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494.94 493.85 Td (has ) Tj ET Q q 0 0 0 rg BT 514.94 493.85 Td (been ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 478.20 Td (calculated, ) Tj ET Q q 0 0 0 rg BT 127.36 478.20 Td (why ) Tj ET Q q 0 0 0 rg BT 149.11 478.20 Td (we ) Tj ET Q q 0 0 0 rg BT 165.56 478.20 Td (think ) Tj ET Q q 0 0 0 rg BT 191.79 478.20 Td (the ) Tj ET Q q 0 0 0 rg BT 210.08 478.20 Td (figure ) Tj ET Q q 0 0 0 rg BT 240.78 478.20 Td (is ) Tj ET Q q 0 0 0 rg BT 250.50 478.20 Td (important, ) Tj ET Q q 0 0 0 rg BT 303.99 478.20 Td (and ) Tj ET Q q 0 0 0 rg BT 324.93 478.20 Td (a ) Tj ET Q q 0 0 0 rg BT 333.03 478.20 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 400.82 478.20 Td (between ) Tj ET Q q 0 0 0 rg BT 445.99 478.20 Td (the ) Tj ET Q q 0 0 0 rg BT 464.28 478.20 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 496.64 478.20 Td (and ) Tj ET Q q 0 0 0 rg BT 517.58 478.20 Td (non-) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 462.60 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 105.02 462.60 Td (figures.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 438.00 Td (References ) Tj ET Q q 0 0 0 rg BT 128.07 438.00 Td (herein ) Tj ET Q q 0 0 0 rg BT 160.90 438.00 Td (to ) Tj ET Q q 0 0 0 rg BT 173.35 438.00 Td (Redwood, ) Tj ET Q q 0 0 0 rg BT 237.17 438.00 Td (the ) Tj ET Q q 0 0 0 rg BT 255.33 438.00 Td (company, ) Tj ET Q q 0 0 0 rg BT 317.12 438.00 Td (we, ) Tj ET Q q 0 0 0 rg BT 347.93 438.00 Td (us, ) Tj ET Q q 0 0 0 rg BT 375.48 438.00 Td (and ) Tj ET Q q 0 0 0 rg BT 396.30 438.00 Td (our ) Tj ET Q q 0 0 0 rg BT 426.28 438.00 Td (include ) Tj ET Q q 0 0 0 rg BT 464.20 438.00 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 513.54 438.00 Td (Trust, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 422.35 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 93.86 422.35 Td (and ) Tj ET Q q 0 0 0 rg BT 116.89 422.35 Td (its ) Tj ET Q q 0 0 0 rg BT 132.36 422.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 200.20 422.35 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 264.77 422.35 Td (Note ) Tj ET Q q 0 0 0 rg BT 294.10 422.35 Td (that ) Tj ET Q q 0 0 0 rg BT 317.72 422.35 Td (because ) Tj ET Q q 0 0 0 rg BT 362.97 422.35 Td (we ) Tj ET Q q 0 0 0 rg BT 381.52 422.35 Td (round ) Tj ET Q q 0 0 0 rg BT 414.93 422.35 Td (numbers ) Tj ET Q q 0 0 0 rg BT 462.19 422.35 Td (in ) Tj ET Q q 0 0 0 rg BT 475.44 422.35 Td (the ) Tj ET Q q 0 0 0 rg BT 495.81 422.35 Td (tables ) Tj ET Q q 0 0 0 rg BT 529.82 422.35 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 406.75 Td (millions, ) Tj ET Q q 0 0 0 rg BT 115.19 406.75 Td (except ) Tj ET Q q 0 0 0 rg BT 151.26 406.75 Td (per ) Tj ET Q q 0 0 0 rg BT 170.60 406.75 Td (share ) Tj ET Q q 0 0 0 rg BT 199.54 406.75 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 247.62 406.75 Td (some ) Tj ET Q q 0 0 0 rg BT 277.18 406.75 Td (numbers ) Tj ET Q q 0 0 0 rg BT 322.81 406.75 Td (may ) Tj ET Q q 0 0 0 rg BT 346.05 406.75 Td (not ) Tj ET Q q 0 0 0 rg BT 365.20 406.75 Td (foot ) Tj ET Q q 0 0 0 rg BT 388.00 406.75 Td (due ) Tj ET Q q 0 0 0 rg BT 409.81 406.75 Td (to ) Tj ET Q q 0 0 0 rg BT 422.84 406.75 Td (rounding. ) Tj ET Q q 0 0 0 rg BT 473.17 406.75 Td (References ) Tj ET Q q 0 0 0 rg BT 529.83 406.75 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 391.10 Td (the ) Tj ET Q q 0 0 0 rg BT 90.65 391.10 Td () Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 96.36 391.10 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 125.69 391.10 Td ( ) Tj ET Q q 0 0 0 rg BT 128.45 391.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 172.53 391.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 197.88 391.10 Td (to ) Tj ET Q q 0 0 0 rg BT 210.82 391.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.47 391.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 267.85 391.10 Td (ended ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 302.39 391.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 375.05 391.10 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 399.51 391.10 Td (, ) Tj ET Q q 0 0 0 rg BT 405.33 391.10 Td (and ) Tj ET Q q 0 0 0 rg BT 426.63 391.10 Td (references ) Tj ET Q q 0 0 0 rg BT 480.12 391.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.06 391.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.71 391.10 Td () Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 517.42 391.10 Td (third) Tj ET Q BT /F3 11.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 375.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 116.39 375.50 Td (refer ) Tj ET Q q 0 0 0 rg BT 142.04 375.50 Td (to ) Tj ET Q q 0 0 0 rg BT 155.27 375.50 Td (the ) Tj ET Q q 0 0 0 rg BT 174.22 375.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 212.90 375.50 Td (ended ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 247.75 375.50 Td (September30, ) Tj ET Q q 0 0 0 rg BT 323.74 375.50 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 348.20 375.50 Td (, ) Tj ET Q q 0 0 0 rg BT 354.32 375.50 Td (unless ) Tj ET Q q 0 0 0 rg BT 387.74 375.50 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 438.25 375.50 Td (specified.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 350.90 Td (We ) Tj ET Q q 0 0 0 rg BT 91.79 350.90 Td (hope ) Tj ET Q q 0 0 0 rg BT 120.76 350.90 Td (you ) Tj ET Q q 0 0 0 rg BT 142.19 350.90 Td (find ) Tj ET Q q 0 0 0 rg BT 164.42 350.90 Td (this ) Tj ET Q q 0 0 0 rg BT 185.01 350.90 Td (Review ) Tj ET Q q 0 0 0 rg BT 223.15 350.90 Td (helpful ) Tj ET Q q 0 0 0 rg BT 260.24 350.90 Td (to ) Tj ET Q q 0 0 0 rg BT 273.91 350.90 Td (your ) Tj ET Q q 0 0 0 rg BT 298.99 350.90 Td (understanding ) Tj ET Q q 0 0 0 rg BT 373.58 350.90 Td (of ) Tj ET Q q 0 0 0 rg BT 386.85 350.90 Td (our ) Tj ET Q q 0 0 0 rg BT 406.63 350.90 Td (business. ) Tj ET Q q 0 0 0 rg BT 454.95 350.90 Td (We ) Tj ET Q q 0 0 0 rg BT 474.74 350.90 Td (thank ) Tj ET Q q 0 0 0 rg BT 505.14 350.90 Td (you ) Tj ET Q q 0 0 0 rg BT 526.57 350.90 Td (for ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 335.25 Td (your ) Tj ET Q q 0 0 0 rg BT 97.35 335.25 Td (input ) Tj ET Q q 0 0 0 rg BT 126.34 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 148.64 335.25 Td (suggestions, ) Tj ET Q q 0 0 0 rg BT 214.13 335.25 Td (which ) Tj ET Q q 0 0 0 rg BT 246.00 335.25 Td (have ) Tj ET Q q 0 0 0 rg BT 272.99 335.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 316.26 335.25 Td (in ) Tj ET Q q 0 0 0 rg BT 328.77 335.25 Td (our ) Tj ET Q q 0 0 0 rg BT 348.81 335.25 Td (changing ) Tj ET Q q 0 0 0 rg BT 398.00 335.25 Td (the ) Tj ET Q q 0 0 0 rg BT 417.65 335.25 Td (form ) Tj ET Q q 0 0 0 rg BT 444.41 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 466.70 335.25 Td (content ) Tj ET Q q 0 0 0 rg BT 507.93 335.25 Td (of ) Tj ET Q q 0 0 0 rg BT 521.46 335.25 Td (The ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 319.65 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 122.13 319.65 Td (Review ) Tj ET Q q 0 0 0 rg BT 159.82 319.65 Td (over ) Tj ET Q q 0 0 0 rg BT 184.48 319.65 Td (time.) 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0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 385.50 267.15 75.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 460.50 267.15 4.00 -32.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 464.50 267.15 75.00 -32.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 71.50 235.15 74.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 145.50 235.15 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 149.50 235.15 75.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 224.50 235.15 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 228.50 235.15 75.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 303.50 235.15 4.00 -15.00 re f /GS0 gs 0.8745098039215686 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gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 96.14999999999998 m 303.5 96.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 96.14999999999998 m 307.5 96.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 96.14999999999998 m 381.5 96.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 96.14999999999998 m 385.5 96.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 96.14999999999998 m 460.5 96.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 96.14999999999998 m 464.5 96.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 100.14999999999998 m 539.5 96.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 96.14999999999998 m 539.5 96.14999999999998 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 222.60 280.15 Td (Select) Tj ET Q q 1 1 1 rg BT 257.29 280.15 Td (ed Financial Highligh) Tj ET Q q 1 1 1 rg BT 376.95 280.15 Td (ts) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 84.00 239.90 Td (Quart) Tj ET Q q 1 1 1 rg BT 105.66 239.90 Td (er:Y) Tj ET Q q 1 1 1 rg BT 119.82 239.90 Td (ear) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 175.75 257.90 Td (GAAP) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 172.65 248.90 Td (Inc) Tj ET Q q 1 1 1 rg BT 183.60 248.90 Td (ome) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 168.60 239.90 Td (per Shar) Tj ET Q q 1 1 1 rg BT 199.82 239.90 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 242.25 257.90 Td (REIT T) Tj ET Q q 1 1 1 rg BT 264.37 257.90 Td (a) Tj ET Q q 1 1 1 rg BT 268.73 257.90 Td (x) Tj ET Q q 1 1 1 rg BT 272.73 257.90 Td (able) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 244.35 248.90 Td (Inc) Tj ET Q q 1 1 1 rg BT 255.30 248.90 Td (ome per) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 250.60 239.90 Td (Shar) Tj ET Q q 1 1 1 rg BT 267.22 239.90 Td (e ) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 1 1 1 rg BT 273.79 244.19 Td (\(1\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 323.20 257.90 Td (Annualiz) Tj ET Q q 1 1 1 rg BT 355.42 257.90 Td (ed) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 319.55 248.90 Td (GAAP R) Tj ET Q q 1 1 1 rg BT 347.95 248.90 Td (e) Tj ET Q q 1 1 1 rg BT 352.42 248.90 Td (turn) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 326.35 239.90 Td (on E) Tj ET Q q 1 1 1 rg BT 342.31 239.90 Td (quity) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 401.20 257.90 Td (GAAP Book) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 404.75 248.90 Td (V) Tj ET Q q 1 1 1 rg BT 409.58 248.90 Td (alue per) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 411.90 239.90 Td (Shar) Tj ET Q q 1 1 1 rg BT 428.52 239.90 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 483.00 248.90 Td (Dividends) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 483.60 239.90 Td (per Shar) Tj ET Q q 1 1 1 rg BT 514.82 239.90 Td (e) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 97.00 225.15 Td (Q417) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 175.10 225.15 Td ($0.35) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 254.10 225.15 Td ($0.42) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 335.35 225.15 Td (10%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 408.55 225.15 Td ($15.83) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 490.10 225.15 Td ($0.28) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 97.00 210.15 Td (Q317) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 175.10 210.15 Td ($0.41) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 254.10 210.15 Td ($0.26) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 335.35 210.15 Td (12%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 408.55 210.15 Td ($15.67) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 490.10 210.15 Td ($0.28) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 97.00 195.15 Td (Q217) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 175.10 195.15 Td ($0.43) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 254.10 195.15 Td ($0.25) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 335.35 195.15 Td (12%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 408.55 195.15 Td ($15.29) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 490.10 195.15 Td ($0.28) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 97.00 180.15 Td (Q117) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 175.10 180.15 Td ($0.43) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 254.10 180.15 Td ($0.22) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 335.35 180.15 Td (13%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 408.55 180.15 Td ($15.13) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 490.10 180.15 Td ($0.28) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 97.00 165.15 Td (Q416) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 175.10 165.15 Td ($0.31) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 254.10 165.15 Td ($0.34) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 337.85 165.15 Td (9%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 408.55 165.15 Td ($14.96) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 490.10 165.15 Td ($0.28) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 97.00 150.15 Td (Q316) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 175.10 150.15 Td ($0.58) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 254.10 150.15 Td ($0.34) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 335.35 150.15 Td (19%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 408.55 150.15 Td ($14.74) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 490.10 150.15 Td ($0.28) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 97.00 135.15 Td (Q216) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 175.10 135.15 Td ($0.48) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 254.10 135.15 Td ($0.36) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 335.35 135.15 Td (15%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 408.55 135.15 Td ($14.20) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 490.10 135.15 Td ($0.28) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 97.00 120.15 Td (Q116) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 175.10 120.15 Td ($0.15) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 254.10 120.15 Td ($0.23) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 337.85 120.15 Td (4%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 408.55 120.15 Td ($14.17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 490.10 120.15 Td ($0.28) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 97.00 105.15 Td (Q415) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 175.10 105.15 Td ($0.46) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 254.10 105.15 Td ($0.37) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 335.35 105.15 Td (14%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 408.55 105.15 Td ($14.67) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 490.10 105.15 Td ($0.28) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 74.85 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 74.85 Td (REIT taxable income per share for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.89 74.85 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.90 74.85 Td ( is an estimate until we file our tax return.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 222.80 736.44 Td (S H A R E H O L D E R L E T T E R) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 302.20 24.25 Td (4) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Dear ) Tj ET Q q 0 0 0 rg BT 104.63 702.30 Td (F) Tj ET Q q 0 0 0 rg BT 112.10 702.30 Td (ello) Tj ET Q q 0 0 0 rg BT 132.30 702.30 Td (w ) Tj ET Q q 0 0 0 rg BT 146.78 702.30 Td (Shar) Tj ET Q q 0 0 0 rg BT 172.53 702.30 Td (eholder) Tj ET Q q 0 0 0 rg BT 216.14 702.30 Td (s:) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 680.65 Td (During ) Tj ET Q q 0 0 0 rg BT 108.12 680.65 Td (the ) Tj ET Q q 0 0 0 rg BT 126.73 680.65 Td (past ) Tj ET Q q 0 0 0 rg BT 150.22 680.65 Td (few ) Tj ET Q q 0 0 0 rg BT 170.26 680.65 Td (years, ) Tj ET Q q 0 0 0 rg BT 201.50 680.65 Td (the ) Tj ET Q q 0 0 0 rg BT 220.12 680.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 262.97 680.65 Td (markets ) Tj ET Q q 0 0 0 rg BT 304.18 680.65 Td (enjoyed ) Tj ET Q q 0 0 0 rg BT 346.43 680.65 Td (a ) Tj ET Q q 0 0 0 rg BT 354.86 680.65 Td (quiet, ) Tj ET Q q 0 0 0 rg BT 385.88 680.65 Td (seemingly ) Tj ET Q q 0 0 0 rg BT 438.32 680.65 Td (uninterrupted ) Tj ET Q q 0 0 0 rg BT 508.42 680.65 Td (ascent ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 665.05 Td (forward: ) Tj ET Q q 0 0 0 rg BT 113.88 665.05 Td (equities ) Tj ET Q q 0 0 0 rg BT 154.15 665.05 Td (reached ) Tj ET Q q 0 0 0 rg BT 195.25 665.05 Td (new ) Tj ET Q q 0 0 0 rg BT 216.99 665.05 Td (all-time ) Tj ET Q q 0 0 0 rg BT 255.02 665.05 Td (highs, ) Tj ET Q q 0 0 0 rg BT 285.92 665.05 Td (volatility ) Tj ET Q q 0 0 0 rg BT 328.21 665.05 Td (remained ) Tj ET Q q 0 0 0 rg BT 376.03 665.05 Td (subdued, ) Tj ET Q q 0 0 0 rg BT 423.85 665.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 453.31 665.05 Td (spreads ) Tj ET Q q 0 0 0 rg BT 492.98 665.05 Td (ratcheted ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 649.40 Td (tighter, ) Tj ET Q q 0 0 0 rg BT 109.10 649.40 Td (and ) Tj ET Q q 0 0 0 rg BT 130.14 649.40 Td (long-term ) Tj ET Q q 0 0 0 rg BT 181.28 649.40 Td (interest ) Tj ET Q q 0 0 0 rg BT 220.21 649.40 Td (rates ) Tj ET Q q 0 0 0 rg BT 246.52 649.40 Td (remained ) Tj ET Q q 0 0 0 rg BT 295.25 649.40 Td (near ) Tj ET Q q 0 0 0 rg BT 319.34 649.40 Td (historically ) Tj ET Q q 0 0 0 rg BT 373.34 649.40 Td (low ) Tj ET Q q 0 0 0 rg BT 392.94 649.40 Td (levels. ) Tj ET Q q 0 0 0 rg BT 425.99 649.40 Td (All ) Tj ET Q q 0 0 0 rg BT 441.32 649.40 Td (the ) Tj ET Q q 0 0 0 rg BT 459.71 649.40 Td (while, ) Tj ET Q q 0 0 0 rg BT 490.71 649.40 Td (politicians ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 633.80 Td (in ) Tj ET Q q 0 0 0 rg BT 83.81 633.80 Td (Washington ) Tj ET Q q 0 0 0 rg BT 145.13 633.80 Td (battled ) Tj ET Q q 0 0 0 rg BT 183.41 633.80 Td (to ) Tj ET Q q 0 0 0 rg BT 196.64 633.80 Td (a ) Tj ET Q q 0 0 0 rg BT 205.41 633.80 Td (standstill ) Tj ET Q q 0 0 0 rg BT 251.63 633.80 Td (in ) Tj ET Q q 0 0 0 rg BT 263.45 633.80 Td (achieving ) Tj ET Q q 0 0 0 rg BT 313.17 633.80 Td (any ) Tj ET Q q 0 0 0 rg BT 333.35 633.80 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 391.21 633.80 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 418.51 633.80 Td (policy ) Tj ET Q q 0 0 0 rg BT 450.70 633.80 Td (reforms. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 609.20 Td (Well, ) Tj ET Q q 0 0 0 rg BT 100.32 609.20 Td (we ) Tj ET Q q 0 0 0 rg BT 118.05 609.20 Td (all ) Tj ET Q q 0 0 0 rg BT 132.72 609.20 Td (know ) Tj ET Q q 0 0 0 rg BT 162.27 609.20 Td (a ) Tj ET Q q 0 0 0 rg BT 171.65 609.20 Td (lot ) Tj ET Q q 0 0 0 rg BT 188.13 609.20 Td (has ) Tj ET Q q 0 0 0 rg BT 208.31 609.20 Td (changed ) Tj ET Q q 0 0 0 rg BT 254.78 609.20 Td (recently. ) Tj ET Q q 0 0 0 rg BT 300.22 609.20 Td (Equities ) Tj ET Q q 0 0 0 rg BT 342.99 609.20 Td (have ) Tj ET Q q 0 0 0 rg BT 369.90 609.20 Td (been ) Tj ET Q q 0 0 0 rg BT 398.64 609.20 Td (under ) Tj ET Q q 0 0 0 rg BT 431.03 609.20 Td (pressure, ) Tj ET Q q 0 0 0 rg BT 479.11 609.20 Td (volatility ) Tj ET Q q 0 0 0 rg BT 523.50 609.20 Td (has ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 593.55 Td (increased, ) Tj ET Q q 0 0 0 rg BT 125.10 593.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 176.93 593.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 203.93 593.55 Td (are ) Tj ET Q q 0 0 0 rg BT 222.38 593.55 Td (trending ) Tj ET Q q 0 0 0 rg BT 267.11 593.55 Td (higher, ) Tj ET Q q 0 0 0 rg BT 303.70 593.55 Td (we ) Tj ET Q q 0 0 0 rg BT 320.94 593.55 Td (have ) Tj ET Q q 0 0 0 rg BT 347.36 593.55 Td (a ) Tj ET Q q 0 0 0 rg BT 356.25 593.55 Td (new ) Tj ET Q q 0 0 0 rg BT 379.60 593.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 397.44 593.55 Td (plan, ) Tj ET Q q 0 0 0 rg BT 424.87 593.55 Td (the ) Tj ET Q q 0 0 0 rg BT 443.94 593.55 Td (grip ) Tj ET Q q 0 0 0 rg BT 466.85 593.55 Td (of ) Tj ET Q q 0 0 0 rg BT 479.81 593.55 Td (regulation ) Tj ET Q q 0 0 0 rg BT 532.69 593.55 Td (is ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 577.95 Td (easing, ) Tj ET Q q 0 0 0 rg BT 111.26 577.95 Td (and ) Tj ET Q q 0 0 0 rg BT 134.02 577.95 Td (GSE ) Tj ET Q q 0 0 0 rg BT 159.44 577.95 Td (reform ) Tj ET Q q 0 0 0 rg BT 196.22 577.95 Td (is ) Tj ET Q q 0 0 0 rg BT 207.76 577.95 Td (back ) Tj ET Q q 0 0 0 rg BT 235.01 577.95 Td (on ) Tj ET Q q 0 0 0 rg BT 251.87 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 271.98 577.95 Td (table. ) Tj ET Q q 0 0 0 rg BT 304.09 577.95 Td (We ) Tj ET Q q 0 0 0 rg BT 324.61 577.95 Td (will ) Tj ET Q q 0 0 0 rg BT 344.70 577.95 Td (try ) Tj ET Q q 0 0 0 rg BT 361.52 577.95 Td (to ) Tj ET Q q 0 0 0 rg BT 375.91 577.95 Td (cover ) Tj ET Q q 0 0 0 rg BT 407.02 577.95 Td (the ) Tj ET Q q 0 0 0 rg BT 427.13 577.95 Td (macro ) Tj ET Q q 0 0 0 rg BT 461.70 577.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 499.31 577.95 Td (of ) Tj ET Q q 0 0 0 rg BT 513.31 577.95 Td (these ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 562.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 116.67 562.30 Td (in ) Tj ET Q q 0 0 0 rg BT 129.33 562.30 Td (this ) Tj ET Q q 0 0 0 rg BT 150.34 562.30 Td (letter, ) Tj ET Q q 0 0 0 rg BT 182.12 562.30 Td (but ) Tj ET Q q 0 0 0 rg BT 202.51 562.30 Td (we ) Tj ET Q q 0 0 0 rg BT 220.47 562.30 Td (believe ) Tj ET Q q 0 0 0 rg BT 260.04 562.30 Td (the ) Tj ET Q q 0 0 0 rg BT 279.83 562.30 Td (short ) Tj ET Q q 0 0 0 rg BT 308.37 562.30 Td (summary ) Tj ET Q q 0 0 0 rg BT 356.48 562.30 Td (is ) Tj ET Q q 0 0 0 rg BT 367.71 562.30 Td (that ) Tj ET Q q 0 0 0 rg BT 390.75 562.30 Td (the ) Tj ET Q q 0 0 0 rg BT 410.55 562.30 Td (net ) Tj ET Q q 0 0 0 rg BT 430.34 562.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 467.64 562.30 Td (to ) Tj ET Q q 0 0 0 rg BT 481.72 562.30 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 532.69 562.30 Td (is ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 546.70 Td (favorable. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 522.10 Td (It ) Tj ET Q q 0 0 0 rg BT 82.10 522.10 Td (is ) Tj ET Q q 0 0 0 rg BT 92.97 522.10 Td (against ) Tj ET Q q 0 0 0 rg BT 131.75 522.10 Td (this ) Tj ET Q q 0 0 0 rg BT 152.41 522.10 Td (backdrop ) Tj ET Q q 0 0 0 rg BT 202.41 522.10 Td (that ) Tj ET Q q 0 0 0 rg BT 225.09 522.10 Td (we ) Tj ET Q q 0 0 0 rg BT 242.70 522.10 Td (move ) Tj ET Q q 0 0 0 rg BT 273.56 522.10 Td (forward, ) Tj ET Q q 0 0 0 rg BT 317.42 522.10 Td (mindful ) Tj ET Q q 0 0 0 rg BT 357.84 522.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.16 522.10 Td (market ) Tj ET Q q 0 0 0 rg BT 408.51 522.10 Td (forces ) Tj ET Q q 0 0 0 rg BT 441.39 522.10 Td (but ) Tj ET Q q 0 0 0 rg BT 461.43 522.10 Td (confident ) Tj ET Q q 0 0 0 rg BT 511.42 522.10 Td (in ) Tj ET Q q 0 0 0 rg BT 523.72 522.10 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 506.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 122.05 506.45 Td (plan. ) Tj ET Q q 0 0 0 rg BT 148.48 506.45 Td (At ) Tj ET Q q 0 0 0 rg BT 161.87 506.45 Td (our ) Tj ET Q q 0 0 0 rg BT 180.35 506.45 Td (core, ) Tj ET Q q 0 0 0 rg BT 206.99 506.45 Td (we ) Tj ET Q q 0 0 0 rg BT 223.24 506.45 Td (remain ) Tj ET Q q 0 0 0 rg BT 258.84 506.45 Td (patient, ) Tj ET Q q 0 0 0 rg BT 298.70 506.45 Td (long-term ) Tj ET Q q 0 0 0 rg BT 349.54 506.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 379.63 506.45 Td (investors ) Tj ET Q q 0 0 0 rg BT 425.19 506.45 Td (who ) Tj ET Q q 0 0 0 rg BT 447.96 506.45 Td (measure ) Tj ET Q q 0 0 0 rg BT 491.72 506.45 Td (outcomes ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 490.85 Td (in ) Tj ET Q q 0 0 0 rg BT 85.07 490.85 Td (years, ) Tj ET Q q 0 0 0 rg BT 117.90 490.85 Td (not ) Tj ET Q q 0 0 0 rg BT 138.50 490.85 Td (quarters. ) Tj ET Q q 0 0 0 rg BT 186.17 490.85 Td (Our ) Tj ET Q q 0 0 0 rg BT 209.42 490.85 Td (strengths ) Tj ET Q q 0 0 0 rg BT 258.94 490.85 Td (continue ) Tj ET Q q 0 0 0 rg BT 305.85 490.85 Td (to ) Tj ET Q q 0 0 0 rg BT 320.33 490.85 Td (lie ) Tj ET Q q 0 0 0 rg BT 336.05 490.85 Td (where ) Tj ET Q q 0 0 0 rg BT 370.10 490.85 Td (they ) Tj ET Q q 0 0 0 rg BT 395.61 490.85 Td (always ) Tj ET Q q 0 0 0 rg BT 431.90 490.85 Td (have: ) Tj ET Q q 0 0 0 rg BT 462.52 490.85 Td (in ) Tj ET Q q 0 0 0 rg BT 475.58 490.85 Td (sourcing ) Tj ET Q q 0 0 0 rg BT 521.45 490.85 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 475.20 Td (analyzing ) Tj ET Q q 0 0 0 rg BT 120.09 475.20 Td (housing ) Tj ET Q q 0 0 0 rg BT 161.46 475.20 Td (credit ) Tj ET Q q 0 0 0 rg BT 191.81 475.20 Td (risk, ) Tj ET Q q 0 0 0 rg BT 213.60 475.20 Td (prudent ) Tj ET Q q 0 0 0 rg BT 255.15 475.20 Td (management ) Tj ET Q q 0 0 0 rg BT 322.61 475.20 Td (of ) Tj ET Q q 0 0 0 rg BT 334.84 475.20 Td (our ) Tj ET Q q 0 0 0 rg BT 353.58 475.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 388.41 475.20 Td (base, ) Tj ET Q q 0 0 0 rg BT 417.15 475.20 Td (and ) Tj ET Q q 0 0 0 rg BT 438.15 475.20 Td (our ) Tj ET Q q 0 0 0 rg BT 456.90 475.20 Td (ability ) Tj ET Q q 0 0 0 rg BT 488.66 475.20 Td (to ) Tj ET Q q 0 0 0 rg BT 501.29 475.20 Td (execute ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 459.60 Td (in ) Tj ET Q q 0 0 0 rg BT 84.98 459.60 Td (the ) Tj ET Q q 0 0 0 rg BT 105.10 459.60 Td (marketplace. ) Tj ET Q q 0 0 0 rg BT 172.67 459.60 Td (In ) Tj ET Q q 0 0 0 rg BT 185.92 459.60 Td (an ) Tj ET Q q 0 0 0 rg BT 201.97 459.60 Td (era ) Tj ET Q q 0 0 0 rg BT 221.67 459.60 Td (where ) Tj ET Q q 0 0 0 rg BT 255.64 459.60 Td (demand ) Tj ET Q q 0 0 0 rg BT 300.62 459.60 Td (for ) Tj ET Q q 0 0 0 rg BT 318.27 459.60 Td (residential ) Tj ET Q q 0 0 0 rg BT 373.00 459.60 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 425.69 459.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 457.81 459.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 478.31 459.60 Td (continues ) Tj ET Q q 0 0 0 rg BT 529.82 459.60 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 444.00 Td (outstrip ) Tj ET Q q 0 0 0 rg BT 112.82 444.00 Td (supply, ) Tj ET Q q 0 0 0 rg BT 151.25 444.00 Td (our ) Tj ET Q q 0 0 0 rg BT 170.72 444.00 Td (ability ) Tj ET Q q 0 0 0 rg BT 203.21 444.00 Td (to ) Tj ET Q q 0 0 0 rg BT 216.56 444.00 Td (organically ) Tj ET Q q 0 0 0 rg BT 272.51 444.00 Td (create ) Tj ET Q q 0 0 0 rg BT 306.04 444.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 367.67 444.00 Td (that ) Tj ET Q q 0 0 0 rg BT 389.99 444.00 Td (we ) Tj ET Q q 0 0 0 rg BT 407.23 444.00 Td (could ) Tj ET Q q 0 0 0 rg BT 437.71 444.00 Td (not ) Tj ET Q q 0 0 0 rg BT 457.18 444.00 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 507.81 444.00 Td (source ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 428.35 Td (remains ) Tj ET Q q 0 0 0 rg BT 113.15 428.35 Td (a ) Tj ET Q q 0 0 0 rg BT 121.92 428.35 Td (key ) Tj ET Q q 0 0 0 rg BT 141.70 428.35 Td (competitive ) Tj ET Q q 0 0 0 rg BT 202.81 428.35 Td (advantage. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 403.75 Td (In ) Tj ET Q q 0 0 0 rg BT 84.53 403.75 Td (this ) Tj ET Q q 0 0 0 rg BT 105.14 403.75 Td (letter, ) Tj ET Q q 0 0 0 rg BT 136.52 403.75 Td (we ) Tj ET Q q 0 0 0 rg BT 154.09 403.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 195.07 403.75 Td (a ) Tj ET Q q 0 0 0 rg BT 204.29 403.75 Td (brief ) Tj ET Q q 0 0 0 rg BT 230.18 403.75 Td (recap ) Tj ET Q q 0 0 0 rg BT 260.99 403.75 Td (of ) Tj ET Q q 0 0 0 rg BT 274.28 403.75 Td (our ) Tj ET Q q 0 0 0 rg BT 294.08 403.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 322.05 403.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 365.68 403.75 Td (metrics, ) Tj ET Q q 0 0 0 rg BT 407.67 403.75 Td (cover ) Tj ET Q q 0 0 0 rg BT 438.07 403.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 473.95 403.75 Td (and ) Tj ET Q q 0 0 0 rg BT 496.00 403.75 Td (investing ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 388.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 120.76 388.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.66 388.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 183.48 388.10 Td (an ) Tj ET Q q 0 0 0 rg BT 198.65 388.10 Td (update ) Tj ET Q q 0 0 0 rg BT 237.03 388.10 Td (on ) Tj ET Q q 0 0 0 rg BT 253.01 388.10 Td (our ) Tj ET Q q 0 0 0 rg BT 272.65 388.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 326.49 388.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 378.31 388.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 420.98 388.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 469.74 388.10 Td (We ) Tj ET Q q 0 0 0 rg BT 489.39 388.10 Td (also ) Tj ET Q q 0 0 0 rg BT 512.29 388.10 Td (touch ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 372.50 Td (on ) Tj ET Q q 0 0 0 rg BT 87.70 372.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 105.42 372.50 Td (reform ) Tj ET Q q 0 0 0 rg BT 141.05 372.50 Td (and ) Tj ET Q q 0 0 0 rg BT 162.65 372.50 Td (close ) Tj ET Q q 0 0 0 rg BT 190.98 372.50 Td (with ) Tj ET Q q 0 0 0 rg BT 214.40 372.50 Td (our ) Tj ET Q q 0 0 0 rg BT 233.75 372.50 Td (company ) Tj ET Q q 0 0 0 rg BT 281.85 372.50 Td (goals ) Tj ET Q q 0 0 0 rg BT 311.19 372.50 Td (and ) Tj ET Q q 0 0 0 rg BT 332.79 372.50 Td (outlook ) Tj ET Q q 0 0 0 rg BT 373.14 372.50 Td (for ) Tj ET Q q 0 0 0 rg BT 389.63 372.50 Td (2018.) Tj ET Q BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 342.05 Td (2017 ) Tj ET Q q 0 0 0 rg BT 102.33 342.05 Td (Financial ) Tj ET Q q 0 0 0 rg BT 159.23 342.05 Td (Results) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 320.40 Td (We ) Tj ET Q q 0 0 0 rg BT 90.89 320.40 Td (had ) Tj ET Q q 0 0 0 rg BT 112.03 320.40 Td (a ) Tj ET Q q 0 0 0 rg BT 120.33 320.40 Td (productive ) Tj ET Q q 0 0 0 rg BT 175.48 320.40 Td (2017 ) Tj ET Q q 0 0 0 rg BT 202.54 320.40 Td (overall, ) Tj ET Q q 0 0 0 rg BT 240.78 320.40 Td (generating ) Tj ET Q q 0 0 0 rg BT 296.94 320.40 Td (good ) Tj ET Q q 0 0 0 rg BT 326.02 320.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 368.74 320.40 Td (results ) Tj ET Q q 0 0 0 rg BT 402.69 320.40 Td (while ) Tj ET Q q 0 0 0 rg BT 430.73 320.40 Td (laying ) Tj ET Q q 0 0 0 rg BT 462.45 320.40 Td (the ) Tj ET Q q 0 0 0 rg BT 480.94 320.40 Td (groundwork ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 304.80 Td (to ) Tj ET Q q 0 0 0 rg BT 84.75 304.80 Td (scale ) Tj ET Q q 0 0 0 rg BT 111.77 304.80 Td (our ) Tj ET Q q 0 0 0 rg BT 130.63 304.80 Td (business ) Tj ET Q q 0 0 0 rg BT 174.97 304.80 Td (more ) Tj ET Q q 0 0 0 rg BT 203.01 304.80 Td (profitably. ) Tj ET Q q 0 0 0 rg BT 255.26 304.80 Td (We ) Tj ET Q q 0 0 0 rg BT 274.13 304.80 Td (generated ) Tj ET Q q 0 0 0 rg BT 327.62 304.80 Td (an ) Tj ET Q q 0 0 0 rg BT 342.02 304.80 Td (11.9% ) Tj ET Q q 0 0 0 rg BT 375.16 304.80 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 407.69 304.80 Td (return ) Tj ET Q q 0 0 0 rg BT 439.57 304.80 Td (on ) Tj ET Q q 0 0 0 rg BT 454.78 304.80 Td (equity ) Tj ET Q q 0 0 0 rg BT 487.90 304.80 Td (\(ROE\), ) Tj ET Q q 0 0 0 rg BT 521.47 304.80 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 289.20 Td (increased ) Tj ET Q q 0 0 0 rg BT 121.48 289.20 Td (our ) Tj ET Q q 0 0 0 rg BT 140.39 289.20 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 172.98 289.20 Td (book ) Tj ET Q q 0 0 0 rg BT 200.67 289.20 Td (value ) Tj ET Q q 0 0 0 rg BT 229.17 289.20 Td (per ) Tj ET Q q 0 0 0 rg BT 248.28 289.20 Td (share ) Tj ET Q q 0 0 0 rg BT 276.98 289.20 Td (by ) Tj ET Q q 0 0 0 rg BT 291.63 289.20 Td ($0.87 ) Tj ET Q q 0 0 0 rg BT 321.77 289.20 Td (to ) Tj ET Q q 0 0 0 rg BT 334.57 289.20 Td ($15.83 ) Tj ET Q q 0 0 0 rg BT 370.83 289.20 Td (at ) Tj ET Q q 0 0 0 rg BT 382.81 289.20 Td (year-end ) Tj ET Q q 0 0 0 rg BT 428.22 289.20 Td (2017. ) Tj ET Q q 0 0 0 rg BT 458.36 289.20 Td (This ) Tj ET Q q 0 0 0 rg BT 480.74 289.20 Td (represented ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 273.55 Td (the ) Tj ET Q q 0 0 0 rg BT 91.31 273.55 Td (largest ) Tj ET Q q 0 0 0 rg BT 127.71 273.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 163.53 273.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 207.09 273.55 Td (in ) Tj ET Q q 0 0 0 rg BT 219.26 273.55 Td (book ) Tj ET Q q 0 0 0 rg BT 247.74 273.55 Td (value ) Tj ET Q q 0 0 0 rg BT 277.04 273.55 Td (since ) Tj ET Q q 0 0 0 rg BT 305.32 273.55 Td (2013, ) Tj ET Q q 0 0 0 rg BT 336.26 273.55 Td (and ) Tj ET Q q 0 0 0 rg BT 358.22 273.55 Td (importantly ) Tj ET Q q 0 0 0 rg BT 417.63 273.55 Td (was ) Tj ET Q q 0 0 0 rg BT 439.38 273.55 Td (driven ) Tj ET Q q 0 0 0 rg BT 473.35 273.55 Td (in ) Tj ET Q q 0 0 0 rg BT 485.52 273.55 Td (part ) Tj ET Q q 0 0 0 rg BT 508.67 273.55 Td (by ) Tj ET Q q 0 0 0 rg BT 524.11 273.55 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 257.95 Td (excess ) Tj ET Q q 0 0 0 rg BT 109.04 257.95 Td (of ) Tj ET Q q 0 0 0 rg BT 123.65 257.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 170.44 257.95 Td (over ) Tj ET Q q 0 0 0 rg BT 196.87 257.95 Td (our ) Tj ET Q q 0 0 0 rg BT 217.99 257.95 Td (dividend. ) Tj ET Q q 0 0 0 rg BT 268.87 257.95 Td (We ) Tj ET Q q 0 0 0 rg BT 290.01 257.95 Td (generated ) Tj ET Q q 0 0 0 rg BT 345.76 257.95 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 380.56 257.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 427.34 257.95 Td (per ) Tj ET Q q 0 0 0 rg BT 448.67 257.95 Td (share ) Tj ET Q q 0 0 0 rg BT 479.58 257.95 Td (of ) Tj ET Q q 0 0 0 rg BT 494.19 257.95 Td ($1.60, ) Tj ET Q q 0 0 0 rg BT 529.61 257.95 Td (as ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 242.30 Td (compared ) Tj ET Q q 0 0 0 rg BT 125.08 242.30 Td (with ) Tj ET Q q 0 0 0 rg BT 148.59 242.30 Td ($1.54 ) Tj ET Q q 0 0 0 rg BT 179.27 242.30 Td (in ) Tj ET Q q 0 0 0 rg BT 191.19 242.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 221.87 242.30 Td (and ) Tj ET Q q 0 0 0 rg BT 243.57 242.30 Td (consistent ) Tj ET Q q 0 0 0 rg BT 296.21 242.30 Td (with ) Tj ET Q q 0 0 0 rg BT 319.73 242.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 350.41 242.30 Td (we ) Tj ET Q q 0 0 0 rg BT 367.63 242.30 Td (paid ) Tj ET Q q 0 0 0 rg BT 392.58 242.30 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 448.71 242.30 Td (dividends ) Tj ET Q q 0 0 0 rg BT 499.54 242.30 Td (of ) Tj ET Q q 0 0 0 rg BT 512.48 242.30 Td ($1.12 ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 226.70 Td (per ) Tj ET Q q 0 0 0 rg BT 91.66 226.70 Td (share ) Tj ET Q q 0 0 0 rg BT 120.90 226.70 Td (in ) Tj ET Q q 0 0 0 rg BT 132.83 226.70 Td (2017. ) Tj ET Q q 0 0 0 rg BT 163.52 226.70 Td (Details ) Tj ET Q q 0 0 0 rg BT 200.28 226.70 Td (on ) Tj ET Q q 0 0 0 rg BT 216.09 226.70 Td (our ) Tj ET Q q 0 0 0 rg BT 235.54 226.70 Td (fourth ) Tj ET Q q 0 0 0 rg BT 268.04 226.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 306.82 226.70 Td (metrics ) Tj ET Q q 0 0 0 rg BT 345.41 226.70 Td (can ) Tj ET Q q 0 0 0 rg BT 365.70 226.70 Td (be ) Tj ET Q q 0 0 0 rg BT 381.71 226.70 Td (found ) Tj ET Q q 0 0 0 rg BT 413.61 226.70 Td (in ) Tj ET Q q 0 0 0 rg BT 425.53 226.70 Td (the ) Tj ET Q q 0 0 0 rg BT 444.59 226.70 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 493.77 226.70 Td (Overview ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 211.10 Td (section ) Tj ET Q q 0 0 0 rg BT 110.10 211.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.94 211.10 Td (this ) Tj ET Q q 0 0 0 rg BT 143.10 211.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 193.23 211.10 Td (Review.) Tj ET Q BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 180.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 117.65 180.60 Td (and ) Tj ET Q q 0 0 0 rg BT 143.11 180.60 Td (In) Tj ET Q q 0 0 0 rg BT 154.79 180.60 Td (v) Tj ET Q q 0 0 0 rg BT 161.04 180.60 Td (esting) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 159.00 Td (We ) Tj ET Q q 0 0 0 rg BT 91.72 159.00 Td (deployed ) Tj ET Q q 0 0 0 rg BT 142.01 159.00 Td ($511 ) Tj ET Q q 0 0 0 rg BT 169.90 159.00 Td (million ) Tj ET Q q 0 0 0 rg BT 205.91 159.00 Td (of ) Tj ET Q q 0 0 0 rg BT 219.11 159.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 254.91 159.00 Td (in ) Tj ET Q q 0 0 0 rg BT 267.09 159.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 294.97 159.00 Td (\(including ) Tj ET Q q 0 0 0 rg BT 346.28 159.00 Td ($37 ) Tj ET Q q 0 0 0 rg BT 368.05 159.00 Td (million ) Tj ET Q q 0 0 0 rg BT 404.07 159.00 Td (of ) Tj ET Q q 0 0 0 rg BT 417.27 159.00 Td (debt ) Tj ET Q q 0 0 0 rg BT 443.90 159.00 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 505.80 159.00 Td (and ) Tj ET Q q 0 0 0 rg BT 527.77 159.00 Td ($9 ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 143.40 Td (million ) Tj ET Q q 0 0 0 rg BT 108.23 143.40 Td (of ) Tj ET Q q 0 0 0 rg BT 121.65 143.40 Td (share ) Tj ET Q q 0 0 0 rg BT 151.37 143.40 Td (repurchases\). ) Tj ET Q q 0 0 0 rg BT 219.41 143.40 Td (As ) Tj ET Q q 0 0 0 rg BT 235.28 143.40 Td (spreads ) Tj ET Q q 0 0 0 rg BT 277.01 143.40 Td (tightened, ) Tj ET Q q 0 0 0 rg BT 331.57 143.40 Td (particularly ) Tj ET Q q 0 0 0 rg BT 388.95 143.40 Td (in ) Tj ET Q q 0 0 0 rg BT 401.35 143.40 Td (the ) Tj ET Q q 0 0 0 rg BT 420.88 143.40 Td (second ) Tj ET Q q 0 0 0 rg BT 459.99 143.40 Td (half ) Tj ET Q q 0 0 0 rg BT 481.36 143.40 Td (of ) Tj ET Q q 0 0 0 rg BT 494.78 143.40 Td (2017, ) Tj ET Q q 0 0 0 rg BT 525.94 143.40 Td (we ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 127.75 Td (were ) Tj ET Q q 0 0 0 rg BT 98.00 127.75 Td (active ) Tj ET Q q 0 0 0 rg BT 129.09 127.75 Td (in ) Tj ET Q q 0 0 0 rg BT 140.22 127.75 Td (optimizing ) Tj ET Q q 0 0 0 rg BT 194.31 127.75 Td (our ) Tj ET Q q 0 0 0 rg BT 212.96 127.75 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 260.53 127.75 Td (selling ) Tj ET Q q 0 0 0 rg BT 294.48 127.75 Td ($281 ) Tj ET Q q 0 0 0 rg BT 321.31 127.75 Td (million ) Tj ET Q q 0 0 0 rg BT 356.27 127.75 Td (of ) Tj ET Q q 0 0 0 rg BT 368.42 127.75 Td (mostly ) Tj ET Q q 0 0 0 rg BT 402.97 127.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 432.21 127.75 Td (yielding ) Tj ET Q q 0 0 0 rg BT 473.48 127.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 521.47 127.75 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 112.15 Td (the ) Tj ET Q q 0 0 0 rg BT 91.40 112.15 Td (remainder ) Tj ET Q q 0 0 0 rg BT 144.79 112.15 Td (of ) Tj ET Q q 0 0 0 rg BT 158.07 112.15 Td (our ) Tj ET Q q 0 0 0 rg BT 177.86 112.15 Td (non-core ) Tj ET Q q 0 0 0 rg BT 225.18 112.15 Td (conforming ) Tj ET Q q 0 0 0 rg BT 285.10 112.15 Td (MSR ) Tj ET Q q 0 0 0 rg BT 311.02 112.15 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 359.72 112.15 Td (capturing ) Tj ET Q q 0 0 0 rg BT 409.85 112.15 Td (gains ) Tj ET Q q 0 0 0 rg BT 439.23 112.15 Td (and ) Tj ET Q q 0 0 0 rg BT 461.27 112.15 Td (freeing ) Tj ET Q q 0 0 0 rg BT 499.19 112.15 Td (up ) Tj ET Q q 0 0 0 rg BT 515.53 112.15 Td ($167 ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 96.50 Td (million ) Tj ET Q q 0 0 0 rg BT 107.65 96.50 Td (of ) Tj ET Q q 0 0 0 rg BT 120.49 96.50 Td (capital ) Tj ET Q q 0 0 0 rg BT 155.92 96.50 Td (for ) Tj ET Q q 0 0 0 rg BT 172.41 96.50 Td (redeployment ) Tj ET Q q 0 0 0 rg BT 244.32 96.50 Td (into ) Tj ET Q q 0 0 0 rg BT 266.31 96.50 Td (higher-yielding ) Tj ET Q q 0 0 0 rg BT 342.69 96.50 Td (investments.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 222.80 736.44 Td (S H A R E H O L D E R L E T T E R) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 302.20 24.25 Td (5) Tj ET Q BT /F1 10.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (At ) Tj ET Q q 0 0 0 rg BT 85.92 702.70 Td (December ) Tj ET Q q 0 0 0 rg BT 140.19 702.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 158.20 702.70 Td (2017, ) Tj ET Q q 0 0 0 rg BT 188.44 702.70 Td (we ) Tj ET Q q 0 0 0 rg BT 205.22 702.70 Td (estimate ) Tj ET Q q 0 0 0 rg BT 249.89 702.70 Td (that ) Tj ET Q q 0 0 0 rg BT 271.76 702.70 Td (our ) Tj ET Q q 0 0 0 rg BT 290.77 702.