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424.70 Td (every ) Tj ET Q q 0 0 0 rg BT 77.35 424.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 104.65 424.70 Td (class, ) Tj ET Q q 0 0 0 rg BT 133.61 424.70 Td (including ) Tj ET Q q 0 0 0 rg BT 176.48 424.70 Td (equities ) Tj ET Q q 0 0 0 rg BT 214.35 424.70 Td (and ) Tj ET Q q 0 0 0 rg BT 234.43 424.70 Td (fixed ) Tj ET Q q 0 0 0 rg BT 258.95 424.70 Td (income, ) Tj ET Q q 0 0 0 rg BT 297.37 424.70 Td (suf) Tj ET Q q 0 0 0 rg BT 310.53 424.70 Td (fered ) Tj ET Q q 0 0 0 rg BT 336.72 424.70 Td (significantly ) Tj ET Q q 0 0 0 rg BT 391.80 424.70 Td (amid ) Tj ET Q q 0 0 0 rg BT 416.88 424.70 Td (concerns ) Tj ET Q q 0 0 0 rg BT 460.85 424.70 Td (about ) Tj ET Q q 0 0 0 rg BT 489.28 424.70 Td (the ) Tj ET Q q 0 0 0 rg BT 506.58 424.70 Td (pace ) Tj ET Q q 0 0 0 rg BT 531.66 424.70 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 412.70 Td (global ) Tj ET Q q 0 0 0 rg BT 79.21 412.70 Td (economic ) Tj ET Q q 0 0 0 rg BT 125.02 412.70 Td (growth, ) Tj ET Q q 0 0 0 rg BT 160.83 412.70 Td (outflows ) Tj ET Q q 0 0 0 rg BT 200.53 412.70 Td (from ) Tj ET Q q 0 0 0 rg BT 223.55 412.70 Td (the ) Tj ET Q q 0 0 0 rg BT 240.47 412.70 Td (high ) Tj ET Q q 0 0 0 rg BT 262.39 412.70 Td (yield ) Tj ET Q q 0 0 0 rg BT 285.98 412.70 Td (market, ) Tj ET Q q 0 0 0 rg BT 322.33 412.70 Td (forced ) Tj ET Q q 0 0 0 rg BT 353.14 412.70 Td (selling ) Tj ET Q q 0 0 0 rg BT 384.51 412.70 Td (from ) Tj ET Q q 0 0 0 rg BT 407.53 412.70 Td (hedge ) Tj ET Q q 0 0 0 rg BT 438.35 412.70 Td (funds, ) Tj ET Q q 0 0 0 rg BT 468.61 412.70 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 520.54 412.70 Td (over ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 400.70 Td (China, ) Tj ET Q q 0 0 0 rg BT 80.82 400.70 Td (a ) Tj ET Q q 0 0 0 rg BT 88.79 400.70 Td (potential ) Tj ET Q q 0 0 0 rg BT 129.01 400.70 Td (Brexit, ) Tj ET Q q 0 0 0 rg BT 159.76 400.70 Td (and ) Tj ET Q q 0 0 0 rg BT 178.85 400.70 Td (an ) Tj ET Q q 0 0 0 rg BT 192.39 400.70 Td (overall ) Tj ET Q q 0 0 0 rg BT 224.26 400.70 Td (void ) Tj ET Q q 0 0 0 rg BT 245.01 400.70 Td (in ) Tj ET Q q 0 0 0 rg BT 255.20 400.70 Td (liquidity) Tj ET Q q 0 0 0 rg BT 287.81 400.70 Td (. ) Tj ET Q q 0 0 0 rg BT 295.78 400.70 Td (New ) Tj ET Q q 0 0 0 rg BT 318.19 400.70 Td (issue ) Tj ET Q q 0 0 0 rg BT 343.95 400.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 373.05 400.70 Td (and ) Tj ET Q q 0 0 0 rg BT 392.14 400.70 Td (leveraged ) Tj ET Q q 0 0 0 rg BT 438.47 400.70 Td (finance ) Tj ET Q q 0 0 0 rg BT 473.13 400.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 504.45 400.70 Td (markets ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 388.70 Td (were ) Tj ET Q q 0 0 0 rg BT 72.83 388.70 Td (virtually ) Tj ET Q q 0 0 0 rg BT 108.39 388.70 Td (closed ) Tj ET Q q 0 0 0 rg BT 138.95 388.70 Td (throughout ) Tj ET Q q 0 0 0 rg BT 188.43 388.70 Td (January ) Tj ET Q q 0 0 0 rg BT 225.66 388.70 Td (and ) Tj ET Q q 0 0 0 rg BT 244.00 388.70 Td (February) Tj ET Q q 0 0 0 rg BT 283.27 388.70 Td (, ) Tj ET Q q 0 0 0 rg BT 287.71 388.70 Td (which ) Tj ET Q q 0 0 0 rg BT 314.93 388.70 Td (resulted ) Tj ET Q q 0 0 0 rg BT 352.17 388.70 Td (in ) Tj ET Q q 0 0 0 rg BT 361.61 388.70 Td (many ) Tj ET Q q 0 0 0 rg BT 387.72 388.70 Td (of ) Tj ET Q q 0 0 0 rg BT 397.72 388.70 Td (our ) Tj ET Q q 0 0 0 rg BT 413.83 388.70 Td (potential ) Tj ET Q q 0 0 0 rg BT 453.29 388.70 Td (Investment ) Tj ET Q q 0 0 0 rg BT 503.86 388.70 Td (Banking ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 376.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 80.18 376.70 Td (markets ) Tj ET Q q 0 0 0 rg BT 117.51 376.70 Td (transactions ) Tj ET Q q 0 0 0 rg BT 173.20 376.70 Td (being ) Tj ET Q q 0 0 0 rg BT 199.44 376.70 Td (postponed ) Tj ET Q q 0 0 0 rg BT 247.93 376.70 Td (until ) Tj ET Q q 0 0 0 rg BT 268.04 376.70 Td (some ) Tj ET Q q 0 0 0 rg BT 294.27 376.70 Td (stability ) Tj ET Q q 0 0 0 rg BT 329.39 376.70 Td (returns ) Tj ET Q q 0 0 0 rg BT 362.28 376.70 Td (to ) Tj ET Q q 0 0 0 rg BT 372.40 376.70 Td (the ) Tj ET Q q 0 0 0 rg BT 388.07 376.70 Td (markets. ) Tj ET Q q 0 0 0 rg BT 430.61 376.70 Td (As ) Tj ET Q q 0 0 0 rg BT 444.05 376.70 Td (we ) Tj ET Q q 0 0 0 rg BT 458.61 376.70 Td (have ) Tj ET Q q 0 0 0 rg BT 482.07 376.70 Td (done ) Tj ET Q q 0 0 0 rg BT 506.08 376.70 Td (through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 364.70 Td (many ) Tj ET Q q 0 0 0 rg BT 76.59 364.70 Td (other ) Tj ET Q q 0 0 0 rg BT 102.02 364.70 Td (turbulent ) Tj ET Q q 0 0 0 rg BT 143.58 364.70 Td (periods ) Tj ET Q q 0 0 0 rg BT 179.01 364.70 Td (in ) Tj ET Q q 0 0 0 rg BT 189.44 364.70 Td (our ) Tj ET Q q 0 0 0 rg BT 206.53 364.70 Td (history) Tj ET Q q 0 0 0 rg BT 235.24 364.70 Td (, ) Tj ET Q q 0 0 0 rg BT 240.66 364.70 Td (we ) Tj ET Q q 0 0 0 rg BT 256.08 364.70 Td (reduced ) Tj ET Q q 0 0 0 rg BT 294.85 364.70 Td (our ) Tj ET Q q 0 0 0 rg BT 311.95 364.70 Td (already ) Tj ET Q q 0 0 0 rg BT 347.38 364.70 Td (smaller ) Tj ET Q q 0 0 0 rg BT 382.25 364.70 Td (balance ) Tj ET Q q 0 0 0 rg BT 419.92 364.70 Td (sheet ) Tj ET Q q 0 0 0 rg BT 447.02 364.70 Td (to ) Tj ET Q q 0 0 0 rg BT 458.00 364.70 Td (continue ) Tj ET Q q 0 0 0 rg BT 498.44 364.70 Td (to ) Tj ET Q q 0 0 0 rg BT 509.42 364.70 Td (reduce ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 352.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 68.30 352.70 Td (during ) Tj ET Q q 0 0 0 rg BT 99.34 352.70 Td (this ) Tj ET Q q 0 0 0 rg BT 118.14 352.70 Td (dif) Tj ET Q q 0 0 0 rg BT 128.52 352.70 Td (ficult ) Tj ET Q q 0 0 0 rg BT 152.33 352.70 Td (period. ) Tj ET Q q 0 0 0 rg BT 188.93 352.70 Td (W) Tj ET Q q 0 0 0 rg BT 200.96 352.70 Td (e ) Tj ET Q q 0 0 0 rg BT 209.77 352.70 Td (are ) Tj ET Q q 0 0 0 rg BT 227.46 352.70 Td (humbled ) Tj ET Q q 0 0 0 rg BT 269.07 352.70 Td (by ) Tj ET Q q 0 0 0 rg BT 282.87 352.70 Td (Jef) Tj ET Q q 0 0 0 rg BT 296.03 352.70 Td (feries' ) Tj ET Q q 0 0 0 rg BT 325.64 352.70 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 367.79 352.70 Td (loss ) Tj ET Q q 0 0 0 rg BT 388.81 352.70 Td (and ) Tj ET Q q 0 0 0 rg BT 408.74 352.70 Td (will ) Tj ET Q q 0 0 0 rg BT 425.87 352.70 Td (strive ) Tj ET Q q 0 0 0 rg BT 453.01 352.70 Td (to ) Tj ET Q q 0 0 0 rg BT 464.59 352.70 Td (deliver ) Tj ET Q q 0 0 0 rg BT 497.29 352.70 Td (the ) Tj ET Q q 0 0 0 rg BT 514.44 352.70 Td (better ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 340.70 Td (results ) Tj ET Q q 0 0 0 rg BT 81.73 340.70 Td (that ) Tj ET Q q 0 0 0 rg BT 101.19 340.70 Td (our ) Tj ET Q q 0 0 0 rg BT 118.42 340.70 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 179.01 340.70 Td (deserve ) Tj ET Q q 0 0 0 rg BT 217.37 340.70 Td (and ) Tj ET Q q 0 0 0 rg BT 236.83 340.70 Td (Jef) Tj ET Q q 0 0 0 rg BT 249.99 340.70 Td (feries ) Tj ET Q q 0 0 0 rg BT 277.22 340.70 Td (is ) Tj ET Q q 0 0 0 rg BT 287.22 340.70 Td (more ) Tj ET Q q 0 0 0 rg BT 312.78 340.70 Td (than ) Tj ET Q q 0 0 0 rg BT 335.02 340.70 Td (capable ) Tj ET Q q 0 0 0 rg BT 372.83 340.70 Td (of ) Tj ET Q q 0 0 0 rg BT 383.95 340.70 Td (achieving.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 316.70 Td (While ) Tj ET Q q 0 0 0 rg BT 77.18 316.70 Td (we ) Tj ET Q q 0 0 0 rg BT 92.65 316.70 Td (are ) Tj ET Q q 0 0 0 rg BT 109.78 316.70 Td (early ) Tj ET Q q 0 0 0 rg BT 134.13 316.70 Td (in ) Tj ET Q q 0 0 0 rg BT 144.60 316.70 Td (the ) Tj ET Q q 0 0 0 rg BT 161.18 316.70 Td (second ) Tj ET Q q 0 0 0 rg BT 196.10 316.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 230.46 316.70 Td (and ) Tj ET Q q 0 0 0 rg BT 249.83 316.70 Td (one ) Tj ET Q q 0 0 0 rg BT 269.19 316.70 Td (can ) Tj ET Q q 0 0 0 rg BT 287.99 316.70 Td (never ) Tj ET Q q 0 0 0 rg BT 315.69 316.70 Td (predict ) Tj ET Q q 0 0 0 rg BT 348.38 316.70 Td (the ) Tj ET Q q 0 0 0 rg BT 364.96 316.70 Td (future, ) Tj ET Q q 0 0 0 rg BT 395.99 316.70 Td (it ) Tj ET Q q 0 0 0 rg BT 403.67 316.70 Td (appears ) Tj ET Q q 0 0 0 rg BT 442.49 316.70 Td (markets ) Tj ET Q q 0 0 0 rg BT 480.73 316.70 Td (have ) Tj ET Q q 0 0 0 rg BT 505.09 316.70 Td (not ) Tj ET Q q 0 0 0 rg BT 521.67 316.70 Td (only ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 304.70 Td (stabilized, ) Tj ET Q q 0 0 0 rg BT 97.09 304.70 Td (but ) Tj ET Q q 0 0 0 rg BT 114.12 304.70 Td (aggressively ) Tj ET Q q 0 0 0 rg BT 172.83 304.70 Td (snapped ) Tj ET Q q 0 0 0 rg BT 214.32 304.70 Td (back. ) Tj ET Q q 0 0 0 rg BT 244.13 304.70 Td (Bank ) Tj ET Q q 0 0 0 rg BT 270.04 304.70 Td (holding ) Tj ET Q q 0 0 0 rg BT 305.42 304.70 Td (company ) Tj ET Q q 0 0 0 rg BT 349.12 304.70 Td (stocks ) Tj ET Q q 0 0 0 rg BT 380.59 304.70 Td (in ) Tj ET Q q 0 0 0 rg BT 391.50 304.70 Td (the ) Tj ET Q q 0 0 0 rg BT 408.52 304.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 431.10 304.70 Td (and ) Tj ET Q q 0 0 0 rg BT 450.91 304.70 Td (globally ) Tj ET Q q 0 0 0 rg BT 487.94 304.70 Td (have ) Tj ET Q q 0 0 0 rg BT 512.75 304.70 Td (halted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 292.70 Td (their ) Tj ET Q q 0 0 0 rg BT 71.30 292.70 Td (sell-of) Tj ET Q q 0 0 0 rg BT 97.79 292.70 Td (f, ) Tj ET Q q 0 0 0 rg BT 105.69 292.70 Td (high ) Tj ET Q q 0 0 0 rg BT 126.94 292.70 Td (yield ) Tj ET Q q 0 0 0 rg BT 149.85 292.70 Td (inflows ) Tj ET Q q 0 0 0 rg BT 182.76 292.70 Td (have ) Tj ET Q q 0 0 0 rg BT 206.79 292.70 Td (been ) Tj ET Q q 0 0 0 rg BT 231.38 292.70 Td (at ) Tj ET Q q 0 0 0 rg BT 242.07 292.70 Td (record ) Tj ET Q q 0 0 0 rg BT 272.76 292.70 Td (levels, ) Tj ET Q q 0 0 0 rg BT 303.45 292.70 Td (hedge ) Tj ET Q q 0 0 0 rg BT 333.60 292.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 360.40 292.70 Td (appear ) Tj ET Q q 0 0 0 rg BT 393.89 292.70 Td (to ) Tj ET Q q 0 0 0 rg BT 404.57 292.70 Td (have ) Tj ET Q q 0 0 0 rg BT 428.60 292.70 Td (stabilized, ) Tj ET Q q 0 0 0 rg BT 475.41 292.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 504.44 292.70 Td (markets ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 280.70 Td (have ) Tj ET Q q 0 0 0 rg BT 74.38 280.70 Td (rebounded, ) Tj ET Q q 0 0 0 rg BT 128.19 280.70 Td (and ) Tj ET Q q 0 0 0 rg BT 148.07 280.70 Td (energy/commodity ) Tj ET Q q 0 0 0 rg BT 232.97 280.70 Td (prices ) Tj ET Q q 0 0 0 rg BT 262.84 280.70 Td (have ) Tj ET Q q 0 0 0 rg BT 287.73 280.70 Td (improved ) Tj ET Q q 0 0 0 rg BT 332.06 280.70 Td (significantly) Tj ET Q q 0 0 0 rg BT 383.00 280.70 Td (. ) Tj ET Q q 0 0 0 rg BT 391.76 280.70 Td (W) Tj ET Q q 0 0 0 rg BT 401.02 280.70 Td (e ) Tj ET Q q 0 0 0 rg BT 409.78 280.70 Td (are ) Tj ET Q q 0 0 0 rg BT 427.43 280.70 Td (experiencing ) Tj ET Q q 0 0 0 rg BT 487.34 280.70 Td (mark-ups ) Tj ET Q q 0 0 0 rg BT 532.21 280.70 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 268.70 Td (our ) Tj ET Q q 0 0 0 rg BT 67.44 268.70 Td (block ) Tj ET Q q 0 0 0 rg BT 94.26 268.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 124.43 268.70 Td (positions ) Tj ET Q q 0 0 0 rg BT 167.38 268.70 Td (and ) Tj ET Q q 0 0 0 rg BT 187.55 268.70 Td (believe ) Tj ET Q q 0 0 0 rg BT 222.72 268.70 Td (there ) Tj ET Q q 0 0 0 rg BT 248.99 268.70 Td (may ) Tj ET Q q 0 0 0 rg BT 271.37 268.70 Td (be ) Tj ET Q q 0 0 0 rg BT 285.97 268.70 Td (potential ) Tj ET Q q 0 0 0 rg BT 327.26 268.70 Td (upside ) Tj ET Q q 0 0 0 rg BT 360.21 268.70 Td (in ) Tj ET Q q 0 0 0 rg BT 371.48 268.70 Td (the ) Tj ET Q q 0 0 0 rg BT 388.86 268.70 Td (value ) Tj ET Q q 0 0 0 rg BT 416.25 268.70 Td (of ) Tj ET Q q 0 0 0 rg BT 428.07 268.70 Td (the ) Tj ET Q q 0 0 0 rg BT 445.46 268.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 472.85 268.70 Td (held ) Tj ET Q q 0 0 0 rg BT 495.24 268.70 Td (for ) Tj ET Q q 0 0 0 rg BT 510.39 268.70 Td (sale ) Tj ET Q q 0 0 0 rg BT 532.21 268.70 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 256.70 Td (Jef) Tj ET Q q 0 0 0 rg BT 62.66 256.70 Td (feries ) Tj ET Q q 0 0 0 rg BT 90.07 256.70 Td (Finance ) Tj ET Q q 0 0 0 rg BT 128.60 256.70 Td (should ) Tj ET Q q 0 0 0 rg BT 161.02 256.70 Td (the ) Tj ET Q q 0 0 0 rg BT 177.88 256.70 Td (current ) Tj ET Q q 0 0 0 rg BT 211.96 256.70 Td (market ) Tj ET Q q 0 0 0 rg BT 245.48 256.70 Td (tone ) Tj ET Q q 0 0 0 rg BT 267.90 256.70 Td (continue. ) Tj ET Q q 0 0 0 rg BT 314.22 256.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 333.84 256.70 Td (core ) Tj ET Q q 0 0 0 rg BT 356.25 256.70 Td (businesses ) Tj ET Q q 0 0 0 rg BT 409.24 256.70 Td (are ) Tj ET Q q 0 0 0 rg BT 426.65 256.70 Td (performing ) Tj ET Q q 0 0 0 rg BT 477.40 256.70 Td (well, ) Tj ET Q q 0 0 0 rg BT 500.36 256.70 Td (with ) Tj ET Q q 0 0 0 rg BT 521.10 256.70 Td (total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 244.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 76.04 244.70 Td (and ) Tj ET Q q 0 0 0 rg BT 95.91 244.70 Td (trading ) Tj ET Q q 0 0 0 rg BT 129.68 244.70 Td (net ) Tj ET Q q 0 0 0 rg BT 146.77 244.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 191.10 244.70 Td (for ) Tj ET Q q 0 0 0 rg BT 205.96 244.70 Td (the ) Tj ET Q q 0 0 0 rg BT 223.05 244.70 Td (first ) Tj ET Q q 0 0 0 rg BT 242.35 244.70 Td (ten ) Tj ET Q q 0 0 0 rg BT 259.44 244.70 Td (trading ) Tj ET Q q 0 0 0 rg BT 293.21 244.70 Td (days ) Tj ET Q q 0 0 0 rg BT 317.52 244.70 Td (of ) Tj ET Q q 0 0 0 rg BT 329.06 244.70 Td (our ) Tj ET Q q 0 0 0 rg BT 346.70 244.70 Td (second ) Tj ET Q q 0 0 0 rg BT 382.14 244.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 417.01 244.70 Td (averaging ) Tj ET Q q 0 0 0 rg BT 464.12 244.70 Td (above ) Tj ET Q q 0 0 0 rg BT 494.56 244.70 Td (our ) Tj ET Q q 0 0 0 rg BT 512.21 244.70 Td (recent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 232.70 Td (periods' ) Tj ET Q q 0 0 0 rg BT 86.99 232.70 Td (mean ) Tj ET Q q 0 0 0 rg BT 114.78 232.70 Td (results, ) Tj ET Q q 0 0 0 rg BT 149.79 232.70 Td (and ) Tj ET Q q 0 0 0 rg BT 169.25 232.70 Td (our ) Tj ET Q q 0 0 0 rg BT 186.48 232.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 237.62 232.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 275.42 232.70 Td (backlog ) Tj ET Q q 0 0 0 rg BT 312.67 232.70 Td (is ) Tj ET Q q 0 0 0 rg BT 322.67 232.70 Td (stronger) Tj ET Q q 0 0 0 rg BT 358.80 232.70 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 208.70 Td (With ) Tj ET Q q 0 0 0 rg BT 72.03 208.70 Td (our ) Tj ET Q q 0 0 0 rg BT 89.02 208.70 Td (strong ) Tj ET Q q 0 0 0 rg BT 119.35 208.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.57 208.70 Td (condition ) Tj ET Q q 0 0 0 rg BT 201.14 208.70 Td (and ) Tj ET Q q 0 0 0 rg BT 220.35 208.70 Td (solid ) Tj ET Q q 0 0 0 rg BT 243.46 208.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 287.69 208.70 Td (franchise, ) Tj ET Q q 0 0 0 rg BT 333.58 208.70 Td (as ) Tj ET Q q 0 0 0 rg BT 346.67 208.70 Td (well ) Tj ET Q q 0 0 0 rg BT 366.43 208.70 Td (as ) Tj ET Q q 0 0 0 rg BT 379.53 208.70 Td (continuing ) Tj ET Q q 0 0 0 rg BT 427.65 208.70 Td (developments ) Tj ET Q q 0 0 0 rg BT 492.45 208.70 Td (among ) Tj ET Q q 0 0 0 rg BT 525.56 208.70 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 196.70 Td (competitors ) Tj ET Q q 0 0 0 rg BT 103.91 196.70 Td (that ) Tj ET Q q 0 0 0 rg BT 123.32 196.70 Td (favor ) Tj ET Q q 0 0 0 rg BT 148.28 196.70 Td (our ) Tj ET Q q 0 0 0 rg BT 165.47 196.70 Td (model, ) Tj ET Q q 0 0 0 rg BT 198.21 196.70 Td (we ) Tj ET Q q 0 0 0 rg BT 213.72 196.70 Td (are ) Tj ET Q q 0 0 0 rg BT 230.91 196.70 Td (optimistic ) Tj ET Q q 0 0 0 rg BT 275.31 196.70 Td (about ) Tj ET Q q 0 0 0 rg BT 303.06 196.70 Td (Jef) Tj ET Q q 0 0 0 rg BT 316.22 196.70 Td (feries' ) Tj ET Q q 0 0 0 rg BT 345.32 196.70 Td (future. ) Tj ET Q q 0 0 0 rg BT 379.00 196.70 Td (The ) Tj ET Q q 0 0 0 rg BT 398.96 196.70 Td (recent ) Tj ET Q q 0 0 0 rg BT 429.48 196.70 Td (challenges, ) Tj ET Q q 0 0 0 rg BT 482.80 196.70 Td (together ) Tj ET Q q 0 0 0 rg BT 522.22 196.70 Td (with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 184.70 Td (other ) Tj ET Q q 0 0 0 rg BT 74.62 184.70 Td (issues ) Tj ET Q q 0 0 0 rg BT 105.29 184.70 Td (that ) Tj ET Q q 0 0 0 rg BT 124.30 184.70 Td (are ) Tj ET Q q 0 0 0 rg BT 141.08 184.70 Td (unique ) Tj ET Q q 0 0 0 rg BT 173.44 184.70 Td (to ) Tj ET Q q 0 0 0 rg BT 184.11 184.70 Td (them, ) Tj ET Q q 0 0 0 rg BT 211.45 184.70 Td (have ) Tj ET Q q 0 0 0 rg BT 235.46 184.70 Td (been ) Tj ET Q q 0 0 0 rg BT 260.03 184.70 Td (causing ) Tj ET Q q 0 0 0 rg BT 296.83 184.70 Td (many ) Tj ET Q q 0 0 0 rg BT 323.61 184.70 Td (of ) Tj ET Q q 0 0 0 rg BT 334.28 184.70 Td (our ) Tj ET Q q 0 0 0 rg BT 351.06 184.70 Td (primary ) Tj ET Q q 0 0 0 rg BT 386.72 184.70 Td (competitors ) Tj ET Q q 0 0 0 rg BT 440.74 184.70 Td (to ) Tj ET Q q 0 0 0 rg BT 451.40 184.70 Td (adapt ) Tj ET Q q 0 0 0 rg BT 478.76 184.70 Td (their ) Tj ET Q q 0 0 0 rg BT 500.54 184.70 Td (business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 172.70 Td (strategy) Tj ET Q q 0 0 0 rg BT 84.33 172.70 Td (, ) Tj ET Q q 0 0 0 rg BT 89.74 172.70 Td (shrink ) Tj ET Q q 0 0 0 rg BT 119.05 172.70 Td (aggressively) Tj ET Q q 0 0 0 rg BT 173.89 172.70 Td (, ) Tj ET Q q 0 0 0 rg BT 179.31 172.70 Td (and ) Tj ET Q q 0 0 0 rg BT 198.63 172.70 Td (focus ) Tj ET Q q 0 0 0 rg BT 225.16 172.70 Td (on ) Tj ET Q q 0 0 0 rg BT 238.92 172.70 Td (their ) Tj ET Q q 0 0 0 rg BT 261.01 172.70 Td (other ) Tj ET Q q 0 0 0 rg BT 286.44 172.70 Td (core ) Tj ET Q q 0 0 0 rg BT 308.53 172.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 352.86 172.70 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 408.31 172.70 Td (such ) Tj ET Q q 0 0 0 rg BT 432.07 172.70 Td (as ) Tj ET Q q 0 0 0 rg BT 445.26 172.70 Td (retail ) Tj ET Q q 0 0 0 rg BT 469.57 172.70 Td (and ) Tj ET Q q 0 0 0 rg BT 488.89 172.70 Td (commercial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 160.70 Td (banking. ) Tj ET Q q 0 0 0 rg BT 90.09 160.70 Td (W) Tj ET Q q 0 0 0 rg BT 102.13 160.70 Td (e ) Tj ET Q q 0 0 0 rg BT 110.47 160.70 Td (believe ) Tj ET Q q 0 0 0 rg BT 144.94 160.70 Td (there ) Tj ET Q q 0 0 0 rg BT 170.51 160.70 Td (is ) Tj ET Q q 0 0 0 rg BT 180.52 160.70 Td (a ) Tj ET Q q 0 0 0 rg BT 188.86 160.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 236.11 160.70 Td (long ) Tj ET Q q 0 0 0 rg BT 257.79 160.70 Td (term-opportunity ) Tj ET Q q 0 0 0 rg BT 333.38 160.70 Td (for ) Tj ET Q q 0 0 0 rg BT 347.83 160.70 Td (Jef) Tj ET Q q 0 0 0 rg BT 360.99 160.70 Td (feries ) Tj ET Q q 0 0 0 rg BT 388.23 160.70 Td (to ) Tj ET Q q 0 0 0 rg BT 399.35 160.70 Td (be ) Tj ET Q q 0 0 0 rg BT 413.25 160.70 Td (even ) Tj ET Q q 0 0 0 rg BT 437.72 160.70 Td (more ) Tj ET Q q 0 0 0 rg BT 463.28 160.70 Td (relevant ) Tj ET Q q 0 0 0 rg BT 501.64 160.70 Td (and ) Tj ET Q q 0 0 0 rg BT 521.11 160.70 Td (gain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 148.70 Td (further ) Tj ET Q q 0 0 0 rg BT 81.18 148.70 Td (market ) Tj ET Q q 0 0 0 rg BT 114.52 148.70 Td (share ) Tj ET Q q 0 0 0 rg BT 142.31 148.70 Td (in ) Tj ET Q q 0 0 0 rg BT 152.87 148.70 Td (serving ) Tj ET Q q 0 0 0 rg BT 187.89 148.70 Td (our ) Tj ET Q q 0 0 0 rg BT 205.12 148.70 Td (clients.) 