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0 0 0 rg BT 340.41 545.10 Td (20% ) Tj ET Q q 0 0 0 rg BT 360.82 545.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 384.00 545.10 Td (total ) Tj ET Q q 0 0 0 rg BT 403.85 545.10 Td (return ) Tj ET Q q 0 0 0 rg BT 429.80 545.10 Td (in ) Tj ET Q q 0 0 0 rg BT 439.65 545.10 Td (our ) Tj ET Q q 0 0 0 rg BT 455.05 545.10 Td (public ) Tj ET Q q 0 0 0 rg BT 482.12 545.10 Td (holdings ) Tj ET Q q 0 0 0 rg BT 518.64 545.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.15 545.10 Td (a ) Tj ET Q q 0 0 0 rg BT 541.66 545.10 Td (1.5% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 68.71 533.10 Td (in ) Tj ET Q q 0 0 0 rg BT 78.49 533.10 Td (our ) Tj ET Q q 0 0 0 rg BT 93.81 533.10 Td (NA) Tj ET Q q 0 0 0 rg BT 106.97 533.10 Td (V) Tj ET Q q 0 0 0 rg BT 112.90 533.10 Td (. ) Tj ET Q q 0 0 0 rg BT 117.40 533.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.39 533.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.39 533.10 Td (In ) Tj ET Q q 0 0 0 rg BT 131.71 533.10 Td (some ) Tj ET Q q 0 0 0 rg BT 154.82 533.10 Td (ways, ) Tj ET Q q 0 0 0 rg BT 179.87 533.10 Td (I ) Tj ET Q q 0 0 0 rg BT 185.19 533.10 Td (may ) Tj ET Q q 0 0 0 rg BT 204.41 533.10 Td (be ) Tj ET Q q 0 0 0 rg BT 215.84 533.10 Td (more ) Tj ET Q q 0 0 0 rg BT 238.38 533.10 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 273.71 533.10 Td (with ) Tj ET Q q 0 0 0 rg BT 293.48 533.10 Td (our ) Tj ET Q q 0 0 0 rg BT 308.81 533.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 330.80 533.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 383.32 533.10 Td (than ) Tj ET Q q 0 0 0 rg BT 402.53 533.10 Td (I ) Tj ET Q q 0 0 0 rg BT 407.86 533.10 Td (was ) Tj ET Q q 0 0 0 rg BT 425.41 533.10 Td (in ) Tj ET Q q 0 0 0 rg BT 435.18 533.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 459.68 533.10 Td ( ) Tj ET Q q 0 0 0 rg BT 461.67 533.10 Td (Now ) Tj ET Q q 0 0 0 rg BT 483.11 533.10 Td (don) Tj ET Q q 0 0 0 rg BT 501.26 533.10 Td (t ) Tj ET Q q 0 0 0 rg BT 506.04 533.10 Td (get ) Tj ET Q q 0 0 0 rg BT 520.25 533.10 Td (me ) Tj ET Q q 0 0 0 rg BT 534.46 533.10 Td (wrong, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (there ) Tj ET Q q 0 0 0 rg BT 72.67 521.10 Td (were ) Tj ET Q q 0 0 0 rg BT 95.28 521.10 Td (plenty ) Tj ET Q q 0 0 0 rg BT 123.46 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.97 521.10 Td (lessons ) Tj ET Q q 0 0 0 rg BT 167.05 521.10 Td (to ) Tj ET Q q 0 0 0 rg BT 178.01 521.10 Td (have ) Tj ET Q q 0 0 0 rg BT 200.07 521.10 Td (been ) Tj ET Q q 0 0 0 rg BT 222.13 521.10 Td (learned ) Tj ET Q q 0 0 0 rg BT 254.74 521.10 Td (from ) Tj ET Q q 0 0 0 rg BT 277.36 521.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 303.04 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.67 521.10 Td (we ) Tj ET Q q 0 0 0 rg BT 335.51 521.10 Td (gave ) Tj ET Q q 0 0 0 rg BT 357.57 521.10 Td (back ) Tj ET Q q 0 0 0 rg BT 379.63 521.10 Td (nearly ) Tj ET Q q 0 0 0 rg BT 407.80 521.10 Td (600 ) Tj ET Q q 0 0 0 rg BT 425.98 521.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 449.17 521.10 Td (points ) Tj ET Q q 0 0 0 rg BT 476.80 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.31 521.10 Td (NA) Tj ET Q q 0 0 0 rg BT 501.47 521.10 Td (V) Tj ET Q q 0 0 0 rg BT 508.51 521.10 Td ( ) Tj ET Q q 0 0 0 rg BT 511.69 521.10 Td (in ) Tj ET Q q 0 0 0 rg BT 522.65 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.05 521.10 Td (fourth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.26 509.10 Td (. ) Tj ET Q q 0 0 0 rg BT 82.10 509.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.43 509.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 116.75 509.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 134.07 509.10 Td (fears, ) Tj ET Q q 0 0 0 rg BT 158.33 509.10 Td (global ) Tj ET Q q 0 0 0 rg BT 185.66 509.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 207.97 509.10 Td (tensions ) Tj ET Q q 0 0 0 rg BT 243.09 509.10 Td (between ) Tj ET Q q 0 0 0 rg BT 278.73 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.28 509.10 Td (United ) Tj ET Q q 0 0 0 rg BT 322.83 509.10 Td (States ) Tj ET Q q 0 0 0 rg BT 349.05 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.83 509.10 Td (China, ) Tj ET Q q 0 0 0 rg BT 394.54 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.32 509.10 Td (slowing ) Tj ET Q q 0 0 0 rg BT 445.32 509.10 Td (global ) Tj ET Q q 0 0 0 rg BT 472.65 509.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 503.31 509.10 Td (led ) Tj ET Q q 0 0 0 rg BT 517.86 509.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.97 509.10 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 (sell-of) Tj ET Q q 0 0 0 rg BT 74.87 497.10 Td (f ) Tj ET Q q 0 0 0 rg BT 81.03 497.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.64 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.68 497.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 133.95 497.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 161.72 497.10 Td (. ) Tj ET Q q 0 0 0 rg BT 166.84 497.10 Td (The ) Tj ET Q q 0 0 0 rg BT 185.22 497.10 Td (S&P) Tj ET Q q 0 0 0 rg BT 203.75 497.10 Td ( ) Tj ET Q q 0 0 0 rg BT 206.58 497.10 Td (500 ) Tj ET Q q 0 0 0 rg BT 224.41 497.10 Td (was ) Tj ET Q q 0 0 0 rg BT 242.80 497.10 Td (down ) Tj ET Q q 0 0 0 rg BT 267.85 497.10 Td (13.5% ) Tj ET Q q 0 0 0 rg BT 296.51 497.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.12 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.17 497.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 353.31 497.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.58 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.63 497.10 Td (Russell ) Tj ET Q q 0 0 0 rg BT 417.91 497.10 Td (Microcap ) Tj ET Q q 0 0 0 rg BT 459.06 497.10 Td (Index ) Tj ET Q q 0 0 0 rg BT 484.66 497.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 521.36 497.10 Td (by ) Tj ET Q q 0 0 0 rg BT 534.19 497.10 Td (22.2%. ) Tj ET Q q 0 0 0 rg BT 565.02 497.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.90 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.63 485.10 Td (first ) Tj ET Q q 0 0 0 rg BT 99.25 485.10 Td (time ) Tj ET Q q 0 0 0 rg BT 119.53 485.10 Td (ever) Tj ET Q q 0 0 0 rg BT 136.34 485.10 Td (, ) Tj ET Q q 0 0 0 rg BT 141.35 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.07 485.10 Td (S&P) Tj ET Q q 0 0 0 rg BT 174.60 485.10 Td ( ) Tj ET Q q 0 0 0 rg BT 177.11 485.10 Td (500 ) Tj ET Q q 0 0 0 rg BT 194.62 485.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 221.01 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.74 485.10 Td (year ) Tj ET Q q 0 0 0 rg BT 255.45 485.10 Td (with ) Tj ET Q q 0 0 0 rg BT 275.74 485.10 Td (a ) Tj ET Q q 0 0 0 rg BT 282.69 485.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 300.76 485.10 Td (after ) Tj ET Q q 0 0 0 rg BT 321.58 485.10 Td (being ) Tj ET Q q 0 0 0 rg BT 346.31 485.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 380.49 485.10 Td (for ) Tj ET Q q 0 0 0 rg BT 394.66 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.38 485.10 Td (first ) Tj ET Q q 0 0 0 rg BT 428.00 485.10 Td (three ) Tj ET Q q 0 0 0 rg BT 450.50 485.10 Td (quarters. ) Tj ET Q q 0 0 0 rg BT 487.53 485.10 Td (The ) Tj ET Q q 0 0 0 rg BT 505.59 485.10 Td (December ) Tj ET Q q 0 0 0 rg BT 549.18 485.10 Td (9% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 80.82 473.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.04 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.70 473.10 Td (S&P) Tj ET Q q 0 0 0 rg BT 124.23 473.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.67 473.10 Td (500 ) Tj ET Q q 0 0 0 rg BT 144.12 473.10 Td (was ) Tj ET Q q 0 0 0 rg BT 162.11 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.77 473.10 Td (second ) Tj ET Q q 0 0 0 rg BT 206.99 473.10 Td (worst ) Tj ET Q q 0 0 0 rg BT 231.65 473.10 Td (December ) Tj ET Q q 0 0 0 rg BT 275.18 473.10 Td (ever ) Tj ET Q q 0 0 0 rg BT 294.83 473.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.71 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.37 473.10 Td (worst ) Tj ET Q q 0 0 0 rg BT 351.04 473.10 Td (since ) Tj ET Q q 0 0 0 rg BT 374.03 473.10 Td (1931, ) Tj ET Q q 0 0 0 rg BT 398.97 473.10 Td (during ) Tj ET Q q 0 0 0 rg BT 427.52 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.19 473.10 Td (Great ) Tj ET Q q 0 0 0 rg BT 466.84 473.10 Td (Depression. ) Tj ET Q q 0 0 0 rg BT 516.77 473.10 Td ( ) Tj ET Q q 0 0 0 rg BT 518.67 473.10 Td (As ) Tj ET Q q 0 0 0 rg BT 532.23 473.10 Td (always, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 78.08 461.10 Td (begets ) Tj ET Q q 0 0 0 rg BT 105.53 461.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 134.11 461.10 Td (begets ) Tj ET Q q 0 0 0 rg BT 161.57 461.10 Td (selling. ) Tj ET Q q 0 0 0 rg BT 192.64 461.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.55 461.10 Td (In ) Tj ET Q q 0 0 0 rg BT 204.79 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.92 461.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 245.27 461.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 273.19 461.10 Td (, ) Tj ET Q q 0 0 0 rg BT 277.60 461.10 Td (according ) Tj ET Q q 0 0 0 rg BT 318.93 461.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.62 461.10 Td (HFR ) Tj ET Q q 0 0 0 rg BT 349.98 461.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 379.11 461.10 Td (Hedge ) Tj ET Q q 0 0 0 rg BT 407.12 461.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 429.59 461.10 Td (Report, ) Tj ET Q q 0 0 0 rg BT 461.22 461.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 499.24 461.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 540.01 461.10 Td ($22.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 79.41 449.10 Td (from ) Tj ET Q q 0 0 0 rg BT 102.64 449.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 130.31 449.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 158.82 449.10 Td (while ) Tj ET Q q 0 0 0 rg BT 184.83 449.10 Td (Lipper ) Tj ET Q q 0 0 0 rg BT 215.28 449.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 252.39 449.10 Td ($57 ) Tj ET Q q 0 0 0 rg BT 271.19 449.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 301.09 449.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.66 449.10 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 365.89 449.10 Td (from ) Tj ET Q q 0 0 0 rg BT 389.12 449.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 417.91 449.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 446.43 449.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.95 449.10 Td (These ) Tj ET Q q 0 0 0 rg BT 477.62 449.10 Td (massive ) Tj ET Q q 0 0 0 rg BT 513.63 449.10 Td (withdrawals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (exacerbated ) Tj ET Q q 0 0 0 rg BT 99.99 437.10 Td (an ) Tj ET Q q 0 0 0 rg BT 112.19 437.10 Td (already ) Tj ET Q q 0 0 0 rg BT 144.36 437.10 Td (weakened ) Tj ET Q q 0 0 0 rg BT 187.09 437.10 Td (market. ) Tj ET Q q 0 0 0 rg BT 220.11 437.10 Td (In ) Tj ET Q q 0 0 0 rg BT 231.19 437.10 Td (fact, ) Tj ET Q q 0 0 0 rg BT 251.43 437.10 Td (despite ) Tj ET Q q 0 0 0 rg BT 282.51 437.10 Td (legitimate ) Tj ET Q q 0 0 0 rg BT 325.25 437.10 Td (macro ) Tj ET Q q 0 0 0 rg BT 352.99 437.10 Td (concerns, ) Tj ET Q q 0 0 0 rg BT 393.78 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.75 437.10 Td (biggest ) Tj ET Q q 0 0 0 rg BT 440.39 437.10 Td (surprise ) Tj ET Q q 0 0 0 rg BT 474.81 437.10 Td (to ) Tj ET Q q 0 0 0 rg BT 485.34 437.10 Td (market ) Tj ET Q q 0 0 0 rg BT 515.86 437.10 Td (participants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (was ) Tj ET Q q 0 0 0 rg BT 67.55 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.27 425.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 110.88 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 127.82 425.10 Td (suddenness ) Tj ET Q q 0 0 0 rg BT 175.87 425.10 Td (in ) Tj ET Q q 0 0 0 rg BT 186.15 425.10 Td (what ) Tj ET Q q 0 0 0 rg BT 208.09 425.10 Td (is ) Tj ET Q q 0 0 0 rg BT 217.26 425.10 Td (usually ) Tj ET Q q 0 0 0 rg BT 248.65 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.36 425.10 Td (strongest ) Tj ET Q q 0 0 0 rg BT 301.97 425.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 332.79 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.62 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.33 425.10 Td (year) Tj ET Q q 0 0 0 rg BT 374.99 425.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 401.10 Td (o ) Tj ET Q q 0 0 0 rg BT 62.09 401.10 Td (be ) Tj ET Q q 0 0 0 rg BT 73.71 401.10 Td (clear) Tj ET Q q 0 0 0 rg BT 92.73 401.10 Td (, ) Tj ET Q q 0 0 0 rg BT 97.41 401.10 Td (we ) Tj ET Q q 0 0 0 rg BT 111.25 401.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 142.30 401.10 Td (there ) Tj ET Q q 0 0 0 rg BT 164.46 401.10 Td (are ) Tj ET Q q 0 0 0 rg BT 178.85 401.10 Td (real ) Tj ET Q q 0 0 0 rg BT 196.02 401.10 Td (concerns ) Tj ET Q q 0 0 0 rg BT 233.73 401.10 Td (to ) Tj ET Q q 0 0 0 rg BT 243.69 401.10 Td (be ) Tj ET Q q 0 0 0 rg BT 255.31 401.10 Td (mindful ) Tj ET Q q 0 0 0 rg BT 289.15 401.10 Td (of; ) Tj ET Q q 0 0 0 rg BT 302.44 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.83 401.10 Td (most ) Tj ET Q q 0 0 0 rg BT 338.46 401.10 Td (worrisome ) Tj ET Q q 0 0 0 rg BT 383.41 401.10 Td (for ) Tj ET Q q 0 0 0 rg BT 397.25 401.10 Td (us ) Tj ET Q q 0 0 0 rg BT 408.32 401.10 Td (being ) Tj ET Q q 0 0 0 rg BT 432.72 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.11 401.10 Td (dislocation ) Tj ET Q q 0 0 0 rg BT 493.17 401.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.68 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.08 401.10 Td (technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 78.65 389.10 Td (chain ) Tj ET Q q 0 0 0 rg BT 102.79 389.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 140.27 389.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 179.97 389.10 Td (from ) Tj ET Q q 0 0 0 rg BT 201.89 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.59 389.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 258.51 389.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 280.98 389.10 Td (war ) Tj ET Q q 0 0 0 rg BT 298.46 389.10 Td (with ) Tj ET Q q 0 0 0 rg BT 318.72 389.10 Td (China. ) Tj ET Q q 0 0 0 rg BT 347.59 389.10 Td (But ) Tj ET Q q 0 0 0 rg BT 364.52 389.10 Td (we ) Tj ET Q q 0 0 0 rg BT 378.67 389.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 410.02 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.72 389.10 Td (market ) Tj ET Q q 0 0 0 rg BT 454.97 389.10 Td (overshot ) Tj ET Q q 0 0 0 rg BT 491.90 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.60 389.10 Td (concerns. ) Tj ET Q q 0 0 0 rg BT 547.12 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 549.42 389.10 Td (W) Tj ET Q q 0 0 0 rg BT 558.06 389.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (used ) Tj ET Q q 0 0 0 rg BT 69.72 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 83.83 377.10 Td (20% ) Tj ET Q q 0 0 0 rg BT 104.06 377.10 Td (correction ) Tj ET Q q 0 0 0 rg BT 146.48 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.82 377.10 Td (market ) Tj ET Q q 0 0 0 rg BT 192.47 377.10 Td (dislocation ) Tj ET Q q 0 0 0 rg BT 238.25 377.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.92 377.10 Td (add ) Tj ET Q q 0 0 0 rg BT 264.25 377.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.92 377.10 Td (both ) Tj ET Q q 0 0 0 rg BT 293.60 377.10 Td (current ) Tj ET Q q 0 0 0 rg BT 323.80 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.14 377.10 Td (new ) Tj ET Q q 0 0 0 rg BT 358.69 377.10 Td (names, ) Tj ET Q q 0 0 0 rg BT 388.63 377.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 427.19 377.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 486.84 377.10 Td (27% ) Tj ET Q q 0 0 0 rg BT 507.07 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.29 377.10 Td (our ) Tj ET Q q 0 0 0 rg BT 532.51 377.10 Td (starting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 69.74 365.10 Td (in ) Tj ET Q q 0 0 0 rg BT 79.99 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.68 365.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 122.44 365.10 Td (. ) Tj ET Q q 0 0 0 rg BT 127.41 365.10 Td ( ) Tj ET Q q 0 0 0 rg BT 129.34 365.10 Td (Additionally ) Tj ET Q q 0 0 0 rg BT 182.36 365.10 Td (important ) Tj ET Q q 0 0 0 rg BT 223.71 365.10 Td (for ) Tj ET Q q 0 0 0 rg BT 237.84 365.10 Td (our ) Tj ET Q q 0 0 0 rg BT 253.64 365.10 Td (success ) Tj ET Q q 0 0 0 rg BT 286.10 365.10 Td (in ) Tj ET Q q 0 0 0 rg BT 296.35 365.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 321.32 365.10 Td (is ) Tj ET Q q 0 0 0 rg BT 330.46 365.10 Td (that ) Tj ET Q q 0 0 0 rg BT 347.93 365.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.18 365.10 Td (order ) Tj ET Q q 0 0 0 rg BT 381.75 365.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.00 365.10 Td (make ) Tj ET Q q 0 0 0 rg BT 416.12 365.10 Td (money) Tj ET Q q 0 0 0 rg BT 442.69 365.10 Td (, ) Tj ET Q q 0 0 0 rg BT 447.66 365.10 Td (you ) Tj ET Q q 0 0 0 rg BT 465.13 365.10 Td (need ) Tj ET Q q 0 0 0 rg BT 486.48 365.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.73 365.10 Td (have ) Tj ET Q q 0 0 0 rg BT 518.08 365.10 Td (money) Tj ET Q q 0 0 0 rg BT 544.64 365.10 Td (. ) Tj ET Q q 0 0 0 rg BT 549.44 365.10 Td (W) Tj ET Q q 0 0 0 rg BT 558.07 365.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (started ) Tj ET Q q 0 0 0 rg BT 78.66 353.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 101.16 353.10 Td (with ) Tj ET Q q 0 0 0 rg BT 121.43 353.10 Td (more ) Tj ET Q q 0 0 0 rg BT 144.48 353.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 164.75 353.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.69 353.10 Td (public ) Tj ET Q q 0 0 0 rg BT 209.18 353.10 Td (holdings ) Tj ET Q q 0 0 0 rg BT 246.13 353.10 Td (than ) Tj ET Q q 0 0 0 rg BT 265.85 353.10 Td (we ) Tj ET Q q 0 0 0 rg BT 280.01 353.10 Td (had ) Tj ET Q q 0 0 0 rg BT 296.95 353.10 Td (starting ) Tj ET Q q 0 0 0 rg BT 329.44 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.72 353.10 Td (2018.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (NET) Tj ET Q q 0 0 0 rg BT 69.88 329.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.83 329.10 Td (ASSET) Tj ET Q q 0 0 0 rg BT 103.33 329.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.65 329.10 Td (V) Tj ET Q q 0 0 0 rg BT 111.58 329.10 Td (ALUE ) Tj ET Q q 0 0 0 rg BT 141.87 329.10 Td (PER ) Tj ET Q q 0 0 0 rg BT 164.37 329.10 Td (SHARE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.84 305.10 Td (NA) Tj ET Q q 0 0 0 rg BT 81.00 305.10 Td (V) Tj ET Q q 0 0 0 rg BT 88.04 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.83 305.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 133.03 305.10 Td (this ) Tj ET Q q 0 0 0 rg BT 150.27 305.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 181.38 305.10 Td (from ) Tj ET Q q 0 0 0 rg BT 203.61 305.10 Td ($2.81 ) Tj ET Q q 0 0 0 rg BT 228.90 305.10 Td (to ) Tj ET Q q 0 0 0 rg BT 239.47 305.10 Td ($2.64, ) Tj ET Q q 0 0 0 rg BT 267.26 305.10 Td (a ) Tj ET Q q 0 0 0 rg BT 274.49 305.10 Td (6.0% ) Tj ET Q q 0 0 0 rg BT 298.11 305.10 Td (decrease. ) Tj ET Q q 0 0 0 rg BT 337.81 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 340.40 305.10 Td (W) Tj ET Q q 0 0 0 rg BT 349.44 305.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 362.78 305.10 Td (this ) Tj ET Q q 0 0 0 rg BT 380.02 305.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 417.23 305.10 Td (in ) Tj ET Q q 0 0 0 rg BT 427.80 305.10 Td (NA) Tj ET Q q 0 0 0 rg BT 440.95 305.10 Td (V) Tj ET Q q 0 0 0 rg BT 446.88 305.10 Td (, ) Tj ET Q q 0 0 0 rg BT 452.17 305.10 Td (our ) Tj ET Q q 0 0 0 rg BT 468.29 305.10 Td (year) Tj ET Q q 0 0 0 rg BT 485.30 305.10 Td (-to-date ) Tj ET Q q 0 0 0 rg BT 519.19 305.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 554.73 305.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (NA) Tj ET Q q 0 0 0 rg BT 62.65 293.10 Td (V) Tj ET Q q 0 0 0 rg BT 69.70 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.79 293.10 Td (stands ) Tj ET Q q 0 0 0 rg BT 98.88 293.10 Td (at ) Tj ET Q q 0 0 0 rg BT 108.20 293.10 Td (1.5% ) Tj ET Q q 0 0 0 rg BT 131.12 293.10 Td (or ) Tj ET Q q 0 0 0 rg BT 141.55 293.10 Td ($0.04 ) Tj ET Q q 0 0 0 rg BT 166.14 293.10 Td (per ) Tj ET Q q 0 0 0 rg BT 181.00 293.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 206.70 293.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 224.34 293.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 247.00 293.10 Td (has ) Tj ET Q q 0 0 0 rg BT 262.42 293.10 Td (three ) Tj ET Q q 0 0 0 rg BT 284.50 293.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 322.14 293.10 Td (components ) Tj ET Q q 0 0 0 rg BT 372.56 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.43 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.75 293.10 Td (variance ) Tj ET Q q 0 0 0 rg BT 432.70 293.10 Td (in ) Tj ET Q q 0 0 0 rg BT 442.58 293.10 Td (our ) Tj ET Q q 0 0 0 rg BT 458.00 293.10 Td (NA) Tj ET Q q 0 0 0 rg BT 471.16 293.10 Td (V) Tj ET Q q 0 0 0 rg BT 477.63 293.10 Td (: ) Tj ET Q q 0 0 0 rg BT 482.51 293.10 Td (our ) Tj ET Q q 0 0 0 rg BT 497.93 293.10 Td (public ) Tj ET Q q 0 0 0 rg BT 525.02 293.10 Td (portfolio, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.94 281.10 Td (private ) Tj ET Q q 0 0 0 rg BT 96.82 281.10 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 137.42 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.97 281.10 Td (our ) Tj ET Q q 0 0 0 rg BT 171.42 281.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 213.13 281.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.24 281.10 Td (For ) Tj ET Q q 0 0 0 rg BT 233.24 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.57 281.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 276.49 281.10 Td (, ) Tj ET Q q 0 0 0 rg BT 282.10 281.10 Td (our ) Tj ET Q q 0 0 0 rg BT 298.54 281.10 Td (public ) Tj ET Q q 0 0 0 rg BT 326.65 281.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 364.75 281.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 410.63 281.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 445.39 281.10 Td (our ) Tj ET Q q 0 0 0 rg BT 461.83 281.10 Td (NA) Tj ET Q q 0 0 0 rg BT 474.98 281.10 Td (V) Tj ET Q q 0 0 0 rg BT 482.02 281.10 Td ( ) Tj ET Q q 0 0 0 rg BT 485.14 281.10 Td (by ) Tj ET Q q 0 0 0 rg BT 498.25 281.10 Td ($0.16 ) Tj ET Q q 0 0 0 rg BT 523.86 281.10 Td (while ) Tj ET Q q 0 0 0 rg BT 549.19 281.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (private ) Tj ET Q q 0 0 0 rg BT 80.70 269.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 119.12 269.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 165.32 269.10 Td (subtracted ) Tj ET Q q 0 0 0 rg BT 209.85 269.10 Td ($0.01. ) Tj ET Q q 0 0 0 rg BT 238.28 269.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 281.70 269.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 323.73 269.10 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 364.92 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.69 269.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 404.01 269.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 440.20 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 458.07 269.10 Td (net ) Tj ET Q q 0 0 0 rg BT 473.72 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.48 269.