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433.30 569.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 468.52 569.10 Td (for ) Tj ET Q q 0 0 0 rg BT 481.53 569.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 499.52 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.20 569.10 Td (marketability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.73 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.40 557.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 105.74 557.10 Td (price ) Tj ET Q q 0 0 0 rg BT 128.17 557.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.95 557.10 Td (MVEN, ) Tj ET Q q 0 0 0 rg BT 173.35 557.10 Td (QMCO ) Tj ET Q q 0 0 0 rg BT 205.80 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 222.69 557.10 Td (MVEN ) Tj ET Q q 0 0 0 rg BT 254.59 557.10 Td (have ) Tj ET Q q 0 0 0 rg BT 275.92 557.10 Td (added ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.24 557.10 Td ($8.8 ) Tj ET Q q 0 0 0 rg BT 322.20 557.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.09 557.10 Td (, ) Tj ET Q q 0 0 0 rg BT 356.04 557.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.82 557.10 Td ($0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.32 557.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.77 557.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.55 557.10 Td (NA) Tj ET Q q 0 0 0 rg BT 415.71 557.10 Td (V) Tj ET Q q 0 0 0 rg BT 421.64 557.10 Td (, ) Tj ET Q q 0 0 0 rg BT 426.59 557.10 Td (as ) Tj ET Q q 0 0 0 rg BT 437.37 557.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.61 557.10 Td (August14, ) Tj ET Q q 0 0 0 rg BT 493.95 557.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.95 557.10 Td (. ) Tj ET Q q 0 0 0 rg BT 518.91 557.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.18 557.10 Td (These ) Tj ET Q q 0 0 0 rg BT 547.51 557.10 Td (two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 87.80 545.10 Td (alone ) Tj ET Q q 0 0 0 rg BT 111.63 545.10 Td (would ) Tj ET Q q 0 0 0 rg BT 138.81 545.10 Td (take ) Tj ET Q q 0 0 0 rg BT 157.65 545.10 Td (our ) Tj ET Q q 0 0 0 rg BT 173.16 545.10 Td (NA) Tj ET Q q 0 0 0 rg BT 186.31 545.10 Td (V) Tj ET Q q 0 0 0 rg BT 193.35 545.10 Td ( ) Tj ET Q q 0 0 0 rg BT 195.54 545.10 Td (north ) Tj ET Q q 0 0 0 rg BT 218.82 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.33 545.10 Td ($3.00 ) Tj ET Q q 0 0 0 rg BT 254.01 545.10 Td (for ) Tj ET Q q 0 0 0 rg BT 267.85 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.25 545.10 Td (first ) Tj ET Q q 0 0 0 rg BT 300.54 545.10 Td (time ) Tj ET Q q 0 0 0 rg BT 320.49 545.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.45 545.10 Td (four ) Tj ET Q q 0 0 0 rg BT 349.29 545.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 375.07 545.10 Td (In ) Tj ET Q q 0 0 0 rg BT 385.58 545.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 420.54 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 430.49 545.10 Td (these ) Tj ET Q q 0 0 0 rg BT 453.22 545.10 Td (two ) Tj ET Q q 0 0 0 rg BT 470.40 545.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 511.20 545.10 Td (in ) Tj ET Q q 0 0 0 rg BT 521.16 545.10 Td (aggregate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.22 533.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 100.38 533.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 127.75 533.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 165.13 533.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 205.29 533.10 Td (in ) Tj ET Q q 0 0 0 rg BT 215.45 533.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 256.70 533.10 Td (are ) Tj ET Q q 0 0 0 rg BT 271.30 533.10 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.68 533.10 Td ($9.8 ) Tj ET Q q 0 0 0 rg BT 303.57 533.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.46 533.10 Td (, ) Tj ET Q q 0 0 0 rg BT 337.35 533.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.07 533.10 Td ($0.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.57 533.10 Td ( ) Tj ET Q q 0 0 0 rg BT 372.96 533.10 Td (per ) Tj ET Q q 0 0 0 rg BT 388.11 533.10 Td (share ) Tj ET Q q 0 0 0 rg BT 411.60 533.10 Td (as ) Tj ET Q q 0 0 0 rg BT 422.32 533.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.51 533.10 Td (August14, ) Tj ET Q q 0 0 0 rg BT 478.79 533.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.79 533.10 Td (. ) Tj ET Q q 0 0 0 rg BT 503.68 533.10 Td ( ) Tj ET Q q 0 0 0 rg BT 506.06 533.10 Td (Suf) Tj ET Q q 0 0 0 rg BT 519.77 533.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 537.15 533.10 Td (to ) Tj ET Q q 0 0 0 rg BT 547.31 533.10 Td (say) Tj ET Q q 0 0 0 rg BT 559.99 533.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.93 521.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 94.46 521.10 Td (isn) Tj ET Q q 0 0 0 rg BT 109.28 521.10 Td (t ) Tj ET Q q 0 0 0 rg BT 114.27 521.10 Td (over) Tj ET Q q 0 0 0 rg BT 131.64 521.10 Td (, ) Tj ET Q q 0 0 0 rg BT 136.36 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.01 521.10 Td (we ) Tj ET Q q 0 0 0 rg BT 166.88 521.10 Td (have ) Tj ET Q q 0 0 0 rg BT 187.97 521.10 Td (other ) Tj ET Q q 0 0 0 rg BT 210.74 521.10 Td (moving ) Tj ET Q q 0 0 0 rg BT 243.51 521.10 Td (parts ) Tj ET Q q 0 0 0 rg BT 265.16 521.10 Td (that ) Tj ET Q q 0 0 0 rg BT 282.37 521.10 Td (may ) Tj ET Q q 0 0 0 rg BT 301.80 521.10 Td (both ) Tj ET Q q 0 0 0 rg BT 321.79 521.10 Td (add ) Tj ET Q q 0 0 0 rg BT 338.45 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.10 521.10 Td (subtract ) Tj ET Q q 0 0 0 rg BT 388.97 521.10 Td (from ) Tj ET Q q 0 0 0 rg BT 410.62 521.10 Td (NA) Tj ET Q q 0 0 0 rg BT 423.77 521.10 Td (V) Tj ET Q q 0 0 0 rg BT 429.71 521.10 Td (. ) Tj ET Q q 0 0 0 rg BT 434.26 521.10 Td (This ) Tj ET Q q 0 0 0 rg BT 454.25 521.10 Td (is ) Tj ET Q q 0 0 0 rg BT 463.14 521.10 Td (not ) Tj ET Q q 0 0 0 rg BT 478.13 521.10 Td (a ) Tj ET Q q 0 0 0 rg BT 484.78 521.10 Td (prediction ) Tj ET Q q 0 0 0 rg BT 527.54 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 538.08 521.10 Td (where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (we ) Tj ET Q q 0 0 0 rg BT 64.32 509.10 Td (will ) Tj ET Q q 0 0 0 rg BT 83.04 509.10 Td (be ) Tj ET Q q 0 0 0 rg BT 95.65 509.10 Td (at ) Tj ET Q q 0 0 0 rg BT 106.03 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.41 509.10 Td (end ) Tj ET Q q 0 0 0 rg BT 139.01 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.51 509.10 Td (Q3 ) Tj ET Q q 0 0 0 rg BT 165.89 509.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 191.56 509.10 Td (but ) Tj ET Q q 0 0 0 rg BT 207.50 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.88 509.10 Td (magnitude ) Tj ET Q q 0 0 0 rg BT 268.25 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.75 509.10 Td (these ) Tj ET Q q 0 0 0 rg BT 303.46 509.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 343.27 509.10 Td (is ) Tj ET Q q 0 0 0 rg BT 353.10 509.10 Td (so ) Tj ET Q q 0 0 0 rg BT 365.16 509.10 Td (significant, ) Tj ET Q q 0 0 0 rg BT 413.04 509.10 Td (we ) Tj ET Q q 0 0 0 rg BT 427.86 509.10 Td (feel ) Tj ET Q q 0 0 0 rg BT 446.01 509.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 486.38 509.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.33 509.10 Td (enumerate ) Tj ET Q q 0 0 0 rg BT 542.13 509.10 Td (it ) Tj ET Q q 0 0 0 rg BT 550.85 509.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (shareholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (As ) Tj ET Q q 0 0 0 rg BT 62.45 473.10 Td (for ) Tj ET Q q 0 0 0 rg BT 75.95 473.10 Td (Q2 ) Tj ET Q q 0 0 0 rg BT 90.01 473.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 114.35 473.10 Td (things ) Tj ET Q q 0 0 0 rg BT 140.64 473.10 Td (calmed ) Tj ET Q q 0 0 0 rg BT 171.35 473.10 Td (down ) Tj ET Q q 0 0 0 rg BT 195.41 473.10 Td (somewhat ) Tj ET Q q 0 0 0 rg BT 237.79 473.10 Td (as ) Tj ET Q q 0 0 0 rg BT 247.96 473.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 289.22 473.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.84 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.89 473.10 Td (volatile ) Tj ET Q q 0 0 0 rg BT 344.72 473.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 371.55 473.10 Td (of ) Tj ET Q q 0 0 0 rg BT 381.71 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.77 473.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 417.05 473.10 Td (two ) Tj ET Q q 0 0 0 rg BT 433.88 473.10 Td (quarters. ) Tj ET Q q 0 0 0 rg BT 470.43 473.10 Td (In ) Tj ET Q q 0 0 0 rg BT 480.60 473.10 Td (Q4 ) Tj ET Q q 0 0 0 rg BT 494.66 473.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 519.00 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.05 473.10 Td (Russell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (Microcap ) Tj ET Q q 0 0 0 rg BT 89.48 461.10 Td (Index ) Tj ET Q q 0 0 0 rg BT 113.91 461.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 149.45 461.10 Td (22.2%, ) Tj ET Q q 0 0 0 rg BT 179.45 461.10 Td (followed ) Tj ET Q q 0 0 0 rg BT 216.66 461.10 Td (by ) Tj ET Q q 0 0 0 rg BT 228.32 461.10 Td (a ) Tj ET Q q 0 0 0 rg BT 234.43 461.10 Td (Q1 ) Tj ET Q q 0 0 0 rg BT 248.31 461.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 269.98 461.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 306.62 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.61 461.10 Td (13.1%. ) Tj ET Q q 0 0 0 rg BT 346.61 461.10 Td ( ) Tj ET Q q 0 0 0 rg BT 348.15 461.10 Td (This ) Tj ET Q q 0 0 0 rg BT 367.60 461.10 Td (past ) Tj ET Q q 0 0 0 rg BT 385.37 461.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 415.35 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.23 461.10 Td (Russell ) Tj ET Q q 0 0 0 rg BT 460.35 461.10 Td (Microcap ) Tj ET Q q 0 0 0 rg BT 500.33 461.10 Td (Index ) Tj ET Q q 0 0 0 rg BT 524.76 461.10 Td (advanced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (0.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.33 449.10 Td (. ) Tj ET Q q 0 0 0 rg BT 74.33 449.10 Td ( ) Tj ET Q q 0 0 0 rg BT 75.83 449.10 Td (For ) Tj ET Q q 0 0 0 rg BT 91.22 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.93 449.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 132.85 449.10 Td (, ) Tj ET Q q 0 0 0 rg BT 136.85 449.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.68 449.10 Td (NA) Tj ET Q q 0 0 0 rg BT 164.83 449.10 Td (V) Tj ET Q q 0 0 0 rg BT 171.87 449.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.37 449.10 Td (advanced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.63 449.10 Td (2.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.46 449.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.95 449.10 Td (against ) Tj ET Q q 0 0 0 rg BT 264.78 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.49 449.10 Td (backdrop ) Tj ET Q q 0 0 0 rg BT 317.20 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.03 449.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.97 449.10 Td (9.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.80 449.10 Td ( ) Tj ET Q q 0 0 0 rg BT 355.30 449.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 377.91 449.10 Td (total ) Tj ET Q q 0 0 0 rg BT 397.18 449.10 Td (return ) Tj ET Q q 0 0 0 rg BT 422.56 449.10 Td (in ) Tj ET Q q 0 0 0 rg BT 431.83 449.10 Td (our ) Tj ET Q q 0 0 0 rg BT 446.66 449.10 Td (public ) Tj ET Q q 0 0 0 rg BT 473.16 449.10 Td (holdings. ) Tj ET Q q 0 0 0 rg BT 511.60 449.10 Td (I ) Tj ET Q q 0 0 0 rg BT 516.43 449.10 Td (appreciated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.43 437.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 81.80 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.85 437.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 129.67 437.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.83 437.10 Td (calmness ) Tj ET Q q 0 0 0 rg BT 184.20 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.24 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.17 437.10 Td (market ) Tj ET Q q 0 0 0 rg BT 237.65 437.10 Td (this ) Tj ET Q q 0 0 0 rg BT 253.82 437.10 Td (past ) Tj ET Q q 0 0 0 rg BT 271.64 437.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 299.40 437.10 Td (. ) Tj ET Q q 0 0 0 rg BT 303.62 437.10 Td (It ) Tj ET Q q 0 0 0 rg BT 311.44 437.10 Td (gave ) Tj ET Q q 0 0 0 rg BT 332.04 437.10 Td (us ) Tj ET Q q 0 0 0 rg BT 342.64 437.10 Td (a ) Tj ET Q q 0 0 0 rg BT 348.80 437.10 Td (great ) Tj ET Q q 0 0 0 rg BT 370.50 437.10 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 418.88 437.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.37 437.10 Td (really ) Tj ET Q q 0 0 0 rg BT 452.85 437.10 Td (dig ) Tj ET Q q 0 0 0 rg BT 467.34 437.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.84 437.10 Td (on ) Tj ET Q q 0 0 0 rg BT 488.55 437.10 Td (our ) Tj ET Q q 0 0 0 rg BT 503.60 437.10 Td (two ) Tj ET Q q 0 0 0 rg BT 520.31 437.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (holdings, ) Tj ET Q q 0 0 0 rg BT 89.10 425.10 Td (QMCO ) Tj ET Q q 0 0 0 rg BT 121.76 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.85 425.10 Td (MVEN. ) Tj ET Q q 0 0 0 rg BT 173.45 425.10 Td (It ) Tj ET Q q 0 0 0 rg BT 182.21 425.10 Td (also ) Tj ET Q q 0 0 0 rg BT 200.97 425.10 Td (gave ) Tj ET Q q 0 0 0 rg BT 222.51 425.10 Td (me ) Tj ET Q q 0 0 0 rg BT 237.38 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.25 425.10 Td (chance ) Tj ET Q q 0 0 0 rg BT 282.65 425.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.09 425.10 Td (go ) Tj ET Q q 0 0 0 rg BT 305.74 425.10 Td (on ) Tj ET Q q 0 0 0 rg BT 318.39 425.10 Td (a ) Tj ET Q q 0 0 0 rg BT 325.49 425.10 Td (golf ) Tj ET Q q 0 0 0 rg BT 344.25 425.10 Td (trip ) Tj ET Q q 0 0 0 rg BT 360.79 425.10 Td (to ) Tj ET Q q 0 0 0 rg BT 371.22 425.10 Td (Ireland, ) Tj ET Q q 0 0 0 rg BT 404.69 425.10 Td (which ) Tj ET Q q 0 0 0 rg BT 431.78 425.10 Td (was ) Tj ET Q q 0 0 0 rg BT 449.99 425.10 Td (absolute ) Tj ET Q q 0 0 0 rg BT 485.97 425.10 Td (golf ) Tj ET Q q 0 0 0 rg BT 504.73 425.10 Td (heaven. ) Tj ET Q q 0 0 0 rg BT 538.20 425.10 Td (If ) Tj ET Q q 0 0 0 rg BT 547.51 425.10 Td (you ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (love ) Tj ET Q q 0 0 0 rg BT 69.91 413.10 Td (golf ) Tj ET Q q 0 0 0 rg BT 89.21 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.85 413.10 Td (haven) Tj ET Q q 0 0 0 rg BT 133.87 413.10 Td (t ) Tj ET Q q 0 0 0 rg BT 139.85 413.10 Td (played ) Tj ET Q q 0 0 0 rg BT 169.70 413.10 Td (Ballybunion, ) Tj ET Q q 0 0 0 rg BT 224.84 413.10 Td (Old ) Tj ET Q q 0 0 0 rg BT 243.03 413.10 Td (Head, ) Tj ET Q q 0 0 0 rg BT 269.82 413.10 Td (Hogs ) Tj ET Q q 0 0 0 rg BT 294.13 413.10 Td (Head, ) Tj ET Q q 0 0 0 rg BT 320.93 413.10 Td (or ) Tj ET Q q 0 0 0 rg BT 332.22 413.10 Td (T) Tj ET Q q 0 0 0 rg BT 337.98 413.10 Td (ralee, ) Tj ET Q q 0 0 0 rg BT 363.10 413.10 Td (I ) Tj ET Q q 0 0 0 rg BT 369.62 413.10 Td (strongly ) Tj ET Q q 0 0 0 rg BT 405.59 413.10 Td (suggest ) Tj ET Q q 0 0 0 rg BT 438.79 413.10 Td (you ) Tj ET Q q 0 0 0 rg BT 456.98 413.10 Td (make ) Tj ET Q q 0 0 0 rg BT 481.83 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.24 413.10 Td (trip. ) Tj ET Q q 0 0 0 rg BT 516.83 413.10 Td ( ) Tj ET Q q 0 0 0 rg BT 520.02 413.10 Td (I ) Tj ET Q q 0 0 0 rg BT 526.55 413.10 Td (think ) Tj ET Q q 0 0 0 rg BT 550.30 413.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (howling ) Tj ET Q q 0 0 0 rg BT 84.64 401.10 Td (45 ) Tj ET Q q 0 0 0 rg BT 97.01 401.10 Td (MPH ) Tj ET Q q 0 0 0 rg BT 121.05 401.10 Td (winds ) Tj ET Q q 0 0 0 rg BT 147.30 401.10 Td (we ) Tj ET Q q 0 0 0 rg BT 161.33 401.10 Td (faced ) Tj ET Q q 0 0 0 rg BT 185.34 401.10 Td (in ) Tj ET Q q 0 0 0 rg BT 195.48 401.10 Td (Ireland ) Tj ET Q q 0 0 0 rg BT 226.16 401.10 Td (will ) Tj ET Q q 0 0 0 rg BT 244.08 401.10 Td (be ) Tj ET Q q 0 0 0 rg BT 255.89 401.10 Td (nothing ) Tj ET Q q 0 0 0 rg BT 288.81 401.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 330.60 401.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.74 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.32 401.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 382.69 401.10 Td (gusts ) Tj ET Q q 0 0 0 rg BT 405.61 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.19 401.10 Td (market ) Tj ET Q q 0 0 0 rg BT 450.32 401.10 Td (and ) Tj ET Q q 0 0 0 rg BT 467.13 401.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 506.15 401.10 Td (may ) Tj ET Q q 0 0 0 rg BT 525.73 401.10 Td (face ) Tj ET Q q 0 0 0 rg BT 544.74 401.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.92 389.10 Td (next ) Tj ET Q q 0 0 0 rg BT 83.35 389.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 112.21 389.10 Td (months ) Tj ET Q q 0 0 0 rg BT 143.87 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.40 389.10 Td (political ) Tj ET Q q 0 0 0 rg BT 189.38 389.10 Td (election ) Tj ET Q q 0 0 0 rg BT 223.24 389.10 Td (mania. ) Tj ET Q q 0 0 0 rg BT 252.38 389.10 Td (By ) Tj ET Q q 0 0 0 rg BT 266.25 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.68 389.10 Td (way) Tj ET Q q 0 0 0 rg BT 296.69 389.10 Td (, ) Tj ET Q q 0 0 0 rg BT 301.39 389.10 Td (back ) Tj ET Q q 0 0 0 rg BT 322.48 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.46 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.89 389.10 Td (winds ) Tj ET Q q 0 0 0 rg BT 372.99 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 382.97 389.10 Td (Ireland, ) Tj ET Q q 0 0 0 rg BT 415.99 389.10 Td (here ) Tj ET Q q 0 0 0 rg BT 435.41 389.10 Td (was ) Tj ET Q q 0 0 0 rg BT 453.17 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.81 389.10 Td (typical ) Tj ET Q q 0 0 0 rg BT 489.23 389.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 529.19 389.10 Td (between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (me ) Tj ET Q q 0 0 0 rg BT 64.42 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 81.56 377.10 Td (our ) Tj ET Q q 0 0 0 rg BT 97.60 377.10 Td (golf ) Tj ET Q q 0 0 0 rg BT 116.41 377.10 Td (caddy ) Tj ET Q q 0 0 0 rg BT 142.99 377.10 Td (at ) Tj ET Q q 0 0 0 rg BT 152.91 377.10 Td (Old ) Tj ET Q q 0 0 0 rg BT 170.62 377.10 Td (Head. ) Tj ET Q q 0 0 0 rg BT 196.92 377.10 Td ( ) Tj ET Q q 0 0 0 rg BT 199.62 377.10 Td (Caddie: ) Tj ET Q q 0 0 0 rg BT 233.43 377.10 Td ("Kevin, ) Tj ET Q q 0 0 0 rg BT 267.16 377.10 Td (you ) Tj ET Q q 0 0 0 rg BT 284.86 377.10 Td (are ) Tj ET Q q 0 0 0 rg BT 299.77 377.10 Td (135 ) Tj ET Q q 0 0 0 rg BT 317.47 377.10 Td (yards ) Tj ET Q q 0 0 0 rg BT 341.84 377.10 Td (out. ) Tj ET Q q 0 0 0 rg BT 359.82 377.10 Td (Hit ) Tj ET Q q 0 0 0 rg BT 375.30 377.10 Td (it ) Tj ET Q q 0 0 0 rg BT 383.56 377.10 Td (210 ) Tj ET Q q 0 0 0 rg BT 401.27 377.10 Td (yards ) Tj ET Q q 0 0 0 rg BT 425.63 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 442.78 377.10 Td (aim ) Tj ET Q q 0 0 0 rg BT 460.47 377.10 Td (40 ) Tj ET Q q 0 0 0 rg BT 473.18 377.10 Td (yards ) Tj ET Q q 0 0 0 rg BT 497.54 377.10 Td (left ) Tj ET Q q 0 0 0 rg BT 513.57 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 524.61 377.10 Td (pin." ) Tj ET Q q 0 0 0 rg BT 546.67 377.10 Td (Me, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (after ) Tj ET Q q 0 0 0 rg BT 70.78 365.10 Td (hitting ) Tj ET Q q 0 0 0 rg BT 99.85 365.10 Td (what ) Tj ET Q q 0 0 0 rg BT 122.25 365.10 Td (a ) Tj ET Q q 0 0 0 rg BT 129.65 365.10 Td (think ) Tj ET Q q 0 0 0 rg BT 153.16 365.10 Td (is ) Tj ET Q q 0 0 0 rg BT 162.79 365.10 Td (a ) Tj ET Q q 0 0 0 rg BT 170.19 365.10 Td (good ) Tj ET Q q 0 0 0 rg BT 193.15 365.10 Td (shot, ) Tj ET Q q 0 0 0 rg BT 215.28 365.10 Td ("Where ) Tj ET Q q 0 0 0 rg BT 248.97 365.10 Td (did ) Tj ET Q q 0 0 0 rg BT 264.71 365.10 Td (it ) Tj ET Q q 0 0 0 rg BT 273.23 365.10 Td (end ) Tj ET Q q 0 0 0 rg BT 290.63 365.10 Td (up?" ) Tj ET Q q 0 0 0 rg BT 312.11 365.10 Td (Caddie: ) Tj ET Q q 0 0 0 rg BT 346.17 365.10 Td ("Absolutely ) Tj ET Q q 0 0 0 rg BT 397.10 365.10 Td (perfect ) Tj ET Q q 0 0 0 rg BT 427.82 365.10 Td (shot. ) Tj ET Q q 0 0 0 rg BT 449.95 365.10 Td (25 ) Tj ET Q q 0 0 0 rg BT 462.91 365.10 Td (yards ) Tj ET Q q 0 0 0 rg BT 487.53 365.10 Td (short ) Tj ET Q q 0 0 0 rg BT 510.49 365.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.89 365.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 540.85 365.10 Td (yards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (right." ) Tj ET Q q 0 0 0 rg BT 77.25 353.10 Td (Me: ) Tj ET Q q 0 0 0 rg BT 95.64 353.10 Td ("Thanks." ) Tj ET Q q 0 0 0 rg BT 138.02 353.10 Td (For ) Tj ET Q q 0 0 0 rg BT 154.19 353.10 Td (me, ) Tj ET Q q 0 0 0 rg BT 171.19 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.69 353.10 Td (Ireland ) Tj ET Q q 0 0 0 rg BT 216.28 353.10 Td (golf ) Tj ET Q q 0 0 0 rg BT 234.67 353.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 280.25 353.10 Td (was ) Tj ET Q q 0 0 0 rg BT 298.08 353.10 Td (a ) Tj ET Q q 0 0 0 rg BT 304.80 353.10 Td (precursor ) Tj ET Q q 0 0 0 rg BT 344.84 353.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.90 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.40 353.10 Td (heightened ) Tj ET Q q 0 0 0 rg BT 415.55 353.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 453.94 353.10 Td (I ) Tj ET Q q 0 0 0 rg BT 459.55 353.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 487.92 353.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.98 353.10 Td (resume ) Tj ET Q q 0 0 0 rg BT 529.14 353.10 Td (once ) Tj ET Q q 0 0 0 rg BT 550.30 353.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (summer ) Tj ET Q q 0 0 0 rg BT 84.22 341.10 Td (ends. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (NET) Tj ET Q q 0 0 0 rg BT 69.88 317.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.83 317.10 Td (ASSET) Tj ET Q q 0 0 0 rg BT 103.33 317.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.65 317.10 Td (V) Tj ET Q q 0 0 0 rg BT 111.58 317.10 Td (ALUE ) Tj ET Q q 0 0 0 rg BT 141.87 317.10 Td (PER ) Tj ET Q q 0 0 0 rg BT 164.37 317.10 Td (SHARE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.01 293.10 Td (NA) Tj ET Q q 0 0 0 rg BT 81.16 293.10 Td (V) Tj ET Q q 0 0 0 rg BT 88.21 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 91.16 293.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 131.88 293.10 Td (this ) Tj ET Q q 0 0 0 rg BT 149.28 293.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 180.55 293.10 Td (from ) Tj ET Q q 0 0 0 rg BT 202.95 293.10 Td ($2.76 ) Tj ET Q q 0 0 0 rg BT 228.41 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 239.15 293.10 Td ($2.82, ) Tj ET Q q 0 0 0 rg BT 267.10 293.10 Td (or ) Tj ET Q q 0 0 0 rg BT 278.39 293.10 Td (2.2%. ) Tj ET Q q 0 0 0 rg BT 304.68 293.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 323.19 293.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 346.71 293.10 Td (has ) Tj ET Q q 0 0 0 rg BT 363.00 293.10 Td (three ) Tj ET Q q 0 0 0 rg BT 385.94 293.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 424.44 293.10 Td (components ) Tj ET Q q 0 0 0 rg BT 475.72 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.46 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.63 293.10 Td (variance ) Tj ET Q q 0 0 0 rg BT 538.46 293.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.19 293.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (NA) Tj ET Q q 0 0 0 rg BT 62.65 281.10 Td (V) Tj ET Q q 0 0 0 rg BT 69.13 281.10 Td (: ) Tj ET Q q 0 0 0 rg BT 75.08 281.10 Td (our ) Tj ET Q q 0 0 0 rg BT 91.57 281.10 Td (public ) Tj ET Q q 0 0 0 rg BT 119.73 281.10 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 160.38 281.10 Td (our ) Tj ET Q q 0 0 0 rg BT 176.88 281.10 Td (private ) Tj ET Q q 0 0 0 rg BT 207.80 281.10 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 248.46 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 266.06 281.10 Td (our ) Tj ET Q q 0 0 0 rg BT 282.56 281.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 324.32 281.10 Td ( ) Tj ET Q q 0 0 0 rg BT 327.48 281.10 Td (For ) Tj ET Q q 0 0 0 rg BT 344.54 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 359.92 281.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 387.83 281.10 Td (, ) Tj ET Q q 0 0 0 rg BT 393.50 281.10 Td (our ) Tj ET Q q 0 0 0 rg BT 409.99 281.10 Td (public ) Tj ET Q q 0 0 0 rg BT 438.15 281.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 476.30 281.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 524.73 281.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 79.55 269.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 111.28 269.10 Td (from ) Tj ET Q q 0 0 0 rg BT 132.85 269.10 Td (TheStreet ) Tj ET Q q 0 0 0 rg BT 174.02 269.10 Td (SPV) Tj ET Q q 0 0 0 rg BT 192.19 269.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.48 269.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 221.22 269.10 Td (- ) Tj ET Q q 0 0 0 rg BT 226.85 269.10 Td (a ) Tj ET Q q 0 0 0 rg BT 233.58 269.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 260.32 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.95 269.10 Td (180 ) Tj ET Q q 0 0 0 rg BT 288.24 269.10 Td (Degree ) Tj ET Q q 0 0 0 rg BT 319.41 269.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 350.59 269.10 Td (Management, ) Tj ET Q q 0 0 0 rg BT 407.59 269.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 428.77 269.10 Td (\("TST) Tj ET Q q 0 0 0 rg BT 453.78 269.10 Td ( ) Tj ET Q q 0 0 0 rg BT 456.08 269.10 Td (SPV"\), ) Tj ET Q q 0 0 0 rg BT 486.63 269.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 526.68 269.10 Td (our ) Tj ET Q q 0 0 0 rg BT 542.31 269.10 Td (NA) Tj ET Q q 0 0 0 rg BT 555.46 269.10 Td (V) Tj ET Q q 0 0 0 rg BT 562.51 269.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.93 257.10 Td ($0.1) Tj ET Q q 0 0 0 rg BT 79.06 257.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 86.50 257.10 Td (while ) Tj ET Q q 0 0 0 rg BT 111.15 257.10 Td (our ) Tj ET Q q 0 0 0 rg BT 126.91 257.10 Td (private ) Tj ET Q q 0 0 0 rg BT 157.10 257.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 194.53 257.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 239.73 257.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 276.04 257.10 Td (by ) Tj ET Q q 0 0 0 rg BT 288.47 257.10 Td ($0.02. ) Tj ET Q q 0 0 0 rg BT 315.90 257.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 358.32 257.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 396.85 257.10 Td (including ) Tj ET Q q 0 0 0 rg BT 437.06 257.10 Td (an ) Tj ET Q q 0 0 0 rg BT 448.93 257.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 480.23 257.10 Td (for ) Tj ET Q q 0 0 0 rg BT 494.32 257.10 Td (a ) Tj ET Q q 0 0 0 rg BT 501.19 257.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 538.61 257.10 Td (bonus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (pool ) Tj ET Q q 0 0 0 rg BT 70.03 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 80.55 245.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 103.30 245.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 147.70 245.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 187.10 245.10 Td (NA) Tj ET Q q 0 0 0 rg BT 200.26 245.10 Td (V) Tj ET Q q 0 0 0 rg BT 207.30 245.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.05 245.10 Td (by ) Tj ET Q q 0 0 0 rg BT 222.80 245.10 Td ($0.03. ) Tj ET Q q 0 0 0 rg BT 250.54 245.10 Td ( ) Tj ET Q q 0 0 0 rg BT 253.10 245.10 Td (While ) Tj ET Q q 0 0 0 rg BT 280.28 245.10 Td (our ) Tj ET Q q 0 0 0 rg BT 296.36 245.10 Td (public ) Tj ET Q q 0 0 0 rg BT 324.10 245.10 Td (market ) Tj ET Q q 0 0 0 rg BT 354.61 245.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 407.89 245.10 Td (was ) Tj ET Q q 0 0 0 rg BT 426.19 245.10 Td (above ) Tj ET Q q 0 0 0 rg BT 452.81 245.10 Td (average ) Tj ET Q q 0 0 0 rg BT 486.65 245.10 Td (for ) Tj ET Q q 0 0 0 rg BT 501.05 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.02 245.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 543.94 245.10 Td (, ) Tj ET Q q 0 0 0 rg BT 549.18 245.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (NA) Tj ET Q q 0 0 0 rg BT 62.65 233.10 Td (V) Tj ET Q q 0 0 0 rg BT 69.70 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.84 233.10 Td (was ) Tj ET Q q 0 0 0 rg BT 89.53 233.10 Td (muted ) Tj ET Q q 0 0 0 rg BT 116.67 233.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 144.36 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.72 233.10 Td (Russell ) Tj ET Q q 0 0 0 rg BT 190.31 233.10 Td (Microcap ) Tj ET Q q 0 0 0 rg BT 230.76 233.10 Td (Index ) Tj ET Q q 0 0 0 rg BT 255.67 233.10 Td (because ) Tj ET Q q 0 0 0 rg BT 289.46 233.10 Td (we ) Tj ET Q q 0 0 0 rg BT 303.26 233.10 Td (started ) Tj ET Q q 0 0 0 rg BT 332.06 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.41 233.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 376.87 233.10 Td (with ) Tj ET Q q 0 0 0 rg BT 396.79 233.10 Td (just ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.38 233.10 Td (42.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.21 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 441.35 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.82 233.10 Td (our ) Tj ET Q q 0 0 0 rg BT 467.29 233.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 492.76 233.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.68 233.