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 325.86 702.70 Td (available ) Tj ET Q q 0 0 0 rg BT 371.77 702.70 Td (for ) Tj ET Q q 0 0 0 rg BT 387.92 702.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 449.09 702.70 Td (was ) Tj ET Q q 0 0 0 rg BT 470.15 702.70 Td (approximately ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 687.10 Td ($280 ) Tj ET Q q 0 0 0 rg BT 100.62 687.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 140.42 687.10 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 203.06 687.10 Td (to ) Tj ET Q q 0 0 0 rg BT 217.39 687.10 Td (year-end, ) Tj ET Q q 0 0 0 rg BT 267.39 687.10 Td (we ) Tj ET Q q 0 0 0 rg BT 285.60 687.10 Td (have ) Tj ET Q q 0 0 0 rg BT 313.00 687.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 366.47 687.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.80 687.10 Td (optimize ) Tj ET Q q 0 0 0 rg BT 427.31 687.10 Td (our ) Tj ET Q q 0 0 0 rg BT 447.76 687.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 494.05 687.10 Td (and ) Tj ET Q q 0 0 0 rg BT 516.75 687.10 Td (have ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 671.45 Td (sufficient ) Tj ET Q q 0 0 0 rg BT 118.64 671.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 154.07 671.45 Td (to ) Tj ET Q q 0 0 0 rg BT 167.30 671.45 Td (repay ) Tj ET Q q 0 0 0 rg BT 197.67 671.45 Td (our ) Tj ET Q q 0 0 0 rg BT 217.01 671.45 Td (maturing ) Tj ET Q q 0 0 0 rg BT 264.05 671.45 Td (convertible ) Tj ET Q q 0 0 0 rg BT 321.90 671.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 348.17 671.45 Td (due ) Tj ET Q q 0 0 0 rg BT 370.18 671.45 Td (in ) Tj ET Q q 0 0 0 rg BT 382.00 671.45 Td (April.) Tj ET Q BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 641.00 Td (Residential ) Tj ET Q q 0 0 0 rg BT 140.40 641.00 Td (Mor) Tj ET Q q 0 0 0 rg BT 165.37 641.00 Td (tgag) Tj ET Q q 0 0 0 rg BT 190.23 641.00 Td (e ) Tj ET Q q 0 0 0 rg BT 200.78 641.00 Td (Banking) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 619.40 Td (After ) Tj ET Q q 0 0 0 rg BT 100.10 619.40 Td (three ) Tj ET Q q 0 0 0 rg BT 129.45 619.40 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 191.22 619.40 Td (quarters ) Tj ET Q q 0 0 0 rg BT 235.40 619.40 Td (of ) Tj ET Q q 0 0 0 rg BT 249.06 619.40 Td (outsized ) Tj ET Q q 0 0 0 rg BT 294.09 619.40 Td (returns, ) Tj ET Q q 0 0 0 rg BT 335.02 619.40 Td (the ) Tj ET Q q 0 0 0 rg BT 354.80 619.40 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 407.15 619.40 Td (banking ) Tj ET Q q 0 0 0 rg BT 450.35 619.40 Td (team ) Tj ET Q q 0 0 0 rg BT 479.08 619.40 Td (experienced ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 603.75 Td (more ) Tj ET Q q 0 0 0 rg BT 101.46 603.75 Td (normalized ) Tj ET Q q 0 0 0 rg BT 159.85 603.75 Td (earnings ) Tj ET Q q 0 0 0 rg BT 205.80 603.75 Td (in ) Tj ET Q q 0 0 0 rg BT 218.56 603.75 Td (the ) Tj ET Q q 0 0 0 rg BT 238.45 603.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 271.78 603.75 Td (quarter. ) Tj ET Q q 0 0 0 rg BT 313.44 603.75 Td (Margins ) Tj ET Q q 0 0 0 rg BT 356.56 603.75 Td (in ) Tj ET Q q 0 0 0 rg BT 369.31 603.75 Td (the ) Tj ET Q q 0 0 0 rg BT 389.21 603.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 422.53 603.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 462.15 603.75 Td (were ) Tj ET Q q 0 0 0 rg BT 489.78 603.75 Td (below ) Tj ET Q q 0 0 0 rg BT 523.72 603.75 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 588.15 Td (long-term ) Tj ET Q q 0 0 0 rg BT 124.90 588.15 Td (expectation ) Tj ET Q q 0 0 0 rg BT 187.02 588.15 Td (of ) Tj ET Q q 0 0 0 rg BT 201.05 588.15 Td (75-100 ) Tj ET Q q 0 0 0 rg BT 239.54 588.15 Td (basis ) Tj ET Q q 0 0 0 rg BT 268.23 588.15 Td (points, ) Tj ET Q q 0 0 0 rg BT 305.88 588.15 Td (as ) Tj ET Q q 0 0 0 rg BT 320.53 588.15 Td (loan ) Tj ET Q q 0 0 0 rg BT 345.77 588.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 379.14 588.15 Td (softened ) Tj ET Q q 0 0 0 rg BT 426.57 588.15 Td (heading ) Tj ET Q q 0 0 0 rg BT 470.97 588.15 Td (into ) Tj ET Q q 0 0 0 rg BT 494.16 588.15 Td (year-end. ) Tj ET Q q 0 0 0 rg BT 543.06 588.15 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 572.55 Td (However, ) Tj ET Q q 0 0 0 rg BT 121.12 572.55 Td (market ) Tj ET Q q 0 0 0 rg BT 158.40 572.55 Td (conditions ) Tj ET Q q 0 0 0 rg BT 212.82 572.55 Td (rebounded ) Tj ET Q q 0 0 0 rg BT 270.90 572.55 Td (in ) Tj ET Q q 0 0 0 rg BT 283.14 572.55 Td (January, ) Tj ET Q q 0 0 0 rg BT 327.58 572.55 Td (and ) Tj ET Q q 0 0 0 rg BT 349.61 572.55 Td (we ) Tj ET Q q 0 0 0 rg BT 367.15 572.55 Td (have ) Tj ET Q q 0 0 0 rg BT 393.87 572.55 Td (taken ) Tj ET Q q 0 0 0 rg BT 424.24 572.55 Td (full ) Tj ET Q q 0 0 0 rg BT 442.38 572.55 Td (advantage. ) Tj ET Q q 0 0 0 rg BT 500.68 572.55 Td (Thus ) Tj ET Q q 0 0 0 rg BT 527.39 572.55 Td (far ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 556.90 Td (in ) Tj ET Q q 0 0 0 rg BT 86.03 556.90 Td (2018, ) Tj ET Q q 0 0 0 rg BT 118.82 556.90 Td (we ) Tj ET Q q 0 0 0 rg BT 138.15 556.90 Td (have ) Tj ET Q q 0 0 0 rg BT 166.66 556.90 Td (priced ) Tj ET Q q 0 0 0 rg BT 203.09 556.90 Td (and ) Tj ET Q q 0 0 0 rg BT 226.90 556.90 Td (closed ) Tj ET Q q 0 0 0 rg BT 264.16 556.90 Td (two ) Tj ET Q q 0 0 0 rg BT 287.55 556.90 Td (Select ) Tj ET Q q 0 0 0 rg BT 322.76 556.90 Td (securitizations, ) Tj ET Q q 0 0 0 rg BT 399.93 556.90 Td (and ) Tj ET Q q 0 0 0 rg BT 423.75 556.90 Td (priced ) Tj ET Q q 0 0 0 rg BT 460.17 556.90 Td (three ) Tj ET Q q 0 0 0 rg BT 490.90 556.90 Td (additional ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 541.30 Td (transactions ) Tj ET Q q 0 0 0 rg BT 132.98 541.30 Td (\(two ) Tj ET Q q 0 0 0 rg BT 156.49 541.30 Td (Select, ) Tj ET Q q 0 0 0 rg BT 192.01 541.30 Td (one ) Tj ET Q q 0 0 0 rg BT 213.30 541.30 Td (Choice\) ) Tj ET Q q 0 0 0 rg BT 253.13 541.30 Td (that ) Tj ET Q q 0 0 0 rg BT 274.79 541.30 Td (are ) Tj ET Q q 0 0 0 rg BT 292.60 541.30 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 345.67 541.30 Td (to ) Tj ET Q q 0 0 0 rg BT 358.37 541.30 Td (close ) Tj ET Q q 0 0 0 rg BT 386.16 541.30 Td (in ) Tj ET Q q 0 0 0 rg BT 397.45 541.30 Td (the ) Tj ET Q q 0 0 0 rg BT 415.87 541.30 Td (coming ) Tj ET Q q 0 0 0 rg BT 455.07 541.30 Td (weeks. ) Tj ET Q q 0 0 0 rg BT 490.82 541.30 Td (These ) Tj ET Q q 0 0 0 rg BT 522.70 541.30 Td (five ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 525.65 Td (transactions ) Tj ET Q q 0 0 0 rg BT 133.90 525.65 Td (priced ) Tj ET Q q 0 0 0 rg BT 168.50 525.65 Td (at ) Tj ET Q q 0 0 0 rg BT 181.31 525.65 Td (significantly ) Tj ET Q q 0 0 0 rg BT 242.18 525.65 Td (better ) Tj ET Q q 0 0 0 rg BT 275.54 525.65 Td (executions ) Tj ET Q q 0 0 0 rg BT 331.57 525.65 Td (relative ) Tj ET Q q 0 0 0 rg BT 370.65 525.65 Td (to ) Tj ET Q q 0 0 0 rg BT 384.27 525.65 Td (the ) Tj ET Q q 0 0 0 rg BT 403.62 525.65 Td (fourth ) Tj ET Q q 0 0 0 rg BT 436.39 525.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 475.45 525.65 Td (and ) Tj ET Q q 0 0 0 rg BT 497.45 525.65 Td (together ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 510.05 Td (included ) Tj ET Q q 0 0 0 rg BT 117.43 510.05 Td (just ) Tj ET Q q 0 0 0 rg BT 137.58 510.05 Td (over ) Tj ET Q q 0 0 0 rg BT 162.23 510.05 Td ($2 ) Tj ET Q q 0 0 0 rg BT 177.52 510.05 Td (billion ) Tj ET Q q 0 0 0 rg BT 210.53 510.05 Td (of ) Tj ET Q q 0 0 0 rg BT 223.36 510.05 Td (loans.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 485.45 Td (We ) Tj ET Q q 0 0 0 rg BT 90.96 485.45 Td (completed ) Tj ET Q q 0 0 0 rg BT 146.77 485.45 Td (two ) Tj ET Q q 0 0 0 rg BT 167.54 485.45 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 210.14 485.45 Td (transactions ) Tj ET Q q 0 0 0 rg BT 271.25 485.45 Td (in ) Tj ET Q q 0 0 0 rg BT 282.65 485.45 Td (the ) Tj ET Q q 0 0 0 rg BT 301.20 485.45 Td (fourth ) Tj ET Q q 0 0 0 rg BT 333.18 485.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 371.45 485.45 Td (of ) Tj ET Q q 0 0 0 rg BT 383.89 485.45 Td (2017, ) Tj ET Q q 0 0 0 rg BT 414.06 485.45 Td (one ) Tj ET Q q 0 0 0 rg BT 435.47 485.45 Td (each ) Tj ET Q q 0 0 0 rg BT 461.37 485.45 Td (from ) Tj ET Q q 0 0 0 rg BT 486.63 485.45 Td (our ) Tj ET Q q 0 0 0 rg BT 505.57 485.45 Td (Choice ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 469.80 Td (and ) Tj ET Q q 0 0 0 rg BT 95.38 469.80 Td (Select ) Tj ET Q q 0 0 0 rg BT 130.16 469.80 Td (programs, ) Tj ET Q q 0 0 0 rg BT 184.89 469.80 Td (and ) Tj ET Q q 0 0 0 rg BT 208.27 469.80 Td (sold ) Tj ET Q q 0 0 0 rg BT 233.68 469.80 Td ($474 ) Tj ET Q q 0 0 0 rg BT 262.98 469.80 Td (million ) Tj ET Q q 0 0 0 rg BT 300.41 469.80 Td (of ) Tj ET Q q 0 0 0 rg BT 315.02 469.80 Td (whole ) Tj ET Q q 0 0 0 rg BT 349.20 469.80 Td (loans ) Tj ET Q q 0 0 0 rg BT 379.71 469.80 Td (to ) Tj ET Q q 0 0 0 rg BT 394.72 469.80 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 441.69 469.80 Td (buyers. ) Tj ET Q q 0 0 0 rg BT 482.18 469.80 Td (The ) Tj ET Q q 0 0 0 rg BT 505.56 469.80 Td (Choice ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 454.20 Td (securitization ) Tj ET Q q 0 0 0 rg BT 139.39 454.20 Td (was ) Tj ET Q q 0 0 0 rg BT 160.96 454.20 Td (received ) Tj ET Q q 0 0 0 rg BT 205.97 454.20 Td (favorably ) Tj ET Q q 0 0 0 rg BT 254.02 454.20 Td (by ) Tj ET Q q 0 0 0 rg BT 269.28 454.20 Td (the ) Tj ET Q q 0 0 0 rg BT 288.41 454.20 Td (market, ) Tj ET Q q 0 0 0 rg BT 328.51 454.20 Td (attracting ) Tj ET Q q 0 0 0 rg BT 378.56 454.20 Td (a ) Tj ET Q q 0 0 0 rg BT 387.51 454.20 Td (diverse ) Tj ET Q q 0 0 0 rg BT 425.99 454.20 Td (group ) Tj ET Q q 0 0 0 rg BT 458.77 454.20 Td (of ) Tj ET Q q 0 0 0 rg BT 471.78 454.20 Td (both ) Tj ET Q q 0 0 0 rg BT 498.04 454.20 Td (new ) Tj ET Q q 0 0 0 rg BT 521.45 454.20 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 438.55 Td (existing ) Tj ET Q q 0 0 0 rg BT 112.79 438.55 Td (investors. ) Tj ET Q q 0 0 0 rg BT 162.13 438.55 Td (The ) Tj ET Q q 0 0 0 rg BT 183.59 438.55 Td (issuance ) Tj ET Q q 0 0 0 rg BT 227.87 438.55 Td (created ) Tj ET Q q 0 0 0 rg BT 267.85 438.55 Td ($47 ) Tj ET Q q 0 0 0 rg BT 289.10 438.55 Td (million ) Tj ET Q q 0 0 0 rg BT 324.61 438.55 Td (of ) Tj ET Q q 0 0 0 rg BT 337.29 438.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 368.10 438.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 416.63 438.55 Td (that ) Tj ET Q q 0 0 0 rg BT 438.67 438.55 Td (we ) Tj ET Q q 0 0 0 rg BT 455.64 438.55 Td (retained, ) Tj ET Q q 0 0 0 rg BT 502.13 438.55 Td (utilizing ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 422.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 144.50 422.95 Td ($15 ) Tj ET Q q 0 0 0 rg BT 165.49 422.95 Td (million ) Tj ET Q q 0 0 0 rg BT 200.73 422.95 Td (of ) Tj ET Q q 0 0 0 rg BT 213.15 422.95 Td (capital, ) Tj ET Q q 0 0 0 rg BT 251.22 422.95 Td (around ) Tj ET Q q 0 0 0 rg BT 288.50 422.95 Td (three ) Tj ET Q q 0 0 0 rg BT 316.61 422.95 Td (times ) Tj ET Q q 0 0 0 rg BT 345.73 422.95 Td (that ) Tj ET Q q 0 0 0 rg BT 367.51 422.95 Td (of ) Tj ET Q q 0 0 0 rg BT 379.93 422.95 Td (a ) Tj ET Q q 0 0 0 rg BT 388.28 422.95 Td (traditional ) Tj ET Q q 0 0 0 rg BT 440.60 422.95 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 483.18 422.95 Td (transaction. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 407.35 Td (Given ) Tj ET Q q 0 0 0 rg BT 102.98 407.35 Td (the ) Tj ET Q q 0 0 0 rg BT 121.12 407.35 Td (current ) Tj ET Q q 0 0 0 rg BT 157.78 407.35 Td (pace ) Tj ET Q q 0 0 0 rg BT 183.87 407.35 Td (of ) Tj ET Q q 0 0 0 rg BT 195.90 407.35 Td (Choice ) Tj ET Q q 0 0 0 rg BT 232.59 407.35 Td (purchases, ) Tj ET Q q 0 0 0 rg BT 286.80 407.35 Td (we ) Tj ET Q q 0 0 0 rg BT 303.10 407.35 Td (expect ) Tj ET Q q 0 0 0 rg BT 338.56 407.35 Td (to ) Tj ET Q q 0 0 0 rg BT 350.98 407.35 Td (issue ) Tj ET Q q 0 0 0 rg BT 377.47 407.35 Td (larger ) Tj ET Q q 0 0 0 rg BT 408.01 407.35 Td (transactions ) Tj ET Q q 0 0 0 rg BT 468.71 407.35 Td (going ) Tj ET Q q 0 0 0 rg BT 499.68 407.35 Td (forward. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 382.70 Td (Total ) Tj ET Q q 0 0 0 rg BT 98.37 382.70 Td (purchase ) Tj ET Q q 0 0 0 rg BT 145.35 382.70 Td (volume ) Tj ET Q q 0 0 0 rg BT 184.18 382.70 Td (was ) Tj ET Q q 0 0 0 rg BT 205.27 382.70 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 229.44 382.70 Td (billion ) Tj ET Q q 0 0 0 rg BT 262.14 382.70 Td (in ) Tj ET Q q 0 0 0 rg BT 273.65 382.70 Td (the ) Tj ET Q q 0 0 0 rg BT 292.31 382.70 Td (fourth ) Tj ET Q q 0 0 0 rg BT 324.39 382.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 362.77 382.70 Td (of ) Tj ET Q q 0 0 0 rg BT 375.30 382.70 Td (2017, ) Tj ET Q q 0 0 0 rg BT 405.58 382.70 Td (an ) Tj ET Q q 0 0 0 rg BT 420.17 382.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 463.06 382.70 Td (of ) Tj ET Q q 0 0 0 rg BT 475.60 382.70 Td (33% ) Tj ET Q q 0 0 0 rg BT 499.75 382.70 Td (over ) Tj ET Q q 0 0 0 rg BT 524.11 382.70 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 367.10 Td (third ) Tj ET Q q 0 0 0 rg BT 97.39 367.10 Td (quarter. ) Tj ET Q q 0 0 0 rg BT 137.84 367.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 159.57 367.10 Td (full-year ) Tj ET Q q 0 0 0 rg BT 201.47 367.10 Td (total ) Tj ET Q q 0 0 0 rg BT 226.44 367.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 273.45 367.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 312.31 367.10 Td (was ) Tj ET Q q 0 0 0 rg BT 333.44 367.10 Td ($5.7 ) Tj ET Q q 0 0 0 rg BT 357.63 367.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 390.37 367.10 Td (- ) Tj ET Q q 0 0 0 rg BT 396.82 367.10 Td (at ) Tj ET Q q 0 0 0 rg BT 408.97 367.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.66 367.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 461.81 367.10 Td (end ) Tj ET Q q 0 0 0 rg BT 483.56 367.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.13 367.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.81 367.10 Td ($5 ) Tj ET Q q 0 0 0 rg BT 529.84 367.10 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 351.45 Td ($6 ) Tj ET Q q 0 0 0 rg BT 87.54 351.45 Td (billion ) Tj ET Q q 0 0 0 rg BT 120.80 351.45 Td (guidance ) Tj ET Q q 0 0 0 rg BT 169.55 351.45 Td (we ) Tj ET Q q 0 0 0 rg BT 186.92 351.45 Td (set ) Tj ET Q q 0 0 0 rg BT 204.69 351.45 Td (out ) Tj ET Q q 0 0 0 rg BT 224.29 351.45 Td (for ) Tj ET Q q 0 0 0 rg BT 241.03 351.45 Td (investors ) Tj ET Q q 0 0 0 rg BT 287.72 351.45 Td (in ) Tj ET Q q 0 0 0 rg BT 299.79 351.45 Td (February ) Tj ET Q q 0 0 0 rg BT 346.48 351.45 Td (2017 ) Tj ET Q q 0 0 0 rg BT 374.26 351.45 Td (and ) Tj ET Q q 0 0 0 rg BT 396.12 351.45 Td (an ) Tj ET Q q 0 0 0 rg BT 411.26 351.45 Td (increase ) Tj ET Q q 0 0 0 rg BT 454.71 351.45 Td (of ) Tj ET Q q 0 0 0 rg BT 467.80 351.45 Td (over ) Tj ET Q q 0 0 0 rg BT 492.70 351.45 Td (20% ) Tj ET Q q 0 0 0 rg BT 517.41 351.45 Td (from ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 335.85 Td (our ) Tj ET Q q 0 0 0 rg BT 92.30 335.85 Td (2016 ) Tj ET Q q 0 0 0 rg BT 120.77 335.85 Td (volume. ) Tj ET Q q 0 0 0 rg BT 163.91 335.85 Td (Choice ) Tj ET Q q 0 0 0 rg BT 202.36 335.85 Td (represented ) Tj ET Q q 0 0 0 rg BT 265.63 335.85 Td (almost ) Tj ET Q q 0 0 0 rg BT 302.22 335.85 Td (30% ) Tj ET Q q 0 0 0 rg BT 327.63 335.85 Td (of ) Tj ET Q q 0 0 0 rg BT 341.41 335.85 Td (our ) Tj ET Q q 0 0 0 rg BT 361.71 335.85 Td (full-year ) Tj ET Q q 0 0 0 rg BT 404.82 335.85 Td (lock ) Tj ET Q q 0 0 0 rg BT 428.60 335.85 Td (volume ) Tj ET Q q 0 0 0 rg BT 468.68 335.85 Td (and ) Tj ET Q q 0 0 0 rg BT 491.23 335.85 Td (was ) Tj ET Q q 0 0 0 rg BT 513.58 335.85 Td (a ) Tj ET Q q 0 0 0 rg BT 523.29 335.85 Td (key ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 320.25 Td (driver ) Tj ET Q q 0 0 0 rg BT 103.14 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 115.98 320.25 Td (our ) Tj ET Q q 0 0 0 rg BT 135.33 320.25 Td (year-over-year ) Tj ET Q q 0 0 0 rg BT 207.65 320.25 Td (growth. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 295.60 Td (As ) Tj ET Q q 0 0 0 rg BT 88.50 295.60 Td (we ) Tj ET Q q 0 0 0 rg BT 106.83 295.60 Td (look ) Tj ET Q q 0 0 0 rg BT 132.08 295.60 Td (forward ) Tj ET Q q 0 0 0 rg BT 173.60 295.60 Td (to ) Tj ET Q q 0 0 0 rg BT 188.05 295.60 Td (2018, ) Tj ET Q q 0 0 0 rg BT 219.84 295.60 Td (our ) Tj ET Q q 0 0 0 rg BT 240.40 295.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 270.55 295.60 Td (continues ) Tj ET Q q 0 0 0 rg BT 322.09 295.60 Td (to ) Tj ET Q q 0 0 0 rg BT 336.54 295.60 Td (be ) Tj ET Q q 0 0 0 rg BT 353.64 295.60 Td (on ) Tj ET Q q 0 0 0 rg BT 370.55 295.60 Td (growing ) Tj ET Q q 0 0 0 rg BT 414.93 295.60 Td (our ) Tj ET Q q 0 0 0 rg BT 435.49 295.60 Td (Choice ) Tj ET Q q 0 0 0 rg BT 474.20 295.60 Td (volume ) Tj ET Q q 0 0 0 rg BT 514.54 295.60 Td (while ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 280.00 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 136.41 280.00 Td (our ) Tj ET Q q 0 0 0 rg BT 159.68 280.00 Td (competitive ) Tj ET Q q 0 0 0 rg BT 224.71 280.00 Td (position ) Tj ET Q q 0 0 0 rg BT 271.20 280.00 Td (in ) Tj ET Q q 0 0 0 rg BT 286.94 280.00 Td (Select ) Tj ET Q q 0 0 0 rg BT 323.86 280.00 Td (through ) Tj ET Q q 0 0 0 rg BT 369.54 280.00 Td (speed, ) Tj ET Q q 0 0 0 rg BT 409.94 280.00 Td (reliability ) Tj ET Q q 0 0 0 rg BT 461.09 280.00 Td (and ) Tj ET Q q 0 0 0 rg BT 486.62 280.00 Td (deepening ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 264.35 Td (relationships ) Tj ET Q q 0 0 0 rg BT 139.22 264.35 Td (with ) Tj ET Q q 0 0 0 rg BT 165.10 264.35 Td (our ) Tj ET Q q 0 0 0 rg BT 186.90 264.35 Td (sellers. ) Tj ET Q q 0 0 0 rg BT 226.02 264.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 250.48 264.35 Td (recent ) Tj ET Q q 0 0 0 rg BT 286.75 264.35 Td (success ) Tj ET Q q 0 0 0 rg BT 329.15 264.35 Td (in ) Tj ET Q q 0 0 0 rg BT 343.42 264.35 Td (the ) Tj ET Q q 0 0 0 rg BT 364.83 264.35 Td (securitization ) Tj ET Q q 0 0 0 rg BT 434.50 264.35 Td (market ) Tj ET Q q 0 0 0 rg BT 473.81 264.35 Td (has ) Tj ET Q q 0 0 0 rg BT 495.84 264.35 Td (attracted ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 248.75 Td (competition ) Tj ET Q q 0 0 0 rg BT 134.28 248.75 Td (from ) Tj ET Q q 0 0 0 rg BT 159.89 248.75 Td (both ) Tj ET Q q 0 0 0 rg BT 185.92 248.75 Td (new ) Tj ET Q q 0 0 0 rg BT 209.09 248.75 Td (and ) Tj ET Q q 0 0 0 rg BT 230.64 248.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 271.53 248.75 Td (conduit ) Tj ET Q q 0 0 0 rg BT 311.60 248.75 Td (platforms ) Tj ET Q q 0 0 0 rg BT 361.02 248.75 Td (- ) Tj ET Q q 0 0 0 rg BT 367.68 248.75 Td (as ) Tj ET Q q 0 0 0 rg BT 381.08 248.75 Td (we ) Tj ET Q q 0 0 0 rg BT 398.14 248.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 447.19 248.75 Td (would ) Tj ET Q q 0 0 0 rg BT 480.14 248.75 Td (happen. ) Tj ET Q q 0 0 0 rg BT 523.70 248.75 Td (We ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 233.15 Td (continue ) Tj ET Q q 0 0 0 rg BT 118.85 233.15 Td (to ) Tj ET Q q 0 0 0 rg BT 133.27 233.15 Td (drive ) Tj ET Q q 0 0 0 rg BT 161.96 233.15 Td (operational ) Tj ET Q q 0 0 0 rg BT 222.22 233.15 Td (efficiencies ) Tj ET Q q 0 0 0 rg BT 280.46 233.15 Td (and ) Tj ET Q q 0 0 0 rg BT 303.26 233.15 Td (enhance ) Tj ET Q q 0 0 0 rg BT 349.11 233.15 Td (our ) Tj ET Q q 0 0 0 rg BT 369.65 233.15 Td (program ) Tj ET Q q 0 0 0 rg BT 416.05 233.15 Td (offerings ) Tj ET Q q 0 0 0 rg BT 463.07 233.15 Td (to ) Tj ET Q q 0 0 0 rg BT 477.50 233.15 Td (maintain ) Tj ET Q q 0 0 0 rg BT 523.71 233.15 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 217.50 Td (competitive ) Tj ET Q q 0 0 0 rg BT 133.12 217.50 Td (advantages. ) Tj ET Q BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 187.05 Td (T) Tj ET Q q 0 0 0 rg BT 80.05 187.05 Td (ax ) Tj ET Q q 0 0 0 rg BT 97.50 187.05 Td (Refor) Tj ET Q q 0 0 0 rg BT 131.14 187.05 Td (m ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 165.45 Td (Overall, ) Tj ET Q q 0 0 0 rg BT 113.14 165.45 Td (our ) Tj ET Q q 0 0 0 rg BT 132.27 165.45 Td (view ) Tj ET Q q 0 0 0 rg BT 157.11 165.45 Td (is ) Tj ET Q q 0 0 0 rg BT 167.27 165.45 Td (that ) Tj ET Q q 0 0 0 rg BT 189.25 165.45 Td (the ) Tj ET Q q 0 0 0 rg BT 207.98 165.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 225.49 165.45 Td (reform ) Tj ET Q q 0 0 0 rg BT 260.90 165.45 Td (bill ) Tj ET Q q 0 0 0 rg BT 278.39 165.45 Td (is ) Tj ET Q q 0 0 0 rg BT 288.55 165.45 Td (a ) Tj ET Q q 0 0 0 rg BT 297.10 165.45 Td (net ) Tj ET Q q 0 0 0 rg BT 315.82 165.45 Td (positive ) Tj ET Q q 0 0 0 rg BT 356.95 165.45 Td (for ) Tj ET Q q 0 0 0 rg BT 373.22 165.45 Td (Redwood. ) Tj ET Q q 0 0 0 rg BT 426.19 165.45 Td (The ) Tj ET Q q 0 0 0 rg BT 447.57 165.45 Td (most ) Tj ET Q q 0 0 0 rg BT 474.64 165.45 Td (direct ) Tj ET Q q 0 0 0 rg BT 505.38 165.45 Td (benefit ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 149.80 Td (to ) Tj ET Q q 0 0 0 rg BT 86.69 149.80 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 138.28 149.80 Td (is ) Tj ET Q q 0 0 0 rg BT 150.12 149.80 Td (the ) Tj ET Q q 0 0 0 rg BT 170.53 149.80 Td (reduction ) Tj ET Q q 0 0 0 rg BT 221.70 149.80 Td (in ) Tj ET Q q 0 0 0 rg BT 234.97 149.80 Td (the ) Tj ET Q q 0 0 0 rg BT 255.38 149.80 Td (corporate ) Tj ET Q q 0 0 0 rg BT 307.74 149.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 326.92 149.80 Td (rate ) Tj ET Q q 0 0 0 rg BT 350.57 149.80 Td (from ) Tj ET Q q 0 0 0 rg BT 377.69 149.80 Td (35% ) Tj ET Q q 0 0 0 rg BT 403.60 149.80 Td (to ) Tj ET Q q 0 0 0 rg BT 418.29 149.80 Td (21%, ) Tj ET Q q 0 0 0 rg BT 447.26 149.80 Td (which ) Tj ET Q q 0 0 0 rg BT 479.89 149.80 Td (benefits ) Tj ET Q q 0 0 0 rg BT 523.71 149.80 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 134.20 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 123.40 134.20 Td (banking ) Tj ET Q q 0 0 0 rg BT 165.67 134.20 Td (activities ) Tj ET Q q 0 0 0 rg BT 210.97 134.20 Td (and ) Tj ET Q q 0 0 0 rg BT 232.45 134.20 Td (non-REIT ) Tj ET Q q 0 0 0 rg BT 280.07 134.20 Td (eligible ) Tj ET Q q 0 0 0 rg BT 319.26 134.20 Td (investments, ) Tj ET Q q 0 0 0 rg BT 383.71 134.20 Td (both ) Tj ET Q q 0 0 0 rg BT 409.67 134.20 Td (of ) Tj ET Q q 0 0 0 rg BT 422.39 134.20 Td (which ) Tj ET Q q 0 0 0 rg BT 453.44 134.20 Td (are ) Tj ET Q q 0 0 0 rg BT 471.66 134.20 Td (housed ) Tj ET Q q 0 0 0 rg BT 510.88 134.20 Td (within ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 118.55 Td (our ) Tj ET Q q 0 0 0 rg BT 90.74 118.55 Td (taxable ) Tj ET Q q 0 0 0 rg BT 129.04 118.55 Td (REIT ) Tj ET Q q 0 0 0 rg BT 153.75 118.55 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 216.29 118.55 Td (This ) Tj ET Q q 0 0 0 rg BT 238.49 118.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 260.07 118.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 309.18 118.55 Td (also ) Tj ET Q q 0 0 0 rg BT 331.18 118.55 Td (resulted ) Tj ET Q q 0 0 0 rg BT 373.15 118.55 Td (in ) Tj ET Q q 0 0 0 rg BT 384.35 118.55 Td (a ) Tj ET Q q 0 0 0 rg BT 392.51 118.55 Td ($8 ) Tj ET Q q 0 0 0 rg BT 407.19 118.55 Td (million ) Tj ET Q q 0 0 0 rg BT 442.24 118.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 479.31 118.55 Td (to ) Tj ET Q q 0 0 0 rg BT 491.93 118.55 Td (our ) Tj ET Q q 0 0 0 rg BT 510.67 118.55 Td (fourth ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 102.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 110.68 102.95 Td (results ) Tj ET Q q 0 0 0 rg BT 145.10 102.95 Td (from ) Tj ET Q q 0 0 0 rg BT 170.76 102.95 Td (the ) Tj ET Q q 0 0 0 rg BT 189.71 102.95 Td (reduction ) Tj ET Q q 0 0 0 rg BT 239.42 102.95 Td (of ) Tj ET Q q 0 0 0 rg BT 252.26 102.95 Td (our ) Tj ET Q q 0 0 0 rg BT 271.61 102.95 Td (net ) Tj ET Q q 0 0 0 rg BT 290.55 102.95 Td (federal ) Tj ET Q q 0 0 0 rg BT 327.82 102.95 Td (deferred ) Tj ET Q q 0 0 0 rg BT 373.03 102.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 390.75 102.95 Td (liabilities. ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 222.80 736.44 Td (S H A R E H O L D E R L E T T E R) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 302.20 24.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (Additionally, ) Tj ET Q q 0 0 0 rg BT 138.53 702.70 Td (beginning ) Tj ET Q q 0 0 0 rg BT 193.02 702.70 Td (in ) Tj ET Q q 0 0 0 rg BT 206.36 702.70 Td (2018, ) Tj ET Q q 0 0 0 rg BT 238.47 702.70 Td (individual ) Tj ET Q q 0 0 0 rg BT 290.31 702.70 Td (taxpayers ) Tj ET Q q 0 0 0 rg BT 341.74 702.70 Td (may ) Tj ET Q q 0 0 0 rg BT 366.71 702.70 Td (deduct ) Tj ET Q q 0 0 0 rg BT 405.92 702.70 Td (20% ) Tj ET Q q 0 0 0 rg BT 431.90 702.70 Td (of ) Tj ET Q q 0 0 0 rg BT 446.26 702.70 Td (their ) Tj ET Q q 0 0 0 rg BT 473.03 702.70 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 517.74 702.70 Td (REIT ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 687.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 122.79 687.10 Td (from ) Tj ET Q q 0 0 0 rg BT 148.51 687.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 187.47 687.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 229.72 687.10 Td (This ) Tj ET Q q 0 0 0 rg BT 252.59 687.10 Td (results ) Tj ET Q q 0 0 0 rg BT 287.06 687.10 Td (in ) Tj ET Q q 0 0 0 rg BT 298.93 687.10 Td (a ) Tj ET Q q 0 0 0 rg BT 307.76 687.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 358.76 687.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 396.08 687.10 Td (effective ) Tj ET Q q 0 0 0 rg BT 440.76 687.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 458.54 687.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 480.79 687.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.68 687.10 Td (29.6% ) Tj ET Q q 0 0 0 rg BT 527.36 687.10 Td (on ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 671.45 Td (an ) Tj ET Q q 0 0 0 rg BT 86.87 671.45 Td (individual ) Tj ET Q q 0 0 0 rg BT 137.17 671.45 Td (taxpayers ) Tj ET Q q 0 0 0 rg BT 188.69 671.45 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 231.86 671.45 Td (REIT ) Tj ET Q q 0 0 0 rg BT 257.17 671.45 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 310.94 671.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 363.90 671.45 Td (to ) Tj ET Q q 0 0 0 rg BT 377.12 671.45 Td (the ) Tj ET Q q 0 0 0 rg BT 396.06 671.45 Td (highest ) Tj ET Q q 0 0 0 rg BT 435.15 671.45 Td (marginal ) Tj ET Q q 0 0 0 rg BT 480.55 671.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 502.72 671.45 Td (of ) Tj ET Q q 0 0 0 rg BT 515.54 671.45 Td (37%.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 646.85 Td (The ) Tj ET Q q 0 0 0 rg BT 94.16 646.85 Td (broader ) Tj ET Q q 0 0 0 rg BT 136.66 646.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 173.67 646.85 Td (from ) Tj ET Q q 0 0 0 rg BT 199.89 646.85 Td (tax ) Tj ET Q q 0 0 0 rg BT 218.16 646.85 Td (reform ) Tj ET Q q 0 0 0 rg BT 254.34 646.85 Td (on ) Tj ET Q q 0 0 0 rg BT 270.59 646.85 Td (the ) Tj ET Q q 0 0 0 rg BT 290.10 646.85 Td (housing ) Tj ET Q q 0 0 0 rg BT 332.62 646.85 Td (market ) Tj ET Q q 0 0 0 rg BT 370.04 646.85 Td (remains ) Tj ET Q q 0 0 0 rg BT 411.74 646.85 Td (unclear. ) Tj ET Q q 0 0 0 rg BT 453.05 646.85 Td (Although ) Tj ET Q q 0 0 0 rg BT 502.11 646.85 Td (existing ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 631.25 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 127.93 631.25 Td (up ) Tj ET Q q 0 0 0 rg BT 143.55 631.25 Td (to ) Tj ET Q q 0 0 0 rg BT 156.51 631.25 Td ($1 ) Tj ET Q q 0 0 0 rg BT 171.52 631.25 Td (million ) Tj ET Q q 0 0 0 rg BT 206.89 631.25 Td (will ) Tj ET Q q 0 0 0 rg BT 225.54 631.25 Td (be ) Tj ET Q q 0 0 0 rg BT 241.16 631.25 Td (grandfathered ) Tj ET Q q 0 0 0 rg BT 314.02 631.25 Td (in ) Tj ET Q q 0 0 0 rg BT 325.56 631.25 Td (for ) Tj ET Q q 0 0 0 rg BT 341.77 631.25 Td (the ) Tj ET Q q 0 0 0 rg BT 360.45 631.25 Td (full ) Tj ET Q q 0 0 0 rg BT 377.89 631.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 429.14 631.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 468.35 631.25 Td (deduction, ) Tj ET Q q 0 0 0 rg BT 524.11 631.25 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 615.60 Td (new ) Tj ET Q q 0 0 0 rg BT 94.10 615.60 Td (limit ) Tj ET Q q 0 0 0 rg BT 116.97 615.60 Td (decreases ) Tj ET Q q 0 0 0 rg BT 167.80 615.60 Td (to ) Tj ET Q q 0 0 0 rg BT 179.90 615.60 Td ($750,000 ) Tj ET Q q 0 0 0 rg BT 227.69 615.60 Td (of ) Tj ET Q q 0 0 0 rg BT 239.39 615.60 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 275.34 615.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 319.40 615.60 Td (balance, ) Tj ET Q q 0 0 0 rg BT 362.70 615.60 Td (and ) Tj ET Q q 0 0 0 rg BT 383.16 615.60 Td (will ) Tj ET Q q 0 0 0 rg BT 400.96 615.60 Td (remain ) Tj ET Q q 0 0 0 rg BT 436.29 615.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 472.00 615.60 Td (to ) Tj ET Q q 0 0 0 rg BT 484.10 615.60 Td (two ) Tj ET Q q 0 0 0 rg BT 504.14 615.60 Td (homes. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 600.00 Td (Property ) Tj ET Q q 0 0 0 rg BT 117.12 600.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 135.17 600.00 Td (and ) Tj ET Q q 0 0 0 rg BT 157.10 600.00 Td (state/local ) Tj ET Q q 0 0 0 rg BT 211.18 600.00 Td (income ) Tj ET Q q 0 0 0 rg BT 250.64 600.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 268.69 600.00 Td (deductions ) Tj ET Q q 0 0 0 rg BT 326.68 600.00 Td (will ) Tj ET Q q 0 0 0 rg BT 345.93 600.00 Td (be ) Tj ET Q q 0 0 0 rg BT 362.16 600.00 Td (limited ) Tj ET Q q 0 0 0 rg BT 399.33 600.00 Td (to ) Tj ET Q q 0 0 0 rg BT 412.89 600.00 Td ($10,000 ) Tj ET Q q 0 0 0 rg BT 456.03 600.00 Td (and ) Tj ET Q q 0 0 0 rg BT 477.97 600.00 Td (the ) Tj ET Q q 0 0 0 rg BT 497.25 600.00 Td (standard ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 584.35 Td (deduction ) Tj ET Q q 0 0 0 rg BT 125.52 584.35 Td (will ) Tj ET Q q 0 0 0 rg BT 145.00 584.35 Td (roughly ) Tj ET Q q 0 0 0 rg BT 185.48 584.35 Td (double. ) Tj ET Q q 0 0 0 rg BT 226.98 584.35 Td (Although ) Tj ET Q q 0 0 0 rg BT 276.04 584.35 Td (households ) Tj ET Q q 0 0 0 rg BT 335.89 584.35 Td (with ) Tj ET Q q 0 0 0 rg BT 359.86 584.35 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 394.84 584.35 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 451.60 584.35 Td (will ) Tj ET Q q 0 0 0 rg BT 471.08 584.35 Td (likely ) Tj ET Q q 0 0 0 rg BT 499.33 584.35 Td (not ) Tj ET Q q 0 0 0 rg BT 519.23 584.35 Td (take ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 568.75 Td (the ) Tj ET Q q 0 0 0 rg BT 91.41 568.75 Td (standard ) Tj ET Q q 0 0 0 rg BT 137.69 568.75 Td (deduction, ) Tj ET Q q 0 0 0 rg BT 194.19 568.75 Td (these ) Tj ET Q q 0 0 0 rg BT 224.40 568.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 268.68 568.75 Td (could ) Tj ET Q q 0 0 0 rg BT 299.50 568.75 Td (potentially ) Tj ET Q q 0 0 0 rg BT 354.75 568.75 Td (have ) Tj ET Q q 0 0 0 rg BT 381.51 568.75 Td (a ) Tj ET Q q 0 0 0 rg BT 390.73 568.75 Td (marginally ) Tj ET Q q 0 0 0 rg BT 444.56 568.75 Td (negative ) Tj ET Q q 0 0 0 rg BT 490.46 568.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 527.37 568.75 Td (on ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 553.15 Td (home ) Tj ET Q q 0 0 0 rg BT 102.65 553.15 Td (demand ) Tj ET Q q 0 0 0 rg BT 145.92 553.15 Td (and ) Tj ET Q q 0 0 0 rg BT 166.99 553.15 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 200.88 553.15 Td (origination ) Tj ET Q q 0 0 0 rg BT 256.34 553.15 Td (volume. ) Tj ET Q q 0 0 0 rg BT 297.99 553.15 Td (They ) Tj ET Q q 0 0 0 rg BT 324.35 553.15 Td (may ) Tj ET Q q 0 0 0 rg BT 347.26 553.15 Td (also ) Tj ET Q q 0 0 0 rg BT 369.33 553.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 405.25 553.15 Td (the ) Tj ET Q q 0 0 0 rg BT 423.66 553.15 Td (rent ) Tj ET Q q 0 0 0 rg BT 445.52 553.15 Td (versus ) Tj ET Q q 0 0 0 rg BT 478.60 553.15 Td (buy ) Tj ET Q q 0 0 0 rg BT 499.26 553.15 Td (decision ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 537.50 Td (for ) Tj ET Q q 0 0 0 rg BT 88.49 537.50 Td (newly-formed ) Tj ET Q q 0 0 0 rg BT 159.16 537.50 Td (households, ) Tj ET Q q 0 0 0 rg BT 221.52 537.50 Td (further ) Tj ET Q q 0 0 0 rg BT 257.15 537.50 Td (broadening ) Tj ET Q q 0 0 0 rg BT 317.05 537.50 Td (financing ) Tj ET Q q 0 0 0 rg BT 364.73 537.50 Td (needs ) Tj ET Q q 0 0 0 rg BT 397.54 537.50 Td (for ) Tj ET Q q 0 0 0 rg BT 414.03 537.50 Td (housing ) Tj ET Q q 0 0 0 rg BT 456.01 537.50 Td (investors.) Tj ET Q BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 507.05 Td (2018 ) Tj ET Q q 0 0 0 rg BT 102.33 507.05 Td (Outlook) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 485.45 Td (We ) Tj ET Q q 0 0 0 rg BT 91.49 485.45 Td (continue ) Tj ET Q q 0 0 0 rg BT 137.27 485.45 Td (to ) Tj ET Q q 0 0 0 rg BT 150.64 485.45 Td (operate ) Tj ET Q q 0 0 0 rg BT 192.32 485.45 Td (in ) Tj ET Q q 0 0 0 rg BT 204.26 485.45 Td (an ) Tj ET Q q 0 0 0 rg BT 219.28 485.45 Td (environment ) Tj ET Q q 0 0 0 rg BT 283.99 485.45 Td (that ) Tj ET Q q 0 0 0 rg BT 306.32 485.45 Td (rewards ) Tj ET Q q 0 0 0 rg BT 347.59 485.45 Td (creativity, ) Tj ET Q q 0 0 0 rg BT 397.62 485.45 Td (crisp ) Tj ET Q q 0 0 0 rg BT 423.81 485.45 Td (execution, ) Tj ET Q q 0 0 0 rg BT 477.95 485.45 Td (and ) Tj ET Q q 0 0 0 rg BT 499.69 485.45 Td (rigorous ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 469.80 Td (risk ) Tj ET Q q 0 0 0 rg BT 92.10 469.80 Td (management ) Tj ET Q q 0 0 0 rg BT 160.92 469.80 Td (- ) Tj ET Q q 0 0 0 rg BT 168.41 469.80 Td (all ) Tj ET Q q 0 0 0 rg BT 183.23 469.80 Td (of ) Tj ET Q q 0 0 0 rg BT 196.83 469.80 Td (which ) Tj ET Q q 0 0 0 rg BT 228.77 469.80 Td (are ) Tj ET Q q 0 0 0 rg BT 247.87 469.80 Td (hallmarks ) Tj ET Q q 0 0 0 rg BT 297.52 469.80 Td (of ) Tj ET Q q 0 0 0 rg BT 311.12 469.80 Td (our ) Tj ET Q q 0 0 0 rg BT 331.24 469.80 Td (company. ) Tj ET Q q 0 0 0 rg BT 383.16 469.80 Td (To ) Tj ET Q q 0 0 0 rg BT 398.60 469.80 Td (succeed, ) Tj ET Q q 0 0 0 rg BT 445.84 469.80 Td (we ) Tj ET Q q 0 0 0 rg BT 463.72 469.80 Td (will ) Tj ET Q q 0 0 0 rg BT 483.41 469.80 Td (continue ) Tj ET Q q 0 0 0 rg BT 529.82 469.80 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 454.20 Td (leverage ) Tj ET Q q 0 0 0 rg BT 117.01 454.20 Td (our ) Tj ET Q q 0 0 0 rg BT 135.95 454.20 Td (core ) Tj ET Q q 0 0 0 rg BT 159.98 454.20 Td (strengths ) Tj ET Q q 0 0 0 rg BT 207.84 454.20 Td (to ) Tj ET Q q 0 0 0 rg BT 220.65 454.20 Td (further ) Tj ET Q q 0 0 0 rg BT 255.87 454.20 Td (enhance ) Tj ET Q q 0 0 0 rg BT 300.10 454.20 Td (our ) Tj ET Q q 0 0 0 rg BT 319.03 454.20 Td (strategic ) Tj ET Q q 0 0 0 rg BT 363.80 454.20 Td (value ) Tj ET Q q 0 0 0 rg BT 392.33 454.20 Td (to ) Tj ET Q q 0 0 0 rg BT 405.14 454.20 Td (the ) Tj ET Q q 0 0 0 rg BT 423.68 454.20 Td (housing ) Tj ET Q q 0 0 0 rg BT 465.24 454.20 Td (finance ) Tj ET Q q 0 0 0 rg BT 503.14 454.20 Td (market. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 438.55 Td (We ) Tj ET Q q 0 0 0 rg BT 90.51 438.55 Td (will ) Tj ET Q q 0 0 0 rg BT 108.59 438.55 Td (expand ) Tj ET Q q 0 0 0 rg BT 147.48 438.55 Td (on ) Tj ET Q q 0 0 0 rg BT 162.33 438.55 Td (our ) Tj ET Q q 0 0 0 rg BT 180.83 438.55 Td (core ) Tj ET Q q 0 0 0 rg BT 204.43 438.55 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 255.10 438.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 285.20 438.55 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 338.10 438.55 Td (with ) Tj ET Q q 0 0 0 rg BT 360.67 438.55 Td (an ) Tj ET Q q 0 0 0 rg BT 374.70 438.55 Td (emphasis ) Tj ET Q q 0 0 0 rg BT 422.95 438.55 Td (on ) Tj ET Q q 0 0 0 rg BT 437.80 438.55 Td (our ) Tj ET Q q 0 0 0 rg BT 456.30 438.55 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 505.58 438.55 Td (Choice ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 422.95 Td (loan ) Tj ET Q q 0 0 0 rg BT 96.14 422.95 Td (program. ) Tj ET Q q 0 0 0 rg BT 144.50 422.95 Td (Additionally, ) Tj ET Q q 0 0 0 rg BT 209.60 422.95 Td (we ) Tj ET Q q 0 0 0 rg BT 226.81 422.95 Td (will ) Tj ET Q q 0 0 0 rg BT 245.83 422.95 Td (pursue ) Tj ET Q q 0 0 0 rg BT 282.39 422.95 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 331.36 422.95 Td (that ) Tj ET Q q 0 0 0 rg BT 353.65 422.95 Td (are ) Tj ET Q q 0 0 0 rg BT 372.09 422.95 Td (responsive ) Tj ET Q q 0 0 0 rg BT 427.60 422.95 Td (to ) Tj ET Q q 0 0 0 rg BT 440.93 422.95 Td (secular ) Tj ET Q q 0 0 0 rg BT 478.30 422.95 Td (trends ) Tj ET Q q 0 0 0 rg BT 512.20 422.95 Td (in ) Tj ET Q q 0 0 0 rg BT 524.11 422.95 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 407.35 Td (housing ) Tj ET Q q 0 0 0 rg BT 115.55 407.35 Td (market ) Tj ET Q q 0 0 0 rg BT 153.99 407.35 Td (and ) Tj ET Q q 0 0 0 rg BT 177.17 407.35 Td (consistent ) Tj ET Q q 0 0 0 rg BT 231.29 407.35 Td (with ) Tj ET Q q 0 0 0 rg BT 256.29 407.35 Td (our ) Tj ET Q q 0 0 0 rg BT 277.21 407.35 Td (core ) Tj ET Q q 0 0 0 rg BT 303.24 407.35 Td (competencies, ) Tj ET Q q 0 0 0 rg BT 379.59 407.35 Td (including ) Tj ET Q q 0 0 0 rg BT 429.25 407.35 Td (financing ) Tj ET Q q 0 0 0 rg BT 478.50 407.35 Td (single-family ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 391.70 Td (housing ) Tj ET Q q 0 0 0 rg BT 113.98 391.70 Td (investors ) Tj ET Q q 0 0 0 rg BT 160.41 391.70 Td (and ) Tj ET Q q 0 0 0 rg BT 182.01 391.70 Td (providing ) Tj ET Q q 0 0 0 rg BT 231.92 391.70 Td (new ) Tj ET Q q 0 0 0 rg BT 255.15 391.70 Td (types ) Tj ET Q q 0 0 0 rg BT 284.69 391.70 Td (of ) Tj ET Q q 0 0 0 rg BT 297.52 391.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 332.96 391.70 Td (solutions ) Tj ET Q q 0 0 0 rg BT 379.61 391.70 Td (to ) Tj ET Q q 0 0 0 rg BT 392.84 391.70 Td (our ) Tj ET Q q 0 0 0 rg BT 412.19 391.70 Td (seller ) Tj ET Q q 0 0 0 rg BT 441.11 391.70 Td (base. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 367.10 Td (While ) Tj ET Q q 0 0 0 rg BT 103.70 367.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 148.22 367.10 Td (is ) Tj ET Q q 0 0 0 rg BT 159.34 367.10 Td (once ) Tj ET Q q 0 0 0 rg BT 187.20 367.10 Td (again ) Tj ET Q q 0 0 0 rg BT 217.89 367.10 Td (something ) Tj ET Q q 0 0 0 rg BT 273.64 367.10 Td (to ) Tj ET Q q 0 0 0 rg BT 287.62 367.10 Td (contend ) Tj ET Q q 0 0 0 rg BT 331.96 367.10 Td (with, ) Tj ET Q q 0 0 0 rg BT 359.18 367.10 Td (we ) Tj ET Q q 0 0 0 rg BT 377.04 367.10 Td (are ) Tj ET Q q 0 0 0 rg BT 396.12 367.10 Td (confident ) Tj ET Q q 0 0 0 rg BT 446.36 367.10 Td (that ) Tj ET Q q 0 0 0 rg BT 469.30 367.10 Td (our ) Tj ET Q q 0 0 0 rg BT 489.39 367.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 532.67 367.10 Td (is ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 351.45 Td (durable ) Tj ET Q q 0 0 0 rg BT 113.28 351.45 Td (and ) Tj ET Q q 0 0 0 rg BT 135.43 351.45 Td (built ) Tj ET Q q 0 0 0 rg BT 160.81 351.45 Td (to ) Tj ET Q q 0 0 0 rg BT 174.58 351.45 Td (succeed ) Tj ET Q q 0 0 0 rg BT 218.54 351.45 Td (for ) Tj ET Q q 0 0 0 rg BT 235.58 351.45 Td (the ) Tj ET Q q 0 0 0 rg BT 255.07 351.45 Td (long-term. ) Tj ET Q q 0 0 0 rg BT 310.39 351.45 Td (Our ) Tj ET Q q 0 0 0 rg BT 332.93 351.45 Td (priorities ) Tj ET Q q 0 0 0 rg BT 379.47 351.45 Td (for ) Tj ET Q q 0 0 0 rg BT 396.50 351.45 Td (the ) Tj ET Q q 0 0 0 rg BT 416.00 351.45 Td (remainder ) Tj ET Q q 0 0 0 rg BT 469.49 351.45 Td (of ) Tj ET Q q 0 0 0 rg BT 482.87 351.45 Td (2018 ) Tj ET Q q 0 0 0 rg BT 510.94 351.45 Td (are ) Tj ET Q q 0 0 0 rg BT 529.82 351.45 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 335.85 Td (generate ) Tj ET Q q 0 0 0 rg BT 119.54 335.85 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 152.85 335.85 Td (earnings ) Tj ET Q q 0 0 0 rg BT 198.15 335.85 Td (that ) Tj ET Q q 0 0 0 rg BT 220.63 335.85 Td (exceed ) Tj ET Q q 0 0 0 rg BT 259.65 335.85 Td (our ) Tj ET Q q 0 0 0 rg BT 279.28 335.85 Td (recent ) Tj ET Q q 0 0 0 rg BT 313.38 335.85 Td (historical ) Tj ET Q q 0 0 0 rg BT 360.28 335.85 Td (annual ) Tj ET Q q 0 0 0 rg BT 396.03 335.85 Td (dividends ) Tj ET Q q 0 0 0 rg BT 447.05 335.85 Td (of ) Tj ET Q q 0 0 0 rg BT 460.17 335.85 Td ($1.12 ) Tj ET Q q 0 0 0 rg BT 491.04 335.85 Td (per ) Tj ET Q q 0 0 0 rg BT 510.87 335.85 Td (share, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 320.25 Td (grow ) Tj ET Q q 0 0 0 rg BT 99.88 320.25 Td (our ) Tj ET Q q 0 0 0 rg BT 119.40 320.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 173.14 320.