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 520.85 269.10 Td (negatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 88.30 257.10 Td (NA) Tj ET Q q 0 0 0 rg BT 101.45 257.10 Td (V) Tj ET Q q 0 0 0 rg BT 108.49 257.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.64 257.10 Td (by ) Tj ET Q q 0 0 0 rg BT 122.79 257.10 Td ($0.02. ) Tj ET Q q 0 0 0 rg BT 149.94 257.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.93 257.10 Td (W) Tj ET Q q 0 0 0 rg BT 160.57 257.10 Td (e ) Tj ET Q q 0 0 0 rg BT 167.15 257.10 Td (had ) Tj ET Q q 0 0 0 rg BT 183.74 257.10 Td (a ) Tj ET Q q 0 0 0 rg BT 190.32 257.10 Td ($0.02 ) Tj ET Q q 0 0 0 rg BT 214.97 257.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 234.33 257.10 Td (from ) Tj ET Q q 0 0 0 rg BT 255.92 257.10 Td (a ) Tj ET Q q 0 0 0 rg BT 262.51 257.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 296.30 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.78 257.10 Td (an ) Tj ET Q q 0 0 0 rg BT 318.36 257.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 349.37 257.10 Td (we ) Tj ET Q q 0 0 0 rg BT 363.18 257.10 Td (established ) Tj ET Q q 0 0 0 rg BT 409.76 257.10 Td (earlier ) Tj ET Q q 0 0 0 rg BT 437.44 257.10 Td (in ) Tj ET Q q 0 0 0 rg BT 447.37 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.73 257.10 Td (year ) Tj ET Q q 0 0 0 rg BT 481.09 257.10 Td (for ) Tj ET Q q 0 0 0 rg BT 494.89 257.10 Td (a ) Tj ET Q q 0 0 0 rg BT 501.48 257.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 538.62 257.10 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 69.21 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 78.93 245.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 103.36 245.10 Td (Remember ) Tj ET Q q 0 0 0 rg BT 149.17 245.10 Td (what ) Tj ET Q q 0 0 0 rg BT 170.54 245.10 Td (we ) Tj ET Q q 0 0 0 rg BT 184.14 245.10 Td (have ) Tj ET Q q 0 0 0 rg BT 204.95 245.10 Td (said ) Tj ET Q q 0 0 0 rg BT 222.99 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 232.71 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.86 245.10 Td (past ) Tj ET Q q 0 0 0 rg BT 264.90 245.10 Td (about ) Tj ET Q q 0 0 0 rg BT 289.05 245.10 Td (compensation; ) Tj ET Q q 0 0 0 rg BT 349.31 245.10 Td (if ) Tj ET Q q 0 0 0 rg BT 357.35 245.10 Td (our ) Tj ET Q q 0 0 0 rg BT 372.62 245.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 425.09 245.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 454.79 245.10 Td (from ) Tj ET Q q 0 0 0 rg BT 476.16 245.10 Td (achieving ) Tj ET Q q 0 0 0 rg BT 516.97 245.10 Td (meaningful ) 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 72.10 233.10 Td (growth, ) Tj ET Q q 0 0 0 rg BT 105.33 233.10 Td (our ) Tj ET Q q 0 0 0 rg BT 121.06 233.10 Td (management ) Tj ET Q q 0 0 0 rg BT 174.54 233.10 Td (team ) Tj ET Q q 0 0 0 rg BT 196.38 233.10 Td (will ) Tj ET Q q 0 0 0 rg BT 214.33 233.10 Td (share ) Tj ET Q q 0 0 0 rg BT 237.83 233.10 Td (in ) Tj ET Q q 0 0 0 rg BT 248.01 233.10 Td (that ) Tj ET Q q 0 0 0 rg BT 265.41 233.10 Td (reward, ) Tj ET Q q 0 0 0 rg BT 298.06 233.10 Td (and ) Tj ET Q q 0 0 0 rg BT 314.90 233.10 Td (if ) Tj ET Q q 0 0 0 rg BT 323.41 233.10 Td (not, ) Tj ET Q q 0 0 0 rg BT 341.09 233.10 Td (there ) Tj ET Q q 0 0 0 rg BT 363.47 233.10 Td (will ) Tj ET Q q 0 0 0 rg BT 381.43 233.10 Td (be ) Tj ET Q q 0 0 0 rg BT 393.27 233.10 Td (no ) Tj ET Q q 0 0 0 rg BT 405.67 233.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 431.96 233.10 Td (for ) Tj ET Q q 0 0 0 rg BT 446.02 233.10 Td (our ) Tj ET Q q 0 0 0 rg BT 461.75 233.10 Td (management ) Tj ET Q q 0 0 0 rg BT 515.24 233.10 Td (team. ) Tj ET Q q 0 0 0 rg BT 539.57 233.10 Td (In ) Tj ET Q q 0 0 0 rg BT 550.30 233.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 70.33 221.10 Td (two ) Tj ET Q q 0 0 0 rg BT 86.72 221.10 Td (quarters, ) Tj ET Q q 0 0 0 rg BT 122.82 221.10 Td (we ) Tj ET Q q 0 0 0 rg BT 135.88 221.10 Td (began ) Tj ET Q q 0 0 0 rg BT 161.15 221.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.32 221.10 Td (accrue ) Tj ET Q q 0 0 0 rg BT 197.80 221.10 Td (for ) Tj ET Q q 0 0 0 rg BT 210.85 221.10 Td (a ) Tj ET Q q 0 0 0 rg BT 216.68 221.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 253.06 221.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 278.35 221.10 Td (pool ) Tj ET Q q 0 0 0 rg BT 297.52 221.10 Td (based ) Tj ET Q q 0 0 0 rg BT 321.68 221.10 Td (on ) Tj ET Q q 0 0 0 rg BT 333.08 221.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 367.80 221.10 Td (metrics ) Tj ET Q q 0 0 0 rg BT 398.63 221.10 Td (assessed ) Tj ET Q q 0 0 0 rg BT 433.90 221.10 Td (by ) Tj ET Q q 0 0 0 rg BT 445.29 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.90 221.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 518.07 221.10 Td (Committee ) 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 60.14 209.10 Td (our ) Tj ET Q q 0 0 0 rg BT 75.79 209.10 Td (Board, ) Tj ET Q q 0 0 0 rg BT 105.04 209.10 Td (including ) Tj ET Q q 0 0 0 rg BT 145.13 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.66 209.10 Td (strength ) Tj ET Q q 0 0 0 rg BT 194.19 209.10 Td (in ) Tj ET Q q 0 0 0 rg BT 204.28 209.10 Td (our ) Tj ET Q q 0 0 0 rg BT 219.92 209.10 Td (NA) Tj ET Q q 0 0 0 rg BT 233.08 209.10 Td (V) Tj ET Q q 0 0 0 rg BT 240.12 209.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.43 209.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 273.07 209.10 Td (for ) Tj ET Q q 0 0 0 rg BT 287.05 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.58 209.10 Td (first ) Tj ET Q q 0 0 0 rg BT 320.00 209.10 Td (three ) Tj ET Q q 0 0 0 rg BT 342.30 209.10 Td (quarters. ) Tj ET Q q 0 0 0 rg BT 379.32 209.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.47 209.10 Td (W) Tj ET Q q 0 0 0 rg BT 390.50 209.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 403.37 209.10 Td (most ) Tj ET Q q 0 0 0 rg BT 425.14 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.78 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.31 209.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 472.62 209.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 496.04 209.10 Td (in ) Tj ET Q q 0 0 0 rg BT 506.14 209.10 Td (NA) Tj ET Q q 0 0 0 rg BT 519.29 209.10 Td (V) Tj ET Q q 0 0 0 rg BT 526.33 209.10 Td ( ) Tj ET Q q 0 0 0 rg BT 528.65 209.10 Td (reversed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.04 197.10 Td (Q4, ) Tj ET Q q 0 0 0 rg BT 75.53 197.10 Td (we ) Tj ET Q q 0 0 0 rg BT 88.95 197.10 Td (recommended, ) Tj ET Q q 0 0 0 rg BT 149.86 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.06 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.04 197.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 239.58 197.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 285.78 197.10 Td (agreed, ) Tj ET Q q 0 0 0 rg BT 316.69 197.10 Td (that ) Tj ET Q q 0 0 0 rg BT 333.45 197.10 Td (there ) Tj ET Q q 0 0 0 rg BT 355.20 197.10 Td (will ) Tj ET Q q 0 0 0 rg BT 372.52 197.10 Td (be ) Tj ET Q q 0 0 0 rg BT 383.72 197.10 Td (no ) Tj ET Q q 0 0 0 rg BT 395.49 197.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 421.14 197.10 Td (pool ) Tj ET Q q 0 0 0 rg BT 440.69 197.10 Td (for ) Tj ET Q q 0 0 0 rg BT 454.11 197.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 478.37 197.10 Td ( ) Tj ET Q q 0 0 0 rg BT 479.75 197.10 Td (As ) Tj ET Q q 0 0 0 rg BT 492.63 197.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 515.22 197.10 Td (we ) Tj ET Q q 0 0 0 rg BT 528.64 197.10 Td (reversed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 185.10 Td (accrual. ) Tj ET Q q 0 0 0 rg BT 98.08 185.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (______________________) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 49.50 154.38 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.42 150.30 Td ( ) Tj ET Q q 0 0 0 rg BT 54.40 150.30 Td (Past ) Tj ET Q q 0 0 0 rg BT 71.37 150.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 118.82 150.30 Td (is ) Tj ET Q q 0 0 0 rg BT 126.79 150.30 Td (not ) Tj ET Q q 0 0 0 rg BT 140.27 150.30 Td (an ) Tj ET Q q 0 0 0 rg BT 150.73 150.30 Td (indication ) Tj ET Q q 0 0 0 rg BT 188.70 150.30 Td (or ) Tj ET Q q 0 0 0 rg BT 198.17 150.30 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 235.12 150.30 Td (of ) Tj ET Q q 0 0 0 rg BT 244.59 150.30 Td (future ) Tj ET Q q 0 0 0 rg BT 268.05 150.30 Td (performance. ) Tj ET Q q 0 0 0 rg BT 317.74 150.30 Td ( ) Tj ET Q q 0 0 0 rg BT 319.28 150.30 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 354.26 150.30 Td (gross ) Tj ET Q q 0 0 0 rg BT 375.23 150.30 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 414.68 150.30 Td (and ) Tj ET Q q 0 0 0 rg BT 429.65 150.30 Td (realized ) Tj ET Q q 0 0 0 rg BT 460.10 150.30 Td (total ) Tj ET Q q 0 0 0 rg BT 478.07 150.30 Td (returns ) Tj ET Q q 0 0 0 rg BT 505.03 150.30 Td (compounded ) Tj ET Q q 0 0 0 rg BT 553.50 150.30 Td (on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 139.50 Td (a ) Tj ET Q q 0 0 0 rg BT 55.79 139.50 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 90.58 139.50 Td (basis. ) Tj ET Q q 0 0 0 rg BT 113.13 139.50 Td ( ) Tj ET Q q 0 0 0 rg BT 115.43 139.50 Td (180 ) Tj ET Q q 0 0 0 rg BT 131.23 139.50 Td (Degree ) Tj ET Q q 0 0 0 rg BT 159.51 139.50 Td (Capital ) Tj ET Q q 0 0 0 rg BT 187.80 139.50 Td (Corp. ) Tj ET Q q 0 0 0 rg BT 210.35 139.50 Td (is ) Tj ET Q q 0 0 0 rg BT 218.65 139.50 Td (an ) Tj ET Q q 0 0 0 rg BT 229.44 139.50 Td (internally ) Tj ET Q q 0 0 0 rg BT 266.23 139.50 Td (managed ) Tj ET Q q 0 0 0 rg BT 301.02 139.50 Td (registered ) Tj ET Q q 0 0 0 rg BT 338.80 139.50 Td (closed ) Tj ET Q q 0 0 0 rg BT 364.09 139.50 Td (end ) Tj ET Q q 0 0 0 rg BT 379.38 139.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 398.18 139.50 Td (and ) Tj ET Q q 0 0 0 rg BT 413.47 139.50 Td (does ) Tj ET Q q 0 0 0 rg BT 432.27 139.50 Td (not ) Tj ET Q q 0 0 0 rg BT 446.07 139.50 Td (have ) Tj ET Q q 0 0 0 rg BT 465.36 139.50 Td (an ) Tj ET Q q 0 0 0 rg BT 476.15 139.50 Td (external ) Tj ET Q q 0 0 0 rg BT 507.43 139.50 Td (manager ) Tj ET Q q 0 0 0 rg BT 540.71 139.50 Td (that ) Tj ET Q q 0 0 0 rg BT 556.51 139.50 Td (is ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 128.70 Td (paid ) Tj ET Q q 0 0 0 rg BT 67.72 128.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 84.93 128.70 Td (based ) Tj ET Q q 0 0 0 rg BT 108.15 128.70 Td (on ) Tj ET Q q 0 0 0 rg BT 119.87 128.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 143.59 128.70 Td (and/or ) Tj ET Q q 0 0 0 rg BT 169.31 128.70 Td (returns. ) Tj ET Q q 0 0 0 rg BT 199.27 128.70 Td ( ) Tj ET Q q 0 0 0 rg BT 202.00 128.70 Td (180 ) Tj ET Q q 0 0 0 rg BT 218.22 128.70 Td (also ) Tj ET Q q 0 0 0 rg BT 235.44 128.70 Td (has ) Tj ET Q q 0 0 0 rg BT 250.16 128.70 Td (more ) Tj ET Q q 0 0 0 rg BT 271.38 128.70 Td (than ) Tj ET Q q 0 0 0 rg BT 289.60 128.70 Td (50 ) Tj ET Q q 0 0 0 rg BT 301.32 128.70 Td (percent ) Tj ET Q q 0 0 0 rg BT 330.52 128.70 Td (of ) Tj ET Q q 0 0 0 rg BT 340.75 128.70 Td (its ) Tj ET Q q 0 0 0 rg BT 351.97 128.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 394.19 128.70 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 428.41 128.70 Td (in ) Tj ET Q q 0 0 0 rg BT 438.13 128.70 Td (legacy ) Tj ET Q q 0 0 0 rg BT 464.34 128.70 Td (privately ) Tj ET Q q 0 0 0 rg BT 499.05 128.70 Td (held ) Tj ET Q q 0 0 0 rg BT 517.27 128.70 Td (investments. ) Tj ET Q q 0 0 0 rg BT 564.77 128.70 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 117.90 Td (Please ) Tj ET Q q 0 0 0 rg BT 74.73 117.90 Td (see ) Tj ET Q q 0 0 0 rg BT 88.47 117.90 Td (its ) Tj ET Q q 0 0 0 rg BT 99.21 117.90 Td (filings ) Tj ET Q q 0 0 0 rg BT 124.46 117.90 Td (with ) Tj ET Q q 0 0 0 rg BT 142.70 117.90 Td (the ) Tj ET Q q 0 0 0 rg BT 155.94 117.90 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 176.94 117.90 Td (including ) Tj ET Q q 0 0 0 rg BT 213.17 117.90 Td (its ) Tj ET Q q 0 0 0 rg BT 223.92 117.90 Td (2018 ) Tj ET Q q 0 0 0 rg BT 243.67 117.90 Td (Annual ) Tj ET Q q 0 0 0 rg BT 272.40 117.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 299.14 117.90 Td (filed ) Tj ET Q q 0 0 0 rg BT 317.88 117.90 Td (on ) Tj ET Q q 0 0 0 rg BT 329.12 117.90 Td (Form ) Tj ET Q q 0 0 0 rg BT 350.86 117.90 Td (N-CSR ) Tj ET Q q 0 0 0 rg BT 379.61 117.90 Td (for ) Tj ET Q q 0 0 0 rg BT 392.35 117.90 Td (information ) Tj ET Q q 0 0 0 rg BT 437.08 117.90 Td (on ) Tj ET Q q 0 0 0 rg BT 448.32 117.90 Td (its ) Tj ET Q q 0 0 0 rg BT 459.07 117.90 Td (expenses ) Tj ET Q q 0 0 0 rg BT 493.80 117.90 Td (and ) Tj ET Q q 0 0 0 rg BT 509.04 117.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 540.27 117.90 Td (ratios.) Tj ET Q 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 (Nearly ) Tj ET Q q 0 0 0 rg BT 79.32 725.10 Td (two ) Tj ET Q q 0 0 0 rg BT 96.93 725.10 Td (year ) Tj ET Q q 0 0 0 rg BT 116.76 725.10 Td (ago, ) Tj ET Q q 0 0 0 rg BT 136.31 725.10 Td (we ) Tj ET Q q 0 0 0 rg BT 150.58 725.10 Td (embarked ) Tj ET Q q 0 0 0 rg BT 192.62 725.10 Td (on ) Tj ET Q q 0 0 0 rg BT 205.23 725.10 Td (a ) Tj ET Q q 0 0 0 rg BT 212.29 725.10 Td (new ) Tj ET Q q 0 0 0 rg BT 231.56 725.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 265.83 725.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.22 725.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 302.72 725.10 Td (in ) Tj ET Q q 0 0 0 rg BT 313.11 725.10 Td (small ) Tj ET Q q 0 0 0 rg BT 337.39 725.10 Td (public ) Tj ET Q q 0 0 0 rg BT 365.00 725.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 412.88 725.10 Td (Over ) Tj ET Q q 0 0 0 rg BT 435.48 725.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.31 725.10 Td (course ) Tj ET Q q 0 0 0 rg BT 479.02 725.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.97 725.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.80 725.10 Td (last ) Tj ET Q q 0 0 0 rg BT 521.30 725.10 Td (two ) Tj ET Q q 0 0 0 rg BT 538.91 725.10 Td (years, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.92 713.10 Td (have ) Tj ET Q q 0 0 0 rg BT 85.56 713.10 Td (added ) Tj ET Q q 0 0 0 rg BT 112.19 713.10 Td ($0.45 ) Tj ET Q q 0 0 0 rg BT 137.46 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.55 713.10 Td (NA) Tj ET Q q 0 0 0 rg BT 161.70 713.10 Td (V) Tj ET Q q 0 0 0 rg BT 168.74 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.50 713.10 Td (from ) Tj ET Q q 0 0 0 rg BT 193.70 713.10 Td (our ) Tj ET Q q 0 0 0 rg BT 209.79 713.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 260.32 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.86 713.10 Td (public ) Tj ET Q q 0 0 0 rg BT 298.62 713.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 346.64 713.10 Td (Over ) Tj ET Q q 0 0 0 rg BT 369.39 713.10 Td (that ) Tj ET Q q 0 0 0 rg BT 387.15 713.10 Td (same ) Tj ET Q q 0 0 0 rg BT 410.45 713.10 Td (period ) Tj ET Q q 0 0 0 rg BT 438.76 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.85 713.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 472.89 713.10 Td (we ) Tj ET Q q 0 0 0 rg BT 487.31 713.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 528.93 713.10 Td ($0.08 ) Tj ET Q q 0 0 0 rg BT 554.19 713.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (NA) Tj ET Q q 0 0 0 rg BT 62.65 701.10 Td (V) Tj ET Q q 0 0 0 rg BT 69.70 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.16 701.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 102.95 701.10 Td (from ) Tj ET Q q 0 0 0 rg BT 124.85 701.10 Td (our ) Tj ET Q q 0 0 0 rg BT 140.64 701.10 Td (private ) Tj ET Q q 0 0 0 rg BT 170.86 701.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 210.82 701.10 Td (180) Tj ET Q q 0 0 0 rg BT 228.60 701.10 Td (s ) Tj ET Q q 0 0 0 rg BT 234.95 701.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 287.95 701.10 Td (have ) Tj ET Q q 0 0 0 rg BT 309.29 701.10 Td (clearly ) Tj ET Q q 0 0 0 rg BT 338.95 701.10 Td (benefited ) Tj ET Q q 0 0 0 rg BT 378.61 701.10 Td (from ) Tj ET Q q 0 0 0 rg BT 400.51 701.10 Td (our ) Tj ET Q q 0 0 0 rg BT 416.30 701.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 450.42 701.10 Td (change. ) Tj ET Q q 0 0 0 rg BT 483.52 701.10 Td (That ) Tj ET Q q 0 0 0 rg BT 504.30 701.10 Td (said, ) Tj ET Q q 0 0 0 rg BT 525.37 701.10 Td (Q4 ) Tj ET Q q 0 0 0 rg BT 540.05 701.10 Td (saw ) Tj ET Q q 0 0 0 rg BT 558.07 701.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (pullback ) Tj ET Q q 0 0 0 rg BT 86.43 689.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.71 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.43 689.10 Td (value ) Tj ET Q q 0 0 0 rg BT 135.58 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.41 689.10 Td (our ) Tj ET Q q 0 0 0 rg BT 162.24 689.10 Td (public ) Tj ET Q q 0 0 0 rg BT 189.74 689.10 Td (market ) Tj ET Q q 0 0 0 rg BT 220.00 689.10 Td (holdings. ) Tj ET Q q 0 0 0 rg BT 259.45 689.10 Td (Let) Tj ET Q q 0 0 0 rg BT 275.55 689.10 Td (s ) Tj ET Q q 0 0 0 rg BT 281.95 689.10 Td (dig ) Tj ET Q q 0 0 0 rg BT 297.22 689.10 Td (into ) Tj ET Q q 0 0 0 rg BT 315.28 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.00 689.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 362.49 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.32 689.10 Td (this ) Tj ET Q q 0 0 0 rg BT 390.27 689.10 Td (pullback:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 665.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 665.10 Td (Adesto ) Tj ET Q q 0 0 0 rg BT 133.67 665.10 Td (T) Tj ET Q q 0 0 0 rg BT 139.08 665.10 Td (echnologies ) Tj ET Q q 0 0 0 rg BT 188.83 665.10 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 239.14 665.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 288.91 665.10 Td (IOTS\) ) Tj ET Q q 0 0 0 rg BT 316.45 665.10 Td (had ) Tj ET Q q 0 0 0 rg BT 332.87 665.10 Td (been ) Tj ET Q q 0 0 0 rg BT 353.74 665.10 Td (on ) Tj ET Q q 0 0 0 rg BT 365.72 665.10 Td (an ) Tj ET Q q 0 0 0 rg BT 377.15 665.10 Td (uptrend ) Tj ET Q q 0 0 0 rg BT 409.68 665.10 Td (through ) Tj ET Q q 0 0 0 rg BT 442.77 665.10 Td (Q2 ) Tj ET Q q 0 0 0 rg BT 456.98 665.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 481.03 665.10 Td (As ) Tj ET Q q 0 0 0 rg BT 494.13 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.33 665.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 531.43 665.10 Td (reached ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 653.10 Td (a ) Tj ET Q q 0 0 0 rg BT 110.61 653.10 Td (price ) Tj ET Q q 0 0 0 rg BT 133.28 653.10 Td (that ) Tj ET Q q 0 0 0 rg BT 150.95 653.10 Td (we ) Tj ET Q q 0 0 0 rg BT 165.28 653.10 Td (believed ) Tj ET Q q 0 0 0 rg BT 201.83 653.10 Td (made ) Tj ET Q q 0 0 0 rg BT 226.16 653.10 Td (it ) Tj ET Q q 0 0 0 rg BT 234.39 653.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 255.96 653.10 Td (valued, ) Tj ET Q q 0 0 0 rg BT 287.79 653.10 Td (we ) Tj ET Q q 0 0 0 rg BT 302.12 653.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 321.47 653.10 Td (62% ) Tj ET Q q 0 0 0 rg BT 342.47 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.48 653.10 Td (our ) Tj ET Q q 0 0 0 rg BT 369.49 653.10 Td (position ) Tj ET Q q 0 0 0 rg BT 404.39 653.10 Td (during ) Tj ET Q q 0 0 0 rg BT 433.17 653.10 Td (Q2 ) Tj ET Q q 0 0 0 rg BT 448.07 653.10 Td (at ) Tj ET Q q 0 0 0 rg BT 457.96 653.10 Td (an ) Tj ET Q q 0 0 0 rg BT 470.08 653.10 Td (average ) Tj ET Q q 0 0 0 rg BT 503.84 653.10 Td (price ) Tj ET Q q 0 0 0 rg BT 526.50 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 537.50 653.10 Td ($8.81. ) Tj ET Q q 0 0 0 rg BT 565.00 653.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 641.10 Td (As ) Tj ET Q q 0 0 0 rg BT 117.08 641.10 Td (we ) Tj ET Q q 0 0 0 rg BT 131.21 641.10 Td (mentioned ) Tj ET Q q 0 0 0 rg BT 175.89 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 186.14 641.10 Td (last ) Tj ET Q q 0 0 0 rg BT 202.49 641.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 231.18 641.10 Td () Tj ET Q q 0 0 0 rg BT 233.96 641.10 Td (s ) Tj ET Q q 0 0 0 rg BT 240.32 641.10 Td (letter) Tj ET Q q 0 0 0 rg BT 260.46 641.10 Td (, ) Tj ET Q q 0 0 0 rg BT 265.43 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.11 641.10 Td (company ) Tj ET Q q 0 0 0 rg BT 319.23 641.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 365.02 641.10 Td (two ) Tj ET Q q 0 0 0 rg BT 382.49 641.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 417.71 641.10 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 470.45 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 472.92 641.10 Td (In ) Tj ET Q q 0 0 0 rg BT 483.72 641.10 Td (May ) Tj ET Q q 0 0 0 rg BT 504.52 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 515.31 641.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 540.28 641.10 Td (IOTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 629.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 143.08 629.10 Td (S3 ) Tj ET Q q 0 0 0 rg BT 158.79 629.10 Td (Semiconductors, ) Tj ET Q q 0 0 0 rg BT 230.87 629.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.46 629.10 Td (mixed-signal ) Tj ET Q q 0 0 0 rg BT 296.69 629.10 Td (ASIC ) Tj ET Q q 0 0 0 rg BT 324.62 629.10 Td (company) Tj ET Q q 0 0 0 rg BT 360.63 629.10 Td (. ) Tj ET Q q 0 0 0 rg BT 367.91 629.10 Td (This ) Tj ET Q q 0 0 0 rg BT 390.84 629.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 439.87 629.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 485.56 629.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 527.36 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 544.73 629.10 Td (total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 617.10 Td (addressable ) Tj ET Q q 0 0 0 rg BT 151.94 617.10 Td (market ) Tj ET Q q 0 0 0 rg BT 181.50 617.10 Td (for ) Tj ET Q q 0 0 0 rg BT 194.95 617.10 Td (IOTS ) Tj ET Q q 0 0 0 rg BT 218.96 617.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.20 617.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 271.43 617.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 313.21 617.10 Td (geographies ) Tj ET Q q 0 0 0 rg BT 363.32 617.10 Td (for ) Tj ET Q q 0 0 0 rg BT 376.77 617.10 Td (IOTS's ) Tj ET Q q 0 0 0 rg BT 406.48 617.10 Td (products ) Tj ET Q q 0 0 0 rg BT 442.72 617.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.29 617.10 Td (industrial ) Tj ET Q q 0 0 0 rg BT 491.85 617.10 Td (Internet ) Tj ET Q q 0 0 0 rg BT 524.74 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 534.73 617.10 Td (Things ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 605.10 Td (\(IoT\) ) Tj ET Q q 0 0 0 rg BT 137.49 605.10 Td (applications. ) Tj ET Q q 0 0 0 rg BT 192.33 605.10 Td (IOTS ) Tj ET Q q 0 0 0 rg BT 218.57 605.10 Td (followed ) Tj ET Q q 0 0 0 rg BT 258.13 605.10 Td (up ) Tj ET Q q 0 0 0 rg BT 272.15 605.10 Td (that ) Tj ET Q q 0 0 0 rg BT 291.16 605.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 339.05 605.10 Td (with ) Tj ET Q q 0 0 0 rg BT 360.85 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.08 605.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 416.63 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.98 605.10 Td (Echelon, ) Tj ET Q q 0 0 0 rg BT 468.26 605.10 Td (a ) Tj ET Q q 0 0 0 rg BT 476.72 605.10 Td (company ) Tj ET Q q 0 0 0 rg BT 517.39 605.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 552.50 605.