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 69.73 741.75 Td (core ) Tj ET Q q 0 0 0 rg BT 92.75 741.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 123.00 741.75 Td (business ) Tj ET Q q 0 0 0 rg BT 166.04 741.75 Td (performed ) Tj ET Q q 0 0 0 rg BT 215.18 741.75 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 267.66 741.75 Td (well ) Tj ET Q q 0 0 0 rg BT 288.45 741.75 Td (during ) Tj ET Q q 0 0 0 rg BT 319.82 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 337.28 741.75 Td (quarter) Tj ET Q q 0 0 0 rg BT 368.42 741.75 Td (, ) Tj ET Q q 0 0 0 rg BT 374.76 741.75 Td (despite ) Tj ET Q q 0 0 0 rg BT 410.57 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 428.04 741.75 Td (challenging ) Tj ET Q q 0 0 0 rg BT 482.20 741.75 Td (environment. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 729.75 Td (Although ) Tj ET Q q 0 0 0 rg BT 91.10 729.75 Td (our ) Tj ET Q q 0 0 0 rg BT 107.67 729.75 Td (Equities ) Tj ET Q q 0 0 0 rg BT 145.36 729.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 188.62 729.75 Td (declined ) Tj ET Q q 0 0 0 rg BT 227.98 729.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 238.44 729.75 Td ($2 ) Tj ET Q q 0 0 0 rg BT 251.68 729.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.02 729.75 Td ( ) Tj ET Q q 0 0 0 rg BT 282.14 729.75 Td (for ) Tj ET Q q 0 0 0 rg BT 295.93 729.75 Td (the ) Tj ET Q q 0 0 0 rg BT 311.95 729.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 345.75 729.75 Td (from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 367.87 729.75 Td ($203 ) Tj ET Q q 0 0 0 rg BT 392.23 729.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 420.57 729.75 Td ( ) Tj ET Q q 0 0 0 rg BT 422.69 729.75 Td (for ) Tj ET Q q 0 0 0 rg BT 436.48 729.75 Td (the ) Tj ET Q q 0 0 0 rg BT 452.49 729.75 Td (first ) Tj ET Q q 0 0 0 rg BT 470.72 729.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 504.52 729.75 Td (of ) Tj ET Q q 0 0 0 rg BT 514.98 729.75 Td (2015, 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10.00 Tf ET q 0 0 0 rg BT 49.50 705.75 Td (including ) Tj ET Q q 0 0 0 rg BT 91.54 705.75 Td (KCG, ) Tj ET Q q 0 0 0 rg BT 118.55 705.75 Td (and ) Tj ET Q q 0 0 0 rg BT 137.80 705.75 Td (our ) Tj ET Q q 0 0 0 rg BT 154.81 705.75 Td (share ) Tj ET Q q 0 0 0 rg BT 182.39 705.75 Td (of ) Tj ET Q q 0 0 0 rg BT 193.30 705.75 Td (the ) Tj ET Q q 0 0 0 rg BT 209.76 705.75 Td (results ) Tj ET Q q 0 0 0 rg BT 241.78 705.75 Td (of ) Tj ET Q q 0 0 0 rg BT 252.68 705.75 Td (our ) Tj ET Q q 0 0 0 rg BT 269.70 705.75 Td (Jef) Tj ET Q q 0 0 0 rg BT 282.86 705.75 Td (feries ) Tj ET Q q 0 0 0 rg BT 309.88 705.75 Td (Finance ) Tj ET Q q 0 0 0 rg BT 348.02 705.75 Td (joint ) Tj ET Q q 0 0 0 rg BT 368.93 705.75 Td (venture. ) Tj ET Q q 0 0 0 rg BT 407.46 705.75 Td (The ) Tj ET Q q 0 0 0 rg BT 427.25 705.75 Td (two ) Tj ET Q q 0 0 0 rg BT 445.38 705.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 474.63 705.75 Td (block ) Tj ET Q q 0 0 0 rg BT 500.53 705.75 Td (positions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 693.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 98.71 693.75 Td (pre-tax, ) Tj ET Q q 0 0 0 rg BT 136.77 693.75 Td (mark ) Tj ET Q q 0 0 0 rg BT 163.16 693.75 Td (to ) Tj ET Q q 0 0 0 rg BT 175.67 693.75 Td (market ) Tj ET Q q 0 0 0 rg BT 210.39 693.75 Td (lossesduring ) Tj ET Q q 0 0 0 rg BT 273.48 693.75 Td (the ) Tj ET Q q 0 0 0 rg BT 291.55 693.75 Td (quarterthat ) Tj ET Q q 0 0 0 rg BT 346.86 693.75 Td (totaled ) Tj ET Q q 0 0 0 rg BT 381.05 693.75 Td ($82 ) Tj ET Q q 0 0 0 rg BT 401.90 693.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 437.18 693.75 Td ($67 ) Tj ET Q q 0 0 0 rg BT 458.03 693.75 Td (million ) Tj ET Q q 0 0 0 rg BT 490.54 693.75 Td (of ) Tj ET Q q 0 0 0 rg BT 503.04 693.75 Td (which ) Tj ET Q q 0 0 0 rg BT 532.78 693.75 Td (is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 681.75 Td (unrealized, ) Tj ET Q q 0 0 0 rg BT 100.88 681.75 Td (including ) Tj ET Q q 0 0 0 rg BT 142.81 681.75 Td (KCG, ) Tj ET Q q 0 0 0 rg BT 169.71 681.75 Td (which ) Tj ET Q q 0 0 0 rg BT 197.74 681.75 Td (was ) Tj ET Q q 0 0 0 rg BT 217.98 681.75 Td (written ) Tj ET Q q 0 0 0 rg BT 249.89 681.75 Td (down ) Tj ET Q q 0 0 0 rg BT 276.25 681.75 Td (by ) Tj ET Q q 0 0 0 rg BT 289.27 681.75 Td ($37 ) Tj ET Q q 0 0 0 rg BT 308.41 681.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 341.83 681.75 Td (This ) Tj ET Q q 0 0 0 rg BT 363.17 681.75 Td (compares ) Tj ET Q q 0 0 0 rg BT 409.54 681.75 Td (to ) Tj ET Q q 0 0 0 rg BT 420.33 681.75 Td (the ) Tj ET Q q 0 0 0 rg BT 436.69 681.75 Td (combined ) Tj ET Q q 0 0 0 rg BT 482.51 681.75 Td (net ) Tj ET Q q 0 0 0 rg BT 498.87 681.75 Td (revenues ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 669.75 Td (of ) Tj ET Q q 0 0 0 rg BT 59.91 669.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.88 669.75 Td (same ) Tj ET Q q 0 0 0 rg BT 102.40 669.75 Td (positions ) Tj ET Q q 0 0 0 rg BT 143.94 669.75 Td (of ) Tj ET Q q 0 0 0 rg BT 154.35 669.75 Td (positive ) Tj ET Q q 0 0 0 rg BT 190.32 669.75 Td ($30 ) Tj ET Q q 0 0 0 rg BT 209.07 669.75 Td (million ) Tj ET Q q 0 0 0 rg BT 239.48 669.75 Td (during ) Tj ET Q q 0 0 0 rg BT 269.35 669.75 Td (the ) Tj ET Q q 0 0 0 rg BT 285.32 669.75 Td (first ) Tj ET Q q 0 0 0 rg BT 303.50 669.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 337.25 669.75 Td (of ) Tj ET Q q 0 0 0 rg BT 347.66 669.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 374.75 669.75 Td (a ) Tj ET Q q 0 0 0 rg BT 382.38 669.75 Td (year-on-year ) Tj ET Q q 0 0 0 rg BT 441.14 669.75 Td (decline ) Tj ET Q q 0 0 0 rg BT 474.90 669.75 Td (of ) Tj ET Q q 0 0 0 rg BT 485.31 669.75 Td ($1) Tj ET Q q 0 0 0 rg BT 495.69 669.75 Td (12 ) Tj ET Q q 0 0 0 rg BT 508.88 669.75 Td (million. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 657.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.55 657.75 Td (the ) Tj ET Q q 0 0 0 rg BT 77.16 657.75 Td (first ) Tj ET Q q 0 0 0 rg BT 95.98 657.75 Td (ten ) Tj ET Q q 0 0 0 rg BT 112.59 657.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 145.88 657.75 Td (days ) Tj ET Q q 0 0 0 rg BT 169.71 657.75 Td (of ) Tj ET Q q 0 0 0 rg BT 180.76 657.75 Td (March, ) Tj ET Q q 0 0 0 rg BT 214.04 657.75 Td (the ) Tj ET Q q 0 0 0 rg BT 230.65 657.75 Td (same ) Tj ET Q q 0 0 0 rg BT 257.81 657.75 Td (two ) Tj ET Q q 0 0 0 rg BT 276.08 657.75 Td (positions ) Tj ET Q q 0 0 0 rg BT 318.26 657.75 Td (have ) Tj ET Q q 0 0 0 rg BT 342.66 657.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 388.73 657.75 Td (in ) Tj ET Q q 0 0 0 rg BT 399.22 657.75 Td (value ) Tj ET Q q 0 0 0 rg BT 425.84 657.75 Td (by ) Tj ET Q q 0 0 0 rg BT 439.11 657.75 Td ($18 ) Tj ET Q q 0 0 0 rg BT 458.50 657.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 492.33 657.75 Td (22% ) Tj ET Q q 0 0 0 rg BT 515.06 657.75 Td (of ) Tj ET Q q 0 0 0 rg BT 526.11 657.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 645.75 Td (first ) Tj ET Q q 0 0 0 rg BT 68.86 645.75 Td (quarter's ) Tj ET Q q 0 0 0 rg BT 110.71 645.75 Td (markdowns. ) Tj ET Q q 0 0 0 rg BT 167.86 645.75 Td ( ) Tj ET Q q 0 0 0 rg BT 171.12 645.75 Td (Inception ) Tj ET Q q 0 0 0 rg BT 214.95 645.75 Td (to ) Tj ET Q q 0 0 0 rg BT 226.55 645.75 Td (date ) Tj ET Q q 0 0 0 rg BT 249.26 645.75 Td (net ) Tj ET Q q 0 0 0 rg BT 266.41 645.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 310.80 645.75 Td (in ) Tj ET Q q 0 0 0 rg BT 321.84 645.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 357.88 645.75 Td (of ) Tj ET Q q 0 0 0 rg BT 369.48 645.75 Td (KCG ) Tj ET Q q 0 0 0 rg BT 394.40 645.75 Td (is ) Tj ET Q q 0 0 0 rg BT 404.87 645.75 Td ($259 ) Tj ET Q q 0 0 0 rg BT 430.37 645.75 Td (million ) Tj ET Q q 0 0 0 rg BT 461.96 645.75 Td (and ) Tj ET Q q 0 0 0 rg BT 481.90 645.75 Td (a ) Tj ET Q q 0 0 0 rg BT 490.71 645.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 511.75 645.75 Td (of ) Tj ET Q q 0 0 0 rg BT 523.34 645.75 Td ($10 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 633.75 Td (million ) Tj ET Q q 0 0 0 rg BT 80.62 633.75 Td (for ) Tj ET Q q 0 0 0 rg BT 95.07 633.75 Td (the ) Tj ET Q q 0 0 0 rg BT 111.75 633.75 Td (other ) Tj ET Q q 0 0 0 rg BT 137.32 633.75 Td (block ) Tj ET Q q 0 0 0 rg BT 163.44 633.75 Td (position. ) Tj ET Q q 0 0 0 rg BT 203.46 633.75 Td ( ) Tj ET Q q 0 0 0 rg BT 206.06 633.75 Td (That ) Tj ET Q q 0 0 0 rg BT 228.85 633.75 Td (position ) Tj ET Q q 0 0 0 rg BT 266.10 633.75 Td (was ) Tj ET Q q 0 0 0 rg BT 286.66 633.75 Td (reduced ) Tj ET Q q 0 0 0 rg BT 325.57 633.75 Td (in ) Tj ET Q q 0 0 0 rg BT 336.14 633.75 Td (size ) Tj ET Q q 0 0 0 rg BT 356.70 633.75 Td (by ) Tj ET Q q 0 0 0 rg BT 370.04 633.75 Td (38% ) Tj ET Q q 0 0 0 rg BT 392.83 633.75 Td (during ) Tj ET Q q 0 0 0 rg BT 423.41 633.75 Td (the ) Tj ET Q q 0 0 0 rg BT 440.09 633.75 Td (first ) Tj ET Q q 0 0 0 rg BT 458.97 633.75 Td (quarter) Tj ET Q q 0 0 0 rg BT 490.11 633.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 609.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.96 609.75 Td (share ) Tj ET Q q 0 0 0 rg BT 94.76 609.75 Td (of ) Tj ET Q q 0 0 0 rg BT 104.89 609.75 Td (the ) Tj ET Q q 0 0 0 rg BT 120.58 609.75 Td (results ) Tj ET Q q 0 0 0 rg BT 151.83 609.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 198.66 609.75 Td (by ) Tj ET Q q 0 0 0 rg BT 211.01 609.75 Td (our ) Tj ET Q q 0 0 0 rg BT 227.25 609.75 Td (50% ) Tj ET Q q 0 0 0 rg BT 249.05 609.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 293.09 609.75 Td (lending ) Tj ET Q q 0 0 0 rg BT 327.13 609.75 Td (joint ) Tj ET Q q 0 0 0 rg BT 347.26 609.75 Td (venture ) Tj ET Q q 0 0 0 rg BT 382.41 609.75 Td (with ) Tj ET Q q 0 0 0 rg BT 401.98 609.75 Td (Mass ) Tj ET Q q 0 0 0 rg BT 427.66 609.75 Td (Mutual, ) Tj ET Q q 0 0 0 rg BT 462.24 609.75 Td (Jef) Tj ET Q q 0 0 0 rg BT 475.40 609.75 Td (feries ) Tj ET Q q 0 0 0 rg BT 501.65 609.75 Td (Finance, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 597.75 Td (which ) Tj ET Q q 0 0 0 rg BT 77.41 597.75 Td (is ) Tj ET Q q 0 0 0 rg BT 86.97 597.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 128.78 597.75 Td (in ) Tj ET Q q 0 0 0 rg BT 138.90 597.75 Td (our ) Tj ET Q q 0 0 0 rg BT 155.69 597.75 Td (Equity ) Tj ET Q q 0 0 0 rg BT 185.83 597.75 Td (net ) Tj ET Q q 0 0 0 rg BT 202.07 597.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 245.55 597.75 Td (line, ) Tj ET Q q 0 0 0 rg BT 266.23 597.75 Td (was ) Tj ET Q q 0 0 0 rg BT 286.36 597.75 Td (a ) Tj ET Q q 0 0 0 rg BT 294.26 597.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 314.38 597.75 Td (of ) Tj ET Q q 0 0 0 rg BT 325.06 597.75 Td ($22 ) Tj ET Q q 0 0 0 rg BT 344.09 597.75 Td (million ) Tj ET Q q 0 0 0 rg BT 374.77 597.75 Td (for ) Tj ET Q q 0 0 0 rg BT 388.78 597.75 Td (the ) Tj ET Q q 0 0 0 rg BT 405.02 597.75 Td (first ) Tj ET Q q 0 0 0 rg BT 423.47 597.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 457.49 597.75 Td (of ) Tj ET Q q 0 0 0 rg BT 468.17 597.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 495.54 597.75 Td (compared ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 585.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.20 585.75 Td (positive ) Tj ET Q q 0 0 0 rg BT 96.47 585.75 Td (net ) Tj ET Q q 0 0 0 rg BT 112.73 585.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 153.45 585.75 Td (of ) Tj ET Q q 0 0 0 rg BT 164.16 585.75 Td ($1) Tj ET Q q 0 0 0 rg BT 174.54 585.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 182.46 585.75 Td (million ) Tj ET Q q 0 0 0 rg BT 213.16 585.75 Td (for ) Tj ET Q q 0 0 0 rg BT 227.19 585.75 Td (the ) Tj ET Q q 0 0 0 rg BT 243.46 585.75 Td (first ) Tj ET Q q 0 0 0 rg BT 261.93 585.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 295.97 585.75 Td (of ) Tj ET Q q 0 0 0 rg BT 306.67 585.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 334.06 585.75 Td (a ) Tj ET Q q 0 0 0 rg BT 341.98 585.75 Td (year-on-year ) Tj ET Q q 0 0 0 rg BT 401.04 585.75 Td (decline ) Tj ET Q q 0 0 0 rg BT 435.09 585.75 Td (of ) Tj ET Q q 0 0 0 rg BT 445.79 585.75 Td ($33 ) Tj ET Q q 0 0 0 rg BT 464.83 585.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 498.31 585.75 Td (Leverage ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 573.75 Td (lending ) Tj ET Q q 0 0 0 rg BT 84.80 573.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 118.41 573.75 Td (and ) Tj ET Q q 0 0 0 rg BT 138.14 573.75 Td (related ) Tj ET Q q 0 0 0 rg BT 171.76 573.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 208.16 573.75 Td (was ) Tj ET Q q 0 0 0 rg BT 228.99 573.75 Td (very ) Tj ET Q q 0 0 0 rg BT 250.93 573.75 Td (muted ) Tj ET Q q 0 0 0 rg BT 281.77 573.75 Td (during ) Tj ET Q q 0 0 0 rg BT 312.61 573.75 Td (the ) Tj ET Q q 0 0 0 rg BT 329.56 573.75 Td (quarter) Tj ET Q q 0 0 0 rg BT 360.69 573.75 Td (, ) Tj ET Q q 0 0 0 rg BT 366.52 573.75 Td (and ) Tj ET Q q 0 0 0 rg BT 386.25 573.75 Td (two ) Tj ET Q q 0 0 0 rg BT 404.86 573.75 Td (loans ) Tj ET Q q 0 0 0 rg BT 431.81 573.75 Td (Jef) Tj ET Q q 0 0 0 rg BT 444.97 573.75 Td (feries ) Tj ET Q q 0 0 0 rg BT 472.47 573.75 Td (Finance ) Tj ET Q q 0 0 0 rg BT 511.09 573.75 Td (closed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 561.75 Td (during ) Tj ET Q q 0 0 0 rg BT 79.71 561.75 Td (the ) Tj ET Q q 0 0 0 rg BT 96.02 561.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 130.11 561.75 Td (and ) Tj ET Q q 0 0 0 rg BT 149.20 561.75 Td (held ) Tj ET Q q 0 0 0 rg BT 170.52 561.75 Td (for ) Tj ET Q q 0 0 0 rg BT 184.59 561.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 205.35 561.75 Td (as ) Tj ET Q q 0 0 0 rg BT 218.32 561.75 Td (of ) Tj ET Q q 0 0 0 rg BT 229.06 561.75 Td (the ) Tj ET Q q 0 0 0 rg BT 245.37 561.75 Td (end ) Tj ET Q q 0 0 0 rg BT 264.47 561.75 Td (of ) Tj ET Q q 0 0 0 rg BT 275.21 561.75 Td (the ) Tj ET Q q 0 0 0 rg BT 291.52 561.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 325.62 561.75 Td (were ) Tj ET Q q 0 0 0 rg BT 349.70 561.75 Td (marked ) Tj ET Q q 0 0 0 rg BT 385.45 561.75 Td (down ) Tj ET Q q 0 0 0 rg BT 411.77 561.75 Td (by ) Tj ET Q q 0 0 0 rg BT 424.74 561.75 Td (a ) Tj ET Q q 0 0 0 rg BT 432.71 561.75 Td (total ) Tj ET Q q 0 0 0 rg BT 454.02 561.75 Td (of ) Tj ET Q q 0 0 0 rg BT 464.76 561.75 Td ($38 ) Tj ET Q q 0 0 0 rg BT 483.86 561.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 520.01 561.75 Td (That ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 549.75 Td (is ) Tj ET Q q 0 0 0 rg BT 59.47 549.75 Td (reflected ) Tj ET Q q 0 0 0 rg BT 100.58 549.75 Td (in ) Tj ET Q q 0 0 0 rg BT 111.12 549.75 Td (our ) Tj ET Q q 0 0 0 rg BT 128.32 549.75 Td (share ) Tj ET Q q 0 0 0 rg BT 156.09 549.75 Td (of ) Tj ET Q q 0 0 0 rg BT 167.18 549.75 Td (Jef) Tj ET Q q 0 0 0 rg BT 180.34 549.75 Td (feries ) Tj ET Q q 0 0 0 rg BT 207.55 549.75 Td (Finance's ) Tj ET Q q 0 0 0 rg BT 252.78 549.75 Td (results. ) Tj ET Q q 0 0 0 rg BT 287.77 549.75 Td ( ) Tj ET Q q 0 0 0 rg BT 290.34 549.75 Td (The ) Tj ET Q q 0 0 0 rg BT 310.33 549.75 Td (two ) Tj ET Q q 0 0 0 rg BT 328.64 549.75 Td (loans ) Tj ET Q q 0 0 0 rg BT 355.30 549.75 Td (held ) Tj ET Q q 0 0 0 rg BT 376.96 549.75 Td (for ) Tj ET Q q 0 0 0 rg BT 391.38 549.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 412.48 549.75 Td (in ) Tj ET Q q 0 0 0 rg BT 423.01 549.75 Td (Jef) Tj ET Q q 0 0 0 rg BT 436.17 549.75 Td (feries ) Tj ET Q q 0 0 0 rg BT 463.38 549.75 Td (Finance ) Tj ET Q q 0 0 0 rg BT 501.71 549.75 Td (as ) Tj ET Q q 0 0 0 rg BT 515.02 549.75 Td (of ) Tj ET Q q 0 0 0 rg BT 526.11 549.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 537.75 Td (end ) Tj ET Q q 0 0 0 rg BT 68.39 537.75 Td (of ) Tj ET Q q 0 0 0 rg BT 78.94 537.75 Td (February ) Tj ET Q q 0 0 0 rg BT 121.16 537.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 145.61 537.75 Td (were ) Tj ET Q q 0 0 0 rg BT 169.49 537.75 Td (marked ) Tj ET Q q 0 0 0 rg BT 205.04 537.75 Td (at ) Tj ET Q q 0 0 0 rg BT 215.59 537.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 244.47 537.75 Td (believed ) Tj ET Q q 0 0 0 rg BT 283.92 537.75 Td (to ) Tj ET Q q 0 0 0 rg BT 294.47 537.75 Td (be ) Tj ET Q q 0 0 0 rg BT 307.80 537.75 Td (required ) Tj ET Q q 0 0 0 rg BT 346.70 537.75 Td (to ) Tj ET Q q 0 0 0 rg BT 357.24 537.75 Td (clear ) Tj ET Q q 0 0 0 rg BT 381.12 537.75 Td (their ) Tj ET Q q 0 0 0 rg BT 402.78 537.75 Td (sale, ) Tj ET Q q 0 0 0 rg BT 426.11 537.75 Td (with ) Tj ET Q q 0 0 0 rg BT 446.10 537.75 Td (the ) Tj ET Q q 0 0 0 rg BT 462.21 537.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 502.22 537.75 Td (for ) Tj ET Q q 0 0 0 rg BT 516.10 537.75 Td (gains ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 525.75 Td (should ) Tj ET Q q 0 0 0 rg BT 81.46 525.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 119.51 525.75 Td (improve ) Tj ET Q q 0 0 0 rg BT 157.57 525.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 180.06 525.75 Td (to ) Tj ET Q q 0 0 0 rg BT 190.89 525.75 Td (sell-down. ) Tj ET Q q 0 0 0 rg BT 241.18 525.75 Td (Jef) Tj ET Q q 0 0 0 rg BT 254.34 525.75 Td (feries ) Tj ET Q q 0 0 0 rg BT 281.29 525.75 Td (Finance's ) Tj ET Q q 0 0 0 rg BT 326.26 525.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 355.44 525.75 Td (is ) Tj ET Q q 0 0 0 rg BT 365.15 525.75 Td ($949 ) Tj ET Q q 0 0 0 rg BT 389.89 525.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 423.50 525.75 Td ( ) Tj ET Q q 0 0 0 rg BT 425.99 525.75 Td (Jef) Tj ET Q q 0 0 0 rg BT 439.15 525.75 Td (feries ) Tj ET Q q 0 0 0 rg BT 466.09 525.75 Td (Finance ) Tj ET Q q 0 0 0 rg BT 504.16 525.75 Td (is ) Tj ET Q q 0 0 0 rg BT 513.87 525.75 Td (highly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 513.75 Td (liquid ) Tj ET Q q 0 0 0 rg BT 76.35 513.75 Td (and ) Tj ET Q q 0 0 0 rg BT 96.54 513.75 Td (positionedwell ) Tj ET Q q 0 0 0 rg BT 165.63 513.75 Td (to ) Tj ET Q q 0 0 0 rg BT 177.48 513.75 Td (serve ) Tj ET Q q 0 0 0 rg BT 205.43 513.75 Td (our ) Tj ET Q q 0 0 0 rg BT 223.38 513.75 Td (clients ) Tj ET Q q 0 0 0 rg BT 255.23 513.75 Td (in ) Tj ET Q q 0 0 0 rg BT 266.52 513.75 Td (this ) Tj ET Q q 0 0 0 rg BT 285.58 513.75 Td (important ) Tj ET Q q 0 0 0 rg BT 330.76 513.75 Td (business ) Tj ET Q q 0 0 0 rg BT 373.73 513.75 Td (as ) Tj ET Q q 0 0 0 rg BT 387.80 513.75 Td (the ) Tj ET Q q 0 0 0 rg BT 405.20 513.75 Td (market ) Tj ET Q q 0 0 0 rg BT 439.26 513.75 Td (recovers. ) Tj ET Q q 0 0 0 rg BT 486.67 513.75 Td (W) Tj ET Q q 0 0 0 rg BT 495.92 513.75 Td (e ) Tj ET Q q 0 0 0 rg BT 504.99 513.75 Td (recently ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 501.75 Td (strengthened ) Tj ET Q q 0 0 0 rg BT 110.63 501.75 Td (our ) Tj ET Q q 0 0 0 rg BT 127.84 501.75 Td (Leveraged ) Tj ET Q q 0 0 0 rg BT 177.86 501.75 Td (Finance ) Tj ET Q q 0 0 0 rg BT 216.19 501.75 Td (origination ) Tj ET Q q 0 0 0 rg BT 265.09 501.75 Td (team ) Tj ET Q q 0 0 0 rg BT 290.08 501.75 Td (and ) Tj ET Q q 0 0 0 rg BT 309.52 501.75 Td (expect ) Tj ET Q q 0 0 0 rg BT 341.73 501.75 Td (to ) Tj ET Q q 0 0 0 rg BT 352.83 501.75 Td (grow ) Tj ET Q q 0 0 0 rg BT 377.26 501.75 Td (further ) Tj ET Q q 0 0 0 rg BT 408.92 501.75 Td (our ) Tj ET Q q 0 0 0 rg BT 426.12 501.75 Td (presence ) Tj ET Q q 0 0 0 rg BT 470.02 501.75 Td (in ) Tj ET Q q 0 0 0 rg BT 480.56 501.75 Td (this ) Tj ET Q q 0 0 0 rg BT 498.87 501.75 Td (segment. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 477.75 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 77.14 477.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 113.12 477.75 Td (net ) Tj ET Q q 0 0 0 rg BT 130.21 477.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 174.53 477.75 Td (for ) Tj ET Q q 0 0 0 rg BT 189.39 477.75 Td (the ) Tj ET Q q 0 0 0 rg BT 206.48 477.75 Td (first ) Tj ET Q q 0 0 0 rg BT 225.77 477.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 260.64 477.75 Td (were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 285.50 477.75 Td ($57 ) Tj ET Q q 0 0 0 rg BT 305.37 477.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 333.71 477.75 Td (, ) Tj ET Q q 0 0 0 rg BT 339.68 477.75 Td (an ) Tj ET Q q 0 0 0 rg BT 353.99 477.75 Td (improvement ) Tj ET Q q 0 0 0 rg BT 414.97 477.75 Td (over ) Tj ET Q q 0 0 0 rg BT 437.61 477.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.70 477.75 Td ($9 ) Tj ET Q q 0 0 0 rg BT 469.01 477.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 497.35 477.75 Td ( ) Tj ET Q q 0 0 0 rg BT 500.54 477.75 Td (recorded ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 465.75 Td (for ) Tj ET Q q 0 0 0 rg BT 64.45 465.75 Td (last ) Tj ET Q q 0 0 0 rg BT 83.29 465.75 Td (year) Tj ET Q q 0 0 0 rg BT 103.11 465.75 Td () Tj ET Q q 0 0 0 rg BT 105.15 465.75 Td (s ) Tj ET Q q 0 0 0 rg BT 113.43 465.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 142.28 465.75 Td (quarter) Tj ET Q q 0 0 0 rg BT 173.41 465.75 Td (, ) Tj ET Q q 0 0 0 rg BT 179.47 465.75 Td (despite ) Tj ET Q q 0 0 0 rg BT 214.99 465.75 Td (markdowns ) Tj ET Q q 0 0 0 rg BT 269.39 465.75 Td (in ) Tj ET Q q 0 0 0 rg BT 280.46 465.75 Td (less ) Tj ET Q q 0 0 0 rg BT 301.52 465.75 Td (liquid ) Tj ET Q q 0 0 0 rg BT 328.14 465.75 Td (positions. ) Tj ET Q q 0 0 0 rg BT 373.67 465.75 Td (W) Tj ET Q q 0 0 0 rg BT 382.92 465.75 Td (e ) Tj ET Q q 0 0 0 rg BT 391.76 465.75 Td (expect ) Tj ET Q q 0 0 0 rg BT 424.50 465.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 471.15 465.75 Td (improvement ) Tj ET Q q 0 0 0 rg BT 532.22 465.75 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 453.75 Td (our ) Tj ET Q q 0 0 0 rg BT 66.73 453.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 90.63 453.75 Td (income ) Tj ET Q q 0 0 0 rg BT 125.65 453.75 Td (results ) Tj ET Q q 0 0 0 rg BT 157.88 453.75 Td (in ) Tj ET Q q 0 0 0 rg BT 168.44 453.75 Td (coming ) Tj ET Q q 0 0 0 rg BT 203.46 453.75 Td (quarters. ) Tj ET Q q 0 0 0 rg BT 245.70 453.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 429.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 101.83 429.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 140.27 429.75 Td (net ) Tj ET Q q 0 0 0 rg BT 157.59 429.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 202.14 429.75 Td (for ) Tj ET Q q 0 0 0 rg BT 217.22 429.75 Td (the ) Tj ET Q q 0 0 0 rg BT 234.54 429.75 Td (first ) Tj ET Q q 0 0 0 rg BT 254.06 429.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 289.16 429.75 Td (were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.25 429.75 Td ($231 ) Tj ET Q q 0 0 0 rg BT 339.91 429.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 368.25 429.75 Td (, ) Tj ET Q q 0 0 0 rg BT 374.44 429.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 422.33 429.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.08 429.75 Td ($272 ) Tj ET Q q 0 0 0 rg BT 459.74 429.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.08 429.75 Td ( ) Tj ET Q q 0 0 0 rg BT 491.49 429.75 Td (for ) Tj ET Q q 0 0 0 rg BT 506.58 429.75 Td (the ) Tj ET Q q 0 0 0 rg BT 523.90 429.75 Td (first ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 417.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 83.90 417.75 Td (of ) Tj ET Q q 0 0 0 rg BT 94.95 417.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 122.69 417.75 Td (a ) Tj ET Q q 0 0 0 rg BT 130.96 417.75 Td (decline ) Tj ET Q q 0 0 0 rg BT 165.37 417.75 Td (of ) Tj ET Q q 0 0 0 rg BT 176.42 417.75 Td ($41 ) Tj ET Q q 0 0 0 rg BT 195.82 417.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 229.47 417.75 Td (This ) Tj ET Q q 0 0 0 rg BT 251.08 417.75 Td (is ) Tj ET Q q 0 0 0 rg BT 261.01 417.75 Td (substantially ) Tj ET Q q 0 0 0 rg BT 318.76 417.75 Td (a ) Tj ET Q q 0 0 0 rg BT 327.03 417.75 Td (result ) Tj ET Q q 0 0 0 rg BT 354.20 417.75 Td (of ) Tj ET Q q 0 0 0 rg BT 365.25 417.75 Td (Equity ) Tj ET Q q 0 0 0 rg BT 395.76 417.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 429.60 417.75 Td (Markets ) Tj ET Q q 0 0 0 rg BT 467.87 417.75 Td (net ) Tj ET Q q 0 0 0 rg BT 484.49 417.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 528.34 417.75 Td (for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 405.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.49 405.75 Td (first ) Tj ET Q q 0 0 0 rg BT 83.69 405.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 117.46 405.75 Td (being ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.02 405.75 Td ($44 ) Tj ET Q q 0 0 0 rg BT 162.79 405.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 191.13 405.75 Td ( ) Tj ET Q q 0 0 0 rg BT 193.22 405.75 Td (versus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 224.77 405.75 Td ($79 ) Tj ET Q q 0 0 0 rg BT 243.54 405.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 271.88 405.75 Td ( ) Tj ET Q q 0 0 0 rg BT 273.97 405.75 Td (for ) Tj ET Q q 0 0 0 rg BT 287.73 405.75 Td (the ) Tj ET Q q 0 0 0 rg BT 303.72 405.75 Td (comparable ) Tj ET Q q 0 0 0 rg BT 358.06 405.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 391.83 405.75 Td (in ) Tj ET Q q 0 0 0 rg BT 401.71 405.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 428.82 405.75 Td (a ) Tj ET Q q 0 0 0 rg BT 436.47 405.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 479.70 405.75 Td (of ) Tj ET Q q 0 0 0 rg BT 490.13 405.75 Td ($35 ) Tj ET Q q 0 0 0 rg BT 508.90 405.75 Td (million. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 393.75 Td (As ) Tj ET Q q 0 0 0 rg BT 64.32 393.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 94.16 393.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 123.99 393.75 Td (fell ) Tj ET Q q 0 0 0 rg BT 139.92 393.75 Td (during ) Tj ET Q q 0 0 0 rg BT 170.87 393.75 Td (the ) Tj ET Q q 0 0 0 rg BT 187.93 393.75 Td (quarter) Tj ET Q q 0 0 0 rg BT 219.06 393.75 Td (, ) Tj ET Q q 0 0 0 rg BT 224.99 393.75 Td (a ) Tj ET Q q 0 0 0 rg BT 233.71 393.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 281.33 393.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 315.06 393.75 Td (of ) Tj ET Q q 0 0 0 rg BT 326.55 393.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 356.39 393.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 388.45 393.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 427.16 393.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 460.87 393.75 Td (was ) Tj ET Q q 0 0 0 rg BT 481.81 393.75 Td (postponed ) Tj ET Q q 0 0 0 rg BT 531.67 393.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 381.75 Td (future ) Tj ET Q q 0 0 0 rg BT 77.85 381.75 Td (periods. ) Tj ET Q q 0 0 0 rg BT 116.20 381.75 Td ( ) Tj ET Q q 0 0 0 rg BT 118.98 381.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 138.43 381.75 Td (second ) Tj ET Q q 0 0 0 rg BT 173.46 381.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 207.92 381.75 Td (backlog ) Tj ET Q q 0 0 0 rg BT 245.16 381.75 Td (is ) Tj ET Q q 0 0 0 rg BT 255.16 381.75 Td (solid.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 357.75 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 100.11 357.75 Td (with ) Tj ET Q q 0 0 0 rg BT 121.25 357.75 Td (our ) Tj ET Q q 0 0 0 rg BT 139.06 357.75 Td (strategy) Tj ET Q q 0 0 0 rg BT 173.89 357.75 Td (, ) Tj ET Q q 0 0 0 rg BT 180.03 357.75 Td (our ) Tj ET Q q 0 0 0 rg BT 197.84 357.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 236.23 357.75 Td (sheet, ) Tj ET Q q 0 0 0 rg BT 266.84 357.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 303.55 357.75 Td (and ) Tj ET Q q 0 0 0 rg BT 323.59 357.75 Td (key ) Tj ET Q q 0 0 0 rg BT 342.51 357.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 361.42 357.75 Td (metrics ) Tj ET Q q 0 0 0 rg BT 397.01 357.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 428.17 357.75 Td (the ) Tj ET Q q 0 0 0 rg BT 445.44 357.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 480.48 357.75 Td (at ) Tj ET Q q 0 0 0 rg BT 492.18 357.75 Td (even ) Tj ET Q q 0 0 0 rg BT 517.23 357.75 Td (more ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 345.75 Td (conservative ) Tj ET Q q 0 0 0 rg BT 108.15 345.75 Td (levels ) Tj ET Q q 0 0 0 rg BT 136.23 345.75 Td (than ) Tj ET Q q 0 0 0 rg BT 158.21 345.75 Td (after ) Tj ET Q q 0 0 0 rg BT 180.74 345.75 Td (we ) Tj ET Q q 0 0 0 rg BT 196.04 345.75 Td (took ) Tj ET Q q 0 0 0 rg BT 217.45 345.75 Td (aggressive ) Tj ET Q q 0 0 0 rg BT 268.33 345.75 Td (actions ) Tj ET Q q 0 0 0 rg BT 302.53 345.75 Td (in ) Tj ET Q q 0 0 0 rg BT 312.82 345.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 340.91 345.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 375.11 345.75 Td (2015. ) Tj ET Q q 0 0 0 rg BT 405.43 345.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 424.61 345.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 462.16 345.75 Td (sheet ) Tj ET Q q 0 0 0 rg BT 489.14 345.75 Td (at ) Tj ET Q q 0 0 0 rg BT 499.99 345.75 Td (February ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 333.75 Td (29, ) Tj ET Q q 0 0 0 rg BT 66.32 333.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 91.48 333.75 Td (was ) Tj ET Q q 0 0 0 rg BT 112.18 333.75 Td ($35.2 ) Tj ET Q q 0 0 0 rg BT 140.12 333.75 Td (billion, ) Tj ET Q q 0 0 0 rg BT 171.38 333.75 Td (down ) Tj ET Q q 0 0 0 rg BT 198.20 333.75 Td ($3.4 ) Tj ET Q q 0 0 0 rg BT 220.58 333.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 249.07 333.75 Td (from ) Tj ET Q q 0 0 0 rg BT 271.98 333.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 297.15 333.75 Td (year-end ) Tj ET Q q 0 0 0 rg BT 339.53 333.75 Td (and ) Tj ET Q q 0 0 0 rg BT 359.13 333.75 Td ($8.6 ) Tj ET Q q 0 0 0 rg BT 381.51 333.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 410.00 333.75 Td (from ) Tj ET Q q 0 0 0 rg BT 432.91 333.75 Td (the ) Tj ET Q q 0 0 0 rg BT 449.73 333.75 Td (year ) Tj ET Q q 0 0 0 rg BT 472.10 333.75 Td (ago ) Tj ET Q q 0 0 0 rg BT 491.70 333.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 525.19 333.75 Td (W) Tj ET Q q 0 0 0 rg BT 534.45 333.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 321.75 Td (estimate ) Tj ET Q q 0 0 0 rg BT 89.76 321.75 Td (period-end ) Tj ET Q q 0 0 0 rg BT 140.04 321.75 Td (tangible ) Tj ET Q q 0 0 0 rg BT 177.54 321.75 Td (leverage ) Tj ET Q q 0 0 0 rg BT 218.37 321.75 Td (to ) Tj ET Q q 0 0 0 rg BT 229.17 321.75 Td (be ) Tj ET Q q 0 0 0 rg BT 242.76 321.75 Td (9.8 ) Tj ET Q q 0 0 0 rg BT 259.13 321.75 Td (times. ) Tj ET Q q 0 0 0 rg BT 291.05 321.75 Td (W) Tj ET Q q 0 0 0 rg BT 300.31 321.75 Td (e ) Tj ET Q q 0 0 0 rg BT 308.34 321.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 348.61 321.75 Td (to ) Tj ET Q q 0 0 0 rg BT 359.42 321.75 Td (have ) Tj ET Q q 0 0 0 rg BT 383.57 321.75 Td (ample ) Tj ET Q q 0 0 0 rg BT 413.28 321.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 446.87 321.75 Td (liquidity) Tj ET Q q 0 0 0 rg BT 479.47 321.75 Td (. ) Tj ET Q q 0 0 0 rg BT 484.23 321.75 Td (At ) Tj ET Q q 0 0 0 rg BT 496.15 321.75 Td (the ) Tj ET Q q 0 0 0 rg BT 512.51 321.75 Td (end ) Tj ET Q q 0 0 0 rg BT 531.67 321.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 309.75 Td (the ) Tj ET Q q 0 0 0 rg BT 66.48 309.75 Td (first ) Tj ET Q q 0 0 0 rg BT 85.66 309.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 120.42 309.75 Td (our ) Tj ET Q q 0 0 0 rg BT 137.94 309.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 174.37 309.75 Td (buf) Tj ET Q q 0 0 0 rg BT 188.09 309.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 202.83 309.75 Td (was ) Tj ET Q q 0 0 0 rg BT 223.69 309.75 Td (about ) Tj ET Q q 0 0 0 rg BT 251.79 309.75 Td ($4.3 ) Tj ET Q q 0 0 0 rg BT 274.33 309.75 Td (billion ) Tj ET Q q 0 0 0 rg BT 302.97 309.75 Td (and ) Tj ET Q q 0 0 0 rg BT 322.73 309.75 Td (represented ) Tj ET Q q 0 0 0 rg BT 379.17 309.75 Td (12.9% ) Tj ET Q q 0 0 0 rg BT 410.60 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 422.02 309.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 449.54 309.75 Td (tangible ) Tj ET Q q 0 0 0 rg BT 487.65 309.75 Td (assets. ) Tj ET Q q 0 0 0 rg BT 522.40 309.75 Td (W) Tj ET Q q 0 0 0 rg BT 534.44 309.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 297.75 Td (repaid ) Tj ET Q q 0 0 0 rg BT 79.86 297.75 Td (our ) Tj ET Q q 0 0 0 rg BT 96.88 297.75 Td ($350 ) Tj ET Q q 0 0 0 rg BT 121.70 297.75 Td (million ) Tj ET Q q 0 0 0 rg BT 152.60 297.75 Td (March ) Tj ET Q q 0 0 0 rg BT 182.95 297.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 204.98 297.75 Td (maturity ) Tj ET Q q 0 0 0 rg BT 243.11 297.75 Td (today ) Tj ET Q q 0 0 0 rg BT 270.14 297.75 Td (from ) Tj ET Q q 0 0 0 rg BT 292.71 297.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 316.40 297.75 Td (on ) Tj ET Q q 0 0 0 rg BT 330.09 297.75 Td (hand ) Tj ET Q q 0 0 0 rg BT 354.90 297.75 Td (and ) Tj ET Q q 0 0 0 rg BT 374.15 297.75 Td (have ) Tj ET Q q 0 0 0 rg BT 398.41 297.75 Td (retired ) Tj ET Q q 0 0 0 rg BT 429.32 297.75 Td (a ) Tj ET Q q 0 0 0 rg BT 437.45 297.75 Td (net ) Tj ET Q q 0 0 0 rg BT 453.91 297.75 Td ($784 ) Tj ET Q q 0 0 0 rg BT 478.73 297.75 Td (million ) Tj ET Q q 0 0 0 rg BT 509.63 297.75 Td (of ) Tj ET Q q 0 0 0 rg BT 520.54 297.75 Td (debt ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 285.75 Td (in ) Tj ET Q q 0 0 0 rg BT 59.63 285.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.88 285.75 Td (last ) Tj ET Q q 0 0 0 rg BT 93.78 285.75 Td (six ) Tj ET Q q 0 0 0 rg BT 108.35 285.75 Td (months. ) Tj ET Q q 0 0 0 rg BT 149.05 285.75 Td (OurLevel ) Tj ET Q q 0 0 0 rg BT 194.75 285.75 Td (3 ) Tj ET Q q 0 0 0 rg BT 202.65 285.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 233.90 285.75 Td (decreased ) Tj ET Q q 0 0 0 rg BT 282.95 285.75 Td (10% ) Tj ET Q q 0 0 0 rg BT 305.31 285.75 Td (to ) Tj ET Q q 0 0 0 rg BT 315.99 285.75 Td ($489 ) Tj ET Q q 0 0 0 rg BT 340.58 285.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 374.05 285.75 Td (from ) Tj ET Q q 0 0 0 rg BT 396.39 285.75 Td (the ) Tj ET Q q 0 0 0 rg BT 412.64 285.75 Td (year ) Tj ET Q q 0 0 0 rg BT 434.44 285.75 Td (end ) Tj ET Q q 0 0 0 rg BT 453.47 285.75 Td (level ) Tj ET Q q 0 0 0 rg BT 476.38 285.75 Td (of ) Tj ET Q q 0 0 0 rg BT 487.07 285.75 Td ($542 ) Tj ET Q q 0 0 0 rg BT 511.66 285.75 Td (million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 273.75 Td (and ) Tj ET Q q 0 0 0 rg BT 69.16 273.75 Td (represents ) Tj ET Q q 0 0 0 rg BT 119.39 273.75 Td (3.6% ) Tj ET Q q 0 0 0 rg BT 145.16 273.75 Td (of ) Tj ET Q q 0 0 0 rg BT 156.48 273.75 Td (inventory) Tj ET Q q 0 0 0 rg BT 196.31 273.75 Td (. ) Tj ET Q q 0 0 0 rg BT 204.26 273.75 Td (A) Tj ET Q q 0 0 0 rg BT 210.75 273.75 Td (verage ) Tj ET Q q 0 0 0 rg BT 244.30 273.75 Td (V) Tj ET Q q 0 0 0 rg BT 250.23 273.75 Td (aR ) Tj ET Q q 0 0 0 rg BT 265.99 273.75 Td (for ) Tj ET Q q 0 0 0 rg BT 280.64 273.75 Td (the ) Tj ET Q q 0 0 0 rg BT 297.52 273.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 332.19 273.75 Td (of ) Tj ET Q q 0 0 0 rg BT 343.50 273.75 Td ($8.4 ) Tj ET Q q 0 0 0 rg BT 365.95 273.75 Td (million ) Tj ET Q q 0 0 0 rg BT 397.26 273.75 Td (was ) Tj ET Q q 0 0 0 rg BT 418.03 273.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 444.90 273.75 Td (by ) Tj ET Q q 0 0 0 rg BT 458.44 273.75 Td (13%, ) Tj ET Q q 0 0 0 rg BT 484.21 273.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 531.66 273.75 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 261.75 Td ($9.7 ) Tj ET Q q 0 0 0 rg BT 71.74 261.75 Td (million ) Tj ET Q q 0 0 0 rg BT 102.86 261.75 Td (for ) Tj ET Q q 0 0 0 rg BT 117.31 261.75 Td (the ) Tj ET Q q 0 0 0 rg BT 133.99 261.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 162.34 261.75 Td (quarter) Tj ET Q q 0 0 0 rg BT 193.47 261.75 Td (.") Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.12156862745098039 0.28627450980392155 0.49019607843137253 rg BT 202.58 261.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 225.75 Td (The ) Tj ET Q q 0 0 0 rg BT 70.02 225.75 Td (attached ) Tj ET Q q 0 0 0 rg BT 111.67 225.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 151.65 225.75 Td (tables ) Tj ET Q q 0 0 0 rg BT 181.63 225.75 Td (should ) Tj ET Q q 0 0 0 rg BT 214.39 225.75 Td (be ) Tj ET Q q 0 0 0 rg BT 228.80 225.75 Td (read ) Tj ET Q q 0 0 0 rg BT 252.10 225.75 Td (in ) Tj ET Q q 0 0 0 rg BT 263.17 225.75 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 317.06 225.75 Td (with ) Tj ET Q q 0 0 0 rg BT 338.13 225.75 Td (our ) Tj ET Q q 0 0 0 rg BT 355.22 225.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 389.64 225.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 422.95 225.75 Td (on ) Tj ET Q q 0 0 0 rg BT 437.36 225.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 463.98 225.75 Td (10-K ) Tj ET Q q 0 0 0 rg BT 488.39 225.75 Td (for ) Tj ET Q q 0 0 0 rg BT 503.35 225.75 Td (the ) Tj ET Q q 0 0 0 rg BT 520.54 225.75 Td (year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 213.75 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.78 213.75 Td (November30, ) Tj ET Q q 0 0 0 rg BT 145.06 213.75 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 167.30 213.75 Td (. ) Tj ET Q q 0 0 0 rg BT 172.06 213.75 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 214.00 213.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 244.27 213.75 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 290.66 213.75 Td (to ) Tj ET Q q 0 0 0 rg BT 301.47 213.75 Td (February ) Tj ET Q q 0 0 0 rg BT 343.96 213.75 Td (29, ) Tj ET Q q 0 0 0 rg BT 360.33 213.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 385.05 213.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 429.77 213.75 Td (a ) Tj ET Q q 0 0 0 rg BT 437.80 213.75 Td (preliminary ) Tj ET Q q 0 0 0 rg BT 489.17 213.75 Td (estimate ) Tj ET Q q 0 0 0 rg BT 529.44 213.75 Td (as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 201.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.85 201.75 Td (the ) Tj ET Q q 0 0 0 rg BT 77.77 201.75 Td (date ) Tj ET Q q 0 0 0 rg BT 100.24 201.75 Td (of ) Tj ET Q q 0 0 0 rg BT 111.60 201.75 Td (this ) Tj ET Q q 0 0 0 rg BT 130.17 201.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 171.54 201.75 Td (release ) Tj ET Q q 0 0 0 rg BT 207.35 201.75 Td (and ) Tj ET Q q 0 0 0 rg BT 227.05 201.75 Td (may ) Tj ET Q q 0 0 0 rg BT 248.96 201.75 Td (be ) Tj ET Q q 0 0 0 rg BT 263.09 201.75 Td (revised ) Tj ET Q q 0 0 0 rg BT 298.34 201.75 Td (in ) Tj ET Q q 0 0 0 rg BT 309.14 201.75 Td (our ) Tj ET Q q 0 0 0 rg BT 326.61 201.75 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 370.74 201.