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 197.37 320.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 244.82 320.25 Td (volume, ) Tj ET Q q 0 0 0 rg BT 287.19 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 308.97 320.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 354.16 320.25 Td (our ) Tj ET Q q 0 0 0 rg BT 373.68 320.25 Td (strong ) Tj ET Q q 0 0 0 rg BT 408.07 320.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 443.68 320.25 Td (deployment ) Tj ET Q q 0 0 0 rg BT 506.20 320.25 Td (trends. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 304.60 Td (We ) Tj ET Q q 0 0 0 rg BT 91.39 304.60 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 142.74 304.60 Td (deploying ) Tj ET Q q 0 0 0 rg BT 195.32 304.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 230.78 304.60 Td (towards ) Tj ET Q q 0 0 0 rg BT 272.55 304.60 Td (new ) Tj ET Q q 0 0 0 rg BT 295.81 304.60 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 344.71 304.60 Td (in ) Tj ET Q q 0 0 0 rg BT 356.55 304.60 Td (a ) Tj ET Q q 0 0 0 rg BT 365.34 304.60 Td (manner ) Tj ET Q q 0 0 0 rg BT 405.50 304.60 Td (conducive ) Tj ET Q q 0 0 0 rg BT 458.73 304.60 Td (to ) Tj ET Q q 0 0 0 rg BT 471.98 304.60 Td (our ) Tj ET Q q 0 0 0 rg BT 491.36 304.60 Td (long-term ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 289.00 Td (success. ) Tj ET Q q 0 0 0 rg BT 115.01 289.00 Td (More ) Tj ET Q q 0 0 0 rg BT 143.95 289.00 Td (detail ) Tj ET Q q 0 0 0 rg BT 174.49 289.00 Td (on ) Tj ET Q q 0 0 0 rg BT 190.19 289.00 Td (our ) Tj ET Q q 0 0 0 rg BT 209.53 289.00 Td (2018 ) Tj ET Q q 0 0 0 rg BT 237.06 289.00 Td (outlook ) Tj ET Q q 0 0 0 rg BT 277.41 289.00 Td (is ) Tj ET Q q 0 0 0 rg BT 287.79 289.00 Td (included ) Tj ET Q q 0 0 0 rg BT 333.22 289.00 Td (on ) Tj ET Q q 0 0 0 rg BT 348.92 289.00 Td (page ) Tj ET Q q 0 0 0 rg BT 377.24 289.00 Td (13 ) Tj ET Q q 0 0 0 rg BT 392.53 289.00 Td (of ) Tj ET Q q 0 0 0 rg BT 405.37 289.00 Td (this ) Tj ET Q q 0 0 0 rg BT 425.54 289.00 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 475.66 289.00 Td (Review.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 264.35 Td (We ) Tj ET Q q 0 0 0 rg BT 90.08 264.35 Td (are ) Tj ET Q q 0 0 0 rg BT 107.13 264.35 Td (excited ) Tj ET Q q 0 0 0 rg BT 144.76 264.35 Td (to ) Tj ET Q q 0 0 0 rg BT 156.71 264.35 Td (watch ) Tj ET Q q 0 0 0 rg BT 187.20 264.35 Td (our ) Tj ET Q q 0 0 0 rg BT 205.27 264.35 Td (business ) Tj ET Q q 0 0 0 rg BT 248.81 264.35 Td (and ) Tj ET Q q 0 0 0 rg BT 269.13 264.35 Td (industry ) Tj ET Q q 0 0 0 rg BT 309.80 264.35 Td (evolve ) Tj ET Q q 0 0 0 rg BT 343.57 264.35 Td (in ) Tj ET Q q 0 0 0 rg BT 354.10 264.35 Td (2018, ) Tj ET Q q 0 0 0 rg BT 383.40 264.35 Td (and ) Tj ET Q q 0 0 0 rg BT 403.72 264.35 Td (thank ) Tj ET Q q 0 0 0 rg BT 432.40 264.35 Td (you ) Tj ET Q q 0 0 0 rg BT 452.12 264.35 Td (for ) Tj ET Q q 0 0 0 rg BT 467.33 264.35 Td (your ) Tj ET Q q 0 0 0 rg BT 490.69 264.35 Td (continued ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 248.75 Td (support.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F7 10.00 Tf ET q 0 0 0 rg BT 141.35 110.00 Td (Marty Hughes) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 367.10 110.00 Td (Chris) Tj ET Q q 0 0 0 rg BT 387.32 110.00 Td (t) Tj ET Q q 0 0 0 rg BT 390.57 110.00 Td (opher J) Tj ET Q q 0 0 0 rg BT 420.17 110.00 Td (. Aba) Tj ET Q q 0 0 0 rg BT 440.69 110.00 Td (t) Tj ET Q q 0 0 0 rg BT 443.94 110.00 Td (e) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 124.25 97.00 Td (Chie) Tj ET Q q 0 0 0 rg BT 142.06 97.00 Td (f Ex) Tj ET Q q 0 0 0 rg BT 156.41 97.00 Td (ecutiv) Tj ET Q q 0 0 0 rg BT 180.85 97.00 Td (e Of) Tj ET Q q 0 0 0 rg BT 197.66 97.00 Td (ficer) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 388.75 97.00 Td (Pr) Tj ET Q q 0 0 0 rg BT 397.27 97.00 Td (esiden) Tj ET Q q 0 0 0 rg BT 423.84 97.00 Td (t) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 167.00 0 0 52.47 324.50 124.67 cm /I15 Do Q /GS0 gs q 86.00 0 0 54.00 127.00 123.52 cm /I16 Do Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 221.00 736.44 Td (Q U A R T E R L Y O V E R V I E W) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 302.20 24.25 Td (7) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 701.60 Td (F) Tj ET Q q 0 0 0 rg BT 79.46 701.60 Td (our) Tj ET Q q 0 0 0 rg BT 99.84 701.60 Td (th Quar) Tj ET Q q 0 0 0 rg BT 146.09 701.60 Td (ter Highlights) Tj ET Q BT /F6 14.00 Tf ET q 0 0 0 rg BT 226.55 701.60 Td ( ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 674.32 cm /I17 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 674.32 cm /I18 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 677.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 112.49 677.00 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 146.00 677.00 Td (earnings ) Tj ET Q q 0 0 0 rg BT 191.50 677.00 Td (were ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 218.67 677.00 Td ($0.35) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 246.19 677.00 Td ( ) Tj ET Q q 0 0 0 rg BT 249.74 677.00 Td (per ) Tj ET Q q 0 0 0 rg BT 269.77 677.00 Td (share ) Tj ET Q q 0 0 0 rg BT 299.40 677.00 Td (for ) Tj ET Q q 0 0 0 rg BT 316.37 677.00 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 335.81 677.00 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 365.14 677.00 Td ( ) Tj ET Q q 0 0 0 rg BT 368.68 677.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 407.85 677.00 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 421.17 677.00 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 445.64 677.00 Td (, ) Tj ET Q q 0 0 0 rg BT 452.24 677.00 Td (as ) Tj ET Q q 0 0 0 rg BT 466.18 677.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 519.64 677.00 Td (with ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 661.35 Td ($0.41) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 117.52 661.35 Td ( ) Tj ET Q q 0 0 0 rg BT 121.49 661.35 Td (per ) Tj ET Q q 0 0 0 rg BT 141.94 661.35 Td (share ) Tj ET Q q 0 0 0 rg BT 171.99 661.35 Td (for ) Tj ET Q q 0 0 0 rg BT 189.38 661.35 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 209.24 661.35 Td (third) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 231.84 661.35 Td ( ) Tj ET Q q 0 0 0 rg BT 235.80 661.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 275.38 661.35 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 289.13 661.35 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 313.59 661.35 Td (, ) Tj ET Q q 0 0 0 rg BT 320.61 661.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 366.91 661.35 Td (driven ) Tj ET Q q 0 0 0 rg BT 401.42 661.35 Td (by ) Tj ET Q q 0 0 0 rg BT 417.41 661.35 Td (lower ) Tj ET Q q 0 0 0 rg BT 448.24 661.35 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 500.67 661.35 Td (banking ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 645.75 Td (income ) Tj ET Q q 0 0 0 rg BT 128.89 645.75 Td (relative ) Tj ET Q q 0 0 0 rg BT 167.34 645.75 Td (to ) Tj ET Q q 0 0 0 rg BT 180.33 645.75 Td (the ) Tj ET Q q 0 0 0 rg BT 199.05 645.75 Td (third ) Tj ET Q q 0 0 0 rg BT 224.46 645.75 Td (quarter. ) Tj ET Q q 0 0 0 rg BT 264.94 645.75 Td (This ) Tj ET Q q 0 0 0 rg BT 287.51 645.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 334.55 645.75 Td (was ) Tj ET Q q 0 0 0 rg BT 355.70 645.75 Td (partially ) Tj ET Q q 0 0 0 rg BT 397.20 645.75 Td (offset ) Tj ET Q q 0 0 0 rg BT 427.31 645.75 Td (by ) Tj ET Q q 0 0 0 rg BT 442.15 645.75 Td (a ) Tj ET Q q 0 0 0 rg BT 450.68 645.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 468.16 645.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 505.59 645.75 Td (related ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 630.15 Td (to ) Tj ET Q q 0 0 0 rg BT 103.23 630.15 Td (recent ) Tj ET Q q 0 0 0 rg BT 137.05 630.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 154.77 630.15 Td (reform.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 602.82 cm /I19 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 602.82 cm /I20 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 605.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 111.33 605.50 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 166.10 605.50 Td (core ) Tj ET Q q 0 0 0 rg BT 189.89 605.50 Td (earnings) Tj ET Q BT /F3 11.00 Tf ET BT /F3 6.60 Tf ET q 0 0 0 rg BT 231.84 609.35 Td (\(1\)) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 238.94 605.50 Td ( ) Tj ET Q q 0 0 0 rg BT 241.33 605.50 Td (were ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 267.35 605.50 Td ($0.35) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 294.87 605.50 Td ( ) Tj ET Q q 0 0 0 rg BT 297.26 605.50 Td (per ) Tj ET Q q 0 0 0 rg BT 316.14 605.50 Td (share ) Tj ET Q q 0 0 0 rg BT 344.61 605.50 Td (for ) Tj ET Q q 0 0 0 rg BT 360.43 605.50 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 378.72 605.50 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 408.04 605.50 Td ( ) Tj ET Q q 0 0 0 rg BT 410.43 605.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 448.44 605.50 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 460.61 605.50 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 485.07 605.50 Td (, ) Tj ET Q q 0 0 0 rg BT 490.52 605.50 Td (consistent ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 589.90 Td (with ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 113.42 589.90 Td ($0.35) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 140.94 589.90 Td ( ) Tj ET Q q 0 0 0 rg BT 144.00 589.90 Td (per ) Tj ET Q q 0 0 0 rg BT 163.55 589.90 Td (share ) Tj ET Q q 0 0 0 rg BT 192.69 589.90 Td (for ) Tj ET Q q 0 0 0 rg BT 209.18 589.90 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 228.13 589.90 Td (third) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 250.72 589.90 Td ( ) Tj ET Q q 0 0 0 rg BT 253.78 589.90 Td (quarter ) Tj ET Q q 0 0 0 rg BT 292.46 589.90 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 305.30 589.90 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 329.76 589.90 Td (. ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 562.57 cm /I21 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 562.57 cm /I22 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 565.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 111.41 565.25 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 143.84 565.25 Td (book ) Tj ET Q q 0 0 0 rg BT 171.37 565.25 Td (value ) Tj ET Q q 0 0 0 rg BT 199.72 565.25 Td (was ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 220.52 565.25 Td ($15.83) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 254.16 565.25 Td ( ) Tj ET Q q 0 0 0 rg BT 256.63 565.25 Td (per ) Tj ET Q q 0 0 0 rg BT 275.58 565.25 Td (share ) Tj ET Q q 0 0 0 rg BT 304.13 565.25 Td (at ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 315.95 565.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 388.31 565.25 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 412.78 565.25 Td (, ) Tj ET Q q 0 0 0 rg BT 418.30 565.25 Td (as ) Tj ET Q q 0 0 0 rg BT 431.16 565.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 483.55 565.25 Td (with ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 506.37 565.25 Td ($15.67) Tj ET Q BT /F3 11.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 549.65 Td (per ) Tj ET Q q 0 0 0 rg BT 109.00 549.65 Td (share ) Tj ET Q q 0 0 0 rg BT 137.60 549.65 Td (at ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 149.48 549.65 Td (September30, ) Tj ET Q q 0 0 0 rg BT 224.92 549.65 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 249.39 549.65 Td (. ) Tj ET Q q 0 0 0 rg BT 254.96 549.65 Td (This ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 277.23 549.65 Td (increase) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 317.37 549.65 Td ( ) Tj ET Q q 0 0 0 rg BT 319.88 549.65 Td (was ) Tj ET Q q 0 0 0 rg BT 340.74 549.65 Td (driven ) Tj ET Q q 0 0 0 rg BT 373.80 549.65 Td (primarily ) Tj ET Q q 0 0 0 rg BT 418.64 549.65 Td (by ) Tj ET Q q 0 0 0 rg BT 433.18 549.65 Td (our ) Tj ET Q q 0 0 0 rg BT 451.98 549.65 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 498.06 549.65 Td (earnings ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 534.05 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 144.22 534.05 Td (our ) Tj ET Q q 0 0 0 rg BT 163.57 534.05 Td (dividend ) Tj ET Q q 0 0 0 rg BT 209.62 534.05 Td (and ) Tj ET Q q 0 0 0 rg BT 231.22 534.05 Td (higher ) Tj ET Q q 0 0 0 rg BT 265.64 534.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 283.96 534.05 Td (values ) Tj ET Q q 0 0 0 rg BT 317.58 534.05 Td (on ) Tj ET Q q 0 0 0 rg BT 333.28 534.05 Td (our ) Tj ET Q q 0 0 0 rg BT 352.63 534.05 Td (available-for-sale ) Tj ET Q q 0 0 0 rg BT 438.18 534.05 Td (securities.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 506.72 cm /I23 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 506.72 cm /I24 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 509.40 Td (We ) Tj ET Q q 0 0 0 rg BT 109.74 509.40 Td (deployed ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 160.04 509.40 Td ($109 ) Tj ET Q q 0 0 0 rg BT 187.94 509.40 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 220.53 509.40 Td ( ) Tj ET Q q 0 0 0 rg BT 223.97 509.40 Td (of ) Tj ET Q q 0 0 0 rg BT 237.18 509.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 272.99 509.40 Td (in ) Tj ET Q q 0 0 0 rg BT 285.18 509.40 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 304.51 509.40 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 333.84 509.40 Td ( ) Tj ET Q q 0 0 0 rg BT 337.28 509.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 376.33 509.40 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 389.54 509.40 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 414.01 509.40 Td ( ) Tj ET Q q 0 0 0 rg BT 417.45 509.40 Td (toward ) Tj ET Q q 0 0 0 rg BT 454.88 509.40 Td (new ) Tj ET Q q 0 0 0 rg BT 478.49 509.40 Td (investments, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 493.80 Td (including ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 138.40 493.80 Td ($24 ) Tj ET Q q 0 0 0 rg BT 160.13 493.80 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 192.72 493.80 Td ( ) Tj ET Q q 0 0 0 rg BT 196.10 493.80 Td (in ) Tj ET Q q 0 0 0 rg BT 208.23 493.80 Td (Agency ) Tj ET Q q 0 0 0 rg BT 248.71 493.80 Td (residential ) Tj ET Q q 0 0 0 rg BT 302.59 493.80 Td (CRT ) Tj ET Q q 0 0 0 rg BT 326.62 493.80 Td (securities, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 378.67 493.80 Td ($66 ) Tj ET Q q 0 0 0 rg BT 400.40 493.80 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 432.99 493.80 Td ( ) Tj ET Q q 0 0 0 rg BT 436.37 493.80 Td (in ) Tj ET Q q 0 0 0 rg BT 448.50 493.80 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 491.82 493.80 Td (and ) Tj ET Q q 0 0 0 rg BT 513.74 493.80 Td (third-) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 478.15 Td (party ) Tj ET Q q 0 0 0 rg BT 118.09 478.15 Td (RMBS, ) Tj ET Q q 0 0 0 rg BT 153.57 478.15 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 175.17 478.15 Td ($19 ) Tj ET Q q 0 0 0 rg BT 196.58 478.15 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 229.17 478.15 Td ( ) Tj ET Q q 0 0 0 rg BT 232.23 478.15 Td (in ) Tj ET Q q 0 0 0 rg BT 244.05 478.15 Td (Agency ) Tj ET Q q 0 0 0 rg BT 284.21 478.15 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 340.63 478.15 Td (securities.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 450.87 cm /I25 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 450.87 cm /I26 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 453.55 Td (We ) Tj ET Q q 0 0 0 rg BT 109.15 453.55 Td (also ) Tj ET Q q 0 0 0 rg BT 131.56 453.55 Td (deployed ) Tj ET Q q 0 0 0 rg BT 181.27 453.55 Td ($9 ) Tj ET Q q 0 0 0 rg BT 196.36 453.55 Td (million ) Tj ET Q q 0 0 0 rg BT 231.80 453.55 Td (of ) Tj ET Q q 0 0 0 rg BT 244.43 453.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 279.65 453.55 Td (to ) Tj ET Q q 0 0 0 rg BT 292.68 453.55 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 349.32 453.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 382.94 453.55 Td (of ) Tj ET Q q 0 0 0 rg BT 395.57 453.55 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 445.49 453.55 Td (stock ) Tj ET Q q 0 0 0 rg BT 473.80 453.55 Td (at ) Tj ET Q q 0 0 0 rg BT 486.01 453.55 Td (an ) Tj ET Q q 0 0 0 rg BT 500.69 453.55 Td (average ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 437.95 Td (price ) Tj ET Q q 0 0 0 rg BT 119.28 437.95 Td (of ) Tj ET Q q 0 0 0 rg BT 133.90 437.95 Td ($15.05 ) Tj ET Q q 0 0 0 rg BT 172.38 437.95 Td (per ) Tj ET Q q 0 0 0 rg BT 193.72 437.95 Td (share ) Tj ET Q q 0 0 0 rg BT 224.65 437.95 Td (during ) Tj ET Q q 0 0 0 rg BT 261.46 437.95 Td (the ) Tj ET Q q 0 0 0 rg BT 282.20 437.95 Td (fourth ) Tj ET Q q 0 0 0 rg BT 316.37 437.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 356.83 437.95 Td (and ) Tj ET Q q 0 0 0 rg BT 380.23 437.95 Td (through ) Tj ET Q q 0 0 0 rg BT 423.78 437.95 Td (February ) Tj ET Q q 0 0 0 rg BT 472.01 437.95 Td (22, ) Tj ET Q q 0 0 0 rg BT 492.15 437.95 Td (2018 ) Tj ET Q q 0 0 0 rg BT 521.46 437.95 Td (had ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 422.30 Td (deployed ) Tj ET Q q 0 0 0 rg BT 139.92 422.30 Td (an ) Tj ET Q q 0 0 0 rg BT 154.80 422.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 206.95 422.30 Td ($16 ) Tj ET Q q 0 0 0 rg BT 228.36 422.30 Td (million ) Tj ET Q q 0 0 0 rg BT 264.01 422.30 Td (toward ) Tj ET Q q 0 0 0 rg BT 301.07 422.30 Td (share ) Tj ET Q q 0 0 0 rg BT 330.21 422.30 Td (repurchases.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 395.02 cm /I27 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 395.02 cm /I28 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 397.70 Td (We ) Tj ET Q q 0 0 0 rg BT 109.35 397.70 Td (sold ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 132.96 397.70 Td ($80 ) Tj ET Q q 0 0 0 rg BT 154.35 397.70 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 186.95 397.70 Td ( ) Tj ET Q q 0 0 0 rg BT 189.99 397.70 Td (of ) Tj ET Q q 0 0 0 rg BT 202.82 397.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 251.48 397.70 Td (during ) Tj ET Q q 0 0 0 rg BT 286.49 397.70 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 305.43 397.70 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 334.75 397.70 Td ( ) Tj ET Q q 0 0 0 rg BT 337.80 397.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 376.46 397.70 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 389.29 397.70 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 413.75 397.70 Td (, ) Tj ET Q q 0 0 0 rg BT 419.85 397.70 Td (freeing ) Tj ET Q q 0 0 0 rg BT 457.32 397.70 Td (up ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 473.20 397.70 Td ($37 ) Tj ET Q q 0 0 0 rg BT 494.59 397.70 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 527.19 397.70 Td ( ) Tj ET Q q 0 0 0 rg BT 530.23 397.70 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 382.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 125.43 382.05 Td (for ) Tj ET Q q 0 0 0 rg BT 141.92 382.05 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 208.32 382.05 Td (after ) Tj ET Q q 0 0 0 rg BT 233.76 382.05 Td (the ) Tj ET Q q 0 0 0 rg BT 252.71 382.05 Td (repayment ) Tj ET Q q 0 0 0 rg BT 308.33 382.05 Td (of ) Tj ET Q q 0 0 0 rg BT 321.17 382.05 Td (associated ) Tj ET Q q 0 0 0 rg BT 375.97 382.05 Td (debt. ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 354.77 cm /I29 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 354.77 cm /I30 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 357.45 Td (We ) Tj ET Q q 0 0 0 rg BT 110.07 357.45 Td (purchased ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 164.79 357.45 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 189.96 357.45 Td (billion) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 219.90 357.45 Td ( ) Tj ET Q q 0 0 0 rg BT 223.68 357.45 Td (of ) Tj ET Q q 0 0 0 rg BT 237.22 357.45 Td (residential ) Tj ET Q q 0 0 0 rg BT 291.50 357.45 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 326.64 357.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 356.09 357.45 Td (during ) Tj ET Q q 0 0 0 rg BT 391.82 357.45 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 411.49 357.45 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 440.81 357.45 Td ( ) Tj ET Q q 0 0 0 rg BT 444.59 357.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 483.97 357.45 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 497.52 357.45 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 521.99 357.45 Td (. ) Tj ET Q q 0 0 0 rg BT 528.82 357.45 Td (At ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 341.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 162.83 341.85 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 187.30 341.85 Td (, ) Tj ET Q q 0 0 0 rg BT 193.29 341.85 Td (our ) Tj ET Q q 0 0 0 rg BT 212.52 341.85 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 255.17 341.85 Td (of ) Tj ET Q q 0 0 0 rg BT 267.89 341.85 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 302.20 341.85 Td (residential ) Tj ET Q q 0 0 0 rg BT 355.63 341.85 Td (loans ) Tj ET Q q 0 0 0 rg BT 384.24 341.85 Td (identified ) Tj ET Q q 0 0 0 rg BT 433.81 341.85 Td (for ) Tj ET Q q 0 0 0 rg BT 450.18 341.85 Td (purchase ) Tj ET Q q 0 0 0 rg BT 497.33 341.85 Td (was ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 518.60 341.85 Td ($1.2 ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 326.20 Td (billion) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 119.94 326.20 Td (. ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 298.92 cm /I31 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 298.92 cm /I32 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 301.60 Td (Residential ) Tj ET Q q 0 0 0 rg BT 146.13 301.60 Td (loan ) Tj ET Q q 0 0 0 rg BT 169.68 301.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 196.08 301.60 Td (totaled ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 233.66 301.60 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 257.63 301.60 Td (billion) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 287.57 301.60 Td ( ) Tj ET Q q 0 0 0 rg BT 290.13 301.60 Td (during ) Tj ET Q q 0 0 0 rg BT 324.66 301.60 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 343.12 301.60 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 372.45 301.60 Td ( ) Tj ET Q q 0 0 0 rg BT 375.01 301.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 413.19 301.60 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 425.53 301.60 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 450.00 301.60 Td ( ) Tj ET Q q 0 0 0 rg BT 452.56 301.60 Td (and ) Tj ET Q q 0 0 0 rg BT 473.67 301.60 Td (included ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 518.60 301.60 Td ($0.5 ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 285.95 Td (billion) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 119.94 285.95 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 285.95 Td (of ) Tj ET Q q 0 0 0 rg BT 135.84 285.95 Td (whole ) Tj ET Q q 0 0 0 rg BT 168.23 285.95 Td (loan ) Tj ET Q q 0 0 0 rg BT 192.28 285.95 Td (sales ) Tj ET Q q 0 0 0 rg BT 219.17 285.95 Td (to ) Tj ET Q q 0 0 0 rg BT 232.41 285.95 Td (third ) Tj ET Q q 0 0 0 rg BT 258.06 285.95 Td (parties ) Tj ET Q q 0 0 0 rg BT 294.31 285.95 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 315.91 285.95 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 340.38 285.95 Td (billion) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 370.32 285.95 Td ( ) Tj ET Q q 0 0 0 rg BT 373.38 285.95 Td (of ) Tj ET Q q 0 0 0 rg BT 386.21 285.95 Td (loans ) Tj ET Q q 0 0 0 rg BT 414.95 285.95 Td (that ) Tj ET Q q 0 0 0 rg BT 437.14 285.95 Td (were ) Tj ET Q q 0 0 0 rg BT 463.83 285.95 Td (securitized.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 258.67 cm /I33 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 258.67 cm /I34 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 261.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 111.86 261.35 Td (recourse ) Tj ET Q q 0 0 0 rg BT 156.74 261.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 182.86 261.35 Td (to ) Tj ET Q q 0 0 0 rg BT 195.95 261.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 229.41 261.35 Td (leverage ) Tj ET Q q 0 0 0 rg BT 274.70 261.35 Td (ratio ) Tj ET Q q 0 0 0 rg BT 299.80 261.35 Td (was ) Tj ET Q q 0 0 0 rg BT 321.05 261.35 Td (3.7x ) Tj ET Q q 0 0 0 rg BT 344.56 261.35 Td (at ) Tj ET Q q 0 0 0 rg BT 356.83 261.35 Td (the ) Tj ET Q q 0 0 0 rg BT 375.65 261.35 Td (end ) Tj ET Q q 0 0 0 rg BT 397.51 261.35 Td (of ) Tj ET Q q 0 0 0 rg BT 410.21 261.35 Td (the ) Tj ET Q q 0 0 0 rg BT 429.02 261.35 Td (fourth ) Tj ET Q q 0 0 0 rg BT 461.26 261.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 499.79 261.35 Td (of ) Tj ET Q q 0 0 0 rg BT 512.48 261.35 Td (2017, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 245.75 Td (as ) Tj ET Q q 0 0 0 rg BT 103.27 245.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 156.07 245.75 Td (to ) Tj ET Q q 0 0 0 rg BT 169.13 245.75 Td (3.2x ) Tj ET Q q 0 0 0 rg BT 192.60 245.75 Td (at ) Tj ET Q q 0 0 0 rg BT 204.84 245.75 Td (the ) Tj ET Q q 0 0 0 rg BT 223.61 245.75 Td (end ) Tj ET Q q 0 0 0 rg BT 245.44 245.75 Td (of ) Tj ET Q q 0 0 0 rg BT 258.10 245.75 Td (the ) Tj ET Q q 0 0 0 rg BT 276.88 245.75 Td (third ) Tj ET Q q 0 0 0 rg BT 302.35 245.75 Td (quarter. ) Tj ET Q q 0 0 0 rg BT 342.89 245.75 Td (The ) Tj ET Q q 0 0 0 rg BT 364.32 245.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 407.34 245.75 Td (was ) Tj ET Q q 0 0 0 rg BT 428.55 245.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 473.76 245.75 Td (related ) Tj ET Q q 0 0 0 rg BT 511.05 245.75 Td (to ) Tj ET Q q 0 0 0 rg BT 524.10 245.75 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 230.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 125.45 230.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 167.85 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.71 230.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 211.48 230.10 Td (held-for-sale ) Tj ET Q q 0 0 0 rg BT 276.46 230.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.09 230.10 Td (financed ) Tj ET Q q 0 0 0 rg BT 345.16 230.10 Td (with ) Tj ET Q q 0 0 0 rg BT 369.60 230.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 426.47 230.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 453.77 230.10 Td (at ) Tj ET Q q 0 0 0 rg BT 467.22 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.20 230.10 Td (end ) Tj ET Q q 0 0 0 rg BT 510.24 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 524.10 230.10 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 214.50 Td (fourth ) Tj ET Q q 0 0 0 rg BT 122.38 214.50 Td (quarter.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 116.00 Td (_____________________) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 94.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 84.09 94.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.50 94.25 Td ( ) Tj ET Q q 0 0 0 rg BT 88.91 94.25 Td (For ) Tj ET Q q 0 0 0 rg BT 104.65 94.25 Td (details ) Tj ET Q q 0 0 0 rg BT 133.37 94.25 Td (on ) Tj ET Q q 0 0 0 rg BT 146.12 94.25 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 173.05 94.25 Td (and ) Tj ET Q q 0 0 0 rg BT 190.63 94.25 Td (core ) Tj ET Q q 0 0 0 rg BT 210.55 94.25 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 249.78 94.25 Td (please ) Tj ET Q q 0 0 0 rg BT 278.36 94.25 Td (see ) Tj ET Q q 0 0 0 rg BT 294.61 94.25 Td (the ) Tj ET Q BT /F8 9.00 Tf ET q 0 0 0 rg BT 310.03 94.25 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 336.95 94.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 354.36 94.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 386.49 94.25 Td (and ) Tj ET Q q 0 0 0 rg BT 404.08 94.25 Td (Reconciliation ) Tj ET Q q 0 0 0 rg BT 462.50 94.25 Td (to ) Tj ET Q q 0 0 0 rg BT 473.23 94.25 Td (Non-GAAP ) Tj ET Q q 0 0 0 rg BT 520.50 94.25 Td (Core ) Tj ET Q BT /F8 9.00 Tf ET q 0 0 0 rg BT 85.50 81.45 Td (Earnings) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 120.16 81.45 Td ( ) Tj ET Q q 0 0 0 rg BT 122.66 81.45 Td (section ) Tj ET Q q 0 0 0 rg BT 153.84 81.45 Td (that ) Tj ET Q q 0 0 0 rg BT 172.00 81.45 Td (follows ) Tj ET Q q 0 0 0 rg BT 202.50 81.45 Td (on ) Tj ET Q q 0 0 0 rg BT 215.34 81.45 Td (page ) Tj ET Q q 0 0 0 rg BT 238.52 81.45 Td (8.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 221.00 736.44 Td (Q U A R T E R L Y O V E R V I E W) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 302.20 24.25 Td (8) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 67.50 702.30 Td (GAAP Net Income and Reconciliation to Non-GAAP Cor) Tj ET Q q 0 0 0 rg BT 409.30 702.30 Td (e Ear) Tj ET Q q 0 0 0 rg BT 440.15 702.30 Td (nings) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 67.50 680.65 Td (Below ) Tj ET Q q 0 0 0 rg BT 100.30 680.65 Td (we ) Tj ET Q q 0 0 0 rg BT 117.02 680.65 Td (present ) Tj ET Q q 0 0 0 rg BT 156.53 680.65 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 189.15 680.65 Td (net ) Tj ET Q q 0 0 0 rg BT 207.69 680.65 Td (income ) Tj ET Q q 0 0 0 rg BT 246.41 680.65 Td (and ) Tj ET Q q 0 0 0 rg BT 267.61 680.65 Td (a ) Tj ET Q q 0 0 0 rg BT 275.97 680.65 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 344.02 680.65 Td (to ) Tj ET Q q 0 0 0 rg BT 356.85 680.65 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 411.88 680.65 Td (core ) Tj ET Q q 0 0 0 rg BT 435.93 680.65 Td (earnings ) Tj ET Q q 0 0 0 rg BT 480.54 680.65 Td (for ) Tj ET Q q 0 0 0 rg BT 496.62 680.65 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 515.17 680.65 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 544.50 680.65 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 67.50 665.05 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 88.24 665.05 Td (third) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 110.83 665.05 Td ( ) Tj ET Q q 0 0 0 rg BT 113.02 665.05 Td (quarters ) Tj ET Q q 0 0 0 rg BT 155.51 665.05 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 167.48 665.05 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 191.94 665.05 Td (. ) Tj ET Q q 0 0 0 rg BT 197.19 665.05 Td (Further ) Tj ET Q q 0 0 0 rg BT 234.81 665.05 Td (information ) Tj ET Q q 0 0 0 rg BT 293.41 665.05 Td (about ) Tj ET Q q 0 0 0 rg BT 324.32 665.05 Td (Redwood's ) Tj ET Q q 0 0 0 rg BT 381.14 665.05 Td (core ) Tj ET Q q 0 0 0 rg BT 404.72 665.05 Td (earnings ) Tj ET Q q 0 0 0 rg BT 448.86 665.05 Td (measure ) Tj ET Q q 0 0 0 rg BT 492.62 665.05 Td (is ) Tj ET Q q 0 0 0 rg BT 502.14 665.05 Td (included ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 67.50 649.40 Td (in ) Tj ET Q q 0 0 0 rg BT 79.31 649.40 Td (the ) Tj ET Q BT /F8 11.00 Tf ET q 0 0 0 rg BT 98.27 649.40 Td (Core ) Tj ET Q q 0 0 0 rg BT 125.16 649.40 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 170.58 649.40 Td (Definition) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 218.45 649.40 Td ( ) Tj ET Q q 0 0 0 rg BT 221.50 649.40 Td (section ) Tj ET Q q 0 0 0 rg BT 259.61 649.40 Td (of ) Tj ET Q q 0 0 0 rg BT 272.44 649.40 Td (the ) Tj ET Q BT /F8 11.00 Tf ET q 0 0 0 rg BT 291.40 649.40 Td (Appendix.) 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f) Tj ET Q q 0 0 0 rg BT 146.34 466.90 Td (air v) Tj ET Q q 0 0 0 rg BT 163.52 466.90 Td (alue chang) Tj ET Q q 0 0 0 rg BT 207.21 466.90 Td (es, ne) Tj ET Q q 0 0 0 rg BT 231.02 466.90 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 465.25 466.90 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.25 466.90 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 95.50 451.90 Td (Other inc) Tj ET Q q 0 0 0 rg BT 133.18 451.90 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.25 451.90 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 530.25 451.90 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 95.50 436.90 Td (R) Tj ET Q q 0 0 0 rg BT 100.75 436.90 Td (ealiz) Tj ET Q q 0 0 0 rg BT 118.83 436.90 Td (ed g) Tj ET Q q 0 0 0 rg BT 135.85 436.90 Td (ains, ne) Tj ET Q q 0 0 0 rg BT 167.03 436.90 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.25 436.90 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 530.25 436.90 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 80.50 421.90 Td (T) Tj ET Q q 0 0 0 rg BT 84.93 421.90 Td (ot) Tj ET Q q 0 0 0 rg BT 93.05 421.90 Td (al non-in) Tj ET Q q 0 0 0 rg BT 128.68 421.90 Td (t) Tj ET Q q 0 0 0 rg BT 131.93 421.90 Td (er) Tj ET Q q 0 0 0 rg BT 140.27 421.90 Td (es) Tj ET Q q 0 0 0 rg BT 149.03 421.90 Td (t inc) Tj ET Q q 0 0 0 rg BT 166.32 421.90 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 199.48 421.90 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 464.20 421.90 Td (11) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 525.20 421.90 Td (26) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 80.50 402.90 Td (Oper) Tj ET Q q 0 0 0 rg BT 100.73 402.90 Td (a) Tj ET Q q 0 0 0 rg BT 105.38 402.90 Td (ting e) Tj ET Q q 0 0 0 rg BT 128.10 402.90 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 461.15 402.90 Td (\(20) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 474.35 402.90 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 522.15 402.90 Td (\(20) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 535.35 402.90 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 80.50 387.90 Td (Bene) Tj ET Q q 0 0 0 rg BT 101.06 387.90 Td (fit fr) Tj ET Q q 0 0 0 rg BT 118.39 387.90 Td (om \(pr) Tj ET Q q 0 0 0 rg BT 145.52 387.90 Td (o) Tj ET Q q 0 0 0 rg BT 150.75 387.90 Td (vision f) Tj ET Q q 0 0 0 rg BT 179.40 387.90 Td (or\) inc) Tj ET Q q 0 0 0 rg BT 205.15 387.90 Td (ome t) Tj ET Q q 0 0 0 rg BT 228.87 387.90 Td (a) Tj ET Q q 0 0 0 rg BT 233.57 387.90 Td (x) Tj ET Q q 0 0 0 rg BT 237.64 387.90 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.25 387.90 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 527.20 387.90 Td (\(5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 535.35 387.90 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 80.50 368.90 Td (GAAP ne) Tj ET Q q 0 0 0 rg BT 116.94 368.90 Td (t inc) Tj ET Q q 0 0 0 rg BT 134.62 368.90 Td (ome) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 423.50 368.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 464.20 368.90 Td (31) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 484.50 368.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 525.20 368.90 Td (36) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 81.00 349.90 Td (Cor) Tj ET Q q 0 0 0 rg BT 95.11 349.90 Td (e earnings adjus) Tj ET Q q 0 0 0 rg BT 162.21 349.90 Td (tmen) Tj ET Q q 0 0 0 rg BT 184.12 349.90 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 95.50 334.90 Td (Elimina) Tj ET Q q 0 0 0 rg BT 125.21 334.90 Td (t) Tj ET Q q 0 0 0 rg BT 128.45 334.90 Td (e mark) Tj ET Q q 0 0 0 rg BT 156.12 334.90 Td (-t) Tj ET Q q 0 0 0 rg BT 162.43 334.90 Td (o-mark) Tj ET Q q 0 0 0 rg BT 191.26 334.90 Td (e) Tj ET Q q 0 0 0 rg BT 196.18 334.90 Td (t chang) Tj ET Q q 0 0 0 rg BT 225.94 334.90 Td (es on long-t) Tj ET Q q 0 0 0 rg BT 273.71 334.90 Td (erm in) Tj ET Q q 0 0 0 rg BT 299.80 334.90 Td (v) Tj ET Q q 0 0 0 rg BT 304.22 334.90 Td (es) Tj ET Q q 0 0 0 rg BT 313.00 334.90 Td (tmen) Tj ET Q q 0 0 0 rg BT 334.47 334.90 Td (ts and associa) Tj ET Q q 0 0 0 rg BT 390.66 334.90 Td (t) Tj ET Q q 0 0 0 rg BT 393.90 334.90 Td (ed ) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 95.50 324.90 Td (deriv) Tj ET Q q 0 0 0 rg BT 115.88 324.90 Td (a) Tj ET Q q 0 0 0 rg BT 120.58 324.90 Td (tiv) Tj ET Q q 0 0 0 rg BT 130.64 324.90 Td (es ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 141.79 329.67 Td (\(1\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 466.20 324.90 Td (\(7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 474.35 324.90 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 527.20 324.90 Td (\(6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 535.35 324.90 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 95.50 309.90 Td (Include cumula) Tj ET Q q 0 0 0 rg BT 157.26 309.90 Td (tiv) Tj ET Q q 0 0 0 rg BT 167.32 309.90 Td (e g) Tj ET Q q 0 0 0 rg BT 179.08 309.90 Td (ain \(loss\) on long-t) Tj ET Q q 0 0 0 rg BT 254.02 309.90 Td (erm in) Tj ET Q q 0 0 0 rg BT 280.11 309.90 Td (v) Tj ET Q q 0 0 0 rg BT 284.53 309.90 Td (es) Tj ET Q q 0 0 0 rg BT 293.30 309.90 Td (tmen) Tj ET Q q 0 0 0 rg BT 314.78 309.90 Td (ts sold, ne) Tj ET Q q 0 0 0 rg BT 355.96 309.90 Td (t ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 361.57 314.67 Td (\(2\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.25 309.90 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 530.25 309.90 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 95.50 294.90 Td (Inc) Tj ET Q q 0 0 0 rg BT 107.42 294.90 Td (ome t) Tj ET Q q 0 0 0 rg BT 131.14 294.90 Td (a) Tj ET Q q 0 0 0 rg BT 135.84 294.90 Td (x adjus) Tj ET Q q 0 0 0 rg BT 163.92 294.90 Td (tmen) Tj ET Q q 0 0 0 rg BT 185.40 294.90 Td (ts associa) Tj ET Q q 0 0 0 rg BT 224.03 294.90 Td (t) Tj ET Q q 0 0 0 rg BT 227.27 294.90 Td (ed with c) Tj ET Q q 0 0 0 rg BT 264.21 294.90 Td (or) Tj ET Q q 0 0 0 rg BT 272.84 294.90 Td (e earnings adjus) Tj ET Q q 0 0 0 rg BT 338.50 294.90 Td (tmen) Tj ET Q q 0 0 0 rg BT 359.97 294.90 Td (ts ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 369.49 299.67 Td (\(3\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.25 294.90 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 527.20 294.90 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 535.35 294.90 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 80.50 279.90 Td (Non-GAAP c) Tj ET Q q 0 0 0 rg BT 131.13 279.90 Td (or) Tj ET Q q 0 0 0 rg BT 139.98 279.90 Td (e earnings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 423.50 279.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 464.20 279.90 Td (30) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 484.50 279.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 525.20 279.90 Td (30) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 80.50 258.90 Td (GAAP ne) Tj ET Q q 0 0 0 rg BT 116.91 258.90 Td (t inc) Tj ET Q q 0 0 0 rg BT 134.59 258.90 Td (ome per dilut) Tj ET Q q 0 0 0 rg BT 190.60 258.90 Td (ed c) Tj ET Q q 0 0 0 rg BT 207.40 258.90 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 259.78 258.90 Td (e) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 423.50 258.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 456.45 258.90 Td (0.35) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 484.50 258.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 517.45 258.90 Td (0.41) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 80.50 243.90 Td (Non-GAAP c) Tj ET Q q 0 0 0 rg BT 131.10 243.90 Td (or) Tj ET Q q 0 0 0 rg BT 139.92 243.90 Td (e earnings per dilut) Tj ET Q q 0 0 0 rg BT 220.12 243.90 Td (ed c) Tj ET Q q 0 0 0 rg BT 236.92 243.90 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 289.30 243.90 Td (e ) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 0 0 0 rg BT 296.60 248.67 Td (\(4\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 423.50 243.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 456.45 243.90 Td (0.35) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 484.50 243.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 517.45 243.90 Td (0.35) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 67.50 225.75 Td (\(1\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 225.75 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 129.06 225.75 Td (eliminate ) Tj ET Q q 0 0 0 rg BT 161.50 225.75 Td (the ) Tj ET Q q 0 0 0 rg BT 174.09 225.75 Td (mark-to-market ) Tj ET Q q 0 0 0 rg BT 227.22 225.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 256.77 225.75 Td (on ) Tj ET Q q 0 0 0 rg BT 267.14 225.75 Td (the ) Tj ET Q q 0 0 0 rg BT 279.73 225.