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 522.59 233.10 Td (and ) Tj ET Q q 0 0 0 rg BT 539.17 233.10 Td (liquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (securities. ) Tj ET Q 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 94.00 198.60 213.00 -32.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 307.00 198.60 70.00 -32.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 377.00 198.60 70.00 -32.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 447.00 198.60 70.00 -32.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 94.00 146.60 213.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 307.00 146.60 70.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 377.00 146.60 70.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 447.00 146.60 70.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.50 180.33 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.50 180.33 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.95 185.33 Td (YTD ) Tj ET Q q 0 0 0 rg BT 474.38 185.33 Td (Thr) Tj ET Q q 0 0 0 rg BT 490.87 185.33 Td (ough) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.85 175.33 Td (Q2 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.50 154.22 Td (NA) Tj ET Q q 0 0 0 rg BT 110.30 154.22 Td (V) Tj ET Q q 0 0 0 rg BT 116.79 154.22 Td ( Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.55 154.22 Td (1) Tj ET Q q 0 0 0 rg BT 333.55 154.22 Td (1.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.05 154.22 Td (1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.05 154.22 Td (6.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.50 134.22 Td (Gross ) Tj ET Q q 0 0 0 rg BT 122.24 134.22 Td (T) Tj ET Q q 0 0 0 rg BT 127.91 134.22 Td (otal Return of Public Company Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.55 134.22 Td (53.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.55 134.22 Td (19.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.55 134.22 Td (23.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.50 114.22 Td (Russell Microcap Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.55 114.22 Td (13.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.25 114.22 Td (\(13.0%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.55 114.22 Td (14.1%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (Public ) Tj ET Q q 0 0 0 rg BT 78.10 749.10 Td (Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (Fortunately) Tj ET Q q 0 0 0 rg BT 94.95 725.10 Td (, since the inception of 180, our focus on investing in publicly traded companies with our constructive activist ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (approach has generated significant returns. ) Tj ET Q q 0 0 0 rg BT 223.14 713.10 Td (This quarter) Tj ET Q q 0 0 0 rg BT 271.33 713.10 Td (, 180) Tj ET Q q 0 0 0 rg BT 294.11 713.10 Td (s public portfolio gross total return was 9.3%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 474.64 717.63 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.26 713.10 Td (versus the 0.9% for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (the Russell Microcap Index. Our Q2 2019, one year and inception to date performance is highlighted in the chart below) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 529.92 705.63 Td ( 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.79 701.10 Td (:) Tj ET Q 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 47.00 678.60 197.00 -24.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 244.00 678.60 80.00 -24.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 324.00 678.60 80.00 -24.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 404.00 678.60 80.00 -24.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 484.00 678.60 80.00 -24.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 47.00 634.60 197.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 244.00 634.60 80.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 324.00 634.60 80.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 404.00 634.60 80.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 484.00 634.60 80.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 47.00 594.60 197.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 244.00 594.60 80.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 324.00 594.60 80.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 404.00 594.60 80.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 484.00 594.60 80.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 47.00 554.60 197.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 244.00 554.60 80.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 324.00 554.60 80.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 404.00 554.60 80.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 484.00 554.60 80.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 47.00 514.60 197.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 244.00 514.60 80.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 324.00 514.60 80.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 404.00 514.60 80.00 -20.00 re f /GS0 gs 0.8705882352941177 0.9529411764705882 0.7529411764705882 rg /GS0 gs 484.00 514.60 80.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.85 664.33 Td (Q2 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.85 664.33 Td (H1 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.55 664.33 Td (Q2 2018-Q2 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.55 664.33 Td (Q4 2016-Q2 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.55 642.33 Td (TURN Public Portfolio Gr) Tj ET Q q 0 0 0 rg BT 166.41 642.33 Td (oss ) Tj ET Q q 0 0 0 rg BT 181.51 642.33 Td (T) Tj ET Q q 0 0 0 rg BT 187.27 642.33 Td (otal Return) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.25 642.33 Td (9.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.75 642.33 Td (23.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.25 642.33 Td (0.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.25 642.33 Td (124.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.65 622.22 Td (TURN Public Portfolio Gross ) Tj ET Q q 0 0 0 rg BT 169.23 622.22 Td (W) Tj ET Q q 0 0 0 rg BT 178.18 622.22 Td (eighted ) Tj ET Q q 0 0 0 rg BT 209.43 622.22 Td (A) Tj ET Q q 0 0 0 rg BT 216.01 622.22 Td (verage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.05 622.22 Td (6.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.55 622.22 Td (16.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.75 622.22 Td (\(0.3%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 622.22 Td (40.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.20 602.22 Td (Russell Microcap Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.05 602.22 Td (0.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.55 602.22 Td (14.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.25 602.22 Td (\(10.4%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 602.22 Td (12.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.65 582.22 Td (Russell Microcap ) Tj ET Q q 0 0 0 rg BT 157.32 582.22 Td (V) Tj ET Q q 0 0 0 rg BT 163.90 582.22 Td (alue Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.05 582.22 Td (1.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.55 582.22 Td (1) Tj ET Q q 0 0 0 rg BT 355.55 582.22 Td (1.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.25 582.22 Td (\(1) Tj ET Q q 0 0 0 rg BT 435.58 582.22 Td (1.0%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 582.22 Td (10.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 562.22 Td (Russell 2000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.05 562.22 Td (2.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.55 562.22 Td (17.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.75 562.22 Td (\(3.3%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 562.22 Td (19.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 542.22 Td (Russell 3000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.05 542.22 Td (4.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.55 542.22 Td (18.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.05 542.22 Td (9.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 542.22 Td (36.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.95 522.22 Td (S&P) Tj ET Q q 0 0 0 rg BT 145.67 522.22 Td ( 500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.05 522.22 Td (4.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.55 522.22 Td (18.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.55 522.22 Td (10.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 522.22 Td (38.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.95 502.22 Td (Dow Jones Industrial ) Tj ET Q q 0 0 0 rg BT 171.89 502.22 Td (A) Tj ET Q q 0 0 0 rg BT 178.37 502.22 Td (verage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.05 502.22 Td (3.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.55 502.22 Td (15.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.55 502.22 Td (12.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 502.22 Td (42.7%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 471.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 471.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.48 471.10 Td (little ) Tj ET Q q 0 0 0 rg BT 79.12 471.10 Td (over ) Tj ET Q q 0 0 0 rg BT 99.20 471.10 Td (two ) Tj ET Q q 0 0 0 rg BT 116.51 471.10 Td (years ) Tj ET Q q 0 0 0 rg BT 139.92 471.10 Td (ago, ) Tj ET Q q 0 0 0 rg BT 159.17 471.10 Td (we ) Tj ET Q q 0 0 0 rg BT 173.14 471.10 Td (embarked ) Tj ET Q q 0 0 0 rg BT 214.88 471.10 Td (on ) Tj ET Q q 0 0 0 rg BT 227.19 471.10 Td (a ) Tj ET Q q 0 0 0 rg BT 233.94 471.10 Td (new ) Tj ET Q q 0 0 0 rg BT 252.91 471.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 286.88 471.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.97 471.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 323.16 471.10 Td (in ) Tj ET Q q 0 0 0 rg BT 333.25 471.10 Td (small ) Tj ET Q q 0 0 0 rg BT 357.23 471.10 Td (public ) Tj ET Q q 0 0 0 rg BT 384.53 471.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 432.11 471.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 456.64 471.10 Td (then, ) Tj ET Q q 0 0 0 rg BT 478.67 471.10 Td (we ) Tj ET Q q 0 0 0 rg BT 492.64 471.10 Td (have ) Tj ET Q q 0 0 0 rg BT 513.82 471.10 Td (added ) Tj ET Q q 0 0 0 rg BT 540.01 471.10 Td ($0.71 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 459.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.46 459.10 Td (our ) Tj ET Q q 0 0 0 rg BT 76.98 459.10 Td (NA) Tj ET Q q 0 0 0 rg BT 90.13 459.10 Td (V) Tj ET Q q 0 0 0 rg BT 97.18 459.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.36 459.10 Td (from ) Tj ET Q q 0 0 0 rg BT 122.99 459.10 Td (our ) Tj ET Q q 0 0 0 rg BT 139.50 459.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 190.46 459.10 Td (in ) Tj ET Q q 0 0 0 rg BT 201.43 459.10 Td (public ) Tj ET Q q 0 0 0 rg BT 229.61 459.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 278.06 459.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.24 459.10 Td (Over ) Tj ET Q q 0 0 0 rg BT 304.42 459.10 Td (that ) Tj ET Q q 0 0 0 rg BT 322.60 459.10 Td (same ) Tj ET Q q 0 0 0 rg BT 346.33 459.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 377.57 459.10 Td (we ) Tj ET Q q 0 0 0 rg BT 392.41 459.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 434.46 459.10 Td ($0.05 ) Tj ET Q q 0 0 0 rg BT 460.15 459.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.66 459.10 Td (NA) Tj ET Q q 0 0 0 rg BT 484.82 459.10 Td (V) Tj ET Q q 0 0 0 rg BT 491.86 459.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.04 459.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 526.56 459.10 Td (from ) Tj ET Q q 0 0 0 rg BT 549.19 459.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 447.10 Td (private ) Tj ET Q q 0 0 0 rg BT 79.56 447.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 119.36 447.10 Td (180) Tj ET Q q 0 0 0 rg BT 137.14 447.10 Td (s ) Tj ET Q q 0 0 0 rg BT 143.33 447.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 196.17 447.10 Td (have ) Tj ET Q q 0 0 0 rg BT 217.35 447.10 Td (clearly ) Tj ET Q q 0 0 0 rg BT 246.85 447.10 Td (benefited ) Tj ET Q q 0 0 0 rg BT 286.36 447.10 Td (from ) Tj ET Q q 0 0 0 rg BT 308.10 447.10 Td (our ) Tj ET Q q 0 0 0 rg BT 323.73 447.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 357.68 447.10 Td (change. ) Tj ET Q q 0 0 0 rg BT 390.80 447.10 Td ( ) Tj ET Q q 0 0 0 rg BT 393.10 447.10 Td (Let) Tj ET Q q 0 0 0 rg BT 409.21 447.10 Td (s ) Tj ET Q q 0 0 0 rg BT 415.40 447.10 Td (dig ) Tj ET Q q 0 0 0 rg BT 430.48 447.10 Td (into ) Tj ET Q q 0 0 0 rg BT 448.34 447.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.85 447.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 507.37 447.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 539.66 447.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 447.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 435.10 Td (net ) Tj ET Q q 0 0 0 rg BT 64.22 435.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 87.83 435.10 Td (from ) Tj ET Q q 0 0 0 rg BT 109.76 435.10 Td (our ) Tj ET Q q 0 0 0 rg BT 125.59 435.10 Td (public ) Tj ET Q q 0 0 0 rg BT 153.09 435.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 190.58 435.10 Td (in ) Tj ET Q q 0 0 0 rg BT 200.86 435.10 Td (Q2 ) Tj ET Q q 0 0 0 rg BT 215.58 435.10 Td (2019. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 411.10 Td (Sources ) Tj ET Q q 0 0 0 rg BT 83.66 411.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.49 411.10 Td (material ) Tj ET Q q 0 0 0 rg BT 129.75 411.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 168.89 411.10 Td (in ) Tj ET Q q 0 0 0 rg BT 179.17 411.10 Td (value:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 387.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 387.10 Td (Adesto ) Tj ET Q q 0 0 0 rg BT 116.86 387.10 Td (T) Tj ET Q q 0 0 0 rg BT 122.27 387.10 Td (echnologies ) Tj ET Q q 0 0 0 rg BT 173.29 387.10 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 224.88 387.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 275.92 387.10 Td (IOTS\) ) Tj ET Q q 0 0 0 rg BT 304.73 387.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 341.31 387.10 Td (a ) Tj ET Q q 0 0 0 rg BT 349.01 387.10 Td (solid ) Tj ET Q q 0 0 0 rg BT 371.72 387.10 Td (Q1 ) Tj ET Q q 0 0 0 rg BT 387.20 387.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 412.96 387.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.66 387.10 Td (its ) Tj ET Q q 0 0 0 rg BT 443.37 387.10 Td (full ) Tj ET Q q 0 0 0 rg BT 460.52 387.10 Td (year ) Tj ET Q q 0 0 0 rg BT 480.99 387.10 Td (outlook ) Tj ET Q q 0 0 0 rg BT 514.81 387.10 Td (was ) Tj ET Q q 0 0 0 rg BT 533.62 387.10 Td (viewed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 375.10 Td (favorably) Tj ET Q q 0 0 0 rg BT 123.17 375.10 Td (. ) Tj ET Q q 0 0 0 rg BT 128.56 375.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.45 375.10 Td (For ) Tj ET Q q 0 0 0 rg BT 148.23 375.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.34 375.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 191.25 375.10 Td (, ) Tj ET Q q 0 0 0 rg BT 196.64 375.10 Td (IOTS ) Tj ET Q q 0 0 0 rg BT 221.75 375.10 Td (advanced ) Tj ET Q q 0 0 0 rg BT 262.40 375.10 Td (34.7% ) Tj ET Q q 0 0 0 rg BT 291.12 375.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 319.56 375.10 Td (5% ) Tj ET Q q 0 0 0 rg BT 335.78 375.10 Td (for ) Tj ET Q q 0 0 0 rg BT 350.33 375.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.44 375.10 Td (Philadelphia ) Tj ET Q q 0 0 0 rg BT 418.32 375.10 Td (Semiconductor ) Tj ET Q q 0 0 0 rg BT 481.75 375.10 Td (Index ) Tj ET Q q 0 0 0 rg BT 507.41 375.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.74 375.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 363.10 Td (our ) Tj ET Q q 0 0 0 rg BT 101.33 363.10 Td (NA) Tj ET Q q 0 0 0 rg BT 114.48 363.10 Td (V) Tj ET Q q 0 0 0 rg BT 121.53 363.10 Td ( ) Tj ET Q q 0 0 0 rg BT 124.03 363.10 Td (by ) Tj ET Q q 0 0 0 rg BT 136.53 363.10 Td ($0.07. ) Tj ET Q q 0 0 0 rg BT 164.03 363.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 339.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 339.10 Td (TheStreet, ) Tj ET Q q 0 0 0 rg BT 129.62 339.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 147.64 339.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 197.97 339.10 Td (TST\) ) Tj ET Q q 0 0 0 rg BT 221.82 339.10 Td (has ) Tj ET Q q 0 0 0 rg BT 237.90 339.10 Td (been ) Tj ET Q q 0 0 0 rg BT 259.53 339.10 Td (a ) Tj ET Q q 0 0 0 rg BT 266.72 339.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 295.02 339.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 338.87 339.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 385.50 339.10 Td (for ) Tj ET Q q 0 0 0 rg BT 399.91 339.10 Td (our ) Tj ET Q q 0 0 0 rg BT 415.99 339.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 469.28 339.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.46 339.10 Td (our ) Tj ET Q q 0 0 0 rg BT 502.54 339.10 Td (participation ) Tj ET Q q 0 0 0 rg BT 555.83 339.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 327.10 Td (now ) Tj ET Q q 0 0 0 rg BT 105.46 327.10 Td (over) Tj ET Q q 0 0 0 rg BT 122.68 327.10 Td (. ) Tj ET Q q 0 0 0 rg BT 127.92 327.10 Td ( ) Tj ET Q q 0 0 0 rg BT 130.67 327.10 Td (In ) Tj ET Q q 0 0 0 rg BT 141.74 327.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 191.70 327.10 Td (with ) Tj ET Q q 0 0 0 rg BT 212.22 327.10 Td (assisting ) Tj ET Q q 0 0 0 rg BT 249.41 327.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.37 327.10 Td (company ) Tj ET Q q 0 0 0 rg BT 303.77 327.10 Td (in ) Tj ET Q q 0 0 0 rg BT 314.29 327.10 Td (retiring ) Tj ET Q q 0 0 0 rg BT 346.47 327.10 Td (its ) Tj ET Q q 0 0 0 rg BT 358.66 327.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 398.04 327.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 421.89 327.10 Td (at ) Tj ET Q q 0 0 0 rg BT 431.85 327.10 Td (a ) Tj ET Q q 0 0 0 rg BT 439.03 327.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 483.98 327.10 Td (discount, ) Tj ET Q q 0 0 0 rg BT 523.11 327.10 Td (we ) Tj ET Q q 0 0 0 rg BT 537.52 327.10 Td (joined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 315.10 Td (TST) Tj ET Q q 0 0 0 rg BT 106.06 315.10 Td (s ) Tj ET Q q 0 0 0 rg BT 113.30 315.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 141.08 315.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.76 315.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 193.32 315.10 Td (in ) Tj ET Q q 0 0 0 rg BT 204.45 315.10 Td (November ) Tj ET Q q 0 0 0 rg BT 250.00 315.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 275.85 315.10 Td (In ) Tj ET Q q 0 0 0 rg BT 287.53 315.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.09 315.10 Td (first ) Tj ET Q q 0 0 0 rg BT 322.55 315.10 Td (half ) Tj ET Q q 0 0 0 rg BT 341.45 315.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.13 315.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 378.73 315.10 Td (TST) Tj ET Q q 0 0 0 rg BT 396.33 315.10 Td ( ) Tj ET Q q 0 0 0 rg BT 399.68 315.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 419.70 315.10 Td (its ) Tj ET Q q 0 0 0 rg BT 432.49 315.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 464.73 315.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.52 315.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 503.08 315.10 Td (data ) Tj ET Q q 0 0 0 rg BT 523.08 315.10 Td (collection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 303.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 125.96 303.10 Td (, ) Tj ET Q q 0 0 0 rg BT 131.11 303.10 Td (RateW) Tj ET Q q 0 0 0 rg BT 158.07 303.10 Td (atch, ) Tj ET Q q 0 0 0 rg BT 179.88 303.10 Td (to ) Tj ET Q q 0 0 0 rg BT 190.31 303.10 Td (S&P) Tj ET Q q 0 0 0 rg BT 208.84 303.10 Td ( ) Tj ET Q q 0 0 0 rg BT 211.49 303.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 241.36 303.10 Td (for ) Tj ET Q q 0 0 0 rg BT 255.67 303.10 Td ($33.5 ) Tj ET Q q 0 0 0 rg BT 280.82 303.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 314.67 303.10 Td (TST) Tj ET Q q 0 0 0 rg BT 332.27 303.10 Td ( ) Tj ET Q q 0 0 0 rg BT 334.92 303.10 Td (then ) Tj ET Q q 0 0 0 rg BT 354.79 303.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 374.11 303.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.98 303.10 Td (rest ) Tj ET Q q 0 0 0 rg BT 406.07 303.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.05 303.10 Td (its ) Tj ET Q q 0 0 0 rg BT 429.15 303.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 479.58 303.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 526.95 303.10 Td (BoardEx ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 291.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.20 291.10 Td (The ) Tj ET Q q 0 0 0 rg BT 120.18 291.10 Td (Deal, ) Tj ET Q q 0 0 0 rg BT 144.00 291.10 Td (to ) Tj ET Q q 0 0 0 rg BT 154.21 291.10 Td (Euromoney ) Tj ET Q q 0 0 0 rg BT 203.30 291.10 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 254.07 291.10 Td (Investor ) Tj ET Q q 0 0 0 rg BT 289.27 291.10 Td (for ) Tj ET Q q 0 0 0 rg BT 303.37 291.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 363.57 291.10 Td ($87.3 ) Tj ET Q q 0 0 0 rg BT 388.50 291.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 422.33 291.10 Td (On ) Tj ET Q q 0 0 0 rg BT 436.45 291.10 Td (April ) Tj ET Q q 0 0 0 rg BT 460.00 291.10 Td (22, ) Tj ET Q q 0 0 0 rg BT 474.93 291.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 499.69 291.10 Td (TST) Tj ET Q q 0 0 0 rg BT 517.29 291.10 Td ( ) Tj ET Q q 0 0 0 rg BT 519.73 291.10 Td (distributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 279.10 Td ($1.77 ) Tj ET Q q 0 0 0 rg BT 110.27 279.10 Td (per ) Tj ET Q q 0 0 0 rg BT 125.31 279.10 Td (share ) Tj ET Q q 0 0 0 rg BT 148.68 279.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.73 279.10 Td (its ) Tj ET Q q 0 0 0 rg BT 170.45 279.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 225.25 279.10 Td (As ) Tj ET Q q 0 0 0 rg BT 238.64 279.10 Td (a ) Tj ET Q q 0 0 0 rg BT 245.35 279.10 Td (result ) Tj ET Q q 0 0 0 rg BT 269.83 279.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.43 279.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 300.20 279.10 Td (we ) Tj ET Q q 0 0 0 rg BT 314.13 279.10 Td (booked ) Tj ET Q q 0 0 0 rg BT 345.84 279.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 405.87 279.10 Td ($319,000 ) Tj ET Q q 0 0 0 rg BT 445.64 279.10 Td (in ) Tj ET Q q 0 0 0 rg BT 455.69 279.10 Td (Q2 ) Tj ET Q q 0 0 0 rg BT 470.18 279.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 492.45 279.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.05 279.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 533.08 279.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 267.10 Td (for ) Tj ET Q q 0 0 0 rg BT 99.91 267.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.69 267.10 Td (TST) Tj ET Q q 0 0 0 rg BT 132.28 267.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.04 267.10 Td (SPV) Tj ET Q q 0 0 0 rg BT 153.20 267.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.96 267.10 Td (that ) Tj ET Q q 0 0 0 rg BT 173.70 267.10 Td (we ) Tj ET Q q 0 0 0 rg BT 188.12 267.10 Td (have ) Tj ET Q q 0 0 0 rg BT 209.75 267.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 248.60 267.10 Td (since ) Tj ET Q q 0 0 0 rg BT 271.90 267.10 Td (November ) Tj ET Q q 0 0 0 rg BT 316.86 267.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.94 267.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 353.20 267.10 Td ( ) Tj ET Q q 0 0 0 rg BT 355.95 267.10 Td (On ) Tj ET Q q 0 0 0 rg BT 370.93 267.10 Td (June ) Tj ET Q q 0 0 0 rg BT 392.01 267.10 Td (9, ) Tj ET Q q 0 0 0 rg BT 402.26 267.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 427.52 267.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.49 267.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 469.68 267.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.57 267.10 Td (TST) Tj ET Q q 0 0 0 rg BT 498.16 267.10 Td ( ) Tj ET Q q 0 0 0 rg BT 500.92 267.10 Td (voted ) Tj ET Q q 0 0 0 rg BT 525.89 267.10 Td (to ) Tj ET Q q 0 0 0 rg BT 536.42 267.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 553.06 267.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 255.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 128.36 255.10 Td (consumer ) Tj ET Q q 0 0 0 rg BT 169.55 255.10 Td (business ) Tj ET Q q 0 0 0 rg BT 205.75 255.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.84 255.10 Td (MVEN. ) Tj ET Q q 0 0 0 rg BT 249.93 255.10 Td (The ) Tj ET Q q 0 0 0 rg BT 267.79 255.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 286.76 255.10 Td (was ) Tj ET Q q 0 0 0 rg BT 304.63 255.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 350.26 255.10 Td (on ) Tj ET Q q 0 0 0 rg BT 362.57 255.10 Td (June ) Tj ET Q q 0 0 0 rg BT 383.21 255.10 Td (12, ) Tj ET Q q 0 0 0 rg BT 398.03 255.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 422.84 255.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.59 255.10 Td (closed ) Tj ET Q q 0 0 0 rg BT 467.45 255.10 Td (on ) Tj ET Q q 0 0 0 rg BT 479.25 255.10 Td (August ) Tj ET Q q 0 0 0 rg BT 510.46 255.10 Td (7, ) Tj ET Q q 0 0 0 rg BT 520.27 255.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 544.92 255.10 Td (TST) Tj ET Q q 0 0 0 rg BT 562.52 255.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 243.10 Td (is ) Tj ET Q q 0 0 0 rg BT 94.27 243.10 Td (a ) Tj ET Q q 0 0 0 rg BT 100.81 243.10 Td (signature ) Tj ET Q q 0 0 0 rg BT 139.57 243.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 185.55 243.10 Td (for ) Tj ET Q q 0 0 0 rg BT 199.32 243.10 Td (how ) Tj ET Q q 0 0 0 rg BT 218.64 243.10 Td (we ) Tj ET Q q 0 0 0 rg BT 232.40 243.10 Td (define ) Tj ET Q q 0 0 0 rg BT 259.49 243.10 Td (constructive ) Tj ET Q q 0 0 0 rg BT 310.46 243.10 Td (activism. ) Tj ET Q q 0 0 0 rg BT 348.95 243.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.05 243.10 Td (In ) Tj ET Q q 0 0 0 rg BT 361.48 243.10 Td (its ) Tj ET Q q 0 0 0 rg BT 373.03 243.10 Td (entirety ) Tj ET Q q 0 0 0 rg BT 405.68 243.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.22 243.10 Td (over ) Tj ET Q q 0 0 0 rg BT 442.09 243.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.41 243.10 Td (life ) Tj ET Q q 0 0 0 rg BT 471.83 243.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.27 243.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.58 243.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 544.92 243.10 Td (TST) Tj ET Q q 0 0 0 rg BT 562.51 243.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 231.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 126.60 231.10 Td (a ) Tj ET Q q 0 0 0 rg BT 133.27 231.10 Td (total ) Tj ET Q q 0 0 0 rg BT 153.27 231.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 187.15 231.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 206.60 231.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.16 231.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 277.15 231.10 Td ($7.2 ) Tj ET Q q 0 0 0 rg BT 296.88 231.10 Td (million ) Tj ET Q q 0 0 0 rg BT 328.01 231.10 Td (on ) Tj ET Q q 0 0 0 rg BT 340.24 231.10 Td (an ) Tj ET Q q 0 0 0 rg BT 351.91 231.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 398.03 231.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.59 231.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 468.58 231.10 Td ($5 ) Tj ET Q q 0 0 0 rg BT 480.81 231.10 Td (million ) Tj ET Q q 0 0 0 rg BT 511.94 231.10 Td (an ) Tj ET Q q 0 0 0 rg BT 523.61 231.10 Td (an ) Tj ET Q q 0 0 0 rg BT 535.28 231.10 Td (IRR ) Tj ET Q q 0 0 0 rg BT 554.19 231.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 219.10 Td (75% ) Tj ET Q q 0 0 0 rg BT 106.33 219.10 Td (in ) Tj ET Q q 0 0 0 rg BT 116.61 219.10 Td (a ) Tj ET Q q 0 0 0 rg BT 123.55 219.10 Td (little ) Tj ET Q q 0 0 0 rg BT 144.38 219.10 Td (over ) Tj ET Q q 0 0 0 rg BT 164.65 219.10 Td (two ) Tj ET Q q 0 0 0 rg BT 182.15 219.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 208.24 219.10 Td (Success! ) Tj ET Q q 0 0 0 rg BT 245.73 219.10 Td (On ) Tj ET Q q 0 0 0 rg BT 260.46 219.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.17 219.10 Td (date ) Tj ET Q q 0 0 0 rg BT 294.33 219.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.16 219.10 Td (close, ) Tj ET Q q 0 0 0 rg BT 330.71 219.10 Td (we ) Tj ET Q q 0 0 0 rg BT 344.87 219.10 Td (resigned ) Tj ET Q q 0 0 0 rg BT 381.24 219.10 Td (from ) Tj ET Q q 0 0 0 rg BT 403.18 219.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.90 219.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 444.84 219.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.49 219.10 Td (TST) Tj ET Q q 0 0 0 rg BT 472.52 219.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 195.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 195.10 Td (Iteris ) Tj ET Q q 0 0 0 rg BT 108.85 195.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 126.91 195.