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 403.77 201.75 Td (on ) Tj ET Q q 0 0 0 rg BT 417.91 201.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 444.25 201.75 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 469.49 201.75 Td (for ) Tj ET Q q 0 0 0 rg BT 484.18 201.75 Td (the ) Tj ET Q q 0 0 0 rg BT 501.09 201.75 Td (quarterly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 189.75 Td (period ) Tj ET Q q 0 0 0 rg BT 80.08 189.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 110.66 189.75 Td (February ) Tj ET Q q 0 0 0 rg BT 153.46 189.75 Td (29, ) Tj ET Q q 0 0 0 rg BT 170.13 189.75 Td (2016. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 165.75 Td (This ) Tj ET Q q 0 0 0 rg BT 71.43 165.75 Td (release ) Tj ET Q q 0 0 0 rg BT 107.28 165.75 Td (contains ) Tj ET Q q 0 0 0 rg BT 147.56 165.75 Td ("forward-looking ) Tj ET Q q 0 0 0 rg BT 222.52 165.75 Td (statements" ) Tj ET Q q 0 0 0 rg BT 278.03 165.75 Td (within ) Tj ET Q q 0 0 0 rg BT 306.63 165.75 Td (the ) Tj ET Q q 0 0 0 rg BT 323.58 165.75 Td (meaning ) Tj ET Q q 0 0 0 rg BT 364.98 165.75 Td (of ) Tj ET Q q 0 0 0 rg BT 376.36 165.75 Td (the ) Tj ET Q q 0 0 0 rg BT 393.31 165.75 Td (safe ) Tj ET Q q 0 0 0 rg BT 415.25 165.75 Td (harbor ) Tj ET Q q 0 0 0 rg BT 447.20 165.75 Td (provisions ) Tj ET Q q 0 0 0 rg BT 495.26 165.75 Td (of ) Tj ET Q q 0 0 0 rg BT 506.65 165.75 Td (Section ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 153.75 Td (27A) Tj ET Q q 0 0 0 rg BT 66.74 153.75 Td ( ) Tj ET Q q 0 0 0 rg BT 70.60 153.75 Td (of ) Tj ET Q q 0 0 0 rg BT 82.81 153.75 Td (the ) Tj ET Q q 0 0 0 rg BT 100.57 153.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 147.57 153.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 165.88 153.75 Td (of ) Tj ET Q q 0 0 0 rg BT 178.08 153.75 Td (1933 ) Tj ET Q q 0 0 0 rg BT 204.19 153.75 Td (and ) Tj ET Q q 0 0 0 rg BT 224.74 153.75 Td (Section ) Tj ET Q q 0 0 0 rg BT 261.96 153.75 Td (21E ) Tj ET Q q 0 0 0 rg BT 283.61 153.75 Td (of ) Tj ET Q q 0 0 0 rg BT 295.81 153.75 Td (the ) Tj ET Q q 0 0 0 rg BT 313.58 153.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 361.35 153.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 408.92 153.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 427.23 153.75 Td (of ) Tj ET Q q 0 0 0 rg BT 439.43 153.75 Td (1934. ) Tj ET Q q 0 0 0 rg BT 468.32 153.75 Td (Forward-looking ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 141.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 101.21 141.75 Td (include ) Tj ET Q q 0 0 0 rg BT 135.69 141.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 187.40 141.75 Td (about ) Tj ET Q q 0 0 0 rg BT 215.21 141.75 Td (our ) Tj ET Q q 0 0 0 rg BT 232.46 141.75 Td (future ) Tj ET Q q 0 0 0 rg BT 260.83 141.75 Td (results ) Tj ET Q q 0 0 0 rg BT 293.07 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 312.55 141.75 Td (performance, ) Tj ET Q q 0 0 0 rg BT 374.26 141.75 Td (including ) Tj ET Q q 0 0 0 rg BT 416.53 141.75 Td (our ) Tj ET Q q 0 0 0 rg BT 433.78 141.75 Td (future ) Tj ET Q q 0 0 0 rg BT 462.14 141.75 Td (market ) Tj ET Q q 0 0 0 rg BT 495.50 141.75 Td (share ) Tj ET Q q 0 0 0 rg BT 523.31 141.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 129.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 93.17 129.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 132.95 129.75 Td (results. ) Tj ET Q q 0 0 0 rg BT 168.26 129.75 Td (It ) Tj ET Q q 0 0 0 rg BT 176.90 129.75 Td (is ) Tj ET Q q 0 0 0 rg BT 187.21 129.75 Td (possible ) Tj ET Q q 0 0 0 rg BT 226.98 129.75 Td (that ) Tj ET Q q 0 0 0 rg BT 246.75 129.75 Td (the ) Tj ET Q q 0 0 0 rg BT 263.74 129.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 293.50 129.75 Td (results ) Tj ET Q q 0 0 0 rg BT 326.04 129.75 Td (may ) Tj ET Q q 0 0 0 rg BT 348.02 129.75 Td (dif) Tj ET Q q 0 0 0 rg BT 358.40 129.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 373.16 129.75 Td (materially ) Tj ET Q q 0 0 0 rg BT 419.03 129.75 Td (from ) Tj ET Q q 0 0 0 rg BT 442.11 129.75 Td (the ) Tj ET Q q 0 0 0 rg BT 459.10 129.75 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 510.55 129.75 Td (results ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 117.75 Td (indicated ) Tj ET Q q 0 0 0 rg BT 92.46 117.75 Td (in ) Tj ET Q q 0 0 0 rg BT 103.18 117.75 Td (these ) Tj ET Q q 0 0 0 rg BT 130.58 117.75 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 201.88 117.75 Td (statements. ) Tj ET Q q 0 0 0 rg BT 256.51 117.75 Td (Please ) Tj ET Q q 0 0 0 rg BT 290.02 117.75 Td (refer ) Tj ET Q q 0 0 0 rg BT 313.52 117.75 Td (to ) Tj ET Q q 0 0 0 rg BT 324.79 117.75 Td (our ) Tj ET Q q 0 0 0 rg BT 342.18 117.75 Td (most ) Tj ET Q q 0 0 0 rg BT 366.79 117.75 Td (recent ) Tj ET Q q 0 0 0 rg BT 396.93 117.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 431.00 117.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 463.95 117.75 Td (on ) Tj ET Q q 0 0 0 rg BT 478.01 117.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 504.28 117.75 Td (10-K ) Tj ET Q q 0 0 0 rg BT 528.34 117.75 Td (for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 105.75 Td (a ) Tj ET Q q 0 0 0 rg BT 57.64 105.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 106.90 105.75 Td (of ) Tj ET Q q 0 0 0 rg BT 117.82 105.75 Td (important ) Tj ET Q q 0 0 0 rg BT 162.08 105.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 194.67 105.75 Td (that ) Tj ET Q q 0 0 0 rg BT 213.92 105.75 Td (could ) Tj ET Q q 0 0 0 rg BT 240.40 105.75 Td (cause ) Tj ET Q q 0 0 0 rg BT 269.67 105.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 298.93 105.75 Td (results ) Tj ET Q q 0 0 0 rg BT 330.96 105.75 Td (to ) Tj ET Q q 0 0 0 rg BT 341.87 105.75 Td (dif) Tj ET Q q 0 0 0 rg BT 352.25 105.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 366.50 105.75 Td (materially ) Tj ET Q q 0 0 0 rg BT 411.86 105.75 Td (from ) Tj ET Q q 0 0 0 rg BT 434.44 105.75 Td (those ) Tj ET Q q 0 0 0 rg BT 461.48 105.75 Td (projected ) Tj ET Q q 0 0 0 rg BT 505.19 105.75 Td (in ) Tj ET Q q 0 0 0 rg BT 515.55 105.75 Td (these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 93.75 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 120.64 93.75 Td (statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 69.75 Td (Jef) Tj ET Q q 0 0 0 rg BT 62.66 69.75 Td (feries, ) Tj ET Q q 0 0 0 rg BT 92.68 69.75 Td (the ) Tj ET Q q 0 0 0 rg BT 109.38 69.75 Td (world's ) Tj ET Q q 0 0 0 rg BT 142.97 69.75 Td (only ) Tj ET Q q 0 0 0 rg BT 164.11 69.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 221.96 69.75 Td (full-service ) Tj ET Q q 0 0 0 rg BT 272.54 69.75 Td (global ) Tj ET Q q 0 0 0 rg BT 302.02 69.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 353.16 69.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 390.99 69.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 410.44 69.75 Td (focused ) Tj ET Q q 0 0 0 rg BT 448.25 69.75 Td (on ) Tj ET Q q 0 0 0 rg BT 462.17 69.75 Td (serving ) Tj ET Q q 0 0 0 rg BT 497.20 69.75 Td (clients ) Tj ET Q q 0 0 0 rg BT 528.33 69.75 Td (for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 57.75 Td (over ) Tj ET Q q 0 0 0 rg BT 71.15 57.75 Td (50 ) Tj ET Q q 0 0 0 rg BT 84.48 57.75 Td (years, ) Tj ET Q q 0 0 0 rg BT 113.91 57.75 Td (is ) Tj ET Q q 0 0 0 rg BT 123.34 57.75 Td (a ) Tj ET Q q 0 0 0 rg BT 131.10 57.75 Td (leader ) Tj ET Q q 0 0 0 rg BT 161.10 57.75 Td (in ) Tj ET Q q 0 0 0 rg BT 171.08 57.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 213.87 57.75 Td (insight, ) Tj ET Q q 0 0 0 rg BT 247.75 57.75 Td (expertise ) Tj ET Q q 0 0 0 rg BT 290.53 57.75 Td (and ) Tj ET Q q 0 0 0 rg BT 309.42 57.75 Td (execution ) Tj ET Q q 0 0 0 rg BT 354.43 57.75 Td (to ) Tj ET Q q 0 0 0 rg BT 364.97 57.75 Td (investors, ) Tj ET Q q 0 0 0 rg BT 409.96 57.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 460.52 57.75 Td (and ) Tj ET Q q 0 0 0 rg BT 479.41 57.75 Td (governments. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 45.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.04 45.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 88.56 45.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 129.22 45.75 Td (a ) Tj ET Q q 0 0 0 rg BT 137.65 45.75 Td (full ) Tj ET Q q 0 0 0 rg BT 153.30 45.75 Td (range ) Tj ET Q q 0 0 0 rg BT 181.74 45.75 Td (of ) Tj ET Q q 0 0 0 rg BT 192.95 45.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 244.17 45.75 Td (banking, ) Tj ET Q q 0 0 0 rg BT 284.84 45.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 313.83 45.75 Td (trading, ) Tj ET Q q 0 0 0 rg BT 350.05 45.75 Td (research ) Tj ET Q q 0 0 0 rg BT 391.82 45.75 Td (and ) Tj ET Q q 0 0 0 rg BT 411.37 45.75 Td (strategy ) Tj ET Q q 0 0 0 rg BT 449.80 45.75 Td (across ) Tj ET Q q 0 0 0 rg BT 482.12 45.75 Td (the ) Tj ET Q q 0 0 0 rg BT 498.89 45.75 Td (spectrum ) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 303.25 30.90 Td (3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.30 741.75 Td (equities, ) Tj ET Q q 0 0 0 rg BT 102.01 741.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 126.59 741.75 Td (income ) Tj ET Q q 0 0 0 rg BT 162.29 741.75 Td (and ) Tj ET Q q 0 0 0 rg BT 182.43 741.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 216.47 741.75 Td (exchange, ) Tj ET Q q 0 0 0 rg BT 266.08 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 280.10 741.75 Td (well ) Tj ET Q q 0 0 0 rg BT 300.79 741.75 Td (as ) Tj ET Q q 0 0 0 rg BT 314.81 741.75 Td (wealth ) Tj ET Q q 0 0 0 rg BT 347.17 741.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 411.78 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 423.03 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 439.70 741.75 Td (Americas, ) Tj ET Q q 0 0 0 rg BT 487.61 741.75 Td (Europe ) Tj ET Q q 0 0 0 rg BT 523.32 741.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 729.75 Td (Asia. ) Tj ET Q q 0 0 0 rg BT 76.29 729.75 Td (Jef) Tj ET Q q 0 0 0 rg BT 89.45 729.75 Td (feries ) Tj ET Q q 0 0 0 rg BT 118.46 729.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 150.81 729.75 Td (LLC ) Tj ET Q q 0 0 0 rg BT 173.71 729.75 Td (is ) Tj ET Q q 0 0 0 rg BT 185.49 729.75 Td (a ) Tj ET Q q 0 0 0 rg BT 195.60 729.75 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 260.75 729.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 310.32 729.75 Td (of ) Tj ET Q q 0 0 0 rg BT 323.22 729.75 Td (Leucadia ) Tj ET Q q 0 0 0 rg BT 368.37 729.75 Td (National ) Tj ET Q q 0 0 0 rg BT 409.61 729.75 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 466.42 729.75 Td (\(NYSE: ) Tj ET Q q 0 0 0 rg BT 504.32 729.75 Td (LUK\), ) Tj ET Q q 0 0 0 rg BT 534.44 729.75 Td (a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 717.75 Td (diversified ) Tj ET Q q 0 0 0 rg BT 97.30 717.75 Td (holding ) Tj ET Q q 0 0 0 rg BT 132.33 717.75 Td (company) Tj ET Q q 0 0 0 rg BT 172.16 717.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 703.95 Td (For ) Tj ET Q q 0 0 0 rg BT 67.28 703.95 Td (further ) Tj ET Q q 0 0 0 rg BT 98.96 703.95 Td (information, ) Tj ET Q q 0 0 0 rg BT 153.98 703.95 Td (please ) Tj ET Q q 0 0 0 rg BT 186.23 703.95 Td (contact:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 680.15 Td ( ) Tj ET Q q 0 0 0 rg BT 63.39 680.15 Td (Peregrine ) Tj ET Q q 0 0 0 rg BT 109.53 680.15 Td (C. ) Tj ET Q q 0 0 0 rg BT 122.31 680.15 Td (Broadbent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 660.35 Td ( ) Tj ET Q q 0 0 0 rg BT 63.39 660.35 Td (Chief ) Tj ET Q q 0 0 0 rg BT 89.51 660.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 132.31 660.35 Td (Of) Tj ET Q q 0 0 0 rg BT 142.69 660.35 Td (ficer) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 640.55 Td ( ) Tj ET Q q 0 0 0 rg BT 63.39 640.55 Td (Jef) Tj ET Q q 0 0 0 rg BT 76.55 640.55 Td (feries ) Tj ET Q q 0 0 0 rg BT 103.78 640.55 Td (Group ) Tj ET Q q 0 0 0 rg BT 134.35 640.55 Td (LLC) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 620.75 Td ( ) Tj ET Q q 0 0 0 rg BT 63.21 620.75 Td (T) Tj ET Q q 0 0 0 rg BT 68.21 620.75 Td (el. ) Tj ET Q q 0 0 0 rg BT 81.55 620.75 Td (\(212\) ) Tj ET Q q 0 0 0 rg BT 107.67 620.75 Td (284-2338) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 597.95 Td (_____________________ ) Tj ET Q q 0 0 0 rg BT 169.07 597.95 Td ( ) Tj ET Q q 0 0 0 rg BT 171.85 597.95 Td ( ) Tj ET Q q 0 0 0 rg BT 174.63 597.95 Td ( ) Tj ET Q q 0 0 0 rg BT 177.41 597.95 Td ( ) Tj ET Q q 0 0 0 rg BT 180.18 597.95 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 293.75 663.5 m 297.75 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.75 663.5 m 363.75 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.75 663.5 m 372.75 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.75 663.5 m 376.75 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.75 663.5 m 449.75 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.75 663.5 m 458.75 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.75 663.5 m 462.75 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 663.5 m 532.75 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.75 638.5 m 297.75 638.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.75 638.5 m 363.75 638.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.75 663.5 m 376.75 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.75 638.5 m 376.75 638.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.75 638.5 m 449.75 638.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.75 638.5 m 462.75 638.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 638.5 m 532.75 638.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.75 516.5 m 297.75 516.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.75 516.5 m 363.75 516.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.75 516.5 m 376.75 516.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.75 516.5 m 449.75 516.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.75 516.5 m 462.75 516.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 516.5 m 532.75 516.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.75 488.5 m 297.75 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.75 488.5 m 363.75 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.75 488.5 m 376.75 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.75 488.5 m 449.75 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.75 488.5 m 462.75 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 488.5 m 532.75 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.75 488.5 m 297.75 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.75 474.5 m 297.75 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.75 488.5 m 363.75 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.75 474.5 m 363.75 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.75 488.5 m 376.75 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.75 474.5 m 376.75 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.75 488.5 m 449.75 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.75 474.5 m 449.75 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.75 488.5 m 462.75 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.75 474.5 m 462.75 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 488.5 m 532.75 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 474.5 m 532.75 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.75 318.5 m 297.75 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.75 318.5 m 363.75 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.75 318.5 m 376.75 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.75 318.5 m 462.75 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.75 304.5 m 297.75 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.75 318.5 m 363.75 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.75 304.5 m 363.75 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.75 304.5 m 376.75 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.75 318.5 m 449.75 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.75 304.5 m 449.75 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.75 304.5 m 462.75 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 318.5 m 532.75 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 304.5 m 532.75 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.75 290.5 m 297.75 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.75 304.5 m 363.75 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.75 290.5 m 363.75 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.75 290.5 m 376.75 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.75 304.5 m 449.75 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.75 290.5 m 449.75 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.75 290.5 m 462.75 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 304.5 m 532.75 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 290.5 m 532.75 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.75 262.5 m 297.75 262.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.75 262.5 m 363.75 262.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.75 262.5 m 376.75 262.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.75 262.5 m 449.75 262.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.75 262.5 m 462.75 262.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 262.5 m 532.75 262.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.75 234.5 m 297.75 234.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.75 234.5 m 363.75 234.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.75 234.5 m 376.75 234.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.75 234.5 m 449.75 234.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.75 234.5 m 462.75 234.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 234.5 m 532.75 234.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.75 234.5 m 297.75 234.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.75 221.5 m 297.75 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.75 219.5 m 297.75 219.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.75 221.5 m 363.75 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.75 219.5 m 363.75 219.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.75 234.5 m 376.75 234.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.75 221.5 m 376.75 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.75 219.5 m 376.75 219.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.75 221.5 m 449.75 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.75 219.5 m 449.75 219.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.75 234.5 m 462.75 234.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.75 221.5 m 462.75 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.75 219.5 m 462.75 219.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 221.5 m 532.75 221.