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 291.88 225.75 Td (value ) Tj ET Q q 0 0 0 rg BT 311.29 225.75 Td (of ) Tj ET Q q 0 0 0 rg BT 319.71 225.75 Td (loans ) Tj ET Q q 0 0 0 rg BT 338.97 225.75 Td (held-for-investment, ) Tj ET Q q 0 0 0 rg BT 407.93 225.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 433.70 225.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 468.64 225.75 Td (other ) Tj ET Q q 0 0 0 rg BT 488.17 225.75 Td (investments, ) Tj ET Q q 0 0 0 rg BT 531.86 225.75 Td (and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 215.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 123.03 215.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 161.11 215.10 Td (that ) Tj ET Q q 0 0 0 rg BT 176.42 215.10 Td (are ) Tj ET Q q 0 0 0 rg BT 189.09 215.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 220.20 215.10 Td (related ) Tj ET Q q 0 0 0 rg BT 245.91 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.10 215.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 285.15 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 293.37 215.10 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 332.72 215.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 359.82 215.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 378.31 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.20 215.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 414.48 215.10 Td (spreads. ) Tj ET Q q 0 0 0 rg BT 444.79 215.10 Td (Details ) Tj ET Q q 0 0 0 rg BT 469.94 215.10 Td (on ) Tj ET Q q 0 0 0 rg BT 480.81 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.91 215.10 Td (components ) Tj ET Q q 0 0 0 rg BT 537.84 215.10 Td (of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 204.45 Td (investment ) Tj ET Q q 0 0 0 rg BT 124.25 204.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 136.73 204.45 Td (value ) Tj ET Q q 0 0 0 rg BT 156.47 204.45 Td (changes, ) Tj ET Q q 0 0 0 rg BT 188.43 204.45 Td (net, ) Tj ET Q q 0 0 0 rg BT 203.43 204.45 Td (are ) Tj ET Q q 0 0 0 rg BT 215.93 204.45 Td (included ) Tj ET Q q 0 0 0 rg BT 246.91 204.45 Td (in ) Tj ET Q q 0 0 0 rg BT 254.96 204.45 Td (the ) Tj ET Q q 0 0 0 rg BT 267.88 204.45 Td (Appendix) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 300.54 204.45 Td ( ) Tj ET Q q 0 0 0 rg BT 302.62 204.45 Td (of ) Tj ET Q q 0 0 0 rg BT 311.38 204.45 Td (this ) Tj ET Q q 0 0 0 rg BT 325.12 204.45 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 359.30 204.45 Td (Review.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 67.50 190.80 Td (\(2\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 190.80 Td (Adjustment ) Tj ET Q q 0 0 0 rg BT 125.86 190.80 Td (includes ) Tj ET Q q 0 0 0 rg BT 155.11 190.80 Td (the ) Tj ET Q q 0 0 0 rg BT 167.69 190.80 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 205.56 190.80 Td (net ) Tj ET Q q 0 0 0 rg BT 218.13 190.80 Td (gains ) Tj ET Q q 0 0 0 rg BT 237.52 190.80 Td (or ) Tj ET Q q 0 0 0 rg BT 246.21 190.80 Td (losses ) Tj ET Q q 0 0 0 rg BT 267.95 190.80 Td (on ) Tj ET Q q 0 0 0 rg BT 278.32 190.80 Td (long-term ) Tj ET Q q 0 0 0 rg BT 313.24 190.80 Td (investments ) Tj ET Q q 0 0 0 rg BT 354.84 190.80 Td (accounted ) Tj ET Q q 0 0 0 rg BT 391.74 190.80 Td (for ) Tj ET Q q 0 0 0 rg BT 402.65 190.80 Td (as ) Tj ET Q q 0 0 0 rg BT 411.48 190.80 Td (trading ) Tj ET Q q 0 0 0 rg BT 437.24 190.80 Td (securities ) Tj ET Q q 0 0 0 rg BT 470.09 190.80 Td (under ) Tj ET Q q 0 0 0 rg BT 491.42 190.80 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 513.60 190.80 Td (that ) Tj ET Q q 0 0 0 rg BT 528.40 190.80 Td (were ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 180.15 Td (sold ) Tj ET Q q 0 0 0 rg BT 101.10 180.15 Td (during ) Tj ET Q q 0 0 0 rg BT 124.46 180.15 Td (the ) Tj ET Q q 0 0 0 rg BT 136.87 180.15 Td (period ) Tj ET Q q 0 0 0 rg BT 160.52 180.15 Td (presented, ) Tj ET Q q 0 0 0 rg BT 198.06 180.15 Td (net ) Tj ET Q q 0 0 0 rg BT 210.46 180.15 Td (of ) Tj ET Q q 0 0 0 rg BT 218.70 180.15 Td (any ) Tj ET Q q 0 0 0 rg BT 231.95 180.15 Td (realized ) Tj ET Q q 0 0 0 rg BT 259.49 180.15 Td (gains ) Tj ET Q q 0 0 0 rg BT 278.70 180.15 Td (or ) Tj ET Q q 0 0 0 rg BT 287.21 180.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 308.79 180.15 Td (from ) Tj ET Q q 0 0 0 rg BT 325.77 180.15 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 363.17 180.15 Td (associated ) Tj ET Q q 0 0 0 rg BT 400.02 180.15 Td (with ) Tj ET Q q 0 0 0 rg BT 415.48 180.15 Td (the ) Tj ET Q q 0 0 0 rg BT 427.88 180.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 469.31 180.15 Td (sold.Cumulative ) Tj ET Q q 0 0 0 rg BT 526.86 180.15 Td (gains ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 169.50 Td (and ) Tj ET Q q 0 0 0 rg BT 99.77 169.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 121.40 169.50 Td (are ) Tj ET Q q 0 0 0 rg BT 133.44 169.50 Td (calculated ) Tj ET Q q 0 0 0 rg BT 169.10 169.50 Td (by ) Tj ET Q q 0 0 0 rg BT 178.92 169.50 Td (multiplying ) Tj ET Q q 0 0 0 rg BT 217.77 169.50 Td (the ) Tj ET Q q 0 0 0 rg BT 230.23 169.50 Td (difference ) Tj ET Q q 0 0 0 rg BT 265.20 169.50 Td (between ) Tj ET Q q 0 0 0 rg BT 296.00 169.50 Td (the ) Tj ET Q q 0 0 0 rg BT 308.46 169.50 Td (sales ) Tj ET Q q 0 0 0 rg BT 326.34 169.50 Td (price ) Tj ET Q q 0 0 0 rg BT 344.62 169.50 Td (and ) Tj ET Q q 0 0 0 rg BT 358.90 169.50 Td (original ) Tj ET Q q 0 0 0 rg BT 385.51 169.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 417.28 169.50 Td (price ) Tj ET Q q 0 0 0 rg BT 435.57 169.50 Td (by ) Tj ET Q q 0 0 0 rg BT 445.39 169.50 Td (the ) Tj ET Q q 0 0 0 rg BT 457.86 169.50 Td (face ) Tj ET Q q 0 0 0 rg BT 473.38 169.50 Td (value ) Tj ET Q q 0 0 0 rg BT 492.66 169.50 Td (of ) Tj ET Q q 0 0 0 rg BT 500.95 169.50 Td (the ) Tj ET Q q 0 0 0 rg BT 513.41 169.50 Td (securities ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 158.85 Td (sold. ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 103.69 158.85 Td ( ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 67.50 145.20 Td (\(3\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 145.20 Td (We ) Tj ET Q q 0 0 0 rg BT 98.70 145.20 Td (apply ) Tj ET Q q 0 0 0 rg BT 119.27 145.20 Td (estimated ) Tj ET Q q 0 0 0 rg BT 154.54 145.20 Td (effective ) Tj ET Q q 0 0 0 rg BT 184.97 145.20 Td (tax ) Tj ET Q q 0 0 0 rg BT 197.06 145.20 Td (rates ) Tj ET Q q 0 0 0 rg BT 215.39 145.20 Td (to ) Tj ET Q q 0 0 0 rg BT 224.41 145.20 Td (core ) Tj ET Q q 0 0 0 rg BT 241.09 145.20 Td (earnings ) Tj ET Q q 0 0 0 rg BT 271.78 145.20 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 314.42 145.20 Td (occurring ) Tj ET Q q 0 0 0 rg BT 347.89 145.20 Td (within ) Tj ET Q q 0 0 0 rg BT 369.83 145.20 Td (Redwood's ) Tj ET Q q 0 0 0 rg BT 409.17 145.20 Td (taxable ) Tj ET Q q 0 0 0 rg BT 435.70 145.20 Td (REIT ) Tj ET Q q 0 0 0 rg BT 452.97 145.20 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 493.94 145.20 Td (to ) Tj ET Q q 0 0 0 rg BT 502.96 145.20 Td (estimate ) Tj ET Q q 0 0 0 rg BT 533.66 145.20 Td (the ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 134.55 Td (hypothetical ) Tj ET Q q 0 0 0 rg BT 128.84 134.55 Td (income ) Tj ET Q q 0 0 0 rg BT 155.52 134.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 167.60 134.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 197.76 134.55 Td (or ) Tj ET Q q 0 0 0 rg BT 206.78 134.55 Td (benefit ) Tj ET Q q 0 0 0 rg BT 232.47 134.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 269.83 134.55 Td (with ) Tj ET Q q 0 0 0 rg BT 285.80 134.55 Td (those ) Tj ET Q q 0 0 0 rg BT 306.37 134.55 Td (adjustments.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 349.00 134.55 Td ( ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 67.50 120.90 Td (\(4\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 120.90 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 122.66 120.90 Td (with ) Tj ET Q q 0 0 0 rg BT 138.29 120.90 Td (the ) Tj ET Q q 0 0 0 rg BT 150.88 120.90 Td (calculation ) Tj ET Q q 0 0 0 rg BT 188.33 120.90 Td (of ) Tj ET Q q 0 0 0 rg BT 196.75 120.90 Td (net ) Tj ET Q q 0 0 0 rg BT 209.34 120.90 Td (income ) Tj ET Q q 0 0 0 rg BT 235.68 120.90 Td (per ) Tj ET Q q 0 0 0 rg BT 248.67 120.90 Td (diluted ) Tj ET Q q 0 0 0 rg BT 274.03 120.90 Td (common ) Tj ET Q q 0 0 0 rg BT 305.24 120.90 Td (share ) Tj ET Q q 0 0 0 rg BT 324.77 120.90 Td (for ) Tj ET Q q 0 0 0 rg BT 335.68 120.90 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 357.87 120.90 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 392.54 120.90 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 430.00 120.90 Td (core ) Tj ET Q q 0 0 0 rg BT 446.34 120.90 Td (earnings ) Tj ET Q q 0 0 0 rg BT 476.70 120.90 Td (per ) Tj ET Q q 0 0 0 rg BT 489.69 120.90 Td (diluted ) Tj ET Q q 0 0 0 rg BT 515.05 120.90 Td (common ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 110.25 Td (share ) Tj ET Q q 0 0 0 rg BT 106.15 110.25 Td (is ) Tj ET Q q 0 0 0 rg BT 114.01 110.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 150.90 110.25 Td (following ) Tj ET Q q 0 0 0 rg BT 184.46 110.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.16 110.25 Td ("two-class" ) Tj ET Q q 0 0 0 rg BT 239.36 110.25 Td (method. ) Tj ET Q q 0 0 0 rg BT 270.57 110.25 Td (Additional ) Tj ET Q q 0 0 0 rg BT 308.16 110.25 Td (information ) Tj ET Q q 0 0 0 rg BT 349.48 110.25 Td (on ) Tj ET Q q 0 0 0 rg BT 360.96 110.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.67 110.25 Td (calculation ) Tj ET Q q 0 0 0 rg BT 413.23 110.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.77 110.25 Td (core ) Tj ET Q q 0 0 0 rg BT 440.22 110.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 471.69 110.25 Td (using ) Tj ET Q q 0 0 0 rg BT 492.47 110.25 Td (the ) Tj ET Q q 0 0 0 rg BT 506.18 110.25 Td ("two-class" ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 99.60 Td (method ) Tj ET Q q 0 0 0 rg BT 113.84 99.60 Td (can ) Tj ET Q q 0 0 0 rg BT 127.60 99.60 Td (be ) Tj ET Q q 0 0 0 rg BT 138.44 99.60 Td (found ) Tj ET Q q 0 0 0 rg BT 160.12 99.60 Td (in ) Tj ET Q q 0 0 0 rg BT 168.17 99.60 Td (Table ) Tj ET Q q 0 0 0 rg BT 188.17 99.60 Td (2 ) Tj ET Q q 0 0 0 rg BT 194.43 99.60 Td (in ) Tj ET Q q 0 0 0 rg BT 202.48 99.60 Td (the ) Tj ET Q BT /F8 7.50 Tf ET q 0 0 0 rg BT 215.41 99.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 246.80 99.60 Td (Tables ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 270.00 99.60 Td (section ) Tj ET Q q 0 0 0 rg BT 295.98 99.60 Td (of) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 302.65 99.60 Td ( ) Tj ET Q q 0 0 0 rg BT 304.73 99.60 Td (this ) Tj ET Q q 0 0 0 rg BT 318.48 99.60 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 352.65 99.60 Td (Review.) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 221.00 736.44 Td (Q U A R T E R L Y O V E R V I E W) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 302.20 24.25 Td (9) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Analysis of Ear) Tj ET Q q 0 0 0 rg BT 159.75 702.30 Td (nings) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 674.97 cm /I35 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 80.91 677.65 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 677.65 Td (Net ) Tj ET Q q 0 0 0 rg BT 111.12 677.65 Td (interest ) Tj ET Q q 0 0 0 rg BT 150.34 677.65 Td (income ) Tj ET Q q 0 0 0 rg BT 189.21 677.65 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 201.78 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BT 216.70 662.05 Td (net ) Tj ET Q q 0 0 0 rg BT 236.10 662.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 276.05 662.05 Td (income ) Tj ET Q q 0 0 0 rg BT 315.63 662.05 Td (from ) Tj ET Q q 0 0 0 rg BT 341.75 662.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 377.64 662.05 Td (deployment ) Tj ET Q q 0 0 0 rg BT 440.44 662.05 Td (was ) Tj ET Q q 0 0 0 rg BT 462.29 662.05 Td (offset ) Tj ET Q q 0 0 0 rg BT 493.10 662.05 Td (by ) Tj ET Q q 0 0 0 rg BT 508.64 662.05 Td (higher ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 646.40 Td (interest ) Tj ET Q q 0 0 0 rg BT 128.51 646.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 155.43 646.40 Td (from ) Tj ET Q q 0 0 0 rg BT 180.10 646.40 Td (a ) Tj ET Q q 0 0 0 rg BT 187.89 646.40 Td (full ) Tj ET Q q 0 0 0 rg BT 204.62 646.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 242.31 646.40 Td (of ) Tj ET Q q 0 0 0 rg BT 254.16 646.40 Td (interest ) Tj ET Q q 0 0 0 rg BT 292.67 646.40 Td (expense ) Tj ET Q q 0 0 0 rg BT 335.92 646.40 Td (on ) Tj ET Q q 0 0 0 rg BT 350.63 646.40 Td (our ) Tj ET Q q 0 0 0 rg BT 368.99 646.40 Td (convertible ) Tj ET Q q 0 0 0 rg BT 425.86 646.40 Td (debt ) Tj ET Q q 0 0 0 rg BT 451.14 646.40 Td (offering ) Tj ET Q q 0 0 0 rg BT 491.29 646.40 Td (in ) Tj ET Q q 0 0 0 rg BT 502.12 646.40 Td (August. ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 619.12 cm /I36 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 80.91 621.80 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 621.80 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 143.05 621.80 Td (banking ) Tj ET Q q 0 0 0 rg BT 186.55 621.80 Td (activities, ) Tj ET Q q 0 0 0 rg BT 236.14 621.80 Td (net, ) Tj ET Q q 0 0 0 rg BT 259.25 621.80 Td (decreased ) Tj ET Q q 0 0 0 rg BT 314.37 621.80 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 328.71 621.80 Td ($3 ) Tj ET Q q 0 0 0 rg BT 345.11 621.80 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 377.71 621.80 Td ( ) Tj ET Q q 0 0 0 rg BT 381.88 621.80 Td (for ) Tj ET Q q 0 0 0 rg BT 399.48 621.80 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 419.54 621.80 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 448.87 621.80 Td ( ) Tj ET Q q 0 0 0 rg BT 453.04 621.80 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 494.88 621.80 Td (from ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 521.65 621.80 Td ($21 ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 606.20 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 122.59 606.20 Td ( ) Tj ET Q q 0 0 0 rg BT 125.76 606.20 Td (for ) Tj ET Q q 0 0 0 rg BT 142.37 606.20 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 161.43 606.20 Td (third) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 184.03 606.20 Td ( ) Tj ET Q q 0 0 0 rg BT 187.20 606.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 225.99 606.20 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 238.94 606.20 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 263.40 606.20 Td (, ) Tj ET Q q 0 0 0 rg BT 269.63 606.20 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 318.83 606.20 Td (the ) Tj ET Q q 0 0 0 rg BT 337.90 606.20 Td (impact ) Tj ET Q q 0 0 0 rg BT 374.46 606.20 Td (to ) Tj ET Q q 0 0 0 rg BT 387.81 606.20 Td (margins ) Tj ET Q q 0 0 0 rg BT 429.68 606.20 Td (from ) Tj ET Q q 0 0 0 rg BT 455.46 606.20 Td (a ) Tj ET Q q 0 0 0 rg BT 464.34 606.20 Td (temporary ) Tj ET Q q 0 0 0 rg BT 518.21 606.20 Td (pull-) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 590.55 Td (back ) Tj ET Q q 0 0 0 rg BT 116.09 590.55 Td (in ) Tj ET Q q 0 0 0 rg BT 127.91 590.55 Td (loan ) Tj ET Q q 0 0 0 rg BT 151.95 590.55 Td (pricing ) Tj ET Q q 0 0 0 rg BT 188.80 590.55 Td (at ) Tj ET Q q 0 0 0 rg BT 201.22 590.55 Td (year-end.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 563.27 cm /I37 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 80.91 565.95 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 565.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 147.31 565.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 165.85 565.95 Td (value ) Tj ET Q q 0 0 0 rg BT 195.01 565.95 Td (changes, ) Tj ET Q q 0 0 0 rg BT 242.11 565.95 Td (net, ) Tj ET Q q 0 0 0 rg BT 264.34 565.95 Td (on ) Tj ET Q q 0 0 0 rg BT 280.25 565.95 Td (a ) Tj ET Q q 0 0 0 rg BT 289.24 565.95 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 322.49 565.95 Td (basis ) Tj ET Q q 0 0 0 rg BT 350.21 565.95 Td (were ) Tj ET Q q 0 0 0 rg BT 377.12 565.95 Td (less ) Tj ET Q q 0 0 0 rg BT 398.52 565.95 Td (than ) Tj ET Q q 0 0 0 rg BT 423.41 565.95 Td ($1 ) Tj ET Q q 0 0 0 rg BT 438.92 565.95 Td (million ) Tj ET Q q 0 0 0 rg BT 474.79 565.95 Td (for ) Tj ET Q q 0 0 0 rg BT 491.50 565.95 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 510.68 565.95 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 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143.42 534.70 Td (on ) Tj ET Q q 0 0 0 rg BT 159.77 534.70 Td (our ) Tj ET Q q 0 0 0 rg BT 179.76 534.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 209.14 534.70 Td (and ) Tj ET Q q 0 0 0 rg BT 231.39 534.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 280.72 534.70 Td (held ) Tj ET Q q 0 0 0 rg BT 306.01 534.70 Td (at ) Tj ET Q q 0 0 0 rg BT 319.08 534.70 Td (a ) Tj ET Q q 0 0 0 rg BT 328.49 534.70 Td (premium ) Tj ET Q q 0 0 0 rg BT 375.99 534.70 Td (were ) Tj ET Q q 0 0 0 rg BT 403.32 534.70 Td (more ) Tj ET Q q 0 0 0 rg BT 432.49 534.70 Td (than ) Tj ET Q q 0 0 0 rg BT 457.80 534.70 Td (offset ) Tj ET Q q 0 0 0 rg BT 488.80 534.70 Td (by ) Tj ET Q q 0 0 0 rg BT 504.53 534.70 Td (the ) Tj ET Q q 0 0 0 rg BT 524.13 534.70 Td (net ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 519.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 126.53 519.10 Td (from ) Tj ET Q q 0 0 0 rg BT 151.05 519.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 186.38 519.10 Td (tightening ) Tj ET Q q 0 0 0 rg BT 238.80 519.10 Td (on ) Tj ET Q q 0 0 0 rg BT 253.35 519.10 Td (our ) Tj ET Q q 0 0 0 rg BT 271.56 519.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 319.09 519.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 366.21 519.10 Td (On ) Tj ET Q q 0 0 0 rg BT 383.41 519.10 Td (a ) Tj ET Q q 0 0 0 rg BT 391.04 519.10 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 445.34 519.10 Td (core ) Tj ET Q q 0 0 0 rg BT 468.65 519.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 512.52 519.10 Td (basis, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 503.45 Td (after ) Tj ET Q q 0 0 0 rg BT 115.83 503.45 Td (eliminating ) Tj ET Q q 0 0 0 rg BT 173.67 503.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 210.30 503.45 Td (mark-to-market ) Tj ET Q q 0 0 0 rg BT 289.09 503.45 Td (changes ) Tj ET Q q 0 0 0 rg BT 333.31 503.45 Td (on ) Tj ET Q q 0 0 0 rg BT 349.40 503.45 Td (long-term ) Tj ET Q q 0 0 0 rg BT 401.50 503.45 Td (investments ) Tj ET Q q 0 0 0 rg BT 463.40 503.45 Td (\(and ) Tj ET Q q 0 0 0 rg BT 488.26 503.45 Td (associated ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 487.85 Td (derivatives\), ) Tj ET Q q 0 0 0 rg BT 150.68 487.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 206.66 487.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 224.13 487.85 Td (value ) Tj ET Q q 0 0 0 rg BT 252.22 487.85 Td (changes, ) Tj ET Q q 0 0 0 rg BT 298.26 487.85 Td (net, ) Tj ET Q q 0 0 0 rg BT 319.41 487.85 Td (were ) Tj ET Q q 0 0 0 rg BT 345.25 487.85 Td (negative ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 389.84 487.85 Td ($7 ) Tj ET Q q 0 0 0 rg BT 404.29 487.85 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 436.88 487.85 Td ( ) Tj ET Q q 0 0 0 rg BT 439.09 487.85 Td (for ) Tj ET Q q 0 0 0 rg BT 454.74 487.85 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 472.84 487.85 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 502.17 487.85 Td ( ) Tj ET Q q 0 0 0 rg BT 504.38 487.85 Td (quarter ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 472.20 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 102.84 472.20 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 127.30 472.20 Td (, ) Tj ET Q q 0 0 0 rg BT 133.42 472.20 Td (as ) Tj ET Q q 0 0 0 rg BT 146.87 472.20 Td (compared ) Tj ET Q q 0 0 0 rg BT 199.85 472.20 Td (with ) Tj ET Q q 0 0 0 rg BT 223.27 472.20 Td (negative ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 268.71 472.20 Td ($6 ) Tj ET Q q 0 0 0 rg BT 284.00 472.20 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 316.59 472.20 Td ( ) Tj ET Q q 0 0 0 rg BT 319.65 472.20 Td (for ) Tj ET Q q 0 0 0 rg BT 336.14 472.20 Td (the ) Tj ET Q q 0 0 0 rg BT 355.09 472.20 Td (third ) Tj ET Q q 0 0 0 rg BT 380.75 472.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 419.42 472.20 Td (of ) Tj ET Q q 0 0 0 rg BT 432.26 472.20 Td (2017.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 444.92 cm /I38 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 80.91 447.60 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 447.60 Td (On ) Tj ET Q q 0 0 0 rg BT 107.16 447.60 Td (a ) Tj ET Q q 0 0 0 rg BT 114.75 447.60 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 146.58 447.60 Td (basis, ) Tj ET Q q 0 0 0 rg BT 175.96 447.60 Td (we ) Tj ET Q q 0 0 0 rg BT 191.89 447.60 Td (realized ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 231.86 447.60 Td (gains) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 257.73 447.60 Td ( ) Tj ET Q q 0 0 0 rg BT 259.61 447.60 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 271.26 447.60 Td ($5 ) Tj ET Q q 0 0 0 rg BT 285.37 447.60 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 317.96 447.60 Td ( ) Tj ET Q q 0 0 0 rg BT 319.83 447.60 Td (during ) Tj ET Q q 0 0 0 rg BT 353.67 447.60 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 371.44 447.60 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 400.77 447.60 Td ( ) Tj ET Q q 0 0 0 rg BT 402.64 447.60 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 442.18 447.60 Td (which ) Tj ET Q q 0 0 0 rg BT 472.17 447.60 Td (were ) Tj ET Q q 0 0 0 rg BT 497.67 447.60 Td (primarily ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 432.00 Td (related ) Tj ET Q q 0 0 0 rg BT 128.25 432.00 Td (to ) Tj ET Q q 0 0 0 rg BT 142.27 432.00 Td (the ) Tj ET Q q 0 0 0 rg BT 162.01 432.00 Td (sale ) Tj ET Q q 0 0 0 rg BT 185.00 432.00 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 198.62 432.00 Td ($29 ) Tj ET Q q 0 0 0 rg BT 220.81 432.00 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 253.40 432.00 Td ( ) Tj ET Q q 0 0 0 rg BT 257.25 432.00 Td (of ) Tj ET Q q 0 0 0 rg BT 270.87 432.00 Td (available-for-sale ) Tj ET Q q 0 0 0 rg BT 357.20 432.00 Td (securities, ) Tj ET Q q 0 0 0 rg BT 409.72 432.00 Td (as ) Tj ET Q q 0 0 0 rg BT 423.96 432.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 477.72 432.00 Td (with ) Tj ET Q q 0 0 0 rg BT 501.92 432.00 Td (realized ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 416.35 Td (gains) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 115.87 416.35 Td ( ) Tj ET Q q 0 0 0 rg BT 120.00 416.35 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 133.91 416.35 Td ($2 ) Tj ET Q q 0 0 0 rg BT 150.27 416.35 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 182.86 416.35 Td ( ) Tj ET Q q 0 0 0 rg BT 186.99 416.35 Td (during ) Tj ET Q q 0 0 0 rg BT 223.08 416.35 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 243.10 416.35 Td (third) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 265.70 416.35 Td ( ) Tj ET Q q 0 0 0 rg BT 269.83 416.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 309.57 416.35 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 323.48 416.35 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 347.94 416.35 Td (. ) Tj ET Q q 0 0 0 rg BT 355.13 416.35 Td (On ) Tj ET Q q 0 0 0 rg BT 374.55 416.35 Td (a ) Tj ET Q q 0 0 0 rg BT 384.38 416.35 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 440.89 416.35 Td (core ) Tj ET Q q 0 0 0 rg BT 466.41 416.35 Td (earnings ) Tj ET Q q 0 0 0 rg BT 512.50 416.35 Td (basis, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 400.75 Td (realized ) Tj ET Q q 0 0 0 rg BT 130.89 400.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 159.56 400.75 Td (also ) Tj ET Q q 0 0 0 rg BT 181.91 400.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 225.04 400.75 Td (the ) Tj ET Q q 0 0 0 rg BT 243.73 400.75 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 299.51 400.75 Td (net ) Tj ET Q q 0 0 0 rg BT 318.19 400.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 346.85 400.75 Td (or ) Tj ET Q q 0 0 0 rg BT 359.82 400.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 391.96 400.75 Td (on ) Tj ET Q q 0 0 0 rg BT 407.39 400.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 445.41 400.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 493.82 400.75 Td (sold. ) Tj ET Q q 0 0 0 rg BT 520.25 400.75 Td (This ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 385.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 148.04 385.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 198.15 385.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 239.49 385.10 Td (gains, ) Tj ET Q q 0 0 0 rg BT 271.67 385.10 Td (net ) Tj ET Q q 0 0 0 rg BT 290.81 385.10 Td (to ) Tj ET Q q 0 0 0 rg BT 304.23 385.10 Td ($9 ) Tj ET Q q 0 0 0 rg BT 319.71 385.10 Td (million ) Tj ET Q q 0 0 0 rg BT 355.55 385.10 Td (for ) Tj ET Q q 0 0 0 rg BT 372.23 385.10 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 391.38 385.10 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 420.70 385.10 Td ( ) Tj ET Q q 0 0 0 rg BT 423.95 385.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 462.82 385.10 Td (from ) Tj ET Q q 0 0 0 rg BT 488.67 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.82 385.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 530.22 385.10 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 369.50 Td ($51 ) Tj ET Q q 0 0 0 rg BT 111.41 369.50 Td (million ) Tj ET Q q 0 0 0 rg BT 147.06 369.50 Td (of ) Tj ET Q q 0 0 0 rg BT 159.90 369.50 Td (trading ) Tj ET Q q 0 0 0 rg BT 198.18 369.50 Td (securities, ) Tj ET Q q 0 0 0 rg BT 249.91 369.50 Td (as ) Tj ET Q q 0 0 0 rg BT 263.36 369.50 Td (compared ) Tj ET Q q 0 0 0 rg BT 316.34 369.50 Td (with ) Tj ET Q q 0 0 0 rg BT 339.76 369.50 Td ($3 ) Tj ET Q q 0 0 0 rg BT 355.05 369.50 Td (million ) Tj ET Q q 0 0 0 rg BT 390.70 369.50 Td (for ) Tj ET Q q 0 0 0 rg BT 407.19 369.50 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 426.14 369.50 Td (third) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 448.74 369.50 Td ( ) Tj ET Q q 0 0 0 rg BT 451.80 369.50 Td (quarter.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 342.22 cm /I39 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 80.91 344.90 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 344.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 143.50 344.90 Td (expenses ) Tj ET Q q 0 0 0 rg BT 192.34 344.90 Td (were ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 218.95 344.90 Td ($20 ) Tj ET Q q 0 0 0 rg BT 240.28 344.90 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 272.88 344.90 Td ( ) Tj ET Q q 0 0 0 rg BT 275.86 344.90 Td (for ) Tj ET Q q 0 0 0 rg BT 292.27 344.90 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 311.15 344.90 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 340.48 344.90 Td ( ) Tj ET Q q 0 0 0 rg BT 343.46 344.90 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 384.11 344.90 Td (consistent ) Tj ET Q q 0 0 0 rg BT 436.58 344.90 Td (with ) Tj ET Q q 0 0 0 rg BT 459.93 344.90 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 478.81 344.90 Td (third) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 501.40 344.90 Td ( ) Tj ET Q q 0 0 0 rg BT 504.38 344.90 Td (quarter ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 329.25 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 102.90 329.25 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 127.36 329.25 Td (. ) Tj ET Q q 0 0 0 rg BT 133.54 329.25 Td (Fourth ) Tj ET Q q 0 0 0 rg BT 168.85 329.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 207.59 329.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 258.57 329.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 307.55 329.25 Td (included ) Tj ET Q q 0 0 0 rg BT 353.05 329.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 394.66 329.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 467.26 329.25 Td (commensurate ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 313.65 Td (with ) Tj ET Q q 0 0 0 rg BT 113.42 313.65 Td (our ) Tj ET Q q 0 0 0 rg BT 132.77 313.65 Td (full-year ) Tj ET Q q 0 0 0 rg BT 174.93 313.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 218.12 313.65 Td (results.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 286.32 cm /I40 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 286.32 cm /I41 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 289.00 Td (We ) Tj ET Q q 0 0 0 rg BT 110.29 289.00 Td (recorded ) Tj ET Q q 0 0 0 rg BT 158.68 289.00 Td (a ) Tj ET Q q 0 0 0 rg BT 168.38 289.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 187.03 289.00 Td (benefit ) Tj ET Q q 0 0 0 rg BT 225.63 289.00 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 239.40 289.00 Td ($5 ) Tj ET Q q 0 0 0 rg BT 255.62 289.00 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 288.21 289.00 Td ( ) Tj ET Q q 0 0 0 rg BT 292.20 289.00 Td (during ) Tj ET Q q 0 0 0 rg BT 328.15 289.00 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 348.03 289.00 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 377.36 289.00 Td ( ) Tj ET Q q 0 0 0 rg BT 381.35 289.00 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 423.00 289.00 Td (as ) Tj ET Q q 0 0 0 rg BT 437.38 289.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 491.29 289.00 Td (with ) Tj ET Q q 0 0 0 rg BT 515.63 289.00 Td (a ) Tj ET Q q 0 0 0 rg BT 525.33 289.00 Td (tax ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 273.40 Td (provision ) Tj ET Q q 0 0 0 rg BT 138.89 273.40 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 152.95 273.40 Td ($5 ) Tj ET Q q 0 0 0 rg BT 169.46 273.40 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 202.06 273.40 Td ( ) Tj ET Q q 0 0 0 rg BT 206.34 273.40 Td (for ) Tj ET Q q 0 0 0 rg BT 224.05 273.40 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 244.23 273.40 Td (third) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 266.83 273.40 Td ( ) Tj ET Q q 0 0 0 rg BT 271.11 273.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 311.01 273.40 Td (of ) Tj ET Q q 0 0 0 rg BT 325.07 273.40 Td (2017. ) Tj ET Q q 0 0 0 rg BT 356.88 273.40 Td (The ) Tj ET Q q 0 0 0 rg BT 379.71 273.40 Td (tax ) Tj ET Q q 0 0 0 rg BT 398.65 273.40 Td (benefit ) Tj ET Q q 0 0 0 rg BT 437.55 273.40 Td (in ) Tj ET Q q 0 0 0 rg BT 450.59 273.40 Td (the ) Tj ET Q q 0 0 0 rg BT 470.77 273.40 Td (fourth ) Tj ET Q q 0 0 0 rg BT 504.38 273.40 Td (quarter ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 257.80 Td (includes ) Tj ET Q q 0 0 0 rg BT 133.96 257.80 Td (an ) Tj ET Q q 0 0 0 rg BT 149.41 257.80 Td ($8 ) Tj ET Q q 0 0 0 rg BT 165.27 257.80 Td (million ) Tj ET Q q 0 0 0 rg BT 201.49 257.80 Td (benefit ) Tj ET Q q 0 0 0 rg BT 239.73 257.80 Td (associated ) Tj ET Q q 0 0 0 rg BT 295.10 257.80 Td (with ) Tj ET Q q 0 0 0 rg BT 319.09 257.80 Td (the ) Tj ET Q q 0 0 0 rg BT 338.61 257.80 Td (reduction ) Tj ET Q q 0 0 0 rg BT 388.89 257.80 Td (of ) Tj ET Q q 0 0 0 rg BT 402.29 257.80 Td (our ) Tj ET Q q 0 0 0 rg BT 422.21 257.80 Td (net ) Tj ET Q q 0 0 0 rg BT 441.72 257.80 Td (federal ) Tj ET Q q 0 0 0 rg BT 479.56 257.80 Td (deferred ) Tj ET Q q 0 0 0 rg BT 525.33 257.80 Td (tax ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 242.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 135.87 242.15 Td (from ) Tj ET Q q 0 0 0 rg BT 161.59 242.15 Td (recent ) Tj ET Q q 0 0 0 rg BT 195.46 242.15 Td (tax ) Tj ET Q q 0 0 0 rg BT 213.23 242.15 Td (reform. ) Tj ET Q q 0 0 0 rg BT 251.98 242.15 Td (A ) Tj ET Q q 0 0 0 rg BT 262.64 242.15 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 331.15 242.15 Td (of ) Tj ET Q q 0 0 0 rg BT 344.04 242.15 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 377.11 242.15 Td (and ) Tj ET Q q 0 0 0 rg BT 398.77 242.15 Td (taxable ) Tj ET Q q 0 0 0 rg BT 437.74 242.15 Td (income ) Tj ET Q q 0 0 0 rg BT 476.92 242.15 Td (is ) Tj ET Q q 0 0 0 rg BT 487.36 242.15 Td (set ) Tj ET Q q 0 0 0 rg BT 504.93 242.15 Td (forth ) Tj ET Q q 0 0 0 rg BT 531.25 242.15 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 226.55 Td (Table ) Tj ET Q q 0 0 0 rg BT 119.34 226.55 Td (6 ) Tj ET Q q 0 0 0 rg BT 128.51 226.55 Td (in ) Tj ET Q q 0 0 0 rg BT 140.33 226.55 Td (the ) Tj ET Q BT /F8 11.00 Tf ET q 0 0 0 rg BT 159.28 226.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 205.33 226.55 Td (Tables ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 239.35 226.55 Td (section ) Tj ET Q q 0 0 0 rg BT 277.45 226.55 Td (of ) Tj ET Q q 0 0 0 rg BT 290.29 226.55 Td (this ) Tj ET Q q 0 0 0 rg BT 310.46 226.55 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 360.58 226.55 Td (Review. ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 199.22 cm /I42 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 199.22 cm /I43 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 201.90 Td (Additional ) Tj ET Q q 0 0 0 rg BT 143.12 201.90 Td (details ) Tj ET Q q 0 0 0 rg BT 177.46 201.90 Td (on ) Tj ET Q q 0 0 0 rg BT 192.29 201.90 Td (our ) Tj ET Q q 0 0 0 rg BT 210.76 201.90 Td (earnings ) Tj ET Q q 0 0 0 rg BT 254.90 201.90 Td (are ) Tj ET Q q 0 0 0 rg BT 272.37 201.90 Td (included ) Tj ET Q q 0 0 0 rg BT 316.92 201.90 Td (in ) Tj ET Q q 0 0 0 rg BT 327.87 201.90 Td (the ) Tj ET Q BT /F8 11.00 Tf ET q 0 0 0 rg BT 345.95 201.90 Td (Segment) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 390.16 201.90 Td ( ) Tj ET Q BT /F8 11.00 Tf ET q 0 0 0 rg BT 392.34 201.90 Td (Results) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 426.77 201.90 Td ( ) Tj ET Q q 0 0 0 rg BT 428.96 201.90 Td (portion ) Tj ET Q q 0 0 0 rg BT 466.98 201.90 Td (of ) Tj ET Q q 0 0 0 rg BT 478.94 201.90 Td (the ) Tj ET Q BT /F8 11.00 Tf ET q 0 0 0 rg BT 497.02 201.90 Td (Financial ) Tj ET Q BT /F8 11.00 Tf ET q 0 0 0 rg BT 90.00 186.30 Td (Insights) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 127.52 186.30 Td ( ) Tj ET Q q 0 0 0 rg BT 130.58 186.30 Td (section ) Tj ET Q q 0 0 0 rg BT 168.68 186.30 Td (that ) Tj ET Q q 0 0 0 rg BT 190.88 186.30 Td (follows.) 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182.08 470.55 Td (ed g) Tj ET Q q 0 0 0 rg BT 199.08 470.55 Td (ains on securities, ne) Tj ET Q q 0 0 0 rg BT 283.92 470.55 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 451.90 470.55 Td (0.05) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 512.90 470.55 Td (0.19) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 455.55 Td (Dividends) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 448.85 455.55 Td (\(0.28) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.65 455.55 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 509.85 455.55 Td (\(0.28) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 530.65 455.55 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 440.55 Td (E) Tj ET Q q 0 0 0 rg BT 91.81 440.55 Td (quity c) Tj ET Q q 0 0 0 rg BT 118.86 440.55 Td (ompensa) Tj ET Q q 0 0 0 rg BT 156.22 440.55 Td (tion, ne) Tj ET Q q 0 0 0 rg BT 187.31 440.55 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 448.85 440.55 Td (\(0.02) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.65 440.55 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 512.90 440.55 Td (0.02) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 425.55 Td (Chang) Tj ET Q q 0 0 0 rg BT 112.30 425.55 Td (es in unr) Tj ET Q q 0 0 0 rg BT 147.14 425.55 Td (ealiz) Tj ET Q q 0 0 0 rg BT 165.27 425.55 Td (ed losses on deriv) Tj ET Q q 0 0 0 rg BT 237.42 425.55 Td (a) Tj ET Q q 0 0 0 rg BT 242.10 425.55 Td (tiv) Tj ET Q q 0 0 0 rg BT 252.16 425.55 Td (es hedging long-t) Tj ET Q q 0 0 0 rg BT 321.85 425.55 Td (erm deb) Tj ET Q q 0 0 0 rg BT 355.97 425.55 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 451.90 425.55 Td (0.02) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 521.55 425.55 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 87.00 410.55 Td (Other) Tj ET Q q 0 0 0 rg BT 109.83 410.55 Td (, ne) Tj ET Q q 0 0 0 rg BT 124.76 410.55 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 451.90 410.55 Td (0.04) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 512.90 410.55 Td (0.04) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 81.00 391.55 Td (Ending book v) Tj ET Q q 0 0 0 rg BT 139.20 391.55 Td (alue per shar) Tj ET Q q 0 0 0 rg BT 193.20 391.55 Td (e) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 419.00 391.55 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 446.70 391.55 Td (15.83) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 480.00 391.55 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 507.70 391.55 Td (15.67) Tj ET Q BT /F1 10.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 346.80 Td ( ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 75.06 344.12 cm /I44 Do Q /GS0 gs q 6.03 0 0 12.00 83.97 344.12 cm /I45 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 346.80 Td (Our ) Tj ET Q q 0 0 0 rg BT 112.70 346.80 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 146.42 346.80 Td (book ) Tj ET Q q 0 0 0 rg BT 175.25 346.80 Td (value ) Tj ET Q q 0 0 0 rg BT 204.89 346.80 Td (per ) Tj ET Q q 0 0 0 rg BT 225.14 346.80 Td (share ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 254.98 346.80 Td (increased) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 301.84 346.80 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 305.60 346.80 Td ($0.16) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 333.12 346.80 Td ( ) Tj ET Q q 0 0 0 rg BT 336.88 346.80 Td (per ) Tj ET Q q 0 0 0 rg BT 357.13 346.80 Td (share ) Tj ET Q q 0 0 0 rg BT 386.97 346.80 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 400.90 346.80 Td ($15.83) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 434.54 346.80 Td ( ) Tj ET Q q 0 0 0 rg BT 438.30 346.80 Td (per ) Tj ET Q q 0 0 0 rg BT 458.54 346.80 Td (share ) Tj ET Q q 0 0 0 rg BT 488.38 346.80 Td (during ) Tj ET Q q 0 0 0 rg BT 524.11 346.80 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 331.20 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 119.33 331.20 Td ( ) Tj ET Q q 0 0 0 rg BT 121.60 331.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 159.49 331.20 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 171.54 331.20 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 196.01 331.20 Td (. ) Tj ET Q q 0 0 0 rg BT 201.34 331.20 Td (This ) Tj ET Q q 0 0 0 rg BT 223.37 331.20 Td (increase ) Tj ET Q q 0 0 0 rg BT 265.79 331.20 Td (was ) Tj ET Q q 0 0 0 rg BT 286.40 331.20 Td (driven ) Tj ET Q q 0 0 0 rg BT 319.22 331.20 Td (primarily ) Tj ET Q q 0 0 0 rg BT 363.82 331.20 Td (by ) Tj ET Q q 0 0 0 rg BT 378.12 331.20 Td (earnings ) Tj ET Q q 0 0 0 rg BT 422.35 331.20 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 475.78 331.20 Td (the ) Tj ET Q q 0 0 0 rg BT 493.95 331.20 Td (dividend, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 315.55 Td (and ) Tj ET Q q 0 0 0 rg BT 111.60 315.55 Td (positive ) Tj ET Q q 0 0 0 rg BT 152.95 315.55 Td (mark-to-market ) Tj ET Q q 0 0 0 rg BT 231.35 315.55 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 293.89 315.55 Td (on ) Tj ET Q q 0 0 0 rg BT 309.58 315.55 Td (our ) Tj ET Q q 0 0 0 rg BT 328.93 315.55 Td (available-for-sale ) Tj ET Q q 0 0 0 rg BT 414.48 315.55 Td (securities.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 290.95 Td ( ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 75.06 288.27 cm /I46 Do Q /GS0 gs q 6.03 0 0 12.00 83.97 288.27 cm /I47 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 290.95 Td (Unrealized ) Tj ET Q q 0 0 0 rg BT 143.52 290.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 171.16 290.95 Td (on ) Tj ET Q q 0 0 0 rg BT 185.57 290.95 Td (our ) Tj ET Q q 0 0 0 rg BT 203.63 290.95 Td (available-for-sale ) Tj ET Q q 0 0 0 rg BT 287.88 290.95 Td (securities ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 335.27 290.95 Td (increased) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 382.13 290.95 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 383.89 290.95 Td ($0.05) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 411.42 290.95 Td ( ) Tj ET Q q 0 0 0 rg BT 413.18 290.95 Td (per ) Tj ET Q q 0 0 0 rg BT 431.44 290.95 Td (share ) Tj ET Q q 0 0 0 rg BT 459.29 290.95 Td (during ) Tj ET Q q 0 0 0 rg BT 493.02 290.95 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 510.68 290.95 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 275.