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 593.10 Td (developing ) Tj ET Q q 0 0 0 rg BT 150.49 593.10 Td (open-standard ) Tj ET Q q 0 0 0 rg BT 209.70 593.10 Td (control ) Tj ET Q q 0 0 0 rg BT 240.58 593.10 Td (networking ) Tj ET Q q 0 0 0 rg BT 288.69 593.10 Td (platforms. ) Tj ET Q q 0 0 0 rg BT 331.88 593.10 Td (These ) Tj ET Q q 0 0 0 rg BT 358.32 593.10 Td (two ) Tj ET Q q 0 0 0 rg BT 375.88 593.10 Td (deals ) Tj ET Q q 0 0 0 rg BT 398.98 593.10 Td (have ) Tj ET Q q 0 0 0 rg BT 420.42 593.10 Td (completely ) Tj ET Q q 0 0 0 rg BT 467.41 593.10 Td (transformed ) Tj ET Q q 0 0 0 rg BT 518.28 593.10 Td (IOTS ) Tj ET Q q 0 0 0 rg BT 543.06 593.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 581.10 Td (a ) Tj ET Q q 0 0 0 rg BT 112.66 581.10 Td (specialty ) Tj ET Q q 0 0 0 rg BT 152.92 581.10 Td (memory ) Tj ET Q q 0 0 0 rg BT 190.96 581.10 Td (company ) Tj ET Q q 0 0 0 rg BT 232.34 581.10 Td (into ) Tj ET Q q 0 0 0 rg BT 252.62 581.10 Td (a ) Tj ET Q q 0 0 0 rg BT 261.77 581.10 Td (leading ) Tj ET Q q 0 0 0 rg BT 295.93 581.10 Td (provider ) Tj ET Q q 0 0 0 rg BT 334.52 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.57 581.10 Td (innovative, ) Tj ET Q q 0 0 0 rg BT 397.01 581.10 Td (application-specific ) Tj ET Q q 0 0 0 rg BT 480.58 581.10 Td (semiconductors ) Tj ET Q q 0 0 0 rg BT 548.06 581.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 569.10 Td (embedded ) Tj ET Q q 0 0 0 rg BT 147.65 569.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 182.37 569.10 Td (that ) Tj ET Q q 0 0 0 rg BT 200.41 569.10 Td (comprise ) Tj ET Q q 0 0 0 rg BT 240.12 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.39 569.10 Td (essential ) Tj ET Q q 0 0 0 rg BT 292.88 569.10 Td (building ) Tj ET Q q 0 0 0 rg BT 329.26 569.10 Td (blocks ) Tj ET Q q 0 0 0 rg BT 358.42 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.80 569.10 Td (IoT) Tj ET Q q 0 0 0 rg BT 384.06 569.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.11 569.10 Td (edge ) Tj ET Q q 0 0 0 rg BT 409.04 569.10 Td (devices. ) Tj ET Q q 0 0 0 rg BT 444.58 569.10 Td (Unfortunately) Tj ET Q q 0 0 0 rg BT 500.02 569.10 Td (, ) Tj ET Q q 0 0 0 rg BT 505.58 569.10 Td (IOTS ) Tj ET Q q 0 0 0 rg BT 530.85 569.10 Td (coupled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 557.10 Td (these ) Tj ET Q q 0 0 0 rg BT 126.46 557.10 Td (announcements ) Tj ET Q q 0 0 0 rg BT 191.08 557.10 Td (with ) Tj ET Q q 0 0 0 rg BT 211.27 557.10 Td (a ) Tj ET Q q 0 0 0 rg BT 218.12 557.10 Td (disappointing ) Tj ET Q q 0 0 0 rg BT 274.98 557.10 Td (Q2 ) Tj ET Q q 0 0 0 rg BT 289.62 557.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 312.03 557.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 349.43 557.10 Td (report ) Tj ET Q q 0 0 0 rg BT 375.72 557.10 Td (followed ) Tj ET Q q 0 0 0 rg BT 413.68 557.10 Td (by ) Tj ET Q q 0 0 0 rg BT 426.10 557.10 Td (a ) Tj ET Q q 0 0 0 rg BT 432.95 557.10 Td ($40 ) Tj ET Q q 0 0 0 rg BT 450.36 557.10 Td (million ) Tj ET Q q 0 0 0 rg BT 481.67 557.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 509.08 557.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 530.37 557.10 Td (at ) Tj ET Q q 0 0 0 rg BT 540.00 557.10 Td ($6.00 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 545.10 Td (per ) Tj ET Q q 0 0 0 rg BT 118.47 545.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 144.10 545.10 Td (The ) Tj ET Q q 0 0 0 rg BT 161.85 545.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 188.48 545.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 219.00 545.10 Td (saw ) Tj ET Q q 0 0 0 rg BT 236.74 545.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 281.15 545.10 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 334.44 545.10 Td (in ) Tj ET Q q 0 0 0 rg BT 344.42 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.83 545.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 383.79 545.10 Td (semiconductor ) Tj ET Q q 0 0 0 rg BT 444.86 545.10 Td (space ) Tj ET Q q 0 0 0 rg BT 469.26 545.10 Td (due ) Tj ET Q q 0 0 0 rg BT 485.90 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.88 545.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 524.17 545.10 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.24 533.10 Td (concerns ) Tj ET Q q 0 0 0 rg BT 158.07 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.70 533.10 Td (a ) Tj ET Q q 0 0 0 rg BT 175.43 533.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 217.16 533.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 239.45 533.10 Td (war ) Tj ET Q q 0 0 0 rg BT 256.73 533.10 Td (with ) Tj ET Q q 0 0 0 rg BT 276.81 533.10 Td (China. ) Tj ET Q q 0 0 0 rg BT 305.33 533.10 Td (W) Tj ET Q q 0 0 0 rg BT 313.97 533.10 Td (e ) Tj ET Q q 0 0 0 rg BT 320.70 533.10 Td (have ) Tj ET Q q 0 0 0 rg BT 341.88 533.10 Td (nearly ) Tj ET Q q 0 0 0 rg BT 369.16 533.10 Td (doubled ) Tj ET Q q 0 0 0 rg BT 403.67 533.10 Td (our ) Tj ET Q q 0 0 0 rg BT 419.30 533.10 Td (position ) Tj ET Q q 0 0 0 rg BT 453.82 533.10 Td (since ) Tj ET Q q 0 0 0 rg BT 476.67 533.10 Td (exiting ) Tj ET Q q 0 0 0 rg BT 506.74 533.10 Td (Q2 ) Tj ET Q q 0 0 0 rg BT 521.26 533.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 543.56 533.10 Td (at ) Tj ET Q q 0 0 0 rg BT 553.07 533.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 521.10 Td (average ) Tj ET Q q 0 0 0 rg BT 136.75 521.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 155.03 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.52 521.10 Td ($5.21. ) Tj ET Q q 0 0 0 rg BT 192.53 521.10 Td (W) Tj ET Q q 0 0 0 rg BT 201.17 521.10 Td (e ) Tj ET Q q 0 0 0 rg BT 207.78 521.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 238.82 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.20 521.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 293.69 521.10 Td (overhang ) Tj ET Q q 0 0 0 rg BT 333.07 521.10 Td (will ) Tj ET Q q 0 0 0 rg BT 350.79 521.10 Td (dissipate ) Tj ET Q q 0 0 0 rg BT 387.95 521.10 Td (as ) Tj ET Q q 0 0 0 rg BT 398.45 521.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 420.62 521.10 Td (unfolds ) Tj ET Q q 0 0 0 rg BT 452.78 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.39 521.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 497.65 521.10 Td (IOTS ) Tj ET Q q 0 0 0 rg BT 522.04 521.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.98 521.10 Td (achieve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 509.10 Td (notable ) Tj ET Q q 0 0 0 rg BT 136.12 509.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 170.94 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.57 509.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 207.86 509.10 Td (syner) Tj ET Q q 0 0 0 rg BT 229.34 509.10 Td (gies ) Tj ET Q q 0 0 0 rg BT 248.63 509.10 Td (from ) Tj ET Q q 0 0 0 rg BT 271.25 509.10 Td (its ) Tj ET Q q 0 0 0 rg BT 283.88 509.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 311.49 509.10 Td (two ) Tj ET Q q 0 0 0 rg BT 329.67 509.10 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 383.12 509.10 Td ( ) Tj ET Q q 0 0 0 rg BT 386.31 509.10 Td (For ) Tj ET Q q 0 0 0 rg BT 403.38 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.78 509.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 446.70 509.10 Td (, ) Tj ET Q q 0 0 0 rg BT 452.38 509.10 Td (IOTS ) Tj ET Q q 0 0 0 rg BT 477.78 509.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 512.61 509.10 Td (our ) Tj ET Q q 0 0 0 rg BT 529.12 509.10 Td (NA) Tj ET Q q 0 0 0 rg BT 542.28 509.10 Td (V) Tj ET Q q 0 0 0 rg BT 549.32 509.10 Td ( ) Tj ET Q q 0 0 0 rg BT 552.50 509.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 497.10 Td ($0.05.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 485.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 473.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 473.10 Td (Mersana ) Tj ET Q q 0 0 0 rg BT 142.23 473.10 Td (Therapeutics, ) Tj ET Q q 0 0 0 rg BT 201.01 473.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 220.91 473.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 273.33 473.10 Td (MRSN\) ) Tj ET Q q 0 0 0 rg BT 309.64 473.10 Td (is ) Tj ET Q q 0 0 0 rg BT 320.94 473.10 Td (biotech ) Tj ET Q q 0 0 0 rg BT 355.01 473.10 Td (company ) Tj ET Q q 0 0 0 rg BT 396.30 473.10 Td (that ) Tj ET Q q 0 0 0 rg BT 415.94 473.10 Td (produces ) Tj ET Q q 0 0 0 rg BT 456.67 473.10 Td (novel ) Tj ET Q q 0 0 0 rg BT 483.52 473.10 Td (drug ) Tj ET Q q 0 0 0 rg BT 506.49 473.10 Td (conjugates. ) Tj ET Q q 0 0 0 rg BT 556.39 473.10 Td (It ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 461.10 Td (specializes ) Tj ET Q q 0 0 0 rg BT 150.31 461.10 Td (in ) Tj ET Q q 0 0 0 rg BT 161.59 461.10 Td (oncology ) Tj ET Q q 0 0 0 rg BT 202.31 461.10 Td (agents ) Tj ET Q q 0 0 0 rg BT 231.36 461.10 Td (for ) Tj ET Q q 0 0 0 rg BT 246.52 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.24 461.10 Td (treatment ) Tj ET Q q 0 0 0 rg BT 303.51 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.34 461.10 Td (tumors ) Tj ET Q q 0 0 0 rg BT 346.62 461.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.56 461.10 Td (cancer) Tj ET Q q 0 0 0 rg BT 390.09 461.10 Td (. ) Tj ET Q q 0 0 0 rg BT 395.32 461.10 Td (As ) Tj ET Q q 0 0 0 rg BT 409.94 461.10 Td (everyone ) Tj ET Q q 0 0 0 rg BT 450.08 461.10 Td (knows, ) Tj ET Q q 0 0 0 rg BT 482.20 461.10 Td (there ) Tj ET Q q 0 0 0 rg BT 505.69 461.10 Td (is ) Tj ET Q q 0 0 0 rg BT 515.86 461.10 Td (tremendous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 449.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 142.45 449.10 Td (for ) Tj ET Q q 0 0 0 rg BT 156.95 449.10 Td (a ) Tj ET Q q 0 0 0 rg BT 164.23 449.10 Td (biotech ) Tj ET Q q 0 0 0 rg BT 196.51 449.10 Td (company ) Tj ET Q q 0 0 0 rg BT 236.00 449.10 Td (that ) Tj ET Q q 0 0 0 rg BT 253.84 449.10 Td (is ) Tj ET Q q 0 0 0 rg BT 263.35 449.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 302.29 449.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.91 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.97 449.10 Td (middle ) Tj ET Q q 0 0 0 rg BT 358.58 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.75 449.10 Td (clinical ) Tj ET Q q 0 0 0 rg BT 402.03 449.10 Td (trials. ) Tj ET Q q 0 0 0 rg BT 427.36 449.10 Td (In ) Tj ET Q q 0 0 0 rg BT 438.53 449.10 Td (Q3 ) Tj ET Q q 0 0 0 rg BT 453.60 449.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 478.94 449.10 Td (one ) Tj ET Q q 0 0 0 rg BT 496.22 449.10 Td (patient ) Tj ET Q q 0 0 0 rg BT 526.27 449.10 Td (in ) Tj ET Q q 0 0 0 rg BT 536.89 449.10 Td (one ) Tj ET Q q 0 0 0 rg BT 554.17 449.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 437.10 Td (MRSN's ) Tj ET Q q 0 0 0 rg BT 140.36 437.10 Td (trials ) Tj ET Q q 0 0 0 rg BT 163.17 437.10 Td (died, ) Tj ET Q q 0 0 0 rg BT 185.71 437.10 Td (possibly ) Tj ET Q q 0 0 0 rg BT 221.87 437.10 Td (from ) Tj ET Q q 0 0 0 rg BT 244.12 437.10 Td (side ) Tj ET Q q 0 0 0 rg BT 263.05 437.10 Td (ef) Tj ET Q q 0 0 0 rg BT 270.64 437.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 292.33 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.48 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.52 437.10 Td (drug, ) Tj ET Q q 0 0 0 rg BT 342.17 437.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.42 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.46 437.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 398.39 437.10 Td (collapsed ) Tj ET Q q 0 0 0 rg BT 438.97 437.10 Td (to ) Tj ET Q q 0 0 0 rg BT 449.57 437.10 Td ($10 ) Tj ET Q q 0 0 0 rg BT 467.39 437.10 Td (per ) Tj ET Q q 0 0 0 rg BT 482.97 437.10 Td (share ) Tj ET Q q 0 0 0 rg BT 506.89 437.10 Td (when ) Tj ET Q q 0 0 0 rg BT 531.37 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 546.41 437.10 Td (trial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 425.10 Td (was ) Tj ET Q q 0 0 0 rg BT 121.56 425.10 Td (put ) Tj ET Q q 0 0 0 rg BT 136.85 425.10 Td (on ) Tj ET Q q 0 0 0 rg BT 149.36 425.10 Td (partial ) Tj ET Q q 0 0 0 rg BT 177.42 425.10 Td (clinical ) Tj ET Q q 0 0 0 rg BT 209.36 425.10 Td (hold. ) Tj ET Q q 0 0 0 rg BT 231.59 425.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 271.88 425.10 Td (MRSN ) Tj ET Q q 0 0 0 rg BT 302.74 425.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 348.56 425.10 Td (that ) Tj ET Q q 0 0 0 rg BT 366.07 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.80 425.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 401.09 425.10 Td (Food ) Tj ET Q q 0 0 0 rg BT 424.17 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.12 425.10 Td (Drug ) Tj ET Q q 0 0 0 rg BT 463.62 425.10 Td (Administration ) Tj ET Q q 0 0 0 rg BT 526.69 425.10 Td (lifted ) Tj ET Q q 0 0 0 rg BT 550.30 425.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 413.10 Td (partial ) Tj ET Q q 0 0 0 rg BT 131.96 413.10 Td (clinical ) Tj ET Q q 0 0 0 rg BT 164.30 413.10 Td (hold, ) Tj ET Q q 0 0 0 rg BT 187.49 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.63 413.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 226.65 413.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 269.00 413.10 Td (its ) Tj ET Q q 0 0 0 rg BT 281.36 413.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 313.15 413.10 Td (in ) Tj ET Q q 0 0 0 rg BT 323.84 413.10 Td (Q4 ) Tj ET Q q 0 0 0 rg BT 338.98 413.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 364.18 413.10 Td (W) Tj ET Q q 0 0 0 rg BT 372.82 413.10 Td (e ) Tj ET Q q 0 0 0 rg BT 380.17 413.10 Td (note ) Tj ET Q q 0 0 0 rg BT 400.31 413.10 Td (that ) Tj ET Q q 0 0 0 rg BT 418.22 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.35 413.10 Td (NASDAQ ) Tj ET Q q 0 0 0 rg BT 477.93 413.10 Td (Biotechnology ) Tj ET Q q 0 0 0 rg BT 539.73 413.10 Td (Index ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 401.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 139.54 401.10 Td (21% ) Tj ET Q q 0 0 0 rg BT 160.04 401.10 Td (in ) Tj ET Q q 0 0 0 rg BT 169.98 401.10 Td (Q4 ) Tj ET Q q 0 0 0 rg BT 184.37 401.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 209.04 401.10 Td (Most ) Tj ET Q q 0 0 0 rg BT 231.77 401.10 Td (early ) Tj ET Q q 0 0 0 rg BT 253.92 401.10 Td (stage ) Tj ET Q q 0 0 0 rg BT 276.64 401.10 Td (biotech ) Tj ET Q q 0 0 0 rg BT 308.24 401.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 353.17 401.10 Td (either ) Tj ET Q q 0 0 0 rg BT 378.10 401.10 Td (burn ) Tj ET Q q 0 0 0 rg BT 398.60 401.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 418.54 401.10 Td (or ) Tj ET Q q 0 0 0 rg BT 429.04 401.10 Td (are ) Tj ET Q q 0 0 0 rg BT 443.41 401.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.36 401.10 Td (need ) Tj ET Q q 0 0 0 rg BT 474.40 401.10 Td (of ) Tj ET Q q 0 0 0 rg BT 484.90 401.10 Td (raising ) Tj ET Q q 0 0 0 rg BT 514.29 401.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 534.22 401.10 Td (to ) Tj ET Q q 0 0 0 rg BT 544.17 401.10 Td (fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 389.10 Td (expensive ) Tj ET Q q 0 0 0 rg BT 146.00 389.10 Td (clinical ) Tj ET Q q 0 0 0 rg BT 177.94 389.10 Td (trials. ) Tj ET Q q 0 0 0 rg BT 202.95 389.10 Td (During ) Tj ET Q q 0 0 0 rg BT 233.79 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.75 389.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 260.47 389.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 293.24 389.10 Td (like ) Tj ET Q q 0 0 0 rg BT 310.75 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.48 389.10 Td (one ) Tj ET Q q 0 0 0 rg BT 342.44 389.10 Td (we ) Tj ET Q q 0 0 0 rg BT 356.61 389.10 Td (saw ) Tj ET Q q 0 0 0 rg BT 374.67 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.97 389.10 Td (Q4 ) Tj ET Q q 0 0 0 rg BT 399.70 389.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 424.72 389.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 463.34 389.10 Td (flee ) Tj ET Q q 0 0 0 rg BT 480.84 389.10 Td (from ) Tj ET Q q 0 0 0 rg BT 502.79 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.52 389.10 Td (speculative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 377.10 Td (biotech ) Tj ET Q q 0 0 0 rg BT 134.69 377.10 Td (sector) Tj ET Q q 0 0 0 rg BT 158.02 377.10 Td (. ) Tj ET Q q 0 0 0 rg BT 162.28 377.10 Td (In ) Tj ET Q q 0 0 0 rg BT 172.37 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.34 377.10 Td (case ) Tj ET Q q 0 0 0 rg BT 205.31 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.40 377.10 Td (MRSN, ) Tj ET Q q 0 0 0 rg BT 248.00 377.10 Td (there ) Tj ET Q q 0 0 0 rg BT 269.75 377.10 Td (was ) Tj ET Q q 0 0 0 rg BT 287.06 377.10 Td (no ) Tj ET Q q 0 0 0 rg BT 298.82 377.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 342.79 377.10 Td (news ) Tj ET Q q 0 0 0 rg BT 365.10 377.10 Td (during ) Tj ET Q q 0 0 0 rg BT 392.97 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 406.94 377.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 434.71 377.10 Td (. ) Tj ET Q q 0 0 0 rg BT 438.97 377.10 Td (For ) Tj ET Q q 0 0 0 rg BT 454.62 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.59 377.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 496.51 377.10 Td (, ) Tj ET Q q 0 0 0 rg BT 500.77 377.10 Td (MRSN ) Tj ET Q q 0 0 0 rg BT 530.87 377.10 Td (reduced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 365.10 Td (our ) Tj ET Q q 0 0 0 rg BT 119.33 365.10 Td (NA) Tj ET Q q 0 0 0 rg BT 132.48 365.10 Td (V) Tj ET Q q 0 0 0 rg BT 139.53 365.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.03 365.10 Td (by ) Tj ET Q q 0 0 0 rg BT 154.53 365.10 Td ($0.05.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 341.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 341.10 Td (TheStreet, ) Tj ET Q q 0 0 0 rg BT 147.10 341.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 164.60 341.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 214.45 341.10 Td (TST\) ) Tj ET Q q 0 0 0 rg BT 237.79 341.10 Td (has ) Tj ET Q q 0 0 0 rg BT 253.35 341.10 Td (been ) Tj ET Q q 0 0 0 rg BT 274.46 341.10 Td (a ) Tj ET Q q 0 0 0 rg BT 281.12 341.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 324.45 341.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 370.57 341.10 Td (for ) Tj ET Q q 0 0 0 rg BT 384.46 341.10 Td (our ) Tj ET Q q 0 0 0 rg BT 400.02 341.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 454.79 341.10 Td (A) Tj ET Q q 0 0 0 rg BT 461.46 341.10 Td ( ) Tj ET Q q 0 0 0 rg BT 463.69 341.10 Td (year ) Tj ET Q q 0 0 0 rg BT 483.13 341.10 Td (ago, ) Tj ET Q q 0 0 0 rg BT 502.30 341.10 Td (we ) Tj ET Q q 0 0 0 rg BT 516.19 341.10 Td (helped ) Tj ET Q q 0 0 0 rg BT 544.91 341.10 Td (TST) Tj ET Q q 0 0 0 rg BT 562.51 341.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 329.10 Td (retire ) Tj ET Q q 0 0 0 rg BT 126.89 329.10 Td (its ) Tj ET Q q 0 0 0 rg BT 138.63 329.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 177.55 329.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 200.95 329.10 Td (at ) Tj ET Q q 0 0 0 rg BT 210.46 329.10 Td (a ) Tj ET Q q 0 0 0 rg BT 217.19 329.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 261.69 329.10 Td (discount, ) Tj ET Q q 0 0 0 rg BT 300.37 329.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.10 329.10 Td (we ) Tj ET Q q 0 0 0 rg BT 331.05 329.10 Td (joined ) Tj ET Q q 0 0 0 rg BT 358.34 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.85 329.10 Td (board ) Tj ET Q q 0 0 0 rg BT 397.91 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.53 329.10 Td (directors. ) Tj ET Q q 0 0 0 rg BT 448.31 329.10 Td (In ) Tj ET Q q 0 0 0 rg BT 458.93 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 473.44 329.10 Td (first ) Tj ET Q q 0 0 0 rg BT 491.84 329.10 Td (half ) Tj ET Q q 0 0 0 rg BT 509.68 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.30 329.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 544.92 329.10 Td (TST) Tj ET Q q 0 0 0 rg BT 562.52 329.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 317.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 122.45 317.10 Td (its ) Tj ET Q q 0 0 0 rg BT 134.18 317.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 165.34 317.10 Td (and ) Tj ET Q q 0 0 0 rg BT 182.06 317.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 201.56 317.10 Td (data ) Tj ET Q q 0 0 0 rg BT 220.49 317.10 Td (collection ) Tj ET Q q 0 0 0 rg BT 262.20 317.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 302.66 317.10 Td (, ) Tj ET Q q 0 0 0 rg BT 307.44 317.10 Td (RateW) Tj ET Q q 0 0 0 rg BT 334.40 317.10 Td (atch, ) Tj ET Q q 0 0 0 rg BT 355.83 317.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.89 317.10 Td (S&P) Tj ET Q q 0 0 0 rg BT 384.42 317.10 Td ( ) Tj ET Q q 0 0 0 rg BT 386.70 317.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 416.20 317.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.14 317.10 Td ($33.5 ) Tj ET Q q 0 0 0 rg BT 454.92 317.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 488.59 317.10 Td (In ) Tj ET Q q 0 0 0 rg BT 499.20 317.10 Td (this ) Tj ET Q q 0 0 0 rg BT 515.92 317.10 Td (last ) Tj ET Q q 0 0 0 rg BT 532.09 317.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 560.01 317.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 305.10 Td (TST) Tj ET Q q 0 0 0 rg BT 121.10 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 122.94 305.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 141.45 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.51 305.10 Td (rest ) Tj ET Q q 0 0 0 rg BT 171.80 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.97 305.10 Td (its ) Tj ET Q q 0 0 0 rg BT 193.26 305.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 242.88 305.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 289.45 305.10 Td (BoardEx ) Tj ET Q q 0 0 0 rg BT 326.84 305.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.99 305.10 Td (The ) Tj ET Q q 0 0 0 rg BT 360.38 305.10 Td (Deal, ) Tj ET Q q 0 0 0 rg BT 383.60 305.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.22 305.10 Td (Euromoney ) Tj ET Q q 0 0 0 rg BT 441.72 305.10 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 491.89 305.10 Td (Investor ) Tj ET Q q 0 0 0 rg BT 526.50 305.10 Td (for ) Tj ET Q q 0 0 0 rg BT 540.00 305.10 Td ($87.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 293.10 Td (million.TST) Tj ET Q q 0 0 0 rg BT 152.49 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.22 293.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 181.27 293.10 Td (it ) Tj ET Q q 0 0 0 rg BT 189.55 293.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 213.39 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 223.89 293.10 Td (return ) Tj ET Q q 0 0 0 rg BT 250.50 293.10 Td (a ) Tj ET Q q 0 0 0 rg BT 257.66 293.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 302.60 293.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 334.22 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.27 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.22 293.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 398.48 293.10 Td (from ) Tj ET Q q 0 0 0 rg BT 420.65 293.10 Td (these ) Tj ET Q q 0 0 0 rg BT 443.92 293.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 466.09 293.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.25 293.10 Td (its ) Tj ET Q q 0 0 0 rg BT 495.43 293.10 Td (available ) Tj ET Q q 0 0 0 rg BT 534.24 293.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 554.74 293.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.25 281.10 Td (form ) Tj ET Q q 0 0 0 rg BT 142.22 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.08 281.10 Td (a ) Tj ET Q q 0 0 0 rg BT 162.05 281.10 Td (special ) Tj ET Q q 0 0 0 rg BT 193.35 281.10 Td (distribution. ) Tj ET Q q 0 0 0 rg BT 244.72 281.