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 177.49 195.10 Td (ITI\) ) Tj ET Q q 0 0 0 rg BT 196.39 195.10 Td (was ) Tj ET Q q 0 0 0 rg BT 214.74 195.10 Td (a ) Tj ET Q q 0 0 0 rg BT 221.98 195.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 266.99 195.10 Td (undisclosed ) Tj ET Q q 0 0 0 rg BT 317.01 195.10 Td (position ) Tj ET Q q 0 0 0 rg BT 352.04 195.10 Td (that ) Tj ET Q q 0 0 0 rg BT 369.83 195.10 Td (we ) Tj ET Q q 0 0 0 rg BT 384.29 195.10 Td (added ) Tj ET Q q 0 0 0 rg BT 410.97 195.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.54 195.10 Td (in ) Tj ET Q q 0 0 0 rg BT 432.12 195.10 Td (this ) Tj ET Q q 0 0 0 rg BT 449.37 195.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 477.13 195.10 Td (. ) Tj ET Q q 0 0 0 rg BT 482.43 195.10 Td ( ) Tj ET Q q 0 0 0 rg BT 485.23 195.10 Td (ITI ) Tj ET Q q 0 0 0 rg BT 500.80 195.10 Td (is ) Tj ET Q q 0 0 0 rg BT 510.27 195.10 Td (a ) Tj ET Q q 0 0 0 rg BT 517.51 195.10 Td (provider ) Tj ET Q q 0 0 0 rg BT 554.18 195.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 183.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 119.30 183.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.87 183.10 Td (sensors ) Tj ET Q q 0 0 0 rg BT 167.45 183.10 Td (that ) Tj ET Q q 0 0 0 rg BT 184.57 183.10 Td (optimize ) Tj ET Q q 0 0 0 rg BT 221.69 183.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.04 183.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 256.50 183.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.96 183.10 Td (traf) Tj ET Q q 0 0 0 rg BT 280.66 183.10 Td (fic ) Tj ET Q q 0 0 0 rg BT 293.34 183.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.91 183.10 Td (enhance ) Tj ET Q q 0 0 0 rg BT 344.79 183.10 Td (driver ) Tj ET Q q 0 0 0 rg BT 370.80 183.10 Td (safety) Tj ET Q q 0 0 0 rg BT 394.03 183.10 Td (. ) Tj ET Q q 0 0 0 rg BT 398.66 183.10 Td (ITI ) Tj ET Q q 0 0 0 rg BT 413.56 183.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 459.01 183.10 Td (an ) Tj ET Q q 0 0 0 rg BT 470.58 183.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 516.59 183.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.05 183.10 Td (a ) Tj ET Q q 0 0 0 rg BT 533.62 183.10 Td (Florida ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 171.10 Td (based ) Tj ET Q q 0 0 0 rg BT 111.25 171.10 Td (traf) Tj ET Q q 0 0 0 rg BT 124.94 171.10 Td (fic ) Tj ET Q q 0 0 0 rg BT 138.47 171.10 Td (management ) Tj ET Q q 0 0 0 rg BT 192.53 171.10 Td (company ) Tj ET Q q 0 0 0 rg BT 232.17 171.10 Td (while ) Tj ET Q q 0 0 0 rg BT 257.36 171.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 296.99 171.10 Td (better ) Tj ET Q q 0 0 0 rg BT 322.73 171.10 Td (than ) Tj ET Q q 0 0 0 rg BT 342.93 171.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 381.44 171.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 412.81 171.10 Td (The ) Tj ET Q q 0 0 0 rg BT 431.33 171.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 455.42 171.10 Td (was ) Tj ET Q q 0 0 0 rg BT 473.95 171.10 Td (up ) Tj ET Q q 0 0 0 rg BT 486.93 171.10 Td (24% ) Tj ET Q q 0 0 0 rg BT 508.23 171.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.99 171.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.18 171.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 159.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.44 159.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 142.69 159.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.52 159.10 Td (NA) Tj ET Q q 0 0 0 rg BT 171.68 159.10 Td (V) Tj ET Q q 0 0 0 rg BT 178.72 159.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.22 159.10 Td (by ) Tj ET Q q 0 0 0 rg BT 193.72 159.10 Td ($0.02 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 135.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 135.10 Td (Air) Tj ET Q q 0 0 0 rg BT 98.65 135.10 Td (gain, ) Tj ET Q q 0 0 0 rg BT 121.79 135.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 140.49 135.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 190.94 135.10 Td (AIRG\) ) Tj ET Q q 0 0 0 rg BT 222.14 135.10 Td (benefited ) Tj ET Q q 0 0 0 rg BT 262.77 135.10 Td (during ) Tj ET Q q 0 0 0 rg BT 292.31 135.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.95 135.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 339.69 135.10 Td (from ) Tj ET Q q 0 0 0 rg BT 362.56 135.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 403.74 135.10 Td (excitement ) Tj ET Q q 0 0 0 rg BT 451.04 135.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 492.78 135.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.43 135.10 Td (rollout ) Tj ET Q q 0 0 0 rg BT 538.52 135.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 135.10 Td (5G ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 123.10 Td (wireless ) Tj ET Q q 0 0 0 rg BT 121.20 123.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 168.57 123.10 Td (even ) Tj ET Q q 0 0 0 rg BT 190.38 123.10 Td (though ) Tj ET Q q 0 0 0 rg BT 221.10 123.10 Td (its ) Tj ET Q q 0 0 0 rg BT 233.48 123.10 Td (Q1 ) Tj ET Q q 0 0 0 rg BT 248.63 123.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 271.57 123.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 308.38 123.10 Td (report ) Tj ET Q q 0 0 0 rg BT 335.19 123.10 Td (missed ) Tj ET Q q 0 0 0 rg BT 365.91 123.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 406.05 123.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.42 123.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 462.45 123.10 Td (for ) Tj ET Q q 0 0 0 rg BT 477.05 123.10 Td (Q2 ) Tj ET Q q 0 0 0 rg BT 492.20 123.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 515.14 123.10 Td (was ) Tj ET Q q 0 0 0 rg BT 533.63 123.10 Td (revised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 111.10 Td (lower) Tj ET Q q 0 0 0 rg BT 107.72 111.10 Td (. ) Tj ET Q q 0 0 0 rg BT 112.72 111.10 Td ( ) Tj ET Q q 0 0 0 rg BT 114.67 111.10 Td (AIRG) Tj ET Q q 0 0 0 rg BT 141.89 111.10 Td (s ) Tj ET Q q 0 0 0 rg BT 148.28 111.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 171.89 111.10 Td (was ) Tj ET Q q 0 0 0 rg BT 189.94 111.10 Td (up ) Tj ET Q q 0 0 0 rg BT 202.44 111.10 Td (10.3% ) Tj ET Q q 0 0 0 rg BT 230.77 111.10 Td (in ) Tj ET Q q 0 0 0 rg BT 241.05 111.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.76 111.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 286.58 111.10 Td (and ) Tj ET Q q 0 0 0 rg BT 303.52 111.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 343.77 111.10 Td (our ) Tj ET Q q 0 0 0 rg BT 359.60 111.10 Td (NA) Tj ET Q q 0 0 0 rg BT 372.76 111.10 Td (V) Tj ET Q q 0 0 0 rg BT 379.80 111.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.30 111.10 Td (by ) Tj ET Q q 0 0 0 rg BT 394.80 111.10 Td ($0.01.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 91.63 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.75 87.10 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 55.53 87.10 Td (Past ) Tj ET Q q 0 0 0 rg BT 73.03 87.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 121.00 87.10 Td (is ) Tj ET Q q 0 0 0 rg BT 129.50 87.10 Td (not ) Tj ET Q q 0 0 0 rg BT 143.50 87.10 Td (an ) Tj ET Q q 0 0 0 rg BT 154.49 87.10 Td (indication ) Tj ET Q q 0 0 0 rg BT 192.98 87.10 Td (or ) Tj ET Q q 0 0 0 rg BT 202.97 87.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 240.45 87.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.44 87.10 Td (future ) Tj ET Q q 0 0 0 rg BT 274.43 87.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 324.65 87.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.60 87.10 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 362.10 87.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 383.60 87.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 423.58 87.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.07 87.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 470.04 87.10 Td (total ) Tj ET Q q 0 0 0 rg BT 488.54 87.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 516.03 87.10 Td (compounded ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 76.30 Td (on ) Tj ET Q q 0 0 0 rg BT 60.67 76.30 Td (a ) Tj ET Q q 0 0 0 rg BT 66.84 76.30 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 101.50 76.30 Td (basis. ) Tj ET Q q 0 0 0 rg BT 123.93 76.30 Td ( ) Tj ET Q q 0 0 0 rg BT 126.10 76.30 Td (180 ) Tj ET Q q 0 0 0 rg BT 141.77 76.30 Td (Degree ) Tj ET Q q 0 0 0 rg BT 169.93 76.30 Td (Capital ) Tj ET Q q 0 0 0 rg BT 198.10 76.30 Td (Corp. ) Tj ET Q q 0 0 0 rg BT 220.52 76.30 Td (is ) Tj ET Q q 0 0 0 rg BT 228.70 76.30 Td (an ) Tj ET Q q 0 0 0 rg BT 239.37 76.30 Td (internally ) Tj ET Q q 0 0 0 rg BT 276.03 76.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 310.69 76.30 Td (registered ) Tj ET Q q 0 0 0 rg BT 348.35 76.30 Td (closed ) Tj ET Q q 0 0 0 rg BT 373.51 76.30 Td (end ) Tj ET Q q 0 0 0 rg BT 388.68 76.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 407.35 76.30 Td (and ) Tj ET Q q 0 0 0 rg BT 422.52 76.30 Td (does ) Tj ET Q q 0 0 0 rg BT 441.19 76.30 Td (not ) Tj ET Q q 0 0 0 rg BT 454.87 76.30 Td (have ) Tj ET Q q 0 0 0 rg BT 474.03 76.30 Td (an ) Tj ET Q q 0 0 0 rg BT 484.70 76.30 Td (external ) Tj ET Q q 0 0 0 rg BT 515.86 76.30 Td (manager ) Tj ET Q q 0 0 0 rg BT 549.01 76.30 Td (that ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 65.50 Td (is ) Tj ET Q q 0 0 0 rg BT 57.86 65.50 Td (paid ) Tj ET Q q 0 0 0 rg BT 75.72 65.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 92.57 65.50 Td (based ) Tj ET Q q 0 0 0 rg BT 115.42 65.50 Td (on ) Tj ET Q q 0 0 0 rg BT 126.78 65.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 150.13 65.50 Td (and/or ) Tj ET Q q 0 0 0 rg BT 175.49 65.50 Td (returns. ) Tj ET Q q 0 0 0 rg BT 205.09 65.50 Td ( ) Tj ET Q q 0 0 0 rg BT 207.45 65.50 Td (180 ) Tj ET Q q 0 0 0 rg BT 223.31 65.50 Td (also ) Tj ET Q q 0 0 0 rg BT 240.17 65.50 Td (has ) Tj ET Q q 0 0 0 rg BT 254.52 65.50 Td (more ) Tj ET Q q 0 0 0 rg BT 275.37 65.50 Td (than ) Tj ET Q q 0 0 0 rg BT 293.23 65.50 Td (50 ) Tj ET Q q 0 0 0 rg BT 304.59 65.50 Td (percent ) Tj ET Q q 0 0 0 rg BT 333.43 65.50 Td (of ) Tj ET Q q 0 0 0 rg BT 343.29 65.50 Td (its ) Tj ET Q q 0 0 0 rg BT 354.15 65.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 396.00 65.50 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 429.86 65.50 Td (in ) Tj ET Q q 0 0 0 rg BT 439.22 65.50 Td (legacy ) Tj ET Q q 0 0 0 rg BT 465.06 65.50 Td (privately ) Tj ET Q q 0 0 0 rg BT 499.41 65.50 Td (held ) Tj ET Q q 0 0 0 rg BT 517.27 65.50 Td (investments. ) Tj ET Q q 0 0 0 rg BT 564.76 65.50 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 54.70 Td (Please ) Tj ET Q q 0 0 0 rg BT 74.73 54.70 Td (see ) Tj ET Q q 0 0 0 rg BT 88.47 54.70 Td (its ) Tj ET Q q 0 0 0 rg BT 99.21 54.70 Td (filings ) Tj ET Q q 0 0 0 rg BT 124.46 54.70 Td (with ) Tj ET Q q 0 0 0 rg BT 142.70 54.70 Td (the ) Tj ET Q q 0 0 0 rg BT 155.94 54.70 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 176.94 54.70 Td (including ) Tj ET Q q 0 0 0 rg BT 213.17 54.70 Td (its ) Tj ET Q q 0 0 0 rg BT 223.92 54.70 Td (2018 ) Tj ET Q q 0 0 0 rg BT 243.67 54.70 Td (Annual ) Tj ET Q q 0 0 0 rg BT 272.40 54.70 Td (Report ) Tj ET Q q 0 0 0 rg BT 299.14 54.70 Td (filed ) Tj ET Q q 0 0 0 rg BT 317.88 54.70 Td (on ) Tj ET Q q 0 0 0 rg BT 329.12 54.70 Td (Form ) Tj ET Q q 0 0 0 rg BT 350.86 54.70 Td (N-CSR ) Tj ET Q q 0 0 0 rg BT 379.61 54.70 Td (for ) Tj ET Q q 0 0 0 rg BT 392.35 54.70 Td (information ) Tj ET Q q 0 0 0 rg BT 437.08 54.70 Td (on ) Tj ET Q q 0 0 0 rg BT 448.32 54.70 Td (its ) Tj ET Q q 0 0 0 rg BT 459.07 54.70 Td (expenses ) Tj ET Q q 0 0 0 rg BT 493.80 54.70 Td (and ) Tj ET Q q 0 0 0 rg BT 509.04 54.70 Td (expense ) Tj ET Q q 0 0 0 rg BT 540.27 54.70 Td (ratios.) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (Sources of material decreases in value:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 725.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 725.10 Td (Mersana ) Tj ET Q q 0 0 0 rg BT 122.34 725.10 Td (Therapeutics, ) Tj ET Q q 0 0 0 rg BT 179.08 725.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 196.94 725.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 247.32 725.10 Td (MRSN\) ) Tj ET Q q 0 0 0 rg BT 281.59 725.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 322.51 725.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.89 725.10 Td (struggle ) Tj ET Q q 0 0 0 rg BT 367.71 725.10 Td (with ) Tj ET Q q 0 0 0 rg BT 388.08 725.10 Td (doing ) Tj ET Q q 0 0 0 rg BT 413.46 725.10 Td (anything ) Tj ET Q q 0 0 0 rg BT 451.05 725.10 Td (that ) Tj ET Q q 0 0 0 rg BT 468.64 725.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.46 725.10 Td (market ) Tj ET Q q 0 0 0 rg BT 513.82 725.10 Td (perceives ) Tj ET Q q 0 0 0 rg BT 554.17 725.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 112.47 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.78 713.10 Td (building ) Tj ET Q q 0 0 0 rg BT 158.64 713.10 Td (its ) Tj ET Q q 0 0 0 rg BT 170.62 713.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 209.55 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 211.89 713.10 Td (While ) Tj ET Q q 0 0 0 rg BT 238.86 713.10 Td (MRSN ) Tj ET Q q 0 0 0 rg BT 269.73 713.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 305.58 713.10 Td (data ) Tj ET Q q 0 0 0 rg BT 324.77 713.10 Td (at ) Tj ET Q q 0 0 0 rg BT 334.51 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.70 713.10 Td (ASCO ) Tj ET Q q 0 0 0 rg BT 377.91 713.10 Td (conference ) Tj ET Q q 0 0 0 rg BT 424.29 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 434.60 713.10 Td (June ) Tj ET Q q 0 0 0 rg BT 455.46 713.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 480.49 713.10 Td (there ) Tj ET Q q 0 0 0 rg BT 503.01 713.10 Td (was ) Tj ET Q q 0 0 0 rg BT 521.09 713.10 Td (nothing ) Tj ET Q q 0 0 0 rg BT 554.18 713.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 701.10 Td (note ) Tj ET Q q 0 0 0 rg BT 105.92 701.10 Td (that ) Tj ET Q q 0 0 0 rg BT 124.11 701.10 Td (got ) Tj ET Q q 0 0 0 rg BT 140.09 701.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 179.40 701.10 Td (excited. ) Tj ET Q q 0 0 0 rg BT 213.97 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.17 701.10 Td (Further) Tj ET Q q 0 0 0 rg BT 246.21 701.10 Td (, ) Tj ET Q q 0 0 0 rg BT 251.91 701.10 Td (its ) Tj ET Q q 0 0 0 rg BT 264.55 701.10 Td (CFO ) Tj ET Q q 0 0 0 rg BT 287.21 701.10 Td (resigned ) Tj ET Q q 0 0 0 rg BT 324.28 701.10 Td (during ) Tj ET Q q 0 0 0 rg BT 353.59 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.01 701.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 396.77 701.10 Td (. ) Tj ET Q q 0 0 0 rg BT 402.47 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.44 701.10 Td (The ) Tj ET Q q 0 0 0 rg BT 424.19 701.10 Td (company ) Tj ET Q q 0 0 0 rg BT 464.04 701.10 Td (is ) Tj ET Q q 0 0 0 rg BT 473.91 701.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 513.21 701.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 544.73 701.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 689.10 Td (almost ) Tj ET Q q 0 0 0 rg BT 115.03 689.10 Td (no ) Tj ET Q q 0 0 0 rg BT 127.90 689.10 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 170.19 689.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 197.22 689.10 Td (but ) Tj ET Q q 0 0 0 rg BT 212.87 689.10 Td (it ) Tj ET Q q 0 0 0 rg BT 221.29 689.10 Td (burns ) Tj ET Q q 0 0 0 rg BT 246.38 689.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 267.02 689.10 Td (every ) Tj ET Q q 0 0 0 rg BT 292.09 689.10 Td (day) Tj ET Q q 0 0 0 rg BT 305.88 689.10 Td (. ) Tj ET Q q 0 0 0 rg BT 311.25 689.10 Td ( ) Tj ET Q q 0 0 0 rg BT 314.12 689.10 Td (Following ) Tj ET Q q 0 0 0 rg BT 358.11 689.10 Td (its ) Tj ET Q q 0 0 0 rg BT 370.42 689.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 399.94 689.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 421.69 689.10 Td (in ) Tj ET Q q 0 0 0 rg BT 432.34 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.42 689.10 Td (first ) Tj ET Q q 0 0 0 rg BT 466.40 689.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 497.58 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.78 689.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 534.15 689.10 Td (MRSN ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 677.10 Td (states ) Tj ET Q q 0 0 0 rg BT 110.53 677.10 Td (it ) Tj ET Q q 0 0 0 rg BT 118.91 677.10 Td (has ) Tj ET Q q 0 0 0 rg BT 135.06 677.10 Td (enough ) Tj ET Q q 0 0 0 rg BT 167.31 677.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 187.90 677.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.49 677.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 219.64 677.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 264.11 677.10 Td (through ) Tj ET Q q 0 0 0 rg BT 298.04 677.10 Td (at ) Tj ET Q q 0 0 0 rg BT 308.07 677.10 Td (least ) Tj ET Q q 0 0 0 rg BT 329.22 677.10 Td (mid ) Tj ET Q q 0 0 0 rg BT 347.59 677.10 Td (2021. ) Tj ET Q q 0 0 0 rg BT 372.91 677.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.72 677.10 Td (For ) Tj ET Q q 0 0 0 rg BT 392.43 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.47 677.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 435.38 677.10 Td (, ) Tj ET Q q 0 0 0 rg BT 440.70 677.10 Td (MRSN ) Tj ET Q q 0 0 0 rg BT 471.86 677.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 514.09 677.10 Td (by ) Tj ET Q q 0 0 0 rg BT 526.91 677.10 Td (23% ) Tj ET Q q 0 0 0 rg BT 548.06 677.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 665.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 127.41 665.10 Td (our ) Tj ET Q q 0 0 0 rg BT 143.24 665.10 Td (NA) Tj ET Q q 0 0 0 rg BT 156.40 665.10 Td (V) Tj ET Q q 0 0 0 rg BT 163.44 665.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.94 665.10 Td (by ) Tj ET Q q 0 0 0 rg BT 178.44 665.10 Td ($0.01.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 641.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 641.10 Td (Emcore ) Tj ET Q q 0 0 0 rg BT 120.22 641.10 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 172.17 641.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 223.57 641.10 Td (EMKR\) ) Tj ET Q q 0 0 0 rg BT 259.41 641.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 296.35 641.10 Td (Q1 ) Tj ET Q q 0 0 0 rg BT 312.19 641.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 335.82 641.10 Td (below ) Tj ET Q q 0 0 0 rg BT 363.88 641.10 Td (expectations ) Tj ET Q q 0 0 0 rg BT 417.48 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.54 641.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 491.38 641.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 526.65 641.10 Td (Q2 ) Tj ET Q q 0 0 0 rg BT 542.50 641.10 Td (2019 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 629.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 124.36 629.10 Td (due ) Tj ET Q q 0 0 0 rg BT 141.57 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 152.12 629.10 Td (a ) Tj ET Q q 0 0 0 rg BT 159.33 629.10 Td (Huawei ) Tj ET Q q 0 0 0 rg BT 193.20 629.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 211.52 629.10 Td (ban. ) Tj ET Q q 0 0 0 rg BT 231.23 629.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.00 629.10 Td (It ) Tj ET Q q 0 0 0 rg BT 242.88 629.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 288.97 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.95 629.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 350.61 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.71 629.10 Td (Systron ) Tj ET Q q 0 0 0 rg BT 395.04 629.10 Td (Donner) Tj ET Q q 0 0 0 rg BT 424.63 629.10 Td (, ) Tj ET Q q 0 0 0 rg BT 429.90 629.10 Td (a ) Tj ET Q q 0 0 0 rg BT 437.11 629.10 Td (navigation ) Tj ET Q q 0 0 0 rg BT 482.09 629.10 Td (product ) Tj ET Q q 0 0 0 rg BT 515.41 629.10 Td (supplier) Tj ET Q q 0 0 0 rg BT 547.23 629.10 Td (, ) Tj ET Q q 0 0 0 rg BT 552.50 629.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 617.10 Td (June ) Tj ET Q q 0 0 0 rg BT 105.73 617.10 Td (10, ) Tj ET Q q 0 0 0 rg BT 120.14 617.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 144.54 617.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.31 617.10 Td (The ) Tj ET Q q 0 0 0 rg BT 163.76 617.10 Td (company ) Tj ET Q q 0 0 0 rg BT 202.31 617.10 Td (also ) Tj ET Q q 0 0 0 rg BT 220.33 617.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 265.54 617.10 Td (results ) Tj ET Q q 0 0 0 rg BT 293.56 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.79 617.10 Td (an ) Tj ET Q q 0 0 0 rg BT 315.13 617.10 Td (arbitration ) Tj ET Q q 0 0 0 rg BT 358.69 617.10 Td (case ) Tj ET Q q 0 0 0 rg BT 377.80 617.10 Td (that ) Tj ET Q q 0 0 0 rg BT 394.69 617.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 428.25 617.10 Td (in ) Tj ET Q q 0 0 0 rg BT 437.93 617.10 Td (unexpected ) Tj ET Q q 0 0 0 rg BT 485.37 617.10 Td ($5 ) Tj ET Q q 0 0 0 rg BT 497.27 617.10 Td (million ) Tj ET Q q 0 0 0 rg BT 528.07 617.10 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 605.10 Td (Phoenix ) Tj ET Q q 0 0 0 rg BT 119.96 605.10 Td (Navigation ) Tj ET Q q 0 0 0 rg BT 166.07 605.10 Td (Components. ) Tj ET Q q 0 0 0 rg BT 220.80 605.10 Td ( ) Tj ET Q q 0 0 0 rg BT 222.48 605.10 Td (EMKR ) Tj ET Q q 0 0 0 rg BT 253.05 605.10 Td (then ) Tj ET Q q 0 0 0 rg BT 271.94 605.10 Td (pre-announced ) Tj ET Q q 0 0 0 rg BT 333.03 605.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 357.48 605.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 394.69 605.10 Td (for ) Tj ET Q q 0 0 0 rg BT 408.03 605.10 Td (Q2 ) Tj ET Q q 0 0 0 rg BT 421.93 605.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 446.11 605.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 470.55 605.10 Td (than ) Tj ET Q q 0 0 0 rg BT 489.45 605.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 508.62 605.10 Td (Mrs. ) Tj ET Q q 0 0 0 rg BT 528.91 605.10 Td (Lincoln, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 593.10 Td (how ) Tj ET Q q 0 0 0 rg BT 104.61 593.10 Td (was ) Tj ET Q q 0 0 0 rg BT 122.05 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.15 593.10 Td (play? ) Tj ET Q q 0 0 0 rg BT 159.27 593.10 Td (As ) Tj ET Q q 0 0 0 rg BT 172.27 593.10 Td (we ) Tj ET Q q 0 0 0 rg BT 185.82 593.10 Td (have ) Tj ET Q q 0 0 0 rg BT 206.58 593.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 231.79 593.10 Td (numerous ) Tj ET Q q 0 0 0 rg BT 273.12 593.10 Td (times ) Tj ET Q q 0 0 0 rg BT 296.67 593.10 Td (in ) Tj ET Q q 0 0 0 rg BT 306.33 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.44 593.10 Td (past, ) Tj ET Q q 0 0 0 rg BT 340.93 593.10 Td (EMKR ) Tj ET Q q 0 0 0 rg BT 371.71 593.10 Td (is ) Tj ET Q q 0 0 0 rg BT 380.27 593.10 Td (in ) Tj ET Q q 0 0 0 rg BT 389.93 593.10 Td (desperate ) Tj ET Q q 0 0 0 rg BT 429.57 593.10 Td (need ) Tj ET Q q 0 0 0 rg BT 450.33 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 460.55 593.10 Td (an ) Tj ET Q q 0 0 0 rg BT 471.88 593.10 Td (overhaul ) Tj ET Q q 0 0 0 rg BT 508.75 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.96 593.10 Td (its ) Tj ET Q q 0 0 0 rg BT 530.30 593.10 Td (investor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 581.10 Td (relations ) Tj ET Q q 0 0 0 rg BT 122.35 581.10 Td (functions. ) Tj ET Q q 0 0 0 rg BT 164.47 581.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.89 581.10 Td (EMKR ) Tj ET Q q 0 0 0 rg BT 198.19 581.10 Td (just ) Tj ET Q q 0 0 0 rg BT 215.05 581.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 260.78 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.41 581.10 Td (hire ) Tj ET Q q 0 0 0 rg BT 293.37 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.11 581.10 Td (a ) Tj ET Q q 0 0 0 rg BT 310.96 581.10 Td (new ) Tj ET Q q 0 0 0 rg BT 330.03 581.10 Td (CFO ) Tj ET Q q 0 0 0 rg BT 351.90 581.10 Td (\(finally ) Tj ET Q q 0 0 0 rg BT 383.74 581.10 Td (after ) Tj ET Q q 0 0 0 rg BT 404.47 581.10 Td (a ) Tj ET Q q 0 0 0 rg BT 411.32 581.10 Td (nine-month ) Tj ET Q q 0 0 0 rg BT 459.84 581.10 Td (search\), ) Tj ET Q q 0 0 0 rg BT 493.62 581.10 Td (so ) Tj ET Q q 0 0 0 rg BT 504.92 581.10 Td (perhaps ) Tj ET Q q 0 0 0 rg BT 538.43 581.10 Td (that ) Tj ET Q q 0 0 0 rg BT 555.84 581.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 569.10 Td (a ) Tj ET Q q 0 0 0 rg BT 92.54 569.10 Td (start. ) Tj ET Q q 0 0 0 rg BT 114.85 569.10 Td ( ) Tj ET Q q 0 0 0 rg BT 116.88 569.10 Td (At ) Tj ET Q q 0 0 0 rg BT 129.48 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.29 569.10 Td (very ) Tj ET Q q 0 0 0 rg BT 164.66 569.10 Td (least, ) Tj ET Q q 0 0 0 rg BT 188.09 569.10 Td (hopefully ) Tj ET Q q 0 0 0 rg BT 229.01 569.10 Td (it ) Tj ET Q q 0 0 0 rg BT 237.17 569.10 Td (will ) Tj ET Q q 0 0 0 rg BT 255.32 569.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 292.90 569.10 Td (an ) Tj ET Q q 0 0 0 rg BT 304.93 569.10 Td (overhaul ) Tj ET Q q 0 0 0 rg BT 342.52 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.45 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.26 569.10 Td (company) Tj ET Q q 0 0 0 rg BT 407.70 569.10 Td (s ) Tj ET Q q 0 0 0 rg BT 414.19 569.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 446.21 569.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 486.03 569.10 Td (that ) Tj ET Q q 0 0 0 rg BT 503.62 569.10 Td (do ) Tj ET Q q 0 0 0 rg BT 516.22 569.10 Td (not ) Tj ET Q q 0 0 0 rg BT 531.60 569.10 Td (seem ) Tj ET Q q 0 0 0 rg BT 554.74 569.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 557.10 Td (be ) Tj ET Q q 0 0 0 rg BT 96.99 557.10 Td (able ) Tj ET Q q 0 0 0 rg BT 115.69 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.52 557.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 168.65 557.10 Td (forecast ) Tj ET Q q 0 0 0 rg BT 202.35 557.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 239.93 557.10 Td (within ) Tj ET Q q 0 0 0 rg BT 267.54 557.10 Td (weeks ) Tj ET Q q 0 0 0 rg BT 294.58 557.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.96 557.10 Td (a ) Tj ET Q q 0 0 0 rg BT 311.45 557.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 341.81 557.10 Td (end. ) Tj ET Q q 0 0 0 rg BT 360.65 557.10 Td (The ) Tj ET Q q 0 0 0 rg BT 378.25 557.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 404.74 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 421.23 557.10 Td (management ) Tj ET Q q 0 0 0 rg BT 474.36 557.10 Td (team ) Tj ET Q q 0 0 0 rg BT 495.85 557.10 Td (have ) Tj ET Q q 0 0 0 rg BT 516.77 557.10 Td (done ) Tj ET Q q 0 0 0 rg BT 538.26 557.10 Td (a ) Tj ET Q q 0 0 0 rg BT 544.75 557.10 Td (very ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 545.10 Td (poor ) Tj ET Q q 0 0 0 rg BT 106.33 545.10 Td (job ) Tj ET Q q 0 0 0 rg BT 121.61 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.44 545.10 Td (creating ) Tj ET Q q 0 0 0 rg BT 167.14 545.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 193.80 545.10 Td (For ) Tj ET Q q 0 0 0 rg BT 210.19 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.90 545.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 252.82 545.10 Td (, ) Tj ET Q q 0 0 0 rg BT 257.82 545.10 Td (EMKR ) Tj ET Q q 0 0 0 rg BT 289.21 545.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 331.13 545.10 Td (by ) Tj ET Q q 0 0 0 rg BT 343.63 545.10 Td (9.9%, ) Tj ET Q q 0 0 0 rg BT 369.46 545.10 Td (and ) Tj ET Q q 0 0 0 rg BT 386.39 545.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 428.31 545.10 Td (our ) Tj ET Q q 0 0 0 rg BT 444.14 545.10 Td (NA) Tj ET Q q 0 0 0 rg BT 457.29 545.10 Td (V) Tj ET Q q 0 0 0 rg BT 464.33 545.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.83 545.10 Td (by ) Tj ET Q q 0 0 0 rg BT 479.33 545.10 Td ($0.01.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 74.77 521.10 Td (notable ) Tj ET Q q 0 0 0 rg BT 106.70 521.10 Td (positions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 509.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 497.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 497.10 Td (Synacor) Tj ET Q q 0 0 0 rg BT 117.87 497.10 Td (, ) Tj ET Q q 0 0 0 rg BT 123.94 497.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 142.78 497.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 194.13 497.10 Td (SYNC\) ) Tj ET Q q 0 0 0 rg BT 227.71 497.10 Td (is ) Tj ET Q q 0 0 0 rg BT 237.96 497.10 Td (a ) Tj ET Q q 0 0 0 rg BT 245.97 497.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 280.10 497.10 Td (we ) Tj ET Q q 0 0 0 rg BT 295.33 497.10 Td (have ) Tj ET Q q 0 0 0 rg BT 317.78 497.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 359.68 497.10 Td (extensively ) Tj ET Q q 0 0 0 rg BT 408.80 497.10 Td (in ) Tj ET Q q 0 0 0 rg BT 420.15 497.10 Td (our ) Tj ET Q q 0 0 0 rg BT 437.05 497.10 Td (previous ) Tj ET Q q 0 0 0 rg BT 475.07 497.10 Td (communications ) Tj ET Q q 0 0 0 rg BT 544.74 497.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 485.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 140.98 485.10 Td (The ) Tj ET Q q 0 0 0 rg BT 159.16 485.10 Td (big ) Tj ET Q q 0 0 0 rg BT 174.57 485.10 Td (news ) Tj ET Q q 0 0 0 rg BT 197.76 485.10 Td (for ) Tj ET Q q 0 0 0 rg BT 212.06 485.10 Td (us ) Tj ET Q q 0 0 0 rg BT 223.58 485.10 Td (this ) Tj ET Q q 0 0 0 rg BT 240.66 485.10 Td (year ) Tj ET Q q 0 0 0 rg BT 260.50 485.10 Td (was ) Tj ET Q q 0 0 0 rg BT 278.69 485.10 Td (our ) Tj ET Q q 0 0 0 rg BT 294.66 485.10 Td (appointment ) Tj ET Q q 0 0 0 rg BT 347.28 485.