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 127.41 275.30 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 138.98 275.30 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 163.45 275.30 Td (. ) Tj ET Q q 0 0 0 rg BT 168.30 275.30 Td (This ) Tj ET Q q 0 0 0 rg BT 189.85 275.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 231.78 275.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 275.90 275.30 Td (resulted ) Tj ET Q q 0 0 0 rg BT 317.21 275.30 Td (from ) Tj ET Q q 0 0 0 rg BT 341.61 275.30 Td (a ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 349.11 275.30 Td (positive) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 387.40 275.30 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 389.20 275.30 Td ($0.12) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 416.72 275.30 Td ( ) Tj ET Q q 0 0 0 rg BT 418.51 275.30 Td (per ) Tj ET Q q 0 0 0 rg BT 436.80 275.30 Td (share ) Tj ET Q q 0 0 0 rg BT 464.67 275.30 Td (mark-to-market ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 259.70 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 148.39 259.70 Td (on ) Tj ET Q q 0 0 0 rg BT 164.63 259.70 Td (our ) Tj ET Q q 0 0 0 rg BT 184.52 259.70 Td (available-for-sale ) Tj ET Q q 0 0 0 rg BT 270.61 259.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 319.83 259.70 Td (due ) Tj ET Q q 0 0 0 rg BT 342.38 259.70 Td (to ) Tj ET Q q 0 0 0 rg BT 356.16 259.70 Td (spread ) Tj ET Q q 0 0 0 rg BT 393.17 259.70 Td (tightening ) Tj ET Q q 0 0 0 rg BT 447.27 259.70 Td (during ) Tj ET Q q 0 0 0 rg BT 482.84 259.70 Td (the ) Tj ET Q q 0 0 0 rg BT 502.33 259.70 Td (quarter, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 244.10 Td (which ) Tj ET Q q 0 0 0 rg BT 122.72 244.10 Td (was ) Tj ET Q q 0 0 0 rg BT 145.66 244.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 188.95 244.10 Td (offset ) Tj ET Q q 0 0 0 rg BT 220.85 244.10 Td (by ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 237.48 244.10 Td ($0.04) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 265.00 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.60 244.10 Td (per ) Tj ET Q q 0 0 0 rg BT 290.70 244.10 Td (share ) Tj ET Q q 0 0 0 rg BT 321.38 244.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.77 244.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 382.14 244.10 Td (accretion ) Tj ET Q q 0 0 0 rg BT 431.57 244.10 Td (income ) Tj ET Q q 0 0 0 rg BT 472.24 244.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 531.24 244.10 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 228.45 Td (earnings ) Tj ET Q q 0 0 0 rg BT 134.68 228.45 Td (from ) Tj ET Q q 0 0 0 rg BT 160.00 228.45 Td (the ) Tj ET Q q 0 0 0 rg BT 178.62 228.45 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 242.66 228.45 Td (in ) Tj ET Q q 0 0 0 rg BT 254.14 228.45 Td (the ) Tj ET Q q 0 0 0 rg BT 272.76 228.45 Td (amortized ) Tj ET Q q 0 0 0 rg BT 324.56 228.45 Td (cost ) Tj ET Q q 0 0 0 rg BT 347.44 228.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 374.61 228.45 Td (of ) Tj ET Q q 0 0 0 rg BT 387.11 228.45 Td (our ) Tj ET Q q 0 0 0 rg BT 406.12 228.45 Td (available-for-sale ) Tj ET Q q 0 0 0 rg BT 491.34 228.45 Td (securities, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 212.85 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 111.49 212.85 Td ($0.03) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 139.01 212.85 Td ( ) Tj ET Q q 0 0 0 rg BT 141.96 212.85 Td (per ) Tj ET Q q 0 0 0 rg BT 161.39 212.85 Td (share ) Tj ET Q q 0 0 0 rg BT 190.42 212.85 Td (of ) Tj ET Q q 0 0 0 rg BT 203.14 212.85 Td (previously ) Tj ET Q q 0 0 0 rg BT 255.59 212.85 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 308.86 212.85 Td (net ) Tj ET Q q 0 0 0 rg BT 327.69 212.85 Td (gains ) Tj ET Q q 0 0 0 rg BT 356.51 212.85 Td (that ) Tj ET Q q 0 0 0 rg BT 378.59 212.85 Td (were ) Tj ET Q q 0 0 0 rg BT 405.16 212.85 Td (realized ) Tj ET Q q 0 0 0 rg BT 446.20 212.85 Td (as ) Tj ET Q q 0 0 0 rg BT 459.54 212.85 Td (income ) Tj ET Q q 0 0 0 rg BT 498.56 212.85 Td (from ) Tj ET Q q 0 0 0 rg BT 524.11 212.85 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 197.20 Td (sale ) Tj ET Q q 0 0 0 rg BT 112.21 197.20 Td (of ) Tj ET Q q 0 0 0 rg BT 125.05 197.20 Td (securities. ) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 221.00 736.44 Td (Q U A R T E R L Y O V E R V I E W) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 299.40 24.25 Td (11) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Capital ) Tj ET Q q 0 0 0 rg BT 116.61 702.30 Td (Allocations) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 680.65 Td (We ) Tj ET Q q 0 0 0 rg BT 91.55 680.65 Td (use ) Tj ET Q q 0 0 0 rg BT 111.72 680.65 Td (a ) Tj ET Q q 0 0 0 rg BT 120.68 680.65 Td (combination ) Tj ET Q q 0 0 0 rg BT 185.26 680.65 Td (of ) Tj ET Q q 0 0 0 rg BT 198.29 680.65 Td (equity ) Tj ET Q q 0 0 0 rg BT 232.08 680.65 Td (and ) Tj ET Q q 0 0 0 rg BT 253.88 680.65 Td (corporate ) Tj ET Q q 0 0 0 rg BT 304.98 680.65 Td (debt ) Tj ET Q q 0 0 0 rg BT 331.44 680.65 Td (\(which ) Tj ET Q q 0 0 0 rg BT 365.67 680.65 Td (we ) Tj ET Q q 0 0 0 rg BT 382.98 680.65 Td (collectively ) Tj ET Q q 0 0 0 rg BT 440.42 680.65 Td (refer ) Tj ET Q q 0 0 0 rg BT 466.27 680.65 Td (to ) Tj ET Q q 0 0 0 rg BT 479.69 680.65 Td (as ) Tj ET Q q 0 0 0 rg BT 493.34 680.65 Td (capital\) ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 665.05 Td (to ) Tj ET Q q 0 0 0 rg BT 85.23 665.05 Td (fund ) Tj ET Q q 0 0 0 rg BT 110.50 665.05 Td (our ) Tj ET Q q 0 0 0 rg BT 129.85 665.05 Td (business. ) Tj ET Q BT /F6 13.00 Tf ET q 0 0 0 rg BT 158.20 637.05 Td (Capital ) Tj ET Q q 0 0 0 rg BT 202.81 637.05 Td (Allocation:) Tj ET Q q 0 0 0 rg BT 265.48 637.05 Td ( By Sour) Tj ET Q q 0 0 0 rg BT 317.09 637.05 Td (ce and By Business Use) Tj ET Q BT /F9 11.00 Tf ET q 0 0 0 rg BT 248.60 623.05 Td (\(as of December 31,) Tj ET Q q 0 0 0 rg BT 335.40 623.05 Td ( 2017\)) Tj ET Q /GS0 gs q 302.00 0 0 315.00 155.00 303.05 cm /I48 Do Q BT /F6 13.00 Tf ET q 0 0 0 rg BT 457.00 303.05 Td ( ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 272.72 cm /I49 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 272.72 cm /I50 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 275.40 Td (Our ) Tj ET Q q 0 0 0 rg BT 112.17 275.40 Td (total ) Tj ET Q q 0 0 0 rg BT 137.58 275.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 173.19 275.40 Td (of ) Tj ET Q q 0 0 0 rg BT 186.20 275.40 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 210.83 275.40 Td (billion ) Tj ET Q q 0 0 0 rg BT 244.01 275.40 Td (at ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 256.60 275.40 Td (December31, ) Tj ET Q q 0 0 0 rg BT 329.73 275.40 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 354.19 275.40 Td ( ) Tj ET Q q 0 0 0 rg BT 357.42 275.40 Td (included ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 403.03 275.40 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 427.67 275.40 Td (billion) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 457.61 275.40 Td ( ) Tj ET Q q 0 0 0 rg BT 460.84 275.40 Td (of ) Tj ET Q q 0 0 0 rg BT 473.85 275.40 Td (equity ) Tj ET Q q 0 0 0 rg BT 507.63 275.40 Td (capital ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 259.80 Td (and ) Tj ET Q q 0 0 0 rg BT 111.14 259.80 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 135.14 259.80 Td (billion ) Tj ET Q q 0 0 0 rg BT 167.68 259.80 Td (of ) Tj ET Q q 0 0 0 rg BT 180.06 259.80 Td (the ) Tj ET Q q 0 0 0 rg BT 198.55 259.80 Td (total ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 223.32 259.80 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 247.32 259.80 Td (billion) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 277.26 259.80 Td ( ) Tj ET Q q 0 0 0 rg BT 279.86 259.80 Td (of ) Tj ET Q q 0 0 0 rg BT 292.23 259.80 Td (long-term ) Tj ET Q q 0 0 0 rg BT 343.48 259.80 Td (debt ) Tj ET Q q 0 0 0 rg BT 369.29 259.80 Td (on ) Tj ET Q q 0 0 0 rg BT 384.52 259.80 Td (our ) Tj ET Q q 0 0 0 rg BT 403.41 259.80 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 469.36 259.80 Td (balance ) Tj ET Q q 0 0 0 rg BT 510.27 259.80 Td (sheet. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 244.20 Td (This ) Tj ET Q q 0 0 0 rg BT 112.44 244.20 Td (portion ) Tj ET Q q 0 0 0 rg BT 150.96 244.20 Td (of ) Tj ET Q q 0 0 0 rg BT 163.43 244.20 Td (debt ) Tj ET Q q 0 0 0 rg BT 189.32 244.20 Td (includes ) Tj ET Q q 0 0 0 rg BT 232.34 244.20 Td ($201 ) Tj ET Q q 0 0 0 rg BT 259.49 244.20 Td (million ) Tj ET Q q 0 0 0 rg BT 294.77 244.20 Td (of ) Tj ET Q q 0 0 0 rg BT 307.24 244.20 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 378.60 244.20 Td (debt ) Tj ET Q q 0 0 0 rg BT 404.50 244.20 Td (due ) Tj ET Q q 0 0 0 rg BT 426.14 244.20 Td (in ) Tj ET Q q 0 0 0 rg BT 437.58 244.20 Td (2019, ) Tj ET Q q 0 0 0 rg BT 467.79 244.20 Td ($245 ) Tj ET Q q 0 0 0 rg BT 494.94 244.20 Td (million ) Tj ET Q q 0 0 0 rg BT 530.21 244.20 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 228.55 Td (convertible ) Tj ET Q q 0 0 0 rg BT 147.63 228.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 173.68 228.55 Td (due ) Tj ET Q q 0 0 0 rg BT 195.48 228.55 Td (in ) Tj ET Q q 0 0 0 rg BT 207.07 228.55 Td (2023, ) Tj ET Q q 0 0 0 rg BT 237.44 228.55 Td (and ) Tj ET Q q 0 0 0 rg BT 258.82 228.55 Td ($140 ) Tj ET Q q 0 0 0 rg BT 286.13 228.55 Td (million ) Tj ET Q q 0 0 0 rg BT 321.56 228.55 Td (of ) Tj ET Q q 0 0 0 rg BT 334.18 228.55 Td (trust-preferred ) Tj ET Q q 0 0 0 rg BT 408.05 228.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 456.51 228.55 Td (due ) Tj ET Q q 0 0 0 rg BT 478.30 228.55 Td (in ) Tj ET Q q 0 0 0 rg BT 489.90 228.55 Td (2037. ) Tj ET Q q 0 0 0 rg BT 520.26 228.55 Td (This ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 212.95 Td (portion ) Tj ET Q q 0 0 0 rg BT 128.90 212.95 Td (of ) Tj ET Q q 0 0 0 rg BT 141.73 212.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 168.00 212.95 Td (has ) Tj ET Q q 0 0 0 rg BT 187.57 212.95 Td (a ) Tj ET Q q 0 0 0 rg BT 196.34 212.95 Td (weighted ) Tj ET Q q 0 0 0 rg BT 245.42 212.95 Td (average ) Tj ET Q q 0 0 0 rg BT 287.80 212.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 311.03 212.95 Td (of ) Tj ET Q q 0 0 0 rg BT 323.86 212.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 396.78 212.95 Td (6.0%.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 185.62 cm /I51 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 185.62 cm /I52 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 188.30 Td (We ) Tj ET Q q 0 0 0 rg BT 108.49 188.30 Td (also ) Tj ET Q q 0 0 0 rg BT 130.24 188.30 Td (utilize ) Tj ET Q q 0 0 0 rg BT 160.94 188.30 Td (various ) Tj ET Q q 0 0 0 rg BT 197.76 188.30 Td (forms ) Tj ET Q q 0 0 0 rg BT 227.63 188.30 Td (of ) Tj ET Q q 0 0 0 rg BT 239.60 188.30 Td (short-term ) Tj ET Q q 0 0 0 rg BT 293.07 188.30 Td (and ) Tj ET Q q 0 0 0 rg BT 313.81 188.30 Td (long-term ) Tj ET Q q 0 0 0 rg BT 364.65 188.30 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 431.61 188.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 457.01 188.30 Td (to ) Tj ET Q q 0 0 0 rg BT 469.37 188.30 Td (finance ) Tj ET Q q 0 0 0 rg BT 506.81 188.30 Td (certain ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 172.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 151.43 172.70 Td (and ) Tj ET Q q 0 0 0 rg BT 172.95 172.70 Td (to ) Tj ET Q q 0 0 0 rg BT 186.10 172.70 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 241.85 172.70 Td (our ) Tj ET Q q 0 0 0 rg BT 261.12 172.70 Td (inventory ) Tj ET Q q 0 0 0 rg BT 309.51 172.70 Td (of ) Tj ET Q q 0 0 0 rg BT 322.27 172.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 358.43 172.70 Td (residential ) Tj ET Q q 0 0 0 rg BT 411.90 172.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 440.55 172.70 Td (held-for-sale. ) Tj ET Q q 0 0 0 rg BT 507.48 172.70 Td (We ) Tj ET Q q 0 0 0 rg BT 526.76 172.70 Td (do ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 157.10 Td (not ) Tj ET Q q 0 0 0 rg BT 109.93 157.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 155.33 157.10 Td (this ) Tj ET Q q 0 0 0 rg BT 176.07 157.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 244.48 157.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 271.33 157.10 Td (as ) Tj ET Q q 0 0 0 rg BT 285.37 157.10 Td ("capital" ) Tj ET Q q 0 0 0 rg BT 332.81 157.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 358.06 157.10 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 409.57 157.10 Td (exclude ) Tj ET Q q 0 0 0 rg BT 451.53 157.10 Td (it ) Tj ET Q q 0 0 0 rg BT 461.46 157.10 Td (from ) Tj ET Q q 0 0 0 rg BT 487.70 157.10 Td (our ) Tj ET Q q 0 0 0 rg BT 507.64 157.10 Td (capital ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 141.45 Td (allocation ) Tj ET Q q 0 0 0 rg BT 140.53 141.45 Td (analysis.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 114.17 cm /I53 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 114.17 cm /I54 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 116.85 Td (The ) Tj ET Q BT /F8 11.00 Tf ET q 0 0 0 rg BT 111.02 116.85 Td (Balance ) Tj ET Q q 0 0 0 rg BT 152.01 116.85 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 182.60 116.85 Td (Analysis) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 221.92 116.85 Td ( ) Tj ET Q q 0 0 0 rg BT 224.40 116.85 Td (portion ) Tj ET Q q 0 0 0 rg BT 262.71 116.85 Td (of ) Tj ET Q q 0 0 0 rg BT 274.96 116.85 Td (the ) Tj ET Q BT /F8 11.00 Tf ET q 0 0 0 rg BT 293.32 116.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 338.78 116.85 Td (Insights ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 378.77 116.85 Td (section ) Tj ET Q q 0 0 0 rg BT 416.29 116.85 Td (that ) Tj ET Q q 0 0 0 rg BT 437.90 116.85 Td (follows ) Tj ET Q q 0 0 0 rg BT 474.60 116.85 Td (describes ) Tj ET Q q 0 0 0 rg BT 523.71 116.85 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 101.20 Td (long-term ) Tj ET Q q 0 0 0 rg BT 141.71 101.20 Td (and ) Tj ET Q q 0 0 0 rg BT 163.32 101.20 Td (short-term ) Tj ET Q q 0 0 0 rg BT 217.66 101.20 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 275.69 101.20 Td (in ) Tj ET Q q 0 0 0 rg BT 287.51 101.20 Td (further ) Tj ET Q q 0 0 0 rg BT 323.14 101.20 Td (detail.) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 221.00 736.44 Td (Q U A R T E R L Y O V E R V I E W) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 299.40 24.25 Td (12) Tj ET Q BT /F1 10.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 710.50 468.00 -8.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 702.50 468.00 -22.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 680.50 468.00 -14.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 666.50 468.00 -14.00 re f /GS0 gs 0.34509803921568627 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M 413.5 387.5 m 472.5 387.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 373.5 m 472.5 373.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 371.5 m 472.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 387.5 m 476.5 387.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 373.5 m 476.5 373.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 371.5 m 476.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 387.5 m 535.5 387.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 373.5 m 535.5 373.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 371.5 m 535.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 387.5 m 539.5 372.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 387.5 m 539.5 387.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 373.5 m 539.5 373.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 371.5 m 539.5 371.5 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 235.10 686.50 Td (Capit) Tj ET Q q 1 1 1 rg BT 265.09 686.50 Td (al Alloc) Tj ET Q q 1 1 1 rg BT 307.27 686.50 Td (a) Tj ET Q q 1 1 1 rg BT 314.05 686.50 Td (tion De) Tj ET Q q 1 1 1 rg BT 356.32 686.50 Td (t) Tj ET Q q 1 1 1 rg BT 361.04 686.50 Td (ail) Tj ET Q BT /F7 10.00 Tf ET q 1 1 1 rg BT 265.40 670.50 Td (B) Tj ET Q q 1 1 1 rg BT 270.79 670.50 Td (y In) Tj ET Q q 1 1 1 rg BT 285.22 670.50 Td (v) Tj ET Q q 1 1 1 rg BT 289.60 670.50 Td (es) Tj ET Q q 1 1 1 rg BT 298.39 670.50 Td (tmen) Tj ET Q q 1 1 1 rg BT 319.85 670.50 Td (t T) Tj ET Q q 1 1 1 rg BT 330.06 670.50 Td (ype) Tj ET Q BT /F7 10.00 Tf ET q 1 1 1 rg BT 265.25 656.50 Td (December 31, 2017) Tj ET Q BT /F7 9.00 Tf ET q 1 1 1 rg BT 280.30 643.25 Td (\($ in millions\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 297.85 615.25 Td (GAAP F) Tj ET Q q 1 1 1 rg BT 325.32 615.25 Td (air) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 306.05 606.25 Td (V) Tj ET Q q 1 1 1 rg BT 311.12 606.25 Td (alue) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 354.20 615.25 Td (Colla) Tj ET Q q 1 1 1 rg BT 372.62 615.25 Td (t) Tj ET Q q 1 1 1 rg BT 375.65 615.25 Td (er) Tj ET Q q 1 1 1 rg BT 383.22 615.25 Td (aliz) Tj ET Q q 1 1 1 rg BT 395.48 615.25 Td (ed) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 370.40 606.25 Td (Deb) Tj ET Q q 1 1 1 rg BT 385.42 606.25 Td (t) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 424.90 615.25 Td (Alloc) Tj ET Q q 1 1 1 rg BT 443.35 615.25 Td (a) Tj ET Q q 1 1 1 rg BT 447.73 615.25 Td (t) Tj ET Q q 1 1 1 rg BT 450.75 615.25 Td (ed) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 429.50 606.25 Td (Capit) Tj ET Q q 1 1 1 rg BT 448.82 606.25 Td (al) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 487.20 615.25 Td (% of T) Tj ET Q q 1 1 1 rg BT 509.19 615.25 Td (ot) Tj ET Q q 1 1 1 rg BT 517.07 615.25 Td (al) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 492.50 606.25 Td (Capit) Tj ET Q q 1 1 1 rg BT 511.78 606.25 Td (al) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 86.00 587.50 Td (R) Tj ET Q q 0 0 0 rg BT 91.25 587.50 Td (esiden) Tj ET Q q 0 0 0 rg BT 117.83 587.50 Td (tial loans ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 156.60 592.27 Td (\(1\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 290.00 587.50 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 320.05 587.50 Td (2,478) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 353.00 587.50 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 380.00 587.50 Td (\(2,000) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 405.85 587.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 416.00 587.50 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 453.60 587.50 Td (478) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 496.85 587.50 Td (27%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 565.50 Td (Securities portf) Tj ET Q q 0 0 0 rg BT 149.38 565.50 Td (olio) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 86.00 550.50 Td (Thir) Tj ET Q q 0 0 0 rg BT 101.84 550.50 Td (d party r) Tj ET Q q 0 0 0 rg BT 136.37 550.50 Td (esiden) Tj ET Q q 0 0 0 rg BT 162.93 550.50 Td (tial securities) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 327.60 550.50 Td (832) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 387.60 550.50 Td (\(235) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 405.85 550.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 453.60 550.50 Td (596) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 496.85 550.50 Td (33%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 86.00 535.50 Td (Sequoia r) Tj ET Q q 0 0 0 rg BT 124.05 535.50 Td (esiden) Tj ET Q q 0 0 0 rg BT 150.62 535.50 Td (tial securities ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 206.56 540.27 Td (\(2\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 327.60 535.50 Td (399) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 387.60 535.50 Td (\(174) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 405.85 535.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 453.60 535.50 Td (225) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 496.85 535.50 Td (13%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 86.00 520.50 Td (Multif) Tj ET Q q 0 0 0 rg BT 110.70 520.50 Td (amily securities) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 327.60 520.50 Td (324) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 387.60 520.50 Td (\(240) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 405.85 520.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.70 520.50 Td (84) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 499.35 520.50 Td (5%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 505.50 Td (T) Tj ET Q q 0 0 0 rg BT 90.09 505.50 Td (ot) Tj ET Q q 0 0 0 rg BT 98.83 505.50 Td (al securities portf) Tj ET Q q 0 0 0 rg BT 171.05 505.50 Td (olio) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 319.95 505.50 Td (1,555) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 387.50 505.50 Td (\(649) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 405.85 505.50 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 453.60 505.50 Td (906) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 496.75 505.50 Td (51%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 86.00 483.50 Td (Mortg) Tj ET Q q 0 0 0 rg BT 111.27 483.50 Td (ag) Tj ET Q q 0 0 0 rg BT 120.64 483.50 Td (e ser) Tj ET Q q 0 0 0 rg BT 140.25 483.50 Td (vicing righ) Tj ET Q q 0 0 0 rg BT 181.55 483.50 Td (ts) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 332.70 483.50 Td (64) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 396.75 483.50 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.70 483.50 Td (64) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 499.35 483.50 Td (4%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 86.00 468.50 Td (Other asse) Tj ET Q q 0 0 0 rg BT 129.51 468.50 Td (ts/\(Liabilities\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 327.60 468.50 Td (105) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 392.65 468.50 Td (\(40) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 405.85 468.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.70 468.50 Td (65) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 499.35 468.50 Td (4%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 86.00 453.50 Td (Cash and liquidity c) Tj ET Q q 0 0 0 rg BT 164.33 453.50 Td (apit) Tj ET Q q 0 0 0 rg BT 179.90 453.50 Td (al) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 453.60 453.50 Td (325) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 499.35 453.50 Td (NA) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 80.00 438.50 Td ( \(Capit) Tj ET Q q 0 0 0 rg BT 124.28 438.50 Td (al alloc) Tj ET Q q 0 0 0 rg BT 152.42 438.50 Td (a) Tj ET Q q 0 0 0 rg BT 157.12 438.50 Td (t) Tj ET Q q 0 0 0 rg BT 160.36 438.50 Td (ed t) Tj ET Q q 0 0 0 rg BT 176.10 438.50 Td (o c) Tj ET Q q 0 0 0 rg BT 187.78 438.50 Td (on) Tj ET Q q 0 0 0 rg BT 198.14 438.50 Td (v) Tj ET Q q 0 0 0 rg BT 202.56 438.50 Td (ert. r) Tj ET Q q 0 0 0 rg BT 222.51 438.50 Td (epa) Tj ET Q q 0 0 0 rg BT 237.35 438.50 Td (ymen) Tj ET Q q 0 0 0 rg BT 260.00 438.50 Td (t\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 450.60 438.50 Td (\(250) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.85 438.50 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 499.35 438.50 Td (NA) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 80.00 417.50 Td (T) Tj ET Q q 0 0 0 rg BT 84.52 417.50 Td (ot) Tj ET Q q 0 0 0 rg BT 92.88 417.50 Td (al In) Tj ET Q q 0 0 0 rg BT 110.45 417.50 Td (v) Tj ET Q q 0 0 0 rg BT 115.06 417.50 Td (es) Tj ET Q q 0 0 0 rg BT 123.98 417.50 Td (tmen) Tj ET Q q 0 0 0 rg BT 145.88 417.50 Td (ts) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 290.00 417.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 319.95 417.50 Td (4,201) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 353.00 417.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 379.85 417.50 Td (\(2,689) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 405.85 417.50 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 416.00 417.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 445.95 417.50 Td (1,587) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 496.75 417.50 Td (89%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 80.00 396.50 Td (R) Tj ET Q q 0 0 0 rg BT 85.56 396.50 Td (esiden) Tj ET Q q 0 0 0 rg BT 112.68 396.50 Td (tial mortg) Tj ET Q q 0 0 0 rg BT 153.40 396.50 Td (ag) Tj ET Q q 0 0 0 rg BT 162.94 396.50 Td (e banking) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 416.00 396.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 453.60 396.50 Td (200) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 496.75 396.50 Td (11%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 80.00 377.50 Td (T) Tj ET Q q 0 0 0 rg BT 84.09 377.50 Td (ot) Tj ET Q q 0 0 0 rg BT 92.83 377.50 Td (al) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 416.00 377.50 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 445.95 377.50 Td (1,787) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 494.25 377.50 Td (100%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 351.25 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 351.25 Td (Includes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 125.72 351.25 Td ($43 ) Tj ET Q q 0 0 0 rg BT 143.23 351.25 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.90 351.25 Td ( ) Tj ET Q q 0 0 0 rg BT 172.40 351.25 Td (of ) Tj ET Q q 0 0 0 rg BT 182.91 351.25 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 207.08 351.25 Td (stock.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 336.45 Td (\(2\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 336.45 Td (In ) Tj ET Q q 0 0 0 rg BT 100.23 336.45 Td (addition ) Tj ET Q q 0 0 0 rg BT 136.41 336.45 Td (to ) Tj ET Q q 0 0 0 rg BT 147.59 336.45 Td (our ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 163.77 336.45 Td ($1.5 ) Tj ET Q q 0 0 0 rg BT 184.13 336.45 Td (billion) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.63 336.45 Td ( ) Tj ET Q q 0 0 0 rg BT 211.48 336.45 Td (of ) Tj ET Q q 0 0 0 rg BT 222.33 336.45 Td (securities ) Tj ET Q q 0 0 0 rg BT 262.50 336.45 Td (on ) Tj ET Q q 0 0 0 rg BT 275.69 336.45 Td (our ) Tj ET Q q 0 0 0 rg BT 291.87 336.45 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 319.23 336.45 Td (balance ) Tj ET Q q 0 0 0 rg BT 353.43 336.45 Td (sheet, ) Tj ET Q q 0 0 0 rg BT 380.61 336.45 Td (securities ) Tj ET Q q 0 0 0 rg BT 420.78 336.45 Td (presented ) Tj ET Q q 0 0 0 rg BT 464.29 336.45 Td (above ) Tj ET Q q 0 0 0 rg BT 491.99 336.45 Td (also ) Tj ET Q q 0 0 0 rg BT 510.84 336.45 Td (include ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 323.70 Td (our ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 105.78 323.70 Td ($78 ) Tj ET Q q 0 0 0 rg BT 123.23 323.70 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 149.90 323.70 Td ( ) Tj ET Q q 0 0 0 rg BT 152.35 323.70 Td (economic ) Tj ET Q q 0 0 0 rg BT 193.98 323.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 240.42 323.70 Td (in ) Tj ET Q q 0 0 0 rg BT 250.03 323.70 Td (our ) Tj ET Q q 0 0 0 rg BT 265.80 323.70 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 300.93 323.70 Td (Choice ) Tj ET Q q 0 0 0 rg BT 331.56 323.70 Td (securitizations, ) Tj ET Q q 0 0 0 rg BT 392.83 323.70 Td (which ) Tj ET Q q 0 0 0 rg BT 418.28 323.70 Td (represents ) Tj ET Q q 0 0 0 rg BT 462.55 323.70 Td (the ) Tj ET Q q 0 0 0 rg BT 478.00 323.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 492.93 323.70 Td (value ) Tj ET Q q 0 0 0 rg BT 516.55 323.70 Td (of ) Tj ET Q q 0 0 0 rg BT 527.00 323.70 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 310.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 130.82 310.90 Td (we ) Tj ET Q q 0 0 0 rg BT 145.82 310.90 Td (retained ) Tj ET Q q 0 0 0 rg BT 182.47 310.90 Td (from ) Tj ET Q q 0 0 0 rg BT 204.47 310.90 Td (these ) Tj ET Q q 0 0 0 rg BT 229.81 310.90 Td (securitizations. ) Tj ET Q q 0 0 0 rg BT 292.13 310.90 Td (For ) Tj ET Q q 0 0 0 rg BT 308.95 310.90 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 336.97 310.90 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 379.96 310.90 Td (we ) Tj ET Q q 0 0 0 rg BT 394.96 310.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 450.30 310.90 Td (these ) Tj ET Q q 0 0 0 rg BT 475.64 310.90 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 511.82 310.90 Td (Choice ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 298.15 Td (securitizations.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 276.82 cm /I55 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 276.82 cm /I56 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 279.50 Td (During ) Tj ET Q q 0 0 0 rg BT 127.23 279.50 Td (the ) Tj ET Q q 0 0 0 rg BT 146.96 279.50 Td (fourth ) Tj ET Q q 0 0 0 rg BT 180.11 279.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 219.56 279.50 Td (of ) Tj ET Q q 0 0 0 rg BT 233.17 279.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 264.53 279.50 Td (we ) Tj ET Q q 0 0 0 rg BT 282.42 279.50 Td (continued ) Tj ET Q q 0 0 0 rg BT 335.56 279.50 Td (to ) Tj ET Q q 0 0 0 rg BT 349.57 279.50 Td (optimize ) Tj ET Q q 0 0 0 rg BT 395.76 279.50 Td (our ) Tj ET Q q 0 0 0 rg BT 415.88 279.50 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 461.86 279.50 Td (by ) Tj ET Q q 0 0 0 rg BT 477.71 279.50 Td (selling ) Tj ET Q q 0 0 0 rg BT 513.12 279.50 Td (lower ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 263.90 Td (yielding ) Tj ET Q q 0 0 0 rg BT 135.44 263.90 Td (CRT ) Tj ET Q q 0 0 0 rg BT 162.62 263.90 Td (and ) Tj ET Q q 0 0 0 rg BT 187.70 263.90 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 245.79 263.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 297.95 263.90 Td (and ) Tj ET Q q 0 0 0 rg BT 323.03 263.90 Td (redeploying ) Tj ET Q q 0 0 0 rg BT 388.63 263.90 Td (the ) Tj ET Q q 0 0 0 rg BT 411.06 263.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 449.97 263.90 Td (to ) Tj ET Q q 0 0 0 rg BT 466.67 263.90 Td (higher-yielding ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 248.25 Td (alternatives. ) Tj ET Q q 0 0 0 rg BT 154.91 248.25 Td (Additionally, ) Tj ET Q q 0 0 0 rg BT 222.50 248.25 Td (during ) Tj ET Q q 0 0 0 rg BT 260.11 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 281.66 248.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 316.63 248.25 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 359.94 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 381.48 248.25 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 421.36 248.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 473.87 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.41 248.25 Td (collateral ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 232.65 Td (requirement ) Tj ET Q q 0 0 0 rg BT 152.87 232.65 Td (on ) Tj ET Q q 0 0 0 rg BT 168.50 232.65 Td (our ) Tj ET Q q 0 0 0 rg BT 187.79 232.65 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 241.08 232.65 Td (facility, ) Tj ET Q q 0 0 0 rg BT 278.28 232.65 Td (which ) Tj ET Q q 0 0 0 rg BT 309.40 232.65 Td (increased ) Tj ET Q q 0 0 0 rg BT 359.25 232.65 Td (the ) Tj ET Q q 0 0 0 rg BT 378.14 232.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 413.51 232.65 Td (allocated ) Tj ET Q q 0 0 0 rg BT 461.53 232.65 Td (to ) Tj ET Q q 0 0 0 rg BT 474.70 232.65 Td (this ) Tj ET Q q 0 0 0 rg BT 494.80 232.65 Td (portfolio.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 209.37 cm /I57 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 209.37 cm /I58 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 212.05 Td (At ) Tj ET Q q 0 0 0 rg BT 103.44 212.05 Td (the ) Tj ET Q q 0 0 0 rg BT 121.58 212.05 Td (end ) Tj ET Q q 0 0 0 rg BT 142.78 212.05 Td (of ) Tj ET Q q 0 0 0 rg BT 154.81 212.05 Td (the ) Tj ET Q q 0 0 0 rg BT 172.95 212.05 Td (fourth ) Tj ET Q q 0 0 0 rg BT 204.52 212.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 242.38 212.05 Td (we ) Tj ET Q q 0 0 0 rg BT 258.69 212.05 Td (increased ) Tj ET Q q 0 0 0 rg BT 307.79 212.05 Td (the ) Tj ET Q q 0 0 0 rg BT 325.94 212.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 360.55 212.05 Td (allocated ) Tj ET Q q 0 0 0 rg BT 407.82 212.05 Td (to ) Tj ET Q q 0 0 0 rg BT 420.24 212.05 Td (our ) Tj ET Q q 0 0 0 rg BT 438.78 212.05 Td (residential ) Tj ET Q q 0 0 0 rg BT 491.53 212.05 Td (mortgage ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 196.40 Td (banking ) Tj ET Q q 0 0 0 rg BT 131.33 196.40 Td (operations ) Tj ET Q q 0 0 0 rg BT 185.68 196.40 Td (to ) Tj ET Q q 0 0 0 rg BT 197.85 196.40 Td ($200 ) Tj ET Q q 0 0 0 rg BT 224.32 196.40 Td (million ) Tj ET Q q 0 0 0 rg BT 258.91 196.40 Td (from ) Tj ET Q q 0 0 0 rg BT 283.52 196.40 Td ($170 ) Tj ET Q q 0 0 0 rg BT 309.98 196.40 Td (million ) Tj ET Q q 0 0 0 rg BT 344.58 196.40 Td (to ) Tj ET Q q 0 0 0 rg BT 356.75 196.40 Td (accommodate ) Tj ET Q q 0 0 0 rg BT 429.06 196.40 Td (an ) Tj ET Q q 0 0 0 rg BT 442.88 196.40 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 499.87 196.40 Td (increase ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 180.80 Td (in ) Tj ET Q q 0 0 0 rg BT 101.81 180.80 Td (loan ) Tj ET Q q 0 0 0 rg BT 125.86 180.80 Td (purchase ) Tj ET Q q 0 0 0 rg BT 173.14 180.80 Td (volume ) Tj ET Q q 0 0 0 rg BT 212.27 180.80 Td (in ) Tj ET Q q 0 0 0 rg BT 224.08 180.80 Td (2018.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 157.47 cm /I59 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 157.47 cm /I60 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 160.15 Td (As ) Tj ET Q q 0 0 0 rg BT 106.80 160.15 Td (of ) Tj ET Q q 0 0 0 rg BT 121.14 160.15 Td (December ) Tj ET Q q 0 0 0 rg BT 177.26 160.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 197.11 160.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 229.20 160.15 Td (our ) Tj ET Q q 0 0 0 rg BT 250.06 160.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 276.44 160.15 Td (and ) Tj ET Q q 0 0 0 rg BT 299.55 160.15 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 343.21 160.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 380.15 160.15 Td (included ) Tj ET Q q 0 0 0 rg BT 427.09 160.15 Td ($280 ) Tj ET Q q 0 0 0 rg BT 456.12 160.15 Td (million ) Tj ET Q q 0 0 0 rg BT 493.28 160.15 Td (of ) Tj ET Q q 0 0 0 rg BT 507.63 160.15 Td (capital ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 144.55 Td (available ) Tj ET Q q 0 0 0 rg BT 137.54 144.55 Td (for ) Tj ET Q q 0 0 0 rg BT 155.33 144.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 213.45 144.55 Td (or ) Tj ET Q q 0 0 0 rg BT 227.98 144.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 255.54 144.55 Td (repayment. ) Tj ET Q q 0 0 0 rg BT 315.51 144.55 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 378.34 144.55 Td (to ) Tj ET Q q 0 0 0 rg BT 392.87 144.55 Td (year-end, ) Tj ET Q q 0 0 0 rg BT 443.07 144.55 Td (we ) Tj ET Q q 0 0 0 rg BT 461.49 144.55 Td (have ) Tj ET Q q 0 0 0 rg BT 489.08 144.55 Td (generated ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 128.95 Td (additional ) Tj ET Q q 0 0 0 rg BT 142.95 128.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 179.18 128.95 Td (through ) Tj ET Q q 0 0 0 rg BT 221.75 128.95 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 267.75 128.95 Td (optimization ) Tj ET Q q 0 0 0 rg BT 332.51 128.95 Td (and ) Tj ET Q q 0 0 0 rg BT 354.91 128.95 Td (we ) Tj ET Q q 0 0 0 rg BT 372.83 128.95 Td (currently ) Tj ET Q q 0 0 0 rg BT 419.05 128.95 Td (have ) Tj ET Q q 0 0 0 rg BT 446.15 128.95 Td (sufficient ) Tj ET Q q 0 0 0 rg BT 493.59 128.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 529.82 128.95 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 113.30 Td (repay ) Tj ET Q q 0 0 0 rg BT 120.77 113.30 Td (our ) Tj ET Q q 0 0 0 rg BT 140.53 113.30 Td (maturing ) Tj ET Q q 0 0 0 rg BT 187.98 113.30 Td (convertible ) Tj ET Q q 0 0 0 rg BT 246.24 113.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 272.92 113.30 Td (in ) Tj ET Q q 0 0 0 rg BT 285.15 113.30 Td (April.Going ) Tj ET Q q 0 0 0 rg BT 348.50 113.30 Td (forward, ) Tj ET Q q 0 0 0 rg BT 392.28 113.30 Td (as ) Tj ET Q q 0 0 0 rg BT 406.15 113.30 Td (the ) Tj ET Q q 0 0 0 rg BT 425.51 113.30 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 474.80 113.30 Td (we ) Tj ET Q q 0 0 0 rg BT 492.33 113.30 Td (discussed ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 97.70 Td (above ) Tj ET Q q 0 0 0 rg BT 122.34 97.70 Td (in ) Tj ET Q q 0 0 0 rg BT 133.07 97.70 Td (the ) Tj ET Q q 0 0 0 rg BT 150.93 97.70 Td (Shareholder ) Tj ET Q q 0 0 0 rg BT 212.18 97.70 Td (Letter ) Tj ET Q q 0 0 0 rg BT 242.84 97.70 Td (develop ) Tj ET Q q 0 0 0 rg BT 284.95 97.70 Td (and ) Tj ET Q q 0 0 0 rg BT 305.47 97.70 Td (require ) Tj ET Q q 0 0 0 rg BT 342.05 97.70 Td (capital, ) Tj ET Q q 0 0 0 rg BT 379.45 97.70 Td (we ) Tj ET Q q 0 0 0 rg BT 395.48 97.70 Td (will ) Tj ET Q q 0 0 0 rg BT 413.32 97.70 Td (consider ) Tj ET Q q 0 0 0 rg BT 457.05 97.70 Td (the ) Tj ET Q q 0 0 0 rg BT 474.92 97.70 Td (most ) Tj ET Q q 0 0 0 rg BT 501.12 97.70 Td (efficient ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 82.05 Td (sources ) Tj ET Q q 0 0 0 rg BT 129.82 82.05 Td (of ) Tj ET Q q 0 0 0 rg BT 142.53 82.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 177.84 82.05 Td (both ) Tj ET Q q 0 0 0 rg BT 203.80 82.05 Td (from ) Tj ET Q q 0 0 0 rg BT 229.34 82.05 Td (continued ) Tj ET Q q 0 0 0 rg BT 281.59 82.05 Td (optimization ) Tj ET Q q 0 0 0 rg BT 345.42 82.05 Td (within ) Tj ET Q q 0 0 0 rg BT 377.48 82.05 Td (our ) Tj ET Q q 0 0 0 rg BT 396.70 82.05 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 441.78 82.05 Td (and ) Tj ET Q q 0 0 0 rg BT 463.26 82.05 Td (from ) Tj ET Q q 0 0 0 rg BT 488.80 82.05 Td (the ) Tj ET Q q 0 0 0 rg BT 507.63 82.05 Td (capital ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 66.45 Td (markets.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 221.00 736.44 Td (Q U A R T E R L Y O V E R V I E W) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 299.40 24.25 Td (13) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (2018 Financial Outlook) Tj ET Q BT /F6 13.00 Tf ET BT /F6 8.45 Tf ET q 0 0 0 rg BT 207.60 704.92 Td (\(1\)) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 677.65 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 128.69 677.65 Td (with ) Tj ET Q q 0 0 0 rg BT 153.81 677.65 Td (prior ) Tj ET Q q 0 0 0 rg BT 181.75 677.65 Td (years, ) Tj ET Q q 0 0 0 rg BT 215.03 677.65 Td (we ) Tj ET Q q 0 0 0 rg BT 233.84 677.65 Td (seek ) Tj ET Q q 0 0 0 rg BT 260.82 677.65 Td (to ) Tj ET Q q 0 0 0 rg BT 275.75 677.65 Td (generate ) Tj ET Q q 0 0 0 rg BT 324.71 677.65 Td (earnings ) Tj ET Q q 0 0 0 rg BT 371.42 677.65 Td (that ) Tj ET Q q 0 0 0 rg BT 395.31 677.65 Td (exceed ) Tj ET Q q 0 0 0 rg BT 435.74 677.65 Td (our ) Tj ET Q q 0 0 0 rg BT 456.79 677.65 Td (expected ) Tj ET Q q 0 0 0 rg BT 507.59 677.65 Td (annual ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 662.05 Td (dividend ) Tj ET Q q 0 0 0 rg BT 117.52 662.05 Td (payment ) Tj ET Q q 0 0 0 rg BT 163.03 662.05 Td (of ) Tj ET Q q 0 0 0 rg BT 175.34 662.05 Td ($1.12 ) Tj ET Q q 0 0 0 rg BT 205.39 662.05 Td (per ) Tj ET Q q 0 0 0 rg BT 224.41 662.05 Td (share. ) Tj ET Q q 0 0 0 rg BT 256.07 662.05 Td (Below ) Tj ET Q q 0 0 0 rg BT 288.75 662.05 Td (we ) Tj ET Q q 0 0 0 rg BT 305.34 662.05 Td (summarize ) Tj ET Q q 0 0 0 rg BT 360.22 662.05 Td (key ) Tj ET Q q 0 0 0 rg BT 379.46 662.05 Td (targeted ) Tj ET Q q 0 0 0 rg BT 424.13 662.05 Td (2018 ) Tj ET Q q 0 0 0 rg BT 451.13 662.