 0 rg BT 142.21 425.18 Td (\(a ) Tj ET Q q 0 0 0 rg BT 150.04 425.18 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 181.34 425.18 Td ( ) Tj ET Q q 0 0 0 rg BT 183.28 425.18 Td (financial ) Tj ET Q q 0 0 0 rg BT 209.35 425.18 Td (measure\) ) Tj ET Q q 0 0 0 rg BT 239.06 425.18 Td (equals ) Tj ET Q q 0 0 0 rg BT 260.39 425.18 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 287.19 425.18 Td (assets ) Tj ET Q q 0 0 0 rg BT 308.16 425.18 Td (divided ) Tj ET Q q 0 0 0 rg BT 330.95 425.18 Td (by ) Tj ET Q q 0 0 0 rg BT 339.88 425.18 Td (tangible ) Tj ET Q q 0 0 0 rg BT 364.86 425.18 Td (total ) Tj ET Q q 0 0 0 rg BT 379.26 425.18 Td (equity) Tj ET Q q 0 0 0 rg BT 396.53 425.18 Td (, ) Tj ET Q q 0 0 0 rg BT 400.11 425.18 Td (being ) Tj ET Q q 0 0 0 rg BT 418.16 425.18 Td (total ) Tj ET Q q 0 0 0 rg BT 432.56 425.18 Td (equity ) Tj ET Q q 0 0 0 rg BT 452.07 425.18 Td (less ) Tj ET Q q 0 0 0 rg BT 465.74 425.18 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 491.44 425.18 Td (and ) Tj ET Q q 0 0 0 rg BT 504.38 425.18 Td (identifiable ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 417.18 Td (intangible ) Tj ET Q q 0 0 0 rg BT 102.29 417.18 Td (assets. ) Tj ET Q q 0 0 0 rg BT 124.53 417.18 Td ( ) Tj ET Q q 0 0 0 rg BT 125.88 417.18 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 152.68 417.18 Td (assets ) Tj ET Q q 0 0 0 rg BT 173.10 417.18 Td (\(a ) Tj ET Q q 0 0 0 rg BT 180.39 417.18 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 211.69 417.18 Td ( ) Tj ET Q q 0 0 0 rg BT 213.09 417.18 Td (financial ) Tj ET Q q 0 0 0 rg BT 238.61 417.18 Td (measure\) ) Tj ET Q q 0 0 0 rg BT 267.77 417.18 Td (equals ) Tj ET Q q 0 0 0 rg BT 288.56 417.18 Td (total ) Tj ET Q q 0 0 0 rg BT 302.41 417.18 Td (assets ) Tj ET Q q 0 0 0 rg BT 322.83 417.18 Td (less ) Tj ET Q q 0 0 0 rg BT 335.95 417.18 Td (securities ) Tj ET Q q 0 0 0 rg BT 365.12 417.18 Td (borrowed, ) Tj ET Q q 0 0 0 rg BT 395.74 417.18 Td (securities ) Tj ET Q q 0 0 0 rg BT 424.91 417.18 Td (purchased ) Tj ET Q q 0 0 0 rg BT 457.00 417.18 Td (under ) Tj ET Q q 0 0 0 rg BT 475.23 417.18 Td (agreements ) Tj ET Q q 0 0 0 rg BT 511.32 417.18 Td (to ) Tj ET Q q 0 0 0 rg BT 518.25 417.18 Td (resell, ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 409.18 Td (cash ) Tj ET Q q 0 0 0 rg BT 88.34 409.18 Td (and ) Tj ET Q q 0 0 0 rg BT 101.01 409.18 Td (securities ) Tj ET Q q 0 0 0 rg BT 130.45 409.18 Td (segregated, ) Tj ET Q q 0 0 0 rg BT 166.83 409.18 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 192.26 409.18 Td (and ) Tj ET Q q 0 0 0 rg BT 204.94 409.18 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 238.03 409.18 Td (intangibles ) Tj ET Q q 0 0 0 rg BT 271.13 409.18 Td (plus ) Tj ET Q q 0 0 0 rg BT 284.89 409.18 Td (financial ) Tj ET Q q 0 0 0 rg BT 310.69 409.18 Td (instruments ) Tj ET Q q 0 0 0 rg BT 346.33 409.18 Td (sold, ) Tj ET Q q 0 0 0 rg BT 361.92 409.18 Td (not ) Tj ET Q q 0 0 0 rg BT 372.77 409.18 Td (yet ) Tj ET Q q 0 0 0 rg BT 383.25 409.18 Td (purchased ) Tj ET Q q 0 0 0 rg BT 415.62 409.18 Td (\(net ) Tj ET Q q 0 0 0 rg BT 428.65 409.18 Td (of ) Tj ET Q q 0 0 0 rg BT 435.85 409.18 Td (derivative ) Tj ET Q q 0 0 0 rg BT 465.66 409.18 Td (liabilities\). ) Tj ET Q q 0 0 0 rg BT 496.19 409.18 Td ( ) Tj ET Q q 0 0 0 rg BT 497.76 409.18 Td (At ) Tj ET Q q 0 0 0 rg BT 505.51 409.18 Td (November ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 401.18 Td (30, ) Tj ET Q q 0 0 0 rg BT 84.05 401.18 Td (2015, ) Tj ET Q q 0 0 0 rg BT 102.39 401.18 Td (August ) Tj ET Q q 0 0 0 rg BT 124.82 401.18 Td (31, ) Tj ET Q q 0 0 0 rg BT 136.11 401.18 Td (2015 ) Tj ET Q q 0 0 0 rg BT 152.88 401.18 Td (and ) Tj ET Q q 0 0 0 rg BT 166.01 401.18 Td (November ) Tj ET Q q 0 0 0 rg BT 198.44 401.18 Td (30, ) Tj ET Q q 0 0 0 rg BT 209.74 401.18 Td (2014, ) Tj ET Q q 0 0 0 rg BT 228.33 401.18 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 255.32 401.18 Td (assets ) Tj ET Q q 0 0 0 rg BT 276.46 401.18 Td (were ) Tj ET Q q 0 0 0 rg BT 292.85 401.18 Td ($31,639 ) Tj ET Q q 0 0 0 rg BT 318.74 401.18 Td (million, ) Tj ET Q q 0 0 0 rg BT 341.33 401.18 Td ($37,241 ) Tj ET Q q 0 0 0 rg BT 367.22 401.18 Td (million ) Tj ET Q q 0 0 0 rg BT 387.99 401.18 Td (and ) Tj ET Q q 0 0 0 rg BT 401.11 401.18 Td ($36,906 ) Tj ET Q q 0 0 0 rg BT 427.00 401.18 Td (million, ) Tj ET Q q 0 0 0 rg BT 449.59 401.18 Td (respectively) Tj ET Q q 0 0 0 rg BT 483.99 401.18 Td (. ) Tj ET Q q 0 0 0 rg BT 487.75 401.18 Td ( ) Tj ET Q q 0 0 0 rg BT 489.93 401.18 Td (W) Tj ET Q q 0 0 0 rg BT 496.07 401.18 Td (e ) Tj ET Q q 0 0 0 rg BT 501.83 401.18 Td (believe ) Tj ET Q q 0 0 0 rg BT 524.80 401.18 Td (that ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 393.18 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 99.36 393.18 Td (assets ) Tj ET Q q 0 0 0 rg BT 120.13 393.18 Td (is ) Tj ET Q q 0 0 0 rg BT 126.67 393.18 Td (a ) Tj ET Q q 0 0 0 rg BT 132.12 393.18 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 166.01 393.18 Td (measure ) Tj ET Q q 0 0 0 rg BT 193.34 393.18 Td (as ) Tj ET Q q 0 0 0 rg BT 202.07 393.18 Td (it ) Tj ET Q q 0 0 0 rg BT 207.16 393.18 Td (excludes ) Tj ET Q q 0 0 0 rg BT 234.85 393.18 Td (certain ) Tj ET Q q 0 0 0 rg BT 256.35 393.18 Td (assets ) Tj ET Q q 0 0 0 rg BT 277.12 393.18 Td (that ) Tj ET Q q 0 0 0 rg BT 289.86 393.18 Td (are ) Tj ET Q q 0 0 0 rg BT 301.15 393.18 Td (considered ) Tj ET Q q 0 0 0 rg BT 335.04 393.18 Td (of ) Tj ET Q q 0 0 0 rg BT 342.32 393.18 Td (lower ) Tj ET Q q 0 0 0 rg BT 359.79 393.18 Td (risk ) Tj ET Q q 0 0 0 rg BT 371.80 393.18 Td (as ) Tj ET Q q 0 0 0 rg BT 380.53 393.18 Td (they ) Tj ET Q q 0 0 0 rg BT 394.74 393.18 Td (are ) Tj ET Q q 0 0 0 rg BT 406.02 393.18 Td (generally ) Tj ET Q q 0 0 0 rg BT 434.44 393.18 Td (self-financed ) Tj ET Q q 0 0 0 rg BT 473.45 393.18 Td (by ) Tj ET Q q 0 0 0 rg BT 482.18 393.18 Td (customer ) Tj ET Q q 0 0 0 rg BT 510.96 393.18 Td (liabilities ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 385.18 Td (through ) Tj ET Q q 0 0 0 rg BT 96.82 385.18 Td (our ) Tj ET Q q 0 0 0 rg BT 108.13 385.18 Td (securities ) Tj ET Q q 0 0 0 rg BT 137.66 385.18 Td (lending ) Tj ET Q q 0 0 0 rg BT 160.64 385.18 Td (activities.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 365.18 Td (\(10\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 365.18 Td (T) Tj ET Q q 0 0 0 rg BT 76.39 365.18 Td (angible ) Tj ET Q q 0 0 0 rg BT 99.24 365.18 Td (gross ) Tj ET Q q 0 0 0 rg BT 117.33 365.18 Td (leverage ) Tj ET Q q 0 0 0 rg BT 144.55 365.18 Td (ratio ) Tj ET Q q 0 0 0 rg BT 159.36 365.18 Td (\(a ) Tj ET Q q 0 0 0 rg BT 167.24 365.18 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 198.54 365.18 Td ( ) Tj ET Q q 0 0 0 rg BT 200.54 365.18 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.66 365.18 Td (measure\) ) Tj ET Q q 0 0 0 rg BT 256.41 365.18 Td (equals ) Tj ET Q q 0 0 0 rg BT 277.80 365.18 Td (total ) Tj ET Q q 0 0 0 rg BT 292.25 365.18 Td (assets ) Tj ET Q q 0 0 0 rg BT 313.26 365.18 Td (less ) Tj ET Q q 0 0 0 rg BT 326.98 365.18 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 352.73 365.18 Td (and ) Tj ET Q q 0 0 0 rg BT 365.73 365.18 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 399.15 365.18 Td (intangible ) Tj ET Q q 0 0 0 rg BT 429.28 365.18 Td (assets ) Tj ET Q q 0 0 0 rg BT 450.30 365.18 Td (divided ) Tj ET Q q 0 0 0 rg BT 473.14 365.18 Td (by ) Tj ET Q q 0 0 0 rg BT 482.12 365.18 Td (tangible ) Tj ET Q q 0 0 0 rg BT 507.15 365.18 Td (member's ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 357.18 Td (equity) Tj ET Q q 0 0 0 rg BT 90.02 357.18 Td (. ) Tj ET Q q 0 0 0 rg BT 93.43 357.18 Td ( ) Tj ET Q q 0 0 0 rg BT 95.19 357.18 Td (The ) Tj ET Q q 0 0 0 rg BT 108.27 357.18 Td (tangible ) Tj ET Q q 0 0 0 rg BT 133.07 357.18 Td (gross ) Tj ET Q q 0 0 0 rg BT 150.94 357.18 Td (leverage ) Tj ET Q q 0 0 0 rg BT 177.93 357.18 Td (ratio ) Tj ET Q q 0 0 0 rg BT 192.51 357.18 Td (is ) Tj ET Q q 0 0 0 rg BT 199.07 357.18 Td (used ) Tj ET Q q 0 0 0 rg BT 215.13 357.18 Td (by ) Tj ET Q q 0 0 0 rg BT 223.88 357.18 Td (rating ) Tj ET Q q 0 0 0 rg BT 242.11 357.18 Td (agencies ) Tj ET Q q 0 0 0 rg BT 270.20 357.18 Td (in ) Tj ET Q q 0 0 0 rg BT 277.13 357.18 Td (assessing ) Tj ET Q q 0 0 0 rg BT 308.13 357.18 Td (our ) Tj ET Q q 0 0 0 rg BT 319.43 357.18 Td (leverage ) Tj ET Q q 0 0 0 rg BT 346.42 357.18 Td (ratio.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 341.18 Td (\(1) Tj ET Q q 0 0 0 rg BT 57.34 341.18 Td (1\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 339.73 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 101.93 339.73 Td (ratio ) Tj ET Q q 0 0 0 rg BT 116.52 339.73 Td (- ) Tj ET Q q 0 0 0 rg BT 120.52 339.73 Td (excluding ) Tj ET Q q 0 0 0 rg BT 150.07 339.73 Td (impacts ) Tj ET Q q 0 0 0 rg BT 174.50 339.73 Td (of ) Tj ET Q q 0 0 0 rg BT 181.79 339.73 Td (the ) Tj ET Q q 0 0 0 rg BT 192.74 339.73 Td (Leucadia ) Tj ET Q q 0 0 0 rg BT 221.19 339.73 Td (transaction ) Tj ET Q q 0 0 0 rg BT 255.11 339.73 Td (\(a ) Tj ET Q q 0 0 0 rg BT 262.77 339.73 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 294.01 339.73 Td ( ) Tj ET Q q 0 0 0 rg BT 295.84 339.73 Td (financial ) Tj ET Q q 0 0 0 rg BT 321.73 339.73 Td (measure\) ) Tj ET Q q 0 0 0 rg BT 351.26 339.73 Td (is ) Tj ET Q q 0 0 0 rg BT 357.82 339.73 Td (calculated ) Tj ET Q q 0 0 0 rg BT 389.19 339.73 Td (as ) Tj ET Q q 0 0 0 rg BT 397.95 339.73 Td (follows: ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 327.70 317.73 Td (November 30,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 393.35 317.73 Td (August 31) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 447.70 317.73 Td (November 30,) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 304.73 Td ($ millions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 341.95 304.73 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 401.95 304.73 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.95 304.73 Td (2014) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 291.73 Td (Total assets) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 326.75 291.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 351.90 291.73 Td (38,537) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 386.75 291.