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.69 485.10 Td (SYNC) Tj ET Q q 0 0 0 rg BT 387.15 485.10 Td (s ) Tj ET Q q 0 0 0 rg BT 393.67 485.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 420.74 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.71 485.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 471.55 485.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.96 485.10 Td (March ) Tj ET Q q 0 0 0 rg BT 510.70 485.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 535.83 485.10 Td (SYNC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 473.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 121.42 473.10 Td (a ) Tj ET Q q 0 0 0 rg BT 128.46 473.10 Td (decent ) Tj ET Q q 0 0 0 rg BT 157.16 473.10 Td (Q1 ) Tj ET Q q 0 0 0 rg BT 171.99 473.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 197.09 473.10 Td (but ) Tj ET Q q 0 0 0 rg BT 212.48 473.10 Td (as ) Tj ET Q q 0 0 0 rg BT 223.41 473.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.35 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.17 473.10 Td (end ) Tj ET Q q 0 0 0 rg BT 266.21 473.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.15 473.10 Td (Q2 ) Tj ET Q q 0 0 0 rg BT 291.97 473.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 317.08 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.33 473.10 Td (A) Tj ET Q q 0 0 0 rg BT 337.44 473.10 Td (T&T) Tj ET Q q 0 0 0 rg BT 357.25 473.10 Td ( ) Tj ET Q q 0 0 0 rg BT 359.86 473.10 Td (overhang ) Tj ET Q q 0 0 0 rg BT 399.67 473.10 Td (still ) Tj ET Q q 0 0 0 rg BT 417.28 473.10 Td (existed. ) Tj ET Q q 0 0 0 rg BT 450.71 473.10 Td (Post ) Tj ET Q q 0 0 0 rg BT 470.55 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.37 473.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 516.29 473.10 Td (end, ) Tj ET Q q 0 0 0 rg BT 535.83 473.10 Td (SYNC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 461.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 132.23 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.85 461.10 Td (wind-down ) Tj ET Q q 0 0 0 rg BT 196.82 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.56 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.43 461.10 Td (A) Tj ET Q q 0 0 0 rg BT 229.54 461.10 Td (T&T) Tj ET Q q 0 0 0 rg BT 249.36 461.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.77 461.10 Td (portal ) Tj ET Q q 0 0 0 rg BT 279.51 461.10 Td (so ) Tj ET Q q 0 0 0 rg BT 291.81 461.10 Td (it ) Tj ET Q q 0 0 0 rg BT 300.77 461.10 Td (could ) Tj ET Q q 0 0 0 rg BT 326.40 461.10 Td (more ) Tj ET Q q 0 0 0 rg BT 350.36 461.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 375.43 461.10 Td (on ) Tj ET Q q 0 0 0 rg BT 388.84 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.47 461.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 436.21 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.95 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.58 461.10 Td (software ) Tj ET Q q 0 0 0 rg BT 501.42 461.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 541.22 461.10 Td (Now) Tj ET Q q 0 0 0 rg BT 560.01 461.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 449.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 144.80 449.10 Td (one-half ) Tj ET Q q 0 0 0 rg BT 179.66 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.53 449.10 Td (SYNC's ) Tj ET Q q 0 0 0 rg BT 223.43 449.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 260.51 449.10 Td (are ) Tj ET Q q 0 0 0 rg BT 274.26 449.10 Td (recurring ) Tj ET Q q 0 0 0 rg BT 312.45 449.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.42 449.10 Td (fee-based ) Tj ET Q q 0 0 0 rg BT 368.27 449.10 Td (from ) Tj ET Q q 0 0 0 rg BT 389.25 449.10 Td (its ) Tj ET Q q 0 0 0 rg BT 400.24 449.10 Td (email ) Tj ET Q q 0 0 0 rg BT 423.99 449.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.97 449.10 Td (Cloud ) Tj ET Q q 0 0 0 rg BT 465.96 449.10 Td (ID ) Tj ET Q q 0 0 0 rg BT 478.05 449.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 524.31 449.10 Td ( ) Tj ET Q q 0 0 0 rg BT 525.85 449.10 Td (Investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 437.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 122.62 437.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 139.18 437.10 Td (a ) Tj ET Q q 0 0 0 rg BT 145.74 437.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 186.76 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.22 437.10 Td (1x ) Tj ET Q q 0 0 0 rg BT 209.34 437.10 Td (recurring ) Tj ET Q q 0 0 0 rg BT 248.11 437.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 288.28 437.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.84 437.10 Td (in ) Tj ET Q q 0 0 0 rg BT 314.74 437.10 Td (many ) Tj ET Q q 0 0 0 rg BT 339.09 437.10 Td (cases, ) Tj ET Q q 0 0 0 rg BT 364.81 437.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 416.93 437.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 444.60 437.10 Td (multiples ) Tj ET Q q 0 0 0 rg BT 483.94 437.10 Td (if ) Tj ET Q q 0 0 0 rg BT 492.18 437.10 Td (such ) Tj ET Q q 0 0 0 rg BT 512.63 437.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 550.30 437.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 425.10 Td (coupled ) Tj ET Q q 0 0 0 rg BT 119.70 425.10 Td (with ) Tj ET Q q 0 0 0 rg BT 140.03 425.10 Td (high ) Tj ET Q q 0 0 0 rg BT 160.36 425.10 Td (mar) Tj ET Q q 0 0 0 rg BT 175.72 425.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 194.94 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.93 425.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 242.81 425.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 266.55 425.10 Td (The ) Tj ET Q q 0 0 0 rg BT 284.65 425.10 Td (company ) Tj ET Q q 0 0 0 rg BT 323.85 425.10 Td (now ) Tj ET Q q 0 0 0 rg BT 343.62 425.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 386.70 425.10 Td (reports ) Tj ET Q q 0 0 0 rg BT 417.02 425.10 Td (both ) Tj ET Q q 0 0 0 rg BT 437.35 425.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 471.54 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.53 425.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 538.85 425.10 Td (for ) Tj ET Q q 0 0 0 rg BT 553.06 425.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 413.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 133.18 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.87 413.10 Td (software ) Tj ET Q q 0 0 0 rg BT 188.55 413.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 236.29 413.10 Td (This ) Tj ET Q q 0 0 0 rg BT 257.32 413.10 Td (transparency ) Tj ET Q q 0 0 0 rg BT 311.66 413.10 Td (gives ) Tj ET Q q 0 0 0 rg BT 336.01 413.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 375.37 413.10 Td (an ) Tj ET Q q 0 0 0 rg BT 388.06 413.10 Td (inside ) Tj ET Q q 0 0 0 rg BT 415.20 413.10 Td (look ) Tj ET Q q 0 0 0 rg BT 436.23 413.10 Td (at ) Tj ET Q q 0 0 0 rg BT 446.70 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.17 413.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 500.40 413.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 554.17 413.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 401.10 Td (SYNC) Tj ET Q q 0 0 0 rg BT 114.95 401.10 Td (s ) Tj ET Q q 0 0 0 rg BT 120.37 401.10 Td (high ) Tj ET Q q 0 0 0 rg BT 139.67 401.10 Td (mar) Tj ET Q q 0 0 0 rg BT 155.03 401.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 169.33 401.10 Td (recurring ) Tj ET Q q 0 0 0 rg BT 207.50 401.10 Td (software ) Tj ET Q q 0 0 0 rg BT 243.45 401.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 281.36 401.10 Td (and ) Tj ET Q q 0 0 0 rg BT 297.32 401.10 Td (perhaps, ) Tj ET Q q 0 0 0 rg BT 332.44 401.10 Td (will ) Tj ET Q q 0 0 0 rg BT 349.52 401.10 Td (convince ) Tj ET Q q 0 0 0 rg BT 387.13 401.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 424.76 401.10 Td (that ) Tj ET Q q 0 0 0 rg BT 441.28 401.10 Td (SYNC) Tj ET Q q 0 0 0 rg BT 470.73 401.10 Td (s ) Tj ET Q q 0 0 0 rg BT 476.14 401.10 Td ($45 ) Tj ET Q q 0 0 0 rg BT 492.66 401.10 Td (million ) Tj ET Q q 0 0 0 rg BT 523.08 401.10 Td (enterprise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 389.10 Td (value ) Tj ET Q q 0 0 0 rg BT 109.82 389.10 Td (as ) Tj ET Q q 0 0 0 rg BT 120.81 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.80 389.10 Td (June ) Tj ET Q q 0 0 0 rg BT 152.79 389.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 167.95 389.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 193.11 389.10 Td (grossly ) Tj ET Q q 0 0 0 rg BT 224.66 389.10 Td (undervalues ) Tj ET Q q 0 0 0 rg BT 275.63 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.51 389.10 Td (company) Tj ET Q q 0 0 0 rg BT 326.52 389.10 Td (. ) Tj ET Q q 0 0 0 rg BT 331.48 389.10 Td (W) Tj ET Q q 0 0 0 rg BT 340.12 389.10 Td (e ) Tj ET Q q 0 0 0 rg BT 347.22 389.10 Td (look ) Tj ET Q q 0 0 0 rg BT 367.66 389.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 401.97 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.41 389.10 Td (helping ) Tj ET Q q 0 0 0 rg BT 445.06 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.94 389.10 Td (company ) Tj ET Q q 0 0 0 rg BT 499.26 389.10 Td (engineer ) Tj ET Q q 0 0 0 rg BT 536.34 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 543.44 389.10 Td ("180 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 377.10 Td (Degree ) Tj ET Q q 0 0 0 rg BT 116.69 377.10 Td (TURN" ) Tj ET Q q 0 0 0 rg BT 150.49 377.10 Td (in ) Tj ET Q q 0 0 0 rg BT 160.77 377.10 Td (its ) Tj ET Q q 0 0 0 rg BT 172.72 377.10 Td (share ) Tj ET Q q 0 0 0 rg BT 196.32 377.10 Td (price. ) Tj ET Q q 0 0 0 rg BT 221.30 377.10 Td (For ) Tj ET Q q 0 0 0 rg BT 237.69 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.41 377.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 280.32 377.10 Td (, ) Tj ET Q q 0 0 0 rg BT 285.32 377.10 Td (SYNC ) Tj ET Q q 0 0 0 rg BT 314.50 377.10 Td (was ) Tj ET Q q 0 0 0 rg BT 332.55 377.10 Td (down ) Tj ET Q q 0 0 0 rg BT 357.27 377.10 Td (0.6% ) Tj ET Q q 0 0 0 rg BT 380.60 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.54 377.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 439.46 377.10 Td (our ) Tj ET Q q 0 0 0 rg BT 455.29 377.10 Td (NA) Tj ET Q q 0 0 0 rg BT 468.44 377.10 Td (V) Tj ET Q q 0 0 0 rg BT 475.48 377.10 Td ( ) Tj ET Q q 0 0 0 rg BT 477.98 377.10 Td (by ) Tj ET Q q 0 0 0 rg BT 490.48 377.10 Td (less ) Tj ET Q q 0 0 0 rg BT 507.98 377.10 Td (than ) Tj ET Q q 0 0 0 rg BT 527.70 377.10 Td ($0.001. ) Tj ET Q q 0 0 0 rg BT 560.20 377.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 353.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 353.10 Td (Intermolecular) Tj ET Q q 0 0 0 rg BT 143.96 353.10 Td (, ) Tj ET Q q 0 0 0 rg BT 149.04 353.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 166.90 353.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 217.27 353.10 Td (IMI\) ) Tj ET Q q 0 0 0 rg BT 238.74 353.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 275.76 353.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 318.90 353.10 Td (with ) Tj ET Q q 0 0 0 rg BT 339.26 353.10 Td (a ) Tj ET Q q 0 0 0 rg BT 346.29 353.10 Td (platform ) Tj ET Q q 0 0 0 rg BT 383.31 353.10 Td (and ) Tj ET Q q 0 0 0 rg BT 400.34 353.10 Td (multi-disciplinary ) Tj ET Q q 0 0 0 rg BT 474.58 353.10 Td (development ) Tj ET Q q 0 0 0 rg BT 528.82 353.10 Td (team ) Tj ET Q q 0 0 0 rg BT 550.84 353.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.88 341.10 Td (research ) Tj ET Q q 0 0 0 rg BT 137.34 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.94 341.10 Td (development ) Tj ET Q q 0 0 0 rg BT 209.74 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.23 341.10 Td (advanced ) Tj ET Q q 0 0 0 rg BT 262.14 341.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 301.95 341.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.89 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.26 341.10 Td (semiconductor) Tj ET Q q 0 0 0 rg BT 386.74 341.10 Td (, ) Tj ET Q q 0 0 0 rg BT 392.39 341.10 Td (display) Tj ET Q q 0 0 0 rg BT 420.63 341.10 Td (, ) Tj ET Q q 0 0 0 rg BT 426.29 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.89 341.10 Td (glass ) Tj ET Q q 0 0 0 rg BT 467.04 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 484.64 341.10 Td (coatings ) Tj ET Q q 0 0 0 rg BT 521.13 341.10 Td (industries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 329.10 Td (Coincident ) Tj ET Q q 0 0 0 rg BT 131.92 329.10 Td (with ) Tj ET Q q 0 0 0 rg BT 152.23 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.98 329.10 Td (downturn ) Tj ET Q q 0 0 0 rg BT 207.85 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 218.72 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.47 329.10 Td (semiconductor ) Tj ET Q q 0 0 0 rg BT 294.88 329.10 Td (sector) Tj ET Q q 0 0 0 rg BT 318.35 329.10 Td (, ) Tj ET Q q 0 0 0 rg BT 323.39 329.10 Td (in ) Tj ET Q q 0 0 0 rg BT 333.70 329.10 Td (Q4 ) Tj ET Q q 0 0 0 rg BT 348.46 329.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 373.49 329.10 Td (we ) Tj ET Q q 0 0 0 rg BT 387.69 329.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 430.76 329.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 491.06 329.10 Td (1.4 ) Tj ET Q q 0 0 0 rg BT 506.09 329.10 Td (million ) Tj ET Q q 0 0 0 rg BT 537.52 329.10 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 317.10 Td (at ) Tj ET Q q 0 0 0 rg BT 95.58 317.10 Td (an ) Tj ET Q q 0 0 0 rg BT 107.89 317.10 Td (average ) Tj ET Q q 0 0 0 rg BT 141.84 317.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 160.82 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.02 317.10 Td ($0.94 ) Tj ET Q q 0 0 0 rg BT 197.38 317.10 Td (per ) Tj ET Q q 0 0 0 rg BT 213.02 317.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 239.49 317.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.35 317.10 Td (On ) Tj ET Q q 0 0 0 rg BT 257.44 317.10 Td (May ) Tj ET Q q 0 0 0 rg BT 278.64 317.10 Td (6, ) Tj ET Q q 0 0 0 rg BT 289.01 317.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 314.38 317.10 Td (IMI ) Tj ET Q q 0 0 0 rg BT 332.80 317.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 378.98 317.10 Td (its ) Tj ET Q q 0 0 0 rg BT 391.29 317.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 409.71 317.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.36 317.10 Td (Merck ) Tj ET Q q 0 0 0 rg BT 449.32 317.10 Td (KGaA) Tj ET Q q 0 0 0 rg BT 474.87 317.10 Td ( ) Tj ET Q q 0 0 0 rg BT 477.74 317.10 Td (for ) Tj ET Q q 0 0 0 rg BT 492.27 317.10 Td ($1.20. ) Tj ET Q q 0 0 0 rg BT 520.14 317.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.00 317.10 Td (Given ) Tj ET Q q 0 0 0 rg BT 550.31 317.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 305.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 109.20 305.10 Td (closed ) Tj ET Q q 0 0 0 rg BT 137.34 305.10 Td (Q1 ) Tj ET Q q 0 0 0 rg BT 152.16 305.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 174.75 305.10 Td (at ) Tj ET Q q 0 0 0 rg BT 184.56 305.10 Td ($1.15, ) Tj ET Q q 0 0 0 rg BT 212.16 305.10 Td (IMI ) Tj ET Q q 0 0 0 rg BT 230.31 305.10 Td (had ) Tj ET Q q 0 0 0 rg BT 247.34 305.10 Td (a ) Tj ET Q q 0 0 0 rg BT 254.37 305.10 Td (negligible ) Tj ET Q q 0 0 0 rg BT 296.96 305.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 326.76 305.10 Td (on ) Tj ET Q q 0 0 0 rg BT 339.36 305.10 Td (our ) Tj ET Q q 0 0 0 rg BT 355.28 305.10 Td (NA) Tj ET Q q 0 0 0 rg BT 368.43 305.10 Td (V) Tj ET Q q 0 0 0 rg BT 375.48 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.07 305.10 Td (this ) Tj ET Q q 0 0 0 rg BT 395.11 305.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 422.88 305.10 Td (. ) Tj ET Q q 0 0 0 rg BT 427.78 305.10 Td (W) Tj ET Q q 0 0 0 rg BT 436.42 305.10 Td (e ) Tj ET Q q 0 0 0 rg BT 443.45 305.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 462.72 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.53 305.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 502.89 305.10 Td (position ) Tj ET Q q 0 0 0 rg BT 537.71 305.10 Td (on ) Tj ET Q q 0 0 0 rg BT 550.30 305.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 293.10 Td (date ) Tj ET Q q 0 0 0 rg BT 105.65 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.48 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.20 293.10 Td (announcement ) Tj ET Q q 0 0 0 rg BT 195.01 293.10 Td (at ) Tj ET Q q 0 0 0 rg BT 205.72 293.10 Td (an ) Tj ET Q q 0 0 0 rg BT 218.66 293.10 Td (average ) Tj ET Q q 0 0 0 rg BT 253.24 293.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 272.29 293.10 Td (price ) Tj ET Q q 0 0 0 rg BT 295.77 293.10 Td (per ) Tj ET Q q 0 0 0 rg BT 312.04 293.10 Td (share ) Tj ET Q q 0 0 0 rg BT 336.64 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.46 293.10 Td ($1.16, ) Tj ET Q q 0 0 0 rg BT 376.96 293.10 Td (generating ) Tj ET Q q 0 0 0 rg BT 422.66 293.10 Td (a ) Tj ET Q q 0 0 0 rg BT 430.60 293.10 Td (total ) Tj ET Q q 0 0 0 rg BT 451.87 293.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 477.59 293.10 Td (on ) Tj ET Q q 0 0 0 rg BT 491.09 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.80 293.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 554.18 293.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 281.10 Td ($358,000, ) Tj ET Q q 0 0 0 rg BT 128.00 281.10 Td (or ) Tj ET Q q 0 0 0 rg BT 138.83 281.10 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 163.83 281.10 Td (per ) Tj ET Q q 0 0 0 rg BT 179.10 281.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 205.20 281.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.52 281.10 Td (The ) Tj ET Q q 0 0 0 rg BT 225.56 281.10 Td (IRR ) Tj ET Q q 0 0 0 rg BT 244.73 281.10 Td (on ) Tj ET Q q 0 0 0 rg BT 257.23 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.95 281.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 318.33 281.10 Td (was ) Tj ET Q q 0 0 0 rg BT 336.38 281.10 Td (52%.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.46 257.10 Td (our ) Tj ET Q q 0 0 0 rg BT 74.42 257.10 Td (world, ) Tj ET Q q 0 0 0 rg BT 101.87 257.10 Td (it) Tj ET Q q 0 0 0 rg BT 110.21 257.10 Td (s ) Tj ET Q q 0 0 0 rg BT 115.73 257.10 Td (important ) Tj ET Q q 0 0 0 rg BT 156.24 257.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.64 257.10 Td (find ) Tj ET Q q 0 0 0 rg BT 183.38 257.10 Td (ways ) Tj ET Q q 0 0 0 rg BT 205.56 257.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.96 257.10 Td (dif) Tj ET Q q 0 0 0 rg BT 225.89 257.10 Td (ferentiate ) Tj ET Q q 0 0 0 rg BT 265.27 257.10 Td (our ) Tj ET Q q 0 0 0 rg BT 280.22 257.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 302.41 257.10 Td (from ) Tj ET Q q 0 0 0 rg BT 323.48 257.10 Td (others ) Tj ET Q q 0 0 0 rg BT 349.54 257.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.95 257.10 Td (order ) Tj ET Q q 0 0 0 rg BT 381.68 257.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.08 257.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 426.57 257.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 473.74 257.10 Td (alpha ) Tj ET Q q 0 0 0 rg BT 497.02 257.10 Td (that ) Tj ET Q q 0 0 0 rg BT 513.65 257.10 Td (outperforms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.57 245.10 Td (market. ) Tj ET Q q 0 0 0 rg BT 95.55 245.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.19 245.10 Td (e ) Tj ET Q q 0 0 0 rg BT 110.47 245.10 Td (originally ) Tj ET Q q 0 0 0 rg BT 151.21 245.10 Td (dif) Tj ET Q q 0 0 0 rg BT 162.13 245.10 Td (ferentiated ) Tj ET Q q 0 0 0 rg BT 206.73 245.10 Td (ourselves ) Tj ET Q q 0 0 0 rg BT 246.35 245.10 Td (by ) Tj ET Q q 0 0 0 rg BT 258.20 245.10 Td (finding ) Tj ET Q q 0 0 0 rg BT 288.94 245.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 343.57 245.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.19 245.10 Td (remove ) Tj ET Q q 0 0 0 rg BT 385.03 245.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 413.53 245.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 450.37 245.10 Td (overhangs ) Tj ET Q q 0 0 0 rg BT 493.32 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.81 245.10 Td (TST) Tj ET Q q 0 0 0 rg BT 520.41 245.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.26 245.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.42 245.10 Td (T) Tj ET Q q 0 0 0 rg BT 544.17 245.10 Td (urtle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (Beach ) Tj ET Q q 0 0 0 rg BT 76.18 233.10 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 126.21 233.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 175.69 233.10 Td (HEAR\). ) Tj ET Q q 0 0 0 rg BT 210.44 233.10 Td () Tj ET Q q 0 0 0 rg BT 212.76 233.10 Td (These ) Tj ET Q q 0 0 0 rg BT 238.33 233.10 Td (situations ) Tj ET Q q 0 0 0 rg BT 278.37 233.10 Td (worked ) Tj ET Q q 0 0 0 rg BT 310.06 233.10 Td (because ) Tj ET Q q 0 0 0 rg BT 343.40 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.32 233.10 Td (size ) Tj ET Q q 0 0 0 rg BT 374.56 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.59 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.51 233.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 436.84 233.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 459.65 233.10 Td (overhang ) Tj ET Q q 0 0 0 rg BT 498.56 233.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.70 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.61 233.10 Td (discount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (at ) Tj ET Q q 0 0 0 rg BT 58.92 221.10 Td (which ) Tj ET Q q 0 0 0 rg BT 85.57 221.10 Td (we ) Tj ET Q q 0 0 0 rg BT 99.44 221.10 Td (could ) Tj ET Q q 0 0 0 rg BT 123.86 221.10 Td (help ) Tj ET Q q 0 0 0 rg BT 143.28 221.10 Td (retire ) Tj ET Q q 0 0 0 rg BT 166.58 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.01 221.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 219.85 221.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 243.17 221.10 Td (would ) Tj ET Q q 0 0 0 rg BT 270.37 221.10 Td (be ) Tj ET Q q 0 0 0 rg BT 282.02 221.10 Td (meaningfully ) Tj ET Q q 0 0 0 rg BT 337.55 221.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.19 221.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 406.38 221.10 Td (accretive ) Tj ET Q q 0 0 0 rg BT 444.67 221.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.66 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.08 221.10 Td (value ) Tj ET Q q 0 0 0 rg BT 492.94 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.48 221.10 Td (each ) Tj ET Q q 0 0 0 rg BT 524.00 221.10 Td (company) Tj ET Q q 0 0 0 rg BT 560.01 221.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (Given ) Tj ET Q q 0 0 0 rg BT 76.69 209.10 Td (our ) Tj ET Q q 0 0 0 rg BT 92.77 209.10 Td (successes ) Tj ET Q q 0 0 0 rg BT 133.84 209.10 Td (in ) Tj ET Q q 0 0 0 rg BT 144.36 209.10 Td (each ) Tj ET Q q 0 0 0 rg BT 165.43 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.51 209.10 Td (these ) Tj ET Q q 0 0 0 rg BT 199.80 209.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 252.83 209.10 Td (we ) Tj ET Q q 0 0 0 rg BT 267.23 209.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 309.42 209.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.94 209.10 Td (hunt ) Tj ET Q q 0 0 0 rg BT 340.47 209.10 Td (for ) Tj ET Q q 0 0 0 rg BT 354.88 209.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 397.62 209.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 428.14 209.10 Td (types ) Tj ET Q q 0 0 0 rg BT 452.00 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.08 209.10 Td (opportunities. ) Tj ET Q q 0 0 0 rg BT 521.10 209.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.65 209.10 Td (While ) Tj ET Q q 0 0 0 rg BT 550.83 209.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (haven) Tj ET Q q 0 0 0 rg BT 76.53 197.10 Td (t ) Tj ET Q q 0 0 0 rg BT 81.48 197.10 Td (found ) Tj ET Q q 0 0 0 rg BT 106.98 197.10 Td ("the ) Tj ET Q q 0 0 0 rg BT 125.44 197.10 Td (next ) Tj ET Q q 0 0 0 rg BT 144.83 197.10 Td (one" ) Tj ET Q q 0 0 0 rg BT 165.52 197.10 Td (that ) Tj ET Q q 0 0 0 rg BT 182.69 197.10 Td (meets ) Tj ET Q q 0 0 0 rg BT 208.18 197.10 Td (our ) Tj ET Q q 0 0 0 rg BT 223.68 197.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 269.74 197.10 Td (criteria, ) Tj ET Q q 0 0 0 rg BT 302.72 197.10 Td (we ) Tj ET Q q 0 0 0 rg BT 316.55 197.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 350.37 197.10 Td (keep ) Tj ET Q q 0 0 0 rg BT 371.42 197.10 Td (looking ) Tj ET Q q 0 0 0 rg BT 404.14 197.10 Td (for ) Tj ET Q q 0 0 0 rg BT 417.97 197.10 Td (them. ) Tj ET Q q 0 0 0 rg BT 442.64 197.10 Td ( ) Tj ET Q q 0 0 0 rg BT 444.65 197.10 Td (This ) Tj ET Q q 0 0 0 rg BT 464.60 197.10 Td (year) Tj ET Q q 0 0 0 rg BT 481.41 197.10 Td (, ) Tj ET Q q 0 0 0 rg BT 486.08 197.10 Td (we ) Tj ET Q q 0 0 0 rg BT 499.91 197.10 Td (dove ) Tj ET Q q 0 0 0 rg BT 521.52 197.10 Td (into ) Tj ET Q q 0 0 0 rg BT 539.25 197.10 Td (a ) Tj ET Q q 0 0 0 rg BT 545.85 197.10 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (set ) Tj ET Q q 0 0 0 rg BT 63.81 185.10 Td (of ) Tj ET Q q 0 0 0 rg BT 75.35 185.10 Td (opportunities, ) Tj ET Q q 0 0 0 rg BT 133.83 185.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 169.24 185.10 Td (delisted ) Tj ET Q q 0 0 0 rg BT 203.55 185.10 Td (or ) Tj ET Q q 0 0 0 rg BT 215.08 185.10 Td (OTC ) Tj ET Q q 0 0 0 rg BT 238.29 185.10 Td (stocks, ) Tj ET Q q 0 0 0 rg BT 268.99 185.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 318.29 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.71 185.10 Td (two ) Tj ET Q q 0 0 0 rg BT 351.91 185.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 397.88 185.10 Td (I ) Tj ET Q q 0 0 0 rg BT 404.42 185.10 Td (mentioned ) Tj ET Q q 0 0 0 rg BT 449.84 185.10 Td (above: ) Tj ET Q q 0 0 0 rg BT 479.70 185.10 Td (QMCO ) Tj ET Q q 0 0 0 rg BT 512.91 185.10 Td (and ) Tj ET Q q 0 0 0 rg BT 530.55 185.10 Td (MVEN. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (During ) Tj ET Q q 0 0 0 rg BT 80.79 173.10 Td (my ) Tj ET Q q 0 0 0 rg BT 96.53 173.10 Td (days ) Tj ET Q q 0 0 0 rg BT 117.82 173.10 Td (at ) Tj ET Q q 0 0 0 rg BT 128.00 173.10 Td (BlackRock, ) Tj ET Q q 0 0 0 rg BT 177.90 173.10 Td (if ) Tj ET Q q 0 0 0 rg BT 186.97 173.10 Td (you ) Tj ET Q q 0 0 0 rg BT 204.93 173.10 Td (had ) Tj ET Q q 0 0 0 rg BT 222.33 173.10 Td (told ) Tj ET Q q 0 0 0 rg BT 240.85 173.10 Td (me ) Tj ET Q q 0 0 0 rg BT 256.02 173.10 Td (in ) Tj ET Q q 0 0 0 rg BT 266.76 173.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 289.72 173.10 Td (that ) Tj ET Q q 0 0 0 rg BT 307.68 173.10 Td (I ) Tj ET Q q 0 0 0 rg BT 313.97 173.10 Td (would ) Tj ET Q q 0 0 0 rg BT 341.93 173.10 Td (be ) Tj ET Q q 0 0 0 rg BT 354.33 173.10 Td (spending ) Tj ET Q q 0 0 0 rg BT 393.40 173.10 Td (time ) Tj ET Q q 0 0 0 rg BT 414.14 173.10 Td (on ) Tj ET Q q 0 0 0 rg BT 427.10 173.10 Td (delisted ) Tj ET Q q 0 0 0 rg BT 461.17 173.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 509.39 173.10 Td (I ) Tj ET Q q 0 0 0 rg BT 515.68 173.10 Td (would ) Tj ET Q q 0 0 0 rg BT 543.64 173.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (asked ) Tj ET Q q 0 0 0 rg BT 74.80 161.10 Td (what ) Tj ET Q q 0 0 0 rg BT 96.77 161.10 Td (went ) Tj ET Q q 0 0 0 rg BT 118.73 161.10 Td (wrong ) Tj ET Q q 0 0 0 rg BT 146.81 161.10 Td (with ) Tj ET Q q 0 0 0 rg BT 167.12 161.10 Td (my ) Tj ET Q q 0 0 0 rg BT 182.43 161.10 Td (career) Tj ET Q q 0 0 0 rg BT 206.29 161.10 Td (. ) Tj ET Q q 0 0 0 rg BT 211.32 161.10 Td (But ) Tj ET Q q 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149.10 Td (dif) Tj ET Q q 0 0 0 rg BT 206.24 149.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 231.89 149.10 Td (reasons. ) Tj ET Q q 0 0 0 rg BT 266.71 149.10 Td ( ) Tj ET Q q 0 0 0 rg BT 268.88 149.10 Td (T) Tj ET Q q 0 0 0 rg BT 274.29 149.10 Td (o ) Tj ET Q q 0 0 0 rg BT 281.63 149.10 Td (give ) Tj ET Q q 0 0 0 rg BT 301.18 149.10 Td (you ) Tj ET Q q 0 0 0 rg BT 318.52 149.10 Td (an ) Tj ET Q q 0 0 0 rg BT 330.29 149.10 Td (idea ) Tj ET Q q 0 0 0 rg BT 349.28 149.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.95 149.10 Td (our ) Tj ET Q q 0 0 0 rg BT 375.62 149.10 Td (current ) Tj ET Q q 0 0 0 rg BT 406.27 149.10 Td (excitement ) Tj ET Q q 0 0 0 rg BT 452.47 149.10 Td (about ) Tj ET Q q 0 0 0 rg BT 477.03 149.10 Td (these ) Tj ET Q q 0 0 0 rg BT 499.91 149.10 Td (two ) Tj ET Q q 0 0 0 rg BT 517.25 149.10 Td (companies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (we ) Tj ET Q q 0 0 0 rg BT 64.06 137.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 100.29 137.10 Td (an ) Tj ET Q q 0 0 0 rg BT 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(tape ) Tj ET Q q 0 0 0 rg BT 217.67 749.10 Td (drives, ) Tj ET Q q 0 0 0 rg BT 246.88 749.10 Td (but ) Tj ET Q q 0 0 0 rg BT 261.94 749.10 Td (also ) Tj ET Q q 0 0 0 rg BT 280.32 749.10 Td (has ) Tj ET Q q 0 0 0 rg BT 295.93 749.10 Td (a ) Tj ET Q q 0 0 0 rg BT 302.64 749.10 Td (number ) Tj ET Q q 0 0 0 rg BT 335.47 749.