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 501.52 662.05 Td (metrics: ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 631.72 cm /I61 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 631.72 cm /I62 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 634.40 Td (Loan ) Tj ET Q q 0 0 0 rg BT 116.77 634.40 Td (purchase ) Tj ET Q q 0 0 0 rg BT 163.91 634.40 Td (volume ) Tj ET Q q 0 0 0 rg BT 202.90 634.40 Td (of ) Tj ET Q q 0 0 0 rg BT 215.59 634.40 Td ($7 ) Tj ET Q q 0 0 0 rg BT 230.75 634.40 Td (to ) Tj ET Q q 0 0 0 rg BT 243.84 634.40 Td ($8 ) Tj ET Q q 0 0 0 rg BT 258.99 634.40 Td (billion ) Tj ET Q q 0 0 0 rg BT 291.85 634.40 Td (is ) Tj ET Q q 0 0 0 rg BT 302.10 634.40 Td (expected ) Tj ET Q q 0 0 0 rg BT 351.07 634.40 Td (for ) Tj ET Q q 0 0 0 rg BT 367.42 634.40 Td (2018, ) Tj ET Q q 0 0 0 rg BT 397.86 634.40 Td (versus ) Tj ET Q q 0 0 0 rg BT 431.34 634.40 Td ($6 ) Tj ET Q q 0 0 0 rg BT 446.49 634.40 Td (billion ) Tj ET Q q 0 0 0 rg BT 479.35 634.40 Td (in ) Tj ET Q q 0 0 0 rg BT 491.03 634.40 Td (2017, ) Tj ET Q q 0 0 0 rg BT 521.47 634.40 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 618.80 Td (gross ) Tj ET Q q 0 0 0 rg BT 120.22 618.80 Td (margins ) Tj ET Q q 0 0 0 rg BT 163.06 618.80 Td (within ) Tj ET Q q 0 0 0 rg BT 196.33 618.80 Td (our ) Tj ET Q q 0 0 0 rg BT 216.77 618.80 Td (long-term ) Tj ET Q q 0 0 0 rg BT 269.57 618.80 Td (expectations ) Tj ET Q q 0 0 0 rg BT 336.27 618.80 Td (of ) Tj ET Q q 0 0 0 rg BT 350.19 618.80 Td (75 ) Tj ET Q q 0 0 0 rg BT 366.57 618.80 Td (to ) Tj ET Q q 0 0 0 rg BT 380.90 618.80 Td (100 ) Tj ET Q q 0 0 0 rg BT 403.39 618.80 Td (basis ) Tj ET Q q 0 0 0 rg BT 431.98 618.80 Td (points. ) Tj ET Q q 0 0 0 rg BT 469.53 618.80 Td (As ) Tj ET Q q 0 0 0 rg BT 485.91 618.80 Td (part ) Tj ET Q q 0 0 0 rg BT 509.79 618.80 Td (of ) Tj ET Q q 0 0 0 rg BT 523.72 618.80 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 603.20 Td (growth ) Tj ET Q q 0 0 0 rg BT 127.43 603.20 Td (initiatives, ) Tj ET Q q 0 0 0 rg BT 179.31 603.20 Td (we ) Tj ET Q q 0 0 0 rg BT 196.37 603.20 Td (expect ) Tj ET Q q 0 0 0 rg BT 232.58 603.20 Td (to ) Tj ET Q q 0 0 0 rg BT 245.76 603.20 Td (double ) Tj ET Q q 0 0 0 rg BT 283.61 603.20 Td (our ) Tj ET Q q 0 0 0 rg BT 302.91 603.20 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 352.98 603.20 Td (Choice ) Tj ET Q q 0 0 0 rg BT 390.43 603.20 Td (loan ) Tj ET Q q 0 0 0 rg BT 414.42 603.20 Td (purchase ) Tj ET Q q 0 0 0 rg BT 461.65 603.20 Td (volume ) Tj ET Q q 0 0 0 rg BT 500.72 603.20 Td (in ) Tj ET Q q 0 0 0 rg BT 512.49 603.20 Td (2018.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 575.87 cm /I63 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 575.87 cm /I64 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 578.55 Td (Returns ) Tj ET Q q 0 0 0 rg BT 130.80 578.55 Td (on ) Tj ET Q q 0 0 0 rg BT 147.19 578.55 Td (our ) Tj ET Q q 0 0 0 rg BT 167.23 578.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 224.74 578.55 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 270.62 578.55 Td (are ) Tj ET Q q 0 0 0 rg BT 289.65 578.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 339.44 578.55 Td (to ) Tj ET Q q 0 0 0 rg BT 353.36 578.55 Td (be ) Tj ET Q q 0 0 0 rg BT 369.94 578.55 Td (between ) Tj ET Q q 0 0 0 rg BT 416.47 578.55 Td (9% ) Tj ET Q q 0 0 0 rg BT 435.49 578.55 Td (and ) Tj ET Q q 0 0 0 rg BT 457.78 578.55 Td (11%. ) Tj ET Q q 0 0 0 rg BT 485.98 578.55 Td (Investment ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 562.95 Td (returns ) Tj ET Q q 0 0 0 rg BT 128.68 562.95 Td (include ) Tj ET Q q 0 0 0 rg BT 169.02 562.95 Td (an ) Tj ET Q q 0 0 0 rg BT 185.54 562.95 Td (estimate ) Tj ET Q q 0 0 0 rg BT 232.19 562.95 Td (of ) Tj ET Q q 0 0 0 rg BT 246.66 562.95 Td (net ) Tj ET Q q 0 0 0 rg BT 267.23 562.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 308.35 562.95 Td (income, ) Tj ET Q q 0 0 0 rg BT 352.17 562.95 Td (hedging ) Tj ET Q q 0 0 0 rg BT 398.02 562.95 Td (costs, ) Tj ET Q q 0 0 0 rg BT 430.61 562.95 Td (the ) Tj ET Q q 0 0 0 rg BT 451.20 562.95 Td (effect ) Tj ET Q q 0 0 0 rg BT 483.39 562.95 Td (of ) Tj ET Q q 0 0 0 rg BT 497.86 562.95 Td (principal ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 547.30 Td (paydowns, ) Tj ET Q q 0 0 0 rg BT 145.84 547.30 Td (realized ) Tj ET Q q 0 0 0 rg BT 186.99 547.30 Td (gains, ) Tj ET Q q 0 0 0 rg BT 218.98 547.30 Td (direct ) Tj ET Q q 0 0 0 rg BT 249.93 547.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 300.85 547.30 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 352.83 547.30 Td (and ) Tj ET Q q 0 0 0 rg BT 374.43 547.30 Td (taxes.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 520.02 cm /I65 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 520.02 cm /I66 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 522.70 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 142.41 522.70 Td (in ) Tj ET Q q 0 0 0 rg BT 153.46 522.70 Td (the ) Tj ET Q q 0 0 0 rg BT 171.65 522.70 Td (second ) Tj ET Q q 0 0 0 rg BT 209.41 522.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 247.33 522.70 Td (of ) Tj ET Q q 0 0 0 rg BT 259.40 522.70 Td (2018, ) Tj ET Q q 0 0 0 rg BT 289.22 522.70 Td (we ) Tj ET Q q 0 0 0 rg BT 305.57 522.70 Td (expect ) Tj ET Q q 0 0 0 rg BT 341.08 522.70 Td (to ) Tj ET Q q 0 0 0 rg BT 353.54 522.70 Td (deploy ) Tj ET Q q 0 0 0 rg BT 389.86 522.70 Td (an ) Tj ET Q q 0 0 0 rg BT 403.98 522.70 Td (increasing ) Tj ET Q q 0 0 0 rg BT 455.78 522.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 495.56 522.70 Td (of ) Tj ET Q q 0 0 0 rg BT 507.64 522.70 Td (capital ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 507.10 Td (towards ) Tj ET Q q 0 0 0 rg BT 131.75 507.10 Td (new ) Tj ET Q q 0 0 0 rg BT 154.98 507.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 211.80 507.10 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 260.68 507.10 Td (in ) Tj ET Q q 0 0 0 rg BT 272.49 507.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.45 507.10 Td (single-family ) Tj ET Q q 0 0 0 rg BT 356.01 507.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.61 507.10 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 434.03 507.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 476.01 507.10 Td (sectors.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 479.77 cm /I67 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 479.77 cm /I68 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 482.45 Td (Baseline ) Tj ET Q q 0 0 0 rg BT 132.91 482.45 Td (corporate ) Tj ET Q q 0 0 0 rg BT 182.70 482.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 232.50 482.45 Td (expenses ) Tj ET Q q 0 0 0 rg BT 280.30 482.45 Td (are ) Tj ET Q q 0 0 0 rg BT 297.52 482.45 Td (expected ) Tj ET Q q 0 0 0 rg BT 345.51 482.45 Td (to ) Tj ET Q q 0 0 0 rg BT 357.63 482.45 Td (be ) Tj ET Q q 0 0 0 rg BT 372.41 482.45 Td (between ) Tj ET Q q 0 0 0 rg BT 417.13 482.45 Td ($40 ) Tj ET Q q 0 0 0 rg BT 437.42 482.45 Td (million ) Tj ET Q q 0 0 0 rg BT 471.95 482.45 Td (to ) Tj ET Q q 0 0 0 rg BT 484.07 482.45 Td ($45 ) Tj ET Q q 0 0 0 rg BT 504.36 482.45 Td (million, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 466.85 Td (with ) Tj ET Q q 0 0 0 rg BT 113.42 466.85 Td (variable ) Tj ET Q q 0 0 0 rg BT 154.97 466.85 Td (compensation ) Tj ET Q q 0 0 0 rg BT 227.51 466.85 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 303.30 466.85 Td (with ) Tj ET Q q 0 0 0 rg BT 326.72 466.85 Td (company ) Tj ET Q q 0 0 0 rg BT 374.83 466.85 Td (performance.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 181.65 Td (_____________________) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 159.85 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 90.00 159.85 Td (As ) Tj ET Q q 0 0 0 rg BT 102.59 159.85 Td (with ) Tj ET Q q 0 0 0 rg BT 121.82 159.85 Td (all ) Tj ET Q q 0 0 0 rg BT 133.40 159.85 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 199.29 159.85 Td (statements, ) Tj ET Q q 0 0 0 rg BT 248.35 159.85 Td (our ) Tj ET Q q 0 0 0 rg BT 264.26 159.85 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 330.15 159.85 Td (statements ) Tj ET Q q 0 0 0 rg BT 376.71 159.85 Td (relating ) Tj ET Q q 0 0 0 rg BT 409.61 159.85 Td (to ) Tj ET Q q 0 0 0 rg BT 420.51 159.85 Td (our ) Tj ET Q q 0 0 0 rg BT 436.42 159.85 Td (2018 ) Tj ET Q q 0 0 0 rg BT 459.01 159.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 494.42 159.85 Td (outlook ) Tj ET Q q 0 0 0 rg BT 527.51 159.85 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 147.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 121.44 147.10 Td (to ) Tj ET Q q 0 0 0 rg BT 132.38 147.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 152.16 147.10 Td (and ) Tj ET Q q 0 0 0 rg BT 169.95 147.10 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 226.22 147.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 268.18 147.10 Td (among ) Tj ET Q q 0 0 0 rg BT 298.97 147.10 Td (other ) Tj ET Q q 0 0 0 rg BT 322.92 147.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 352.53 147.10 Td (those ) Tj ET Q q 0 0 0 rg BT 377.33 147.10 Td (described ) Tj ET Q q 0 0 0 rg BT 419.77 147.10 Td (in ) Tj ET Q q 0 0 0 rg BT 429.55 147.10 Td (our ) Tj ET Q q 0 0 0 rg BT 445.49 147.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 476.13 147.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 505.90 147.10 Td (on ) Tj ET Q q 0 0 0 rg BT 518.85 147.10 Td (Form ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 134.30 Td (10-K ) Tj ET Q q 0 0 0 rg BT 111.04 134.30 Td (under ) Tj ET Q q 0 0 0 rg BT 136.90 134.30 Td (the ) Tj ET Q q 0 0 0 rg BT 152.27 134.30 Td (caption ) Tj ET Q q 0 0 0 rg BT 184.64 134.30 Td (Risk ) Tj ET Q q 0 0 0 rg BT 207.34 134.30 Td (Factors ) Tj ET Q q 0 0 0 rg BT 243.54 134.30 Td (and ) Tj ET Q q 0 0 0 rg BT 261.07 134.30 Td (other ) Tj ET Q q 0 0 0 rg BT 284.77 134.30 Td (risks, ) Tj ET Q q 0 0 0 rg BT 306.79 134.30 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 362.81 134.30 Td (and ) Tj ET Q q 0 0 0 rg BT 380.35 134.30 Td (factors ) Tj ET Q q 0 0 0 rg BT 409.53 134.30 Td (that ) Tj ET Q q 0 0 0 rg BT 427.55 134.30 Td (could ) Tj ET Q q 0 0 0 rg BT 452.25 134.30 Td (cause ) Tj ET Q q 0 0 0 rg BT 477.47 134.30 Td (actual ) Tj ET Q q 0 0 0 rg BT 503.66 134.30 Td (results ) Tj ET Q q 0 0 0 rg BT 531.69 134.30 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 121.50 Td (differ ) Tj ET Q q 0 0 0 rg BT 112.16 121.50 Td (materially ) Tj ET Q q 0 0 0 rg BT 152.31 121.50 Td (from ) Tj ET Q q 0 0 0 rg BT 172.13 121.50 Td (those ) Tj ET Q q 0 0 0 rg BT 195.64 121.50 Td (described ) Tj ET Q q 0 0 0 rg BT 236.80 121.50 Td (above ) Tj ET Q q 0 0 0 rg BT 262.98 121.50 Td (and ) Tj ET Q q 0 0 0 rg BT 279.48 121.50 Td (under ) Tj ET Q q 0 0 0 rg BT 304.31 121.50 Td (the ) Tj ET Q q 0 0 0 rg BT 318.65 121.50 Td (heading ) Tj ET Q q 0 0 0 rg BT 352.83 121.50 Td ("Forward-Looking ) Tj ET Q q 0 0 0 rg BT 426.83 121.50 Td (Statements" ) Tj ET Q q 0 0 0 rg BT 477.98 121.50 Td (in ) Tj ET Q q 0 0 0 rg BT 486.48 121.50 Td (the ) Tj ET Q q 0 0 0 rg BT 500.81 121.50 Td (Appendix ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 108.75 Td (to ) Tj ET Q q 0 0 0 rg BT 99.80 108.75 Td (this ) Tj ET Q q 0 0 0 rg BT 115.28 108.75 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 155.26 108.75 Td (Review, ) Tj ET Q q 0 0 0 rg BT 187.09 108.75 Td (including ) Tj ET Q q 0 0 0 rg BT 225.41 108.75 Td (those ) Tj ET Q q 0 0 0 rg BT 249.06 108.75 Td (described ) Tj ET Q q 0 0 0 rg BT 290.36 108.75 Td (in ) Tj ET Q q 0 0 0 rg BT 299.00 108.75 Td (the ) Tj ET Q q 0 0 0 rg BT 313.49 108.75 Td (Cautionary ) Tj ET Q q 0 0 0 rg BT 363.14 108.75 Td (Statement ) Tj ET Q q 0 0 0 rg BT 410.61 108.75 Td (at ) Tj ET Q q 0 0 0 rg BT 419.74 108.75 Td (the ) Tj ET Q q 0 0 0 rg BT 434.23 108.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 476.54 108.75 Td (of ) Tj ET Q q 0 0 0 rg BT 486.02 108.75 Td (this ) Tj ET Q q 0 0 0 rg BT 501.49 108.75 Td (Redwood ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 95.95 Td (Review. ) Tj ET Q q 0 0 0 rg BT 121.77 95.95 Td (Although ) Tj ET Q q 0 0 0 rg BT 160.39 95.95 Td (we ) Tj ET Q q 0 0 0 rg BT 173.32 95.95 Td (may ) Tj ET Q q 0 0 0 rg BT 191.42 95.95 Td (update ) Tj ET Q q 0 0 0 rg BT 221.51 95.95 Td (our ) Tj ET Q q 0 0 0 rg BT 236.27 95.95 Td (2018 ) Tj ET Q q 0 0 0 rg BT 257.71 95.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 291.97 95.95 Td (outlook ) Tj ET Q q 0 0 0 rg BT 323.91 95.95 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 378.51 95.95 Td (in ) Tj ET Q q 0 0 0 rg BT 387.10 95.95 Td (2018, ) Tj ET Q q 0 0 0 rg BT 411.05 95.95 Td (as ) Tj ET Q q 0 0 0 rg BT 420.98 95.95 Td (a ) Tj ET Q q 0 0 0 rg BT 427.08 95.95 Td (general ) Tj ET Q q 0 0 0 rg BT 458.83 95.95 Td (matter ) Tj ET Q q 0 0 0 rg BT 486.57 95.95 Td (we ) Tj ET Q q 0 0 0 rg BT 499.50 95.95 Td (undertake ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 83.20 Td (no ) Tj ET Q q 0 0 0 rg BT 102.07 83.20 Td (obligation ) Tj ET Q q 0 0 0 rg BT 144.64 83.20 Td (to ) Tj ET Q q 0 0 0 rg BT 154.70 83.20 Td (update ) Tj ET Q q 0 0 0 rg BT 185.10 83.20 Td (or ) Tj ET Q q 0 0 0 rg BT 195.15 83.20 Td (revise ) Tj ET Q q 0 0 0 rg BT 220.05 83.20 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 285.10 83.20 Td (statements, ) Tj ET Q q 0 0 0 rg BT 333.32 83.20 Td (whether ) Tj ET Q q 0 0 0 rg BT 367.55 83.20 Td (as ) Tj ET Q q 0 0 0 rg BT 377.79 83.20 Td (a ) Tj ET Q q 0 0 0 rg BT 384.19 83.20 Td (result ) Tj ET Q q 0 0 0 rg BT 407.75 83.20 Td (of ) Tj ET Q q 0 0 0 rg BT 417.49 83.20 Td (new ) Tj ET Q q 0 0 0 rg BT 435.73 83.20 Td (information, ) Tj ET Q q 0 0 0 rg BT 486.11 83.20 Td (future ) Tj ET Q q 0 0 0 rg BT 511.34 83.20 Td (events, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 70.40 Td (or ) Tj ET Q q 0 0 0 rg BT 100.83 70.40 Td (otherwise. ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 227.40 736.44 Td (F I N A N C I A L I N S I G H T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 299.40 24.25 Td (14) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Se) Tj ET Q q 0 0 0 rg BT 85.35 702.30 Td (gment Results) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 680.65 Td (We ) Tj ET Q q 0 0 0 rg BT 92.69 680.65 Td (report ) Tj ET Q q 0 0 0 rg BT 127.19 680.65 Td (on ) Tj ET Q q 0 0 0 rg BT 144.22 680.65 Td (our ) Tj ET Q q 0 0 0 rg BT 164.90 680.65 Td (business ) Tj ET Q q 0 0 0 rg BT 211.05 680.65 Td (using ) Tj ET Q q 0 0 0 rg BT 241.72 680.65 Td (two ) Tj ET Q q 0 0 0 rg BT 264.23 680.65 Td (distinct ) Tj ET Q q 0 0 0 rg BT 304.04 680.65 Td (segments: ) Tj ET Q q 0 0 0 rg BT 358.96 680.65 Td (Investment ) Tj ET Q q 0 0 0 rg BT 417.37 680.65 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 463.50 680.65 Td (and ) Tj ET Q q 0 0 0 rg BT 486.43 680.65 Td (Residential ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 665.05 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 126.68 665.05 Td (Banking. ) Tj ET Q q 0 0 0 rg BT 175.07 665.05 Td (The ) Tj ET Q q 0 0 0 rg BT 199.41 665.05 Td (following ) Tj ET Q q 0 0 0 rg BT 250.21 665.05 Td (table ) Tj ET Q q 0 0 0 rg BT 280.85 665.05 Td (presents ) Tj ET Q q 0 0 0 rg BT 328.19 665.05 Td (the ) Tj ET Q q 0 0 0 rg BT 349.88 665.05 Td (results ) Tj ET Q q 0 0 0 rg BT 387.03 665.05 Td (from ) Tj ET Q q 0 0 0 rg BT 415.43 665.05 Td (each ) Tj ET Q q 0 0 0 rg BT 444.47 665.05 Td (of ) Tj ET Q q 0 0 0 rg BT 460.04 665.05 Td (these ) Tj ET Q q 0 0 0 rg BT 492.54 665.05 Td (segments ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 649.40 Td (reconciled ) Tj ET Q q 0 0 0 rg BT 125.99 649.40 Td (to ) Tj ET Q q 0 0 0 rg BT 139.22 649.40 Td (our ) Tj ET Q q 0 0 0 rg BT 158.57 649.40 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 191.59 649.40 Td (net ) Tj ET Q q 0 0 0 rg BT 210.54 649.40 Td (income ) Tj ET Q q 0 0 0 rg BT 249.66 649.40 Td (for ) Tj ET Q q 0 0 0 rg BT 266.15 649.40 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 285.10 649.40 Td (fourth) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 314.43 649.40 Td ( ) Tj ET Q q 0 0 0 rg BT 317.49 649.40 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 339.09 649.40 Td (third) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 361.69 649.40 Td ( ) Tj ET Q q 0 0 0 rg BT 364.75 649.40 Td (quarters ) Tj ET Q q 0 0 0 rg BT 408.11 649.40 Td (of ) Tj ET Q q 0 0 0 rg BT 420.95 649.40 Td (2017.) Tj ET Q 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 629.90 468.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 617.90 468.00 -20.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 597.90 468.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 585.90 344.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 415.50 585.90 118.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 533.50 585.90 6.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 71.50 573.90 344.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 415.50 573.90 57.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 472.50 573.90 4.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 476.50 573.90 57.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 533.50 573.90 6.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 71.50 298.90 344.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 415.50 298.90 57.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 472.50 298.90 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 476.50 298.90 57.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 533.50 298.90 6.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 629.9 m 71.5 617.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 629.9 m 415.5 629.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 629.9 m 472.5 629.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 629.9 m 476.5 629.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 629.9 m 533.5 629.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 629.9 m 539.5 617.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 629.9 m 539.5 629.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 617.9 m 71.5 597.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 617.9 m 539.5 597.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 597.9 m 71.5 585.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 597.9 m 539.5 585.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 585.9 m 71.5 573.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 573.9 m 472.5 573.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 573.9 m 476.5 573.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 573.9 m 533.5 573.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 585.9 m 539.5 573.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 573.9 m 71.5 561.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 573.9 m 472.5 573.9 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 573.9 m 533.5 573.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 573.9 m 539.5 561.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 561.9 m 71.5 557.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 561.9 m 539.5 557.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 557.9 m 71.5 542.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 557.9 m 539.5 542.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 542.9 m 71.5 527.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 542.9 m 539.5 527.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 527.9 m 71.5 512.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 527.9 m 539.5 512.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 512.9 m 71.5 497.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 512.9 m 539.5 497.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 497.9 m 71.5 482.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 497.9 m 539.5 482.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 482.9 m 71.5 467.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 482.9 m 539.5 467.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 467.9 m 71.5 452.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 467.9 m 539.5 452.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 452.9 m 71.5 437.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 452.9 m 415.5 452.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 438.9 m 415.5 438.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 436.9 m 415.5 436.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 452.9 m 472.5 452.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 438.9 m 472.5 438.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 436.9 m 472.5 436.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 452.9 m 476.5 452.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 438.9 m 476.5 438.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 436.9 m 476.5 436.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 452.9 m 533.5 452.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 438.9 m 533.5 438.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 436.9 m 533.5 436.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 452.9 m 539.5 437.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 452.9 m 539.5 452.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 438.9 m 539.5 438.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 436.9 m 539.5 436.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 437.9 m 71.5 422.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 437.9 m 539.5 422.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 422.9 m 71.5 407.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 422.9 m 539.5 407.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 407.9 m 71.5 392.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 407.9 m 539.5 392.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 392.9 m 71.5 377.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 392.9 m 539.5 377.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 377.9 m 71.5 362.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 377.9 m 539.5 362.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 362.9 m 71.5 347.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 347.9 m 415.5 347.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 362.9 m 539.5 347.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 347.9 m 71.5 332.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 347.9 m 415.5 347.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 333.9 m 415.5 333.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 331.9 m 415.5 331.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 347.9 m 472.5 347.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 333.9 m 472.5 333.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 331.9 m 472.5 331.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 347.9 m 476.5 347.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 333.9 m 476.5 333.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 331.9 m 476.5 331.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 347.9 m 533.5 347.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 333.9 m 533.5 333.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 331.9 m 533.5 331.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 347.9 m 539.5 332.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 347.9 m 539.5 347.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 333.9 m 539.5 333.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 331.9 m 539.5 331.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 332.9 m 71.5 317.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 332.9 m 539.5 317.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 317.9 m 71.5 302.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 317.9 m 539.5 302.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 302.9 m 71.5 298.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 298.9 m 415.5 298.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 298.9 m 472.5 298.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 298.9 m 476.5 298.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 298.9 m 533.5 298.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 302.9 m 539.5 298.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 298.9 m 539.5 298.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 298.9 m 71.5 283.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 284.9 m 415.5 284.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 282.9 m 415.5 282.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 298.9 m 472.5 298.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 284.9 m 472.5 284.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 282.9 m 472.5 282.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 298.9 m 476.5 298.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 284.9 m 476.5 284.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 282.9 m 476.5 282.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 298.9 m 533.5 298.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 284.9 m 533.5 284.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 282.9 m 533.5 282.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 298.9 m 539.5 283.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 298.9 m 539.5 298.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 284.9 m 539.5 284.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 282.9 m 539.5 282.9 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 221.00 614.40 157.66 -14.00 re f /GS0 gs q 1 1 1 rg BT 221.00 603.90 Td (Segmen) Tj ET Q q 1 1 1 rg BT 267.12 603.90 Td (t R) Tj ET Q q 1 1 1 rg BT 282.82 603.90 Td (esults Summar) Tj ET Q q 1 1 1 rg BT 368.86 603.90 Td (y ) Tj ET Q BT /F4 14.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 378.66 621.07 10.28 -14.00 re f /GS0 gs BT /F4 9.10 Tf ET q 1 1 1 rg BT 378.66 610.57 Td (\(1\)) Tj ET Q BT /F7 9.00 Tf ET q 1 1 1 rg BT 280.30 588.65 Td (\($ in millions\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 435.00 576.65 Td (Thr) Tj ET Q q 1 1 1 rg BT 447.43 576.65 Td (ee Mon) Tj ET Q q 1 1 1 rg BT 475.97 576.65 Td (ths Ended) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 421.35 564.65 Td (12/31/2017) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 484.65 564.65 Td (9/30/2017) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 84.00 547.90 Td (In) Tj ET Q q 0 0 0 rg BT 91.96 547.90 Td (v) Tj ET Q q 0 0 0 rg BT 96.58 547.90 Td (es) Tj ET Q q 0 0 0 rg BT 105.50 547.90 Td (tmen) Tj ET Q q 0 0 0 rg BT 127.40 547.90 Td (t portf) Tj ET Q q 0 0 0 rg BT 153.93 547.90 Td (olio) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 96.00 532.90 Td (Ne) Tj ET Q q 0 0 0 rg BT 107.40 532.90 Td (t in) Tj ET Q q 0 0 0 rg BT 120.49 532.90 Td (t) Tj ET Q q 0 0 0 rg BT 123.74 532.90 Td (er) Tj ET Q q 0 0 0 rg BT 132.08 532.90 Td (es) Tj ET Q q 0 0 0 rg BT 140.85 532.90 Td (t inc) Tj ET Q q 0 0 0 rg BT 158.14 532.90 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 418.00 532.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 458.50 532.90 Td (39) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 479.00 532.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 519.50 532.90 Td (38) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 96.00 517.90 Td (In) Tj ET Q q 0 0 0 rg BT 103.69 517.90 Td (v) Tj ET Q q 0 0 0 rg BT 108.08 517.90 Td (es) Tj ET Q q 0 0 0 rg BT 116.86 517.90 Td (tmen) Tj ET Q q 0 0 0 rg BT 138.32 517.90 Td (t f) Tj ET Q q 0 0 0 rg BT 146.84 517.90 Td (air v) Tj ET Q q 0 0 0 rg BT 164.02 517.90 Td (alue chang) Tj ET Q q 0 0 0 rg BT 207.71 517.90 Td (es, ne) Tj ET Q q 0 0 0 rg BT 231.52 517.90 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 463.55 517.90 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 524.55 517.90 Td (1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 96.00 502.90 Td (Other inc) Tj ET Q q 0 0 0 rg BT 133.68 502.90 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 463.55 502.90 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 524.55 502.90 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 96.00 487.90 Td (R) Tj ET Q q 0 0 0 rg BT 101.34 487.90 Td (ealiz) Tj ET Q q 0 0 0 rg BT 119.45 487.90 Td (ed g) Tj ET Q q 0 0 0 rg BT 136.44 487.90 Td (ains) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 463.55 487.90 Td (5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 524.55 487.90 Td (2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 96.00 472.90 Td (Oper) Tj ET Q q 0 0 0 rg BT 116.23 472.90 Td (a) Tj ET Q q 0 0 0 rg BT 120.88 472.90 Td (ting e) Tj ET Q q 0 0 0 rg BT 143.60 472.90 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 460.50 472.90 Td (\(2) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.65 472.90 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 521.50 472.90 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 529.65 472.90 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 96.00 457.90 Td (Pr) Tj ET Q q 0 0 0 rg BT 104.57 457.90 Td (o) Tj ET Q q 0 0 0 rg BT 109.74 457.90 Td (vision f) Tj ET Q q 0 0 0 rg BT 138.47 457.90 Td (or inc) Tj ET Q q 0 0 0 rg BT 161.12 457.90 Td (ome t) Tj ET Q q 0 0 0 rg BT 184.87 457.90 Td (a) Tj ET Q q 0 0 0 rg BT 189.55 457.90 Td (x) Tj ET Q q 0 0 0 rg BT 193.71 457.90 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 460.50 457.90 Td (\(1) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.65 457.90 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 520.55 457.90 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 96.00 442.90 Td (Segmen) Tj ET Q q 0 0 0 rg BT 128.99 442.90 Td (t c) Tj ET Q q 0 0 0 rg BT 138.83 442.90 Td (on) Tj ET Q q 0 0 0 rg BT 149.50 442.90 Td (tribution) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 418.00 442.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 458.50 442.90 Td (48) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 479.00 442.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 519.50 442.90 Td (42) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.00 412.90 Td (R) Tj ET Q q 0 0 0 rg BT 89.56 412.90 Td (esiden) Tj ET Q q 0 0 0 rg BT 116.68 412.90 Td (tial mortg) Tj ET Q q 0 0 0 rg BT 157.40 412.90 Td (ag) Tj ET Q q 0 0 0 rg BT 166.94 412.90 Td (e banking) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 96.00 397.90 Td (Ne) Tj ET Q q 0 0 0 rg BT 107.40 397.90 Td (t in) Tj ET Q q 0 0 0 rg BT 120.49 397.90 Td (t) Tj ET Q q 0 0 0 rg BT 123.74 397.90 Td (er) Tj ET Q q 0 0 0 rg BT 132.08 397.90 Td (es) Tj ET Q q 0 0 0 rg BT 140.85 397.90 Td (t inc) Tj ET Q q 0 0 0 rg BT 158.14 397.90 Td (ome) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 418.00 397.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 463.55 397.90 Td (7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 479.00 397.90 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 524.55 397.90 Td (6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 96.00 382.90 Td (Mortg) Tj ET Q q 0 0 0 rg BT 121.27 382.90 Td (ag) Tj ET Q q 0 0 0 rg BT 130.64 382.90 Td (e banking activities) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 463.55 382.90 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 519.50 382.90 Td (21) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 96.00 367.90 Td (Oper) Tj ET Q q 0 0 0 rg BT 116.23 367.90 Td (a) Tj ET Q q 0 0 0 rg BT 120.88 367.90 Td (ting e) Tj ET Q q 0 0 0 rg BT 143.60 367.90 Td (xpenses) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 460.50 367.90 Td (\(7) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.65 367.90 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 521.50 367.90 Td (\(6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 529.65 367.90 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 96.00 352.90 Td (Pr) Tj ET Q q 0 0 0 rg BT 104.49 352.90 Td (o) Tj ET Q q 0 0 0 rg BT 109.72 352.90 Td (vision f) Tj ET Q q 0 0 0 rg BT 138.37 352.90 Td (or inc) Tj ET Q q 0 0 0 rg BT 161.08 352.90 Td (ome t) Tj ET Q q 0 0 0 rg BT 184.81 352.90 Td (a) Tj ET Q q 0 0 0 rg BT 189.51 352.90 Td (x) Tj ET Q q 0 0 0 rg BT 193.57 352.90 Td (es) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 463.55 352.90 Td (6) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 521.50 352.90 Td (\(5) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 529.65 352.90 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 96.00 337.90 Td (Segmen) Tj ET Q q 0 0 0 rg BT 128.94 337.90 Td (t c) Tj ET Q q 0 0 0 rg BT 138.81 337.90 Td (on) Tj ET Q q 0 0 0 rg BT 149.46 337.90 Td (tribution) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 418.00 337.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 463.55 337.90 Td (9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 479.00 337.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 519.50 337.90 Td (17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 84.00 307.90 Td (Corpor) Tj ET Q q 0 0 0 rg BT 111.90 307.90 Td (a) Tj ET Q q 0 0 0 rg BT 116.60 307.90 Td (t) Tj ET Q q 0 0 0 rg BT 119.84 307.90 Td (e/Other) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 455.45 307.90 Td (\(26) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 468.65 307.90 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 516.45 307.90 Td (\(22) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 529.65 307.90 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.00 288.90 Td (Ne) Tj ET Q q 0 0 0 rg BT 95.55 288.90 Td (t inc) Tj ET Q q 0 0 0 rg BT 113.24 288.90 Td (ome) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 418.00 288.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 458.50 288.90 Td (31) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 479.00 288.90 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 519.50 288.90 Td (36) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 265.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 90.00 265.65 Td (Redwood's ) Tj ET Q q 0 0 0 rg BT 137.02 265.65 Td (Business ) Tj ET Q q 0 0 0 rg BT 173.69 265.65 Td (Overview ) Tj ET Q q 0 0 0 rg BT 213.86 265.65 Td (section ) Tj ET Q q 0 0 0 rg BT 244.86 265.65 Td (located ) Tj ET Q q 0 0 0 rg BT 277.19 265.65 Td (in ) Tj ET Q q 0 0 0 rg BT 286.68 265.65 Td (the ) Tj ET Q q 0 0 0 rg BT 302.01 265.65 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 343.53 265.65 Td (of ) Tj ET Q q 0 0 0 rg BT 353.86 265.65 Td (this ) Tj ET Q q 0 0 0 rg BT 370.18 265.65 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 411.02 265.65 Td (Review ) Tj ET Q q 0 0 0 rg BT 441.69 265.65 Td (includes ) Tj ET Q q 0 0 0 rg BT 477.02 265.65 Td (full ) Tj ET Q q 0 0 0 rg BT 491.35 265.65 Td (descriptions ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 252.85 Td (of ) Tj ET Q q 0 0 0 rg BT 100.25 252.85 Td (these ) Tj ET Q q 0 0 0 rg BT 124.35 252.85 Td (segments ) Tj ET Q q 0 0 0 rg BT 165.43 252.85 Td (and ) Tj ET Q q 0 0 0 rg BT 182.86 252.85 Td (how ) Tj ET Q q 0 0 0 rg BT 201.95 252.85 Td (they ) Tj ET Q q 0 0 0 rg BT 221.54 252.85 Td (fit ) Tj ET Q q 0 0 0 rg BT 231.61 252.85 Td (into ) Tj ET Q q 0 0 0 rg BT 249.35 252.85 Td (Redwood's ) Tj ET Q q 0 0 0 rg BT 296.29 252.85 Td (business ) Tj ET Q q 0 0 0 rg BT 332.72 252.85 Td (model. ) Tj ET Q q 0 0 0 rg BT 363.14 252.85 Td (See ) Tj ET Q q 0 0 0 rg BT 380.40 252.85 Td (Table ) Tj ET Q q 0 0 0 rg BT 404.15 252.85 Td (3 ) Tj ET Q q 0 0 0 rg BT 411.41 252.85 Td (in ) Tj ET Q q 0 0 0 rg BT 420.82 252.85 Td (the ) Tj ET Q BT /F8 9.00 Tf ET q 0 0 0 rg BT 436.08 252.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 473.50 252.85 Td (Tables ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.09 252.85 Td (section ) Tj ET Q q 0 0 0 rg BT 532.01 252.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 240.10 Td (this ) Tj ET Q q 0 0 0 rg BT 106.50 240.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 147.51 240.10 Td (Review ) Tj ET Q q 0 0 0 rg BT 178.35 240.10 Td (for ) Tj ET Q q 0 0 0 rg BT 191.84 240.10 Td (a ) Tj ET Q q 0 0 0 rg BT 199.02 240.10 Td (more ) Tj ET Q q 0 0 0 rg BT 222.35 240.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 285.87 240.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 338.70 240.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.21 240.10 Td (our ) Tj ET Q q 0 0 0 rg BT 365.04 240.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 402.54 240.10 Td (results.) Tj ET Q BT /F8 11.00 Tf ET q 0 0 0 rg BT 72.00 215.45 Td (Investment ) Tj ET Q q 0 0 0 rg BT 129.09 215.45 Td (Portfolio) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 188.59 cm /I69 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 190.85 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 190.85 Td (Segment ) Tj ET Q q 0 0 0 rg BT 139.17 190.85 Td (contribution ) Tj ET Q q 0 0 0 rg BT 203.80 190.85 Td (from ) Tj ET Q q 0 0 0 rg BT 231.37 190.85 Td (our ) Tj ET Q q 0 0 0 rg BT 252.62 190.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 311.35 190.85 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 358.45 190.85 Td (improved ) Tj ET Q q 0 0 0 rg BT 410.26 190.85 Td (during ) Tj ET Q q 0 0 0 rg BT 447.19 190.85 Td (the ) Tj ET Q q 0 0 0 rg BT 468.05 190.85 Td (fourth ) Tj ET Q q 0 0 0 rg BT 502.34 190.85 Td (quarter, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 175.20 Td (primarily ) Tj ET Q q 0 0 0 rg BT 134.41 175.20 Td (due ) Tj ET Q q 0 0 0 rg BT 155.44 175.20 Td (to ) Tj ET Q q 0 0 0 rg BT 167.69 175.20 Td (higher ) Tj ET Q q 0 0 0 rg BT 201.13 175.20 Td (net ) Tj ET Q q 0 0 0 rg BT 219.10 175.20 Td (interest ) Tj ET Q q 0 0 0 rg BT 257.61 175.20 Td (income ) Tj ET Q q 0 0 0 rg BT 295.75 175.20 Td (from ) Tj ET Q q 0 0 0 rg BT 320.44 175.20 Td (increased ) Tj ET Q q 0 0 0 rg BT 369.38 175.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 403.83 175.20 Td (deployment ) Tj ET Q q 0 0 0 rg BT 465.19 175.20 Td (in ) Tj ET Q q 0 0 0 rg BT 476.02 175.20 Td (our ) Tj ET Q q 0 0 0 rg BT 494.39 175.20 Td (securities ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 159.60 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 138.55 159.60 Td (an ) Tj ET Q q 0 0 0 rg BT 153.73 159.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 197.22 159.60 Td (in ) Tj ET Q q 0 0 0 rg BT 209.32 159.60 Td (the ) Tj ET Q q 0 0 0 rg BT 228.57 159.60 Td (value ) Tj ET Q q 0 0 0 rg BT 257.80 159.60 Td (of ) Tj ET Q q 0 0 0 rg BT 270.93 159.60 Td (our ) Tj ET Q q 0 0 0 rg BT 290.57 159.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 339.54 159.60 Td (from ) Tj ET Q q 0 0 0 rg BT 365.50 159.60 Td (spread ) Tj ET Q q 0 0 0 rg BT 402.26 159.60 Td (tightening ) Tj ET Q q 0 0 0 rg BT 456.11 159.60 Td (during ) Tj ET Q q 0 0 0 rg BT 491.43 159.60 Td (the ) Tj ET Q q 0 0 0 rg BT 510.67 159.60 Td (fourth ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 144.00 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 130.72 144.00 Td (and ) Tj ET Q q 0 0 0 rg BT 152.33 144.00 Td (increased ) Tj ET Q q 0 0 0 rg BT 202.25 144.00 Td (gains ) Tj ET Q q 0 0 0 rg BT 231.18 144.00 Td (on ) Tj ET Q q 0 0 0 rg BT 246.87 144.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 273.77 144.00 Td (of ) Tj ET Q q 0 0 0 rg BT 286.61 144.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 335.28 144.00 Td (from ) Tj ET Q q 0 0 0 rg BT 360.95 144.00 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 406.14 144.00 Td (optimization ) Tj ET Q q 0 0 0 rg BT 470.10 144.00 Td (activities.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 117.09 cm /I70 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 119.35 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 119.35 Td (Credit ) Tj ET Q q 0 0 0 rg BT 124.62 119.35 Td (fundamentals ) Tj ET Q q 0 0 0 rg BT 195.12 119.35 Td (in ) Tj ET Q q 0 0 0 rg BT 208.16 119.35 Td (our ) Tj ET Q q 0 0 0 rg BT 228.74 119.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 286.79 119.35 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 333.22 119.35 Td (remain ) Tj ET Q q 0 0 0 rg BT 370.91 119.35 Td (strong, ) Tj ET Q q 0 0 0 rg BT 409.41 119.35 Td (benefiting ) Tj ET Q q 0 0 0 rg BT 463.80 119.35 Td (from ) Tj ET Q q 0 0 0 rg BT 490.69 119.35 Td (continued ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 103.75 Td (housing ) Tj ET Q q 0 0 0 rg BT 131.98 103.75 Td (price ) Tj ET Q q 0 0 0 rg BT 159.47 103.