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.75 219.5 m 532.75 219.5 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 384.25 667.72 Td (Quarter Ended) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 303.85 653.12 Td (February 29,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 319.10 643.12 Td (2016) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 383.85 653.12 Td (November 30,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 401.60 643.12 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 470.85 653.12 Td (February 28,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 486.10 643.12 Td (2015) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 613.72 Td (Revenues:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 599.72 Td ( Commissions and other fees) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 300.25 599.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 323.55 599.72 Td (155,824) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 379.25 599.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 409.55 599.72 Td (146,288) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 465.25 599.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 495.30 599.72 Td (166,922) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 585.72 Td ( Principal transactions) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 320.80 585.72 Td (\(103,373) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 353.20 585.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 411.35 585.72 Td (\(38,534) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 439.20 585.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 495.30 585.72 Td (105,477) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 571.72 Td ( Investment banking) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 323.55 571.72 Td (230,930) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 409.55 571.72 Td (372,930) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 495.30 571.72 Td (271,995) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 557.72 Td ( Asset management fees and investment) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 547.72 Td ( income \(loss\) from managed funds) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 332.65 549.12 Td (9,530) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 418.65 549.12 Td (8,020) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 501.65 549.12 Td (\(9,837) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 524.95 549.12 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 534.72 Td ( Interest income) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 323.55 534.72 Td (221,945) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 409.55 534.72 Td (221,962) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 495.30 534.72 Td (228,870) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 520.72 Td ( Other revenues) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 325.35 520.77 Td (\(21,751) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 353.20 520.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 415.90 520.72 Td (\(8,736) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 439.20 520.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.85 520.72 Td (19,905) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 506.72 Td ( Total revenues) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 323.55 506.72 Td (493,105) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 409.55 506.72 Td (701,930) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 495.30 506.72 Td (783,332) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 492.72 Td (Interest expense) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 323.55 492.72 Td (194,118) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 409.55 492.72 Td (188,843) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 495.30 492.72 Td (191,660) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 478.72 Td (Net revenues) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 323.55 478.72 Td (298,987) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 409.55 478.72 Td (513,087) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 495.30 478.72 Td (591,672) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 449.72 Td (Non-interest expenses:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 435.72 Td ( Compensation and benefits) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 323.55 435.72 Td (349,743) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 409.55 435.72 Td (284,647) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 495.30 435.72 Td (365,215) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 406.72 Td ( Non-compensation expenses:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 392.72 Td ( Floor brokerage and clearing fees) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 328.10 392.77 Td (40,479) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 414.10 392.72 Td (40,680) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.85 392.72 Td (55,080) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 378.72 Td ( Technology and communications) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 328.10 378.77 Td (64,989) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 414.10 378.72 Td (78,918) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.85 378.72 Td (72,387) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 364.72 Td ( Occupancy and equipment rental) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 328.10 364.77 Td (24,585) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 414.10 364.72 Td (26,567) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.85 364.72 Td (24,184) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 350.72 Td ( Business development) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 328.10 350.77 Td (24,854) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 414.10 350.72 Td (27,098) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.85 350.72 Td (21,937) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 336.72 Td ( Professional services) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 328.10 336.77 Td (23,512) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 414.10 336.72 Td (27,613) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.85 336.72 Td (24,256) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 322.72 Td ( Other) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 328.10 322.77 Td (20,701) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 414.10 322.72 Td (18,026) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.85 322.72 Td (15,729) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 308.72 Td ( Total non-compensation expenses) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 323.55 308.72 Td (199,120) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 409.55 308.72 Td (218,902) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 495.30 308.72 Td (213,573) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 294.72 Td (Total non-interest expenses) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 323.55 294.72 Td (548,863) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 409.55 294.72 Td (503,549) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 495.30 294.72 Td (578,788) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 280.72 Td (Earnings \(loss\) before income taxes) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 320.80 280.72 Td (\(249,876) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 353.20 280.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 418.65 280.72 Td (9,538) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.85 280.72 Td (12,884) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 266.72 Td (Income tax expense \(benefit\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 325.35 266.77 Td (\(83,107) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 353.20 266.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 411.35 266.72 Td (\(10,572) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 439.20 266.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 511.25 266.72 Td (331) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 252.72 Td (Net earnings \(loss\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 320.80 252.72 Td (\(166,769) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 353.20 252.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 414.10 252.72 Td (20,110) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.85 252.72 Td (12,553) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 238.72 Td (Net earnings attributable to noncontrolling interests) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 344.05 238.72 Td (44) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 425.50 238.72 Td (148) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 511.25 238.72 Td (871) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 224.72 Td (Net earnings \(loss\) attributable to Jefferies Group LLC) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 300.25 224.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 320.80 224.72 Td (\(166,813) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 353.20 224.72 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 379.25 224.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 414.10 224.72 Td (19,962) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 465.25 224.72 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 499.85 224.72 Td (11,682) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 195.72 Td (Pretax operating margin) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 334.50 195.72 Td (\(83.6) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 353.20 195.72 Td (\)%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 427.75 195.72 Td (1.9) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 441.95 195.72 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 513.50 195.72 Td (2.2) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 524.95 195.72 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.25 181.72 Td (Effective tax rate) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 337.20 181.72 Td (33.3) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 355.95 181.72 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 415.90 181.72 Td (\(110.8) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 439.20 181.72 Td (\)%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 513.50 181.72 Td (2.6) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 524.95 181.72 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 289.25 663.5 m 362.25 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.25 663.5 m 379.25 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 663.5 m 457.25 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.25 663.5 m 467.25 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.25 663.5 m 539.25 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 638.5 m 362.25 638.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 638.5 m 457.25 638.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.25 638.5 m 539.25 638.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.25 593.5 m 539.25 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 593.5 m 362.25 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 578.5 m 362.25 578.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 593.5 m 457.25 593.5 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 457.25 578.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.25 593.5 m 539.25 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.25 578.5 m 539.25 578.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 533.5 m 362.25 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 533.5 m 457.25 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.25 533.5 m 539.25 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 503.5 m 362.25 503.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 503.5 m 457.25 503.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.25 503.5 m 539.25 503.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 488.5 m 362.25 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 488.5 m 457.25 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.25 488.5 m 539.25 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.25 418.5 m 539.25 418.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 418.5 m 362.25 418.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 403.5 m 362.25 403.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 418.5 m 457.25 418.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 403.5 m 457.25 403.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.25 418.5 m 539.25 418.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.25 403.5 m 539.25 403.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 403.5 m 362.25 403.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 390.5 m 362.25 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 388.5 m 362.25 388.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.25 403.5 m 457.25 403.5 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 457.25 390.5 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 457.25 388.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.25 403.5 m 539.25 403.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.25 390.5 m 539.25 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.25 388.5 m 539.25 388.5 l s BT /F4 11.00 Tf ET q 0 0 0 rg BT 197.25 737.99 Td (JEFFERIES GROUP LLC AND SUBSIDIARIES) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 207.10 723.99 Td (SELECTED STATISTICAL INFORMATION) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 199.00 709.99 Td (\(Amounts in Thousands, Except Other Data\)) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 268.65 695.99 Td (\(Unaudited\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 385.25 667.72 Td (Quarter Ended) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 300.85 653.12 Td (February 29,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 316.10 643.12 Td (2016) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 390.85 653.12 Td (November 30,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 408.60 643.12 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 478.35 653.12 Td (February 28,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 493.60 643.12 Td (2015) 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 51.75 626.6939453125 m 132.4189453125 626.6939453125 l s q 0 0 0 rg BT 51.75 628.12 Td (Revenues by Source) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.75 613.12 Td (Equities) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 291.75 613.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 338.45 613.12 Td (1,745) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 381.75 613.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 424.35 613.12 Td (122,693) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 469.75 613.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 506.35 613.12 Td (203,479) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.75 598.12 Td (Fixed income) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 333.90 598.12 Td (56,782) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 433.45 598.12 Td (9,444) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 506.35 598.12 Td (126,035) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.75 583.12 Td (Total sales and trading) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 333.90 583.12 Td (58,527) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 424.35 583.12 Td (132,137) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 506.35 583.12 Td (329,514) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.75 553.12 Td (Equity) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 333.90 553.12 Td (43,999) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 428.90 553.12 Td (93,547) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 510.90 553.12 Td (79,071) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.75 538.12 Td (Debt) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 333.90 538.12 Td (57,273) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 428.90 538.12 Td (68,705) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 510.90 538.12 Td (60,876) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.75 523.12 Td ( Capital markets) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 329.35 523.12 Td (101,272) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 424.35 523.12 Td (162,252) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 506.35 523.12 Td (139,947) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.75 508.12 Td ( Advisory) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 329.35 508.12 Td (129,658) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 424.35 508.12 Td (210,678) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 506.35 508.12 Td (132,048) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.75 493.12 Td (Total investment banking) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 329.35 493.12 Td (230,930) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 424.35 493.12 Td (372,930) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 506.35 493.12 Td (271,995) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.75 463.12 Td (Asset management fees and investment income \(loss\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.75 453.12 Td ( from managed funds:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.75 438.12 Td ( Asset management fees) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 333.90 438.12 Td (11,205) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 433.45 438.12 Td (5,864) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 510.90 438.12 Td (13,985) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.75 423.12 Td ( Investment \(loss\) income from managed funds) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 335.70 423.12 Td (\(1,675) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 359.00 423.12 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 433.45 423.12 Td (2,156) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 508.15 423.12 Td (\(23,822) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 536.00 423.12 Td (\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.75 408.12 Td (Total) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 338.45 408.12 Td (9,530) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 433.45 408.12 Td (8,020) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 512.70 408.12 Td (\(9,837) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 536.00 408.12 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 51.75 393.72 Td (Net revenues) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 291.75 393.72 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 329.35 393.72 Td (298,987) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 381.75 393.72 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 424.35 393.72 Td (513,087) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 469.75 393.72 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 506.35 393.72 Td (591,672) 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 51.75 362.6939453125 m 93.6689453125 362.6939453125 l s q 0 0 0 rg BT 51.75 364.12 Td (Other Data) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.75 349.12 Td (Number of trading days) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 349.85 349.12 Td (61) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 444.85 349.12 Td (63) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 526.85 349.12 Td (61) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.75 334.12 Td (Number of trading loss days) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 349.85 334.12 Td (17) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 444.85 334.12 Td (22) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 526.85 334.12 Td (11) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.75 319.12 Td (Number of trading loss days excluding KCG) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 349.85 319.12 Td (12) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 444.85 319.12 Td (23) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 531.40 319.12 Td (9) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.75 297.12 Td (Average firmwide VaR \(in millions\) \(A\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 291.75 297.