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.07 749.10 Td (other ) Tj ET Q q 0 0 0 rg BT 368.90 749.10 Td (data ) Tj ET Q q 0 0 0 rg BT 387.83 749.10 Td (processing ) Tj ET Q q 0 0 0 rg BT 432.88 749.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.59 749.10 Td (storage ) Tj ET Q q 0 0 0 rg BT 480.75 749.10 Td (solutions ) Tj ET Q q 0 0 0 rg BT 519.14 749.10 Td (that ) Tj ET Q q 0 0 0 rg BT 536.41 749.10 Td (enable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (high-speed ) Tj ET Q q 0 0 0 rg BT 96.06 737.10 Td (data ) Tj ET Q q 0 0 0 rg BT 115.40 737.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 148.63 737.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.75 737.10 Td (processing, ) Tj ET 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725.10 Td (by ) Tj ET Q q 0 0 0 rg BT 179.86 725.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 218.85 725.10 Td (for ) Tj ET Q q 0 0 0 rg BT 233.40 725.10 Td (misdeeds ) Tj ET Q q 0 0 0 rg BT 273.51 725.10 Td (of ) Tj ET Q q 0 0 0 rg BT 284.73 725.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 307.06 725.10 Td (management ) Tj ET Q q 0 0 0 rg BT 361.04 725.10 Td (teams. ) Tj ET Q q 0 0 0 rg BT 389.75 725.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.64 725.10 Td (Specifically) Tj ET Q q 0 0 0 rg BT 439.75 725.10 Td (, ) Tj ET Q q 0 0 0 rg BT 445.14 725.10 Td (in ) Tj ET Q q 0 0 0 rg BT 455.81 725.10 Td (this ) Tj ET Q q 0 0 0 rg BT 473.15 725.10 Td (case, ) Tj ET Q q 0 0 0 rg BT 495.74 725.10 Td (QMCO) Tj ET Q q 0 0 0 rg BT 528.53 725.10 Td (s ) Tj ET Q q 0 0 0 rg BT 535.31 725.10 Td (former ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (management ) Tj ET Q q 0 0 0 rg BT 103.81 713.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 150.89 713.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 211.87 713.10 Td ($180 ) Tj ET Q q 0 0 0 rg BT 235.09 713.10 Td (million ) Tj ET Q q 0 0 0 rg BT 267.20 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.75 713.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 313.62 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 324.62 713.10 Td (incorrect ) Tj ET Q q 0 0 0 rg BT 363.37 713.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 396.03 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 407.03 713.10 Td (help ) Tj ET Q q 0 0 0 rg BT 427.46 713.10 Td (inflate ) Tj ET Q q 0 0 0 rg BT 456.23 713.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 494.98 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 512.64 713.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 535.30 713.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (goals. ) Tj ET Q q 0 0 0 rg BT 74.81 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.51 701.10 Td (Once ) Tj ET Q q 0 0 0 rg BT 99.30 701.10 Td (discovered, ) Tj ET Q q 0 0 0 rg BT 146.82 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.74 701.10 Td (company ) Tj ET Q q 0 0 0 rg BT 199.09 701.10 Td (needed ) Tj ET Q q 0 0 0 rg BT 229.10 701.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.58 701.10 Td (restate ) Tj ET Q q 0 0 0 rg BT 266.38 701.10 Td (its ) Tj ET Q q 0 0 0 rg BT 277.52 701.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 314.20 701.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 358.11 701.10 Td (to ) Tj ET Q q 0 0 0 rg BT 367.59 701.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 394.82 701.10 Td (this ) Tj ET Q q 0 0 0 rg BT 410.97 701.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 444.31 701.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.79 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.71 701.10 Td (correct ) Tj ET Q q 0 0 0 rg BT 497.16 701.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 530.80 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 532.50 701.10 Td (QMCO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (became ) Tj ET Q q 0 0 0 rg BT 83.10 689.10 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 128.39 689.10 Td (on ) Tj ET Q q 0 0 0 rg BT 141.46 689.10 Td (its ) Tj ET Q q 0 0 0 rg BT 153.98 689.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 192.04 689.10 Td (filings ) Tj ET Q q 0 0 0 rg BT 220.67 689.10 Td (with ) Tj ET Q q 0 0 0 rg BT 241.52 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.81 689.10 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 280.72 689.10 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 324.34 689.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 362.41 689.10 Td (in ) Tj ET Q q 0 0 0 rg BT 373.26 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.55 689.10 Td (company ) Tj ET Q q 0 0 0 rg BT 428.28 689.10 Td (being ) Tj ET Q q 0 0 0 rg BT 453.56 689.10 Td (delisted ) Tj ET Q q 0 0 0 rg BT 487.74 689.10 Td (from ) Tj ET Q q 0 0 0 rg BT 510.25 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.54 689.10 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 554.73 689.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (January ) Tj ET Q q 0 0 0 rg BT 83.04 677.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 107.97 677.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.41 677.10 Td (Once ) Tj ET Q q 0 0 0 rg BT 133.95 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.60 677.10 Td (company ) Tj ET Q q 0 0 0 rg BT 187.70 677.10 Td (became ) Tj ET Q q 0 0 0 rg BT 220.67 677.10 Td (delisted, ) Tj ET Q q 0 0 0 rg BT 256.71 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.36 677.10 Td (number ) Tj ET Q q 0 0 0 rg BT 304.35 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.12 677.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 353.66 677.10 Td (that ) Tj ET Q q 0 0 0 rg BT 371.10 677.10 Td (could ) Tj ET Q q 0 0 0 rg BT 395.75 677.10 Td (buy ) Tj ET Q q 0 0 0 rg BT 413.19 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.84 677.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 451.39 677.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 493.24 677.10 Td (substantially) Tj ET Q q 0 0 0 rg BT 543.14 677.10 Td (, ) Tj ET Q q 0 0 0 rg BT 548.08 677.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (it ) Tj ET Q q 0 0 0 rg BT 57.00 665.10 Td (also ) Tj ET Q q 0 0 0 rg BT 75.05 665.10 Td (became ) Tj ET Q q 0 0 0 rg BT 107.53 665.10 Td (harder ) Tj ET Q q 0 0 0 rg BT 135.01 665.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.74 665.10 Td (diligence ) Tj ET Q q 0 0 0 rg BT 183.33 665.10 Td (because ) Tj ET Q q 0 0 0 rg BT 216.92 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.08 665.10 Td (latest ) Tj ET Q q 0 0 0 rg BT 254.13 665.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 291.06 665.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 311.34 665.10 Td (filing ) Tj ET Q q 0 0 0 rg BT 334.95 665.10 Td (available ) Tj ET Q q 0 0 0 rg BT 372.99 665.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 396.59 665.10 Td (all ) Tj ET Q q 0 0 0 rg BT 408.53 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.69 665.10 Td (way ) Tj ET Q q 0 0 0 rg BT 441.29 665.10 Td (back ) Tj ET Q q 0 0 0 rg BT 462.11 665.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.84 665.10 Td (September ) Tj ET Q q 0 0 0 rg BT 516.55 665.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 540.85 665.10 Td (What ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (filings ) Tj ET Q q 0 0 0 rg BT 77.10 653.10 Td (we ) Tj ET Q q 0 0 0 rg BT 90.81 653.10 Td (could ) Tj ET Q q 0 0 0 rg BT 115.08 653.10 Td (find ) Tj ET Q q 0 0 0 rg BT 133.23 653.10 Td (were ) Tj ET Q q 0 0 0 rg BT 154.71 653.10 Td (not ) Tj ET Q q 0 0 0 rg BT 169.53 653.10 Td (straightforward ) Tj ET Q q 0 0 0 rg BT 233.23 653.10 Td (to ) Tj ET Q q 0 0 0 rg BT 243.05 653.10 Td (analyze. ) Tj ET Q q 0 0 0 rg BT 278.13 653.10 Td ( ) Tj ET Q q 0 0 0 rg BT 280.03 653.10 Td (W) Tj ET Q q 0 0 0 rg BT 288.67 653.10 Td (e ) Tj ET Q q 0 0 0 rg BT 295.15 653.10 Td (like ) Tj ET Q q 0 0 0 rg BT 312.20 653.10 Td (these ) Tj ET Q q 0 0 0 rg BT 334.79 653.10 Td (situations, ) Tj ET Q q 0 0 0 rg BT 377.67 653.10 Td (so ) Tj ET Q q 0 0 0 rg BT 388.61 653.10 Td (we ) Tj ET Q q 0 0 0 rg BT 402.32 653.10 Td (dug ) Tj ET Q q 0 0 0 rg BT 419.37 653.10 Td (in ) Tj ET Q q 0 0 0 rg BT 429.19 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 445.68 653.10 Td (did ) Tj ET Q q 0 0 0 rg BT 460.50 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.77 653.10 Td (work. ) Tj ET Q q 0 0 0 rg BT 499.87 653.10 Td ( ) Tj ET Q q 0 0 0 rg BT 501.77 653.10 Td (What ) Tj ET Q q 0 0 0 rg BT 525.47 653.10 Td (we ) Tj ET Q q 0 0 0 rg BT 539.18 653.10 Td (found ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (led ) Tj ET Q q 0 0 0 rg BT 64.36 641.10 Td (us ) Tj ET Q q 0 0 0 rg BT 75.89 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 86.31 641.10 Td (retract ) Tj ET Q q 0 0 0 rg BT 114.49 641.10 Td (our ) Tj ET Q q 0 0 0 rg BT 130.46 641.10 Td (original ) Tj ET Q q 0 0 0 rg BT 164.20 641.10 Td (comment ) Tj ET Q q 0 0 0 rg BT 204.06 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.14 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.56 641.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 269.73 641.10 Td (2.1 ) Tj ET Q q 0 0 0 rg BT 284.88 641.10 Td (million ) Tj ET Q q 0 0 0 rg BT 316.41 641.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 344.04 641.10 Td (over ) Tj ET Q q 0 0 0 rg BT 364.45 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 371.53 641.10 Td (four) Tj ET Q q 0 0 0 rg BT 387.99 641.10 Td (-month ) Tj ET Q q 0 0 0 rg BT 419.52 641.10 Td (period ) Tj ET Q q 0 0 0 rg BT 447.71 641.10 Td (at ) Tj ET Q q 0 0 0 rg BT 457.57 641.10 Td (an ) Tj ET Q q 0 0 0 rg BT 469.65 641.10 Td (average ) Tj ET Q q 0 0 0 rg BT 503.37 641.10 Td (price ) Tj ET Q q 0 0 0 rg BT 526.00 641.10 Td (per ) Tj ET Q q 0 0 0 rg BT 541.41 641.10 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 629.10 Td ($2.62 ) Tj ET Q q 0 0 0 rg BT 85.33 629.10 Td (for ) Tj ET Q q 0 0 0 rg BT 99.49 629.10 Td (a ) Tj ET Q q 0 0 0 rg BT 106.43 629.10 Td (total ) Tj ET Q q 0 0 0 rg BT 126.70 629.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 173.08 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.91 629.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 244.17 629.10 Td ($5.5 ) Tj ET Q q 0 0 0 rg BT 264.17 629.10 Td (million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (Contrary ) Tj ET Q q 0 0 0 rg BT 87.40 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.53 605.10 Td (popular ) Tj ET Q q 0 0 0 rg BT 130.43 605.10 Td (belief, ) Tj ET Q q 0 0 0 rg BT 158.04 605.10 Td (tape ) Tj ET Q q 0 0 0 rg BT 177.05 605.10 Td (is ) Tj ET Q q 0 0 0 rg BT 186.07 605.10 Td (not ) Tj ET Q q 0 0 0 rg BT 201.20 605.10 Td (dead. ) Tj ET Q q 0 0 0 rg BT 224.92 605.10 Td ( ) Tj ET Q q 0 0 0 rg BT 227.28 605.10 Td (In ) Tj ET Q q 0 0 0 rg BT 237.96 605.10 Td (fact, ) Tj ET Q q 0 0 0 rg BT 257.79 605.10 Td (it ) Tj ET Q q 0 0 0 rg BT 265.70 605.10 Td (is ) Tj ET Q q 0 0 0 rg BT 274.72 605.10 Td (experiencing ) Tj ET Q q 0 0 0 rg BT 328.71 605.10 Td (a ) Tj ET Q q 0 0 0 rg BT 335.50 605.10 Td (resur) Tj ET Q q 0 0 0 rg BT 355.31 605.10 Td (gence ) Tj ET Q q 0 0 0 rg BT 380.98 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.11 605.10 Td (cloud ) Tj ET Q q 0 0 0 rg BT 415.68 605.10 Td (computing ) Tj ET Q q 0 0 0 rg BT 460.80 605.10 Td (because ) Tj ET Q q 0 0 0 rg BT 494.80 605.10 Td (it ) Tj ET Q q 0 0 0 rg BT 502.71 605.10 Td (serves ) Tj ET Q q 0 0 0 rg BT 530.05 605.10 Td (as ) Tj ET Q q 0 0 0 rg BT 540.73 605.10 Td (a ) Tj ET Q q 0 0 0 rg BT 547.52 605.10 Td (low ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 70.49 593.10 Td (low ) Tj ET Q q 0 0 0 rg BT 87.86 593.10 Td (ener) Tj ET Q q 0 0 0 rg BT 104.89 593.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 117.27 593.10 Td (way ) Tj ET Q q 0 0 0 rg BT 136.31 593.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.46 593.10 Td (store ) Tj ET Q q 0 0 0 rg BT 168.28 593.10 Td (information ) Tj ET Q q 0 0 0 rg BT 217.87 593.10 Td (for ) Tj ET Q q 0 0 0 rg BT 231.91 593.10 Td (long ) Tj ET Q q 0 0 0 rg BT 252.06 593.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 283.88 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.59 593.10 Td (time ) Tj ET Q q 0 0 0 rg BT 314.74 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.56 593.10 Td (in ) Tj ET Q q 0 0 0 rg BT 341.71 593.10 Td (a ) Tj ET Q q 0 0 0 rg BT 348.53 593.10 Td (way ) Tj ET Q q 0 0 0 rg BT 367.57 593.10 Td (that ) Tj ET Q q 0 0 0 rg BT 384.94 593.10 Td (is ) Tj ET Q q 0 0 0 rg BT 393.99 593.10 Td (completely ) Tj ET Q q 0 0 0 rg BT 440.79 593.10 Td (impervious ) Tj ET Q q 0 0 0 rg BT 488.17 593.10 Td (to ) Tj ET Q q 0 0 0 rg BT 498.32 593.10 Td (hackers ) Tj ET Q q 0 0 0 rg BT 531.24 593.10 Td (or ) Tj ET Q q 0 0 0 rg BT 541.95 593.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (malicious ) Tj ET Q q 0 0 0 rg BT 91.04 581.10 Td (intent. ) Tj ET Q q 0 0 0 rg BT 118.98 581.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.44 581.10 Td (When ) Tj ET Q q 0 0 0 rg BT 147.98 581.10 Td (a ) Tj ET Q q 0 0 0 rg BT 155.08 581.10 Td (tape ) Tj ET Q q 0 0 0 rg BT 174.39 581.10 Td (is ) Tj ET Q q 0 0 0 rg BT 183.72 581.10 Td (not ) Tj ET Q q 0 0 0 rg BT 199.16 581.10 Td (in ) Tj ET Q q 0 0 0 rg BT 209.60 581.10 Td (use, ) Tj ET Q q 0 0 0 rg BT 228.09 581.10 Td (it ) Tj ET Q q 0 0 0 rg BT 236.31 581.10 Td (is ) Tj ET Q q 0 0 0 rg BT 245.64 581.10 Td (of) Tj ET Q q 0 0 0 rg BT 253.79 581.10 Td (f ) Tj ET Q q 0 0 0 rg BT 259.78 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.66 581.10 Td (grid. ) Tj ET Q q 0 0 0 rg BT 295.92 581.10 Td ( ) Tj ET Q q 0 0 0 rg BT 298.58 581.10 Td (QMCO) Tj ET Q q 0 0 0 rg BT 331.37 581.10 Td (s ) Tj ET Q q 0 0 0 rg BT 337.92 581.10 Td (other ) Tj ET Q q 0 0 0 rg BT 361.13 581.10 Td (products ) Tj ET Q q 0 0 0 rg BT 398.22 581.10 Td (also ) Tj ET Q q 0 0 0 rg BT 416.99 581.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 450.20 581.10 Td (dif) Tj ET Q q 0 0 0 rg BT 461.13 581.10 Td (ferentiated ) Tj ET Q q 0 0 0 rg BT 506.54 581.10 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 554.73 581.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.25 569.10 Td (market ) Tj ET Q q 0 0 0 rg BT 94.55 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.53 569.10 Td (are ) Tj ET Q q 0 0 0 rg BT 126.27 569.10 Td (gaining ) Tj ET Q q 0 0 0 rg BT 158.80 569.10 Td (new ) Tj ET Q q 0 0 0 rg BT 178.00 569.10 Td (customers. ) Tj ET Q q 0 0 0 rg BT 223.58 569.10 Td ( ) Tj ET Q q 0 0 0 rg BT 226.11 569.10 Td (Lastly) Tj ET Q q 0 0 0 rg BT 250.46 569.10 Td (, ) Tj ET Q q 0 0 0 rg BT 255.49 569.10 Td (QMCO ) Tj ET Q q 0 0 0 rg BT 288.04 569.10 Td (is ) Tj ET Q q 0 0 0 rg BT 297.24 569.10 Td (expanding ) Tj ET Q q 0 0 0 rg BT 341.43 569.10 Td (its ) Tj ET Q q 0 0 0 rg BT 353.42 569.10 Td (products ) Tj ET Q q 0 0 0 rg BT 390.39 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.36 569.10 Td (services ) Tj ET Q q 0 0 0 rg BT 442.11 569.10 Td (from ) Tj ET Q q 0 0 0 rg BT 464.08 569.10 Td (a ) Tj ET Q q 0 0 0 rg BT 471.05 569.10 Td (one-time ) Tj ET Q q 0 0 0 rg BT 509.13 569.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 527.21 569.10 Td (model ) Tj ET Q q 0 0 0 rg BT 554.75 569.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.82 557.10 Td (subscription/recurring ) Tj ET Q q 0 0 0 rg BT 148.00 557.10 Td (model ) Tj ET Q q 0 0 0 rg BT 175.88 557.10 Td (that ) Tj ET Q q 0 0 0 rg BT 193.75 557.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 222.73 557.10 Td (for ) Tj ET Q q 0 0 0 rg BT 237.27 557.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 277.90 557.10 Td (visibility ) Tj ET Q q 0 0 0 rg BT 316.34 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 333.66 557.10 Td (predictability ) Tj ET Q q 0 0 0 rg BT 389.85 557.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.06 557.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 439.47 557.10 Td (along ) Tj ET Q q 0 0 0 rg BT 464.57 557.10 Td (with ) Tj ET Q q 0 0 0 rg BT 485.22 557.10 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 525.85 557.10 Td (customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (engagement. ) Tj ET Q q 0 0 0 rg BT 102.23 545.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.02 545.10 Td (The ) Tj ET Q q 0 0 0 rg BT 121.49 545.10 Td (last ) Tj ET Q q 0 0 0 rg BT 137.30 545.10 Td (time ) Tj ET Q q 0 0 0 rg BT 157.00 545.10 Td (QMCO ) Tj ET Q q 0 0 0 rg BT 188.93 545.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 224.17 545.10 Td (Q3 ) Tj ET Q q 0 0 0 rg BT 238.31 545.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 260.23 545.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 290.77 545.10 Td (it ) Tj ET Q q 0 0 0 rg BT 298.25 545.10 Td (had ) Tj ET Q q 0 0 0 rg BT 314.61 545.10 Td (twelve-month-trailing ) Tj ET Q q 0 0 0 rg BT 404.29 545.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 441.75 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.00 545.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 511.69 545.10 Td ($480 ) Tj ET Q q 0 0 0 rg BT 533.61 545.10 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.72 533.10 Td ($1) Tj ET Q q 0 0 0 rg BT 79.35 533.10 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 94.29 533.10 Td (million ) Tj ET Q q 0 0 0 rg BT 125.62 533.10 Td (in ) Tj ET Q q 0 0 0 rg BT 135.84 533.10 Td (EBITDA. ) Tj ET Q q 0 0 0 rg BT 177.44 533.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.71 533.10 Td (W) Tj ET Q q 0 0 0 rg BT 188.35 533.10 Td (e ) Tj ET Q q 0 0 0 rg BT 195.23 533.10 Td (noticed ) Tj ET Q q 0 0 0 rg BT 227.10 533.10 Td (that ) Tj ET Q q 0 0 0 rg BT 244.54 533.10 Td (buried ) Tj ET Q q 0 0 0 rg BT 272.53 533.10 Td (in ) Tj ET Q q 0 0 0 rg BT 282.75 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.40 533.10 Td (details ) Tj ET Q q 0 0 0 rg BT 325.95 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.72 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.38 533.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 376.58 533.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 407.35 533.10 Td (QMCO ) Tj ET Q q 0 0 0 rg BT 439.79 533.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 472.77 533.10 Td (in ) Tj ET Q q 0 0 0 rg BT 482.99 533.10 Td (December ) Tj ET Q q 0 0 0 rg BT 526.52 533.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 548.96 533.10 Td (is ) Tj ET Q q 0 0 0 rg BT 558.07 533.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 87.73 521.10 Td (that ) Tj ET Q q 0 0 0 rg BT 104.87 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.22 521.10 Td (company ) Tj ET Q q 0 0 0 rg BT 158.02 521.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 182.92 521.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.84 521.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 228.84 521.10 Td (at ) Tj ET Q q 0 0 0 rg BT 238.20 521.10 Td (least ) Tj ET Q q 0 0 0 rg BT 258.66 521.10 Td ($28 ) Tj ET Q q 0 0 0 rg BT 275.80 521.10 Td (million ) Tj ET Q q 0 0 0 rg BT 306.83 521.10 Td (in ) Tj ET Q q 0 0 0 rg BT 316.75 521.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 352.85 521.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.99 521.10 Td (over ) Tj ET Q q 0 0 0 rg BT 374.90 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.26 521.10 Td (preceding ) Tj ET Q q 0 0 0 rg BT 430.82 521.10 Td (four ) Tj ET Q q 0 0 0 rg BT 449.62 521.10 Td (quarters ) Tj ET Q q 0 0 0 rg BT 483.96 521.10 Td (as ) Tj ET Q q 0 0 0 rg BT 494.43 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 504.90 521.10 Td (June ) Tj ET Q q 0 0 0 rg BT 525.37 521.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 540.01 521.10 Td (2019, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.12 509.10 Td ($30 ) Tj ET Q q 0 0 0 rg BT 85.31 509.10 Td (million ) Tj ET Q q 0 0 0 rg BT 117.38 509.10 Td (as ) Tj ET Q q 0 0 0 rg BT 128.89 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.41 509.10 Td (September ) Tj ET Q q 0 0 0 rg BT 186.36 509.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 202.04 509.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 227.72 509.10 Td ( ) Tj ET Q q 0 0 0 rg BT 230.91 509.10 Td (QMCO ) Tj ET Q q 0 0 0 rg BT 264.09 509.10 Td (last ) Tj ET Q q 0 0 0 rg BT 281.17 509.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 317.66 509.10 Td (it ) Tj ET Q q 0 0 0 rg BT 326.40 509.10 Td (has ) Tj ET Q q 0 0 0 rg BT 342.92 509.10 Td (35 ) Tj ET Q q 0 0 0 rg BT 356.10 509.10 Td (million ) Tj ET Q q 0 0 0 rg BT 388.18 509.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 416.35 509.10 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 468.70 509.10 Td (which ) Tj ET Q q 0 0 0 rg BT 496.32 509.10 Td (gave ) Tj ET Q q 0 0 0 rg BT 518.38 509.10 Td (it ) Tj ET Q q 0 0 0 rg BT 527.12 509.10 Td (a ) Tj ET Q q 0 0 0 rg BT 534.74 509.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 105.33 497.10 Td (at ) Tj ET Q q 0 0 0 rg BT 114.50 497.10 Td (180) Tj ET Q q 0 0 0 rg BT 132.28 497.10 Td (s ) Tj ET Q q 0 0 0 rg BT 138.14 497.10 Td (average ) Tj ET Q q 0 0 0 rg BT 171.18 497.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 189.26 497.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 211.22 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.51 497.10 Td ($92 ) Tj ET Q q 0 0 0 rg BT 238.47 497.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 271.83 497.10 Td (If ) Tj ET Q q 0 0 0 rg BT 280.45 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.63 497.10 Td (company ) Tj ET Q q 0 0 0 rg BT 333.25 497.10 Td (was ) Tj ET Q q 0 0 0 rg BT 350.76 497.10 Td (generating ) Tj ET Q q 0 0 0 rg BT 394.93 497.10 Td (even ) Tj ET Q q 0 0 0 rg BT 415.77 497.10 Td (close ) Tj ET Q q 0 0 0 rg BT 438.28 497.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.02 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.20 497.10 Td (same ) Tj ET Q q 0 0 0 rg BT 484.71 497.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 516.67 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 526.96 497.10 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (as ) Tj ET Q q 0 0 0 rg BT 59.67 485.10 Td (it ) Tj ET Q q 0 0 0 rg BT 67.07 485.10 Td (was ) Tj ET Q q 0 0 0 rg BT 84.46 485.10 Td (in ) Tj ET Q q 0 0 0 rg BT 94.08 485.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 118.42 485.10 Td (then ) Tj ET Q q 0 0 0 rg BT 137.48 485.10 Td (its ) Tj ET Q q 0 0 0 rg BT 148.77 485.10 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 190.03 485.10 Td (value ) Tj ET Q q 0 0 0 rg BT 213.53 485.10 Td (was ) Tj ET Q q 0 0 0 rg BT 230.92 485.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 261.09 485.10 Td (at ) Tj ET Q q 0 0 0 rg BT 270.14 485.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 329.74 485.10 Td (0.5x ) Tj ET Q q 0 0 0 rg BT 349.08 485.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 386.46 485.10 Td (at ) Tj ET Q q 0 0 0 rg BT 395.52 485.10 Td (our ) Tj ET Q q 0 0 0 rg BT 410.69 485.10 Td (average ) Tj ET Q q 0 0 0 rg BT 443.62 485.10 Td (cost. ) Tj ET Q q 0 0 0 rg BT 463.93 485.10 Td (W) Tj ET Q q 0 0 0 rg BT 472.57 485.10 Td (e ) Tj ET Q q 0 0 0 rg BT 478.85 485.10 Td (knew ) Tj ET Q q 0 0 0 rg BT 502.35 485.10 Td (QMCO ) Tj ET Q q 0 0 0 rg BT 534.20 485.10 Td (needed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.90 473.10 Td (file ) Tj ET Q q 0 0 0 rg BT 75.84 473.10 Td (its ) Tj ET Q q 0 0 0 rg BT 87.91 473.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 112.18 473.10 Td (year ) Tj ET Q q 0 0 0 rg BT 132.01 473.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 154.63 473.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 192.23 473.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 237.06 473.10 Td (by ) Tj ET Q q 0 0 0 rg BT 249.10 473.10 Td (August ) Tj ET Q q 0 0 0 rg BT 280.61 473.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 295.73 473.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 320.84 473.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.90 473.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 362.17 473.10 Td (year ) Tj ET Q q 0 0 0 rg BT 382.00 473.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 404.62 473.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 442.22 473.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 487.05 473.10 Td (by ) Tj ET Q q 0 0 0 rg BT 499.67 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.50 473.10 Td (end ) Tj ET Q q 0 0 0 rg BT 531.56 473.10 Td (of ) Tj ET Q q 0 0 0 rg BT 542.51 473.10 Td (2019 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.88 461.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 90.25 461.10 Td (in ) Tj ET Q q 0 0 0 rg BT 100.64 461.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 149.33 461.10 Td (with ) Tj ET Q q 0 0 0 rg BT 169.71 461.10 Td (its ) Tj ET Q q 0 0 0 rg BT 181.77 461.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 207.13 461.10 Td (facility) Tj ET Q q 0 0 0 rg BT 234.81 461.10 Td (. ) Tj ET Q q 0 0 0 rg BT 239.91 461.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.52 461.10 Td (Once ) Tj ET Q q 0 0 0 rg BT 266.22 461.10 Td (it ) Tj ET Q q 0 0 0 rg BT 274.38 461.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 318.64 461.10 Td (these ) Tj ET Q q 0 0 0 rg BT 341.79 461.10 Td (filings, ) Tj ET Q q 0 0 0 rg BT 372.45 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.27 461.10 Td (company ) Tj ET Q q 0 0 0 rg BT 426.53 461.10 Td (would ) Tj ET Q q 0 0 0 rg BT 454.14 461.10 Td (be ) Tj ET Q q 0 0 0 rg BT 466.18 461.10 Td (ready ) Tj ET Q q 0 0 0 rg BT 490.99 461.10 Td (to ) Tj ET Q q 0 0 0 rg BT 501.38 461.10 Td (begin ) Tj ET Q q 0 0 0 rg BT 526.20 461.10 Td (ef) Tj ET Q q 0 0 0 rg BT 533.78 461.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 554.72 461.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (relist ) Tj ET Q q 0 0 0 rg BT 72.10 449.10 Td (on ) Tj ET Q q 0 0 0 rg BT 84.71 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.53 449.10 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 128.25 449.10 Td (or ) Tj ET Q q 0 0 0 rg BT 139.19 449.10 Td (NASDAQ. ) Tj ET Q q 0 0 0 rg BT 185.97 449.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.58 449.10 Td (Should ) Tj ET Q q 0 0 0 rg BT 219.52 449.10 Td (it ) Tj ET Q q 0 0 0 rg BT 227.69 449.10 Td (be ) Tj ET Q q 0 0 0 rg BT 239.73 449.10 Td (able ) Tj ET Q q 0 0 0 rg BT 259.00 449.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.38 449.10 Td (relist, ) Tj ET Q q 0 0 0 rg BT 294.49 449.10 Td (it ) Tj ET Q q 0 0 0 rg BT 302.65 449.10 Td (would ) Tj ET Q q 0 0 0 rg BT 330.26 449.10 Td (once ) Tj ET Q q 0 0 0 rg BT 351.74 449.10 Td (again ) Tj ET Q q 0 0 0 rg BT 376.00 449.10 Td (be ) Tj ET Q q 0 0 0 rg BT 388.05 449.10 Td (available ) Tj ET Q q 0 0 0 rg BT 426.75 449.10 Td (for ) Tj ET Q q 0 0 0 rg BT 441.01 449.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 487.50 449.10 Td (by ) Tj ET Q q 0 0 0 rg BT 500.11 449.10 Td (a ) Tj ET Q q 0 0 0 rg BT 507.16 449.10 Td (much ) Tj ET Q q 0 0 0 rg BT 531.98 449.10 Td (broader ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 83.80 437.10 Td (universe ) Tj ET Q q 0 0 0 rg BT 119.77 437.10 Td (than ) Tj ET Q q 0 0 0 rg BT 139.07 437.10 Td (it ) Tj ET Q q 0 0 0 rg BT 146.72 437.10 Td (is ) Tj ET Q q 0 0 0 rg BT 155.47 437.10 Td (as ) Tj ET Q q 0 0 0 rg BT 165.89 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.31 437.10 Td (today) Tj ET Q q 0 0 0 rg BT 197.88 437.10 Td (. ) Tj ET Q q 0 0 0 rg BT 202.46 437.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.55 437.10 Td (Most ) Tj ET Q q 0 0 0 rg BT 227.20 437.10 Td (importantly) Tj ET Q q 0 0 0 rg BT 273.21 437.10 Td (, ) Tj ET Q q 0 0 0 rg BT 277.80 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.10 437.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 330.85 437.10 Td (world ) Tj ET Q q 0 0 0 rg BT 356.27 437.10 Td (will ) Tj ET Q q 0 0 0 rg BT 373.92 437.10 Td (be ) Tj ET Q q 0 0 0 rg BT 385.44 437.10 Td (able ) Tj ET Q q 0 0 0 rg BT 404.19 437.10 Td (to ) Tj ET Q q 0 0 0 rg BT 414.05 437.10 Td (see ) Tj ET Q q 0 0 0 rg BT 428.91 437.10 Td (what ) Tj ET Q q 0 0 0 rg BT 450.43 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.74 437.10 Td (new ) Tj ET Q q 0 0 0 rg BT 483.48 437.10 Td (CEO ) Tj ET Q q 0 0 0 rg BT 505.57 437.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.10 437.10 Td (CFO ) Tj ET Q q 0 0 0 rg BT 543.64 437.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (done ) Tj ET Q q 0 0 0 rg BT 70.78 425.10 Td (to ) Tj ET Q q 0 0 0 rg BT 80.39 425.10 Td (turn ) Tj ET Q q 0 0 0 rg BT 98.34 425.10 Td (around ) Tj ET Q q 0 0 0 rg BT 127.95 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.00 425.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 180.23 425.10 Td ( ) Tj ET Q q 0 0 0 rg BT 182.07 425.