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 196.94 103.75 Td (and ) Tj ET Q q 0 0 0 rg BT 218.55 103.75 Td (improvements ) Tj ET Q q 0 0 0 rg BT 291.68 103.75 Td (in ) Tj ET Q q 0 0 0 rg BT 303.49 103.75 Td (the ) Tj ET Q q 0 0 0 rg BT 322.45 103.75 Td (general ) Tj ET Q q 0 0 0 rg BT 362.57 103.75 Td (economy.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 227.40 736.44 Td (F I N A N C I A L I N S I G H T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 299.40 24.25 Td (15) Tj ET Q BT /F1 10.00 Tf ET BT /F8 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (Residential ) Tj ET Q q 0 0 0 rg BT 128.63 702.70 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 180.57 702.70 Td (Banking) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 675.84 cm /I71 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 678.10 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 678.10 Td (Segment ) Tj ET Q q 0 0 0 rg BT 137.21 678.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 199.88 678.10 Td (from ) Tj ET Q q 0 0 0 rg BT 225.49 678.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 279.00 678.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 330.47 678.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 372.80 678.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 418.19 678.10 Td (during ) Tj ET Q q 0 0 0 rg BT 453.16 678.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.06 678.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 504.39 678.10 Td (quarter ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 662.45 Td (as ) Tj ET Q q 0 0 0 rg BT 102.44 662.45 Td (a ) Tj ET Q q 0 0 0 rg BT 110.20 662.45 Td (result ) Tj ET Q q 0 0 0 rg BT 138.93 662.45 Td (of ) Tj ET Q q 0 0 0 rg BT 150.75 662.45 Td (lower ) Tj ET Q q 0 0 0 rg BT 179.68 662.45 Td (gross ) Tj ET Q q 0 0 0 rg BT 207.79 662.45 Td (margins ) Tj ET Q q 0 0 0 rg BT 248.54 662.45 Td (on ) Tj ET Q q 0 0 0 rg BT 263.23 662.45 Td (increased ) Tj ET Q q 0 0 0 rg BT 312.14 662.45 Td (loan ) Tj ET Q q 0 0 0 rg BT 335.18 662.45 Td (purchase ) Tj ET Q q 0 0 0 rg BT 381.45 662.45 Td (volume. ) Tj ET Q q 0 0 0 rg BT 422.62 662.45 Td (The ) Tj ET Q q 0 0 0 rg BT 443.22 662.45 Td (decline ) Tj ET Q q 0 0 0 rg BT 480.93 662.45 Td (was ) Tj ET Q q 0 0 0 rg BT 501.31 662.45 Td (partially ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 646.85 Td (offset ) Tj ET Q q 0 0 0 rg BT 120.35 646.85 Td (by ) Tj ET Q q 0 0 0 rg BT 135.43 646.85 Td (a ) Tj ET Q q 0 0 0 rg BT 144.20 646.85 Td (tax ) Tj ET Q q 0 0 0 rg BT 161.92 646.85 Td (benefit ) Tj ET Q q 0 0 0 rg BT 199.59 646.85 Td (related ) Tj ET Q q 0 0 0 rg BT 237.06 646.85 Td (to ) Tj ET Q q 0 0 0 rg BT 250.29 646.85 Td (recent ) Tj ET Q q 0 0 0 rg BT 284.11 646.85 Td (tax ) Tj ET Q q 0 0 0 rg BT 301.83 646.85 Td (reform.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 619.99 cm /I72 Do Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 81.80 622.25 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 622.25 Td (Loan ) Tj ET Q q 0 0 0 rg BT 117.86 622.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 166.09 622.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 206.17 622.25 Td (saw ) Tj ET Q q 0 0 0 rg BT 228.52 622.25 Td (strong ) Tj ET Q q 0 0 0 rg BT 263.69 622.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 302.12 622.25 Td (in ) Tj ET Q q 0 0 0 rg BT 314.89 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.80 622.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 368.13 622.25 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 409.81 622.25 Td (with ) Tj ET Q q 0 0 0 rg BT 434.19 622.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 470.79 622.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 495.79 622.25 Td (purchase ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 606.60 Td (volumes ) Tj ET Q q 0 0 0 rg BT 133.71 606.60 Td (increasing ) Tj ET Q q 0 0 0 rg BT 186.16 606.60 Td (33% ) Tj ET Q q 0 0 0 rg BT 210.51 606.60 Td (from ) Tj ET Q q 0 0 0 rg BT 236.07 606.60 Td (the ) Tj ET Q q 0 0 0 rg BT 254.91 606.60 Td (third ) Tj ET Q q 0 0 0 rg BT 280.46 606.60 Td (quarter. ) Tj ET Q q 0 0 0 rg BT 321.08 606.60 Td (Choice ) Tj ET Q q 0 0 0 rg BT 358.47 606.60 Td (loan ) Tj ET Q q 0 0 0 rg BT 382.41 606.60 Td (purchase ) Tj ET Q q 0 0 0 rg BT 429.58 606.60 Td (volume ) Tj ET Q q 0 0 0 rg BT 468.60 606.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 518.42 606.60 Td (over ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 591.00 Td (50% ) Tj ET Q q 0 0 0 rg BT 114.45 591.00 Td (from ) Tj ET Q q 0 0 0 rg BT 140.12 591.00 Td (the ) Tj ET Q q 0 0 0 rg BT 159.07 591.00 Td (third ) Tj ET Q q 0 0 0 rg BT 184.72 591.00 Td (quarter.) Tj ET Q /GS0 gs q 347.00 0 0 197.00 132.50 380.00 cm /I73 Do Q BT /F1 10.00 Tf ET /GS0 gs q 8.91 0 0 12.00 72.00 352.67 cm /I74 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 352.67 cm /I75 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 355.35 Td (During ) Tj ET Q q 0 0 0 rg BT 126.15 355.35 Td (the ) Tj ET Q q 0 0 0 rg BT 144.80 355.35 Td (fourth ) Tj ET Q q 0 0 0 rg BT 176.88 355.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 215.26 355.35 Td (of ) Tj ET Q q 0 0 0 rg BT 227.79 355.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 258.07 355.35 Td (we ) Tj ET Q q 0 0 0 rg BT 274.88 355.35 Td (completed ) Tj ET Q q 0 0 0 rg BT 330.80 355.35 Td (our ) Tj ET Q q 0 0 0 rg BT 349.84 355.35 Td (seventh ) Tj ET Q q 0 0 0 rg BT 390.72 355.35 Td (traditional ) Tj ET Q q 0 0 0 rg BT 443.15 355.35 Td (Select ) Tj ET Q q 0 0 0 rg BT 475.84 355.35 Td (securitization ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 339.75 Td (and ) Tj ET Q q 0 0 0 rg BT 112.38 339.75 Td (our ) Tj ET Q q 0 0 0 rg BT 132.49 339.75 Td (second ) Tj ET Q q 0 0 0 rg BT 171.79 339.75 Td (Choice ) Tj ET Q q 0 0 0 rg BT 210.06 339.75 Td (securitization ) Tj ET Q q 0 0 0 rg BT 278.04 339.75 Td (for ) Tj ET Q q 0 0 0 rg BT 295.30 339.75 Td (the ) Tj ET Q q 0 0 0 rg BT 315.02 339.75 Td (year. ) Tj ET Q q 0 0 0 rg BT 341.68 339.75 Td (Loan ) Tj ET Q q 0 0 0 rg BT 369.35 339.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 397.02 339.75 Td (in ) Tj ET Q q 0 0 0 rg BT 409.60 339.75 Td (the ) Tj ET Q q 0 0 0 rg BT 429.33 339.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 462.48 339.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 501.93 339.75 Td (of ) Tj ET Q q 0 0 0 rg BT 515.54 339.75 Td (2017 ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 324.15 Td (decreased ) Tj ET Q q 0 0 0 rg BT 143.88 324.15 Td (to ) Tj ET Q q 0 0 0 rg BT 156.99 324.15 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 181.33 324.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 214.21 324.15 Td (from ) Tj ET Q q 0 0 0 rg BT 239.76 324.15 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 264.10 324.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 296.98 324.15 Td (\(inclusive ) Tj ET Q q 0 0 0 rg BT 344.33 324.15 Td (of ) Tj ET Q q 0 0 0 rg BT 357.05 324.15 Td (securitized ) Tj ET Q q 0 0 0 rg BT 412.33 324.15 Td (Choice ) Tj ET Q q 0 0 0 rg BT 449.70 324.15 Td (loans\). ) Tj ET Q q 0 0 0 rg BT 484.23 324.15 Td (In ) Tj ET Q q 0 0 0 rg BT 496.19 324.15 Td (addition, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 308.50 Td (during ) Tj ET Q q 0 0 0 rg BT 123.98 308.50 Td (the ) Tj ET Q q 0 0 0 rg BT 141.88 308.50 Td (fourth ) Tj ET Q q 0 0 0 rg BT 173.22 308.50 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 212.90 308.50 Td (we ) Tj ET Q q 0 0 0 rg BT 228.97 308.50 Td (transferred ) Tj ET Q q 0 0 0 rg BT 284.11 308.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 311.79 308.50 Td (of ) Tj ET Q q 0 0 0 rg BT 323.58 308.50 Td ($274 ) Tj ET Q q 0 0 0 rg BT 350.06 308.50 Td (million ) Tj ET Q q 0 0 0 rg BT 384.67 308.50 Td (to ) Tj ET Q q 0 0 0 rg BT 396.85 308.50 Td (our ) Tj ET Q q 0 0 0 rg BT 415.15 308.50 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 443.65 308.50 Td (member-subsidiary.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 281.22 cm /I76 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 281.22 cm /I77 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 283.90 Td (High ) Tj ET Q q 0 0 0 rg BT 116.04 283.90 Td (loan ) Tj ET Q q 0 0 0 rg BT 139.65 283.90 Td (purchase ) Tj ET Q q 0 0 0 rg BT 186.49 283.90 Td (volume ) Tj ET Q q 0 0 0 rg BT 225.18 283.90 Td (in ) Tj ET Q q 0 0 0 rg BT 236.56 283.90 Td (the ) Tj ET Q q 0 0 0 rg BT 255.07 283.90 Td (fourth ) Tj ET Q q 0 0 0 rg BT 287.02 283.90 Td (quarter, ) Tj ET Q q 0 0 0 rg BT 327.31 283.90 Td (as ) Tj ET Q q 0 0 0 rg BT 340.32 283.90 Td (well ) Tj ET Q q 0 0 0 rg BT 362.29 283.90 Td (as ) Tj ET Q q 0 0 0 rg BT 375.31 283.90 Td (seasonally ) Tj ET Q q 0 0 0 rg BT 428.06 283.90 Td (lower ) Tj ET Q q 0 0 0 rg BT 457.56 283.90 Td (loan ) Tj ET Q q 0 0 0 rg BT 481.17 283.90 Td (distribution, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 268.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 132.29 268.25 Td (in ) Tj ET Q q 0 0 0 rg BT 143.82 268.25 Td (a ) Tj ET Q q 0 0 0 rg BT 152.31 268.25 Td (high ) Tj ET Q q 0 0 0 rg BT 176.68 268.25 Td (relative ) Tj ET Q q 0 0 0 rg BT 215.10 268.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 256.19 268.25 Td (of ) Tj ET Q q 0 0 0 rg BT 268.75 268.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 297.20 268.25 Td (held-for-sale ) Tj ET Q q 0 0 0 rg BT 360.87 268.25 Td (at ) Tj ET Q q 0 0 0 rg BT 373.01 268.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.68 268.25 Td (end ) Tj ET Q q 0 0 0 rg BT 413.41 268.25 Td (of ) Tj ET Q q 0 0 0 rg BT 425.97 268.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.64 268.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 476.75 268.25 Td (quarter. ) Tj ET Q q 0 0 0 rg BT 517.19 268.25 Td (This, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 252.65 Td (in ) Tj ET Q q 0 0 0 rg BT 103.32 252.65 Td (combination ) Tj ET Q q 0 0 0 rg BT 169.21 252.65 Td (with ) Tj ET Q q 0 0 0 rg BT 194.14 252.65 Td (a ) Tj ET Q q 0 0 0 rg BT 204.42 252.65 Td (softening ) Tj ET Q q 0 0 0 rg BT 254.81 252.65 Td (in ) Tj ET Q q 0 0 0 rg BT 268.13 252.65 Td (loan ) Tj ET Q q 0 0 0 rg BT 293.69 252.65 Td (prices ) Tj ET Q q 0 0 0 rg BT 327.37 252.65 Td (at ) Tj ET Q q 0 0 0 rg BT 341.30 252.65 Td (the ) Tj ET Q q 0 0 0 rg BT 361.76 252.65 Td (end ) Tj ET Q q 0 0 0 rg BT 385.28 252.65 Td (of ) Tj ET Q q 0 0 0 rg BT 399.63 252.65 Td (December, ) Tj ET Q q 0 0 0 rg BT 457.79 252.65 Td (contributed ) Tj ET Q q 0 0 0 rg BT 519.56 252.65 Td (to ) Tj ET Q q 0 0 0 rg BT 534.30 252.65 Td (a ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 237.05 Td (decrease ) Tj ET Q q 0 0 0 rg BT 137.28 237.05 Td (in ) Tj ET Q q 0 0 0 rg BT 149.09 237.05 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 200.62 237.05 Td (banking ) Tj ET Q q 0 0 0 rg BT 243.00 237.05 Td (income ) Tj ET Q q 0 0 0 rg BT 282.13 237.05 Td (for ) Tj ET Q q 0 0 0 rg BT 298.62 237.05 Td (the ) Tj ET Q q 0 0 0 rg BT 317.57 237.05 Td (fourth ) Tj ET Q q 0 0 0 rg BT 349.96 237.05 Td (quarter. ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 209.72 cm /I78 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 209.72 cm /I79 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 212.40 Td (In ) Tj ET Q q 0 0 0 rg BT 106.44 212.40 Td (early ) Tj ET Q q 0 0 0 rg BT 137.29 212.40 Td (2018, ) Tj ET Q q 0 0 0 rg BT 172.23 212.40 Td (we ) Tj ET Q q 0 0 0 rg BT 193.72 212.40 Td (completed ) Tj ET Q q 0 0 0 rg BT 254.30 212.40 Td (two ) Tj ET Q q 0 0 0 rg BT 279.84 212.40 Td (Select ) Tj ET Q q 0 0 0 rg BT 317.21 212.40 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 393.47 212.40 Td (and ) Tj ET Q q 0 0 0 rg BT 419.44 212.40 Td (priced ) Tj ET Q q 0 0 0 rg BT 458.02 212.40 Td (three ) Tj ET Q q 0 0 0 rg BT 490.91 212.40 Td (additional ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 196.80 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 161.88 196.80 Td (\(two ) Tj ET Q q 0 0 0 rg BT 185.90 196.80 Td (Select ) Tj ET Q q 0 0 0 rg BT 218.88 196.80 Td (and ) Tj ET Q q 0 0 0 rg BT 240.46 196.80 Td (one ) Tj ET Q q 0 0 0 rg BT 262.26 196.80 Td (Choice\), ) Tj ET Q q 0 0 0 rg BT 305.66 196.80 Td (all ) Tj ET Q q 0 0 0 rg BT 319.70 196.80 Td (of ) Tj ET Q q 0 0 0 rg BT 332.52 196.80 Td (which ) Tj ET Q q 0 0 0 rg BT 363.67 196.80 Td (are ) Tj ET Q q 0 0 0 rg BT 381.99 196.80 Td (expected ) Tj ET Q q 0 0 0 rg BT 431.08 196.80 Td (to ) Tj ET Q q 0 0 0 rg BT 444.29 196.80 Td (close ) Tj ET Q q 0 0 0 rg BT 472.60 196.80 Td (in ) Tj ET Q q 0 0 0 rg BT 484.40 196.80 Td (the ) Tj ET Q q 0 0 0 rg BT 503.33 196.80 Td (coming ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 181.15 Td (weeks. ) Tj ET Q q 0 0 0 rg BT 126.28 181.15 Td (All ) Tj ET Q q 0 0 0 rg BT 142.17 181.15 Td (of ) Tj ET Q q 0 0 0 rg BT 155.01 181.15 Td (these ) Tj ET Q q 0 0 0 rg BT 184.77 181.15 Td (transactions ) Tj ET Q q 0 0 0 rg BT 246.28 181.15 Td (priced ) Tj ET Q q 0 0 0 rg BT 280.49 181.15 Td (at ) Tj ET Q q 0 0 0 rg BT 292.91 181.15 Td (meaningfully ) Tj ET Q q 0 0 0 rg BT 358.72 181.15 Td (tighter ) Tj ET Q q 0 0 0 rg BT 394.34 181.15 Td (spreads ) Tj ET Q q 0 0 0 rg BT 435.49 181.15 Td (relative ) Tj ET Q q 0 0 0 rg BT 474.19 181.15 Td (to ) Tj ET Q q 0 0 0 rg BT 487.42 181.15 Td (year-end.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 153.87 cm /I80 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 153.87 cm /I81 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 156.55 Td (At ) Tj ET Q q 0 0 0 rg BT 104.64 156.55 Td (December31, ) Tj ET Q q 0 0 0 rg BT 177.98 156.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 208.94 156.55 Td (we ) Tj ET Q q 0 0 0 rg BT 226.44 156.55 Td (had ) Tj ET Q q 0 0 0 rg BT 248.43 156.55 Td (451 ) Tj ET Q q 0 0 0 rg BT 270.22 156.55 Td (loan ) Tj ET Q q 0 0 0 rg BT 294.65 156.55 Td (sellers, ) Tj ET Q q 0 0 0 rg BT 331.70 156.55 Td (which ) Tj ET Q q 0 0 0 rg BT 363.26 156.55 Td (included ) Tj ET Q q 0 0 0 rg BT 409.07 156.55 Td (185 ) Tj ET Q q 0 0 0 rg BT 430.86 156.55 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 465.68 156.55 Td (sellers ) Tj ET Q q 0 0 0 rg BT 499.67 156.55 Td (and ) Tj ET Q q 0 0 0 rg BT 521.65 156.55 Td (266 ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 140.95 Td (MPF ) Tj ET Q q 0 0 0 rg BT 115.79 140.95 Td (Direct ) Tj ET Q q 0 0 0 rg BT 148.68 140.95 Td (sellers ) Tj ET Q q 0 0 0 rg BT 182.79 140.95 Td (from ) Tj ET Q q 0 0 0 rg BT 208.97 140.95 Td (various ) Tj ET Q q 0 0 0 rg BT 247.17 140.95 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 277.23 140.95 Td (districts. ) Tj ET Q q 0 0 0 rg BT 321.50 140.95 Td (Currently, ) Tj ET Q q 0 0 0 rg BT 372.93 140.95 Td (82% ) Tj ET Q q 0 0 0 rg BT 397.89 140.95 Td (of ) Tj ET Q q 0 0 0 rg BT 411.24 140.95 Td (our ) Tj ET Q q 0 0 0 rg BT 431.10 140.95 Td (sellers ) Tj ET Q q 0 0 0 rg BT 465.22 140.95 Td (have ) Tj ET Q q 0 0 0 rg BT 492.04 140.95 Td (rolled ) Tj ET Q q 0 0 0 rg BT 523.71 140.95 Td (out ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 125.30 Td (the ) Tj ET Q q 0 0 0 rg BT 108.95 125.30 Td (Choice ) Tj ET Q q 0 0 0 rg BT 146.45 125.30 Td (program ) Tj ET Q q 0 0 0 rg BT 191.66 125.30 Td (and ) Tj ET Q q 0 0 0 rg BT 213.27 125.30 Td (94% ) Tj ET Q q 0 0 0 rg BT 237.72 125.30 Td (of ) Tj ET Q q 0 0 0 rg BT 250.56 125.30 Td (these ) Tj ET Q q 0 0 0 rg BT 280.31 125.30 Td (sellers ) Tj ET Q q 0 0 0 rg BT 313.92 125.30 Td (have ) Tj ET Q q 0 0 0 rg BT 340.22 125.30 Td (begun ) Tj ET Q q 0 0 0 rg BT 375.07 125.30 Td (locking ) Tj ET Q q 0 0 0 rg BT 413.37 125.30 Td (Choice ) Tj ET Q q 0 0 0 rg BT 450.87 125.30 Td (loans.) 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rg BT 364.72 531.77 Td (o) Tj ET Q q 0 0 0 rg BT 369.64 531.77 Td (wings) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 441.05 533.77 Td (1.4%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 507.05 533.77 Td (8) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 348.00 517.27 Td (T) Tj ET Q q 0 0 0 rg BT 352.21 517.27 Td (ot) Tj ET Q q 0 0 0 rg BT 359.92 517.27 Td (al Corpor) Tj ET Q q 0 0 0 rg BT 395.34 517.27 Td (a) Tj ET Q q 0 0 0 rg BT 399.75 517.27 Td (t) Tj ET Q q 0 0 0 rg BT 402.84 517.27 Td (e) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 348.00 507.77 Td (Deb) Tj ET Q q 0 0 0 rg BT 363.54 507.77 Td (t) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 441.05 507.77 Td (5.6%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 507.05 507.77 Td (6) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 348.00 491.27 Td (Mortg) Tj ET Q q 0 0 0 rg BT 372.01 491.27 Td (ag) Tj ET Q q 0 0 0 rg BT 380.90 491.27 Td (e) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 348.00 481.77 Td (W) Tj ET Q q 0 0 0 rg BT 356.29 481.77 Td (ar) Tj ET Q q 0 0 0 rg BT 363.92 481.77 Td (ehouse) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 441.05 481.77 Td (3.2%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 504.70 481.77 Td (<1) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 348.00 465.27 Td (Securities) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 348.00 455.77 Td (R) Tj ET Q q 0 0 0 rg BT 352.99 455.77 Td (epur) Tj ET Q q 0 0 0 rg BT 370.87 455.77 Td (chase) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 441.05 455.77 Td (2.7%) Tj ET Q BT /F7 9.50 Tf ET q 0 0 0 rg BT 504.70 455.77 Td (<1) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 348.00 427.27 Td (W) Tj ET Q q 0 0 0 rg BT 356.27 427.27 Td (eigh) Tj ET Q q 0 0 0 rg BT 372.90 427.27 Td (t) Tj ET Q q 0 0 0 rg BT 376.08 427.27 Td (ed) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 348.00 417.77 Td (A) Tj ET Q q 0 0 0 rg BT 353.52 417.77 Td (v) Tj ET Q q 0 0 0 rg BT 357.93 417.77 Td (er) Tj ET Q q 0 0 0 rg BT 365.88 417.77 Td (ag) Tj ET Q q 0 0 0 rg BT 374.98 417.77 Td (e Cos) Tj ET Q q 0 0 0 rg BT 395.72 417.77 Td (t of) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 348.00 408.27 Td (Funds) Tj ET Q BT /F4 9.50 Tf ET q 0 0 0 rg BT 440.95 408.77 Td (2.6%) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 9.80 0 0 11.74 72.00 347.54 cm /I82 Do Q /GS0 gs q 8.20 0 0 11.74 81.80 347.54 cm /I83 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 349.80 Td (Our ) Tj ET Q q 0 0 0 rg BT 111.79 349.80 Td (long-term ) Tj ET Q q 0 0 0 rg BT 163.28 349.80 Td (corporate ) Tj ET Q q 0 0 0 rg BT 213.98 349.80 Td (debt ) Tj ET Q q 0 0 0 rg BT 240.03 349.80 Td (is ) Tj ET Q q 0 0 0 rg BT 250.20 349.80 Td (comprised ) Tj ET Q q 0 0 0 rg BT 304.77 349.80 Td (of ) Tj ET Q q 0 0 0 rg BT 317.40 349.80 Td (our ) Tj ET Q q 0 0 0 rg BT 336.53 349.80 Td (recently ) Tj ET Q q 0 0 0 rg BT 378.08 349.80 Td (issued ) Tj ET Q q 0 0 0 rg BT 411.89 349.80 Td (six-year ) Tj ET Q q 0 0 0 rg BT 451.81 349.80 Td (4.75% ) Tj ET Q q 0 0 0 rg BT 485.22 349.80 Td (convertible ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 334.20 Td (notes ) Tj ET Q q 0 0 0 rg BT 120.23 334.20 Td (due ) Tj ET Q q 0 0 0 rg BT 142.33 334.20 Td (in ) Tj ET Q q 0 0 0 rg BT 154.22 334.20 Td (2023, ) Tj ET Q q 0 0 0 rg BT 184.89 334.20 Td (our ) Tj ET Q q 0 0 0 rg BT 204.32 334.20 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 276.14 334.20 Td (notes ) Tj ET Q q 0 0 0 rg BT 306.38 334.20 Td (due ) Tj ET Q q 0 0 0 rg BT 328.47 334.20 Td (in ) Tj ET Q q 0 0 0 rg BT 340.37 334.20 Td (2019, ) Tj ET Q q 0 0 0 rg BT 371.03 334.20 Td (and ) Tj ET Q q 0 0 0 rg BT 392.72 334.20 Td ($140 ) Tj ET Q q 0 0 0 rg BT 420.32 334.20 Td (million ) Tj ET Q q 0 0 0 rg BT 456.05 334.20 Td (of ) Tj ET Q q 0 0 0 rg BT 468.97 334.20 Td (trust-preferred ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 318.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 137.39 318.55 Td (due ) Tj ET Q q 0 0 0 rg BT 158.12 318.55 Td (in ) Tj ET Q q 0 0 0 rg BT 168.65 318.55 Td (2037. ) Tj ET Q q 0 0 0 rg BT 197.95 318.55 Td (In ) Tj ET Q q 0 0 0 rg BT 208.74 318.55 Td (addition, ) Tj ET Q q 0 0 0 rg BT 254.32 318.55 Td (total ) Tj ET Q q 0 0 0 rg BT 278.27 318.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 327.89 318.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 352.87 318.55 Td (includes ) Tj ET Q q 0 0 0 rg BT 394.99 318.55 Td ($250 ) Tj ET Q q 0 0 0 rg BT 421.23 318.55 Td (million ) Tj ET Q q 0 0 0 rg BT 455.59 318.55 Td (of ) Tj ET Q q 0 0 0 rg BT 467.15 318.55 Td (our ) Tj ET Q q 0 0 0 rg BT 485.21 318.55 Td (convertible ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 302.95 Td (notes ) Tj ET Q q 0 0 0 rg BT 120.15 302.95 Td (due ) Tj ET Q q 0 0 0 rg BT 142.16 302.95 Td (in ) Tj ET Q q 0 0 0 rg BT 153.98 302.95 Td (2018.) Tj ET Q /GS0 gs q 9.80 0 0 11.74 72.00 276.04 cm /I84 Do Q /GS0 gs q 8.20 0 0 11.74 81.80 276.04 cm /I85 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 278.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 112.77 278.30 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 150.82 278.30 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 209.63 278.30 Td (and ) Tj ET Q q 0 0 0 rg BT 232.00 278.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 281.44 278.30 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 339.05 278.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 366.09 278.30 Td (are ) Tj ET Q q 0 0 0 rg BT 385.19 278.30 Td (used ) Tj ET Q q 0 0 0 rg BT 412.66 278.30 Td (to ) Tj ET Q q 0 0 0 rg BT 426.65 278.30 Td (finance ) Tj ET Q q 0 0 0 rg BT 465.73 278.30 Td (our ) Tj ET Q q 0 0 0 rg BT 485.85 278.30 Td (whole ) Tj ET Q q 0 0 0 rg BT 519.01 278.30 Td (loan ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 262.70 Td (and ) Tj ET Q q 0 0 0 rg BT 113.68 262.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 164.44 262.70 Td (investments, ) Tj ET Q q 0 0 0 rg BT 231.09 262.70 Td (respectively, ) Tj ET Q q 0 0 0 rg BT 297.34 262.70 Td (and ) Tj ET Q q 0 0 0 rg BT 321.02 262.70 Td (we ) Tj ET Q q 0 0 0 rg BT 340.22 262.70 Td (utilize ) Tj ET Q q 0 0 0 rg BT 373.87 262.70 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 427.47 262.70 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 485.39 262.70 Td (facilities ) Tj ET Q q 0 0 0 rg BT 529.83 262.70 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 247.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 127.91 247.10 Td (our ) Tj ET Q q 0 0 0 rg BT 146.85 247.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 197.96 247.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 239.94 247.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 288.01 247.10 Td (These ) Tj ET Q q 0 0 0 rg BT 320.01 247.10 Td (are ) Tj ET Q q 0 0 0 rg BT 337.94 247.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 388.27 247.10 Td (in ) Tj ET Q q 0 0 0 rg BT 399.68 247.10 Td (further ) Tj ET Q q 0 0 0 rg BT 434.90 247.10 Td (detail ) Tj ET Q q 0 0 0 rg BT 465.03 247.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.44 247.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.98 247.10 Td (following ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 231.45 Td (sections.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 204.17 cm /I86 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 204.17 cm /I87 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 206.85 Td (Our ) Tj ET Q q 0 0 0 rg BT 111.95 206.85 Td (recourse ) Tj ET Q q 0 0 0 rg BT 156.92 206.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 183.14 206.85 Td (to ) Tj ET Q q 0 0 0 rg BT 196.33 206.85 Td (equity ) Tj ET Q q 0 0 0 rg BT 229.88 206.85 Td (leverage ) Tj ET Q q 0 0 0 rg BT 275.27 206.85 Td (ratio ) Tj ET Q q 0 0 0 rg BT 300.46 206.85 Td (increased ) Tj ET Q q 0 0 0 rg BT 350.33 206.85 Td (to ) Tj ET Q q 0 0 0 rg BT 363.51 206.85 Td (3.7x ) Tj ET Q q 0 0 0 rg BT 387.12 206.85 Td (at ) Tj ET Q q 0 0 0 rg BT 399.48 206.85 Td (the ) Tj ET Q q 0 0 0 rg BT 418.39 206.85 Td (end ) Tj ET Q q 0 0 0 rg BT 440.35 206.85 Td (of ) Tj ET Q q 0 0 0 rg BT 453.14 206.85 Td (the ) Tj ET Q q 0 0 0 rg BT 472.04 206.85 Td (fourth ) Tj ET Q q 0 0 0 rg BT 504.38 206.85 Td (quarter ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 191.20 Td (of ) Tj ET Q q 0 0 0 rg BT 103.65 191.20 Td (2017 ) Tj ET Q q 0 0 0 rg BT 131.99 191.20 Td (primarily ) Tj ET Q q 0 0 0 rg BT 178.19 191.20 Td (as ) Tj ET Q q 0 0 0 rg BT 192.46 191.20 Td (a ) Tj ET Q q 0 0 0 rg BT 202.04 191.20 Td (result ) Tj ET Q q 0 0 0 rg BT 232.58 191.20 Td (of ) Tj ET Q q 0 0 0 rg BT 246.23 191.20 Td (the ) Tj ET Q q 0 0 0 rg BT 266.00 191.20 Td (higher ) Tj ET Q q 0 0 0 rg BT 301.24 191.20 Td (balance ) Tj ET Q q 0 0 0 rg BT 343.42 191.20 Td (of ) Tj ET Q q 0 0 0 rg BT 357.07 191.20 Td (loans ) Tj ET Q q 0 0 0 rg BT 386.62 191.20 Td (held-for-sale ) Tj ET Q q 0 0 0 rg BT 451.39 191.20 Td (and ) Tj ET Q q 0 0 0 rg BT 473.81 191.20 Td (financed ) Tj ET Q q 0 0 0 rg BT 519.65 191.20 Td (with ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 175.60 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 145.84 175.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 172.11 175.60 Td (at ) Tj ET Q q 0 0 0 rg BT 184.52 175.60 Td (the ) Tj ET Q q 0 0 0 rg BT 203.48 175.60 Td (end ) Tj ET Q q 0 0 0 rg BT 225.49 175.60 Td (of ) Tj ET Q q 0 0 0 rg BT 238.33 175.60 Td (the ) Tj ET Q q 0 0 0 rg BT 257.28 175.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 289.66 175.60 Td (quarter. ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 148.32 cm /I88 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 148.32 cm /I89 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 151.00 Td (In ) Tj ET Q q 0 0 0 rg BT 101.96 151.00 Td (addition ) Tj ET Q q 0 0 0 rg BT 145.64 151.00 Td (to ) Tj ET Q q 0 0 0 rg BT 158.75 151.00 Td (our ) Tj ET Q q 0 0 0 rg BT 177.97 151.00 Td (recourse ) Tj ET Q q 0 0 0 rg BT 222.87 151.00 Td (financing, ) Tj ET Q q 0 0 0 rg BT 273.48 151.00 Td (we ) Tj ET Q q 0 0 0 rg BT 290.48 151.00 Td (have ) Tj ET Q q 0 0 0 rg BT 316.66 151.00 Td (ABS ) Tj ET Q q 0 0 0 rg BT 340.18 151.00 Td (debt ) Tj ET Q q 0 0 0 rg BT 366.33 151.00 Td (issued ) Tj ET Q q 0 0 0 rg BT 400.23 151.00 Td (by ) Tj ET Q q 0 0 0 rg BT 415.19 151.00 Td (securitization ) Tj ET Q q 0 0 0 rg BT 482.28 151.00 Td (entities ) Tj ET Q q 0 0 0 rg BT 520.85 151.00 Td (that ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 135.35 Td (we ) Tj ET Q q 0 0 0 rg BT 107.12 135.35 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 166.81 135.35 Td (that ) Tj ET Q q 0 0 0 rg BT 189.01 135.35 Td (is ) Tj ET Q q 0 0 0 rg BT 199.40 135.35 Td (non-recourse ) Tj ET Q q 0 0 0 rg BT 266.84 135.35 Td (to ) Tj ET Q q 0 0 0 rg BT 280.07 135.35 Td (us.) Tj ET Q /GS0 gs q 221.94 0 0 232.00 74.00 392.42 cm /I90 Do Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 227.40 736.44 Td (F I N A N C I A L I N S I G H T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 299.40 24.25 Td (18) Tj ET Q BT /F1 10.00 Tf ET BT /F10 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Residential Loan Inv) Tj ET Q q 0 0 0 rg BT 178.95 702.30 Td (estments) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 677.65 Td (At ) Tj ET Q q 0 0 0 rg BT 86.61 677.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 159.91 677.65 Td (2017, ) Tj ET Q q 0 0 0 rg BT 190.84 677.65 Td (we ) Tj ET Q q 0 0 0 rg BT 208.30 677.65 Td (had ) Tj ET Q q 0 0 0 rg BT 230.26 677.65 Td ($2.4 ) Tj ET Q q 0 0 0 rg BT 255.07 677.65 Td (billion ) Tj ET Q q 0 0 0 rg BT 288.42 677.65 Td (of ) Tj ET Q q 0 0 0 rg BT 301.61 677.65 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 336.39 677.65 Td (residential ) Tj ET Q q 0 0 0 rg BT 390.30 677.65 Td (loans ) Tj ET Q q 0 0 0 rg BT 419.38 677.65 Td (held ) Tj ET Q q 0 0 0 rg BT 444.38 677.65 Td (for ) Tj ET Q q 0 0 0 rg BT 461.22 677.65 Td (investment. ) Tj ET Q q 0 0 0 rg BT 521.46 677.65 Td (The ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 662.05 Td (following ) Tj ET Q q 0 0 0 rg BT 119.86 662.05 Td (table ) Tj ET Q q 0 0 0 rg BT 147.54 662.05 Td (presents ) Tj ET Q q 0 0 0 rg BT 191.94 662.05 Td (the ) Tj ET Q q 0 0 0 rg BT 210.68 662.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 228.78 662.05 Td (value ) Tj ET Q q 0 0 0 rg BT 257.51 662.05 Td (of ) Tj ET Q q 0 0 0 rg BT 270.14 662.05 Td (our ) Tj ET Q q 0 0 0 rg BT 289.27 662.05 Td (residential ) Tj ET Q q 0 0 0 rg BT 342.62 662.05 Td (loan ) Tj ET Q q 0 0 0 rg BT 366.46 662.05 Td (investments ) Tj ET Q q 0 0 0 rg BT 427.76 662.05 Td (at ) Tj ET Q q 0 0 0 rg BT 439.96 662.05 Td (December ) Tj ET Q q 0 0 0 rg BT 494.36 662.05 Td (31, ) Tj ET Q q 0 0 0 rg BT 512.49 662.05 Td (2017.) Tj ET Q 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 643.55 468.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 631.55 468.00 -22.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 609.55 468.00 -14.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 595.55 468.00 -12.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 72.50 583.55 314.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 386.50 583.55 72.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 458.50 583.55 4.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 462.50 583.55 72.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 534.50 583.55 6.00 -35.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 72.50 510.55 314.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 386.50 510.55 72.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 458.50 510.55 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 462.50 510.55 72.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 534.50 510.55 6.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 643.55 m 72.5 631.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 643.55 m 386.5 643.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 643.55 m 458.5 643.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 643.55 m 462.5 643.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 643.55 m 534.5 643.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 643.55 m 540.5 631.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 643.55 m 540.5 643.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 631.55 m 72.5 609.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 631.55 m 540.5 609.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 609.55 m 72.5 595.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 609.55 m 540.5 595.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 595.55 m 72.5 583.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 595.55 m 540.5 583.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 583.55 m 72.5 548.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 583.55 m 540.5 548.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 548.55 m 72.5 544.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 548.55 m 540.5 544.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 544.55 m 72.5 529.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 544.55 m 540.5 529.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 529.55 m 72.5 514.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 529.55 m 540.5 514.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 514.55 m 72.5 510.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 514.55 m 540.5 510.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 510.55 m 72.5 495.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 510.55 m 386.5 510.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 496.55 m 386.5 496.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 494.55 m 386.5 494.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 510.55 m 458.5 510.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 496.55 m 458.5 496.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 494.55 m 458.5 494.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 510.55 m 462.5 510.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 496.55 m 462.5 496.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 494.55 m 462.5 494.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 510.55 m 534.5 510.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 496.55 m 534.5 496.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 494.55 m 534.5 494.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 510.55 m 540.5 495.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 510.55 m 540.5 510.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 496.55 m 540.5 496.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 494.55 m 540.5 494.55 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 188.20 626.05 235.58 -14.00 re f /GS0 gs q 1 1 1 rg BT 188.20 615.55 Td (FHLB P) Tj ET Q q 1 1 1 rg BT 227.62 615.55 Td (ortf) Tj ET Q q 1 1 1 rg BT 249.19 615.55 Td (olio B) Tj ET Q q 1 1 1 rg BT 282.00 615.55 Td (y Loan and Coupon T) Tj ET Q q 1 1 1 rg BT 402.59 615.55 Td (ype) Tj ET Q BT /F7 10.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 266.25 607.05 79.46 -10.00 re f /GS0 gs q 1 1 1 rg BT 266.25 599.55 Td (December 31, 2017) Tj ET Q BT /F7 9.00 Tf ET q 1 1 1 rg BT 281.30 586.30 Td (\($ in millions\)) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 75.00 553.55 Td (Loan Pr) Tj ET Q q 1 1 1 rg BT 105.92 553.55 Td (oduct T) Tj ET Q q 1 1 1 rg BT 136.58 553.55 Td (ype) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 411.85 553.55 Td (T) Tj ET Q q 1 1 1 rg BT 416.37 553.55 Td (ot) Tj ET Q q 1 1 1 rg BT 424.73 553.55 Td (al) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 478.00 573.55 Td (W) Tj ET Q q 1 1 1 rg BT 486.71 573.55 Td (eigh) Tj ET Q q 1 1 1 rg BT 504.21 573.55 Td (t) Tj ET Q q 1 1 1 rg BT 507.56 573.55 Td (ed) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 481.25 563.55 Td (A) Tj ET Q q 1 1 1 rg BT 487.07 563.55 Td (v) Tj ET Q q 1 1 1 rg BT 491.70 563.55 Td (er) Tj ET Q q 1 1 1 rg BT 500.07 563.55 Td (ag) Tj ET Q q 1 1 1 rg BT 509.64 563.55 Td (e) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 481.90 553.55 Td (Coupon) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 81.00 534.55 Td (Fix) Tj ET Q q 0 0 0 rg BT 92.09 534.55 Td (ed r) Tj ET Q q 0 0 0 rg BT 107.83 534.55 Td (a) Tj ET Q q 0 0 0 rg BT 112.47 534.55 Td (t) Tj ET Q q 0 0 0 rg BT 115.72 534.55 Td (e) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 389.00 534.55 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 432.05 534.55 Td (2,230) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 508.95 534.55 Td (4.08) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 534.55 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 519.55 Td (Adjus) Tj ET Q q 0 0 0 rg BT 103.49 519.55 Td (t) Tj ET Q q 0 0 0 rg BT 106.71 519.55 Td (able r) Tj ET Q q 0 0 0 rg BT 129.57 519.55 Td (a) Tj ET Q q 0 0 0 rg BT 134.27 519.55 Td (t) Tj ET Q q 0 0 0 rg BT 137.51 519.55 Td (e) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 439.60 519.55 Td (204) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 508.95 519.55 Td (4.07) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 519.55 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 81.00 500.55 Td (T) Tj ET Q q 0 0 0 rg BT 85.09 500.55 Td (ot) Tj ET Q q 0 0 0 rg BT 93.83 500.55 Td (al) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 389.00 500.55 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 431.95 500.55 Td (2,434) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 508.80 500.55 Td (4.07) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 526.70 500.55 Td (%) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 8.91 0 0 12.00 72.00 465.72 cm /I91 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 80.91 468.40 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 468.40 Td (At ) Tj ET Q q 0 0 0 rg BT 104.26 468.40 Td (December31, ) Tj ET Q q 0 0 0 rg BT 177.21 468.40 Td (2017, ) Tj ET Q q 0 0 0 rg BT 207.79 468.40 Td (none ) Tj ET Q q 0 0 0 rg BT 235.72 468.40 Td (of ) Tj ET Q q 0 0 0 rg BT 248.56 468.40 Td (these ) Tj ET Q q 0 0 0 rg BT 278.31 468.40 Td (loans ) Tj ET Q q 0 0 0 rg BT 307.04 468.40 Td (were ) Tj ET Q q 0 0 0 rg BT 333.73 468.40 Td (more ) Tj ET Q q 0 0 0 rg BT 362.25 468.40 Td (than ) Tj ET Q q 0 0 0 rg BT 386.92 468.40 Td (90 ) Tj ET Q q 0 0 0 rg BT 402.21 468.40 Td (days ) Tj ET Q q 0 0 0 rg BT 427.68 468.40 Td (delinquent.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 441.12 cm /I92 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 80.91 443.80 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 443.80 Td (We ) Tj ET Q q 0 0 0 rg BT 108.86 443.80 Td (finance ) Tj ET Q q 0 0 0 rg BT 146.68 443.80 Td (our ) Tj ET Q q 0 0 0 rg BT 165.54 443.80 Td (residential ) Tj ET Q q 0 0 0 rg BT 218.60 443.80 Td (loan ) Tj ET Q q 0 0 0 rg BT 242.15 443.80 Td (investments ) Tj ET Q q 0 0 0 rg BT 303.17 443.80 Td (with ) Tj ET Q q 0 0 0 rg BT 326.09 443.80 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 350.06 443.80 Td (billion ) Tj ET Q q 0 0 0 rg BT 382.57 443.80 Td (of ) Tj ET Q q 0 0 0 rg BT 394.91 443.80 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 423.96 443.80 Td (debt ) Tj ET Q q 0 0 0 rg BT 449.73 443.80 Td (through ) Tj ET Q q 0 0 0 rg BT 491.00 443.80 Td (our ) Tj ET Q q 0 0 0 rg BT 509.86 443.80 Td (FHLB-) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 428.20 Td (member ) Tj ET Q q 0 0 0 rg BT 133.56 428.20 Td (subsidiary. ) Tj ET Q q 0 0 0 rg BT 187.72 428.20 Td (The ) Tj ET Q q 0 0 0 rg BT 208.48 428.20 Td (interest ) Tj ET Q q 0 0 0 rg BT 247.12 428.20 Td (cost ) Tj ET Q q 0 0 0 rg BT 269.50 428.20 Td (for ) Tj ET Q q 0 0 0 rg BT 285.14 428.20 Td (these ) Tj ET Q q 0 0 0 rg BT 314.05 428.20 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 371.24 428.20 Td (resets ) Tj ET Q q 0 0 0 rg BT 402.17 428.20 Td (every ) Tj ET Q q 0 0 0 rg BT 430.87 428.20 Td (13 ) Tj ET Q q 0 0 0 rg BT 445.31 428.20 Td (weeks, ) Tj ET Q q 0 0 0 rg BT 480.75 428.20 Td (and ) Tj ET Q q 0 0 0 rg BT 501.51 428.20 Td (we ) Tj ET Q q 0 0 0 rg BT 517.78 428.20 Td (seek ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 412.55 Td (to ) Tj ET Q q 0 0 0 rg BT 102.84 412.55 Td (fix ) Tj ET Q q 0 0 0 rg BT 116.71 412.55 Td (the ) Tj ET Q q 0 0 0 rg BT 135.27 412.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 174.37 412.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 197.21 412.55 Td (of ) Tj ET Q q 0 0 0 rg BT 209.65 412.55 Td (this ) Tj ET Q q 0 0 0 rg BT 229.43 412.55 Td (debt ) Tj ET Q q 0 0 0 rg BT 255.31 412.55 Td (over ) Tj ET Q q 0 0 0 rg BT 279.57 412.55 Td (its ) Tj ET Q q 0 0 0 rg BT 293.21 412.55 Td (weighted ) Tj ET Q q 0 0 0 rg BT 341.91 412.55 Td (average ) Tj ET Q q 0 0 0 rg BT 383.90 412.55 Td (maturity ) Tj ET Q q 0 0 0 rg BT 426.66 412.55 Td (by ) Tj ET Q q 0 0 0 rg BT 441.35 412.55 Td (using ) Tj ET Q q 0 0 0 rg BT 470.30 412.55 Td (a ) Tj ET Q q 0 0 0 rg BT 478.68 412.55 Td (combination ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 396.95 Td (of ) Tj ET Q q 0 0 0 rg BT 102.84 396.95 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 138.70 396.95 Td (TBAs, ) Tj ET Q q 0 0 0 rg BT 170.29 396.95 Td (and ) Tj ET Q q 0 0 0 rg BT 191.89 396.95 Td (other ) Tj ET Q q 0 0 0 rg BT 221.02 396.95 Td (derivative ) Tj ET Q q 0 0 0 rg BT 271.94 396.95 Td (instruments.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 369.62 cm /I93 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 80.91 372.30 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 372.30 Td (Under ) Tj ET Q q 0 0 0 rg BT 124.10 372.30 Td (a ) Tj ET Q q 0 0 0 rg BT 133.77 372.30 Td (final ) Tj ET Q q 0 0 0 rg BT 158.08 372.30 Td (rule ) Tj ET Q q 0 0 0 rg BT 180.56 372.30 Td (published ) Tj ET Q q 0 0 0 rg BT 233.00 372.30 Td (by ) Tj ET Q q 0 0 0 rg BT 248.97 372.30 Td (the ) Tj ET Q q 0 0 0 rg BT 268.82 372.30 Td (Federal ) Tj ET Q q 0 0 0 rg BT 309.85 372.30 Td (Housing ) Tj ET Q q 0 0 0 rg BT 354.54 372.30 Td (Finance ) Tj ET Q q 0 0 0 rg BT 396.61 372.30 Td (Agency ) Tj ET Q q 0 0 0 rg BT 437.67 372.30 Td (in ) Tj ET Q q 0 0 0 rg BT 450.38 372.30 Td (January ) Tj ET Q q 0 0 0 rg BT 492.23 372.