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 294.62 281.10 Td (, ) Tj ET Q q 0 0 0 rg BT 300.40 281.10 Td (TST) Tj ET Q q 0 0 0 rg BT 317.99 281.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.53 281.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 363.39 281.10 Td (to ) Tj ET Q q 0 0 0 rg BT 374.70 281.10 Td (look ) Tj ET Q q 0 0 0 rg BT 396.01 281.10 Td (at ) Tj ET Q q 0 0 0 rg BT 406.76 281.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 444.16 281.10 Td (alternatives ) Tj ET Q q 0 0 0 rg BT 493.78 281.10 Td (for ) Tj ET Q q 0 0 0 rg BT 508.98 281.10 Td (its ) Tj ET Q q 0 0 0 rg BT 521.96 281.10 Td (remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 269.10 Td (consumer ) Tj ET Q q 0 0 0 rg BT 144.22 269.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 190.78 269.10 Td ( ) Tj ET Q q 0 0 0 rg BT 192.61 269.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 216.67 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.72 269.10 Td (announcement ) Tj ET Q q 0 0 0 rg BT 290.87 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.04 269.10 Td (our ) Tj ET Q q 0 0 0 rg BT 316.21 269.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 360.26 269.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 405.98 269.10 Td (in ) Tj ET Q q 0 0 0 rg BT 415.60 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.65 269.10 Td (fall ) Tj ET Q q 0 0 0 rg BT 444.82 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.98 269.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 479.32 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.38 269.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 516.32 269.10 Td (is ) Tj ET Q q 0 0 0 rg BT 524.83 269.10 Td (up ) Tj ET Q q 0 0 0 rg BT 536.67 269.10 Td (100%. ) Tj ET Q q 0 0 0 rg BT 565.00 269.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 257.10 Td (In ) Tj ET Q q 0 0 0 rg BT 114.58 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.55 257.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 156.74 257.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 184.65 257.10 Td (, ) Tj ET Q q 0 0 0 rg BT 189.91 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.87 257.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 228.73 257.10 Td (trended ) Tj ET Q q 0 0 0 rg BT 261.47 257.10 Td (down ) Tj ET Q q 0 0 0 rg BT 286.44 257.10 Td (with ) Tj ET Q q 0 0 0 rg BT 306.97 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.94 257.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 352.46 257.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 385.47 257.10 Td (only ) Tj ET Q q 0 0 0 rg BT 406.00 257.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.53 257.10 Td (rally ) Tj ET Q q 0 0 0 rg BT 437.61 257.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 490.35 257.10 Td (following ) Tj ET Q q 0 0 0 rg BT 531.99 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 546.96 257.10 Td (sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 245.10 Td (announcement. ) Tj ET Q q 0 0 0 rg BT 166.80 245.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.11 245.10 Td (TST's ) Tj ET Q q 0 0 0 rg BT 195.07 245.10 Td (year) Tj ET Q q 0 0 0 rg BT 212.07 245.10 Td (-end ) Tj ET Q q 0 0 0 rg BT 232.33 245.10 Td (close ) Tj ET Q q 0 0 0 rg BT 255.36 245.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.18 245.10 Td ($2.03 ) Tj ET Q q 0 0 0 rg BT 291.17 245.10 Td (was ) Tj ET Q q 0 0 0 rg BT 309.21 245.10 Td (less ) Tj ET Q q 0 0 0 rg BT 326.70 245.10 Td (than ) Tj ET Q q 0 0 0 rg BT 346.40 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.11 245.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 400.80 245.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 421.05 245.10 Td (per ) Tj ET Q q 0 0 0 rg BT 436.31 245.10 Td (share ) Tj ET Q q 0 0 0 rg BT 459.90 245.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.71 245.10 Td ($2.14 ) Tj ET Q q 0 0 0 rg BT 495.70 245.10 Td (to ) Tj ET Q q 0 0 0 rg BT 505.97 245.10 Td ($2.23. ) Tj ET Q q 0 0 0 rg BT 533.45 245.10 Td ( ) Tj ET Q q 0 0 0 rg BT 535.76 245.10 Td (TST) Tj ET Q q 0 0 0 rg BT 553.36 245.10 Td ( ) Tj ET Q q 0 0 0 rg BT 555.85 245.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 233.10 Td (our ) Tj ET Q q 0 0 0 rg BT 119.07 233.10 Td (signature ) Tj ET Q q 0 0 0 rg BT 157.96 233.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 204.07 233.10 Td (for ) Tj ET Q q 0 0 0 rg BT 217.97 233.10 Td (how ) Tj ET Q q 0 0 0 rg BT 237.43 233.10 Td (we ) Tj ET Q q 0 0 0 rg BT 251.32 233.10 Td (define ) Tj ET Q q 0 0 0 rg BT 278.54 233.10 Td (constructive ) Tj ET Q q 0 0 0 rg BT 329.65 233.10 Td (activism. ) Tj ET Q q 0 0 0 rg BT 368.27 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 370.50 233.10 Td (For ) Tj ET Q q 0 0 0 rg BT 386.63 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.08 233.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 429.00 233.10 Td (, ) Tj ET Q q 0 0 0 rg BT 433.57 233.10 Td (TST) Tj ET Q q 0 0 0 rg BT 451.17 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 453.40 233.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 487.28 233.10 Td (our ) Tj ET Q q 0 0 0 rg BT 502.85 233.10 Td (NA) Tj ET Q q 0 0 0 rg BT 516.00 233.10 Td (V) Tj ET Q q 0 0 0 rg BT 523.04 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 525.28 233.10 Td (by ) Tj ET Q q 0 0 0 rg BT 537.52 233.10 Td ($0.03.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 209.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 209.10 Td (Air) Tj ET Q q 0 0 0 rg BT 116.65 209.10 Td (gain, ) Tj ET Q q 0 0 0 rg BT 139.22 209.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 157.33 209.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 207.33 209.10 Td (AIRG\) ) Tj ET Q q 0 0 0 rg BT 237.95 209.10 Td (is ) Tj ET Q q 0 0 0 rg BT 247.47 209.10 Td (a ) Tj ET Q q 0 0 0 rg BT 254.76 209.10 Td (provider ) Tj ET Q q 0 0 0 rg BT 291.49 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.67 209.10 Td (advanced ) Tj ET Q q 0 0 0 rg BT 343.27 209.10 Td (antenna ) Tj ET Q q 0 0 0 rg BT 377.21 209.10 Td (technologies ) Tj ET Q q 0 0 0 rg BT 430.60 209.10 Td (used ) Tj ET Q q 0 0 0 rg BT 451.78 209.10 Td (to ) Tj ET Q q 0 0 0 rg BT 462.41 209.10 Td (enable ) Tj ET Q q 0 0 0 rg BT 491.35 209.10 Td (high ) Tj ET Q q 0 0 0 rg BT 511.98 209.10 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 197.10 Td (wireless ) Tj ET Q q 0 0 0 rg BT 138.19 197.10 Td (networking ) Tj ET Q q 0 0 0 rg BT 185.66 197.10 Td (across ) Tj ET Q q 0 0 0 rg BT 212.58 197.10 Td (a ) Tj ET Q q 0 0 0 rg BT 218.94 197.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 243.63 197.10 Td (range ) Tj ET Q q 0 0 0 rg BT 267.76 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.02 197.10 Td (devices ) Tj ET Q q 0 0 0 rg BT 309.93 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.29 197.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 362.37 197.10 Td (including ) Tj ET Q q 0 0 0 rg BT 402.06 197.10 Td (connected ) Tj ET Q q 0 0 0 rg BT 444.52 197.10 Td (home, ) Tj ET Q q 0 0 0 rg BT 471.16 197.10 Td (enterprise, ) Tj ET Q q 0 0 0 rg BT 515.01 197.10 Td (automotive, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 185.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.11 185.10 Td (IoT) Tj ET Q q 0 0 0 rg BT 133.80 185.10 Td (. ) Tj ET Q q 0 0 0 rg BT 138.47 185.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.48 185.10 Td (W) Tj ET Q q 0 0 0 rg BT 149.12 185.10 Td (e ) Tj ET Q q 0 0 0 rg BT 155.73 185.10 Td (bought ) Tj ET Q q 0 0 0 rg BT 185.67 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.06 185.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 223.33 185.10 Td (following ) Tj ET Q q 0 0 0 rg BT 264.39 185.10 Td (a ) Tj ET Q q 0 0 0 rg BT 270.99 185.10 Td (CEO ) Tj ET Q q 0 0 0 rg BT 293.16 185.10 Td (change ) Tj ET Q q 0 0 0 rg BT 323.65 185.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.25 185.10 Td (a ) Tj ET Q q 0 0 0 rg BT 346.86 185.10 Td (new ) Tj ET Q q 0 0 0 rg BT 365.69 185.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 418.40 185.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.35 185.10 Td (move ) Tj ET Q q 0 0 0 rg BT 452.73 185.10 Td (quickly ) Tj ET Q q 0 0 0 rg BT 484.90 185.10 Td (on ) Tj ET Q q 0 0 0 rg BT 497.06 185.10 Td (not ) Tj ET Q q 0 0 0 rg BT 512.01 185.10 Td (only ) Tj ET Q q 0 0 0 rg BT 531.96 185.10 Td (product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 173.10 Td (refresh ) Tj ET Q q 0 0 0 rg BT 134.04 173.10 Td (cycles, ) Tj ET Q q 0 0 0 rg BT 164.31 173.10 Td (but ) Tj ET Q q 0 0 0 rg BT 179.87 173.10 Td (also ) Tj ET Q q 0 0 0 rg BT 198.76 173.10 Td (on ) Tj ET Q q 0 0 0 rg BT 211.54 173.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 252.09 173.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 287.08 173.10 Td (reductions ) Tj ET Q q 0 0 0 rg BT 331.51 173.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.74 173.10 Td (a ) Tj ET Q q 0 0 0 rg BT 355.96 173.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 380.40 173.10 Td (on ) Tj ET Q q 0 0 0 rg BT 393.18 173.10 Td (profitable ) Tj ET Q q 0 0 0 rg BT 434.83 173.10 Td (growth. ) Tj ET Q q 0 0 0 rg BT 468.45 173.10 Td (Unfortunately) Tj ET Q q 0 0 0 rg BT 523.89 173.10 Td (, ) Tj ET Q q 0 0 0 rg BT 529.17 173.10 Td (this ) Tj ET Q q 0 0 0 rg BT 546.40 173.10 Td (past ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 161.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 131.42 161.10 Td (, ) Tj ET Q q 0 0 0 rg BT 135.80 161.10 Td (AIRG ) Tj ET Q q 0 0 0 rg BT 162.65 161.10 Td (came ) Tj ET Q q 0 0 0 rg BT 186.16 161.10 Td (under ) Tj ET Q q 0 0 0 rg BT 211.35 161.10 Td (pressure ) Tj ET Q q 0 0 0 rg BT 247.08 161.10 Td (against ) Tj ET Q q 0 0 0 rg BT 277.82 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.45 161.10 Td (backdrop ) Tj ET Q q 0 0 0 rg BT 332.07 161.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.82 161.10 Td (very ) Tj ET Q q 0 0 0 rg BT 363.00 161.10 Td (weak ) Tj ET Q q 0 0 0 rg BT 386.51 161.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 433.36 161.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 459.65 161.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 515.09 161.10 Td (Despite ) Tj ET Q q 0 0 0 rg BT 548.05 161.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 149.10 Td (pressure, ) Tj ET Q q 0 0 0 rg BT 143.59 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.08 149.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 207.68 149.10 Td (secular ) Tj ET Q q 0 0 0 rg BT 240.26 149.10 Td (uptrend ) Tj ET Q q 0 0 0 rg BT 275.08 149.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.68 149.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 329.71 149.10 Td (rollouts ) Tj ET Q q 0 0 0 rg BT 364.54 149.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.14 149.10 Td (technologies ) Tj ET Q q 0 0 0 rg BT 431.95 149.10 Td (that ) Tj ET Q q 0 0 0 rg BT 451.22 149.10 Td (enable ) Tj ET Q q 0 0 0 rg BT 481.58 149.10 Td (high-speed ) Tj ET Q q 0 0 0 rg BT 529.73 149.10 Td (wireless ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 137.10 Td (communications ) Tj ET Q q 0 0 0 rg BT 172.27 137.10 Td (is ) Tj ET Q q 0 0 0 rg BT 181.61 137.10 Td (gaining ) Tj ET Q q 0 0 0 rg BT 214.28 137.10 Td (momentum ) Tj ET Q q 0 0 0 rg BT 262.50 137.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.61 137.10 Td (plays ) Tj ET Q q 0 0 0 rg BT 303.39 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 313.84 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.72 137.10 Td (strengths ) Tj ET Q q 0 0 0 rg BT 367.50 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.92 137.10 Td (AIRG; ) Tj ET Q q 0 0 0 rg BT 407.81 137.10 Td (that ) Tj ET Q q 0 0 0 rg BT 425.47 137.10 Td (is, ) Tj ET Q q 0 0 0 rg BT 437.31 137.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 481.08 137.10 Td (speeds ) Tj ET Q q 0 0 0 rg BT 510.41 137.10 Td (require ) Tj ET Q q 0 0 0 rg BT 541.40 137.10 Td (high-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 125.10 Td (quality) Tj ET Q q 0 0 0 rg BT 130.62 125.10 Td (, ) Tj ET Q q 0 0 0 rg BT 135.62 125.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 172.56 125.10 Td (antennas. ) Tj ET Q q 0 0 0 rg BT 212.54 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 215.04 125.10 Td (For ) Tj ET Q q 0 0 0 rg BT 231.43 125.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.15 125.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 274.07 125.10 Td (, ) Tj ET Q q 0 0 0 rg BT 278.51 125.10 Td (AIRG ) Tj ET Q q 0 0 0 rg BT 305.46 125.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 339.60 125.10 Td (our ) Tj ET Q q 0 0 0 rg BT 355.43 125.10 Td (NA) Tj ET Q q 0 0 0 rg BT 368.59 125.10 Td (V) Tj ET Q q 0 0 0 rg BT 375.63 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.13 125.10 Td (by ) Tj ET Q q 0 0 0 rg BT 390.63 125.10 Td ($0.02.) 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 85.50 749.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 749.10 Td (Emcore ) Tj ET Q q 0 0 0 rg BT 137.47 749.10 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 188.66 749.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 239.31 749.10 Td (EMKR\) ) Tj ET Q q 0 0 0 rg BT 274.41 749.10 Td (is ) Tj ET Q q 0 0 0 rg BT 283.95 749.10 Td (a ) Tj ET Q q 0 0 0 rg BT 291.26 749.10 Td (provider ) Tj ET Q q 0 0 0 rg BT 328.01 749.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.21 749.10 Td (advanced ) Tj ET Q q 0 0 0 rg BT 379.84 749.10 Td (mixed-signal ) Tj ET Q q 0 0 0 rg BT 434.93 749.10 Td (optics ) Tj ET Q q 0 0 0 rg BT 461.69 749.10 Td (products ) Tj ET Q q 0 0 0 rg BT 499.00 749.10 Td (that ) Tj ET Q q 0 0 0 rg BT 516.86 749.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 550.28 749.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 737.10 Td (foundation ) Tj ET Q q 0 0 0 rg BT 148.54 737.10 Td (for ) Tj ET Q q 0 0 0 rg BT 161.91 737.10 Td (today) Tj ET Q q 0 0 0 rg BT 186.91 737.10 Td (s ) Tj ET Q q 0 0 0 rg BT 192.51 737.10 Td (high-speed ) Tj ET Q q 0 0 0 rg BT 238.10 737.10 Td (communication ) Tj ET Q q 0 0 0 rg BT 302.03 737.10 Td (network ) Tj ET Q q 0 0 0 rg BT 336.51 737.10 Td (infrastructures ) Tj ET Q q 0 0 0 rg BT 395.98 737.10 Td (and ) Tj ET Q q 0 0 0 rg BT 412.13 737.10 Td (leading-edge ) Tj ET Q q 0 0 0 rg BT 465.48 737.10 Td (defense ) Tj ET Q q 0 0 0 rg BT 497.73 737.10 Td (systems. ) Tj ET Q q 0 0 0 rg BT 533.62 737.10 Td (EMKR ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 725.10 Td (had ) Tj ET Q q 0 0 0 rg BT 120.40 725.10 Td (a ) Tj ET Q q 0 0 0 rg BT 127.29 725.10 Td (myriad ) Tj ET Q q 0 0 0 rg BT 158.07 725.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.86 725.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 195.74 725.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 229.85 725.10 Td (challenges ) Tj ET Q q 0 0 0 rg BT 274.51 725.10 Td (in ) Tj ET Q q 0 0 0 rg BT 284.74 725.10 Td (its ) Tj ET Q q 0 0 0 rg BT 296.65 725.10 Td (CA) Tj ET Q q 0 0 0 rg BT 309.43 725.10 Td (TV) Tj ET Q q 0 0 0 rg BT 322.58 725.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.04 725.10 Td (\(community ) Tj ET Q q 0 0 0 rg BT 376.38 725.10 Td (access ) Tj ET Q q 0 0 0 rg BT 404.37 725.10 Td (television, ) Tj ET Q q 0 0 0 rg BT 448.21 725.10 Td (or ) Tj ET Q q 0 0 0 rg BT 459.00 725.10 Td (cable\) ) Tj ET Q q 0 0 0 rg BT 485.88 725.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 524.73 725.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 713.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 143.99 713.10 Td (corrections ) Tj ET Q q 0 0 0 rg BT 190.58 713.10 Td (at ) Tj ET Q q 0 0 0 rg BT 199.97 713.10 Td (one ) Tj ET Q q 0 0 0 rg BT 216.57 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.07 713.10 Td (its ) Tj ET Q q 0 0 0 rg BT 238.68 713.10 Td (lar) Tj ET Q q 0 0 0 rg BT 249.05 713.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 267.33 713.10 Td (customers. ) Tj ET Q q 0 0 0 rg BT 312.54 713.10 Td (Essentially) Tj ET Q q 0 0 0 rg BT 355.77 713.10 Td (, ) Tj ET Q q 0 0 0 rg BT 360.44 713.10 Td (this ) Tj ET Q q 0 0 0 rg BT 377.05 713.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 415.88 713.10 Td (over) Tj ET Q q 0 0 0 rg BT 433.45 713.10 Td (-ordered ) Tj ET Q q 0 0 0 rg BT 469.48 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 479.42 713.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 504.09 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.70 713.10 Td (as ) Tj ET Q q 0 0 0 rg BT 531.19 713.10 Td (a ) Tj ET Q q 0 0 0 rg BT 537.80 713.10 Td (result, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 701.10 Td (had ) Tj ET Q q 0 0 0 rg BT 120.08 701.10 Td (a ) Tj ET Q q 0 0 0 rg BT 126.65 701.10 Td (dramatic ) Tj ET Q q 0 0 0 rg BT 163.77 701.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 194.78 701.10 Td (in ) Tj ET Q q 0 0 0 rg BT 204.70 701.10 Td (its ) Tj ET Q q 0 0 0 rg BT 216.28 701.10 Td (ordering ) Tj ET Q q 0 0 0 rg BT 252.30 701.10 Td (pattern ) Tj ET Q q 0 0 0 rg BT 282.20 701.10 Td (in ) Tj ET Q q 0 0 0 rg BT 292.11 701.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 316.75 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 318.89 701.10 Td (It ) Tj ET Q q 0 0 0 rg BT 327.14 701.10 Td (has ) Tj ET Q q 0 0 0 rg BT 342.60 701.10 Td (been ) Tj ET Q q 0 0 0 rg BT 363.62 701.10 Td (our ) Tj ET Q q 0 0 0 rg BT 379.09 701.10 Td (view ) Tj ET Q q 0 0 0 rg BT 400.66 701.10 Td (this ) Tj ET Q q 0 0 0 rg BT 417.25 701.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 457.71 701.10 Td (correction ) Tj ET Q q 0 0 0 rg BT 500.38 701.10 Td (would ) Tj ET Q q 0 0 0 rg BT 527.52 701.10 Td (dissipate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 689.10 Td (by ) Tj ET Q q 0 0 0 rg BT 115.09 689.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 138.34 689.10 Td (year ) Tj ET Q q 0 0 0 rg BT 157.13 689.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 178.73 689.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 204.75 689.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 234.66 689.10 Td (\(September ) Tj ET Q q 0 0 0 rg BT 282.35 689.10 Td (30\) ) Tj ET Q q 0 0 0 rg BT 297.27 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.30 689.10 Td (EMKR's ) Tj ET Q q 0 0 0 rg BT 349.47 689.10 Td (visibility ) Tj ET Q q 0 0 0 rg BT 386.62 689.10 Td (to ) Tj ET Q q 0 0 0 rg BT 395.99 689.10 Td (future ) Tj ET Q q 0 0 0 rg BT 421.46 689.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 458.59 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.62 689.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 504.54 689.10 Td (would ) Tj ET Q q 0 0 0 rg BT 531.13 689.10 Td (resume. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 677.10 Td (That ) Tj ET Q q 0 0 0 rg BT 123.98 677.10 Td (view ) Tj ET Q q 0 0 0 rg BT 145.57 677.10 Td (proved ) Tj ET Q q 0 0 0 rg BT 175.49 677.10 Td (accurate. ) Tj ET Q q 0 0 0 rg BT 212.97 677.10 Td (At ) Tj ET Q q 0 0 0 rg BT 225.12 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.49 677.10 Td (same ) Tj ET Q q 0 0 0 rg BT 262.19 677.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 284.61 677.10 Td (EMKR's ) Tj ET Q q 0 0 0 rg BT 321.35 677.10 Td (state-of-the-art ) Tj ET Q q 0 0 0 rg BT 382.91 677.10 Td (Fiber ) Tj ET Q q 0 0 0 rg BT 406.17 677.10 Td (Optic ) Tj ET Q q 0 0 0 rg BT 430.54 677.10 Td (Gyroscope ) Tj ET Q q 0 0 0 rg BT 476.02 677.10 Td (\(FOG\) ) Tj ET Q q 0 0 0 rg BT 513.71 677.10 Td (products ) Tj ET Q q 0 0 0 rg BT 550.30 677.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 665.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 141.92 665.10 Td (for ) Tj ET Q q 0 0 0 rg BT 156.46 665.10 Td (fast, ) Tj ET Q q 0 0 0 rg BT 176.27 665.10 Td (accurate ) Tj ET Q q 0 0 0 rg BT 212.45 665.10 Td (navigation ) Tj ET Q q 0 0 0 rg BT 257.53 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 274.85 665.10 Td (gyrocompassing, ) Tj ET Q q 0 0 0 rg BT 345.77 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.08 665.10 Td (low ) Tj ET Q q 0 0 0 rg BT 380.96 665.10 Td (noise, ) Tj ET Q q 0 0 0 rg BT 407.44 665.10 Td (line ) Tj ET Q q 0 0 0 rg BT 425.31 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.52 665.10 Td (sight ) Tj ET Q q 0 0 0 rg BT 458.84 665.10 Td (stabilization. ) Tj ET Q q 0 0 0 rg BT 513.09 665.10 Td ( ) Tj ET Q q 0 0 0 rg BT 515.76 665.10 Td (These ) Tj ET Q q 0 0 0 rg BT 542.51 665.10 Td (FOG ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 653.10 Td (products ) Tj ET Q q 0 0 0 rg BT 140.14 653.10 Td (are ) Tj ET Q q 0 0 0 rg BT 154.55 653.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 184.51 653.10 Td (components ) Tj ET Q q 0 0 0 rg BT 235.04 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.57 653.10 Td (high-performance ) Tj ET Q q 0 0 0 rg BT 319.40 653.10 Td (drones ) Tj ET Q q 0 0 0 rg BT 348.27 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.91 653.10 Td (other ) Tj ET Q q 0 0 0 rg BT 387.66 653.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 421.53 653.10 Td (where ) Tj ET Q q 0 0 0 rg BT 448.16 653.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 475.92 653.10 Td (accurate ) Tj ET Q q 0 0 0 rg BT 511.42 653.10 Td (navigation ) Tj ET Q q 0 0 0 rg BT 555.83 653.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 641.10 Td (critical. ) Tj ET Q q 0 0 0 rg BT 135.05 641.10 Td (Like ) Tj ET Q q 0 0 0 rg BT 154.37 641.10 Td (AIRG ) Tj ET Q q 0 0 0 rg BT 180.10 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.83 641.10 Td (IOTS, ) Tj ET Q q 0 0 0 rg BT 221.84 641.10 Td (EMKR ) Tj ET Q q 0 0 0 rg BT 252.01 641.10 Td (suf) Tj ET Q q 0 0 0 rg BT 264.06 641.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 285.88 641.10 Td (with ) Tj ET Q q 0 0 0 rg BT 304.94 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.45 641.10 Td (rest ) Tj ET Q q 0 0 0 rg BT 334.17 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.79 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.29 641.10 Td (market ) Tj ET Q q 0 0 0 rg BT 386.34 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.07 641.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 447.79 641.10 Td (meltdown. ) Tj ET Q q 0 0 0 rg BT 491.48 641.10 Td (W) Tj ET Q q 0 0 0 rg BT 500.52 641.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 512.36 641.10 Td (an ) Tj ET Q q 0 0 0 rg BT 523.08 641.10 Td (enterprise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 629.10 Td (value ) Tj ET Q q 0 0 0 rg BT 127.72 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.61 629.10 Td (less ) Tj ET Q q 0 0 0 rg BT 156.17 629.10 Td (than ) Tj ET Q q 0 0 0 rg BT 175.95 629.10 Td (1x ) Tj ET Q q 0 0 0 rg BT 188.51 629.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 226.61 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.60 629.10 Td (with ) Tj ET Q q 0 0 0 rg BT 263.94 629.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 324.26 629.10 Td (half ) Tj ET Q q 0 0 0 rg BT 342.37 629.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.15 629.10 Td (market ) Tj ET Q q 0 0 0 rg BT 387.47 629.10 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 443.90 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.79 629.10 Td (EMKR ) Tj ET Q q 0 0 0 rg BT 486.24 629.10 Td (in ) Tj ET Q q 0 0 0 rg BT 496.58 629.