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 412.45 291.78 Td (42,785) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 446.75 291.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 472.45 291.78 Td (44,518) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 278.73 Td (Goodwill and acquisition accounting fair value adjustments on the ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 270.73 Td ( transaction with Leucadia) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 353.30 270.73 Td (\(1,957) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 372.00 270.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 413.90 270.73 Td (\(1,957) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 432.55 270.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 473.90 270.73 Td (\(1,957) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 492.55 270.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 257.73 Td (Net amortization to date on asset related purchase accounting ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 249.73 Td ( adjustments) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 361.00 249.73 Td (124) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 421.55 249.73 Td (120) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 481.60 249.78 Td (108) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 236.73 Td (Total assets excluding transaction impacts) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 326.75 236.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 351.90 236.73 Td (36,704) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 386.75 236.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 412.45 236.78 Td (40,948) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 446.75 236.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 472.45 236.78 Td (42,669) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 213.73 Td (Total equity) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 326.75 213.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 355.50 213.73 Td (5,513) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 386.75 213.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 416.05 213.73 Td (5,514) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 446.75 213.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 476.10 213.78 Td (5,463) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 200.73 Td (Equity arising from transaction consideration) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 353.30 200.73 Td (\(1,426) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 372.00 200.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 413.90 200.73 Td (\(1,426) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 432.55 200.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 473.90 200.73 Td (\(1,426) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 492.55 200.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 187.73 Td (Preferred stock assumed by Leucadia) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 361.00 187.73 Td (125) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 421.55 187.73 Td (125) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 481.60 187.78 Td (125) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 174.73 Td (Net amortization to date of purchase accounting adjustments, net ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 166.73 Td ( of tax) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 362.50 166.73 Td (\(52) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 372.00 166.