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 343.00 297.12 Td (8.37) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 381.75 297.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 438.00 297.12 Td (9.72) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 469.75 297.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 515.45 297.12 Td (13.27) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.75 282.12 Td (Average firmwide VaR excluding KCG \(in millions\) \(A\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 291.75 282.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 343.00 282.12 Td (6.69) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 381.75 282.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 438.00 282.12 Td (8.46) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 469.75 282.12 Td ($) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 520.00 282.12 Td (9.29) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 51.75 252.72 Td (\(A\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.75 252.72 Td (V) Tj ET Q q 0 0 0 rg BT 75.62 252.72 Td (aR ) Tj ET Q q 0 0 0 rg BT 88.38 252.72 Td (estimates ) Tj ET Q q 0 0 0 rg BT 125.77 252.72 Td (the ) Tj ET Q q 0 0 0 rg BT 139.46 252.72 Td (potential ) Tj ET Q q 0 0 0 rg BT 172.75 252.72 Td (loss ) Tj ET Q q 0 0 0 rg BT 189.63 252.72 Td (in ) Tj ET Q q 0 0 0 rg BT 198.30 252.72 Td (value ) Tj ET Q q 0 0 0 rg BT 220.19 252.72 Td (of ) Tj ET Q q 0 0 0 rg BT 229.32 252.72 Td (our ) Tj ET Q q 0 0 0 rg BT 243.46 252.72 Td (trading ) Tj ET Q q 0 0 0 rg BT 270.82 252.72 Td (positions ) Tj ET Q q 0 0 0 rg BT 305.47 252.72 Td (due ) Tj ET Q q 0 0 0 rg BT 321.44 252.72 Td (to ) Tj ET Q q 0 0 0 rg BT 330.57 252.72 Td (adverse ) Tj ET Q q 0 0 0 rg BT 362.04 252.72 Td (market ) Tj ET Q q 0 0 0 rg BT 389.39 252.72 Td (movements ) Tj ET Q q 0 0 0 rg BT 434.06 252.72 Td (over ) Tj ET Q q 0 0 0 rg BT 452.30 252.72 Td (a ) Tj ET Q q 0 0 0 rg BT 459.15 252.72 Td (one-day ) Tj ET Q q 0 0 0 rg BT 491.07 252.72 Td (time ) Tj ET Q q 0 0 0 rg BT 508.86 252.72 Td (horizon ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.75 242.72 Td (with ) Tj ET Q q 0 0 0 rg BT 87.33 242.72 Td (a ) Tj ET Q q 0 0 0 rg BT 93.90 242.72 Td (95% ) Tj ET Q q 0 0 0 rg BT 112.31 242.72 Td (confidence ) Tj ET Q q 0 0 0 rg BT 153.99 242.72 Td (level. ) Tj ET Q q 0 0 0 rg BT 175.13 242.72 Td (For ) Tj ET Q q 0 0 0 rg BT 189.44 242.72 Td (a ) Tj ET Q q 0 0 0 rg BT 196.00 242.72 Td (further ) Tj ET Q q 0 0 0 rg BT 221.71 242.72 Td (discussion ) Tj ET Q q 0 0 0 rg BT 262.00 242.72 Td (of ) Tj ET Q q 0 0 0 rg BT 270.85 242.72 Td (the ) Tj ET Q q 0 0 0 rg BT 284.25 242.72 Td (calculation ) Tj ET Q q 0 0 0 rg BT 325.01 242.72 Td (of ) Tj ET Q q 0 0 0 rg BT 333.85 242.72 Td (V) Tj ET Q q 0 0 0 rg BT 338.72 242.72 Td (aR, ) Tj ET Q q 0 0 0 rg BT 353.48 242.72 Td (see ) Tj ET Q q 0 0 0 rg BT 368.71 242.72 Td ("V) Tj ET Q q 0 0 0 rg BT 376.49 242.72 Td (alue ) Tj ET Q q 0 0 0 rg BT 393.99 242.72 Td (at ) Tj ET Q q 0 0 0 rg BT 402.84 242.72 Td (risk" ) Tj ET Q q 0 0 0 rg BT 420.51 242.72 Td (in ) Tj ET Q q 0 0 0 rg BT 428.89 242.72 Td (Part ) Tj ET Q q 0 0 0 rg BT 445.94 242.72 Td (II, ) Tj ET Q q 0 0 0 rg BT 454.78 242.72 Td (Item ) Tj ET Q q 0 0 0 rg BT 472.74 242.72 Td (7 ) Tj ET Q q 0 0 0 rg BT 479.30 242.72 Td ("Management's ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.75 232.72 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 112.68 232.72 Td (and ) Tj ET Q q 0 0 0 rg BT 128.19 232.72 Td (Analysis" ) Tj ET Q q 0 0 0 rg BT 163.92 232.72 Td (in ) Tj ET Q q 0 0 0 rg BT 172.58 232.72 Td (our ) Tj ET Q q 0 0 0 rg BT 186.26 232.72 Td (Annual ) Tj ET Q q 0 0 0 rg BT 214.08 232.72 Td (Report ) Tj ET Q q 0 0 0 rg BT 240.96 232.72 Td (on ) Tj ET Q q 0 0 0 rg BT 252.37 232.72 Td (Form ) Tj ET Q q 0 0 0 rg BT 273.78 232.72 Td (10-K ) Tj ET Q q 0 0 0 rg BT 293.38 232.72 Td (for ) Tj ET Q q 0 0 0 rg BT 305.23 232.72 Td (the ) Tj ET Q q 0 0 0 rg BT 318.91 232.72 Td (year ) Tj ET Q q 0 0 0 rg BT 337.14 232.72 Td (ended ) Tj ET Q q 0 0 0 rg BT 362.22 232.72 Td (November ) Tj ET Q q 0 0 0 rg BT 402.33 232.72 Td (30, ) Tj ET Q q 0 0 0 rg BT 416.01 232.72 Td (2015.) 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 321.75 654.5 m 389.75 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.75 654.5 m 393.75 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.75 654.5 m 463.75 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.75 654.5 m 467.75 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.75 654.5 m 532.75 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.75 640.5 m 389.75 640.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.75 640.5 m 463.75 640.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.75 640.5 m 532.75 640.5 l s BT /F4 11.00 Tf ET q 0 0 0 rg BT 197.25 737.34 Td (JEFFERIES GROUP LLC AND SUBSIDIARIES) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 240.45 721.34 Td (FINANCIAL HIGHLIGHTS) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 201.50 705.34 Td (\(Amounts in Millions, Except Where Noted\)) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 268.65 689.34 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 327.50 644.73 Td (February 29, 2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 398.50 644.73 Td (November 30, 2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.00 644.73 Td (February 28, 2015) 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 54.25 613.58515625 m 112.2109375 613.58515625 l s q 0 0 0 rg BT 54.25 614.73 Td (Financial position:) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 600.73 Td (Total assets \(1\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 324.25 600.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 363.25 600.73 Td (35,193) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 396.25 600.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 437.25 600.73 Td (38,564) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 470.25 600.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 506.30 600.78 Td (43,785) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 586.73 Td (Average total assets for the period \(1\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 324.25 586.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 363.25 586.73 Td (44,669) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 396.25 586.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 437.25 586.73 Td (48,722) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 470.25 586.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 506.30 586.78 Td (49,862) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 572.73 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 324.25 572.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 363.25 572.73 Td (42,796) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 396.25 572.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 437.25 572.73 Td (46,835) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 470.25 572.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 506.30 572.78 Td (47,961) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 552.73 Td (Cash and cash equivalents \(1\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 324.25 552.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 366.95 552.73 Td (2,600) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 396.25 552.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 440.95 552.73 Td (3,510) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 470.25 552.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 509.95 552.73 Td (3,340) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 538.73 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 324.25 538.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 366.95 538.73 Td (4,290) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 396.25 538.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 440.95 538.73 Td (5,081) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 470.25 538.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 509.95 538.73 Td (4,647) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 524.73 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 370.55 524.73 Td (12.2) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 383.40 524.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 444.55 524.73 Td (13.2) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 457.40 524.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 513.60 524.78 Td (10.6) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 526.40 524.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 509.73 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 54.25 501.73 Td ( and intangible assets \(1\) \(2\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 370.55 501.73 Td (12.9) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 383.40 501.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 444.55 501.73 Td (13.9) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 457.40 501.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 513.60 501.78 Td (11.1) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 526.40 501.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 481.73 Td (Financial instruments owned \(1\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 324.25 481.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 363.25 481.73 Td (13,630) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 396.25 481.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 437.25 481.73 Td (16,559) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 470.25 481.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 506.30 481.78 Td (19,099) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 467.73 Td (Goodwill and intangible assets \(1\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 324.25 467.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 366.95 467.73 Td (1,869) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 396.25 467.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 440.95 467.73 Td (1,882) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 470.25 467.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 509.95 467.73 Td (1,900) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 447.73 Td (Total equity \(including noncontrolling interests\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 324.25 447.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 366.95 447.73 Td (5,262) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 396.25 447.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 440.95 447.73 Td (5,509) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 470.25 447.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 509.95 447.73 Td (5,466) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 433.73 Td (Total member's equity) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 324.25 433.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 366.95 433.73 Td (5,261) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 396.25 433.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 440.95 433.73 Td (5,482) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 470.25 433.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 509.95 433.73 Td (5,427) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 419.73 Td (Tangible member's equity \(3\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 324.25 419.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 366.95 419.73 Td (3,392) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 396.25 419.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 440.95 419.73 Td (3,600) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 470.25 419.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 509.95 419.73 Td (3,527) 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 54.25 383.58515625 m 146.4921875 383.58515625 l s q 0 0 0 rg BT 54.25 384.73 Td (Level 3 financial instruments:) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 370.73 Td (Level 3 financial instruments owned \(1\) \(4\) \(5\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 324.25 370.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 372.45 370.73 Td (489) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 396.25 370.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 446.45 370.73 Td (542) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 470.25 370.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 515.45 370.73 Td (540) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 356.73 Td (Level 3 financial instruments owned - % total assets \(1\) \(5\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 374.25 356.73 Td (1.4) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 383.40 356.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 448.25 356.73 Td (1.4) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 457.40 356.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 517.25 356.73 Td (1.2) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 526.40 356.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 343.73 Td (Total Level 3 financial instruments owned - % total financial instruments \(1\) \(5\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 374.25 343.73 Td (3.6) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 383.40 343.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 448.25 343.73 Td (3.3) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 457.40 343.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 517.25 343.73 Td (2.8) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 526.40 343.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 329.73 Td (Level 3 financial instruments owned - % tangible member's equity \(1\) \(5\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 370.55 329.73 Td (14.4) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 383.40 329.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 444.55 329.73 Td (15.1) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 457.40 329.73 Td (%) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 513.60 329.78 Td (15.3) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 526.40 329.73 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 54.25 299.58515625 m 150.859375 299.58515625 l s q 0 0 0 rg BT 54.25 300.73 Td (Other data and financial ratios:) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 286.73 Td (Total capital \(1\) \(6\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 324.25 286.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 363.25 286.73 Td (10,588) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 396.25 286.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 437.25 286.73 Td (10,797) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 470.25 286.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 506.30 286.78 Td (11,191) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 272.73 Td (Leverage ratio \(1\) \(7\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 374.25 272.73 Td (6.7) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 448.25 272.73 Td (7.0) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 517.25 272.73 Td (8.0) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 258.73 Td (Adjusted leverage ratio \(1\) \(8\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 374.25 258.73 Td (8.5) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 448.25 258.73 Td (8.7) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 513.60 258.78 Td (10.1) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 244.73 Td (Tangible gross leverage ratio \(1\) \(9\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 374.25 244.73 Td (9.8) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 444.55 244.73 Td (10.2) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 513.60 244.78 Td (11.9) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 230.73 Td (Leverage ratio - excluding impacts of the Leucadia transaction \(1\) \(10\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 374.25 230.73 Td (8.6) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 448.25 230.73 Td (8.8) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 513.60 230.78 Td (10.1) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 210.73 Td (Number of trading days) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 376.05 210.73 Td (61) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 450.05 210.73 Td (63) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 519.10 210.78 Td (61) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 195.73 Td (Number of trading loss days) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 376.05 195.73 Td (17) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 450.05 195.73 Td (22) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 519.10 195.78 Td (11) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 180.73 Td (Number of trading loss days excluding KCG) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 376.05 180.73 Td (12) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 450.05 180.73 Td (23) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 522.75 180.73 Td (9) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 166.73 Td (Average firmwide VaR \(11\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 324.25 166.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 370.55 166.73 Td (8.37) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 396.25 166.