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 519.41 629.10 Td (we ) Tj ET Q q 0 0 0 rg BT 533.63 629.10 Td (believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.22 617.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 141.83 617.10 Td (has ) Tj ET Q q 0 0 0 rg BT 157.66 617.10 Td (a ) Tj ET Q q 0 0 0 rg BT 164.59 617.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 204.85 617.10 Td (risk-reward ) Tj ET Q q 0 0 0 rg BT 253.44 617.10 Td (profile. ) Tj ET Q q 0 0 0 rg BT 285.09 617.10 Td (For ) Tj ET Q q 0 0 0 rg BT 301.48 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.20 617.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 344.12 617.10 Td (, ) Tj ET Q q 0 0 0 rg BT 349.12 617.10 Td (EMKR ) Tj ET Q q 0 0 0 rg BT 380.51 617.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 414.65 617.10 Td (our ) Tj ET Q q 0 0 0 rg BT 430.48 617.10 Td (NA) Tj ET Q q 0 0 0 rg BT 443.64 617.10 Td (V) Tj ET Q q 0 0 0 rg BT 450.68 617.10 Td ( ) Tj ET Q q 0 0 0 rg BT 453.18 617.10 Td (by ) Tj ET Q q 0 0 0 rg BT 465.68 617.10 Td ($0.01.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 593.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 593.10 Td (Lantronix, ) Tj ET Q q 0 0 0 rg BT 148.68 593.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 167.19 593.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 218.21 593.10 Td (L) Tj ET Q q 0 0 0 rg BT 223.40 593.10 Td (TRX\) ) Tj ET Q q 0 0 0 rg BT 249.98 593.10 Td (is ) Tj ET Q q 0 0 0 rg BT 259.89 593.10 Td (a ) Tj ET Q q 0 0 0 rg BT 267.57 593.10 Td (global ) Tj ET Q q 0 0 0 rg BT 295.81 593.10 Td (provider ) Tj ET Q q 0 0 0 rg BT 332.93 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.50 593.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 373.29 593.10 Td (data ) Tj ET Q q 0 0 0 rg BT 393.18 593.10 Td (access ) Tj ET Q q 0 0 0 rg BT 421.96 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.65 593.10 Td (management ) Tj ET Q q 0 0 0 rg BT 493.98 593.10 Td (solutions ) Tj ET Q q 0 0 0 rg BT 533.34 593.10 Td (for ) Tj ET Q q 0 0 0 rg BT 548.25 593.10 Td (IoT) Tj ET Q q 0 0 0 rg BT 562.50 593.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 581.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 132.27 581.10 Td (The ) Tj ET Q q 0 0 0 rg BT 150.99 581.10 Td (IoT) Tj ET Q q 0 0 0 rg BT 165.25 581.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.42 581.10 Td (gateway ) Tj ET Q q 0 0 0 rg BT 204.91 581.10 Td (market ) Tj ET Q q 0 0 0 rg BT 235.84 581.10 Td (\(75% ) Tj ET Q q 0 0 0 rg BT 260.67 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.17 581.10 Td (L) Tj ET Q q 0 0 0 rg BT 277.37 581.10 Td (TRX ) Tj ET Q q 0 0 0 rg BT 300.54 581.10 Td (sales\) ) Tj ET Q q 0 0 0 rg BT 326.48 581.10 Td (is ) Tj ET Q q 0 0 0 rg BT 336.32 581.10 Td (experiencing ) Tj ET Q q 0 0 0 rg BT 391.13 581.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 419.30 581.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 450.80 581.10 Td (as ) Tj ET Q q 0 0 0 rg BT 462.30 581.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 507.70 581.10 Td (are ) Tj ET Q q 0 0 0 rg BT 523.08 581.10 Td (becoming ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 569.10 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 154.61 569.10 Td (connected. ) Tj ET Q q 0 0 0 rg BT 199.88 569.10 Td (Following ) Tj ET Q q 0 0 0 rg BT 243.24 569.10 Td (years ) Tj ET Q q 0 0 0 rg BT 266.58 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.15 569.10 Td (declining ) Tj ET Q q 0 0 0 rg BT 316.60 569.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 354.37 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.05 569.10 Td (net ) Tj ET Q q 0 0 0 rg BT 385.50 569.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 414.13 569.10 Td (a ) Tj ET Q q 0 0 0 rg BT 420.81 569.10 Td (new ) Tj ET Q q 0 0 0 rg BT 439.71 569.10 Td (management ) Tj ET Q q 0 0 0 rg BT 493.04 569.10 Td (team ) Tj ET Q q 0 0 0 rg BT 514.71 569.10 Td (took ) Tj ET Q q 0 0 0 rg BT 534.73 569.10 Td (over ) Tj ET Q q 0 0 0 rg BT 554.74 569.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 557.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 126.28 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.50 557.10 Td (embarked ) Tj ET Q q 0 0 0 rg BT 185.70 557.10 Td (on ) Tj ET Q q 0 0 0 rg BT 198.48 557.10 Td (a ) Tj ET Q q 0 0 0 rg BT 205.70 557.10 Td (dramatic ) Tj ET Q q 0 0 0 rg BT 243.46 557.10 Td (turnaround ) Tj ET Q q 0 0 0 rg BT 290.12 557.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.23 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.22 557.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 355.39 557.10 Td (In ) Tj ET Q q 0 0 0 rg BT 366.50 557.10 Td (its ) Tj ET Q q 0 0 0 rg BT 378.73 557.10 Td (most ) Tj ET Q q 0 0 0 rg BT 400.96 557.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 428.16 557.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 464.82 557.10 Td (report, ) Tj ET Q q 0 0 0 rg BT 493.98 557.10 Td (L) Tj ET Q q 0 0 0 rg BT 499.17 557.10 Td (TRX ) Tj ET Q q 0 0 0 rg BT 521.95 557.10 Td (pointed ) Tj ET Q q 0 0 0 rg BT 554.72 557.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.12 545.10 Td (expectation ) Tj ET Q q 0 0 0 rg BT 168.61 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.35 545.10 Td (nearly ) Tj ET Q q 0 0 0 rg BT 208.73 545.10 Td (double-digit ) Tj ET Q q 0 0 0 rg BT 261.02 545.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 296.07 545.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 327.80 545.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.98 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.60 545.10 Td (upcoming ) Tj ET Q q 0 0 0 rg BT 398.00 545.10 Td (quarters. ) Tj ET Q q 0 0 0 rg BT 435.87 545.10 Td (W) Tj ET Q q 0 0 0 rg BT 444.50 545.10 Td (e ) Tj ET Q q 0 0 0 rg BT 452.35 545.10 Td (participated ) Tj ET Q q 0 0 0 rg BT 502.95 545.10 Td (in ) Tj ET Q q 0 0 0 rg BT 514.13 545.10 Td (a ) Tj ET Q q 0 0 0 rg BT 521.97 545.10 Td (secondary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 533.10 Td (of) Tj ET Q q 0 0 0 rg BT 111.65 533.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 138.25 533.10 Td (in ) Tj ET Q q 0 0 0 rg BT 148.76 533.10 Td (Q3 ) Tj ET Q q 0 0 0 rg BT 163.71 533.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 186.44 533.10 Td (that ) Tj ET Q q 0 0 0 rg BT 204.16 533.10 Td (strengthened ) Tj ET Q q 0 0 0 rg BT 257.99 533.10 Td (L) Tj ET Q q 0 0 0 rg BT 263.18 533.10 Td (TRX) Tj ET Q q 0 0 0 rg BT 285.96 533.10 Td (s ) Tj ET Q q 0 0 0 rg BT 292.58 533.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 325.84 533.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 349.11 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.28 533.10 Td (gave ) Tj ET Q q 0 0 0 rg BT 387.88 533.10 Td (it ) Tj ET Q q 0 0 0 rg BT 396.17 533.10 Td (firepower ) Tj ET Q q 0 0 0 rg BT 437.76 533.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.27 533.10 Td (make ) Tj ET Q q 0 0 0 rg BT 472.66 533.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 509.26 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 526.42 533.10 Td (accretive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 521.10 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 156.91 521.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.05 521.10 Td (Unfortunately) Tj ET Q q 0 0 0 rg BT 215.50 521.10 Td (, ) Tj ET Q q 0 0 0 rg BT 221.13 521.10 Td (like ) Tj ET Q q 0 0 0 rg BT 239.27 521.10 Td (almost ) Tj ET Q q 0 0 0 rg BT 269.07 521.10 Td (every ) Tj ET Q q 0 0 0 rg BT 294.42 521.10 Td (other ) Tj ET Q q 0 0 0 rg BT 318.10 521.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 365.67 521.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 392.42 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.00 521.10 Td (despite ) Tj ET Q q 0 0 0 rg BT 441.46 521.10 Td (no ) Tj ET Q q 0 0 0 rg BT 454.60 521.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 491.61 521.10 Td (company ) Tj ET Q q 0 0 0 rg BT 531.41 521.10 Td (specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 509.10 Td (news, ) Tj ET Q q 0 0 0 rg BT 129.05 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.77 509.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 167.38 509.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 186.55 509.10 Td (of) Tj ET Q q 0 0 0 rg BT 194.70 509.10 Td (f ) Tj ET Q q 0 0 0 rg BT 200.53 509.10 Td (in ) Tj ET Q q 0 0 0 rg BT 210.80 509.10 Td (Q4 ) Tj ET Q q 0 0 0 rg BT 225.53 509.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 250.53 509.10 Td (For ) Tj ET Q q 0 0 0 rg BT 266.92 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.63 509.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 309.55 509.10 Td (, ) Tj ET Q q 0 0 0 rg BT 314.55 509.10 Td (L) Tj ET Q q 0 0 0 rg BT 319.74 509.10 Td (TRX ) Tj ET Q q 0 0 0 rg BT 342.24 509.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 376.39 509.10 Td (our ) Tj ET Q q 0 0 0 rg BT 392.22 509.10 Td (NA) Tj ET Q q 0 0 0 rg BT 405.37 509.10 Td (V) Tj ET Q q 0 0 0 rg BT 412.41 509.10 Td ( ) Tj ET Q q 0 0 0 rg BT 414.91 509.10 Td (by ) Tj ET Q q 0 0 0 rg BT 427.41 509.10 Td ($0.01.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 485.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 485.10 Td (Synacor) Tj ET Q q 0 0 0 rg BT 135.87 485.10 Td (, ) Tj ET Q q 0 0 0 rg BT 143.37 485.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 163.64 485.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 216.42 485.10 Td (SYNC\) ) Tj ET Q q 0 0 0 rg BT 251.43 485.10 Td (is ) Tj ET Q q 0 0 0 rg BT 263.10 485.10 Td (a ) Tj ET Q q 0 0 0 rg BT 272.54 485.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 308.10 485.10 Td (we ) Tj ET Q q 0 0 0 rg BT 324.76 485.10 Td (have ) Tj ET Q q 0 0 0 rg BT 348.64 485.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 391.97 485.10 Td (extensively ) Tj ET Q q 0 0 0 rg BT 442.51 485.10 Td (in ) Tj ET Q q 0 0 0 rg BT 455.29 485.10 Td (our ) Tj ET Q q 0 0 0 rg BT 473.62 485.10 Td (communications ) Tj ET Q q 0 0 0 rg BT 544.72 485.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 473.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 159.39 473.10 Td (The ) Tj ET Q q 0 0 0 rg BT 178.01 473.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 201.09 473.10 Td (at ) Tj ET Q q 0 0 0 rg BT 211.38 473.10 Td (SYNC ) Tj ET Q q 0 0 0 rg BT 241.13 473.10 Td (isn) Tj ET Q q 0 0 0 rg BT 255.95 473.10 Td (t ) Tj ET Q q 0 0 0 rg BT 261.81 473.10 Td (fundamental ) Tj ET Q q 0 0 0 rg BT 314.86 473.10 Td (problems ) Tj ET Q q 0 0 0 rg BT 355.16 473.10 Td (with ) Tj ET Q q 0 0 0 rg BT 376.01 473.10 Td (its ) Tj ET Q q 0 0 0 rg BT 388.54 473.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 419.38 473.10 Td (business; ) Tj ET Q q 0 0 0 rg BT 459.12 473.10 Td (it ) Tj ET Q q 0 0 0 rg BT 467.76 473.10 Td (is ) Tj ET Q q 0 0 0 rg BT 477.50 473.10 Td (rather ) Tj ET Q q 0 0 0 rg BT 503.89 473.10 Td (a ) Tj ET Q q 0 0 0 rg BT 511.41 473.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 461.10 Td (credibility ) Tj ET Q q 0 0 0 rg BT 148.47 461.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 172.34 461.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 211.20 461.10 Td (from ) Tj ET Q q 0 0 0 rg BT 234.51 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.59 461.10 Td (company ) Tj ET Q q 0 0 0 rg BT 291.12 461.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 339.98 461.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.29 461.10 Td (consistently ) Tj ET Q q 0 0 0 rg BT 409.93 461.10 Td (over) Tj ET Q q 0 0 0 rg BT 427.50 461.10 Td (-promising ) Tj ET Q q 0 0 0 rg BT 475.25 461.10 Td (and ) Tj ET Q q 0 0 0 rg BT 493.56 461.10 Td (under) Tj ET Q q 0 0 0 rg BT 516.13 461.10 Td (-delivering. ) Tj ET Q q 0 0 0 rg BT 565.00 461.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 449.10 Td (Approximately ) Tj ET Q q 0 0 0 rg BT 167.84 449.10 Td (40% ) Tj ET Q q 0 0 0 rg BT 189.98 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.11 449.10 Td (SYNC's ) Tj ET Q q 0 0 0 rg BT 238.28 449.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 277.62 449.10 Td (are ) Tj ET Q q 0 0 0 rg BT 293.63 449.10 Td (recurring ) Tj ET Q q 0 0 0 rg BT 334.08 449.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.32 449.10 Td (fee-based ) Tj ET Q q 0 0 0 rg BT 394.42 449.10 Td (from ) Tj ET Q q 0 0 0 rg BT 417.67 449.10 Td (its ) Tj ET Q q 0 0 0 rg BT 430.92 449.10 Td (email ) Tj ET Q q 0 0 0 rg BT 456.93 449.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.17 449.10 Td (Cloud ) Tj ET Q q 0 0 0 rg BT 503.42 449.10 Td (ID ) Tj ET Q q 0 0 0 rg BT 517.77 449.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 565.00 449.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 437.10 Td (Investors ) Tj ET Q q 0 0 0 rg BT 143.26 437.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 181.36 437.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 198.90 437.10 Td (a ) Tj ET Q q 0 0 0 rg BT 206.45 437.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 248.44 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 259.88 437.10 Td (1x ) Tj ET Q q 0 0 0 rg BT 272.98 437.10 Td (recurring ) Tj ET Q q 0 0 0 rg BT 312.73 437.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 353.87 437.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.42 437.10 Td (in ) Tj ET Q q 0 0 0 rg BT 382.30 437.10 Td (many ) Tj ET Q q 0 0 0 rg BT 407.62 437.10 Td (cases, ) Tj ET Q q 0 0 0 rg BT 434.32 437.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 487.42 437.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 516.07 437.10 Td (multiples ) Tj ET Q q 0 0 0 rg BT 556.39 437.10 Td (if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 425.10 Td (such ) Tj ET Q q 0 0 0 rg BT 124.57 425.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 162.85 425.10 Td (are ) Tj ET Q q 0 0 0 rg BT 177.80 425.10 Td (coupled ) Tj ET Q q 0 0 0 rg BT 212.20 425.10 Td (with ) Tj ET Q q 0 0 0 rg BT 232.72 425.10 Td (high ) Tj ET Q q 0 0 0 rg BT 253.24 425.10 Td (mar) Tj ET Q q 0 0 0 rg BT 268.60 425.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 288.01 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.19 425.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 336.27 425.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 360.38 425.10 Td (SYNC's ) Tj ET Q q 0 0 0 rg BT 395.49 425.10 Td (management ) Tj ET Q q 0 0 0 rg BT 449.33 425.10 Td (team ) Tj ET Q q 0 0 0 rg BT 471.50 425.10 Td (has ) Tj ET Q q 0 0 0 rg BT 487.57 425.10 Td (made ) Tj ET Q q 0 0 0 rg BT 511.97 425.10 Td (considerable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 413.10 Td (strides ) Tj ET Q q 0 0 0 rg BT 132.43 413.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.02 413.10 Td (improving ) Tj ET Q q 0 0 0 rg BT 187.51 413.10 Td (its ) Tj ET Q q 0 0 0 rg BT 199.78 413.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 238.99 413.10 Td (For ) Tj ET Q q 0 0 0 rg BT 255.70 413.10 Td (instance, ) Tj ET Q q 0 0 0 rg BT 293.78 413.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 329.89 413.10 Td ( ) Tj ET Q q 0 0 0 rg BT 332.71 413.10 Td (is ) Tj ET Q q 0 0 0 rg BT 342.19 413.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 380.55 413.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.14 413.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 426.72 413.10 Td (from ) Tj ET Q q 0 0 0 rg BT 448.97 413.10 Td ($2.3 ) Tj ET Q q 0 0 0 rg BT 469.29 413.10 Td (million ) Tj ET Q q 0 0 0 rg BT 501.00 413.10 Td (in ) Tj ET Q q 0 0 0 rg BT 511.60 413.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 534.42 413.10 Td (to ) Tj ET Q q 0 0 0 rg BT 545.02 413.10 Td ($7.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 401.10 Td (million ) Tj ET Q q 0 0 0 rg BT 134.41 401.10 Td (in ) Tj ET Q q 0 0 0 rg BT 144.21 401.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 168.72 401.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.74 401.10 Td (Unfortunately) Tj ET Q q 0 0 0 rg BT 226.19 401.10 Td (, ) Tj ET Q q 0 0 0 rg BT 230.70 401.10 Td (last ) Tj ET Q q 0 0 0 rg BT 246.16 401.10 Td (August, ) Tj ET Q q 0 0 0 rg BT 279.13 401.10 Td (A) Tj ET Q q 0 0 0 rg BT 285.24 401.10 Td (T&T) Tj ET Q q 0 0 0 rg BT 305.06 401.10 Td ( ) Tj ET Q q 0 0 0 rg BT 307.07 401.10 Td (\(SYNC's ) Tj ET Q q 0 0 0 rg BT 344.79 401.10 Td (lar) Tj ET Q q 0 0 0 rg BT 355.16 401.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 373.28 401.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 415.85 401.10 Td (customer\), ) Tj ET Q q 0 0 0 rg BT 460.36 401.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 499.58 401.10 Td (notice ) Tj ET Q q 0 0 0 rg BT 526.03 401.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.82 401.10 Td (SYNC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 389.10 Td (that ) Tj ET Q q 0 0 0 rg BT 120.86 389.10 Td (it ) Tj ET Q q 0 0 0 rg BT 128.79 389.10 Td (would ) Tj ET Q q 0 0 0 rg BT 156.15 389.10 Td (not ) Tj ET Q q 0 0 0 rg BT 171.30 389.10 Td (automatically ) Tj ET Q q 0 0 0 rg BT 228.09 389.10 Td (renew ) Tj ET Q q 0 0 0 rg BT 254.89 389.10 Td (an ) Tj ET Q q 0 0 0 rg BT 266.69 389.10 Td (expiring ) Tj ET Q q 0 0 0 rg BT 302.38 389.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 336.95 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.76 389.10 Td (sought ) Tj ET Q q 0 0 0 rg BT 382.80 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.94 389.10 Td (initiate ) Tj ET Q q 0 0 0 rg BT 423.08 389.10 Td (renewal ) Tj ET Q q 0 0 0 rg BT 457.09 389.10 Td (negotiations ) Tj ET Q q 0 0 0 rg BT 508.34 389.10 Td (on ) Tj ET Q q 0 0 0 rg BT 520.71 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 527.51 389.10 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 377.10 Td (new ) Tj ET Q q 0 0 0 rg BT 123.62 377.10 Td (definitive ) Tj ET Q q 0 0 0 rg BT 165.40 377.10 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 212.75 377.10 Td (While ) Tj ET Q q 0 0 0 rg BT 240.64 377.10 Td (it ) Tj ET Q q 0 0 0 rg BT 249.66 377.10 Td (is ) Tj ET Q q 0 0 0 rg BT 259.79 377.10 Td (not ) Tj ET Q q 0 0 0 rg BT 276.03 377.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 306.69 377.10 Td (how ) Tj ET Q q 0 0 0 rg BT 327.37 377.10 Td (this ) Tj ET Q q 0 0 0 rg BT 345.28 377.10 Td (will ) Tj ET Q q 0 0 0 rg BT 364.29 377.10 Td (turn ) Tj ET Q q 0 0 0 rg BT 383.86 377.10 Td (out, ) Tj ET Q q 0 0 0 rg BT 402.60 377.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 442.17 377.10 Td (viewed ) Tj ET Q q 0 0 0 rg BT 474.50 377.10 Td (this ) Tj ET Q q 0 0 0 rg BT 492.41 377.10 Td (announcement ) Tj ET Q q 0 0 0 rg BT 554.18 377.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 365.10 Td (negative, ) Tj ET Q q 0 0 0 rg BT 142.67 365.10 Td (with ) Tj ET Q q 0 0 0 rg BT 163.24 365.10 Td (many ) Tj ET Q q 0 0 0 rg BT 188.25 365.10 Td (assuming ) Tj ET Q q 0 0 0 rg BT 228.82 365.10 Td (SYNC ) Tj ET Q q 0 0 0 rg BT 258.29 365.10 Td (would ) Tj ET Q q 0 0 0 rg BT 286.08 365.10 Td (lose ) Tj ET Q q 0 0 0 rg BT 304.98 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.37 365.10 Td (A) Tj ET Q q 0 0 0 rg BT 325.49 365.10 Td (T&T) Tj ET Q q 0 0 0 rg BT 345.30 365.10 Td ( ) Tj ET Q q 0 0 0 rg BT 348.09 365.10 Td (business ) Tj ET Q q 0 0 0 rg BT 384.78 365.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.35 365.10 Td (its ) Tj ET Q q 0 0 0 rg BT 407.59 365.10 Td (entirety) Tj ET Q q 0 0 0 rg BT 437.48 365.10 Td (. ) Tj ET Q q 0 0 0 rg BT 442.78 365.10 Td ( ) Tj ET Q q 0 0 0 rg BT 444.95 365.10 Td (As ) Tj ET Q q 0 0 0 rg BT 458.86 365.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 482.48 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.49 365.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 521.39 365.10 Td (has ) Tj ET Q q 0 0 0 rg BT 537.52 365.10 Td (traded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 353.10 Td (of) Tj ET Q q 0 0 0 rg BT 111.65 353.10 Td (f ) Tj ET Q q 0 0 0 rg BT 117.39 353.10 Td (38% ) Tj ET Q q 0 0 0 rg BT 138.13 353.10 Td (following ) Tj ET Q q 0 0 0 rg BT 179.43 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.05 353.10 Td (announcement. ) Tj ET Q q 0 0 0 rg BT 257.27 353.10 Td (Going ) Tj ET Q q 0 0 0 rg BT 284.68 353.10 Td (forward, ) Tj ET Q q 0 0 0 rg BT 321.24 353.10 Td (if ) Tj ET Q q 0 0 0 rg BT 329.76 353.10 Td (SYNC ) Tj ET Q q 0 0 0 rg BT 358.84 353.10 Td (can ) Tj ET Q q 0 0 0 rg BT 375.13 353.10 Td (resolve ) Tj ET Q q 0 0 0 rg BT 406.42 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.51 353.10 Td (A) Tj ET Q q 0 0 0 rg BT 426.63 353.10 Td (T&T) Tj ET Q q 0 0 0 rg BT 446.44 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 448.85 353.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 483.46 353.10 Td (renewal ) Tj ET Q q 0 0 0 rg BT 517.52 353.10 Td (uncertainty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.40 341.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 153.40 341.10 Td (on ) Tj ET Q q 0 0 0 rg BT 165.86 341.10 Td (its ) Tj ET Q q 0 0 0 rg BT 177.77 341.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 216.63 341.10 Td (we ) Tj ET Q q 0 0 0 rg BT 230.75 341.10 Td (think ) Tj ET Q q 0 0 0 rg BT 253.77 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.45 341.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 292.02 341.10 Td (has ) Tj ET Q q 0 0 0 rg BT 307.82 341.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 355.82 341.10 Td (upside. ) Tj ET Q q 0 0 0 rg BT 386.89 341.10 Td (For ) Tj ET Q q 0 0 0 rg BT 403.25 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.93 341.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 445.84 341.10 Td (, ) Tj ET Q q 0 0 0 rg BT 450.81 341.10 Td (SYNC ) Tj ET Q q 0 0 0 rg BT 479.95 341.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 514.05 341.10 Td (our ) Tj ET Q q 0 0 0 rg BT 529.85 341.10 Td (NA) Tj ET Q q 0 0 0 rg BT 543.00 341.10 Td (V) Tj ET Q q 0 0 0 rg BT 550.04 341.10 Td ( ) Tj ET Q q 0 0 0 rg BT 552.51 341.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 329.10 Td ($0.01.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (New ) Tj ET Q q 0 0 0 rg BT 70.88 305.10 Td (position) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 281.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 281.10 Td (Intermolecular) Tj ET Q q 0 0 0 rg BT 161.96 281.10 Td (, ) Tj ET Q q 0 0 0 rg BT 166.73 281.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 184.28 281.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 234.33 281.10 Td (IMI\) ) Tj ET Q q 0 0 0 rg BT 255.49 281.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 292.20 281.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 335.02 281.10 Td (with ) Tj ET Q q 0 0 0 rg BT 355.08 281.10 Td (a ) Tj ET Q q 0 0 0 rg BT 361.79 281.10 Td (platform ) Tj ET Q q 0 0 0 rg BT 398.50 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.21 281.10 Td (multi-disciplinary ) Tj ET Q q 0 0 0 rg BT 489.14 281.10 Td (development ) Tj ET Q q 0 0 0 rg BT 543.07 281.10 Td (team ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 269.10 Td (for ) Tj ET Q q 0 0 0 rg BT 119.10 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.25 269.10 Td (research ) Tj ET Q q 0 0 0 rg BT 172.50 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.88 269.10 Td (development ) Tj ET Q q 0 0 0 rg BT 246.47 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.74 269.10 Td (advanced ) Tj ET Q q 0 0 0 rg BT 300.43 269.