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 199.46 425.10 Td (catalyst ) Tj ET Q q 0 0 0 rg BT 231.84 425.10 Td (was ) Tj ET Q q 0 0 0 rg BT 249.23 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.29 425.10 Td (filing ) Tj ET Q q 0 0 0 rg BT 286.79 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.96 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.01 425.10 Td (financials; ) Tj ET Q q 0 0 0 rg BT 354.50 425.10 Td (along ) Tj ET Q q 0 0 0 rg BT 378.56 425.10 Td (with ) Tj ET Q q 0 0 0 rg BT 398.17 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.23 425.10 Td (hope ) Tj ET Q q 0 0 0 rg BT 433.51 425.10 Td (that ) Tj ET Q q 0 0 0 rg BT 450.34 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.40 425.10 Td (business ) Tj ET Q q 0 0 0 rg BT 500.13 425.10 Td (was ) Tj ET Q q 0 0 0 rg BT 517.52 425.10 Td (performing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (better ) Tj ET Q q 0 0 0 rg BT 74.91 413.10 Td (than ) Tj ET Q q 0 0 0 rg BT 94.78 413.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 133.54 413.10 Td (would ) Tj ET Q q 0 0 0 rg BT 161.19 413.10 Td (have ) Tj ET Q q 0 0 0 rg BT 182.72 413.10 Td (anticipated. ) Tj ET Q q 0 0 0 rg BT 231.74 413.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.39 413.10 Td (On ) Tj ET Q q 0 0 0 rg BT 248.67 413.10 Td (August ) Tj ET Q q 0 0 0 rg BT 280.21 413.10 Td (6, ) Tj ET Q q 0 0 0 rg BT 290.37 413.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 315.52 413.10 Td (QMCO ) Tj ET Q q 0 0 0 rg BT 348.17 413.10 Td (restated ) Tj ET Q q 0 0 0 rg BT 381.92 413.10 Td (its ) Tj ET Q q 0 0 0 rg BT 394.01 413.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 431.64 413.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 476.51 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 493.60 413.10 Td (is ) Tj ET Q q 0 0 0 rg BT 502.92 413.10 Td (now ) Tj ET Q q 0 0 0 rg BT 522.79 413.10 Td (up ) Tj ET Q q 0 0 0 rg BT 535.44 413.10 Td (to ) Tj ET Q q 0 0 0 rg BT 545.87 413.10 Td (date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.11 401.10 Td (all ) Tj ET Q q 0 0 0 rg BT 82.95 401.10 Td (its ) Tj ET Q q 0 0 0 rg BT 95.23 401.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 116.41 401.10 Td (filings. ) Tj ET Q q 0 0 0 rg BT 147.30 401.10 Td (QMCO ) Tj ET Q q 0 0 0 rg BT 180.14 401.10 Td (also ) Tj ET Q q 0 0 0 rg BT 199.08 401.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 245.23 401.10 Td (its ) Tj ET Q q 0 0 0 rg BT 257.52 401.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 297.57 401.10 Td (for ) Tj ET Q q 0 0 0 rg BT 312.06 401.10 Td (its ) Tj ET Q q 0 0 0 rg BT 324.35 401.10 Td (current ) Tj ET Q q 0 0 0 rg BT 355.50 401.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 379.99 401.10 Td (year ) Tj ET Q q 0 0 0 rg BT 400.03 401.10 Td (that ) Tj ET Q q 0 0 0 rg BT 417.86 401.10 Td (included ) Tj ET Q q 0 0 0 rg BT 455.13 401.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 491.29 401.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 527.40 401.10 Td ( ) Tj ET Q q 0 0 0 rg BT 530.24 401.10 Td (north ) Tj ET Q q 0 0 0 rg BT 554.18 401.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td ($50 ) Tj ET Q q 0 0 0 rg BT 66.85 389.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 100.60 389.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 152.94 389.10 Td (better ) Tj ET Q q 0 0 0 rg BT 178.06 389.10 Td (than ) Tj ET Q q 0 0 0 rg BT 197.63 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.20 389.10 Td (street ) Tj ET Q q 0 0 0 rg BT 236.21 389.10 Td (expected. ) Tj ET Q q 0 0 0 rg BT 276.42 389.10 Td (The ) Tj ET Q q 0 0 0 rg BT 294.33 389.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 317.79 389.10 Td (rallied ) Tj ET Q q 0 0 0 rg BT 345.68 389.10 Td (36% ) Tj ET Q q 0 0 0 rg BT 366.37 389.10 Td (on ) Tj ET Q q 0 0 0 rg BT 378.72 389.10 Td (that ) Tj ET Q q 0 0 0 rg BT 396.07 389.10 Td (day ) Tj ET Q q 0 0 0 rg BT 412.86 389.10 Td (having ) Tj ET Q q 0 0 0 rg BT 442.43 389.10 Td (already ) Tj ET Q q 0 0 0 rg BT 474.21 389.10 Td (risen ) Tj ET Q q 0 0 0 rg BT 496.00 389.10 Td (39% ) Tj ET Q q 0 0 0 rg BT 516.68 389.10 Td (from ) Tj ET Q q 0 0 0 rg BT 538.48 389.10 Td (its ) Tj ET Q q 0 0 0 rg BT 550.28 389.10 Td (Q2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 72.00 377.10 Td (close. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (MVEN ) Tj ET Q q 0 0 0 rg BT 80.39 353.10 Td (is ) Tj ET Q q 0 0 0 rg BT 88.50 353.10 Td (a ) Tj ET Q q 0 0 0 rg BT 94.38 353.10 Td (dif) Tj ET Q q 0 0 0 rg BT 105.31 353.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 130.06 353.10 Td (situation ) Tj ET Q q 0 0 0 rg BT 165.95 353.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.83 353.10 Td (company) Tj ET Q q 0 0 0 rg BT 217.83 353.10 Td (. ) Tj ET Q q 0 0 0 rg BT 221.78 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 223.22 353.10 Td (MVEN ) Tj ET Q q 0 0 0 rg BT 254.10 353.10 Td (was ) Tj ET Q q 0 0 0 rg BT 271.10 353.10 Td (founded ) Tj ET Q q 0 0 0 rg BT 305.31 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 314.53 353.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 338.47 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 339.91 353.10 Td (It ) Tj ET Q q 0 0 0 rg BT 347.46 353.10 Td (is ) Tj ET Q q 0 0 0 rg BT 355.57 353.10 Td (a ) Tj ET Q q 0 0 0 rg BT 361.45 353.10 Td (media ) Tj ET Q q 0 0 0 rg BT 387.33 353.10 Td (coalition ) Tj ET Q q 0 0 0 rg BT 423.76 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.53 353.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 483.85 353.10 Td (content ) Tj ET Q q 0 0 0 rg BT 514.73 353.10 Td (destinations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (\("mavens"\), ) Tj ET Q q 0 0 0 rg BT 99.87 341.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 140.13 341.10 Td (exclusively ) Tj ET Q q 0 0 0 rg BT 188.17 341.10 Td (on ) Tj ET Q q 0 0 0 rg BT 200.66 341.10 Td (a ) Tj ET Q q 0 0 0 rg BT 207.60 341.10 Td (shared ) Tj ET Q q 0 0 0 rg BT 236.19 341.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 264.24 341.10 Td (publishing, ) Tj ET Q q 0 0 0 rg BT 311.46 341.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 358.40 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.33 341.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 423.94 341.10 Td (platform. ) Tj ET Q q 0 0 0 rg BT 463.37 341.10 Td (MVEN ) Tj ET Q q 0 0 0 rg BT 495.31 341.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 532.25 341.10 Td (a ) Tj ET Q q 0 0 0 rg BT 539.18 341.10 Td (major ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (media ) Tj ET Q q 0 0 0 rg BT 75.98 329.10 Td (scale ) Tj ET Q q 0 0 0 rg BT 98.01 329.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 142.25 329.10 Td (to ) Tj ET Q q 0 0 0 rg BT 152.07 329.10 Td (news ) Tj ET Q q 0 0 0 rg BT 174.66 329.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.15 329.10 Td (information ) Tj ET Q q 0 0 0 rg BT 240.40 329.10 Td (distributed ) Tj ET Q q 0 0 0 rg BT 285.22 329.10 Td (on ) Tj ET Q q 0 0 0 rg BT 297.26 329.10 Td (social ) Tj ET Q q 0 0 0 rg BT 322.63 329.10 Td (platforms. ) Tj ET Q q 0 0 0 rg BT 365.50 329.10 Td ( ) Tj ET Q q 0 0 0 rg BT 367.39 329.10 Td (W) Tj ET Q q 0 0 0 rg BT 376.03 329.10 Td (e ) Tj ET Q q 0 0 0 rg BT 382.51 329.10 Td (were ) Tj ET Q q 0 0 0 rg BT 403.99 329.10 Td (introduced ) Tj ET Q q 0 0 0 rg BT 448.79 329.10 Td (to ) Tj ET Q q 0 0 0 rg BT 458.62 329.10 Td (MVEN ) Tj ET Q q 0 0 0 rg BT 490.10 329.10 Td (during ) Tj ET Q q 0 0 0 rg BT 518.25 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.51 329.10 Td (process ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.97 317.10 Td (looking ) Tj ET Q q 0 0 0 rg BT 92.66 317.10 Td (for ) Tj ET Q q 0 0 0 rg BT 106.46 317.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 143.59 317.10 Td (acquirers ) Tj ET Q q 0 0 0 rg BT 182.37 317.10 Td (for ) Tj ET Q q 0 0 0 rg BT 196.17 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.52 317.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 253.20 317.10 Td (consumer ) Tj ET Q q 0 0 0 rg BT 294.22 317.10 Td (business ) Tj ET Q q 0 0 0 rg BT 330.25 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.56 317.10 Td (TST) Tj ET Q q 0 0 0 rg BT 357.60 317.10 Td (. ) Tj ET Q q 0 0 0 rg BT 362.23 317.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.22 317.10 Td (W) Tj ET Q q 0 0 0 rg BT 372.85 317.10 Td (e ) Tj ET Q q 0 0 0 rg BT 379.43 317.10 Td (got ) Tj ET Q q 0 0 0 rg BT 394.35 317.10 Td (to ) Tj ET Q q 0 0 0 rg BT 404.26 317.10 Td (know ) Tj ET Q q 0 0 0 rg BT 428.62 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.98 317.10 Td (team ) Tj ET Q q 0 0 0 rg BT 464.55 317.10 Td (at ) Tj ET Q q 0 0 0 rg BT 473.90 317.10 Td (MVEN ) Tj ET Q q 0 0 0 rg BT 505.48 317.10 Td (during ) Tj ET Q q 0 0 0 rg BT 533.73 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.08 317.10 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (diligence ) Tj ET Q q 0 0 0 rg BT 88.09 305.10 Td (process ) Tj ET Q q 0 0 0 rg BT 120.03 305.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.41 305.10 Td (learned ) Tj ET Q q 0 0 0 rg BT 167.78 305.10 Td (about ) Tj ET Q q 0 0 0 rg BT 191.94 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.10 305.10 Td (company) Tj ET Q q 0 0 0 rg BT 245.53 305.10 Td (s ) Tj ET Q q 0 0 0 rg BT 251.37 305.10 Td (vision ) Tj ET Q q 0 0 0 rg BT 277.76 305.10 Td (for ) Tj ET Q q 0 0 0 rg BT 291.36 305.10 Td (its ) Tj ET Q q 0 0 0 rg BT 302.75 305.10 Td (business ) Tj ET Q q 0 0 0 rg BT 338.59 305.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.97 305.10 Td (how ) Tj ET Q q 0 0 0 rg BT 373.99 305.10 Td (TST) Tj ET Q q 0 0 0 rg BT 391.59 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 393.53 305.10 Td (would ) Tj ET Q q 0 0 0 rg BT 420.48 305.10 Td (fit. ) Tj ET Q q 0 0 0 rg BT 433.67 305.10 Td (TST) Tj ET Q q 0 0 0 rg BT 454.22 305.10 Td (s ) Tj ET Q q 0 0 0 rg BT 460.06 305.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 486.44 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.71 305.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 535.86 305.10 Td (agreed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.68 293.10 Td (a ) Tj ET Q q 0 0 0 rg BT 68.53 293.10 Td (definitive ) Tj ET Q q 0 0 0 rg BT 110.25 293.10 Td (mer) Tj ET Q q 0 0 0 rg BT 125.62 293.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 141.79 293.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 186.84 293.10 Td (with ) Tj ET Q q 0 0 0 rg BT 208.02 293.10 Td (MVEN ) Tj ET Q q 0 0 0 rg BT 240.87 293.10 Td (on ) Tj ET Q q 0 0 0 rg BT 254.27 293.10 Td (June ) Tj ET Q q 0 0 0 rg BT 276.01 293.10 Td (9, ) Tj ET Q q 0 0 0 rg BT 286.91 293.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 312.82 293.10 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 362.33 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.51 293.10 Td (that ) Tj ET Q q 0 0 0 rg BT 391.91 293.10 Td (announcement, ) Tj ET Q q 0 0 0 rg BT 456.13 293.10 Td (on ) Tj ET Q q 0 0 0 rg BT 469.53 293.10 Td (June ) Tj ET Q q 0 0 0 rg BT 491.27 293.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 507.17 293.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 533.08 293.10 Td (MVEN ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 86.66 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.62 281.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 127.13 281.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.65 281.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 171.48 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.44 281.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 214.73 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 231.90 281.10 Td (print ) Tj ET Q q 0 0 0 rg BT 253.53 281.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 279.60 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.67 281.10 Td (Sports ) Tj ET Q q 0 0 0 rg BT 318.97 281.10 Td (Illustrated ) Tj ET Q q 0 0 0 rg BT 362.25 281.10 Td (\(SI\). ) Tj ET Q q 0 0 0 rg BT 382.43 281.10 Td (Almost ) Tj ET Q q 0 0 0 rg BT 414.62 281.10 Td (overnight, ) Tj ET Q q 0 0 0 rg BT 458.18 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 473.14 281.10 Td (company ) Tj ET Q q 0 0 0 rg BT 512.53 281.10 Td (dramatically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 89.74 269.10 Td (its ) Tj ET Q q 0 0 0 rg BT 101.68 269.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 142.21 269.10 Td (scale ) Tj ET Q q 0 0 0 rg BT 164.68 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.61 269.10 Td (reach ) Tj ET Q q 0 0 0 rg BT 205.74 269.10 Td (through ) Tj ET Q q 0 0 0 rg BT 239.34 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.05 269.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 306.53 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.17 269.10 Td (TST) Tj ET Q q 0 0 0 rg BT 334.76 269.10 Td ( ) Tj ET Q q 0 0 0 rg BT 337.25 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.18 269.10 Td (SI. ) Tj ET Q q 0 0 0 rg BT 368.06 269.10 Td ( ) Tj ET Q q 0 0 0 rg BT 370.37 269.10 Td (While ) Tj ET Q q 0 0 0 rg BT 397.29 269.10 Td (MVEN ) Tj ET Q q 0 0 0 rg BT 429.23 269.10 Td (was ) Tj ET Q q 0 0 0 rg BT 447.27 269.10 Td (building ) Tj ET Q q 0 0 0 rg BT 483.09 269.10 Td (its ) Tj ET Q q 0 0 0 rg BT 495.03 269.10 Td (business ) Tj ET Q q 0 0 0 rg BT 531.41 269.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 98.93 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.19 257.10 Td (company ) Tj ET Q q 0 0 0 rg BT 153.89 257.10 Td (listed ) Tj ET Q q 0 0 0 rg BT 178.60 257.10 Td (on ) Tj ET Q q 0 0 0 rg BT 191.65 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.91 257.10 Td (OTC ) Tj ET Q q 0 0 0 rg BT 229.96 257.10 Td (market ) Tj ET Q q 0 0 0 rg BT 260.77 257.10 Td (through ) Tj ET Q q 0 0 0 rg BT 294.92 257.10 Td (a ) Tj ET Q q 0 0 0 rg BT 302.41 257.10 Td (reversed ) Tj ET Q q 0 0 0 rg BT 339.32 257.10 Td (mer) Tj ET Q q 0 0 0 rg BT 354.68 257.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 370.50 257.10 Td (into ) Tj ET Q q 0 0 0 rg BT 389.10 257.10 Td (a ) Tj ET Q q 0 0 0 rg BT 396.59 257.10 Td (public ) Tj ET Q q 0 0 0 rg BT 424.63 257.10 Td (shell ) Tj ET Q q 0 0 0 rg BT 446.56 257.10 Td (company) Tj ET Q q 0 0 0 rg BT 482.57 257.10 Td (. ) Tj ET Q q 0 0 0 rg BT 488.11 257.10 Td (Separate ) Tj ET Q q 0 0 0 rg BT 525.58 257.10 Td (from ) Tj ET Q q 0 0 0 rg BT 548.07 257.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 95.98 245.10 Td (to ) Tj ET Q q 0 0 0 rg BT 105.79 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.90 245.10 Td (TST) Tj ET Q q 0 0 0 rg BT 137.50 245.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.54 245.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.02 245.10 Td (SI ) Tj ET Q q 0 0 0 rg BT 166.95 245.10 Td (announcements, ) Tj ET Q q 0 0 0 rg BT 233.69 245.10 Td (on ) Tj ET Q q 0 0 0 rg BT 245.72 245.10 Td (June ) Tj ET Q q 0 0 0 rg BT 266.09 245.10 Td (23, ) Tj ET Q q 0 0 0 rg BT 280.63 245.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 305.17 245.10 Td (we ) Tj ET Q q 0 0 0 rg BT 318.87 245.10 Td (were ) Tj ET Q q 0 0 0 rg BT 340.34 245.10 Td (brought ) Tj ET Q q 0 0 0 rg BT 373.48 245.10 Td ("over ) Tj ET Q q 0 0 0 rg BT 397.37 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.63 245.10 Td (wall" ) Tj ET Q q 0 0 0 rg BT 434.97 245.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.44 245.10 Td (learned ) Tj ET Q q 0 0 0 rg BT 482.90 245.10 Td (that ) Tj ET Q q 0 0 0 rg BT 499.94 245.10 Td (MVEN ) Tj ET Q q 0 0 0 rg BT 531.42 245.10 Td (decided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.95 233.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 81.51 233.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 110.83 233.10 Td (through ) Tj ET Q q 0 0 0 rg BT 144.62 233.10 Td (a ) Tj ET Q q 0 0 0 rg BT 151.73 233.10 Td (PIPE ) Tj ET Q q 0 0 0 rg BT 174.97 233.10 Td (of) Tj ET Q q 0 0 0 rg BT 183.12 233.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 212.17 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 214.65 233.10 Td (W) Tj ET Q q 0 0 0 rg BT 223.29 233.10 Td (e ) Tj ET Q q 0 0 0 rg BT 230.41 233.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 266.41 233.10 Td ($7 ) Tj ET Q q 0 0 0 rg BT 279.08 233.10 Td (million ) Tj ET Q q 0 0 0 rg BT 310.65 233.10 Td (in ) Tj ET Q q 0 0 0 rg BT 321.10 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.00 233.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 376.44 233.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.55 233.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 436.76 233.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 484.42 233.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 523.73 233.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 547.51 233.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (will ) Tj ET Q q 0 0 0 rg BT 67.56 221.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 100.05 221.10 Td (into ) Tj ET Q q 0 0 0 rg BT 118.11 221.10 Td (common ) Tj ET Q q 0 0 0 rg BT 155.61 221.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 179.23 221.10 Td (at ) Tj ET Q q 0 0 0 rg BT 188.95 221.10 Td ($0.50 ) Tj ET Q q 0 0 0 rg BT 213.95 221.10 Td (per ) Tj ET Q q 0 0 0 rg BT 229.23 221.10 Td (share ) Tj ET Q q 0 0 0 rg BT 252.83 221.10 Td (once ) Tj ET Q q 0 0 0 rg BT 274.21 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.93 221.10 Td (company ) Tj ET Q q 0 0 0 rg BT 328.09 221.10 Td (amends ) Tj ET Q q 0 0 0 rg BT 361.15 221.10 Td (its ) Tj ET Q q 0 0 0 rg BT 373.10 221.10 Td (articles ) Tj ET Q q 0 0 0 rg BT 404.48 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 415.31 221.10 Td (incorporation ) Tj ET Q q 0 0 0 rg BT 471.69 221.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.97 221.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 517.23 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.95 221.10 Td (number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 209.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 105.03 209.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 132.52 209.10 Td (it ) Tj ET Q q 0 0 0 rg BT 140.58 209.10 Td (can ) Tj ET Q q 0 0 0 rg BT 156.96 209.10 Td (issue. ) Tj ET Q q 0 0 0 rg BT 181.96 209.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (MVEN ) Tj ET Q q 0 0 0 rg BT 80.82 185.10 Td (is ) Tj ET Q q 0 0 0 rg BT 89.37 185.10 Td (now ) Tj ET Q q 0 0 0 rg BT 108.47 185.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 141.45 185.10 Td (on ) Tj ET Q q 0 0 0 rg BT 153.33 185.10 Td (integrating ) Tj ET Q q 0 0 0 rg BT 198.53 185.10 Td (its ) Tj ET Q q 0 0 0 rg BT 209.85 185.10 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 262.01 185.10 Td (getting ) Tj ET Q q 0 0 0 rg BT 291.66 185.10 Td (up ) Tj ET Q q 0 0 0 rg BT 303.54 185.10 Td (to ) Tj ET Q q 0 0 0 rg BT 313.20 185.10 Td (date ) Tj ET Q q 0 0 0 rg BT 331.73 185.10 Td (with ) Tj ET Q q 0 0 0 rg BT 351.39 185.10 Td (its ) Tj ET Q q 0 0 0 rg BT 362.71 185.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 399.57 185.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 439.77 185.10 Td (filings ) Tj ET Q q 0 0 0 rg BT 467.21 185.10 Td (with ) Tj ET Q q 0 0 0 rg BT 486.87 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.96 185.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 521.18 185.10 Td (and ) Tj ET Q q 0 0 0 rg BT 537.50 185.10 Td (listing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.29 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.29 173.10 Td (NASDAQ ) Tj ET Q q 0 0 0 rg BT 121.75 173.10 Td (or ) Tj ET Q q 0 0 0 rg BT 132.87 173.10 Td (NYSE. ) Tj ET Q q 0 0 0 rg BT 164.27 173.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.85 173.10 Td (There ) Tj ET Q q 0 0 0 rg BT 192.95 173.10 Td (are ) Tj ET Q q 0 0 0 rg BT 207.95 173.10 Td (very ) Tj ET Q q 0 0 0 rg BT 228.50 173.10 Td (few ) Tj ET Q q 0 0 0 rg BT 246.28 173.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 285.18 173.10 Td (that ) Tj ET Q q 0 0 0 rg BT 302.96 173.10 Td (have ) Tj ET Q q 0 0 0 rg BT 324.62 173.10 Td (ever ) Tj ET Q q 0 0 0 rg BT 344.62 173.10 Td (heard ) Tj ET Q q 0 0 0 rg BT 369.61 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.73 173.10 Td (MVEN. ) Tj ET Q q 0 0 0 rg BT 415.26 173.10 Td (W) Tj ET Q q 0 0 0 rg BT 423.89 173.10 Td (e ) Tj ET Q q 0 0 0 rg BT 431.12 173.10 Td (think ) Tj ET Q q 0 0 0 rg BT 454.46 173.10 Td (that ) Tj ET Q q 0 0 0 rg BT 472.25 173.10 Td (will ) Tj ET Q q 0 0 0 rg BT 490.59 173.10 Td (change ) Tj ET Q q 0 0 0 rg BT 521.69 173.10 Td (over ) Tj ET Q q 0 0 0 rg BT 542.25 173.10 Td (time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 161.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.90 161.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 96.09 161.10 Td (this ) Tj ET Q q 0 0 0 rg BT 112.87 161.10 Td (is ) Tj ET Q q 0 0 0 rg BT 121.86 161.10 Td (another ) Tj ET Q q 0 0 0 rg BT 154.17 161.10 Td (undiscovered ) Tj ET Q q 0 0 0 rg BT 209.81 161.10 Td (company ) Tj ET Q q 0 0 0 rg BT 248.79 161.10 Td (for ) Tj ET Q q 0 0 0 rg BT 262.77 161.10 Td (which ) Tj ET Q q 0 0 0 rg BT 289.53 161.10 Td (updated ) Tj ET Q q 0 0 0 rg BT 323.51 161.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 360.81 161.10 Td (information ) Tj ET Q q 0 0 0 rg BT 410.35 161.10 Td (will ) Tj ET Q q 0 0 0 rg BT 428.23 161.10 Td (soon ) Tj ET Q q 0 0 0 rg BT 449.44 161.10 Td (be ) Tj ET Q q 0 0 0 rg BT 461.20 161.10 Td (available ) Tj ET Q q 0 0 0 rg BT 499.62 161.10 Td (to ) Tj ET Q q 0 0 0 rg BT 509.72 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.26 161.10 Td (public. ) Tj ET Q q 0 0 0 rg BT 554.08 161.10 Td ( ) Tj ET Q q 0 0 0 rg BT 556.40 161.10 Td (It ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (could ) Tj ET Q q 0 0 0 rg BT 73.24 149.10 Td (be ) Tj ET Q q 0 0 0 rg BT 84.20 149.10 Td (a ) Tj ET Q q 0 0 0 rg BT 90.16 149.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 119.46 149.10 Td (story ) Tj ET Q q 0 0 0 rg BT 140.98 149.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.29 149.10 Td (QMCO ) Tj ET Q q 0 0 0 rg BT 181.81 149.10 Td (in ) Tj ET Q q 0 0 0 rg BT 191.12 149.10 Td (that ) Tj ET Q q 0 0 0 rg BT 207.63 149.10 Td (once ) Tj ET Q q 0 0 0 rg BT 228.04 149.10 Td (MVEN ) Tj ET Q q 0 0 0 rg BT 259.00 149.10 Td (files ) Tj ET Q q 0 0 0 rg BT 277.74 149.10 Td (its ) Tj ET Q q 0 0 0 rg BT 288.71 149.10 Td (financials, ) Tj ET Q q 0 0 0 rg BT 331.61 149.10 Td (it ) Tj ET Q q 0 0 0 rg BT 338.69 149.10 Td (will ) Tj ET Q q 0 0 0 rg BT 355.77 149.10 Td (make ) Tj ET Q q 0 0 0 rg BT 378.95 149.10 Td (it ) Tj ET Q q 0 0 0 rg BT 386.03 149.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 420.33 149.10 Td (for ) Tj ET Q q 0 0 0 rg BT 433.51 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.25 149.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 471.55 149.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 516.95 149.10 Td (community ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.49 137.10 Td (analyze ) Tj ET Q q 0 0 0 rg BT 94.24 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.67 137.10 Td (business ) Tj ET Q q 0 0 0 rg BT 146.78 137.10 Td (MVEN) Tj ET Q q 0 0 0 rg BT 179.00 137.10 Td (s ) Tj ET Q q 0 0 0 rg BT 186.11 137.10 Td (team ) Tj ET Q q 0 0 0 rg BT 208.76 137.10 Td (has ) Tj ET Q q 0 0 0 rg BT 225.30 137.10 Td (built. ) Tj ET Q q 0 0 0 rg BT 249.35 137.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.34 137.10 Td (W) Tj ET Q q 0 0 0 rg BT 260.97 137.10 Td (e ) Tj ET Q q 0 0 0 rg BT 268.63 137.10 Td (are ) Tj ET Q q 0 0 0 rg BT 284.05 137.10 Td (betting ) Tj ET Q q 0 0 0 rg BT 315.04 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.47 137.10 Td (results ) Tj ET Q q 0 0 0 rg BT 359.79 137.10 Td (will ) Tj ET Q q 0 0 0 rg BT 378.57 137.10 Td (be ) Tj ET Q q 0 0 0 rg BT 391.22 137.10 Td (viewed ) Tj ET Q q 0 0 0 rg BT 423.31 137.10 Td (favorably) Tj ET Q q 0 0 0 rg BT 460.98 137.10 Td (. ) Tj ET Q q 0 0 0 rg BT 466.46 137.10 Td (W) Tj ET Q q 0 0 0 rg BT 475.10 137.10 Td (e ) Tj ET Q q 0 0 0 rg BT 482.75 137.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 512.06 137.10 Td (those ) Tj ET Q q 0 0 0 rg BT 536.39 137.10 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (sometime ) Tj ET Q q 0 0 0 rg BT 90.32 125.10 Td (in ) Tj ET Q q 0 0 0 rg BT 100.03 125.10 Td (early ) Tj ET Q q 0 0 0 rg BT 121.95 125.10 Td (2020. ) Tj ET Q q 0 0 0 rg BT 146.39 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.32 125.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 202.74 125.10 Td (an ) Tj ET Q q 0 0 0 rg BT 214.11 125.10 Td (up-list ) Tj ET Q q 0 0 0 rg BT 241.61 125.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.32 125.10 Td (a ) Tj ET Q q 0 0 0 rg BT 257.69 125.10 Td (national ) Tj ET Q q 0 0 0 rg BT 291.84 125.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 331.53 125.10 Td (should ) Tj ET Q q 0 0 0 rg BT 360.13 125.10 Td (expand ) Tj ET Q q 0 0 0 rg BT 390.95 125.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.10 125.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 439.25 125.10 Td (universe ) Tj ET Q q 0 0 0 rg BT 475.06 125.10 Td (that ) Tj ET Q q 0 0 0 rg BT 491.99 125.10 Td (can ) Tj ET Q q 0 0 0 rg BT 507.80 125.10 Td (buy ) Tj ET Q q 0 0 0 rg BT 524.74 125.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.89 125.10 Td (stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.24 101.10 Td (I ) Tj ET Q q 0 0 0 rg BT 69.20 101.10 Td (have ) Tj ET Q q 0 0 0 rg BT 90.71 101.10 Td (said ) Tj ET Q q 0 0 0 rg BT 109.45 101.10 Td (historically) Tj ET Q q 0 0 0 rg BT 153.79 101.10 Td (, ) Tj ET Q q 0 0 0 rg BT 158.92 101.10 Td (our ) Tj ET Q q 0 0 0 rg BT 174.88 101.10 Td (goal ) Tj ET Q q 0 0 0 rg BT 194.72 101.10 Td (is ) Tj ET Q q 0 0 0 rg BT 204.02 101.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.43 101.10 Td (build ) Tj ET Q q 0 0 0 rg BT 237.62 101.10 Td (a ) Tj ET Q q 0 0 0 rg BT 244.68 101.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 298.39 101.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 336.02 101.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.98 101.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 387.36 101.10 Td (lar) Tj ET Q q 0 0 0 rg BT 397.73 101.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 409.80 101.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 448.55 101.10 Td (in ) Tj ET Q q 0 0 0 rg BT 458.95 101.10 Td (a ) Tj ET Q q 0 0 0 rg BT 466.02 101.10 Td (small ) Tj ET Q q 0 0 0 rg BT 490.32 101.10 Td (number ) Tj ET Q q 0 0 0 rg BT 523.49 101.10 Td (of ) Tj ET Q q 0 0 0 rg BT 534.45 101.10 Td (names. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (That ) Tj ET Q q 0 0 0 rg BT 70.60 89.10 Td (was ) Tj ET Q q 0 0 0 rg BT 88.93 89.10 Td (our ) Tj ET Q q 0 0 0 rg BT 105.03 89.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 125.02 89.10 Td (with ) Tj ET Q q 0 0 0 rg BT 145.38 89.10 Td (TST) Tj ET Q q 0 0 0 rg BT 162.97 89.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.75 89.10 Td (where ) Tj ET Q q 0 0 0 rg BT 192.95 89.10 Td (we ) Tj ET Q q 0 0 0 rg BT 207.39 89.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 243.49 89.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 304.02 89.10 Td ($5 ) Tj ET Q q 0 0 0 rg BT 316.80 89.10 Td (million ) Tj ET Q q 0 0 0 rg BT 348.46 89.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.68 89.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 407.31 89.10 Td (a ) Tj ET Q q 0 0 0 rg BT 414.53 89.10 Td (return ) Tj ET Q q 0 0 0 rg BT 441.18 89.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.28 89.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 512.82 89.10 Td (144 ) Tj ET Q q 0 0 0 rg BT 530.59 89.10 Td (percent, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (or ) Tj ET Q q 0 0 0 rg BT 59.75 77.10 Td ($7.2 ) Tj ET Q q 0 0 0 rg BT 79.16 77.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 112.47 77.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.17 77.10 Td (just ) Tj ET Q q 0 0 0 rg BT 138.53 77.10 Td (over ) Tj ET Q q 0 0 0 rg BT 158.22 77.10 Td (two ) Tj ET Q q 0 0 0 rg BT 175.13 77.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 200.65 77.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.43 77.10 Td (W) Tj ET Q q 0 0 0 rg BT 211.06 77.10 Td (e ) Tj ET Q q 0 0 0 rg BT 217.42 77.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 252.66 77.10 Td ($4.3 ) Tj ET Q q 0 0 0 rg BT 272.08 77.10 Td (million ) Tj ET Q q 0 0 0 rg BT 302.88 77.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.58 77.10 Td (SYNC, ) Tj ET Q q 0 0 0 rg BT 343.67 77.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.03 77.10 Td (we ) Tj ET Q q 0 0 0 rg BT 373.60 77.10 Td (are ) Tj ET Q q 0 0 0 rg BT 387.73 77.10 Td (working ) Tj ET Q q 0 0 0 rg BT 422.97 77.10 Td (diligently ) Tj ET Q q 0 0 0 rg BT 463.22 77.10 Td (to ) Tj ET Q q 0 0 0 rg BT 472.91 77.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 508.16 77.10 Td (on ) Tj ET Q q 0 0 0 rg BT 520.07 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.21 77.10 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.10 Td (42.5 ) Tj ET Q q 0 0 0 rg BT 69.49 65.10 Td (percent, ) Tj ET Q q 0 0 0 rg BT 103.90 65.10 Td (or ) Tj ET Q q 0 0 0 rg BT 114.72 65.10 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 134.71 65.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 168.58 65.