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 444.55 166.73 Td (9.72) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 470.25 166.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 509.95 166.73 Td (13.27) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 152.73 Td (Average firmwide VaR excluding KCG \(11\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 324.25 152.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 370.55 152.73 Td (6.69) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 396.25 152.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 444.55 152.73 Td (8.46) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 470.25 152.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 513.60 152.78 Td (9.29) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 54.25 123.73 Td (Number of employees, at period end) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 366.95 123.73 Td (3,439) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 440.95 123.73 Td (3,557) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 509.95 123.73 Td (3,936) 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 324.25 324.5 m 375.25 324.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 324.5 m 435.25 324.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.25 324.5 m 495.25 324.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.25 324.5 m 375.25 324.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.25 269.5 m 375.25 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.25 256.5 m 375.25 256.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 269.5 m 435.25 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 256.5 m 435.25 256.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.25 269.5 m 495.25 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.25 256.5 m 495.25 256.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.25 186.5 m 375.25 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.25 173.5 m 375.25 173.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 186.5 m 435.25 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 173.5 m 435.25 173.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.25 186.5 m 495.25 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.25 173.5 m 495.25 173.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.25 155.5 m 375.25 155.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.25 153.5 m 375.25 153.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 155.5 m 435.25 155.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.25 153.5 m 435.25 153.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.25 155.5 m 495.25 155.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.25 153.5 m 495.25 153.5 l s BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.75 737.99 Td ( JEFFERIES GROUP LLC AND SUBSIDIARIES) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.75 723.99 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 100.47 706.18 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 131.12 706.18 Td (to ) Tj ET Q q 0 0 0 rg BT 138.42 706.18 Td (February ) Tj ET Q q 0 0 0 rg BT 166.50 706.18 Td (29, ) Tj ET Q q 0 0 0 rg BT 177.46 706.18 Td (2016 ) Tj ET Q q 0 0 0 rg BT 193.88 706.18 Td (represent ) Tj ET Q q 0 0 0 rg BT 223.43 706.18 Td (a ) Tj ET Q q 0 0 0 rg BT 228.91 706.18 Td (preliminary ) Tj ET Q q 0 0 0 rg BT 262.82 706.18 Td (estimate ) Tj ET Q q 0 0 0 rg BT 289.45 706.18 Td (as ) Tj ET Q q 0 0 0 rg BT 298.21 706.18 Td (of ) Tj ET Q q 0 0 0 rg BT 305.52 706.18 Td (the ) Tj ET Q q 0 0 0 rg BT 316.47 706.18 Td (date ) Tj ET Q q 0 0 0 rg BT 331.07 706.18 Td (of ) Tj ET Q q 0 0 0 rg BT 338.38 706.18 Td (this ) Tj ET Q q 0 0 0 rg BT 350.42 706.18 Td (earnings ) Tj ET Q q 0 0 0 rg BT 377.41 706.18 Td (release ) Tj ET Q q 0 0 0 rg BT 400.76 706.18 Td (and ) Tj ET Q q 0 0 0 rg BT 413.54 706.18 Td (may ) Tj ET Q q 0 0 0 rg BT 427.77 706.18 Td (be ) Tj ET Q q 0 0 0 rg BT 436.89 706.18 Td (revised ) Tj ET Q q 0 0 0 rg BT 459.88 706.18 Td (in ) Tj ET Q q 0 0 0 rg BT 466.81 706.18 Td (our ) Tj ET Q q 0 0 0 rg BT 478.13 706.18 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 506.94 706.18 Td (Report ) Tj ET Q q 0 0 0 rg BT 528.46 706.18 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-Q ) Tj ET Q q 0 0 0 rg BT 106.29 698.18 Td (for ) Tj ET Q q 0 0 0 rg BT 115.77 698.18 Td (the ) Tj ET Q q 0 0 0 rg BT 126.71 698.18 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 154.06 698.18 Td (period ) Tj ET Q q 0 0 0 rg BT 174.12 698.18 Td (ended ) Tj ET Q q 0 0 0 rg BT 194.19 698.18 Td (February ) Tj ET Q q 0 0 0 rg BT 222.26 698.18 Td (29, ) Tj ET Q q 0 0 0 rg BT 233.21 698.18 Td (2016.) 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 80.88 679.18 Td (February ) Tj ET Q q 0 0 0 rg BT 109.05 679.18 Td (29, ) Tj ET Q q 0 0 0 rg BT 120.10 679.18 Td (2016, ) Tj ET Q q 0 0 0 rg BT 138.44 679.18 Td (other ) Tj ET Q q 0 0 0 rg BT 155.32 679.18 Td (sources ) Tj ET Q q 0 0 0 rg BT 180.22 679.18 Td (of ) Tj ET Q q 0 0 0 rg BT 187.62 679.18 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 211.42 679.18 Td (include ) Tj ET Q q 0 0 0 rg BT 234.14 679.18 Td (high ) Tj ET Q q 0 0 0 rg BT 248.46 679.18 Td (quality ) Tj ET Q q 0 0 0 rg BT 269.36 679.18 Td (sovereign ) Tj ET Q q 0 0 0 rg BT 299.73 679.18 Td (government ) Tj ET Q q 0 0 0 rg BT 336.30 679.18 Td (securities ) Tj ET Q q 0 0 0 rg BT 365.93 679.18 Td (and ) Tj ET Q q 0 0 0 rg BT 378.80 679.18 Td (reverse ) Tj ET Q q 0 0 0 rg BT 402.61 679.18 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 437.35 679.18 Td (agreements ) Tj ET Q q 0 0 0 rg BT 473.92 679.18 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 514.14 679.18 Td (by ) Tj ET Q q 0 0 0 rg BT 522.99 679.18 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 ($1,061 ) 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 ($629 ) 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 100.99 655.18 Td (haircuts. ) Tj ET Q q 0 0 0 rg BT 127.55 655.18 Td (At ) Tj ET Q q 0 0 0 rg BT 135.54 655.18 Td (February ) Tj ET Q q 0 0 0 rg BT 163.76 655.18 Td (28, ) Tj ET Q q 0 0 0 rg BT 174.86 655.18 Td (2015 ) Tj ET Q q 0 0 0 rg BT 191.43 655.18 Td (amounts ) Tj ET Q q 0 0 0 rg BT 218.56 655.18 Td (also ) Tj ET Q q 0 0 0 rg BT 232.57 655.18 Td (included ) Tj ET Q q 0 0 0 rg BT 258.98 655.18 Td (additional ) Tj ET Q q 0 0 0 rg BT 289.04 655.18 Td (funds ) Tj ET Q q 0 0 0 rg BT 307.07 655.18 Td (that ) Tj ET Q q 0 0 0 rg BT 319.99 655.18 Td (were ) Tj ET Q q 0 0 0 rg BT 336.17 655.18 Td (available ) Tj ET Q q 0 0 0 rg BT 364.04 655.18 Td (under ) Tj ET Q q 0 0 0 rg BT 382.79 655.18 Td (the ) Tj ET Q q 0 0 0 rg BT 393.89 655.18 Td (committed ) Tj ET Q q 0 0 0 rg BT 426.12 655.18 Td (senior ) Tj ET Q q 0 0 0 rg BT 445.96 655.18 Td (secured ) Tj ET Q q 0 0 0 rg BT 471.28 655.18 Td (revolving ) Tj ET Q q 0 0 0 rg BT 499.51 655.18 Td (credit ) Tj ET Q q 0 0 0 rg BT 517.52 655.18 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 100.14 647.18 Td (for ) Tj ET Q q 0 0 0 rg BT 109.29 647.18 Td (working ) Tj ET Q q 0 0 0 rg BT 133.38 647.18 Td (capital ) Tj ET Q q 0 0 0 rg BT 153.84 647.18 Td (needs ) Tj ET Q q 0 0 0 rg BT 173.21 647.18 Td (of ) Tj ET Q q 0 0 0 rg BT 180.17 647.18 Td (Jef) Tj ET Q q 0 0 0 rg BT 188.87 647.18 Td (feries ) Tj ET Q q 0 0 0 rg BT 206.35 647.18 Td (Bache. ) Tj ET Q q 0 0 0 rg BT 228.23 647.18 Td (The ) Tj ET Q q 0 0 0 rg BT 240.97 647.18 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 284.04 647.18 Td (amounts ) Tj ET Q q 0 0 0 rg BT 310.69 647.18 Td (included ) Tj ET Q q 0 0 0 rg BT 336.62 647.18 Td (in ) Tj ET Q q 0 0 0 rg BT 343.22 647.18 Td (other ) Tj ET Q q 0 0 0 rg BT 359.67 647.18 Td (sources ) Tj ET Q q 0 0 0 rg BT 384.13 647.18 Td (of ) Tj ET Q q 0 0 0 rg BT 391.10 647.18 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 414.47 647.18 Td (at ) Tj ET Q q 0 0 0 rg BT 421.44 647.18 Td (November ) Tj ET Q q 0 0 0 rg BT 453.19 647.18 Td (30, ) Tj ET Q q 0 0 0 rg BT 463.80 647.18 Td (2015 ) Tj ET Q q 0 0 0 rg BT 479.89 647.18 Td (were ) Tj ET Q q 0 0 0 rg BT 495.59 647.18 Td ($1,266 ) Tj ET Q q 0 0 0 rg BT 517.15 647.18 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 ($305 ) 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 (February ) Tj ET Q q 0 0 0 rg BT 210.13 639.18 Td (28, ) Tj ET Q q 0 0 0 rg BT 221.07 639.18 Td (2015, ) Tj ET Q q 0 0 0 rg BT 239.31 639.18 Td (were ) Tj ET Q q 0 0 0 rg BT 255.35 639.18 Td ($91) Tj ET Q q 0 0 0 rg BT 266.06 639.18 Td (1 ) Tj ET Q q 0 0 0 rg BT 271.29 639.18 Td (million ) Tj ET Q q 0 0 0 rg BT 291.70 639.18 Td (and ) Tj ET Q q 0 0 0 rg BT 304.47 639.18 Td ($396 ) Tj ET Q q 0 0 0 rg BT 320.89 639.18 Td (million, ) Tj ET Q q 0 0 0 rg BT 343.13 639.18 Td (respectively) Tj ET Q q 0 0 0 rg BT 377.53 639.18 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 (Level ) Tj ET Q q 0 0 0 rg BT 90.54 585.18 Td (3 ) Tj ET Q q 0 0 0 rg BT 96.30 585.18 Td (financial ) Tj ET Q q 0 0 0 rg BT 122.48 585.18 Td (instruments ) Tj ET Q q 0 0 0 rg BT 158.50 585.18 Td (represent ) Tj ET Q q 0 0 0 rg BT 188.32 585.18 Td (those ) Tj ET Q q 0 0 0 rg BT 206.48 585.18 Td (financial ) Tj ET Q q 0 0 0 rg BT 232.66 585.18 Td (instruments ) Tj ET Q q 0 0 0 rg BT 268.68 585.18 Td (classified ) Tj ET Q q 0 0 0 rg BT 297.78 585.18 Td (as ) Tj ET Q q 0 0 0 rg BT 306.82 585.18 Td (such ) Tj ET Q q 0 0 0 rg BT 322.79 585.18 Td (under ) Tj ET Q q 0 0 0 rg BT 341.44 585.18 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 375.83 585.18 Td (Standards ) Tj ET Q q 0 0 0 rg BT 407.84 585.18 Td (Codification ) Tj ET Q q 0 0 0 rg BT 444.23 585.18 Td (820, ) Tj ET Q q 0 0 0 rg BT 459.11 585.18 Td (accounted ) Tj ET Q q 0 0 0 rg BT 491.49 585.18 Td (for ) Tj ET Q q 0 0 0 rg BT 501.26 585.18 Td (at ) Tj ET Q q 0 0 0 rg BT 508.84 585.18 Td (fair ) Tj ET Q q 0 0 0 rg BT 520.06 585.18 Td (value ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 577.18 Td (and ) Tj ET Q q 0 0 0 rg BT 85.52 577.18 Td (included ) Tj ET Q q 0 0 0 rg BT 111.78 577.18 Td (within ) Tj ET Q q 0 0 0 rg BT 130.38 577.18 Td (Financial ) Tj ET Q q 0 0 0 rg BT 158.45 577.18 Td (instruments ) Tj ET Q q 0 0 0 rg BT 194.19 577.18 Td (owned.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 560.18 Td (\(5\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 560.18 Td (In ) Tj ET Q q 0 0 0 rg BT 80.18 560.18 Td (May ) Tj ET Q q 0 0 0 rg BT 94.52 560.18 Td (2015, ) Tj ET Q q 0 0 0 rg BT 112.89 560.18 Td (the ) Tj ET Q q 0 0 0 rg BT 123.97 560.18 Td (Financial ) Tj ET Q q 0 0 0 rg BT 151.97 560.18 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 186.20 560.18 Td (Standards ) Tj ET Q q 0 0 0 rg BT 218.06 560.18 Td (Board ) Tj ET Q q 0 0 0 rg BT 237.52 560.18 Td (issued ) Tj ET Q q 0 0 0 rg BT 258.23 560.18 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 292.46 560.18 Td (Standards ) Tj ET Q q 0 0 0 rg BT 324.32 560.18 Td (Update ) Tj ET Q q 0 0 0 rg BT 347.43 560.18 Td (No. ) Tj ET Q q 0 0 0 rg BT 359.59 560.18 Td (2015-07, ) Tj ET Q q 0 0 0 rg BT 387.44 560.18 Td (Fair ) Tj ET Q q 0 0 0 rg BT 402.87 560.18 Td (V) Tj ET Q q 0 0 0 rg BT 407.01 560.18 Td (alue ) Tj ET Q q 0 0 0 rg BT 421.12 560.18 Td (Measurement ) Tj ET Q q 0 0 0 rg BT 463.18 560.18 Td (\(T) Tj ET Q q 0 0 0 rg BT 469.01 560.18 Td (opic ) Tj ET Q q 0 0 0 rg BT 482.64 560.18 Td (820\) ) Tj ET Q q 0 0 0 rg BT 497.72 560.18 Td (- ) Tj ET Q q 0 0 0 rg BT 501.85 560.18 Td (Disclosures ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 552.18 Td (for ) Tj ET Q q 0 0 0 rg BT 82.32 552.18 Td (Investments ) Tj ET Q q 0 0 0 rg BT 119.62 552.18 Td (in ) Tj ET Q q 0 0 0 rg BT 126.64 552.18 Td (Certain ) Tj ET Q q 0 0 0 rg BT 149.70 552.18 Td (Entities ) Tj ET Q q 0 0 0 rg BT 173.07 552.18 Td (That ) Tj ET Q q 0 0 0 rg BT 188.06 552.18 Td (Calculate ) Tj ET Q q 0 0 0 rg BT 217.33 552.18 Td (Net ) Tj ET Q q 0 0 0 rg BT 229.26 552.18 Td (Asset ) Tj ET Q q 0 0 0 rg BT 247.41 552.18 Td (V) Tj ET Q q 0 0 0 rg BT 251.54 552.18 Td (alue ) Tj ET Q q 0 0 0 rg BT 265.62 552.18 Td (per ) Tj ET Q q 0 0 0 rg BT 277.02 552.18 Td (Share ) Tj ET Q q 0 0 0 rg BT 296.44 552.18 Td (\(or ) Tj ET Q q 0 0 0 rg BT 306.37 552.18 Td (Its ) Tj ET Q q 0 0 0 rg BT 315.22 552.18 Td (Equivalent\). ) Tj ET Q q 0 0 0 rg BT 353.91 552.18 Td (The ) Tj ET Q q 0 0 0 rg BT 367.07 552.18 Td (guidance ) Tj ET Q q 0 0 0 rg BT 395.62 552.18 Td (removes ) Tj ET Q q 0 0 0 rg BT 422.69 552.18 Td (the ) Tj ET Q q 0 0 0 rg BT 433.73 552.18 Td (requirement ) Tj ET Q q 0 0 0 rg BT 470.65 552.18 Td (to ) Tj ET Q q 0 0 0 rg BT 478.04 552.18 Td (include ) Tj ET Q q 0 0 0 rg BT 500.75 552.18 Td (investments ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 544.18 Td (in ) Tj ET Q q 0 0 0 rg BT 79.71 544.18 Td (the ) Tj ET Q q 0 0 0 rg BT 90.68 544.18 Td (fair ) Tj ET Q q 0 0 0 rg BT 101.65 544.18 Td (value ) Tj ET Q q 0 0 0 rg BT 119.18 544.18 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 148.01 544.18 Td (for ) Tj ET Q q 0 0 0 rg BT 157.52 544.18 Td (which ) Tj ET Q q 0 0 0 rg BT 176.14 544.18 Td (the ) Tj ET Q q 0 0 0 rg BT 187.12 544.18 Td (fair ) Tj ET Q q 0 0 0 rg BT 198.08 544.18 Td (value ) Tj ET Q q 0 0 0 rg BT 215.62 544.18 Td (is ) Tj ET Q q 0 0 0 rg BT 222.21 544.18 Td (measured ) Tj ET Q q 0 0 0 rg BT 253.23 544.18 Td (at ) Tj ET Q q 0 0 0 rg BT 260.56 544.18 Td (net ) Tj ET Q q 0 0 0 rg BT 271.53 544.18 Td (asset ) Tj ET Q q 0 0 0 rg BT 289.07 544.18 Td (value ) Tj ET Q q 0 0 0 rg BT 306.60 544.18 Td (using ) Tj ET Q q 0 0 0 rg BT 324.14 544.18 Td (the ) Tj ET Q q 0 0 0 rg BT 335.11 544.18 Td (practical ) Tj ET Q q 0 0 0 rg BT 361.39 544.18 Td (expedient ) Tj ET Q q 0 0 0 rg BT 391.70 544.18 Td (under ) Tj ET Q q 0 0 0 rg BT 410.33 544.18 Td (Fair ) Tj ET Q q 0 0 0 rg BT 425.66 544.18 Td (V) Tj ET Q q 0 0 0 rg BT 429.79 544.18 Td (alue ) Tj ET Q q 0 0 0 rg BT 443.81 544.18 Td (Measurements ) Tj ET Q q 0 0 0 rg BT 489.05 544.18 Td (and ) Tj ET Q q 0 0 0 rg BT 501.85 544.18 Td (Disclosures ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 536.18 Td (\(T) Tj ET Q q 0 0 0 rg BT 78.58 536.18 Td (opic ) Tj ET Q q 0 0 0 rg BT 92.17 536.18 Td (820\). ) Tj ET Q q 0 0 0 rg BT 111.17 536.18 Td (The ) Tj ET Q q 0 0 0 rg BT 124.35 536.18 Td (guidance ) Tj ET Q q 0 0 0 rg BT 152.90 536.18 Td (also ) Tj ET Q q 0 0 0 rg BT 166.86 536.18 Td (removes ) Tj ET Q q 0 0 0 rg BT 193.94 536.18 Td (the ) Tj ET Q q 0 0 0 rg BT 204.99 536.18 Td (requirement ) Tj ET Q q 0 0 0 rg BT 241.92 536.18 Td (to ) Tj ET Q q 0 0 0 rg BT 249.31 536.18 Td (make ) Tj ET Q q 0 0 0 rg BT 267.28 536.18 Td (certain ) Tj ET Q q 0 0 0 rg BT 288.90 536.18 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 323.64 536.18 Td (for ) Tj ET Q q 0 0 0 rg BT 333.22 536.18 Td (all ) Tj ET Q q 0 0 0 rg BT 341.71 536.18 Td (investments ) Tj ET Q q 0 0 0 rg BT 378.64 536.18 Td (that ) Tj ET Q q 0 0 0 rg BT 391.51 536.18 Td (are ) Tj ET Q q 0 0 0 rg BT 402.91 536.18 Td (eligible ) Tj ET Q q 0 0 0 rg BT 425.26 536.18 Td (to ) Tj ET Q q 0 0 0 rg BT 432.66 536.18 Td (be ) Tj ET Q q 0 0 0 rg BT 441.88 536.18 Td (measured ) Tj ET Q q 0 0 0 rg BT 472.98 536.18 Td (at ) Tj ET Q q 0 0 0 rg BT 480.37 536.18 Td (fair ) Tj ET Q q 0 0 0 rg BT 491.41 536.18 Td (value ) Tj ET Q q 0 0 0 rg BT 509.02 536.18 Td (using ) Tj ET Q q 0 0 0 rg BT 526.63 536.18 Td (the ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 528.18 Td (net ) Tj ET Q q 0 0 0 rg BT 83.73 528.18 Td (asset ) Tj ET Q q 0 0 0 rg BT 101.28 528.18 Td (value ) Tj ET Q q 0 0 0 rg BT 118.83 528.18 Td (practical ) Tj ET Q q 0 0 0 rg BT 145.12 528.18 Td (expedient. ) Tj ET Q q 0 0 0 rg BT 177.26 528.18 Td (Rather) Tj ET Q q 0 0 0 rg BT 196.76 528.18 Td (, ) Tj ET Q q 0 0 0 rg BT 200.27 528.18 Td (those ) Tj ET Q q 0 0 0 rg BT 218.18 528.18 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 252.86 528.18 Td (are ) Tj ET Q q 0 0 0 rg BT 264.21 528.18 Td (limited ) Tj ET Q q 0 0 0 rg BT 285.03 528.18 Td (to ) Tj ET Q q 0 0 0 rg BT 292.36 528.18 Td (investments ) Tj ET Q q 0 0 0 rg BT 329.23 528.18 Td (for ) Tj ET Q q 0 0 0 rg BT 338.75 528.18 Td (which ) Tj ET Q q 0 0 0 rg BT 357.38 528.18 Td (we ) Tj ET Q q 0 0 0 rg BT 367.63 528.18 Td (have ) Tj ET Q q 0 0 0 rg BT 383.71 528.18 Td (elected ) Tj ET Q q 0 0 0 rg BT 406.73 528.18 Td (to ) Tj ET Q q 0 0 0 rg BT 414.07 528.18 Td (measure ) Tj ET Q q 0 0 0 rg BT 441.45 528.18 Td (the ) Tj ET Q q 0 0 0 rg BT 452.44 528.18 Td (fair ) Tj ET Q q 0 0 0 rg BT 463.41 528.18 Td (value ) Tj ET Q q 0 0 0 rg BT 480.96 528.18 Td (using ) Tj ET Q q 0 0 0 rg BT 498.50 528.18 Td (that ) Tj ET Q q 0 0 0 rg BT 511.31 528.18 Td (practical ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 520.18 Td (expedient. ) Tj ET Q q 0 0 0 rg BT 104.79 520.18 Td (The ) Tj ET Q q 0 0 0 rg BT 117.87 520.18 Td (guidance ) Tj ET Q q 0 0 0 rg BT 146.32 520.18 Td (is ) Tj ET Q q 0 0 0 rg BT 152.88 520.18 Td (ef) Tj ET Q q 0 0 0 rg BT 158.30 520.18 Td (fective ) Tj ET Q q 0 0 0 rg BT 179.03 520.18 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 223.15 520.18 Td (and ) Tj ET Q q 0 0 0 rg BT 235.92 520.18 Td (we ) Tj ET Q q 0 0 0 rg BT 246.13 520.18 Td (have ) Tj ET Q q 0 0 0 rg BT 262.18 520.18 Td (early ) Tj ET Q q 0 0 0 rg BT 278.22 520.18 Td (adopted ) Tj ET Q q 0 0 0 rg BT 303.76 520.18 Td (this ) Tj ET Q q 0 0 0 rg BT 315.80 520.18 Td (guidance ) Tj ET Q q 0 0 0 rg BT 344.25 520.18 Td (during ) Tj ET Q q 0 0 0 rg BT 364.31 520.18 Td (the ) Tj ET Q q 0 0 0 rg BT 375.25 520.18 Td (second ) Tj ET Q q 0 0 0 rg BT 398.23 520.18 Td (quarter ) Tj ET Q q 0 0 0 rg BT 420.84 520.18 Td (of ) Tj ET Q q 0 0 0 rg BT 428.14 520.18 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 444.91 520.18 Td (2015. ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 500.18 Td (\(6\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 500.18 Td (At ) Tj ET Q q 0 0 0 rg BT 80.90 500.18 Td (February ) Tj ET Q q 0 0 0 rg BT 109.11 500.18 Td (29, ) Tj ET Q q 0 0 0 rg BT 120.18 500.18 Td (2016, ) Tj ET Q q 0 0 0 rg BT 138.55 500.18 Td (November ) Tj ET Q q 0 0 0 rg BT 170.76 500.18 Td (30, ) Tj ET Q q 0 0 0 rg BT 181.84 500.18 Td (2015 ) Tj ET Q q 0 0 0 rg BT 198.39 500.18 Td (and ) Tj ET Q q 0 0 0 rg BT 211.29 500.18 Td (February ) Tj ET Q q 0 0 0 rg BT 239.49 500.18 Td (28, ) Tj ET Q q 0 0 0 rg BT 250.56 500.18 Td (2015, ) Tj ET Q q 0 0 0 rg BT 268.94 500.18 Td (total ) Tj ET Q q 0 0 0 rg BT 283.29 500.18 Td (capital ) Tj ET Q q 0 0 0 rg BT 304.21 500.18 Td (includes ) Tj ET Q q 0 0 0 rg BT 330.23 500.18 Td (our ) Tj ET Q q 0 0 0 rg BT 341.67 500.18 Td (long-term ) Tj ET Q q 0 0 0 rg BT 371.33 500.18 Td (debt ) Tj ET Q q 0 0 0 rg BT 386.05 500.18 Td (of ) Tj ET Q q 0 0 0 rg BT 393.48 500.18 Td ($5,326 ) Tj ET Q q 0 0 0 rg BT 415.50 500.18 Td (million, ) Tj ET Q q 0 0 0 rg BT 437.87 500.18 Td ($5,288 ) Tj ET Q q 0 0 0 rg BT 459.89 500.18 Td (million ) Tj ET Q q 0 0 0 rg BT 480.43 500.18 Td (and ) Tj ET Q q 0 0 0 rg BT 493.33 500.18 Td ($5,725 ) Tj ET Q q 0 0 0 rg BT 515.35 500.18 Td (million, ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 492.18 Td (respectively) Tj ET Q q 0 0 0 rg BT 107.15 492.18 Td (, ) Tj ET Q q 0 0 0 rg BT 110.41 492.18 Td (and ) Tj ET Q q 0 0 0 rg BT 123.04 492.18 Td (total ) Tj ET Q q 0 0 0 rg BT 137.12 492.18 Td (equity) Tj ET Q q 0 0 0 rg BT 154.39 492.18 Td (. ) Tj ET Q q 0 0 0 rg BT 157.65 492.18 Td ( ) Tj ET Q q 0 0 0 rg BT 159.33 492.18 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 190.91 492.18 Td (debt ) Tj ET Q q 0 0 0 rg BT 205.36 492.18 Td (included ) Tj ET Q q 0 0 0 rg BT 231.47 492.18 Td (in ) Tj ET Q q 0 0 0 rg BT 238.26 492.18 Td (total ) Tj ET Q q 0 0 0 rg BT 252.34 492.18 Td (capital ) Tj ET Q q 0 0 0 rg BT 272.98 492.18 Td (is ) Tj ET Q q 0 0 0 rg BT 279.40 492.18 Td (reduced ) Tj ET Q q 0 0 0 rg BT 304.79 492.18 Td (by ) Tj ET Q q 0 0 0 rg BT 313.40 492.18 Td (amounts ) Tj ET Q q 0 0 0 rg BT 340.24 492.18 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 375.84 492.18 Td (under ) Tj ET Q q 0 0 0 rg BT 394.30 492.18 Td (the ) Tj ET Q q 0 0 0 rg BT 405.10 492.18 Td (revolving ) Tj ET Q q 0 0 0 rg BT 433.03 492.18 Td (credit ) Tj ET Q q 0 0 0 rg BT 450.76 492.18 Td (facility) Tj ET Q q 0 0 0 rg BT 468.75 492.18 Td (, ) Tj ET Q q 0 0 0 rg BT 472.01 492.18 Td (amounts ) Tj ET Q q 0 0 0 rg BT 498.85 492.18 Td (that ) Tj ET Q q 0 0 0 rg BT 511.48 492.18 Td (are ) Tj ET Q q 0 0 0 rg BT 522.64 492.18 Td (non-) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 484.18 Td (recourse ) Tj ET Q q 0 0 0 rg BT 100.10 484.18 Td (to ) Tj ET Q q 0 0 0 rg BT 107.39 484.18 Td (Jef) Tj ET Q q 0 0 0 rg BT 116.09 484.18 Td (feries ) Tj ET Q q 0 0 0 rg BT 133.90 484.18 Td (Group ) Tj ET Q q 0 0 0 rg BT 153.96 484.18 Td (LLC ) Tj ET Q q 0 0 0 rg BT 167.82 484.18 Td (and ) Tj ET Q q 0 0 0 rg BT 180.59 484.18 Td (the ) Tj ET Q q 0 0 0 rg BT 191.53 484.18 Td (amount ) Tj ET Q q 0 0 0 rg BT 215.24 484.18 Td (of ) Tj ET Q q 0 0 0 rg BT 222.54 484.18 Td (debt ) Tj ET Q q 0 0 0 rg BT 237.13 484.18 Td (maturing ) Tj ET Q q 0 0 0 rg BT 264.48 484.18 Td (in ) Tj ET Q q 0 0 0 rg BT 271.41 484.18 Td (less ) Tj ET Q q 0 0 0 rg BT 284.90 484.18 Td (than ) Tj ET Q q 0 0 0 rg BT 299.49 484.18 Td (one ) Tj ET Q q 0 0 0 rg BT 312.26 484.18 Td (year) Tj ET Q q 0 0 0 rg BT 324.84 484.18 Td (, ) Tj ET Q q 0 0 0 rg BT 328.31 484.18 Td (where ) Tj ET Q q 0 0 0 rg BT 348.00 484.18 Td (applicable.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 466.18 Td (\(7\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 465.73 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 101.93 465.73 Td (ratio ) Tj ET Q q 0 0 0 rg BT 116.52 465.73 Td (equals ) Tj ET Q q 0 0 0 rg BT 137.67 465.73 Td (total ) Tj ET Q q 0 0 0 rg BT 151.90 465.73 Td (assets ) Tj ET Q q 0 0 0 rg BT 172.69 465.73 Td (divided ) Tj ET Q q 0 0 0 rg BT 195.30 465.73 Td (by ) Tj ET Q q 0 0 0 rg BT 204.05 465.73 Td (total ) Tj ET Q q 0 0 0 rg BT 218.28 465.73 Td (equity) Tj ET Q q 0 0 0 rg BT 235.55 465.73 Td (.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 449.18 Td (\(8\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 449.18 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 100.28 449.18 Td (leverage ) Tj ET Q q 0 0 0 rg BT 127.44 449.18 Td (ratio ) Tj ET Q q 0 0 0 rg BT 142.21 449.18 Td (\(a ) Tj ET Q q 0 0 0 rg BT 150.04 449.18 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 181.34 449.18 Td ( ) Tj ET Q q 0 0 0 rg BT 183.28 449.18 Td (financial ) Tj ET Q q 0 0 0 rg BT 209.35 449.18 Td (measure\) ) Tj ET Q q 0 0 0 rg BT 239.06 449.18 Td (equals ) Tj ET Q q 0 0 0 rg BT 260.39 449.18 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 287.19 449.18 Td (assets ) Tj ET Q q 0 0 0 rg BT 308.16 449.18 Td (divided ) Tj ET Q q 0 0 0 rg BT 330.95 449.18 Td (by ) Tj ET Q q 0 0 0 rg BT 339.88 449.18 Td (tangible ) Tj ET Q q 0 0 0 rg BT 364.86 449.18 Td (total ) Tj ET Q q 0 0 0 rg BT 379.26 449.18 Td (equity) Tj ET Q q 0 0 0 rg BT 396.53 449.18 Td (, ) Tj ET Q q 0 0 0 rg BT 400.11 449.18 Td (being ) Tj ET Q q 0 0 0 rg BT 418.16 449.18 Td (total ) Tj ET Q q 0 0 0 rg BT 432.56 449.18 Td (equity ) Tj ET Q q 0 0 0 rg BT 452.07 449.18 Td (less ) Tj ET Q q 0 0 0 rg BT 465.74 449.18 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 491.44 449.18 Td (and ) Tj ET Q q 0 0 0 rg BT 504.38 449.18 Td (identifiable ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 441.18 Td (intangible ) Tj ET Q q 0 0 0 rg BT 102.29 441.18 Td (assets. ) Tj ET Q q 0 0 0 rg BT 124.53 441.18 Td ( ) Tj ET Q q 0 0 0 rg BT 125.88 441.18 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 152.68 441.18 Td (assets ) Tj ET Q q 0 0 0 rg BT 173.10 441.18 Td (\(a ) Tj ET Q q 0 0 0 rg BT 180.39 441.18 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 211.69 441.18 Td ( ) Tj ET Q q 0 0 0 rg BT 213.09 441.18 Td (financial ) Tj ET Q q 0 0 0 rg BT 238.61 441.18 Td (measure\) ) Tj ET Q q 0 0 0 rg BT 267.77 441.18 Td (equals ) Tj ET Q q 0 0 0 rg BT 288.56 441.18 Td (total ) Tj ET Q q 0 0 0 rg BT 302.41 441.18 Td (assets ) Tj ET Q q 0 0 0 rg BT 322.83 441.18 Td (less ) Tj ET Q q 0 0 0 rg BT 335.95 441.18 Td (securities ) Tj ET Q q 0 0 0 rg BT 365.12 441.18 Td (borrowed, ) Tj ET Q q 0 0 0 rg BT 395.74 441.18 Td (securities ) Tj ET Q q 0 0 0 rg BT 424.91 441.18 Td (purchased ) Tj ET Q q 0 0 0 rg BT 457.00 441.18 Td (under ) Tj ET Q q 0 0 0 rg BT 475.23 441.18 Td (agreements ) Tj ET Q q 0 0 0 rg BT 511.32 441.18 Td (to ) Tj ET Q q 0 0 0 rg BT 518.25 441.18 Td (resell, ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 433.18 Td (cash ) Tj ET Q q 0 0 0 rg BT 88.53 433.18 Td (and ) Tj ET Q q 0 0 0 rg BT 101.40 433.18 Td (securities ) Tj ET Q q 0 0 0 rg BT 131.03 433.18 Td (segregated, ) Tj ET Q q 0 0 0 rg BT 167.60 433.18 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 193.22 433.18 Td (and ) Tj ET Q q 0 0 0 rg BT 206.09 433.18 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 239.38 433.18 Td (intangibles ) Tj ET Q q 0 0 0 rg BT 272.67 433.18 Td (plus ) Tj ET Q q 0 0 0 rg BT 286.62 433.18 Td (financial ) Tj ET Q q 0 0 0 rg BT 312.62 433.18 Td (instruments ) Tj ET Q q 0 0 0 rg BT 348.45 433.18 Td (sold, ) Tj ET Q q 0 0 0 rg BT 364.23 433.18 Td (not ) Tj ET Q q 0 0 0 rg BT 375.27 433.18 Td (yet ) Tj ET Q q 0 0 0 rg BT 385.95 433.18 Td (purchased ) Tj ET Q q 0 0 0 rg BT 418.50 433.18 Td (\(net ) Tj ET Q q 0 0 0 rg BT 431.73 433.18 Td (of ) Tj ET Q q 0 0 0 rg BT 439.12 433.18 Td (derivative ) Tj ET Q q 0 0 0 rg BT 469.12 433.18 Td (liabilities\). ) Tj ET Q q 0 0 0 rg BT 499.85 433.18 Td ( ) Tj ET Q q 0 0 0 rg BT 501.57 433.18 Td (At ) Tj ET Q q 0 0 0 rg BT 509.51 433.18 Td (February ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 425.18 Td (29, ) Tj ET Q q 0 0 0 rg BT 83.78 425.18 Td (2016, ) Tj ET Q q 0 0 0 rg BT 102.10 425.18 Td (November ) Tj ET Q q 0 0 0 rg BT 134.26 425.18 Td (30, ) Tj ET Q q 0 0 0 rg BT 145.29 425.18 Td (2015 ) Tj ET Q q 0 0 0 rg BT 161.79 425.18 Td (and ) Tj ET Q q 0 0 0 rg BT 174.64 425.18 Td (February ) Tj ET Q q 0 0 0 rg BT 202.79 425.18 Td (28, ) Tj ET Q q 0 0 0 rg BT 213.82 425.18 Td (2015, ) Tj ET Q q 0 0 0 rg BT 232.14 425.18 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 258.85 425.18 Td (assets ) Tj ET Q q 0 0 0 rg BT 279.72 425.18 Td (were ) Tj ET Q q 0 0 0 rg BT 295.84 425.18 Td ($28,920 ) Tj ET Q q 0 0 0 rg BT 321.46 425.18 Td (million, ) Tj ET Q q 0 0 0 rg BT 343.78 425.18 Td ($31,675 ) Tj ET Q q 0 0 0 rg BT 369.40 425.18 Td (million ) Tj ET Q q 0 0 0 rg BT 389.90 425.18 Td (and ) Tj ET Q q 0 0 0 rg BT 402.75 425.18 Td ($35,976 ) Tj ET Q q 0 0 0 rg BT 428.37 425.18 Td (million, ) Tj ET Q q 0 0 0 rg BT 450.69 425.18 Td (respectively) Tj ET Q q 0 0 0 rg BT 485.09 425.18 Td (. ) Tj ET Q q 0 0 0 rg BT 488.58 425.18 Td ( ) Tj ET Q q 0 0 0 rg BT 490.48 425.18 Td (W) Tj ET Q q 0 0 0 rg BT 496.62 425.18 Td (e ) Tj ET Q q 0 0 0 rg BT 502.12 425.18 Td (believe ) Tj ET Q q 0 0 0 rg BT 524.81 425.18 Td (that ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 417.18 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 99.36 417.18 Td (assets ) Tj ET Q q 0 0 0 rg BT 120.13 417.18 Td (is ) Tj ET Q q 0 0 0 rg BT 126.67 417.18 Td (a ) Tj ET Q q 0 0 0 rg BT 132.12 417.18 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 166.01 417.18 Td (measure ) Tj ET Q q 0 0 0 rg BT 193.34 417.18 Td (as ) Tj ET Q q 0 0 0 rg BT 202.07 417.18 Td (it ) Tj ET Q q 0 0 0 rg BT 207.16 417.18 Td (excludes ) Tj ET Q q 0 0 0 rg BT 234.85 417.18 Td (certain ) Tj ET Q q 0 0 0 rg BT 256.35 417.18 Td (assets ) Tj ET Q q 0 0 0 rg BT 277.12 417.18 Td (that ) Tj ET Q q 0 0 0 rg BT 289.86 417.18 Td (are ) Tj ET Q q 0 0 0 rg BT 301.15 417.18 Td (considered ) Tj ET Q q 0 0 0 rg BT 335.04 417.18 Td (of ) Tj ET Q q 0 0 0 rg BT 342.32 417.18 Td (lower ) Tj ET Q q 0 0 0 rg BT 359.79 417.18 Td (risk ) Tj ET Q q 0 0 0 rg BT 371.80 417.18 Td (as ) Tj ET Q q 0 0 0 rg BT 380.53 417.18 Td (they ) Tj ET Q q 0 0 0 rg BT 394.74 417.18 Td (are ) Tj ET Q q 0 0 0 rg BT 406.02 417.18 Td (generally ) Tj ET Q q 0 0 0 rg BT 434.44 417.18 Td (self-financed ) Tj ET Q q 0 0 0 rg BT 473.45 417.18 Td (by ) Tj ET Q q 0 0 0 rg BT 482.18 417.18 Td (customer ) Tj ET Q q 0 0 0 rg BT 510.96 417.18 Td (liabilities ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 409.18 Td (through ) Tj ET Q q 0 0 0 rg BT 96.82 409.18 Td (our ) Tj ET Q q 0 0 0 rg BT 108.13 409.18 Td (securities ) Tj ET Q q 0 0 0 rg BT 137.66 409.18 Td (lending ) Tj ET Q q 0 0 0 rg BT 160.64 409.18 Td (activities.) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 51.75 389.18 Td (\(9\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 389.18 Td (T) Tj ET Q q 0 0 0 rg BT 76.39 389.18 Td (angible ) Tj ET Q q 0 0 0 rg BT 99.24 389.18 Td (gross ) Tj ET Q q 0 0 0 rg BT 117.33 389.18 Td (leverage ) Tj ET Q q 0 0 0 rg BT 144.55 389.18 Td (ratio ) Tj ET Q q 0 0 0 rg BT 159.36 389.18 Td (\(a ) Tj ET Q q 0 0 0 rg BT 167.24 389.18 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 198.54 389.18 Td ( ) Tj ET Q q 0 0 0 rg BT 200.54 389.18 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.66 389.18 Td (measure\) ) Tj ET Q q 0 0 0 rg BT 256.41 389.18 Td (equals ) Tj ET Q q 0 0 0 rg BT 277.80 389.18 Td (total ) Tj ET Q q 0 0 0 rg BT 292.25 389.18 Td (assets ) Tj ET Q q 0 0 0 rg BT 313.26 389.18 Td (less ) Tj ET Q q 0 0 0 rg BT 326.98 389.18 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 352.73 389.18 Td (and ) Tj ET Q q 0 0 0 rg BT 365.73 389.18 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 399.15 389.18 Td (intangible ) Tj ET Q q 0 0 0 rg BT 429.28 389.18 Td (assets ) Tj ET Q q 0 0 0 rg BT 450.30 389.18 Td (divided ) Tj ET Q q 0 0 0 rg BT 473.14 389.18 Td (by ) Tj ET Q q 0 0 0 rg BT 482.12 389.18 Td (tangible ) Tj ET Q q 0 0 0 rg BT 507.15 389.18 Td (member's ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 381.18 Td (equity) Tj ET Q q 0 0 0 rg BT 90.02 381.18 Td (. ) Tj ET Q q 0 0 0 rg BT 93.43 381.18 Td ( ) Tj ET Q q 0 0 0 rg BT 95.19 381.18 Td (The ) Tj ET Q q 0 0 0 rg BT 108.27 381.18 Td (tangible ) Tj ET Q q 0 0 0 rg BT 133.07 381.18 Td (gross ) Tj ET Q q 0 0 0 rg BT 150.94 381.18 Td (leverage ) Tj ET Q q 0 0 0 rg BT 177.93 381.18 Td (ratio ) Tj ET Q q 0 0 0 rg BT 192.51 381.18 Td (is ) Tj ET Q q 0 0 0 rg BT 199.07 381.18 Td (used ) Tj ET Q q 0 0 0 rg BT 215.13 381.18 Td (by ) Tj ET Q q 0 0 0 rg BT 223.88 381.18 Td (rating ) Tj ET Q q 0 0 0 rg BT 242.11 381.18 Td (agencies ) Tj ET Q q 0 0 0 rg BT 270.20 381.18 Td (in ) Tj ET Q q 0 0 0 rg BT 277.13 381.18 Td (assessing ) Tj ET Q q 0 0 0 rg BT 308.13 381.18 Td (our ) Tj ET Q q 0 0 0 rg BT 319.43 381.18 Td (leverage ) Tj ET Q q 0 0 0 rg BT 346.42 381.18 Td (ratio.) 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 72.75 363.73 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 101.93 363.73 Td (ratio ) Tj ET Q q 0 0 0 rg BT 116.52 363.73 Td (- ) Tj ET Q q 0 0 0 rg BT 120.52 363.73 Td (excluding ) Tj ET Q q 0 0 0 rg BT 150.07 363.73 Td (impacts ) Tj ET Q q 0 0 0 rg BT 174.50 363.73 Td (of ) Tj ET Q q 0 0 0 rg BT 181.79 363.73 Td (the ) Tj ET Q q 0 0 0 rg BT 192.74 363.73 Td (Leucadia ) Tj ET Q q 0 0 0 rg BT 221.19 363.73 Td (transaction ) Tj ET Q q 0 0 0 rg BT 255.11 363.73 Td (\(a ) Tj ET Q q 0 0 0 rg BT 262.77 363.73 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 294.01 363.73 Td ( ) Tj ET Q q 0 0 0 rg BT 295.84 363.73 Td (financial ) Tj ET Q q 0 0 0 rg BT 321.73 363.73 Td (measure\) ) Tj ET Q q 0 0 0 rg BT 351.26 363.73 Td (is ) Tj ET Q q 0 0 0 rg BT 357.82 363.73 Td (calculated ) Tj ET Q q 0 0 0 rg BT 389.19 363.73 Td (as ) Tj ET Q q 0 0 0 rg BT 397.95 363.73 Td (follows: ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 329.70 341.73 Td (February 29,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 387.70 341.73 Td (November 30,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 449.70 341.73 Td (February 28,) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 328.73 Td ($ millions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 341.95 328.73 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 401.95 328.73 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.95 328.73 Td (2015) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 315.73 Td (Total assets) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 326.75 315.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 351.90 315.73 Td (35,193) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 386.75 315.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 412.45 315.78 Td (38,564) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 446.75 315.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 472.45 315.78 Td (43,785) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 302.73 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 91.75 294.73 Td ( transaction with Leucadia) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 353.30 294.73 Td (\(1,957) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 372.00 294.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 413.90 294.73 Td (\(1,957) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 432.55 294.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 473.90 294.73 Td (\(1,957) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 492.55 294.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 281.73 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 91.75 273.73 Td ( adjustments) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 361.00 273.73 Td (128) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 421.55 273.73 Td (124) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 481.60 273.78 Td (112) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 260.73 Td (Total assets excluding transaction impacts) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 326.75 260.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 351.90 260.73 Td (33,364) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 386.75 260.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 412.45 260.78 Td (36,731) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 446.75 260.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 472.45 260.78 Td (41,940) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 237.73 Td (Total equity) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 326.75 237.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 355.50 237.73 Td (5,262) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 386.75 237.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 416.05 237.73 Td (5,509) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 446.75 237.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 476.10 237.78 Td (5,466) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 224.73 Td (Equity arising from transaction consideration) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 353.30 224.73 Td (\(1,426) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 372.00 224.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 413.90 224.73 Td (\(1,426) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 432.55 224.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 473.90 224.73 Td (\(1,426) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 492.55 224.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 211.73 Td (Preferred stock assumed by Leucadia) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 361.00 211.73 Td (125) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 421.55 211.73 Td (125) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 481.60 211.78 Td (125) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 198.73 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 91.75 190.73 Td ( of tax) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 362.50 190.73 Td (\(63) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 372.00 190.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 423.00 190.73 Td (\(52) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 432.55 190.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 483.05 190.78 Td (\(20) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 492.55 190.73 Td (\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 177.73 Td (Total equity excluding transaction impacts) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 326.75 177.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 355.50 177.73 Td (3,898) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 386.75 177.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 416.05 177.73 Td (4,156) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 446.75 177.73 Td ($) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 476.10 177.78 Td (4,145) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 91.75 158.73 Td (Leverage ratio - excluding impacts of the Leucadia transaction) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 362.80 158.73 Td (8.6) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 423.40 158.73 Td (8.8) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 479.75 158.78 Td (10.1) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 53.40 142.18 Td (\(11\)) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 72.75 142.18 Td (V) Tj ET Q q 0 0 0 rg BT 76.64 142.18 Td (aR ) Tj ET Q q 0 0 0 rg BT 86.59 142.18 Td (estimates ) Tj ET Q q 0 0 0 rg BT 116.24 142.18 Td (the ) Tj ET Q q 0 0 0 rg BT 126.92 142.18 Td (potential ) Tj ET Q q 0 0 0 rg BT 153.29 142.18 Td (loss ) Tj ET Q q 0 0 0 rg BT 166.53 142.18 Td (in ) Tj ET Q q 0 0 0 rg BT 173.20 142.18 Td (value ) Tj ET Q q 0 0 0 rg BT 190.45 142.18 Td (of ) Tj ET Q q 0 0 0 rg BT 197.49 142.18 Td (our ) Tj ET Q q 0 0 0 rg BT 208.53 142.18 Td (trading ) Tj ET Q q 0 0 0 rg BT 230.16 142.18 Td (positions ) Tj ET Q q 0 0 0 rg BT 257.62 142.18 Td (due ) Tj ET Q q 0 0 0 rg BT 270.13 142.18 Td (to ) Tj ET Q q 0 0 0 rg BT 277.17 142.18 Td (adverse ) Tj ET Q q 0 0 0 rg BT 302.08 142.18 Td (market ) Tj ET Q q 0 0 0 rg BT 323.69 142.18 Td (movements ) Tj ET Q q 0 0 0 rg BT 359.17 142.18 Td (over ) Tj ET Q q 0 0 0 rg BT 373.50 142.18 Td (a ) Tj ET Q q 0 0 0 rg BT 378.71 142.18 Td (one-day ) Tj ET Q q 0 0 0 rg BT 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