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 341.02 269.10 Td (in ) Tj ET Q q 0 0 0 rg BT 352.73 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.89 269.10 Td (semiconductor) Tj ET Q q 0 0 0 rg BT 427.36 269.10 Td (, ) Tj ET Q q 0 0 0 rg BT 433.80 269.10 Td (display) Tj ET Q q 0 0 0 rg BT 462.04 269.10 Td (, ) Tj ET Q q 0 0 0 rg BT 468.48 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.85 269.10 Td (glass ) Tj ET Q q 0 0 0 rg BT 510.79 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.17 269.10 Td (coatings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 257.10 Td (industries. ) Tj ET Q q 0 0 0 rg BT 146.58 257.10 Td (Coincident ) Tj ET Q q 0 0 0 rg BT 192.15 257.10 Td (with ) Tj ET Q q 0 0 0 rg BT 211.62 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.53 257.10 Td (downturn ) Tj ET Q q 0 0 0 rg BT 265.55 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.57 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.48 257.10 Td (semiconductor ) Tj ET Q q 0 0 0 rg BT 350.04 257.10 Td (sector) Tj ET Q q 0 0 0 rg BT 373.52 257.10 Td (, ) Tj ET Q q 0 0 0 rg BT 377.71 257.10 Td (we ) Tj ET Q q 0 0 0 rg BT 391.06 257.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 433.29 257.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 492.74 257.10 Td (1.4 ) Tj ET Q q 0 0 0 rg BT 506.93 257.10 Td (million ) Tj ET Q q 0 0 0 rg BT 537.51 257.10 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 245.10 Td (at ) Tj ET Q q 0 0 0 rg BT 112.76 245.10 Td (an ) Tj ET Q q 0 0 0 rg BT 124.24 245.10 Td (average ) Tj ET Q q 0 0 0 rg BT 157.36 245.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 175.51 245.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.88 245.10 Td ($0.94. ) Tj ET Q q 0 0 0 rg BT 212.92 245.10 Td ( ) Tj ET Q q 0 0 0 rg BT 214.51 245.10 Td (At ) Tj ET Q q 0 0 0 rg BT 226.55 245.10 Td (that ) Tj ET Q q 0 0 0 rg BT 243.58 245.10 Td (valuation, ) Tj ET Q q 0 0 0 rg BT 285.33 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.59 245.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 322.74 245.10 Td (was ) Tj ET Q q 0 0 0 rg BT 340.33 245.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 370.70 245.10 Td (at ) Tj ET Q q 0 0 0 rg BT 379.95 245.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 439.75 245.10 Td (2x ) Tj ET Q q 0 0 0 rg BT 451.79 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.05 245.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 485.86 245.10 Td (on ) Tj ET Q q 0 0 0 rg BT 497.90 245.10 Td (its ) Tj ET Q q 0 0 0 rg BT 509.39 245.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 541.96 245.10 Td (sheet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 233.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.25 233.10 Td (an ) Tj ET Q q 0 0 0 rg BT 132.00 233.10 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 173.74 233.10 Td (value ) Tj ET Q q 0 0 0 rg BT 197.71 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.35 233.10 Td (0.67x ) Tj ET Q q 0 0 0 rg BT 233.17 233.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 273.52 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 275.83 233.10 Td (IMI ) Tj ET Q q 0 0 0 rg BT 293.70 233.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 339.33 233.10 Td (a ) Tj ET Q q 0 0 0 rg BT 346.08 233.10 Td (slowdown ) Tj ET Q q 0 0 0 rg BT 389.50 233.10 Td (in ) Tj ET Q q 0 0 0 rg BT 399.60 233.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 433.55 233.10 Td (for ) Tj ET Q q 0 0 0 rg BT 447.53 233.10 Td (Q4 ) Tj ET Q q 0 0 0 rg BT 462.06 233.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 484.38 233.10 Td (due ) Tj ET Q q 0 0 0 rg BT 501.13 233.10 Td (to ) Tj ET Q q 0 0 0 rg BT 511.22 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.75 233.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 554.18 233.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 221.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 133.25 221.10 Td (program ) Tj ET Q q 0 0 0 rg BT 169.68 221.10 Td (completions ) Tj ET Q q 0 0 0 rg BT 221.11 221.10 Td (as ) Tj ET Q q 0 0 0 rg BT 231.99 221.10 Td (well ) Tj ET Q q 0 0 0 rg BT 251.75 221.10 Td (as ) Tj ET Q q 0 0 0 rg BT 262.63 221.10 Td (a ) Tj ET Q q 0 0 0 rg BT 269.62 221.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 313.26 221.10 Td (delay ) Tj ET Q q 0 0 0 rg BT 337.46 221.10 Td (in ) Tj ET Q q 0 0 0 rg BT 347.79 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.56 221.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 405.09 221.10 Td (commencement ) Tj ET Q q 0 0 0 rg BT 470.95 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.83 221.10 Td (a ) Tj ET Q q 0 0 0 rg BT 488.81 221.10 Td (new ) Tj ET Q q 0 0 0 rg BT 508.02 221.10 Td (program. ) Tj ET Q q 0 0 0 rg BT 546.95 221.10 Td (IMI ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 209.10 Td (also ) Tj ET Q q 0 0 0 rg BT 122.61 209.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 168.92 209.10 Td (a ) Tj ET Q q 0 0 0 rg BT 176.35 209.10 Td (new ) Tj ET Q q 0 0 0 rg BT 196.01 209.10 Td (program ) Tj ET Q q 0 0 0 rg BT 232.88 209.10 Td (with ) Tj ET Q q 0 0 0 rg BT 253.66 209.10 Td (a ) Tj ET Q q 0 0 0 rg BT 261.10 209.10 Td (leading ) Tj ET Q q 0 0 0 rg BT 293.53 209.10 Td (semiconductor ) Tj ET Q q 0 0 0 rg BT 355.40 209.10 Td (manufacturer) Tj ET Q q 0 0 0 rg BT 408.14 209.10 Td (. ) Tj ET Q q 0 0 0 rg BT 413.64 209.10 Td ( ) Tj ET Q q 0 0 0 rg BT 416.42 209.10 Td (W) Tj ET Q q 0 0 0 rg BT 425.06 209.10 Td (e ) Tj ET Q q 0 0 0 rg BT 432.50 209.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 464.36 209.10 Td (this ) Tj ET Q q 0 0 0 rg BT 481.81 209.10 Td (new ) Tj ET Q q 0 0 0 rg BT 501.47 209.10 Td (relationship, ) Tj ET Q q 0 0 0 rg BT 554.18 209.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 197.10 Td (well ) Tj ET Q q 0 0 0 rg BT 123.31 197.10 Td (as ) Tj ET Q q 0 0 0 rg BT 134.23 197.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 175.14 197.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 222.71 197.10 Td (ef) Tj ET Q q 0 0 0 rg BT 230.30 197.10 Td (ficiencies, ) Tj ET Q q 0 0 0 rg BT 273.70 197.10 Td (will ) Tj ET Q q 0 0 0 rg BT 291.85 197.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 311.10 197.10 Td (to ) Tj ET Q q 0 0 0 rg BT 321.46 197.10 Td (a ) Tj ET Q q 0 0 0 rg BT 328.49 197.10 Td (better ) Tj ET Q q 0 0 0 rg BT 353.85 197.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 378.94 197.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.34 197.10 Td (W) Tj ET Q q 0 0 0 rg BT 389.98 197.10 Td (e ) Tj ET Q q 0 0 0 rg BT 397.01 197.10 Td (also ) Tj ET Q q 0 0 0 rg BT 415.71 197.10 Td (note ) Tj ET Q q 0 0 0 rg BT 435.51 197.10 Td (that ) Tj ET Q q 0 0 0 rg BT 453.10 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.91 197.10 Td (sell-of) Tj ET Q q 0 0 0 rg BT 493.27 197.10 Td (f ) Tj ET Q q 0 0 0 rg BT 499.19 197.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.56 197.10 Td (Q4 ) Tj ET Q q 0 0 0 rg BT 524.37 197.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 546.96 197.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 185.10 Td (not ) Tj ET Q q 0 0 0 rg BT 119.66 185.10 Td (100% ) Tj ET Q q 0 0 0 rg BT 146.37 185.10 Td (fundamentally ) Tj ET Q q 0 0 0 rg BT 207.52 185.10 Td (driven. ) Tj ET Q q 0 0 0 rg BT 238.95 185.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.58 185.10 Td (As ) Tj ET Q q 0 0 0 rg BT 256.08 185.10 Td (we ) Tj ET Q q 0 0 0 rg BT 271.12 185.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 296.72 185.10 Td (earlier ) Tj ET Q q 0 0 0 rg BT 325.64 185.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.80 185.10 Td (this ) Tj ET Q q 0 0 0 rg BT 354.63 185.10 Td (letter) Tj ET Q q 0 0 0 rg BT 374.77 185.10 Td (, ) Tj ET Q q 0 0 0 rg BT 380.65 185.10 Td (Q4 ) Tj ET Q q 0 0 0 rg BT 396.26 185.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 419.64 185.10 Td (forced ) Tj ET Q q 0 0 0 rg BT 448.56 185.10 Td (liquidations ) Tj ET Q q 0 0 0 rg BT 499.16 185.10 Td (exacerbated ) Tj ET Q q 0 0 0 rg BT 550.29 185.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 173.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 134.50 173.10 Td (in ) Tj ET Q q 0 0 0 rg BT 144.41 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.76 173.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 188.66 173.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 211.90 173.10 Td (market. ) Tj ET Q q 0 0 0 rg BT 244.29 173.10 Td (In ) Tj ET Q q 0 0 0 rg BT 254.75 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.10 173.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 309.54 173.10 Td (case ) Tj ET Q q 0 0 0 rg BT 328.88 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.34 173.10 Td (IMI, ) Tj ET Q q 0 0 0 rg BT 359.53 173.10 Td (we ) Tj ET Q q 0 0 0 rg BT 373.32 173.10 Td (became ) Tj ET Q q 0 0 0 rg BT 405.98 173.10 Td (aware ) Tj ET Q q 0 0 0 rg BT 431.98 173.10 Td (that ) Tj ET Q q 0 0 0 rg BT 449.11 173.10 Td (its ) Tj ET Q q 0 0 0 rg BT 460.69 173.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 487.25 173.10 Td (lar) Tj ET Q q 0 0 0 rg BT 497.62 173.10 Td (gest ) Tj ET Q q 0 0 0 rg BT 515.86 173.10 Td (shareholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 161.10 Td (was ) Tj ET Q q 0 0 0 rg BT 121.13 161.10 Td (liquidating ) Tj ET Q q 0 0 0 rg BT 166.54 161.10 Td (its ) Tj ET Q q 0 0 0 rg BT 178.06 161.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 202.90 161.10 Td (IMI ) Tj ET Q q 0 0 0 rg BT 220.53 161.10 Td (holdings. ) Tj ET Q q 0 0 0 rg BT 259.41 161.10 Td (W) Tj ET Q q 0 0 0 rg BT 268.05 161.10 Td (e ) Tj ET Q q 0 0 0 rg BT 274.56 161.10 Td (took ) Tj ET Q q 0 0 0 rg BT 294.42 161.10 Td (advantage ) Tj ET Q q 0 0 0 rg BT 337.03 161.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.44 161.10 Td (this ) Tj ET Q q 0 0 0 rg BT 363.96 161.10 Td (liquidation. ) Tj ET Q q 0 0 0 rg BT 411.87 161.10 Td (For ) Tj ET Q q 0 0 0 rg BT 427.84 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.13 161.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 470.05 161.10 Td (, ) Tj ET Q q 0 0 0 rg BT 474.63 161.10 Td (IMI ) Tj ET Q q 0 0 0 rg BT 492.26 161.10 Td (did ) Tj ET Q q 0 0 0 rg BT 507.11 161.10 Td (not ) Tj ET Q q 0 0 0 rg BT 521.97 161.10 Td (materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 149.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 133.21 149.10 Td (our ) Tj ET Q q 0 0 0 rg BT 149.04 149.10 Td (NA) Tj ET Q q 0 0 0 rg BT 162.20 149.10 Td (V) Tj ET Q q 0 0 0 rg BT 168.13 149.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (Deletion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 101.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 101.10 Td (PDL) Tj ET Q q 0 0 0 rg BT 122.02 101.10 Td ( ) Tj ET Q q 0 0 0 rg BT 124.54 101.10 Td (BioPharma, ) Tj ET Q q 0 0 0 rg BT 174.56 101.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 192.35 101.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 242.65 101.10 Td (PDLI\) ) Tj ET Q q 0 0 0 rg BT 270.72 101.10 Td (was ) Tj ET Q q 0 0 0 rg BT 288.80 101.10 Td (a ) Tj ET Q q 0 0 0 rg BT 295.76 101.10 Td (new ) Tj ET Q q 0 0 0 rg BT 314.94 101.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 348.02 101.10 Td (last ) Tj ET Q q 0 0 0 rg BT 364.43 101.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 392.19 101.10 Td (. ) Tj ET Q q 0 0 0 rg BT 397.03 101.10 Td (W) Tj ET Q q 0 0 0 rg BT 405.67 101.10 Td (e ) Tj ET Q q 0 0 0 rg BT 412.63 101.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 431.82 101.10 Td (our ) Tj ET Q q 0 0 0 rg BT 447.67 101.10 Td (position ) Tj ET Q q 0 0 0 rg BT 482.42 101.10 Td (in ) Tj ET Q q 0 0 0 rg BT 492.72 101.10 Td (PDLI ) Tj ET Q q 0 0 0 rg BT 517.47 101.10 Td (in ) Tj ET Q q 0 0 0 rg BT 527.77 101.10 Td (Q4 ) Tj ET Q q 0 0 0 rg BT 542.51 101.10 Td (2018 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 89.10 Td (for ) Tj ET Q q 0 0 0 rg BT 117.92 89.10 Td (a ) Tj ET Q q 0 0 0 rg BT 125.12 89.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 159.53 89.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 179.51 89.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.60 89.10 Td (26.2% ) Tj ET Q q 0 0 0 rg BT 219.19 89.10 Td (in ) Tj ET Q q 0 0 0 rg BT 229.73 89.10 Td (a ) Tj ET Q q 0 0 0 rg BT 236.93 89.10 Td (total ) Tj ET Q q 0 0 0 rg BT 257.47 89.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 290.79 89.10 Td (period ) Tj ET Q q 0 0 0 rg BT 319.10 89.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.19 89.10 Td (less ) Tj ET Q q 0 0 0 rg BT 347.96 89.10 Td (than ) Tj ET Q q 0 0 0 rg BT 367.93 89.10 Td (100 ) Tj ET Q q 0 0 0 rg BT 385.70 89.10 Td (days. ) Tj ET Q q 0 0 0 rg BT 409.29 89.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 427.60 89.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 474.25 89.10 Td (thesis ) Tj ET Q q 0 0 0 rg BT 499.79 89.10 Td (centered ) Tj ET Q q 0 0 0 rg BT 536.42 89.10 Td (on ) Tj ET Q q 0 0 0 rg BT 549.18 89.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 77.10 Td (expectation ) Tj ET Q q 0 0 0 rg BT 151.90 77.10 Td (that ) Tj ET Q q 0 0 0 rg BT 169.22 77.10 Td (PDLI's ) Tj ET Q q 0 0 0 rg BT 199.45 77.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 226.20 77.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.96 77.10 Td (management ) Tj ET Q q 0 0 0 rg BT 296.36 77.10 Td (would ) Tj ET Q q 0 0 0 rg BT 323.68 77.10 Td (use ) Tj ET Q q 0 0 0 rg BT 339.32 77.10 Td (a ) Tj ET Q q 0 0 0 rg BT 346.08 77.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 393.93 77.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 425.14 77.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.78 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.32 77.10 Td (its ) Tj ET Q q 0 0 0 rg BT 462.08 77.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 482.16 77.10 Td (on ) Tj ET Q q 0 0 0 rg BT 494.48 77.10 Td (hand ) Tj ET Q q 0 0 0 rg BT 516.23 77.10 Td (to ) Tj ET Q q 0 0 0 rg BT 526.33 77.10 Td (buy ) Tj ET Q q 0 0 0 rg BT 543.65 77.10 Td (back ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 65.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 129.15 65.10 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 177.29 65.10 Td (to ) Tj ET Q q 0 0 0 rg BT 187.11 65.10 Td (our ) Tj ET Q q 0 0 0 rg BT 202.48 65.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 250.90 65.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.16 65.10 Td (company ) Tj ET Q q 0 0 0 rg BT 303.85 65.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 348.09 65.10 Td (a ) Tj ET Q q 0 0 0 rg BT 354.57 65.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 376.61 65.10 Td (million ) Tj ET Q q 0 0 0 rg BT 407.54 65.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 430.68 65.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 476.03 65.10 Td (program. ) Tj ET Q q 0 0 0 rg BT 513.99 65.10 Td (As ) Tj ET Q q 0 0 0 rg BT 527.14 65.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.40 65.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 53.10 Td (moved ) Tj ET Q q 0 0 0 rg BT 133.22 53.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 166.26 53.10 Td (to ) Tj ET Q q 0 0 0 rg BT 176.54 53.10 Td (our ) Tj ET Q q 0 0 0 rg BT 192.37 53.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 236.52 53.10 Td (price ) Tj ET Q q 0 0 0 rg BT 259.01 53.10 Td (tar) Tj ET Q q 0 0 0 rg BT 269.37 53.10 Td (get, ) Tj ET Q q 0 0 0 rg BT 286.59 53.10 Td (we ) Tj ET Q q 0 0 0 rg BT 300.75 53.10 Td (exited ) Tj ET Q q 0 0 0 rg BT 327.68 53.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.40 53.10 Td (position.) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (Private ) Tj ET Q q 0 0 0 rg BT 81.43 749.10 Td (Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 725.10 Td (For ) Tj ET Q q 0 0 0 rg BT 101.10 725.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.03 725.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 142.94 725.10 Td (, ) Tj ET Q q 0 0 0 rg BT 147.15 725.10 Td (our ) Tj ET Q q 0 0 0 rg BT 162.20 725.10 Td (private ) Tj ET Q q 0 0 0 rg BT 191.67 725.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 228.38 725.10 Td (subtracted ) Tj ET Q q 0 0 0 rg BT 271.18 725.10 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 295.39 725.10 Td (from ) Tj ET Q q 0 0 0 rg BT 316.54 725.10 Td (our ) Tj ET Q q 0 0 0 rg BT 331.58 725.10 Td (NA) Tj ET Q q 0 0 0 rg BT 344.73 725.10 Td (V) Tj ET Q q 0 0 0 rg BT 350.67 725.10 Td (. ) Tj ET Q q 0 0 0 rg BT 354.88 725.10 Td (Positive ) Tj ET Q q 0 0 0 rg BT 388.81 725.10 Td (contributors ) Tj ET Q q 0 0 0 rg BT 438.85 725.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.34 725.10 Td (NA) Tj ET Q q 0 0 0 rg BT 461.49 725.10 Td (V) Tj ET Q q 0 0 0 rg BT 468.53 725.10 Td ( ) Tj ET Q q 0 0 0 rg BT 470.24 725.10 Td (were ) Tj ET Q q 0 0 0 rg BT 491.38 725.10 Td (HALE.life, ) Tj ET Q q 0 0 0 rg BT 538.08 725.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 90.15 713.10 Td (our ) Tj ET Q q 0 0 0 rg BT 106.38 713.10 Td (NA) Tj ET Q q 0 0 0 rg BT 119.53 713.10 Td (V) Tj ET Q q 0 0 0 rg BT 126.57 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 129.47 713.10 Td (by ) Tj ET Q q 0 0 0 rg BT 142.37 713.10 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 167.76 713.10 Td (due ) Tj ET Q q 0 0 0 rg BT 185.10 713.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.77 713.10 Td (a ) Tj ET Q q 0 0 0 rg BT 203.11 713.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 230.43 713.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 273.59 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.93 713.10 Td (Black ) Tj ET Q q 0 0 0 rg BT 317.15 713.10 Td (Silicon ) Tj ET Q q 0 0 0 rg BT 348.38 713.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 387.95 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.28 713.10 Td (EchoPixel, ) Tj ET Q q 0 0 0 rg BT 451.78 713.10 Td (which ) Tj ET Q q 0 0 0 rg BT 479.12 713.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 519.77 713.10 Td (by ) Tj ET Q q 0 0 0 rg BT 532.67 713.10 Td (a ) Tj ET Q q 0 0 0 rg BT 540.00 713.10 Td ($0.01 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (each, ) Tj ET Q q 0 0 0 rg BT 73.35 701.10 Td (against ) Tj ET Q q 0 0 0 rg BT 104.71 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.97 701.10 Td (backdrop ) Tj ET Q q 0 0 0 rg BT 160.21 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.58 701.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 212.94 701.10 Td (fundamentals ) Tj ET Q q 0 0 0 rg BT 269.85 701.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 313.42 701.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.24 701.10 Td (each ) Tj ET Q q 0 0 0 rg BT 345.59 701.10 Td (company) Tj ET Q q 0 0 0 rg BT 381.59 701.10 Td (. ) Tj ET Q q 0 0 0 rg BT 387.13 701.10 Td (Conversely) Tj ET Q q 0 0 0 rg BT 432.03 701.10 Td (, ) Tj ET Q q 0 0 0 rg BT 437.57 701.10 Td (D-W) Tj ET Q q 0 0 0 rg BT 456.76 701.10 Td (ave ) Tj ET Q q 0 0 0 rg BT 473.67 701.10 Td (Systems ) Tj ET Q q 0 0 0 rg BT 510.05 701.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 552.50 701.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td ($0.02 ) Tj ET Q q 0 0 0 rg BT 74.50 689.10 Td (due ) Tj ET Q q 0 0 0 rg BT 91.44 689.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.72 689.10 Td (a ) Tj ET Q q 0 0 0 rg BT 108.66 689.10 Td (weakening ) Tj ET Q q 0 0 0 rg BT 154.47 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.30 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.02 689.10 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 220.28 689.10 Td (dollar ) Tj ET Q q 0 0 0 rg BT 246.11 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.04 689.10 Td (NGX ) Tj ET Q q 0 0 0 rg BT 287.21 689.10 Td (Bio ) Tj ET Q q 0 0 0 rg BT 304.16 689.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 346.07 689.10 Td (by ) Tj ET Q q 0 0 0 rg BT 358.57 689.10 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 383.57 689.10 Td (as ) Tj ET Q q 0 0 0 rg BT 394.40 689.10 Td (business ) Tj ET Q q 0 0 0 rg BT 430.79 689.10 Td (fundamentals ) Tj ET Q q 0 0 0 rg BT 487.17 689.10 Td (worsened.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 665.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 665.10 Td (e ) Tj ET Q q 0 0 0 rg BT 102.04 665.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 139.94 665.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.19 665.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 183.53 665.10 Td (in ) Tj ET Q q 0 0 0 rg BT 194.77 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.46 665.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 248.91 665.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.04 665.10 Td (our ) Tj ET Q q 0 0 0 rg BT 280.84 665.10 Td (most ) Tj ET Q q 0 0 0 rg BT 303.75 665.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 334.98 665.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 381.21 665.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.46 665.10 Td (build ) Tj ET Q q 0 0 0 rg BT 416.48 665.10 Td (value ) Tj ET Q q 0 0 0 rg BT 441.60 665.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 484.58 665.10 Td (AgBiome, ) Tj ET Q q 0 0 0 rg BT 529.43 665.10 Td (D-W) Tj ET Q q 0 0 0 rg BT 548.62 665.10 Td (ave ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (Systems, ) Tj ET Q q 0 0 0 rg BT 88.21 653.10 Td (ORIG3N, ) Tj ET Q q 0 0 0 rg BT 130.25 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.55 653.10 Td (Nanosys. ) Tj ET Q q 0 0 0 rg BT 187.37 653.10 Td ( ) Tj ET Q q 0 0 0 rg BT 190.03 653.10 Td (There ) Tj ET Q q 0 0 0 rg BT 216.22 653.10 Td (are ) Tj ET Q q 0 0 0 rg BT 231.29 653.10 Td (other ) Tj ET Q q 0 0 0 rg BT 254.71 653.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 300.34 653.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.99 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.08 653.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 363.94 653.10 Td (that ) Tj ET Q q 0 0 0 rg BT 381.81 653.10 Td (also ) Tj ET Q q 0 0 0 rg BT 400.79 653.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 421.44 653.10 Td (promise, ) Tj ET Q q 0 0 0 rg BT 459.02 653.10 Td (however ) Tj ET Q q 0 0 0 rg BT 496.32 653.10 Td (these ) Tj ET Q q 0 0 0 rg BT 519.74 653.10 Td (companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.14 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 74.35 641.10 Td (early ) Tj ET Q q 0 0 0 rg BT 96.77 641.10 Td (stages ) Tj ET Q q 0 0 0 rg BT 123.65 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.41 641.10 Td (development ) Tj ET Q q 0 0 0 rg BT 188.49 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.37 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.02 641.10 Td (timelines ) Tj ET Q q 0 0 0 rg BT 259.11 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.98 641.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 313.41 641.10 Td (exit ) Tj ET Q q 0 0 0 rg BT 330.84 641.10 Td (values ) Tj ET Q q 0 0 0 rg BT 358.82 641.10 Td (for ) Tj ET Q q 0 0 0 rg BT 372.91 641.10 Td (these ) Tj ET Q q 0 0 0 rg BT 395.89 641.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 441.09 641.10 Td (are ) Tj ET Q q 0 0 0 rg BT 455.73 641.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 483.72 641.10 Td (uncertain. ) Tj ET Q q 0 0 0 rg BT 525.86 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 528.12 641.10 Td (W) Tj ET Q q 0 0 0 rg BT 536.76 641.10 Td (e ) Tj ET Q q 0 0 0 rg BT 543.63 641.