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 212.71 65.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 230.76 65.10 Td (as ) Tj ET Q q 0 0 0 rg BT 241.58 65.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.40 65.10 Td (June ) Tj ET Q q 0 0 0 rg BT 273.22 65.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 288.20 65.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 313.19 65.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.50 65.10 Td (These ) Tj ET Q q 0 0 0 rg BT 341.86 65.10 Td (are ) Tj ET Q q 0 0 0 rg BT 356.56 65.10 Td (two ) Tj ET Q q 0 0 0 rg BT 374.05 65.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 419.30 65.10 Td (where ) Tj ET Q q 0 0 0 rg BT 446.21 65.10 Td (we ) Tj ET Q q 0 0 0 rg BT 460.36 65.10 Td (became ) Tj ET Q q 0 0 0 rg BT 493.38 65.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 527.52 65.10 Td (involved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.08 53.10 Td (members ) Tj ET Q q 0 0 0 rg BT 98.99 53.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.57 53.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.04 53.10 Td (board. ) Tj ET Q q 0 0 0 rg BT 151.56 53.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.65 53.10 Td (While ) Tj ET Q q 0 0 0 rg BT 180.34 53.10 Td (we ) Tj ET Q q 0 0 0 rg BT 194.25 53.10 Td (do ) Tj ET Q q 0 0 0 rg BT 206.50 53.10 Td (not ) Tj ET Q q 0 0 0 rg BT 221.53 53.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 259.88 53.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 279.35 53.10 Td (to ) Tj ET Q q 0 0 0 rg BT 289.38 53.10 Td (join ) Tj ET Q q 0 0 0 rg BT 307.19 53.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.66 53.10 Td (boards ) Tj ET Q q 0 0 0 rg BT 350.57 53.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.15 53.10 Td (MVEN ) Tj ET Q q 0 0 0 rg BT 392.85 53.10 Td (or ) Tj ET Q q 0 0 0 rg BT 403.43 53.10 Td (QMCO, ) Tj ET Q q 0 0 0 rg BT 438.19 53.10 Td (as ) Tj ET Q q 0 0 0 rg BT 448.77 53.10 Td (with ) Tj ET Q q 0 0 0 rg BT 468.80 53.10 Td (any ) Tj ET Q q 0 0 0 rg BT 485.49 53.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.08 53.10 Td (our ) Tj ET Q q 0 0 0 rg BT 511.66 53.10 Td (holdings, ) Tj ET Q q 0 0 0 rg BT 550.86 53.10 Td (we ) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (are ) Tj ET Q q 0 0 0 rg BT 63.50 749.10 Td (open ) Tj ET Q q 0 0 0 rg BT 84.72 749.10 Td (to ) Tj ET Q q 0 0 0 rg BT 94.29 749.10 Td (doing ) Tj ET Q q 0 0 0 rg BT 118.86 749.10 Td (so ) Tj ET Q q 0 0 0 rg BT 129.54 749.10 Td (if ) Tj ET Q q 0 0 0 rg BT 137.43 749.10 Td (needed. ) Tj ET Q q 0 0 0 rg BT 170.04 749.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.70 749.10 Td (W) Tj ET Q q 0 0 0 rg BT 180.73 749.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 193.08 749.10 Td (that ) Tj ET Q q 0 0 0 rg BT 209.86 749.10 Td (backdrop, ) Tj ET Q q 0 0 0 rg BT 251.36 749.10 Td (our ) Tj ET Q q 0 0 0 rg BT 266.48 749.10 Td (public ) Tj ET Q q 0 0 0 rg BT 293.26 749.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 330.05 749.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 352.95 749.10 Td (total ) Tj ET Q q 0 0 0 rg BT 372.51 749.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 402.07 749.10 Td (have ) Tj ET Q q 0 0 0 rg BT 422.73 749.10 Td (outperformed ) Tj ET Q q 0 0 0 rg BT 478.94 749.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.95 749.10 Td (Russell ) Tj ET Q q 0 0 0 rg BT 524.19 749.10 Td (Microcap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (Index ) Tj ET Q q 0 0 0 rg BT 74.77 737.10 Td (this ) Tj ET Q q 0 0 0 rg BT 91.72 737.10 Td (past ) Tj ET Q q 0 0 0 rg BT 110.33 737.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 138.24 737.10 Td (, ) Tj ET Q q 0 0 0 rg BT 142.87 737.10 Td (YTD ) Tj ET Q q 0 0 0 rg BT 165.92 737.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 190.92 737.10 Td (one ) Tj ET Q q 0 0 0 rg BT 207.86 737.10 Td (year ) Tj ET Q q 0 0 0 rg BT 227.57 737.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 257.28 737.10 Td (June ) Tj ET Q q 0 0 0 rg BT 278.11 737.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 290.61 737.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 315.61 737.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.55 737.10 Td (180's ) Tj ET Q q 0 0 0 rg BT 355.75 737.10 Td (inception ) Tj ET Q q 0 0 0 rg BT 395.46 737.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.74 737.10 Td (date.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (Private ) Tj ET Q q 0 0 0 rg BT 81.43 713.10 Td (Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.58 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.98 689.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 107.90 689.10 Td (, ) Tj ET Q q 0 0 0 rg BT 112.59 689.10 Td (our ) Tj ET Q q 0 0 0 rg BT 128.10 689.10 Td (private ) Tj ET Q q 0 0 0 rg BT 158.05 689.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 195.24 689.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 231.30 689.10 Td (by ) Tj ET Q q 0 0 0 rg BT 243.48 689.10 Td ($470,000 ) Tj ET Q q 0 0 0 rg BT 283.17 689.10 Td (or ) Tj ET Q q 0 0 0 rg BT 293.69 689.10 Td ($0.02 ) Tj ET Q q 0 0 0 rg BT 318.38 689.10 Td (per ) Tj ET Q q 0 0 0 rg BT 333.33 689.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 359.12 689.10 Td ( ) Tj ET Q q 0 0 0 rg BT 361.31 689.10 Td (D-W) Tj ET Q q 0 0 0 rg BT 380.50 689.10 Td (ave ) Tj ET Q q 0 0 0 rg BT 396.56 689.10 Td (Systems ) Tj ET Q q 0 0 0 rg BT 432.09 689.10 Td (had ) Tj ET Q q 0 0 0 rg BT 448.71 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.12 689.10 Td (lar) Tj ET Q q 0 0 0 rg BT 473.48 689.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 491.78 689.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 528.38 689.10 Td (in ) Tj ET Q q 0 0 0 rg BT 538.35 689.10 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 85.49 677.10 Td (its ) Tj ET Q q 0 0 0 rg BT 97.61 677.10 Td (last ) Tj ET Q q 0 0 0 rg BT 114.17 677.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 154.61 677.10 Td (was ) Tj ET Q q 0 0 0 rg BT 172.83 677.10 Td (over ) Tj ET Q q 0 0 0 rg BT 193.27 677.10 Td (a ) Tj ET Q q 0 0 0 rg BT 200.39 677.10 Td (year ) Tj ET Q q 0 0 0 rg BT 220.27 677.10 Td (ago, ) Tj ET Q q 0 0 0 rg BT 239.88 677.10 Td (we ) Tj ET Q q 0 0 0 rg BT 254.21 677.10 Td (were ) Tj ET Q q 0 0 0 rg BT 276.31 677.10 Td (forced ) Tj ET Q q 0 0 0 rg BT 304.52 677.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.98 677.10 Td (include ) Tj ET Q q 0 0 0 rg BT 347.08 677.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.53 677.10 Td (our ) Tj ET Q q 0 0 0 rg BT 373.54 677.10 Td (methodology ) Tj ET Q q 0 0 0 rg BT 428.98 677.10 Td (a ) Tj ET Q q 0 0 0 rg BT 436.10 677.10 Td (market-adjustment ) Tj ET Q q 0 0 0 rg BT 513.75 677.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 539.73 677.10 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.66 665.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 98.59 665.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 126.74 665.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 176.54 665.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 224.97 665.10 Td (Produced ) Tj ET Q q 0 0 0 rg BT 265.67 665.10 Td (W) Tj ET Q q 0 0 0 rg BT 274.30 665.10 Td (ater ) Tj ET Q q 0 0 0 rg BT 291.75 665.10 Td (Absorbents ) Tj ET Q q 0 0 0 rg BT 340.47 665.10 Td (concluded ) Tj ET Q q 0 0 0 rg BT 384.72 665.10 Td (a ) Tj ET Q q 0 0 0 rg BT 392.32 665.10 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 426.03 665.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 466.96 665.10 Td (against ) Tj ET Q q 0 0 0 rg BT 498.44 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.82 665.10 Td (backdrop ) Tj ET Q q 0 0 0 rg BT 554.19 665.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (weak ) Tj ET Q q 0 0 0 rg BT 72.94 653.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 103.37 653.10 Td (As ) Tj ET Q q 0 0 0 rg BT 116.82 653.10 Td (a ) Tj ET Q q 0 0 0 rg BT 123.59 653.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 150.65 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.20 653.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 208.08 653.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 229.86 653.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 261.63 653.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 292.83 653.10 Td (was ) Tj ET Q q 0 0 0 rg BT 310.72 653.10 Td (written ) Tj ET Q q 0 0 0 rg BT 341.38 653.10 Td (of) Tj ET Q q 0 0 0 rg BT 349.53 653.10 Td (f ) Tj ET Q q 0 0 0 rg BT 355.20 653.10 Td (from ) Tj ET Q q 0 0 0 rg BT 376.98 653.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 437.07 653.10 Td ($429,000 ) Tj ET Q q 0 0 0 rg BT 476.91 653.10 Td (to ) Tj ET Q q 0 0 0 rg BT 487.03 653.10 Td (zero. ) Tj ET Q q 0 0 0 rg BT 509.07 653.10 Td (Petra ) Tj ET Q q 0 0 0 rg BT 531.96 653.10 Td (Pharma ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (was ) Tj ET Q q 0 0 0 rg BT 66.89 641.10 Td (also ) Tj ET Q q 0 0 0 rg BT 84.84 641.10 Td (down ) Tj ET Q q 0 0 0 rg BT 108.91 641.10 Td (due ) Tj ET Q q 0 0 0 rg BT 125.19 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.81 641.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 174.42 641.10 Td (terms. ) Tj ET Q q 0 0 0 rg BT 200.84 641.10 Td (The ) Tj ET Q q 0 0 0 rg BT 218.23 641.10 Td (main ) Tj ET Q q 0 0 0 rg BT 240.07 641.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 273.58 641.10 Td (contributor ) Tj ET Q q 0 0 0 rg BT 319.85 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 329.47 641.10 Td (NA) Tj ET Q q 0 0 0 rg BT 342.63 641.10 Td (V) Tj ET Q q 0 0 0 rg BT 349.67 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.51 641.10 Td (was ) Tj ET Q q 0 0 0 rg BT 368.50 641.10 Td (AgBiome, ) Tj ET Q q 0 0 0 rg BT 411.73 641.10 Td (as ) Tj ET Q q 0 0 0 rg BT 421.90 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 428.18 641.10 Td (result ) Tj ET Q q 0 0 0 rg BT 452.24 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.41 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.47 641.10 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 514.98 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.15 641.10 Td (a ) Tj ET Q q 0 0 0 rg BT 531.43 641.10 Td (market-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 96.25 629.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 122.43 629.10 Td (based ) Tj ET Q q 0 0 0 rg BT 148.06 629.10 Td (on ) Tj ET Q q 0 0 0 rg BT 160.93 629.10 Td (public ) Tj ET Q q 0 0 0 rg BT 188.79 629.10 Td (market ) Tj ET Q q 0 0 0 rg BT 219.42 629.10 Td (comparables ) Tj ET Q q 0 0 0 rg BT 272.82 629.10 Td (in ) Tj ET Q q 0 0 0 rg BT 283.46 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.55 629.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 338.63 629.10 Td (methodology ) Tj ET Q q 0 0 0 rg BT 394.27 629.10 Td (since ) Tj ET Q q 0 0 0 rg BT 417.68 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.76 629.10 Td (last ) Tj ET Q q 0 0 0 rg BT 449.51 629.10 Td (round ) Tj ET Q q 0 0 0 rg BT 475.71 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.91 629.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 527.54 629.10 Td (occurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (more ) Tj ET Q q 0 0 0 rg BT 72.55 617.10 Td (than ) Tj ET Q q 0 0 0 rg BT 92.26 617.10 Td (one ) Tj ET Q q 0 0 0 rg BT 109.20 617.10 Td (year ) Tj ET Q q 0 0 0 rg BT 128.91 617.10 Td (ago. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (While ) Tj ET Q q 0 0 0 rg BT 76.08 593.10 Td (we ) Tj ET Q q 0 0 0 rg BT 89.89 593.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 126.47 593.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.40 593.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 167.42 593.10 Td (there ) Tj ET Q q 0 0 0 rg BT 189.55 593.10 Td (are ) Tj ET Q q 0 0 0 rg BT 203.90 593.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 248.81 593.10 Td (in ) Tj ET Q q 0 0 0 rg BT 258.74 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.10 593.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 310.25 593.10 Td (that ) Tj ET Q q 0 0 0 rg BT 327.39 593.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 347.31 593.10 Td (promise ) Tj ET Q q 0 0 0 rg BT 381.68 593.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.60 593.10 Td (build ) Tj ET Q q 0 0 0 rg BT 414.31 593.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 440.61 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.98 593.10 Td (timelines ) Tj ET Q q 0 0 0 rg BT 493.78 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 510.37 593.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 547.51 593.10 Td (exit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (values ) Tj ET Q q 0 0 0 rg BT 77.58 581.10 Td (for ) Tj ET Q q 0 0 0 rg BT 91.76 581.10 Td (these ) Tj ET Q q 0 0 0 rg BT 114.84 581.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 160.13 581.10 Td (are ) Tj ET Q q 0 0 0 rg BT 174.87 581.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 202.95 581.10 Td (uncertain. ) Tj ET Q q 0 0 0 rg BT 245.18 581.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.53 581.10 Td (W) Tj ET Q q 0 0 0 rg BT 256.16 581.10 Td (e ) Tj ET Q q 0 0 0 rg BT 263.13 581.10 Td (have ) Tj ET Q q 0 0 0 rg BT 284.54 581.10 Td (often ) Tj ET Q q 0 0 0 rg BT 307.61 581.10 Td (talked ) Tj ET Q q 0 0 0 rg BT 334.57 581.10 Td (about ) Tj ET Q q 0 0 0 rg BT 359.32 581.10 Td (our ) Tj ET Q q 0 0 0 rg BT 375.18 581.10 Td (desire ) Tj ET Q q 0 0 0 rg BT 401.58 581.10 Td (to ) Tj ET Q q 0 0 0 rg BT 411.89 581.10 Td (shepherd ) Tj ET Q q 0 0 0 rg BT 450.52 581.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 484.69 581.10 Td (our ) Tj ET Q q 0 0 0 rg BT 500.55 581.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 534.75 581.10 Td (private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 87.22 569.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.72 569.10 Td (exits ) Tj ET Q q 0 0 0 rg BT 119.33 569.10 Td (or ) Tj ET Q q 0 0 0 rg BT 130.38 569.10 Td (explore ) Tj ET Q q 0 0 0 rg BT 163.09 569.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 218.59 569.10 Td (to ) Tj ET Q q 0 0 0 rg BT 229.09 569.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 245.70 569.10 Td (our ) Tj ET Q q 0 0 0 rg BT 261.76 569.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 300.60 569.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.10 569.10 Td (those ) Tj ET Q q 0 0 0 rg BT 334.93 569.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 380.42 569.10 Td (at ) Tj ET Q q 0 0 0 rg BT 390.36 569.10 Td (what ) Tj ET Q q 0 0 0 rg BT 412.52 569.10 Td (we ) Tj ET Q q 0 0 0 rg BT 426.91 569.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 458.50 569.10 Td (are ) Tj ET Q q 0 0 0 rg BT 473.43 569.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 518.91 569.10 Td (valuations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 557.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.51 557.10 Td (will ) Tj ET Q q 0 0 0 rg BT 82.01 557.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 118.38 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.10 557.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 147.81 557.10 Td (out ) Tj ET Q q 0 0 0 rg BT 162.52 557.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 204.45 557.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 259.16 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.88 557.10 Td (monetize ) Tj ET Q q 0 0 0 rg BT 307.47 557.10 Td (our ) Tj ET Q q 0 0 0 rg BT 322.74 557.10 Td (private ) Tj ET Q q 0 0 0 rg BT 352.44 557.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 389.37 557.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 441.58 557.10 Td ( ) Tj ET Q q 0 0 0 rg BT 443.38 557.10 Td (Why ) Tj ET Q q 0 0 0 rg BT 464.76 557.10 Td (is ) Tj ET Q q 0 0 0 rg BT 473.37 557.10 Td (that? ) Tj ET Q q 0 0 0 rg BT 494.74 557.10 Td ( ) Tj ET Q q 0 0 0 rg BT 496.68 557.10 Td (It) Tj ET Q q 0 0 0 rg BT 505.57 557.10 Td (s ) Tj ET Q q 0 0 0 rg BT 511.40 557.10 Td (simple ) Tj ET Q q 0 0 0 rg BT 540.00 557.10 Td (math. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 74.05 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 88.61 545.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 130.94 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.60 545.10 Td (180 ) Tj ET Q q 0 0 0 rg BT 158.94 545.10 Td (Degree ) Tj ET Q q 0 0 0 rg BT 190.14 545.10 Td (Capital, ) Tj ET Q q 0 0 0 rg BT 223.86 545.10 Td (we ) Tj ET Q q 0 0 0 rg BT 237.86 545.10 Td (have ) Tj ET Q q 0 0 0 rg BT 259.07 545.10 Td (added ) Tj ET Q q 0 0 0 rg BT 285.29 545.10 Td ($0.71 ) Tj ET Q q 0 0 0 rg BT 310.12 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.79 545.10 Td (NA) Tj ET Q q 0 0 0 rg BT 333.94 545.10 Td (V) Tj ET Q q 0 0 0 rg BT 340.98 545.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.32 545.10 Td (due ) Tj ET Q q 0 0 0 rg BT 360.10 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 370.21 545.10 Td (our ) Tj ET Q q 0 0 0 rg BT 385.88 545.10 Td (public ) Tj ET Q q 0 0 0 rg BT 413.21 545.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 450.54 545.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 495.64 545.10 Td (while ) Tj ET Q q 0 0 0 rg BT 520.19 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.75 545.10 Td (private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 94.76 533.10 Td (have ) Tj ET Q q 0 0 0 rg BT 116.14 533.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 156.39 533.10 Td (by ) Tj ET Q q 0 0 0 rg BT 168.89 533.10 Td ($0.05. ) Tj ET Q q 0 0 0 rg BT 196.39 533.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (EXPENSES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.03 485.10 Td (we ) Tj ET Q q 0 0 0 rg BT 77.11 485.10 Td (have ) Tj ET Q q 0 0 0 rg BT 98.41 485.10 Td (noted, ) Tj ET Q q 0 0 0 rg BT 125.54 485.10 Td (we ) Tj ET Q q 0 0 0 rg BT 139.62 485.10 Td (have ) Tj ET Q q 0 0 0 rg BT 160.92 485.10 Td (dramatically ) Tj ET Q q 0 0 0 rg BT 213.31 485.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 247.37 485.10 Td (our ) Tj ET Q q 0 0 0 rg BT 263.12 485.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 281.65 485.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 319.05 485.10 Td (under ) Tj ET Q q 0 0 0 rg BT 344.24 485.10 Td (our ) Tj ET Q q 0 0 0 rg BT 359.99 485.10 Td (new ) Tj ET Q q 0 0 0 rg BT 379.07 485.10 Td (strategy) Tj ET Q q 0 0 0 rg BT 410.07 485.10 Td (. ) Tj ET Q q 0 0 0 rg BT 414.99 485.10 Td (In ) Tj ET Q q 0 0 0 rg BT 425.74 485.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 450.66 485.10 Td (before ) Tj ET Q q 0 0 0 rg BT 478.61 485.10 Td (our ) Tj ET Q q 0 0 0 rg BT 494.36 485.10 Td (Fund) Tj ET Q q 0 0 0 rg BT 517.70 485.10 Td (s ) Tj ET Q q 0 0 0 rg BT 524.01 485.10 Td (change ) Tj ET Q q 0 0 0 rg BT 554.75 485.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.33 473.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 118.94 473.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.33 473.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 190.87 473.10 Td (our ) Tj ET Q q 0 0 0 rg BT 206.15 473.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 245.87 473.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 286.42 473.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 327.80 473.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 376.96 473.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 434.45 473.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.84 473.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 482.22 473.10 Td (on ) Tj ET Q q 0 0 0 rg BT 494.18 473.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 542.79 473.10 Td (debt, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (averaged ) Tj ET Q q 0 0 0 rg BT 90.23 461.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 152.63 461.10 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 174.78 461.10 Td (million ) Tj ET Q q 0 0 0 rg BT 208.32 461.10 Td (per ) Tj ET Q q 0 0 0 rg BT 225.73 461.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 253.49 461.10 Td (. ) Tj ET Q q 0 0 0 rg BT 260.64 461.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.29 461.10 Td (For ) Tj ET Q q 0 0 0 rg BT 283.82 461.10 Td (Q1 ) Tj ET Q q 0 0 0 rg BT 300.69 461.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 327.83 461.10 Td (our ) Tj ET Q q 0 0 0 rg BT 345.81 461.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 388.22 461.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 428.96 461.10 Td (net ) Tj ET Q q 0 0 0 rg BT 445.83 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.80 461.10 Td (sublease ) Tj ET Q q 0 0 0 rg BT 497.32 461.10 Td (income ) Tj ET Q q 0 0 0 rg BT 531.40 461.10 Td (equaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 109.98 449.10 Td ($730,000, ) Tj ET Q q 0 0 0 rg BT 152.71 449.10 Td (roughly ) Tj ET Q q 0 0 0 rg BT 186.55 449.10 Td (in ) Tj ET Q q 0 0 0 rg BT 197.05 449.10 Td (line ) Tj ET Q q 0 0 0 rg BT 214.77 449.10 Td (with ) Tj ET Q q 0 0 0 rg BT 235.28 449.10 Td (our ) Tj ET Q q 0 0 0 rg BT 251.33 449.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 290.16 449.10 Td (for ) Tj ET Q q 0 0 0 rg BT 304.54 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.49 449.10 Td (same ) Tj ET Q q 0 0 0 rg BT 342.76 449.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 373.80 449.10 Td (a ) Tj ET Q q 0 0 0 rg BT 380.96 449.10 Td (year ) Tj ET Q q 0 0 0 rg BT 400.90 449.10 Td (ago. ) Tj ET Q q 0 0 0 rg BT 420.56 449.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 456.60 449.10 Td (we ) Tj ET Q q 0 0 0 rg BT 470.99 449.10 Td (have ) Tj ET Q q 0 0 0 rg BT 492.59 449.10 Td (achieved ) Tj ET Q q 0 0 0 rg BT 530.85 449.10 Td (positive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (results ) Tj ET Q q 0 0 0 rg BT 77.80 437.10 Td (year ) Tj ET Q q 0 0 0 rg BT 97.20 437.10 Td (to ) Tj ET Q q 0 0 0 rg BT 107.17 437.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 128.51 437.10 Td (in ) Tj ET Q q 0 0 0 rg BT 138.48 437.10 Td (this ) Tj ET Q q 0 0 0 rg BT 155.12 437.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 183.04 437.10 Td (, ) Tj ET Q q 0 0 0 rg BT 187.73 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.14 437.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 262.10 437.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 308.73 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.25 437.10 Td (our ) Tj ET Q q 0 0 0 rg BT 334.78 437.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 361.41 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.93 437.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 411.33 437.10 Td (voted ) Tj ET Q q 0 0 0 rg BT 435.73 437.10 Td (to ) Tj ET Q q 0 0 0 rg BT 445.70 437.10 Td (accrue ) Tj ET Q q 0 0 0 rg BT 473.98 437.10 Td ($292,000 ) Tj ET Q q 0 0 0 rg BT 513.67 437.10 Td (for ) Tj ET Q q 0 0 0 rg BT 527.52 437.10 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (bonuses ) Tj ET Q q 0 0 0 rg BT 83.90 425.10 Td (in ) Tj ET Q q 0 0 0 rg BT 93.86 425.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 118.54 425.10 Td ( ) Tj ET Q q 0 0 0 rg BT 120.56 425.10 Td (This ) Tj ET Q q 0 0 0 rg BT 140.52 425.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 171.56 425.10 Td (could ) Tj ET Q q 0 0 0 rg BT 195.95 425.10 Td (change ) Tj ET Q q 0 0 0 rg BT 226.45 425.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 269.17 425.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 313.00 425.10 Td (on ) Tj ET Q q 0 0 0 rg BT 325.18 425.10 Td (full-year ) Tj ET Q q 0 0 0 rg BT 361.78 425.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 416.98 425.10 Td (In ) Tj ET Q q 0 0 0 rg BT 427.49 425.10 Td (fact, ) Tj ET Q q 0 0 0 rg BT 447.16 425.10 Td (given ) Tj ET Q q 0 0 0 rg BT 471.55 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.95 425.10 Td (robust ) Tj ET Q q 0 0 0 rg BT 513.13 425.10 Td (third ) Tj ET Q q 0 0 0 rg BT 534.19 425.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.66 413.10 Td (are ) Tj ET Q q 0 0 0 rg BT 78.37 413.10 Td (presently ) Tj ET Q q 0 0 0 rg BT 117.52 413.10 Td (speaking ) Tj ET Q q 0 0 0 rg BT 155.57 413.10 Td (about, ) Tj ET Q q 0 0 0 rg BT 182.79 413.10 Td (I ) Tj ET Q q 0 0 0 rg BT 188.62 413.10 Td (would ) Tj ET Q q 0 0 0 rg BT 216.12 413.10 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 257.48 413.10 Td (further ) Tj ET Q q 0 0 0 rg BT 287.19 413.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 322.44 413.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.72 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.44 413.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 378.25 413.10 Td (ahead. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (TURN/NA) Tj ET Q q 0 0 0 rg BT 93.77 389.10 Td (V) Tj ET Q q 0 0 0 rg BT 100.07 389.10 Td (: ) Tj ET Q q 0 0 0 rg BT 105.90 389.10 Td (SUM ) Tj ET Q q 0 0 0 rg BT 130.62 389.10 Td (OF) Tj ET Q q 0 0 0 rg BT 144.14 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.46 389.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 170.08 389.10 Td (P) Tj ET Q q 0 0 0 rg BT 175.44 389.10 Td (AR) Tj ET Q q 0 0 0 rg BT 189.53 389.10 Td (TS:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (At ) Tj ET Q q 0 0 0 rg BT 61.83 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.38 365.10 Td (end ) Tj ET Q q 0 0 0 rg BT 93.15 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 103.81 365.10 Td (Q2 ) Tj ET Q q 0 0 0 rg BT 118.36 365.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 143.02 365.10 Td (TURN ) Tj ET Q q 0 0 0 rg BT 172.57 365.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 199.89 365.10 Td (at ) Tj ET Q q 0 0 0 rg BT 209.44 365.10 Td (70% ) Tj ET Q q 0 0 0 rg BT 230.10 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.76 365.10 Td (its ) Tj ET Q q 0 0 0 rg BT 252.54 365.10 Td (NA) Tj ET Q q 0 0 0 rg BT 265.69 365.10 Td (V) Tj ET Q q 0 0 0 rg BT 271.62 365.10 Td (. ) Tj ET Q q 0 0 0 rg BT 276.46 365.10 Td ( ) Tj ET Q q 0 0 0 rg BT 278.79 365.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 296.67 365.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 322.33 365.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 350.49 365.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 373.09 365.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.86 365.10 Td (other ) Tj ET Q q 0 0 0 rg BT 412.74 365.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 438.40 365.10 Td (net ) Tj ET Q q 0 0 0 rg BT 452.95 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.61 365.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 503.16 365.10 Td (were ) Tj ET Q q 0 0 0 rg BT 524.92 365.10 Td ($1.19 ) Tj ET Q q 0 0 0 rg BT 549.75 365.10 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 75.17 353.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 92.79 353.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 115.97 353.10 Td (price ) Tj ET Q q 0 0 0 rg BT 138.03 353.10 Td (was ) Tj ET Q q 0 0 0 rg BT 155.65 353.10 Td ($1.969. ) Tj ET Q q 0 0 0 rg BT 187.72 353.10 Td (If ) Tj ET Q q 0 0 0 rg BT 196.45 353.10 Td (we ) Tj ET Q q 0 0 0 rg BT 210.18 353.10 Td (received ) Tj ET Q q 0 0 0 rg BT 246.11 353.10 Td (100% ) Tj ET Q q 0 0 0 rg BT 271.51 353.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 296.35 353.10 Td (for ) Tj ET Q q 0 0 0 rg BT 310.08 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.36 353.10 Td (value ) Tj ET Q q 0 0 0 rg BT 348.09 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 358.49 353.10 Td (these ) Tj ET Q q 0 0 0 rg BT 381.11 353.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 406.51 353.10 Td (net ) Tj ET Q q 0 0 0 rg BT 420.79 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.19 353.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 472.98 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.27 353.10 Td (market ) Tj ET Q q 0 0 0 rg BT 517.10 353.10 Td (is ) Tj ET Q q 0 0 0 rg BT 525.84 353.10 Td (ascribing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.60 341.10 Td (value ) Tj ET Q q 0 0 0 rg BT 80.92 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.91 341.10 Td ($0.78 ) Tj ET Q q 0 0 0 rg BT 117.08 341.10 Td (per ) Tj ET Q q 0 0 0 rg BT 132.51 341.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 158.77 341.10 Td (or ) Tj ET Q q 0 0 0 rg BT 169.77 341.10 Td ($24.3 ) Tj ET Q q 0 0 0 rg BT 194.93 341.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 228.98 341.10 Td (to ) Tj ET Q q 0 0 0 rg BT 239.43 341.10 Td (our ) Tj ET Q q 0 0 0 rg BT 255.42 341.10 Td (private ) Tj ET Q q 0 0 0 rg BT 285.85 341.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 326.01 341.10 Td (Given ) Tj ET Q q 0 0 0 rg BT 353.11 341.10 Td (our ) Tj ET Q q 0 0 0 rg BT 369.10 341.10 Td (private ) Tj ET Q q 0 0 0 rg BT 399.53 341.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 425.52 341.10 Td (are ) Tj ET Q q 0 0 0 rg BT 440.39 341.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 469.71 341.10 Td (at ) Tj ET Q q 0 0 0 rg BT 479.59 341.