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 423.00 166.73 Td (\(41) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 432.55 166.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 486.70 166.78 Td (\(9) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 492.55 166.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 153.73 Td (Total equity excluding transaction impacts) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 326.75 153.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 355.50 153.73 Td (4,160) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 386.75 153.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 416.05 153.73 Td (4,172) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 446.75 153.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 476.10 153.78 Td (4,153) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 134.73 Td (Leverage ratio - excluding impacts of the Leucadia transaction) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 362.80 134.73 Td (8.8) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 423.40 134.73 Td (9.8) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 479.75 134.78 Td (10.3) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 53.40 118.18 Td (\(12\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 118.18 Td (V) Tj ET Q q 0 0 0 rg BT 76.64 118.18 Td (aR ) Tj ET Q q 0 0 0 rg BT 86.59 118.18 Td (estimates ) Tj ET Q q 0 0 0 rg BT 116.24 118.18 Td (the ) Tj ET Q q 0 0 0 rg BT 126.92 118.18 Td (potential ) Tj ET Q q 0 0 0 rg BT 153.29 118.18 Td (loss ) Tj ET Q q 0 0 0 rg BT 166.53 118.18 Td (in ) Tj ET Q q 0 0 0 rg BT 173.20 118.18 Td (value ) Tj ET Q q 0 0 0 rg BT 190.45 118.18 Td (of ) Tj ET Q q 0 0 0 rg BT 197.49 118.18 Td (our ) Tj ET Q q 0 0 0 rg BT 208.53 118.18 Td (trading ) Tj ET Q q 0 0 0 rg BT 230.16 118.18 Td (positions ) Tj ET Q q 0 0 0 rg BT 257.62 118.18 Td (due ) Tj ET Q q 0 0 0 rg BT 270.13 118.18 Td (to ) Tj ET Q q 0 0 0 rg BT 277.17 118.18 Td (adverse ) Tj ET Q q 0 0 0 rg BT 302.08 118.18 Td (market ) Tj ET Q q 0 0 0 rg BT 323.69 118.18 Td (movements ) Tj ET Q q 0 0 0 rg BT 359.17 118.18 Td (over ) Tj ET Q q 0 0 0 rg BT 373.50 118.18 Td (a ) Tj ET Q q 0 0 0 rg BT 378.71 118.18 Td (one-day ) Tj ET Q q 0 0 0 rg BT 403.98 118.18 Td (time ) Tj ET Q q 0 0 0 rg BT 417.94 118.18 Td (horizon ) Tj ET Q q 0 0 0 rg BT 441.02 118.18 Td (with ) Tj ET Q q 0 0 0 rg BT 454.25 118.18 Td (a ) Tj ET Q q 0 0 0 rg BT 459.47 118.18 Td (95% ) Tj ET Q q 0 0 0 rg BT 474.16 118.18 Td (confidence ) Tj ET Q q 0 0 0 rg BT 507.46 118.18 Td (level. ) Tj ET Q q 0 0 0 rg BT 524.35 118.18 Td ( ) Tj ET Q q 0 0 0 rg BT 525.91 118.18 Td (For ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 110.18 Td (a ) Tj ET Q q 0 0 0 rg BT 78.38 110.18 Td (further ) Tj ET Q q 0 0 0 rg BT 99.32 110.18 Td (discussion ) Tj ET Q q 0 0 0 rg BT 131.93 110.18 Td (of ) Tj ET Q q 0 0 0 rg BT 139.38 110.18 Td (the ) Tj ET Q q 0 0 0 rg BT 150.48 110.18 Td (calculation ) Tj ET Q q 0 0 0 rg BT 183.46 110.18 Td (of ) Tj ET Q q 0 0 0 rg BT 190.91 110.18 Td (V) Tj ET Q q 0 0 0 rg BT 194.80 110.18 Td (aR, ) Tj ET Q q 0 0 0 rg BT 206.99 110.18 Td (see ) Tj ET Q q 0 0 0 rg BT 219.54 110.18 Td ("V) Tj ET Q q 0 0 0 rg BT 225.77 110.18 Td 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