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (often ) Tj ET Q q 0 0 0 rg BT 72.98 629.10 Td (talked ) Tj ET Q q 0 0 0 rg BT 100.35 629.10 Td (about ) Tj ET Q q 0 0 0 rg BT 125.50 629.10 Td (our ) Tj ET Q q 0 0 0 rg BT 141.76 629.10 Td (desire ) Tj ET Q q 0 0 0 rg BT 168.57 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.28 629.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 213.87 629.10 Td (shepherd ) Tj ET Q q 0 0 0 rg BT 252.90 629.10 Td (our ) Tj ET Q q 0 0 0 rg BT 269.16 629.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 303.76 629.10 Td (private ) Tj ET Q q 0 0 0 rg BT 334.46 629.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 372.39 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 383.10 629.10 Td (exits ) Tj ET Q q 0 0 0 rg BT 404.92 629.10 Td (or ) Tj ET Q q 0 0 0 rg BT 416.18 629.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 471.89 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 482.60 629.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 499.42 629.10 Td (our ) Tj ET Q q 0 0 0 rg BT 515.69 629.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 554.74 629.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (those ) Tj ET Q q 0 0 0 rg BT 72.72 617.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 117.59 617.10 Td (at ) Tj ET Q q 0 0 0 rg BT 126.91 617.10 Td (what ) Tj ET Q q 0 0 0 rg BT 148.46 617.10 Td (we ) Tj ET Q q 0 0 0 rg BT 162.22 617.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 193.20 617.10 Td (are ) Tj ET Q q 0 0 0 rg BT 207.52 617.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 252.38 617.10 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 298.09 617.10 Td ( ) Tj ET Q q 0 0 0 rg BT 299.73 617.10 Td (As ) Tj ET Q q 0 0 0 rg BT 312.95 617.10 Td (a ) Tj ET Q q 0 0 0 rg BT 319.49 617.10 Td (reminder) Tj ET Q q 0 0 0 rg BT 355.19 617.10 Td (, ) Tj ET Q q 0 0 0 rg BT 359.79 617.10 Td (on ) Tj ET Q q 0 0 0 rg BT 371.90 617.10 Td (July ) Tj ET Q q 0 0 0 rg BT 390.68 617.10 Td (5, ) Tj ET Q q 0 0 0 rg BT 400.29 617.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 424.89 617.10 Td (we ) Tj ET Q q 0 0 0 rg BT 438.66 617.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 457.44 617.10 Td (our ) Tj ET Q q 0 0 0 rg BT 472.87 617.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 497.74 617.10 Td (position ) Tj ET Q q 0 0 0 rg BT 532.08 617.10 Td (in ) Tj ET Q q 0 0 0 rg BT 541.96 617.10 Td (HZO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.39 605.10 Td (undisclosed ) Tj ET Q q 0 0 0 rg BT 110.73 605.10 Td (buyers ) Tj ET Q q 0 0 0 rg BT 140.50 605.10 Td (for ) Tj ET Q q 0 0 0 rg BT 155.28 605.10 Td ($7 ) Tj ET Q q 0 0 0 rg BT 168.39 605.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 202.90 605.10 Td (an ) Tj ET Q q 0 0 0 rg BT 215.45 605.10 Td (8% ) Tj ET Q q 0 0 0 rg BT 231.90 605.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 271.12 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.01 605.10 Td (its ) Tj ET Q q 0 0 0 rg BT 294.57 605.10 Td (value ) Tj ET Q q 0 0 0 rg BT 319.34 605.10 Td (as ) Tj ET Q q 0 0 0 rg BT 330.79 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.23 605.10 Td (March ) Tj ET Q q 0 0 0 rg BT 371.45 605.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 387.06 605.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 412.68 605.10 Td (but ) Tj ET Q q 0 0 0 rg BT 428.57 605.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 454.46 605.10 Td (than ) Tj ET Q q 0 0 0 rg BT 474.79 605.10 Td (our ) Tj ET Q q 0 0 0 rg BT 491.23 605.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 510.46 605.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 533.57 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 545.02 605.10 Td ($9.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 83.71 593.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.32 593.10 Td (This ) Tj ET Q q 0 0 0 rg BT 106.91 593.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 151.94 593.10 Td (event ) Tj ET Q q 0 0 0 rg BT 176.41 593.10 Td (both ) Tj ET Q q 0 0 0 rg BT 197.00 593.10 Td (helped ) Tj ET Q q 0 0 0 rg BT 226.47 593.10 Td (us ) Tj ET Q q 0 0 0 rg BT 238.18 593.10 Td (de-risk ) Tj ET Q q 0 0 0 rg BT 268.76 593.10 Td (our ) Tj ET Q q 0 0 0 rg BT 284.91 593.10 Td (private ) Tj ET Q q 0 0 0 rg BT 315.49 593.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 353.30 593.10 Td (while ) Tj ET Q q 0 0 0 rg BT 378.33 593.10 Td (also ) Tj ET Q q 0 0 0 rg BT 397.25 593.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 425.62 593.10 Td (us ) Tj ET Q q 0 0 0 rg BT 437.33 593.10 Td (more ) Tj ET Q q 0 0 0 rg BT 460.69 593.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 481.27 593.10 Td (to ) Tj ET Q q 0 0 0 rg BT 491.87 593.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 518.57 593.10 Td (in ) Tj ET Q q 0 0 0 rg BT 529.16 593.10 Td (our ) Tj ET Q q 0 0 0 rg BT 545.31 593.10 Td (core ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 83.11 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.39 581.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 132.01 581.10 Td (in ) Tj ET Q q 0 0 0 rg BT 141.74 581.10 Td (small ) Tj ET Q q 0 0 0 rg BT 165.36 581.10 Td (public ) Tj ET Q q 0 0 0 rg BT 192.31 581.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 239.52 581.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.34 581.10 Td (W) Tj ET Q q 0 0 0 rg BT 249.97 581.10 Td (e ) Tj ET Q q 0 0 0 rg BT 256.37 581.10 Td (also ) Tj ET Q q 0 0 0 rg BT 274.43 581.10 Td (note ) Tj ET Q q 0 0 0 rg BT 293.60 581.10 Td (that ) Tj ET Q q 0 0 0 rg BT 310.55 581.10 Td (in ) Tj ET Q q 0 0 0 rg BT 320.28 581.10 Td (January ) Tj ET Q q 0 0 0 rg BT 353.33 581.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 377.78 581.10 Td (we ) Tj ET Q q 0 0 0 rg BT 391.40 581.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 410.02 581.10 Td (our ) Tj ET Q q 0 0 0 rg BT 425.30 581.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 472.23 581.10 Td (bridge ) Tj ET Q q 0 0 0 rg BT 499.73 581.10 Td (note ) Tj ET Q q 0 0 0 rg BT 518.90 581.10 Td (in ) Tj ET Q q 0 0 0 rg BT 528.64 581.10 Td (Genome ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (Profiling ) Tj ET Q q 0 0 0 rg BT 87.56 569.10 Td (for ) Tj ET Q q 0 0 0 rg BT 101.72 569.10 Td ($230,000 ) Tj ET Q q 0 0 0 rg BT 141.72 569.10 Td (realizing ) Tj ET Q q 0 0 0 rg BT 179.20 569.10 Td (a ) Tj ET Q q 0 0 0 rg BT 186.14 569.10 Td (20% ) Tj ET Q q 0 0 0 rg BT 206.97 569.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 226.68 569.10 Td (on ) Tj ET Q q 0 0 0 rg BT 239.18 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.90 569.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 300.28 569.10 Td (through ) Tj ET Q q 0 0 0 rg BT 333.89 569.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 370.82 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 381.65 569.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 413.59 569.10 Td (over ) Tj ET Q q 0 0 0 rg BT 433.86 569.10 Td (our ) Tj ET Q q 0 0 0 rg BT 449.69 569.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 482.74 569.10 Td (period.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 521.10 Td (As ) Tj ET Q q 0 0 0 rg BT 99.29 521.10 Td (we ) Tj ET Q q 0 0 0 rg BT 113.63 521.10 Td (have ) Tj ET Q q 0 0 0 rg BT 135.18 521.10 Td (noted, ) Tj ET Q q 0 0 0 rg BT 162.58 521.10 Td (we ) Tj ET Q q 0 0 0 rg BT 176.91 521.10 Td (have ) Tj ET Q q 0 0 0 rg BT 198.47 521.10 Td (dramatically ) Tj ET Q q 0 0 0 rg BT 251.12 521.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 285.44 521.10 Td (our ) Tj ET Q q 0 0 0 rg BT 301.45 521.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 320.24 521.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 357.90 521.10 Td (under ) Tj ET Q q 0 0 0 rg BT 383.34 521.10 Td (our ) Tj ET Q q 0 0 0 rg BT 399.35 521.10 Td (new ) Tj ET Q q 0 0 0 rg BT 418.69 521.10 Td (strategy) Tj ET Q q 0 0 0 rg BT 449.70 521.10 Td (. ) Tj ET Q q 0 0 0 rg BT 454.87 521.10 Td (In ) Tj ET Q q 0 0 0 rg BT 465.88 521.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 491.06 521.10 Td (before ) Tj ET Q q 0 0 0 rg BT 519.27 521.10 Td (our ) Tj ET Q q 0 0 0 rg BT 535.28 521.10 Td (Fund) Tj ET Q q 0 0 0 rg BT 558.62 521.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (change ) Tj ET Q q 0 0 0 rg BT 81.93 509.10 Td (in ) Tj ET Q q 0 0 0 rg BT 93.82 509.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 141.82 509.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 167.59 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.14 509.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 243.85 509.10 Td (our ) Tj ET Q q 0 0 0 rg BT 261.29 509.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 303.17 509.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 345.88 509.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 389.43 509.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 440.75 509.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 500.40 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.96 509.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 552.50 509.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 98.16 497.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 119.87 497.10 Td (averaged ) Tj ET Q q 0 0 0 rg BT 157.95 497.10 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 177.45 497.10 Td (million ) Tj ET Q q 0 0 0 rg BT 208.34 497.10 Td (per ) Tj ET Q q 0 0 0 rg BT 223.10 497.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 250.87 497.10 Td (. ) Tj ET Q q 0 0 0 rg BT 255.36 497.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.36 497.10 Td (For ) Tj ET Q q 0 0 0 rg BT 273.25 497.10 Td (Q4 ) Tj ET Q q 0 0 0 rg BT 287.46 497.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 311.96 497.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.29 497.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 367.05 497.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 405.14 497.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 446.57 497.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 468.57 497.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 503.87 497.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 529.76 497.10 Td (accruals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (equaled ) Tj ET Q q 0 0 0 rg BT 83.82 485.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 144.81 485.10 Td ($587,000. ) Tj ET Q q 0 0 0 rg BT 188.03 485.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 206.81 485.10 Td (total ) Tj ET Q q 0 0 0 rg BT 227.81 485.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 268.80 485.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 308.13 485.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 350.79 485.10 Td (2017-related ) Tj ET Q q 0 0 0 rg BT 404.54 485.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 431.66 485.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 467.64 485.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 504.74 485.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td ($200,000 ) Tj ET Q q 0 0 0 rg BT 90.20 473.10 Td (from ) Tj ET Q q 0 0 0 rg BT 112.83 473.10 Td ($3.1 ) Tj ET Q q 0 0 0 rg BT 133.53 473.10 Td (million ) Tj ET Q q 0 0 0 rg BT 165.61 473.10 Td (in ) Tj ET Q q 0 0 0 rg BT 176.59 473.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 199.78 473.10 Td (to ) Tj ET Q q 0 0 0 rg BT 210.76 473.10 Td ($2.9 ) Tj ET Q q 0 0 0 rg BT 231.45 473.10 Td (million ) Tj ET Q q 0 0 0 rg BT 263.54 473.10 Td (in ) Tj ET Q q 0 0 0 rg BT 274.51 473.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 300.21 473.10 Td ( ) Tj ET Q q 0 0 0 rg BT 303.41 473.10 Td (Including ) Tj ET Q q 0 0 0 rg BT 344.93 473.10 Td (sub-lease ) Tj ET Q q 0 0 0 rg BT 385.33 473.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 420.46 473.10 Td (our ) Tj ET Q q 0 0 0 rg BT 436.99 473.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 477.94 473.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 517.24 473.10 Td (net ) Tj ET Q q 0 0 0 rg BT 532.65 473.10 Td (of ) Tj ET Q q 0 0 0 rg BT 544.18 473.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (income ) Tj ET Q q 0 0 0 rg BT 81.59 461.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 118.12 461.10 Td ($300,000 ) Tj ET Q q 0 0 0 rg BT 158.27 461.10 Td (year) Tj ET Q q 0 0 0 rg BT 175.28 461.10 Td (-over) Tj ET Q q 0 0 0 rg BT 196.18 461.10 Td (-year) Tj ET Q q 0 0 0 rg BT 216.16 461.10 Td (. ) Tj ET Q q 0 0 0 rg BT 221.32 461.10 Td ( ) Tj ET Q q 0 0 0 rg BT 223.78 461.10 Td (W) Tj ET Q q 0 0 0 rg BT 232.42 461.10 Td (e ) Tj ET Q q 0 0 0 rg BT 239.51 461.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 269.93 461.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 315.35 461.10 Td (to ) Tj ET Q q 0 0 0 rg BT 325.79 461.10 Td (treating ) Tj ET Q q 0 0 0 rg BT 358.99 461.10 Td (every ) Tj ET Q q 0 0 0 rg BT 383.85 461.10 Td (dollar ) Tj ET Q q 0 0 0 rg BT 409.83 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.81 461.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 470.11 461.10 Td (money ) Tj ET Q q 0 0 0 rg BT 499.99 461.10 Td (with ) Tj ET Q q 0 0 0 rg BT 520.42 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.29 461.10 Td (utmost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (care ) Tj ET Q q 0 0 0 rg BT 68.65 449.10 Td (and ) Tj ET Q q 0 0 0 rg BT 85.58 449.10 Td (consideration. ) Tj ET Q q 0 0 0 rg BT 144.46 449.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 425.10 Td (In ) Tj ET Q q 0 0 0 rg BT 96.40 425.10 Td (Q2 ) Tj ET Q q 0 0 0 rg BT 111.20 425.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 136.27 425.10 Td (given ) Tj ET Q q 0 0 0 rg BT 161.06 425.10 Td (an ) Tj ET Q q 0 0 0 rg BT 173.07 425.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 220.08 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.98 425.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 274.11 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.12 425.10 Td (company-related ) Tj ET Q q 0 0 0 rg BT 360.88 425.10 Td (metrics, ) Tj ET Q q 0 0 0 rg BT 395.38 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.17 425.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 470.52 425.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 517.53 425.10 Td (determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.07 413.10 Td (it ) Tj ET Q q 0 0 0 rg BT 75.20 413.10 Td (was ) Tj ET Q q 0 0 0 rg BT 93.33 413.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 141.43 413.10 Td (for ) Tj ET Q q 0 0 0 rg BT 155.67 413.10 Td (us ) Tj ET Q q 0 0 0 rg BT 167.14 413.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.49 413.10 Td (accrue ) Tj ET Q q 0 0 0 rg BT 206.15 413.10 Td (for ) Tj ET Q q 0 0 0 rg BT 220.38 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.17 413.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 272.73 413.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 309.74 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.65 413.10 Td (a ) Tj ET Q q 0 0 0 rg BT 327.66 413.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 354.13 413.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.48 413.10 Td (management ) Tj ET Q q 0 0 0 rg BT 418.14 413.10 Td (at ) Tj ET Q q 0 0 0 rg BT 427.93 413.10 Td (year) Tj ET Q q 0 0 0 rg BT 444.94 413.10 Td (-end. ) Tj ET Q q 0 0 0 rg BT 467.60 413.10 Td (This ) Tj ET Q q 0 0 0 rg BT 487.95 413.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 522.73 413.10 Td (accrual ) 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 49.50 401.10 Td ($0.017 ) Tj ET Q q 0 0 0 rg BT 79.87 401.10 Td (per ) Tj ET Q q 0 0 0 rg BT 95.50 401.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 121.96 401.10 Td (or ) Tj ET Q q 0 0 0 rg BT 133.16 401.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 193.78 401.10 Td ($540,000, ) Tj ET Q q 0 0 0 rg BT 236.65 401.10 Td (was ) Tj ET Q q 0 0 0 rg BT 255.06 401.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 287.92 401.10 Td (using ) Tj ET Q q 0 0 0 rg BT 312.45 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.53 401.10 Td (same ) Tj ET Q q 0 0 0 rg BT 350.94 401.10 Td (framework ) Tj ET Q q 0 0 0 rg BT 397.68 401.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.98 401.10 Td (considerations ) Tj ET Q q 0 0 0 rg BT 475.61 401.10 Td (used ) Tj ET Q q 0 0 0 rg BT 496.80 401.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.45 401.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 550.29 401.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 76.10 389.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 134.35 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 144.83 389.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 170.04 389.10 Td (It ) Tj ET Q q 0 0 0 rg BT 178.85 389.10 Td (also ) Tj ET Q q 0 0 0 rg BT 197.67 389.10 Td (included ) Tj ET Q q 0 0 0 rg BT 234.81 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.73 389.10 Td (concept ) Tj ET Q q 0 0 0 rg BT 283.53 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.57 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.49 389.10 Td (deferral ) Tj ET Q q 0 0 0 rg BT 343.28 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.32 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 361.46 389.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 409.71 389.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 441.31 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.34 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.27 389.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 493.86 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 504.35 389.10 Td (future ) Tj ET Q q 0 0 0 rg BT 530.93 389.10 Td (years ) Tj ET Q q 0 0 0 rg BT 554.74 389.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (encourage ) Tj ET Q q 0 0 0 rg BT 93.63 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.11 377.10 Td (reward ) Tj ET Q q 0 0 0 rg BT 141.91 377.10 Td (persistent ) Tj ET Q q 0 0 0 rg BT 183.28 377.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 239.35 377.10 Td (Given ) Tj ET Q q 0 0 0 rg BT 266.83 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.09 377.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 314.00 377.10 Td (in ) Tj ET Q q 0 0 0 rg BT 324.83 377.10 Td (our ) Tj ET Q q 0 0 0 rg BT 341.20 377.10 Td (NA) Tj ET Q q 0 0 0 rg BT 354.35 377.10 Td (V) Tj ET Q q 0 0 0 rg BT 361.39 377.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.44 377.10 Td (this ) Tj ET Q q 0 0 0 rg BT 381.93 377.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 409.84 377.10 Td (, ) Tj ET Q q 0 0 0 rg BT 415.39 377.10 Td (management ) Tj ET Q q 0 0 0 rg BT 469.52 377.10 Td (recommended, ) Tj ET Q q 0 0 0 rg BT 531.70 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 549.19 377.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 108.60 365.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 154.36 365.10 Td (agreed, ) Tj ET Q q 0 0 0 rg BT 184.83 365.10 Td (that ) Tj ET Q q 0 0 0 rg BT 201.16 365.10 Td (it ) Tj ET Q q 0 0 0 rg BT 208.04 365.10 Td (was ) Tj ET Q q 0 0 0 rg BT 224.92 365.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 271.77 365.10 Td (to ) Tj ET Q q 0 0 0 rg BT 280.88 365.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 311.07 365.10 Td (this ) Tj ET Q q 0 0 0 rg BT 326.84 365.10 Td (accrual. ) Tj ET Q q 0 0 0 rg BT 359.24 365.10 Td (As ) Tj ET Q q 0 0 0 rg BT 371.68 365.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 393.83 365.10 Td (there ) Tj ET Q q 0 0 0 rg BT 415.15 365.10 Td (will ) Tj ET Q q 0 0 0 rg BT 432.03 365.10 Td (be ) Tj ET Q q 0 0 0 rg BT 442.79 365.10 Td (no ) Tj ET Q q 0 0 0 rg BT 454.12 365.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 479.33 365.10 Td (pool ) Tj ET Q q 0 0 0 rg BT 498.44 365.10 Td (for ) Tj ET Q q 0 0 0 rg BT 511.42 365.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 353.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 84.78 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.10 353.10 Td (This ) Tj ET Q q 0 0 0 rg BT 107.38 353.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 141.52 353.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 181.78 353.10 Td (NA) Tj ET Q q 0 0 0 rg BT 194.93 353.10 Td (V) Tj ET Q q 0 0 0 rg BT 201.97 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.47 353.10 Td (by ) Tj ET Q q 0 0 0 rg BT 216.97 353.10 Td ($0.017 ) Tj ET Q q 0 0 0 rg BT 246.97 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 257.25 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.97 353.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 299.73 353.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (TURN/NA) Tj ET Q q 0 0 0 rg BT 93.77 329.10 Td (V) Tj ET Q q 0 0 0 rg BT 100.07 329.10 Td (: ) Tj ET Q q 0 0 0 rg BT 105.90 329.10 Td (SUM ) Tj ET Q q 0 0 0 rg BT 130.62 329.10 Td (OF) Tj ET Q q 0 0 0 rg BT 144.14 329.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.46 329.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 170.08 329.10 Td (P) Tj ET Q q 0 0 0 rg BT 175.44 329.10 Td (AR) Tj ET Q q 0 0 0 rg BT 189.53 329.10 Td (TS:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 305.10 Td (At ) Tj ET Q q 0 0 0 rg BT 98.00 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.71 305.10 Td (end ) Tj ET Q q 0 0 0 rg BT 129.64 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.47 305.10 Td (Q4 ) Tj ET Q q 0 0 0 rg BT 155.18 305.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 180.00 305.10 Td (TURN ) Tj ET Q q 0 0 0 rg BT 209.71 305.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 237.19 305.10 Td (at ) Tj ET Q q 0 0 0 rg BT 246.91 305.10 Td (66% ) Tj ET Q q 0 0 0 rg BT 267.73 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.56 305.10 Td (its ) Tj ET Q q 0 0 0 rg BT 290.50 305.10 Td (NA) Tj ET Q q 0 0 0 rg BT 303.65 305.10 Td (V) Tj ET Q q 0 0 0 rg BT 309.59 305.10 Td (. ) Tj ET Q q 0 0 0 rg BT 314.58 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.08 305.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 335.12 305.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 360.95 305.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 389.28 305.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 412.04 305.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.98 305.10 Td (other ) Tj ET Q q 0 0 0 rg BT 452.02 305.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 477.84 305.10 Td (net ) Tj ET Q q 0 0 0 rg BT 492.56 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.38 305.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 543.09 305.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td ($1.03 ) Tj ET Q q 0 0 0 rg BT 74.64 293.10 Td (per ) Tj ET Q q 0 0 0 rg BT 90.04 293.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 116.28 293.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 134.47 293.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 158.22 293.10 Td (price ) Tj ET Q q 0 0 0 rg BT 180.84 293.10 Td (was ) Tj ET Q q 0 0 0 rg BT 199.03 293.10 Td ($1.75. ) Tj ET Q q 0 0 0 rg BT 226.67 293.10 Td (If ) Tj ET Q q 0 0 0 rg BT 235.97 293.10 Td (we ) Tj ET Q q 0 0 0 rg BT 250.27 293.10 Td (received ) Tj ET Q q 0 0 0 rg BT 286.77 293.10 Td (100% ) Tj ET Q q 0 0 0 rg BT 312.74 293.