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 540.02 341.10 Td ($50.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 82.84 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.00 329.10 Td (market ) Tj ET Q q 0 0 0 rg BT 126.72 329.10 Td (is ) Tj ET Q q 0 0 0 rg BT 135.33 329.10 Td (discounting ) Tj ET Q q 0 0 0 rg BT 183.95 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.11 329.10 Td (value ) Tj ET Q q 0 0 0 rg BT 221.72 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.00 329.10 Td (our ) Tj ET Q q 0 0 0 rg BT 247.27 329.10 Td (private ) Tj ET Q q 0 0 0 rg BT 276.99 329.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 313.93 329.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 339.21 329.10 Td (by ) Tj ET Q q 0 0 0 rg BT 351.16 329.10 Td (52% ) Tj ET Q q 0 0 0 rg BT 371.43 329.10 Td (as ) Tj ET Q q 0 0 0 rg BT 381.71 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.99 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 406.16 329.10 Td (end ) Tj ET Q q 0 0 0 rg BT 422.54 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.82 329.10 Td (Q2 ) Tj ET Q q 0 0 0 rg BT 446.99 329.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 471.44 329.10 Td (Given ) Tj ET Q q 0 0 0 rg BT 497.83 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.99 329.10 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 317.10 Td (our ) Tj ET Q q 0 0 0 rg BT 76.16 317.10 Td (public ) Tj ET Q q 0 0 0 rg BT 103.66 317.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 141.15 317.10 Td (so ) Tj ET Q q 0 0 0 rg BT 152.54 317.10 Td (far ) Tj ET Q q 0 0 0 rg BT 166.14 317.10 Td (during ) Tj ET Q q 0 0 0 rg BT 194.75 317.10 Td (Q3 ) Tj ET Q q 0 0 0 rg BT 209.47 317.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 234.47 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.19 317.10 Td (market ) Tj ET Q q 0 0 0 rg BT 279.45 317.10 Td (is ) Tj ET Q q 0 0 0 rg BT 288.62 317.10 Td (now ) Tj ET Q q 0 0 0 rg BT 308.34 317.10 Td (discounting ) Tj ET Q q 0 0 0 rg BT 357.51 317.10 Td (our ) Tj ET Q q 0 0 0 rg BT 373.34 317.10 Td (private ) Tj ET Q q 0 0 0 rg BT 403.60 317.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 441.10 317.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.60 317.10 Td (74%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.93 317.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.04 293.10 Td (we ) Tj ET Q q 0 0 0 rg BT 77.12 293.10 Td (grow ) Tj ET Q q 0 0 0 rg BT 100.09 293.10 Td (our ) Tj ET Q q 0 0 0 rg BT 115.84 293.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 136.03 293.10 Td (and ) Tj ET Q q 0 0 0 rg BT 152.89 293.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 178.65 293.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 221.34 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.97 293.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 272.28 293.10 Td (our ) Tj ET Q q 0 0 0 rg BT 288.04 293.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 311.57 293.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 337.86 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 348.06 293.10 Td (NA) Tj ET Q q 0 0 0 rg BT 361.22 293.10 Td (V) Tj ET Q q 0 0 0 rg BT 368.26 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 370.68 293.10 Td (should ) Tj ET Q q 0 0 0 rg BT 399.77 293.10 Td (narrow) Tj ET Q q 0 0 0 rg BT 427.44 293.10 Td (. ) Tj ET Q q 0 0 0 rg BT 432.37 293.10 Td (In ) Tj ET Q q 0 0 0 rg BT 443.12 293.10 Td (September ) Tj ET Q q 0 0 0 rg BT 488.30 293.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 513.23 293.10 Td (we ) Tj ET Q q 0 0 0 rg BT 527.31 293.10 Td (had ) Tj ET Q q 0 0 0 rg BT 544.17 293.10 Td (19% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.45 281.10 Td (our ) Tj ET Q q 0 0 0 rg BT 76.39 281.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 96.78 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 113.84 281.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 164.23 281.10 Td (in ) Tj ET Q q 0 0 0 rg BT 174.62 281.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 195.01 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.06 281.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 238.02 281.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 278.40 281.10 Td (less ) Tj ET Q q 0 0 0 rg BT 296.01 281.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 345.30 281.10 Td (debt. ) Tj ET Q q 0 0 0 rg BT 367.05 281.10 Td (At ) Tj ET Q q 0 0 0 rg BT 379.67 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.50 281.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 437.12 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.06 281.10 Td (our ) Tj ET Q q 0 0 0 rg BT 464.01 281.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 498.28 281.10 Td (in ) Tj ET Q q 0 0 0 rg BT 508.68 281.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 533.80 281.10 Td (we ) Tj ET Q q 0 0 0 rg BT 548.07 281.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (27% ) Tj ET Q q 0 0 0 rg BT 70.91 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.31 269.10 Td (our ) Tj ET Q q 0 0 0 rg BT 98.72 269.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 119.56 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.07 269.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 187.92 269.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.78 269.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 219.62 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.13 269.10 Td (public ) Tj ET Q q 0 0 0 rg BT 265.20 269.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 313.54 269.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.94 269.10 Td (At ) Tj ET Q q 0 0 0 rg BT 329.01 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.31 269.10 Td (end ) Tj ET Q q 0 0 0 rg BT 361.82 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.22 269.10 Td (Q2 ) Tj ET Q q 0 0 0 rg BT 388.52 269.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 414.10 269.10 Td (that ) Tj ET Q q 0 0 0 rg BT 432.17 269.10 Td (number ) Tj ET Q q 0 0 0 rg BT 465.79 269.10 Td (is ) Tj ET Q q 0 0 0 rg BT 475.53 269.10 Td (43%. ) Tj ET Q q 0 0 0 rg BT 499.44 269.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.51 269.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 538.91 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.31 269.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (extraordinary ) Tj ET Q q 0 0 0 rg BT 105.85 257.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 136.64 257.10 Td (we ) Tj ET Q q 0 0 0 rg BT 150.79 257.10 Td (are ) Tj ET Q q 0 0 0 rg BT 165.48 257.10 Td (presently ) Tj ET Q q 0 0 0 rg BT 204.61 257.10 Td (having, ) Tj ET Q q 0 0 0 rg BT 236.81 257.10 Td (as ) Tj ET Q q 0 0 0 rg BT 247.63 257.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.89 257.10 Td (August14, ) Tj ET Q q 0 0 0 rg BT 304.27 257.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.27 257.10 Td (, ) Tj ET Q q 0 0 0 rg BT 329.25 257.10 Td (that ) Tj ET Q q 0 0 0 rg BT 346.73 257.10 Td (number ) Tj ET Q q 0 0 0 rg BT 379.76 257.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.91 257.10 Td (48%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.24 257.10 Td (. ) Tj ET Q q 0 0 0 rg BT 412.04 257.10 Td (W) Tj ET Q q 0 0 0 rg BT 420.68 257.10 Td (e ) Tj ET Q q 0 0 0 rg BT 427.60 257.10 Td (have ) Tj ET Q q 0 0 0 rg BT 448.96 257.10 Td (made ) Tj ET Q q 0 0 0 rg BT 473.10 257.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 518.36 257.10 Td (progress ) Tj ET Q q 0 0 0 rg BT 554.72 257.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (reinventing ) Tj ET Q q 0 0 0 rg BT 97.47 245.10 Td (ourselves. ) Tj ET Q q 0 0 0 rg BT 140.16 245.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.59 245.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 160.57 245.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 193.53 245.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 216.50 245.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 248.35 245.10 Td (just ) Tj ET Q q 0 0 0 rg BT 265.23 245.10 Td (how ) Tj ET Q q 0 0 0 rg BT 284.88 245.10 Td (far ) Tj ET Q q 0 0 0 rg BT 298.40 245.10 Td (we ) Tj ET Q q 0 0 0 rg BT 312.49 245.10 Td (have ) Tj ET Q q 0 0 0 rg BT 333.79 245.10 Td (come. ) Tj ET Q q 0 0 0 rg BT 360.37 245.10 Td (Personally ) Tj ET Q q 0 0 0 rg BT 405.02 245.10 Td (speaking, ) Tj ET Q q 0 0 0 rg BT 445.49 245.10 Td (over ) Tj ET Q q 0 0 0 rg BT 465.69 245.10 Td (my ) Tj ET Q q 0 0 0 rg BT 480.89 245.10 Td (tenure ) Tj ET Q q 0 0 0 rg BT 508.30 245.10 Td (at ) Tj ET Q q 0 0 0 rg BT 517.95 245.10 Td (180, ) Tj ET Q q 0 0 0 rg BT 537.87 245.10 Td (I ) Tj ET Q q 0 0 0 rg BT 543.63 245.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (become ) Tj ET Q q 0 0 0 rg BT 84.69 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.00 233.10 Td (4) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 106.00 237.63 Td (th) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.06 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.16 233.10 Td (lar) Tj ET Q q 0 0 0 rg BT 125.52 233.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 145.73 233.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 196.47 233.10 Td (in ) Tj ET Q q 0 0 0 rg BT 208.05 233.10 Td (TURN, ) Tj ET Q q 0 0 0 rg BT 241.87 233.10 Td (with ) Tj ET Q q 0 0 0 rg BT 263.74 233.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 318.39 233.10 Td (all ) Tj ET Q q 0 0 0 rg BT 332.48 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.91 233.10 Td (my ) Tj ET Q q 0 0 0 rg BT 361.78 233.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 407.54 233.10 Td (built ) Tj ET Q q 0 0 0 rg BT 429.97 233.10 Td (through ) Tj ET Q q 0 0 0 rg BT 465.18 233.10 Td (open ) Tj ET Q q 0 0 0 rg BT 488.71 233.10 Td (market ) Tj ET Q q 0 0 0 rg BT 520.57 233.10 Td (purchases. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (Collectively) Tj ET Q q 0 0 0 rg BT 97.73 221.10 Td (, ) Tj ET Q q 0 0 0 rg BT 102.77 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.53 221.10 Td (management ) Tj ET Q q 0 0 0 rg BT 171.16 221.10 Td (team ) Tj ET Q q 0 0 0 rg BT 193.13 221.10 Td (and ) Tj ET Q q 0 0 0 rg BT 210.11 221.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 237.09 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.78 221.10 Td (TURN ) Tj ET Q q 0 0 0 rg BT 277.54 221.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 320.62 221.10 Td (over ) Tj ET Q q 0 0 0 rg BT 340.93 221.10 Td (400,000 ) Tj ET Q q 0 0 0 rg BT 375.97 221.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 403.51 221.10 Td (in ) Tj ET Q q 0 0 0 rg BT 413.83 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.58 221.10 Td (last ) Tj ET Q q 0 0 0 rg BT 445.01 221.10 Td (five ) Tj ET Q q 0 0 0 rg BT 463.10 221.10 Td (quarters. ) Tj ET Q q 0 0 0 rg BT 500.35 221.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.71 221.10 Td (W) Tj ET Q q 0 0 0 rg BT 511.34 221.10 Td (e ) Tj ET Q q 0 0 0 rg BT 518.32 221.10 Td (are ) Tj ET Q q 0 0 0 rg BT 533.07 221.10 Td (aligned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 209.10 Td (our ) Tj ET Q q 0 0 0 rg BT 85.61 209.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 140.59 209.10 Td (And ) Tj ET Q q 0 0 0 rg BT 160.32 209.10 Td (we ) Tj ET Q q 0 0 0 rg BT 174.48 209.10 Td (will ) Tj ET Q q 0 0 0 rg BT 192.53 209.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 226.13 209.10 Td (this ) Tj ET Q q 0 0 0 rg BT 243.07 209.10 Td (business ) Tj ET Q q 0 0 0 rg BT 279.47 209.10 Td (in ) Tj ET Q q 0 0 0 rg BT 289.74 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.46 209.10 Td (best ) Tj ET Q q 0 0 0 rg BT 323.07 209.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 358.89 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.72 209.10 Td (shareholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 185.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.02 185.10 Td (had ) Tj ET Q q 0 0 0 rg BT 81.89 185.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 96.55 185.10 Td (another ) Tj ET Q q 0 0 0 rg BT 128.97 185.10 Td (good ) Tj ET Q q 0 0 0 rg BT 151.41 185.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 182.17 185.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.94 185.10 Td (public ) Tj ET Q q 0 0 0 rg BT 220.37 185.10 Td (market ) Tj ET Q q 0 0 0 rg BT 250.57 185.10 Td (investing. ) Tj ET Q q 0 0 0 rg BT 292.18 185.10 Td ( ) Tj ET Q q 0 0 0 rg BT 294.61 185.10 Td (In ) Tj ET Q q 0 0 0 rg BT 305.38 185.10 Td (Q2 ) Tj ET Q q 0 0 0 rg BT 320.04 185.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 344.98 185.10 Td (our ) Tj ET Q q 0 0 0 rg BT 360.75 185.10 Td (public ) Tj ET Q q 0 0 0 rg BT 388.19 185.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 425.62 185.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 449.17 185.10 Td (total ) Tj ET Q q 0 0 0 rg BT 469.39 185.10 Td (return ) Tj ET Q q 0 0 0 rg BT 495.70 185.10 Td (was ) Tj ET Q q 0 0 0 rg BT 513.69 185.10 Td (9.3% ) Tj ET Q q 0 0 0 rg BT 536.96 185.10 Td (versus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (0.9% ) Tj ET Q q 0 0 0 rg BT 72.54 173.10 Td (for ) Tj ET Q q 0 0 0 rg BT 86.41 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.84 173.10 Td (Russell ) Tj ET Q q 0 0 0 rg BT 132.50 173.10 Td (Microcap ) Tj ET Q q 0 0 0 rg BT 173.03 173.10 Td (Index. ) Tj ET Q q 0 0 0 rg BT 200.51 173.10 Td (For ) Tj ET Q q 0 0 0 rg BT 216.61 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.04 173.10 Td (first ) Tj ET Q q 0 0 0 rg BT 249.36 173.10 Td (half ) Tj ET Q q 0 0 0 rg BT 267.12 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.66 173.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 299.88 173.10 Td (our ) Tj ET Q q 0 0 0 rg BT 315.42 173.10 Td (public ) Tj ET Q q 0 0 0 rg BT 342.63 173.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 379.83 173.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 403.16 173.10 Td (total ) Tj ET Q q 0 0 0 rg BT 423.14 173.10 Td (return ) Tj ET Q q 0 0 0 rg BT 449.23 173.10 Td (was ) Tj ET Q q 0 0 0 rg BT 467.00 173.10 Td (23.9% ) Tj ET Q q 0 0 0 rg BT 495.04 173.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 522.80 173.10 Td (14.1% ) Tj ET Q q 0 0 0 rg BT 550.84 173.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.96 161.10 Td (Russell ) Tj ET Q q 0 0 0 rg BT 95.64 161.10 Td (Microcap ) Tj ET Q q 0 0 0 rg BT 136.20 161.10 Td (Index. ) Tj ET Q q 0 0 0 rg BT 163.70 161.10 Td (Let) Tj ET Q q 0 0 0 rg BT 179.81 161.10 Td (s ) Tj ET Q q 0 0 0 rg BT 185.94 161.10 Td (take ) Tj ET Q q 0 0 0 rg BT 204.83 161.10 Td (it ) Tj ET Q q 0 0 0 rg BT 212.63 161.10 Td (one ) Tj ET Q q 0 0 0 rg BT 229.30 161.10 Td (step ) Tj ET Q q 0 0 0 rg BT 247.65 161.10 Td (further) Tj ET Q q 0 0 0 rg BT 274.31 161.10 Td (. ) Tj ET Q q 0 0 0 rg BT 279.05 161.10 Td (Over ) Tj ET Q q 0 0 0 rg BT 301.27 161.10 Td (our ) Tj ET Q q 0 0 0 rg BT 316.84 161.10 Td (first ) Tj ET Q q 0 0 0 rg BT 335.19 161.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 347.43 161.10 Td (quarters, ) Tj ET Q q 0 0 0 rg BT 384.38 161.10 Td (our ) Tj ET Q q 0 0 0 rg BT 399.94 161.10 Td (public ) Tj ET Q q 0 0 0 rg BT 427.18 161.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 464.41 161.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 487.76 161.10 Td (return ) Tj ET Q q 0 0 0 rg BT 513.88 161.10 Td (was ) Tj ET Q q 0 0 0 rg BT 531.67 161.10 Td (124.9% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 77.16 149.10 Td (12.4% ) Tj ET Q q 0 0 0 rg BT 105.09 149.10 Td (for ) Tj ET Q q 0 0 0 rg BT 118.85 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.17 149.10 Td (Russell ) Tj ET Q q 0 0 0 rg BT 164.72 149.10 Td (Microcap ) Tj ET Q q 0 0 0 rg BT 205.14 149.10 Td (Index. ) Tj ET Q q 0 0 0 rg BT 232.52 149.10 Td (I ) Tj ET Q q 0 0 0 rg BT 237.95 149.10 Td (am ) Tj ET Q q 0 0 0 rg BT 252.27 149.10 Td (confident ) Tj ET Q q 0 0 0 rg BT 292.14 149.10 Td (in ) Tj ET Q q 0 0 0 rg BT 302.02 149.10 Td (our ) Tj ET Q q 0 0 0 rg BT 317.45 149.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 345.11 149.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.99 149.10 Td (navigate ) Tj ET Q q 0 0 0 rg BT 390.96 149.10 Td (through ) Tj ET Q q 0 0 0 rg BT 424.18 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.50 149.10 Td (often-choppy ) Tj ET Q q 0 0 0 rg BT 493.92 149.10 Td (waters ) Tj ET Q q 0 0 0 rg BT 522.12 149.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.66 149.10 Td (create ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (value ) Tj ET Q q 0 0 0 rg BT 73.73 137.10 Td (for ) Tj ET Q q 0 0 0 rg BT 87.96 137.10 Td (our ) Tj ET Q q 0 0 0 rg BT 103.87 137.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 156.98 137.10 Td (with ) Tj ET Q q 0 0 0 rg BT 177.33 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.13 137.10 Td (overriding ) Tj ET Q q 0 0 0 rg BT 236.36 137.10 Td (notion ) Tj ET Q q 0 0 0 rg BT 264.49 137.10 Td (that ) Tj ET Q q 0 0 0 rg BT 282.06 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.85 137.10 Td (market ) Tj ET Q q 0 0 0 rg BT 327.19 137.10 Td (is ) Tj ET Q q 0 0 0 rg BT 336.43 137.10 Td (extremely ) Tj ET Q q 0 0 0 rg BT 378.99 137.10 Td (inef) Tj ET Q q 0 0 0 rg BT 394.35 137.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 422.47 137.10 Td (for ) Tj ET Q q 0 0 0 rg BT 436.70 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.50 137.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 496.83 137.10 Td (we ) Tj ET Q q 0 0 0 rg BT 511.07 137.10 Td (are ) Tj ET Q q 0 0 0 rg BT 525.85 137.10 Td (investing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (in. ) Tj ET Q q 0 0 0 rg BT 62.40 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 65.03 125.10 Td (For ) Tj ET Q q 0 0 0 rg BT 81.54 125.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 95.56 125.10 Td (this ) Tj ET Q q 0 0 0 rg BT 112.63 125.10 Td (inef) Tj ET Q q 0 0 0 rg BT 127.99 125.10 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 162.82 125.10 Td (leads ) Tj ET Q q 0 0 0 rg BT 185.99 125.10 Td (to ) Tj ET Q q 0 0 0 rg BT 196.39 125.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 236.77 125.10 Td (opportunities. ) Tj ET Q q 0 0 0 rg BT 294.67 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.29 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 299.72 125.10 Td (While ) Tj ET Q q 0 0 0 rg BT 326.78 125.10 Td (I ) Tj ET Q q 0 0 0 rg BT 332.73 125.10 Td (must ) Tj ET Q q 0 0 0 rg BT 354.81 125.10 Td (alert ) Tj ET Q q 0 0 0 rg BT 375.19 125.10 Td (you ) Tj ET Q q 0 0 0 rg BT 392.82 125.10 Td (that ) Tj ET Q q 0 0 0 rg BT 410.44 125.10 Td (things ) Tj ET Q q 0 0 0 rg BT 437.51 125.10 Td (can ) Tj ET Q q 0 0 0 rg BT 454.01 125.10 Td (change, ) Tj ET Q q 0 0 0 rg BT 487.45 125.10 Td (our ) Tj ET Q q 0 0 0 rg BT 503.40 125.10 Td (third ) Tj ET Q q 0 0 0 rg BT 524.91 125.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 555.85 125.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 113.10 Td (f ) Tj ET Q q 0 0 0 rg BT 63.84 113.10 Td (to ) Tj ET Q q 0 0 0 rg BT 74.47 113.10 Td (an ) Tj ET Q q 0 0 0 rg BT 86.77 113.10 Td (incredible ) Tj ET Q q 0 0 0 rg BT 129.60 113.10 Td (start ) Tj ET Q q 0 0 0 rg BT 149.68 113.10 Td (due ) Tj ET Q q 0 0 0 rg BT 166.97 113.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.61 113.10 Td (our ) Tj ET Q q 0 0 0 rg BT 193.79 113.10 Td (new ) Tj ET Q q 0 0 0 rg BT 213.31 113.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 263.94 113.10 Td (in ) Tj ET Q q 0 0 0 rg BT 274.57 113.10 Td (MVEN ) Tj ET Q q 0 0 0 rg BT 306.87 113.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.17 113.10 Td (QMCO. ) Tj ET Q q 0 0 0 rg BT 359.53 113.10 Td ( ) Tj ET Q q 0 0 0 rg BT 362.39 113.10 Td (If ) Tj ET Q q 0 0 0 rg BT 371.90 113.10 Td (things ) Tj ET Q q 0 0 0 rg BT 399.21 113.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 419.84 113.10 Td (our ) Tj ET Q q 0 0 0 rg BT 436.03 113.10 Td (NA) Tj ET Q q 0 0 0 rg BT 449.18 113.10 Td (V) Tj ET Q q 0 0 0 rg BT 456.22 113.10 Td ( ) Tj ET Q q 0 0 0 rg BT 459.08 113.10 Td (will ) Tj ET Q q 0 0 0 rg BT 477.49 113.10 Td (be ) Tj ET Q q 0 0 0 rg BT 489.79 113.10 Td (over ) Tj ET Q q 0 0 0 rg BT 510.41 113.10 Td ($3.00 ) Tj ET Q q 0 0 0 rg BT 535.77 113.10 Td (for ) Tj ET Q q 0 0 0 rg BT 550.29 113.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (first ) Tj ET Q q 0 0 0 rg BT 68.03 101.10 Td (time ) Tj ET Q q 0 0 0 rg BT 88.22 101.10 Td (since ) Tj ET Q q 0 0 0 rg BT 111.19 101.10 Td (June ) Tj ET Q q 0 0 0 rg BT 131.94 101.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 156.86 101.10 Td ( ) Tj ET Q q 0 0 0 rg BT 158.75 101.10 Td (And ) Tj ET Q q 0 0 0 rg BT 178.39 101.10 Td (to ) Tj ET Q q 0 0 0 rg BT 188.59 101.10 Td (show ) Tj ET Q q 0 0 0 rg BT 212.13 101.10 Td (you ) Tj ET Q q 0 0 0 rg BT 229.55 101.10 Td (how ) Tj ET Q q 0 0 0 rg BT 249.19 101.10 Td (inef) Tj ET Q q 0 0 0 rg BT 264.56 101.10 Td (ficiently ) Tj ET Q q 0 0 0 rg BT 300.30 101.10 Td (I ) Tj ET Q q 0 0 0 rg BT 306.05 101.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 337.34 101.10 Td (our ) Tj ET Q q 0 0 0 rg BT 353.09 101.10 Td (current ) Tj ET Q q 0 0 0 rg BT 383.83 101.10 Td (share ) Tj ET Q q 0 0 0 rg BT 407.35 101.10 Td (price ) Tj ET Q q 0 0 0 rg BT 429.75 101.10 Td (is, ) Tj ET Q q 0 0 0 rg BT 441.34 101.10 Td (let) Tj ET Q q 0 0 0 rg BT 454.12 101.10 Td (s ) Tj ET Q q 0 0 0 rg BT 460.43 101.10 Td (go ) Tj ET Q q 0 0 0 rg BT 472.85 101.10 Td (back ) Tj ET Q q 0 0 0 rg BT 494.15 101.10 Td (to ) Tj ET Q q 0 0 0 rg BT 504.35 101.10 Td (June ) Tj ET Q q 0 0 0 rg BT 525.10 101.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 540.02 101.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 565.02 101.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (At ) Tj ET Q q 0 0 0 rg BT 61.89 89.10 Td (that ) Tj ET Q q 0 0 0 rg BT 79.27 89.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 101.92 89.10 Td (Harris ) Tj ET Q q 0 0 0 rg BT 129.30 89.10 Td (& ) Tj ET Q q 0 0 0 rg BT 139.46 89.10 Td (Harris ) Tj ET Q q 0 0 0 rg BT 166.84 89.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 194.78 89.10 Td (had ) Tj ET Q q 0 0 0 rg BT 211.60 89.10 Td (a ) Tj ET Q q 0 0 0 rg BT 218.42 89.10 Td (NA) Tj ET Q q 0 0 0 rg BT 231.58 89.10 Td (V) Tj ET Q q 0 0 0 rg BT 238.62 89.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.00 89.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.72 89.10 Td ($3.34 ) Tj ET Q q 0 0 0 rg BT 276.60 89.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.43 89.10 Td (a ) Tj ET Q q 0 0 0 rg BT 300.25 89.10 Td (share ) Tj ET Q q 0 0 0 rg BT 323.74 89.10 Td (price ) Tj ET Q q 0 0 0 rg BT 346.11 89.10 Td (of ) Tj ET Q q 0 0 0 rg BT 356.82 89.10 Td ($2.75. ) Tj ET Q q 0 0 0 rg BT 384.03 89.10 Td (The ) Tj ET Q q 0 0 0 rg BT 401.97 89.10 Td (company ) Tj ET Q q 0 0 0 rg BT 441.01 89.10 Td (had ) Tj ET Q q 0 0 0 rg BT 457.83 89.10 Td (150% ) Tj ET Q q 0 0 0 rg BT 483.55 89.10 Td (more ) Tj ET Q q 0 0 0 rg BT 506.48 89.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.19 89.10 Td (its ) Tj ET Q q 0 0 0 rg BT 529.03 89.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 554.74 89.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (private ) Tj ET Q q 0 0 0 rg BT 79.70 77.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 124.90 77.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 152.89 77.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 173.09 77.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.97 77.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 215.74 77.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 255.94 77.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.82 77.10 Td (its ) Tj ET Q q 0 0 0 rg BT 284.70 77.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 323.23 77.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 361.77 77.10 Td (were ) Tj ET Q q 0 0 0 rg BT 383.63 77.10 Td (120% ) Tj ET Q q 0 0 0 rg BT 409.40 77.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 437.38 77.10 Td (than ) Tj ET Q q 0 0 0 rg BT 457.03 77.10 Td (our ) Tj ET Q q 0 0 0 rg BT 472.80 77.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 511.34 77.10 Td (today) Tj ET Q q 0 0 0 rg BT 532.90 77.10 Td (. ) Tj ET Q q 0 0 0 rg BT 537.66 77.10 Td (T) Tj ET Q q 0 0 0 rg BT 543.07 77.10 Td (oday ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.89 65.10 Td (have ) Tj ET Q q 0 0 0 rg BT 85.49 65.10 Td (a ) Tj ET Q q 0 0 0 rg BT 92.65 65.10 Td (nearly ) Tj ET Q q 0 0 0 rg BT 120.37 65.10 Td (50/50 ) Tj ET Q q 0 0 0 rg BT 145.87 65.10 Td (split ) Tj ET Q q 0 0 0 rg BT 165.82 65.10 Td (between ) Tj ET Q q 0 0 0 rg BT 201.86 65.10 Td (public ) Tj ET Q q 0 0 0 rg BT 229.58 65.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 267.31 65.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 312.80 65.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.96 65.10 Td (private ) Tj ET Q q 0 0 0 rg BT 360.45 65.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 398.17 65.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 446.16 65.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.33 65.10 Td (a ) Tj ET Q q 0 0 0 rg BT 470.49 65.10 Td (track ) Tj ET Q q 0 0 0 rg BT 493.20 65.10 Td (record ) Tj ET Q q 0 0 0 rg BT 521.46 65.10 Td (of ) Tj ET Q q 0 0 0 rg BT 532.52 65.10 Td (success ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.03 53.10 Td (our ) Tj ET Q q 0 0 0 rg BT 76.12 53.10 Td (new ) Tj ET Q q 0 0 0 rg BT 95.53 53.10 Td (world ) Tj ET Q q 0 0 0 rg BT 121.62 53.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.71 53.10 Td (micro-cap ) Tj ET Q q 0 0 0 rg BT 175.99 53.10 Td (constructive ) Tj ET Q q 0 0 0 rg BT 227.62 53.10 Td (activism. ) Tj ET Q q 0 0 0 rg BT 266.76 53.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.31 53.10 Td (Those ) Tj ET Q q 0 0 0 rg BT 296.51 53.10 Td (that ) Tj ET Q q 0 0 0 rg BT 314.26 53.10 Td (know ) Tj ET Q q 0 0 0 rg BT 339.24 53.10 Td (me, ) Tj ET Q q 0 0 0 rg BT 356.71 53.10 Td (know ) Tj ET Q q 0 0 0 rg BT 381.68 53.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.66 53.10 Td (last ) Tj ET Q q 0 0 0 rg BT 413.30 53.10 Td (thing ) Tj ET Q q 0 0 0 rg BT 436.61 53.10 Td (I ) Tj ET Q q 0 0 0 rg BT 442.70 53.10 Td (have ) Tj ET Q q 0 0 0 rg BT 464.33 53.10 Td (ever ) Tj ET Q q 0 0 0 rg BT 484.29 53.10 Td (wanted ) Tj ET Q q 0 0 0 rg BT 515.92 53.10 Td (to ) Tj ET Q q 0 0 0 rg BT 526.46 53.10 Td (do ) Tj ET Q q 0 0 0 rg BT 539.21 53.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.75 53.10 Td (my ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 41.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 62.64 41.10 Td (years ) Tj ET Q q 0 0 0 rg BT 86.88 41.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.35 41.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 140.92 41.10 Td (money ) Tj ET Q q 0 0 0 rg BT 171.28 41.10 Td (is ) Tj ET Q q 0 0 0 rg BT 181.09 41.10 Td (point ) Tj ET Q q 0 0 0 rg BT 204.78 41.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.70 41.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.06 41.10 Td (scoreboard. ) Tj ET Q q 0 0 0 rg BT 280.56 41.10 Td (But ) Tj ET Q q 0 0 0 rg BT 298.15 41.10 Td (I ) Tj ET Q q 0 0 0 rg BT 304.62 41.10 Td (have ) Tj ET Q q 0 0 0 rg BT 326.64 41.10 Td (a ) Tj ET Q q 0 0 0 rg BT 334.22 41.10 Td (dif) Tj ET Q q 0 0 0 rg BT 345.14 41.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 371.60 41.10 Td (job ) Tj ET Q q 0 0 0 rg BT 387.52 41.10 Td (today ) Tj ET Q q 0 0 0 rg BT 412.87 41.10 Td (from ) Tj ET Q q 0 0 0 rg BT 435.45 41.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.81 41.10 Td (one, ) Tj ET Q q 0 0 0 rg BT 470.89 41.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.36 41.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 524.93 41.10 Td (money ) Tj ET Q q 0 0 0 rg BT 555.29 41.10 Td (at ) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (BlackRock. ) Tj ET Q q 0 0 0 rg BT 98.88 749.10 Td (While ) Tj ET Q q 0 0 0 rg BT 125.95 749.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.81 749.10 Td (job ) Tj ET Q q 0 0 0 rg BT 156.23 749.10 Td (is ) Tj ET Q q 0 0 0 rg BT 165.54 749.10 Td (still ) Tj ET Q q 0 0 0 rg BT 183.18 749.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 206.93 749.10 Td (picking, ) Tj ET Q q 0 0 0 rg BT 242.06 749.10 Td (I ) Tj ET Q q 0 0 0 rg BT 248.03 749.10 Td (have ) Tj ET Q q 0 0 0 rg BT 269.55 749.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.40 749.10 Td (added ) Tj ET Q q 0 0 0 rg BT 310.92 749.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.00 749.10 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 363.41 749.10 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 420.49 749.10 Td (to ) Tj ET Q q 0 0 0 rg BT 430.91 749.10 Td (create ) Tj ET Q q 0 0 0 rg BT 457.41 749.10 Td (value ) Tj ET Q q 0 0 0 rg BT 481.70 749.10 Td (for ) Tj ET Q q 0 0 0 rg BT 496.00 749.10 Td (our ) Tj ET Q q 0 0 0 rg BT 511.97 749.10 Td (shareholders ) Tj ET Q BT 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