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 338.14 293.10 Td (for ) Tj ET Q q 0 0 0 rg BT 352.44 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.29 293.10 Td (value ) Tj ET Q q 0 0 0 rg BT 391.58 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.55 293.10 Td (these ) Tj ET Q q 0 0 0 rg BT 425.74 293.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 451.71 293.10 Td (net ) Tj ET Q q 0 0 0 rg BT 466.56 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.53 293.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 519.88 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.74 293.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.37 281.10 Td (ascribing ) Tj ET Q q 0 0 0 rg BT 99.22 281.10 Td (a ) Tj ET Q q 0 0 0 rg BT 106.86 281.10 Td (value ) Tj ET Q q 0 0 0 rg BT 131.71 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.24 281.10 Td ($0.72 ) Tj ET Q q 0 0 0 rg BT 168.94 281.10 Td (per ) Tj ET Q q 0 0 0 rg BT 184.91 281.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 211.70 281.10 Td (or ) Tj ET Q q 0 0 0 rg BT 223.23 281.10 Td ($22.4 ) Tj ET Q q 0 0 0 rg BT 248.93 281.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 283.52 281.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.50 281.10 Td (our ) Tj ET Q q 0 0 0 rg BT 311.02 281.10 Td (private ) Tj ET Q q 0 0 0 rg BT 341.99 281.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 382.68 281.10 Td (Given ) Tj ET Q q 0 0 0 rg BT 410.32 281.10 Td (our ) Tj ET Q q 0 0 0 rg BT 426.84 281.10 Td (private ) Tj ET Q q 0 0 0 rg BT 457.81 281.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 484.33 281.10 Td (are ) Tj ET Q q 0 0 0 rg BT 499.74 281.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 529.59 281.10 Td (at ) Tj ET Q q 0 0 0 rg BT 540.01 281.10 Td ($50.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 83.27 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.87 269.10 Td (market ) Tj ET Q q 0 0 0 rg BT 128.01 269.10 Td (is ) Tj ET Q q 0 0 0 rg BT 137.06 269.10 Td (discounting ) Tj ET Q q 0 0 0 rg BT 186.11 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.71 269.10 Td (value ) Tj ET Q q 0 0 0 rg BT 224.74 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.45 269.10 Td (our ) Tj ET Q q 0 0 0 rg BT 251.16 269.10 Td (private ) Tj ET Q q 0 0 0 rg BT 281.31 269.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 318.68 269.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 344.39 269.10 Td (by ) Tj ET Q q 0 0 0 rg BT 356.77 269.10 Td (55% ) Tj ET Q q 0 0 0 rg BT 377.48 269.10 Td (as ) Tj ET Q q 0 0 0 rg BT 388.19 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.90 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.50 269.10 Td (end ) Tj ET Q q 0 0 0 rg BT 430.32 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.03 269.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 463.41 269.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 491.34 269.10 Td (40% ) Tj ET Q q 0 0 0 rg BT 512.05 269.10 Td (as ) Tj ET Q q 0 0 0 rg BT 522.76 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 533.47 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.07 269.10 Td (end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 257.10 Td (Q3 ) Tj ET Q q 0 0 0 rg BT 75.05 257.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 97.55 257.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.49 257.10 Td (36% ) Tj ET Q q 0 0 0 rg BT 135.32 257.10 Td (as ) Tj ET Q q 0 0 0 rg BT 146.15 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.98 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.70 257.10 Td (end ) Tj ET Q q 0 0 0 rg BT 188.64 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.47 257.10 Td (2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 233.10 Td (As ) Tj ET Q q 0 0 0 rg BT 99.12 233.10 Td (we ) Tj ET Q q 0 0 0 rg BT 113.28 233.10 Td (grow ) Tj ET Q q 0 0 0 rg BT 136.33 233.10 Td (our ) Tj ET Q q 0 0 0 rg BT 152.17 233.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 172.44 233.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.38 233.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 215.21 233.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 257.98 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.70 233.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 309.09 233.10 Td (our ) Tj ET Q q 0 0 0 rg BT 324.92 233.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 348.53 233.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 374.91 233.10 Td (to ) Tj ET Q q 0 0 0 rg BT 385.19 233.10 Td (NA) Tj ET Q q 0 0 0 rg BT 398.35 233.10 Td (V) Tj ET Q q 0 0 0 rg BT 405.39 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 407.89 233.10 Td (should ) Tj ET Q q 0 0 0 rg BT 437.06 233.10 Td (narrow) Tj ET Q q 0 0 0 rg BT 464.73 233.10 Td (. ) Tj ET Q q 0 0 0 rg BT 469.74 233.10 Td (In ) Tj ET Q q 0 0 0 rg BT 480.57 233.10 Td (September ) Tj ET Q q 0 0 0 rg BT 525.83 233.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 550.84 233.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (had ) Tj ET Q q 0 0 0 rg BT 66.25 221.10 Td (19% ) Tj ET Q q 0 0 0 rg BT 86.89 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.53 221.10 Td (our ) Tj ET Q q 0 0 0 rg BT 113.17 221.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 133.25 221.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.00 221.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 200.09 221.10 Td (in ) Tj ET Q q 0 0 0 rg BT 210.18 221.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 230.26 221.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.00 221.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 272.65 221.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 312.73 221.10 Td (less ) Tj ET Q q 0 0 0 rg BT 330.04 221.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 379.01 221.10 Td (debt. ) Tj ET Q q 0 0 0 rg BT 400.53 221.10 Td (At ) Tj ET Q q 0 0 0 rg BT 412.84 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.37 221.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 469.68 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.32 221.10 Td (our ) Tj ET Q q 0 0 0 rg BT 495.96 221.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 529.92 221.10 Td (in ) Tj ET Q q 0 0 0 rg BT 540.01 221.10 Td (2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.20 209.10 Td (had ) Tj ET Q q 0 0 0 rg BT 79.67 209.10 Td (27% ) Tj ET Q q 0 0 0 rg BT 100.03 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.40 209.10 Td (our ) Tj ET Q q 0 0 0 rg BT 125.76 209.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 145.57 209.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.04 209.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 211.85 209.10 Td (in ) Tj ET Q q 0 0 0 rg BT 221.66 209.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 241.47 209.10 Td (and ) Tj ET Q q 0 0 0 rg BT 257.94 209.10 Td (public ) Tj ET Q q 0 0 0 rg BT 284.97 209.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 332.27 209.10 Td ( ) Tj ET Q q 0 0 0 rg BT 334.16 209.10 Td (T) Tj ET Q q 0 0 0 rg BT 339.57 209.10 Td (oday ) Tj ET Q q 0 0 0 rg BT 361.04 209.10 Td (that ) Tj ET Q q 0 0 0 rg BT 378.07 209.10 Td (number ) Tj ET Q q 0 0 0 rg BT 410.65 209.10 Td (is ) Tj ET Q q 0 0 0 rg BT 419.36 209.10 Td (40%. ) Tj ET Q q 0 0 0 rg BT 442.08 209.10 Td (W) Tj ET Q q 0 0 0 rg BT 450.71 209.10 Td (e ) Tj ET Q q 0 0 0 rg BT 457.19 209.10 Td (want ) Tj ET Q q 0 0 0 rg BT 478.66 209.10 Td (that ) Tj ET Q q 0 0 0 rg BT 495.69 209.10 Td (trend ) Tj ET Q q 0 0 0 rg BT 518.27 209.10 Td (to ) Tj ET Q q 0 0 0 rg BT 528.09 209.10 Td (continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.88 197.10 Td (accelerate. ) Tj ET Q q 0 0 0 rg BT 110.14 197.10 Td (W) Tj ET Q q 0 0 0 rg BT 118.78 197.10 Td (e ) Tj ET Q q 0 0 0 rg BT 125.16 197.10 Td (have ) Tj ET Q q 0 0 0 rg BT 145.99 197.10 Td (made ) Tj ET Q q 0 0 0 rg BT 169.59 197.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 214.30 197.10 Td (progress ) Tj ET Q q 0 0 0 rg BT 250.13 197.10 Td (in ) Tj ET Q q 0 0 0 rg BT 259.85 197.10 Td (reinventing ) Tj ET Q q 0 0 0 rg BT 307.34 197.10 Td (ourselves. ) Tj ET Q q 0 0 0 rg BT 349.55 197.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.50 197.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 369.00 197.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 401.47 197.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 423.96 197.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 455.33 197.10 Td (just ) Tj ET Q q 0 0 0 rg BT 471.73 197.10 Td (how ) Tj ET Q q 0 0 0 rg BT 490.89 197.10 Td (far ) Tj ET Q q 0 0 0 rg BT 503.94 197.10 Td (we ) Tj ET Q q 0 0 0 rg BT 517.54 197.10 Td (have ) Tj ET Q q 0 0 0 rg BT 538.36 197.10 Td (come. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 173.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 107.62 173.10 Td (was ) Tj ET Q q 0 0 0 rg BT 125.29 173.10 Td (an ) Tj ET Q q 0 0 0 rg BT 136.85 173.10 Td (event ) Tj ET Q q 0 0 0 rg BT 160.63 173.10 Td (filled ) Tj ET Q q 0 0 0 rg BT 183.86 173.10 Td (year) Tj ET Q q 0 0 0 rg BT 200.51 173.10 Td (. ) Tj ET Q q 0 0 0 rg BT 205.13 173.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 222.81 173.10 Td (vision ) Tj ET Q q 0 0 0 rg BT 249.38 173.10 Td (is ) Tj ET Q q 0 0 0 rg BT 258.17 173.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.07 173.10 Td (be ) Tj ET Q q 0 0 0 rg BT 279.63 173.10 Td (known ) Tj ET Q q 0 0 0 rg BT 308.97 173.10 Td (as ) Tj ET Q q 0 0 0 rg BT 319.42 173.10 Td (a ) Tj ET Q q 0 0 0 rg BT 325.98 173.10 Td (leader ) Tj ET Q q 0 0 0 rg BT 352.53 173.10 Td (in ) Tj ET Q q 0 0 0 rg BT 362.43 173.10 Td (small ) Tj ET Q q 0 0 0 rg BT 386.22 173.10 Td (cap ) Tj ET Q q 0 0 0 rg BT 402.21 173.10 Td (activist ) Tj ET Q q 0 0 0 rg BT 433.22 173.10 Td (investing, ) Tj ET Q q 0 0 0 rg BT 474.50 173.10 Td (with ) Tj ET Q q 0 0 0 rg BT 494.40 173.10 Td (a ) Tj ET Q q 0 0 0 rg BT 500.96 173.10 Td (relentless ) Tj ET Q q 0 0 0 rg BT 540.85 173.10 Td (focus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.07 161.10 Td (achieving ) Tj ET Q q 0 0 0 rg BT 103.52 161.10 Td (excellence ) Tj ET Q q 0 0 0 rg BT 148.28 161.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.64 161.10 Td (our ) Tj ET Q q 0 0 0 rg BT 174.54 161.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 221.00 161.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 276.60 161.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 294.72 161.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 341.18 161.10 Td (in ) Tj ET Q q 0 0 0 rg BT 351.34 161.10 Td (T) Tj ET Q q 0 0 0 rg BT 357.10 161.10 Td (urtle ) Tj ET Q q 0 0 0 rg BT 378.00 161.10 Td (Beach ) Tj ET Q q 0 0 0 rg BT 405.56 161.10 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 456.46 161.10 Td (\(NASDAQ: ) Tj ET Q q 0 0 0 rg BT 506.81 161.10 Td (HEAR\) ) Tj ET Q q 0 0 0 rg BT 539.94 161.10 Td (in ) Tj ET Q q 0 0 0 rg BT 550.29 161.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (second ) Tj ET Q q 0 0 0 rg BT 79.55 149.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 110.14 149.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.75 149.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 143.03 149.10 Td (is ) Tj ET Q q 0 0 0 rg BT 151.98 149.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.48 149.10 Td (second ) Tj ET Q q 0 0 0 rg BT 196.52 149.10 Td (time ) Tj ET Q q 0 0 0 rg BT 216.58 149.10 Td (we ) Tj ET Q q 0 0 0 rg BT 230.52 149.10 Td (have ) Tj ET Q q 0 0 0 rg BT 251.67 149.10 Td (assisted ) Tj ET Q q 0 0 0 rg BT 285.06 149.10 Td (a ) Tj ET Q q 0 0 0 rg BT 291.78 149.10 Td (company ) Tj ET Q q 0 0 0 rg BT 330.71 149.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.77 149.10 Td (removing ) Tj ET Q q 0 0 0 rg BT 381.38 149.10 Td (an ) Tj ET Q q 0 0 0 rg BT 393.09 149.10 Td (overhang ) Tj ET Q q 0 0 0 rg BT 432.58 149.10 Td (to ) Tj ET Q q 0 0 0 rg BT 442.64 149.10 Td (its ) Tj ET Q q 0 0 0 rg BT 454.36 149.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 477.75 149.10 Td (price. ) Tj ET Q q 0 0 0 rg BT 502.52 149.10 Td ( ) Tj ET Q q 0 0 0 rg BT 504.63 149.10 Td (The ) Tj ET Q q 0 0 0 rg BT 522.46 149.10 Td (result ) Tj ET Q q 0 0 0 rg BT 546.95 149.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.79 137.10 Td (same: ) Tj ET Q q 0 0 0 rg BT 89.19 137.10 Td (a ) Tj ET Q q 0 0 0 rg BT 95.70 137.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 139.98 137.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 188.70 137.10 Td (value ) Tj ET Q q 0 0 0 rg BT 212.42 137.10 Td (creation ) Tj ET Q q 0 0 0 rg BT 246.70 137.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 281.52 137.10 Td (for ) Tj ET Q q 0 0 0 rg BT 295.26 137.10 Td (HEAR ) Tj ET Q q 0 0 0 rg BT 324.55 137.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.06 137.10 Td (its ) Tj ET Q q 0 0 0 rg BT 352.58 137.10 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 407.69 137.10 Td (and ) Tj ET Q q 0 0 0 rg BT 424.20 137.10 Td (most ) Tj ET Q q 0 0 0 rg BT 445.72 137.10 Td (importantly) Tj ET Q q 0 0 0 rg BT 491.73 137.10 Td (, ) Tj ET Q q 0 0 0 rg BT 496.30 137.10 Td (for ) Tj ET Q q 0 0 0 rg BT 510.03 137.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.43 137.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 548.07 137.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.60 125.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 121.41 125.10 Td (Of ) Tj ET Q q 0 0 0 rg BT 134.73 125.10 Td (course, ) Tj ET Q q 0 0 0 rg BT 166.10 125.10 Td (our ) Tj ET Q q 0 0 0 rg BT 182.20 125.10 Td (first ) Tj ET Q q 0 0 0 rg BT 201.08 125.10 Td (major ) Tj ET Q q 0 0 0 rg BT 227.18 125.10 Td (active ) Tj ET Q q 0 0 0 rg BT 262.70 125.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 309.35 125.10 Td (was ) Tj ET Q q 0 0 0 rg BT 327.47 125.10 Td (TST) Tj ET Q q 0 0 0 rg BT 344.51 125.10 Td (. ) Tj ET Q q 0 0 0 rg BT 349.58 125.10 Td (W) Tj ET Q q 0 0 0 rg BT 358.22 125.10 Td (e ) Tj ET Q q 0 0 0 rg BT 365.43 125.10 Td (have ) Tj ET Q q 0 0 0 rg BT 387.08 125.10 Td (achieved ) Tj ET Q q 0 0 0 rg BT 425.38 125.10 Td (a ) Tj ET Q q 0 0 0 rg BT 432.59 125.10 Td (100% ) Tj ET Q q 0 0 0 rg BT 458.69 125.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 503.10 125.10 Td (return ) Tj ET Q q 0 0 0 rg BT 529.75 125.10 Td (over ) Tj ET Q q 0 0 0 rg BT 550.29 125.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (last ) Tj ET Q q 0 0 0 rg BT 65.89 113.10 Td (13 ) Tj ET Q q 0 0 0 rg BT 78.39 113.10 Td (months ) Tj ET Q q 0 0 0 rg BT 110.33 113.10 Td (on ) Tj ET Q q 0 0 0 rg BT 122.83 113.10 Td (our ) Tj ET Q q 0 0 0 rg BT 138.67 113.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 185.05 113.10 Td (in ) Tj ET Q q 0 0 0 rg BT 195.14 113.10 Td (TST) Tj ET Q q 0 0 0 rg BT 212.37 113.10 Td (; ) Tj ET Q q 0 0 0 rg BT 217.65 113.10 Td (which ) Tj ET Q q 0 0 0 rg BT 244.59 113.10 Td (is ) Tj ET Q q 0 0 0 rg BT 253.76 113.10 Td (evidence ) Tj ET Q q 0 0 0 rg BT 291.79 113.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.62 113.10 Td (our ) Tj ET Q q 0 0 0 rg BT 318.45 113.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 346.50 113.10 Td (to ) Tj ET Q q 0 0 0 rg BT 356.78 113.10 Td (help ) Tj ET Q q 0 0 0 rg BT 376.50 113.10 Td (a ) Tj ET Q q 0 0 0 rg BT 383.44 113.10 Td (company ) Tj ET Q q 0 0 0 rg BT 422.59 113.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 457.84 113.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 506.99 113.10 Td (value. ) 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 85.50 749.10 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(picking ) Tj ET Q q 0 0 0 rg BT 159.61 265.10 Td (has ) Tj ET Q q 0 0 0 rg BT 175.43 265.10 Td (been ) Tj ET Q q 0 0 0 rg BT 196.79 265.10 Td (very ) Tj ET Q q 0 0 0 rg BT 217.04 265.10 Td (good, ) Tj ET Q q 0 0 0 rg BT 242.03 265.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.95 265.10 Td (it ) Tj ET Q q 0 0 0 rg BT 266.99 265.10 Td (has ) Tj ET Q q 0 0 0 rg BT 282.81 265.10 Td (been ) Tj ET Q q 0 0 0 rg BT 304.17 265.10 Td (very ) Tj ET Q q 0 0 0 rg BT 324.43 265.10 Td (good ) Tj ET Q q 0 0 0 rg BT 346.91 265.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.17 265.10 Td (two ) Tj ET Q q 0 0 0 rg BT 374.66 265.10 Td (entirely ) Tj ET Q q 0 0 0 rg BT 407.69 265.10 Td (dif) Tj ET Q q 0 0 0 rg BT 418.62 265.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 444.42 265.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 478.56 265.10 Td (\(2017 ) Tj ET Q q 0 0 0 rg BT 504.37 265.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.30 265.10 Td (2018\). ) Tj ET Q q 0 0 0 rg BT 549.43 265.10 Td (W) Tj ET Q q 0 0 0 rg BT 558.07 265.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 253.10 Td (have ) Tj ET Q q 0 0 0 rg BT 71.61 253.10 Td (drastically ) Tj ET Q q 0 0 0 rg BT 116.49 253.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 151.37 253.10 Td (our ) Tj ET Q q 0 0 0 rg BT 167.93 253.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 203.37 253.10 Td (base, ) Tj ET Q q 0 0 0 rg BT 226.87 253.10 Td (raised ) Tj ET Q q 0 0 0 rg BT 253.98 253.10 Td (money ) Tj ET Q q 0 0 0 rg BT 284.43 253.10 Td (for ) Tj ET Q q 0 0 0 rg BT 299.32 253.10 Td (two ) Tj ET Q q 0 0 0 rg BT 317.56 253.10 Td (special ) Tj ET Q q 0 0 0 rg BT 348.55 253.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 383.45 253.10 Td (vehicles, ) Tj ET Q q 0 0 0 rg BT 421.94 253.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.61 253.10 Td (successfully ) Tj ET Q q 0 0 0 rg BT 491.72 253.10 Td (exited ) Tj ET Q q 0 0 0 rg BT 519.39 253.10 Td (two ) Tj ET Q q 0 0 0 rg BT 537.62 253.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 253.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 241.10 Td (private 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217.10 Td (how ) Tj ET Q q 0 0 0 rg BT 236.75 217.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 259.05 217.10 Td (ended, ) Tj ET Q q 0 0 0 rg BT 287.72 217.10 Td (but ) Tj ET Q q 0 0 0 rg BT 302.79 217.10 Td (we ) Tj ET Q q 0 0 0 rg BT 316.75 217.10 Td (take ) Tj ET Q q 0 0 0 rg BT 335.69 217.10 Td (solace ) Tj ET Q q 0 0 0 rg BT 362.97 217.10 Td (in ) Tj ET Q q 0 0 0 rg BT 373.05 217.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.56 217.10 Td (notion ) Tj ET Q q 0 0 0 rg BT 415.41 217.10 Td (that ) Tj ET Q q 0 0 0 rg BT 432.70 217.10 Td (we ) Tj ET Q q 0 0 0 rg BT 446.65 217.10 Td (grew ) Tj ET Q q 0 0 0 rg BT 468.93 217.10 Td (our ) Tj ET Q q 0 0 0 rg BT 484.56 217.10 Td (net ) Tj ET Q q 0 0 0 rg BT 499.07 217.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 520.80 217.10 Td (value ) Tj ET Q q 0 0 0 rg BT 544.75 217.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 205.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.08 205.10 Td (entirety ) Tj ET Q q 0 0 0 rg BT 96.99 205.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.68 205.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 132.55 205.10 Td ( ) Tj ET Q q 0 0 0 rg BT 134.74 205.10 Td (W) Tj ET Q q 0 0 0 rg BT 143.38 205.10 Td (e ) Tj ET Q q 0 0 0 rg BT 150.18 205.10 Td (think ) Tj ET Q q 0 0 0 rg BT 173.10 205.10 Td (from ) Tj ET Q q 0 0 0 rg BT 194.91 205.10 Td (that ) Tj ET Q q 0 0 0 rg BT 212.27 205.10 Td (perspective, ) Tj ET Q q 0 0 0 rg BT 262.66 205.10 Td (we ) Tj ET Q q 0 0 0 rg BT 276.69 205.10 Td (were ) Tj ET Q q 0 0 0 rg BT 298.48 205.10 Td (an ) Tj ET Q q 0 0 0 rg BT 310.29 205.10 Td (outlier) Tj ET Q q 0 0 0 rg BT 335.99 205.10 Td (, ) Tj ET Q q 0 0 0 rg BT 340.85 205.10 Td (as ) Tj ET Q q 0 0 0 rg BT 351.55 205.10 Td (not ) Tj ET Q q 0 0 0 rg BT 366.69 205.10 Td (many ) Tj ET Q q 0 0 0 rg BT 391.27 205.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 415.86 205.10 Td (were ) Tj ET Q q 0 0 0 rg BT 437.65 205.10 Td (up ) Tj ET Q q 0 0 0 rg BT 450.02 205.10 Td (last ) Tj ET Q q 0 0 0 rg BT 466.27 205.10 Td (year) Tj ET Q q 0 0 0 rg BT 482.92 205.10 Td (. ) Tj ET Q q 0 0 0 rg BT 487.79 205.10 Td (Being ) Tj ET Q q 0 0 0 rg BT 514.04 205.10 Td (amongst ) Tj ET Q q 0 0 0 rg BT 550.29 205.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 193.10 Td (ones ) Tj ET Q q 0 0 0 rg BT 69.50 193.10 Td (that ) Tj ET Q q 0 0 0 rg BT 86.17 193.10 Td (were ) Tj ET Q q 0 0 0 rg BT 107.28 193.10 Td (on ) Tj ET Q q 0 0 0 rg BT 118.95 193.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.84 193.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 166.18 193.10 Td (side ) Tj ET Q q 0 0 0 rg BT 183.97 193.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.97 193.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.86 193.10 Td (ledger ) Tj ET Q q 0 0 0 rg BT 234.52 193.10 Td (is ) Tj ET Q q 0 0 0 rg BT 242.87 193.10 Td (a ) Tj ET Q q 0 0 0 rg BT 248.98 193.10 Td (very ) Tj ET Q q 0 0 0 rg BT 268.43 193.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 301.77 193.10 Td (outcome. ) Tj ET Q q 0 0 0 rg BT 340.37 193.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.93 193.10 Td (The ) Tj ET Q q 0 0 0 rg BT 359.15 193.10 Td (dislocation ) 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Tj ET Q q 0 0 0 rg BT 319.11 181.10 Td (current ) Tj ET Q q 0 0 0 rg BT 349.91 181.10 Td (unwind ) Tj ET Q q 0 0 0 rg BT 382.39 181.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.20 181.10 Td (technology-related ) Tj ET Q q 0 0 0 rg BT 470.64 181.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 515.89 181.10 Td (due ) Tj ET Q q 0 0 0 rg BT 532.81 181.10 Td (to ) Tj ET Q q 0 0 0 rg BT 543.07 181.10 Td (fears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.43 169.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.48 169.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 90.07 169.10 Td (war ) Tj ET Q q 0 0 0 rg BT 107.66 169.10 Td (with ) Tj ET Q q 0 0 0 rg BT 128.04 169.10 Td (China ) Tj ET Q q 0 0 0 rg BT 154.53 169.10 Td (will ) Tj ET Q q 0 0 0 rg BT 172.69 169.10 Td (last, ) Tj ET Q q 0 0 0 rg BT 191.68 169.10 Td (many ) Tj ET Q q 0 0 0 rg BT 216.51 169.10 Td (stocks ) Tj ET Q q 0 0 0 rg BT 244.11 169.10 Td (have ) Tj ET Q q 0 0 0 rg BT 265.59 169.10 Td (now ) Tj ET Q q 0 0 0 rg BT 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0 0 rg BT 138.07 145.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.99 145.10 Td (W) Tj ET Q q 0 0 0 rg BT 148.63 145.10 Td (e ) Tj ET Q q 0 0 0 rg BT 155.14 145.10 Td (think ) Tj ET Q q 0 0 0 rg BT 177.78 145.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.07 145.10 Td (fundamental ) Tj ET Q q 0 0 0 rg BT 244.13 145.10 Td (underpinnings ) Tj ET Q q 0 0 0 rg BT 303.42 145.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.94 145.10 Td (secular ) Tj ET Q q 0 0 0 rg BT 350.33 145.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 376.84 145.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.25 145.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.54 145.10 Td (IoT) Tj ET Q q 0 0 0 rg BT 415.80 145.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.88 145.10 Td (market ) Tj ET Q q 0 0 0 rg BT 447.72 145.10 Td (are ) Tj ET Q q 0 0 0 rg BT 462.00 145.10 Td (sound. ) Tj ET Q q 0 0 0 rg BT 490.32 145.10 Td (W) Tj ET Q q 0 0 0 rg BT 498.96 145.10 Td (e ) Tj ET Q q 0 0 0 rg BT 505.47 145.10 Td (also ) Tj ET Q q 0 0 0 rg BT 523.66 145.10 Td (recognize ) Tj ET Q BT /F1 10.00 Tf 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