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 523.71 372.30 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 356.70 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 168.19 356.70 Td (subsidiary's ) Tj ET Q q 0 0 0 rg BT 231.31 356.70 Td (existing ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 275.89 356.70 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 303.99 356.70 Td (billion) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 333.93 356.70 Td ( ) Tj ET Q q 0 0 0 rg BT 340.62 356.70 Td (of ) Tj ET Q q 0 0 0 rg BT 357.09 356.70 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 390.27 356.70 Td (debt ) Tj ET Q q 0 0 0 rg BT 420.17 356.70 Td (is ) Tj ET Q q 0 0 0 rg BT 434.19 356.70 Td (permitted ) Tj ET Q q 0 0 0 rg BT 489.72 356.70 Td (to ) Tj ET Q q 0 0 0 rg BT 506.59 356.70 Td (remain ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 341.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 151.87 341.10 Td (until ) Tj ET Q q 0 0 0 rg BT 176.25 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.35 341.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 229.10 341.10 Td (maturity. ) Tj ET Q q 0 0 0 rg BT 275.45 341.10 Td (As ) Tj ET Q q 0 0 0 rg BT 290.89 341.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 344.60 341.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 373.48 341.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 418.44 341.10 Td (as ) Tj ET Q q 0 0 0 rg BT 432.05 341.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 479.85 341.10 Td (for ) Tj ET Q q 0 0 0 rg BT 496.48 341.10 Td (this ) Tj ET Q q 0 0 0 rg BT 516.79 341.10 Td (debt ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 325.45 Td (pay ) Tj ET Q q 0 0 0 rg BT 110.13 325.45 Td (down, ) Tj ET Q q 0 0 0 rg BT 142.88 325.45 Td (we ) Tj ET Q q 0 0 0 rg BT 159.33 325.45 Td (are ) Tj ET Q q 0 0 0 rg BT 177.00 325.45 Td (permitted ) Tj ET Q q 0 0 0 rg BT 228.24 325.45 Td (to ) Tj ET Q q 0 0 0 rg BT 240.81 325.45 Td (pledge ) Tj ET Q q 0 0 0 rg BT 278.24 325.45 Td (additional ) Tj ET Q q 0 0 0 rg BT 329.72 325.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 357.79 325.45 Td (or ) Tj ET Q q 0 0 0 rg BT 370.36 325.45 Td (other ) Tj ET Q q 0 0 0 rg BT 398.82 325.45 Td (eligible ) Tj ET Q q 0 0 0 rg BT 437.46 325.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 469.39 325.45 Td (to ) Tj ET Q q 0 0 0 rg BT 481.96 325.45 Td (collateralize ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 309.85 Td (this ) Tj ET Q q 0 0 0 rg BT 109.52 309.85 Td (debt; ) Tj ET Q q 0 0 0 rg BT 138.21 309.85 Td (however, ) Tj ET Q q 0 0 0 rg BT 184.44 309.85 Td (we ) Tj ET Q q 0 0 0 rg BT 200.92 309.85 Td (do ) Tj ET Q q 0 0 0 rg BT 216.58 309.85 Td (not ) Tj ET Q q 0 0 0 rg BT 235.29 309.85 Td (expect ) Tj ET Q q 0 0 0 rg BT 270.92 309.85 Td (to ) Tj ET Q q 0 0 0 rg BT 283.52 309.85 Td (be ) Tj ET Q q 0 0 0 rg BT 298.77 309.85 Td (able ) Tj ET Q q 0 0 0 rg BT 322.38 309.85 Td (to ) Tj ET Q q 0 0 0 rg BT 334.97 309.85 Td (increase ) Tj ET Q q 0 0 0 rg BT 377.53 309.85 Td (our ) Tj ET Q q 0 0 0 rg BT 396.24 309.85 Td (subsidiary's ) Tj ET Q q 0 0 0 rg BT 455.09 309.85 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 484.00 309.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 509.63 309.85 Td (above ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 294.20 Td (the ) Tj ET Q q 0 0 0 rg BT 108.95 294.20 Td (existing ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 149.90 294.20 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 174.36 294.20 Td (billion) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 204.30 294.20 Td (.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 266.92 cm /I94 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 80.91 269.60 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 269.60 Td (In ) Tj ET Q q 0 0 0 rg BT 102.82 269.60 Td (connection ) Tj ET Q q 0 0 0 rg BT 161.04 269.60 Td (with ) Tj ET Q q 0 0 0 rg BT 185.20 269.60 Td (these ) Tj ET Q q 0 0 0 rg BT 215.70 269.60 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 277.53 269.60 Td (our ) Tj ET Q q 0 0 0 rg BT 297.63 269.60 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 372.93 269.60 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 425.61 269.60 Td (is ) Tj ET Q q 0 0 0 rg BT 436.74 269.60 Td (required ) Tj ET Q q 0 0 0 rg BT 481.88 269.60 Td (to ) Tj ET Q q 0 0 0 rg BT 495.85 269.60 Td (hold ) Tj ET Q q 0 0 0 rg BT 521.65 269.60 Td ($43 ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 254.00 Td (million ) Tj ET Q q 0 0 0 rg BT 125.65 254.00 Td (of ) Tj ET Q q 0 0 0 rg BT 138.49 254.00 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 168.03 254.00 Td (stock. ) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 227.40 736.44 Td (F I N A N C I A L I N S I G H T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 299.40 24.25 Td (19) Tj ET Q BT /F1 10.00 Tf ET BT /F10 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Secur) Tj ET Q q 0 0 0 rg BT 99.13 702.30 Td (ities P) Tj ET Q q 0 0 0 rg BT 131.53 702.30 Td (or) Tj ET Q q 0 0 0 rg BT 141.89 702.30 Td (tf) Tj ET Q q 0 0 0 rg BT 149.14 702.30 Td (olio) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 677.65 Td (At ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 85.67 677.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 158.05 677.65 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 182.51 677.65 Td (, ) Tj ET Q q 0 0 0 rg BT 188.05 677.65 Td (we ) Tj ET Q q 0 0 0 rg BT 204.58 677.65 Td (had ) Tj ET Q q 0 0 0 rg BT 225.61 677.65 Td ($1.6 ) Tj ET Q q 0 0 0 rg BT 249.49 677.65 Td (billion ) Tj ET Q q 0 0 0 rg BT 281.91 677.65 Td (invested ) Tj ET Q q 0 0 0 rg BT 325.74 677.65 Td (in ) Tj ET Q q 0 0 0 rg BT 336.97 677.65 Td (real ) Tj ET Q q 0 0 0 rg BT 357.37 677.65 Td (estate ) Tj ET Q q 0 0 0 rg BT 389.77 677.65 Td (securities. ) Tj ET Q q 0 0 0 rg BT 440.93 677.65 Td (We ) Tj ET Q q 0 0 0 rg BT 459.71 677.65 Td (categorize ) Tj ET Q q 0 0 0 rg BT 513.30 677.65 Td (these ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 662.05 Td (securities ) Tj ET Q q 0 0 0 rg BT 120.67 662.05 Td (by ) Tj ET Q q 0 0 0 rg BT 135.75 662.05 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 147.16 662.05 Td (whether ) Tj ET Q q 0 0 0 rg BT 189.94 662.05 Td (they ) Tj ET Q q 0 0 0 rg BT 214.19 662.05 Td (were ) Tj ET Q q 0 0 0 rg BT 240.87 662.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 274.89 662.05 Td (through ) Tj ET Q q 0 0 0 rg BT 316.65 662.05 Td (our ) Tj ET Q q 0 0 0 rg BT 336.00 662.05 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 378.99 662.05 Td (platform, ) Tj ET Q q 0 0 0 rg BT 426.83 662.05 Td (by ) Tj ET Q q 0 0 0 rg BT 441.91 662.05 Td (an ) Tj ET Q q 0 0 0 rg BT 456.78 662.05 Td (Agency ) Tj ET Q q 0 0 0 rg BT 496.94 662.05 Td (in ) Tj ET Q q 0 0 0 rg BT 508.75 662.05 Td (a ) Tj ET Q q 0 0 0 rg BT 517.51 662.05 Td (CRT, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 646.40 Td (or ) Tj ET Q q 0 0 0 rg BT 83.72 646.40 Td (by ) Tj ET Q q 0 0 0 rg BT 97.29 646.40 Td (third ) Tj ET Q q 0 0 0 rg BT 121.42 646.40 Td (parties, ) Tj ET Q q 0 0 0 rg BT 159.21 646.40 Td (and ) Tj ET Q q 0 0 0 rg BT 179.30 646.40 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 191.85 646.40 Td (by ) Tj ET Q q 0 0 0 rg BT 205.42 646.40 Td (priority ) Tj ET Q q 0 0 0 rg BT 241.74 646.40 Td (of ) Tj ET Q q 0 0 0 rg BT 253.06 646.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 276.42 646.40 Td (flow ) Tj ET Q q 0 0 0 rg BT 298.33 646.40 Td (\(senior, ) Tj ET Q q 0 0 0 rg BT 334.51 646.40 Td (Re-REMIC, ) Tj ET Q q 0 0 0 rg BT 388.90 646.40 Td (and ) Tj ET Q q 0 0 0 rg BT 408.99 646.40 Td (subordinate\). ) Tj ET Q q 0 0 0 rg BT 474.92 646.40 Td (The ) Tj ET Q q 0 0 0 rg BT 495.01 646.40 Td (following ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 630.80 Td (table ) Tj ET Q q 0 0 0 rg BT 99.90 630.80 Td (presents ) Tj ET Q q 0 0 0 rg BT 144.50 630.80 Td (the ) Tj ET Q q 0 0 0 rg BT 163.46 630.80 Td (fair ) Tj ET Q q 0 0 0 rg BT 181.77 630.80 Td (value ) Tj ET Q q 0 0 0 rg BT 210.71 630.80 Td (of ) Tj ET Q q 0 0 0 rg BT 223.55 630.80 Td (our ) Tj ET Q q 0 0 0 rg BT 242.90 630.80 Td (residential ) Tj ET Q q 0 0 0 rg BT 296.46 630.80 Td (real ) Tj ET Q q 0 0 0 rg BT 317.44 630.80 Td (estate ) Tj ET Q q 0 0 0 rg BT 350.43 630.80 Td (securities ) Tj ET Q q 0 0 0 rg BT 399.10 630.80 Td (at ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 411.52 630.80 Td (December31, ) Tj ET Q q 0 0 0 rg BT 484.47 630.80 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 508.94 630.80 Td (.) 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0.8784313725490196 0.8196078431372549 rg /GS0 gs 479.50 454.30 4.00 -25.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 483.50 454.30 51.00 -25.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 534.50 454.30 6.00 -25.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 72.50 410.30 111.00 -25.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 183.50 410.30 56.00 -25.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 239.50 410.30 4.00 -25.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 243.50 410.30 56.00 -25.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 299.50 410.30 4.00 -25.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 303.50 410.30 56.00 -25.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 359.50 410.30 4.00 -25.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 363.50 410.30 56.00 -25.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 419.50 410.30 4.00 -25.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 423.50 410.30 56.00 -25.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 479.50 410.30 4.00 -25.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 483.50 410.30 51.00 -25.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 534.50 410.30 6.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 614.3 m 72.5 602.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 614.3 m 183.5 614.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 614.3 m 239.5 614.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 614.3 m 243.5 614.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 614.3 m 299.5 614.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 614.3 m 303.5 614.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 614.3 m 359.5 614.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 614.3 m 363.5 614.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 614.3 m 419.5 614.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 614.3 m 423.5 614.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 614.3 m 479.5 614.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 614.3 m 483.5 614.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 614.3 m 534.5 614.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 614.3 m 540.5 602.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 614.3 m 540.5 614.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 602.3 m 72.5 580.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 602.3 m 540.5 580.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 580.3 m 72.5 566.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 580.3 m 540.5 566.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 566.3 m 72.5 554.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 566.3 m 540.5 554.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 554.3 m 72.5 522.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 554.3 m 540.5 522.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 522.3 m 72.5 518.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 522.3 m 540.5 518.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 518.3 m 72.5 503.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 518.3 m 540.5 503.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 503.3 m 72.5 488.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 503.3 m 540.5 488.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 488.3 m 72.5 473.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 488.3 m 540.5 473.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 473.3 m 72.5 458.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 473.3 m 540.5 458.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 458.3 m 72.5 454.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 458.3 m 540.5 454.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 454.3 m 72.5 429.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 454.3 m 183.5 454.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 430.3 m 183.5 430.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 428.3 m 183.5 428.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 454.3 m 239.5 454.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 430.3 m 239.5 430.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 428.3 m 239.5 428.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 454.3 m 243.5 454.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 430.3 m 243.5 430.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 428.3 m 243.5 428.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 454.3 m 299.5 454.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 430.3 m 299.5 430.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 428.3 m 299.5 428.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 454.3 m 303.5 454.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 430.3 m 303.5 430.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 428.3 m 303.5 428.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 454.3 m 359.5 454.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 430.3 m 359.5 430.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 428.3 m 359.5 428.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 454.3 m 363.5 454.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 430.3 m 363.5 430.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 428.3 m 363.5 428.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 454.3 m 419.5 454.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 430.3 m 419.5 430.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 428.3 m 419.5 428.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 454.3 m 423.5 454.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 430.3 m 423.5 430.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 428.3 m 423.5 428.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 454.3 m 479.5 454.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 430.3 m 479.5 430.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 428.3 m 479.5 428.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 454.3 m 483.5 454.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 430.3 m 483.5 430.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 428.3 m 483.5 428.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 454.3 m 534.5 454.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 430.3 m 534.5 430.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 428.3 m 534.5 428.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 454.3 m 540.5 429.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 454.3 m 540.5 454.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 430.3 m 540.5 430.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 428.3 m 540.5 428.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 429.3 m 72.5 425.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 429.3 m 540.5 425.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 425.3 m 72.5 410.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 425.3 m 540.5 410.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 410.3 m 72.5 385.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 410.3 m 183.5 410.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 386.3 m 183.5 386.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 384.3 m 183.5 384.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 410.3 m 239.5 410.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 386.3 m 239.5 386.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 384.3 m 239.5 384.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 410.3 m 243.5 410.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 386.3 m 243.5 386.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 384.3 m 243.5 384.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 410.3 m 299.5 410.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 386.3 m 299.5 386.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 384.3 m 299.5 384.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 410.3 m 303.5 410.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 386.3 m 303.5 386.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 384.3 m 303.5 384.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 410.3 m 359.5 410.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 386.3 m 359.5 386.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 384.3 m 359.5 384.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 410.3 m 363.5 410.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 386.3 m 363.5 386.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 384.3 m 363.5 384.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 410.3 m 419.5 410.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 386.3 m 419.5 386.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 384.3 m 419.5 384.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 410.3 m 423.5 410.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 386.3 m 423.5 386.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 384.3 m 423.5 384.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 410.3 m 479.5 410.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 386.3 m 479.5 386.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 384.3 m 479.5 384.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 410.3 m 483.5 410.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 386.3 m 483.5 386.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 384.3 m 483.5 384.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 410.3 m 534.5 410.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 386.3 m 534.5 386.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 384.3 m 534.5 384.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 410.3 m 540.5 385.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 410.3 m 540.5 410.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 386.3 m 540.5 386.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 384.3 m 540.5 384.3 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 164.10 596.80 283.79 -14.00 re f /GS0 gs q 1 1 1 rg BT 164.10 586.30 Td (Securities P) Tj ET Q q 1 1 1 rg BT 230.87 586.30 Td (ortf) Tj ET Q q 1 1 1 rg BT 252.44 586.30 Td (olio - B) Tj ET Q q 1 1 1 rg BT 292.70 586.30 Td (y Sour) Tj ET Q q 1 1 1 rg BT 328.93 586.30 Td (ce and Security T) Tj ET Q q 1 1 1 rg BT 426.70 586.30 Td (ype) Tj ET Q BT /F7 10.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 266.25 577.80 79.46 -10.00 re f /GS0 gs q 1 1 1 rg BT 266.25 570.30 Td (December 31, 2017) Tj ET Q BT /F7 9.00 Tf ET q 1 1 1 rg BT 281.30 557.05 Td (\($ in millions\)) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 186.55 542.80 48.85 -9.00 re f /GS0 gs q 1 1 1 rg BT 186.55 536.05 Td (In) Tj ET Q q 1 1 1 rg BT 193.70 536.05 Td (t) Tj ET Q q 1 1 1 rg BT 196.71 536.05 Td (er) Tj ET Q q 1 1 1 rg BT 204.33 536.05 Td (es) Tj ET Q q 1 1 1 rg BT 212.35 536.05 Td (t) Tj ET Q q 1 1 1 rg BT 215.26 536.05 Td (-Only) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 192.85 533.80 36.24 -9.00 re f /GS0 gs q 1 1 1 rg BT 192.85 527.05 Td (Securities) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 254.85 542.80 34.27 -9.00 re f /GS0 gs q 1 1 1 rg BT 254.85 536.05 Td (Senior & ) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 252.60 533.80 36.71 -9.00 re f /GS0 gs q 1 1 1 rg BT 252.60 527.05 Td (R) Tj ET Q q 1 1 1 rg BT 257.54 527.05 Td (e-REMIC) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 310.90 533.80 40.19 -9.00 re f /GS0 gs q 1 1 1 rg BT 310.90 527.05 Td (Me) Tj ET Q q 1 1 1 rg BT 323.21 527.05 Td (zz) Tj ET Q q 1 1 1 rg BT 330.25 527.05 Td (anine) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 368.15 527.05 Td (Subor) Tj ET Q q 1 1 1 rg BT 389.99 527.05 Td (dina) Tj ET Q q 1 1 1 rg BT 406.22 527.05 Td (t) Tj ET Q q 1 1 1 rg BT 409.23 527.05 Td (e) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 441.85 533.80 18.20 -9.00 re f /GS0 gs q 1 1 1 rg BT 441.85 527.05 Td (T) Tj ET Q q 1 1 1 rg BT 445.53 527.05 Td (ot) Tj ET Q q 1 1 1 rg BT 453.40 527.05 Td (al) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 490.20 542.80 36.52 -9.00 re f /GS0 gs q 1 1 1 rg BT 490.20 536.05 Td (% of T) Tj ET Q q 1 1 1 rg BT 512.19 536.05 Td (ot) Tj ET Q q 1 1 1 rg BT 520.07 536.05 Td (al) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 490.35 533.80 36.24 -9.00 re f /GS0 gs q 1 1 1 rg BT 490.35 527.05 Td (Securities) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 81.00 508.30 Td (Sequoia ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 115.70 513.07 Td (\(1\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 186.00 508.30 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 225.70 508.30 Td (39) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 246.00 508.30 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 285.70 508.30 Td (16) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 306.00 508.30 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 340.60 508.30 Td (191) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 366.00 508.30 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 400.60 508.30 Td (153) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 426.00 508.30 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 460.60 508.30 Td (399) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 516.55 508.30 Td (26) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 508.30 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 493.30 Td (Thir) Tj ET Q q 0 0 0 rg BT 96.77 493.30 Td (d P) Tj ET Q q 0 0 0 rg BT 109.24 493.30 Td (arty Ne) Tj ET Q q 0 0 0 rg BT 139.03 493.30 Td (w Issue ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 171.27 498.07 Td (\(2\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 225.70 493.30 Td (46) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 286.75 493.30 Td () Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 340.60 493.30 Td (184) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 405.70 493.30 Td (96) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 460.60 493.30 Td (326) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 516.55 493.30 Td (21) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 526.85 493.30 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 81.00 478.30 Td (Thir) Tj ET Q q 0 0 0 rg BT 96.77 478.30 Td (d P) Tj ET Q q 0 0 0 rg BT 109.24 478.30 Td (arty Leg) Tj ET Q q 0 0 0 rg BT 141.35 478.30 Td (acy ) Tj ET Q BT /F7 10.00 Tf ET BT /F7 6.50 Tf ET q 0 0 0 rg BT 157.16 483.07 Td (\(2\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 230.75 478.30 Td (3) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 280.60 478.30 Td (180) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 346.75 478.30 Td () Tj 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0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 367.50 613.60 55.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 422.50 613.60 6.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 428.50 613.60 55.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 483.50 613.60 4.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 487.50 613.60 48.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 535.50 613.60 4.00 -35.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 367.50 578.60 55.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 367.50 574.60 55.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 367.50 559.60 55.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 367.50 544.60 55.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 367.50 529.60 55.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 367.50 514.60 55.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 367.50 499.60 55.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 71.50 495.60 166.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 237.50 495.60 55.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 292.50 495.60 7.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 299.50 495.60 59.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 358.50 495.60 9.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 367.50 495.60 55.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 422.50 495.60 6.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 428.50 495.60 55.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 483.50 495.60 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 487.50 495.60 48.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 535.50 495.60 4.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 667.6 m 71.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 667.6 m 237.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 667.6 m 292.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 667.6 m 299.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 667.6 m 358.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 667.6 m 367.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 667.6 m 422.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 667.6 m 428.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 667.6 m 483.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 667.6 m 487.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 667.6 m 535.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 667.6 m 539.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 667.6 m 539.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 661.6 m 71.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 661.6 m 539.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 639.6 m 71.5 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 639.6 m 539.5 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 625.6 m 71.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 625.6 m 539.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 613.6 m 71.5 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 613.6 m 539.5 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 578.6 m 71.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 578.6 m 539.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 574.6 m 71.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 574.6 m 539.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 559.6 m 71.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 559.6 m 539.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 544.6 m 71.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 529.6 m 237.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 529.6 m 292.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 529.6 m 299.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 529.6 m 358.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 529.6 m 367.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 529.6 m 422.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 544.6 m 539.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 529.6 m 71.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 529.6 m 539.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 514.6 m 71.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 514.6 m 539.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 499.6 m 71.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 495.6 m 237.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 495.6 m 292.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 495.6 m 299.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 495.6 m 358.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 495.6 m 367.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 499.6 m 539.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 495.6 m 71.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 481.6 m 237.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 479.6 m 237.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 495.6 m 292.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 481.6 m 292.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 479.6 m 292.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 495.6 m 299.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 481.6 m 299.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 479.6 m 299.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 495.6 m 358.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 481.6 m 358.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 479.6 m 358.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 495.6 m 367.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 481.6 m 367.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 479.6 m 367.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 495.6 m 422.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 481.6 m 422.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 479.6 m 422.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 481.6 m 428.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 479.6 m 428.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 481.6 m 483.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 479.6 m 483.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 481.6 m 487.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 479.6 m 487.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 481.6 m 535.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 479.6 m 535.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 495.6 m 539.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 481.6 m 539.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 479.6 m 539.5 479.6 l s BT /F4 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 149.95 645.60 Td (R) Tj ET Q q 1 1 1 rg BT 157.63 645.60 Td (eal Es) Tj ET Q q 1 1 1 rg BT 190.45 645.60 Td (t) Tj ET Q q 1 1 1 rg BT 195.16 645.60 Td (a) Tj ET Q q 1 1 1 rg BT 201.94 645.60 Td (t) Tj ET Q q 1 1 1 rg BT 206.63 645.60 Td (e Securities Financed with R) Tj ET Q q 1 1 1 rg BT 368.84 645.60 Td (epur) Tj ET Q q 1 1 1 rg BT 395.70 645.60 Td (chase Deb) Tj ET Q q 1 1 1 rg BT 455.11 645.60 Td (t) Tj ET Q BT /F7 10.00 Tf ET q 1 1 1 rg BT 265.25 629.60 Td (December 31, 2017) Tj ET Q BT /F7 9.00 Tf ET q 1 1 1 rg BT 222.80 616.35 Td (\($ in millions, e) Tj ET Q q 1 1 1 rg BT 278.02 616.35 Td (x) Tj ET Q q 1 1 1 rg BT 281.72 616.35 Td (cep) Tj ET Q q 1 1 1 rg BT 294.69 616.35 Td (t w) Tj ET Q q 1 1 1 rg BT 306.09 616.35 Td (eigh) Tj ET Q q 1 1 1 rg BT 321.52 616.35 Td (t) Tj ET Q q 1 1 1 rg BT 324.44 616.35 Td (ed a) Tj ET Q q 1 1 1 rg BT 339.84 616.35 Td (v) Tj ET Q q 1 1 1 rg BT 343.82 616.35 Td (er) Tj ET Q q 1 1 1 rg BT 351.25 616.35 Td (ag) Tj ET Q q 1 1 1 rg BT 359.72 616.35 Td (e price\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 244.00 592.35 Td (R) Tj ET Q q 1 1 1 rg BT 249.00 592.35 Td (eal Es) Tj ET Q q 1 1 1 rg BT 270.08 592.35 Td (t) Tj ET Q q 1 1 1 rg BT 273.11 592.35 Td (a) Tj ET Q q 1 1 1 rg BT 277.47 592.35 Td (t) Tj ET Q q 1 1 1 rg BT 280.49 592.35 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 246.35 583.35 Td (Securities) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 306.80 592.35 Td (R) Tj ET Q q 1 1 1 rg BT 311.80 592.35 Td (epur) Tj ET Q q 1 1 1 rg BT 329.06 592.35 Td (chase) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 319.40 583.35 Td (Deb) Tj ET Q q 1 1 1 rg BT 334.42 583.35 Td (t) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 376.90 592.35 Td (Alloc) Tj ET Q q 1 1 1 rg BT 395.33 592.35 Td (a) Tj ET Q q 1 1 1 rg BT 399.69 592.35 Td (t) Tj ET Q q 1 1 1 rg BT 402.70 592.35 Td (ed) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 381.50 583.35 Td (Capit) Tj ET Q q 1 1 1 rg BT 400.78 583.35 Td (al) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 437.50 603.20 Td (W) Tj ET Q q 1 1 1 rg BT 445.34 603.20 Td (eigh) Tj ET Q q 1 1 1 rg BT 461.09 603.20 Td (t) Tj ET Q q 1 1 1 rg BT 464.10 603.20 Td (ed ) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 440.45 593.25 Td (A) Tj ET Q q 1 1 1 rg BT 445.68 593.25 Td (v) Tj ET Q q 1 1 1 rg BT 449.86 593.25 Td (er) Tj ET Q q 1 1 1 rg BT 457.39 593.25 Td (ag) Tj ET Q q 1 1 1 rg BT 466.00 593.25 Td (e ) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 441.90 583.35 Td (Price ) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 1 1 1 rg BT 462.43 587.64 Td (\(1\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 493.20 593.25 Td (Financing ) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 493.10 583.35 Td (Hair) Tj ET Q q 1 1 1 rg BT 508.50 583.35 Td (cut ) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 1 1 1 rg BT 522.25 587.64 Td (\(2\)) Tj ET Q BT /F7 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 80.00 564.60 Td (R) Tj ET Q q 0 0 0 rg BT 85.34 564.60 Td (esiden) Tj ET Q q 0 0 0 rg BT 111.87 564.60 Td (tial securities) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 86.00 549.60 Td (Senior) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 240.00 549.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 273.60 549.60 Td (110) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 302.00 549.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 341.65 549.60 Td (\(97) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 354.85 549.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 370.00 549.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 408.70 549.60 Td (13) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 431.00 549.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.70 549.60 Td (99) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 517.55 549.60 Td (12) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 527.85 549.60 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 86.00 534.60 Td (Me) Tj ET Q q 0 0 0 rg BT 99.43 534.60 Td (zz) Tj ET Q q 0 0 0 rg BT 107.16 534.60 Td (anine) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 273.60 534.60 Td (374) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 336.60 534.60 Td (\(312) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 354.85 534.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 408.70 534.60 Td (62) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 431.00 534.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.70 534.60 Td (99) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 517.55 534.60 Td (17) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 527.85 534.60 Td (%) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 80.00 519.60 Td (T) Tj ET Q q 0 0 0 rg BT 84.43 519.60 Td (ot) Tj ET Q q 0 0 0 rg BT 92.55 519.60 Td (al r) Tj ET Q q 0 0 0 rg BT 105.25 519.60 Td (esiden) Tj ET Q q 0 0 0 rg BT 131.80 519.60 Td (tial securities) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 273.60 519.60 Td (484) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 336.60 519.60 Td (\(409) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 354.85 519.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 408.70 519.60 Td (75) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 80.00 504.60 Td (Multif) Tj ET Q q 0 0 0 rg BT 104.60 504.60 Td (amily securities) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 273.60 504.60 Td (304) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 336.60 504.60 Td (\(240) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 354.85 504.60 Td (\)) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 408.70 504.60 Td (64) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 431.00 504.60 Td ($) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 469.70 504.60 Td (97) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 517.55 504.60 Td (21) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 527.85 504.60 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 80.00 485.60 Td (T) Tj ET Q q 0 0 0 rg BT 84.09 485.60 Td (ot) Tj ET Q q 0 0 0 rg BT 92.83 485.60 Td (al) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 240.00 485.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 273.60 485.60 Td (788) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 302.00 485.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 336.50 485.60 Td (\(649) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 354.85 485.60 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 370.00 485.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 403.60 485.60 Td (139) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 431.00 485.60 Td ($) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 469.70 485.60 Td (98) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 517.55 485.60 Td (18) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 527.70 485.60 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 462.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 90.00 462.30 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 117.02 462.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 132.00 462.30 Td (value ) Tj ET Q q 0 0 0 rg BT 155.68 462.30 Td (per ) Tj ET Q q 0 0 0 rg BT 171.67 462.30 Td ($100 ) Tj ET Q q 0 0 0 rg BT 194.19 462.30 Td (of ) Tj ET Q q 0 0 0 rg BT 204.69 462.30 Td (principal.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 443.55 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 85.50 443.55 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 443.55 Td (Allocated ) Tj ET Q q 0 0 0 rg BT 130.84 443.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 159.83 443.55 Td (divided ) Tj ET Q q 0 0 0 rg BT 192.50 443.55 Td (by ) Tj ET Q q 0 0 0 rg BT 204.84 443.55 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 231.86 443.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 246.84 443.55 Td (value.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 416.22 cm /I95 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 416.22 cm /I96 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 418.90 Td (In ) Tj ET Q q 0 0 0 rg BT 104.48 418.90 Td (addition ) Tj ET Q q 0 0 0 rg BT 150.68 418.90 Td (to ) Tj ET Q q 0 0 0 rg BT 166.31 418.90 Td (the ) Tj ET Q q 0 0 0 rg BT 187.67 418.90 Td (allocated ) Tj ET Q q 0 0 0 rg BT 238.15 418.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 275.98 418.90 Td (listed ) Tj ET Q q 0 0 0 rg BT 307.90 418.90 Td (in ) Tj ET Q q 0 0 0 rg BT 322.11 418.90 Td (the ) Tj ET Q q 0 0 0 rg BT 343.47 418.90 Td (table ) Tj ET Q q 0 0 0 rg BT 373.76 418.90 Td (above ) Tj ET Q q 0 0 0 rg BT 409.59 418.90 Td (that ) Tj ET Q q 0 0 0 rg BT 434.19 418.90 Td (directly ) Tj ET Q q 0 0 0 rg BT 475.50 418.90 Td (supports ) Tj ET Q q 0 0 0 rg BT 523.71 418.90 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 403.30 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 149.87 403.30 Td (facilities ) Tj ET Q q 0 0 0 rg BT 195.24 403.30 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 222.11 403.30 Td (the ) Tj ET Q q 0 0 0 rg BT 249.79 403.30 Td (haircut\), ) Tj ET Q q 0 0 0 rg BT 300.48 403.30 Td (we ) Tj ET Q q 0 0 0 rg BT 320.61 403.30 Td (continue ) Tj ET Q q 0 0 0 rg BT 369.28 403.30 Td (to ) Tj ET Q q 0 0 0 rg BT 385.52 403.30 Td (hold ) Tj ET Q q 0 0 0 rg BT 413.60 403.30 Td (a ) Tj ET Q q 0 0 0 rg BT 425.38 403.30 Td (designated ) Tj ET Q q 0 0 0 rg BT 486.66 403.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 530.22 403.30 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 387.65 Td (supplemental ) Tj ET Q q 0 0 0 rg BT 159.83 387.65 Td (risk ) Tj ET Q q 0 0 0 rg BT 179.32 387.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 214.92 387.65 Td (available ) Tj ET Q q 0 0 0 rg BT 261.32 387.65 Td (for ) Tj ET Q q 0 0 0 rg BT 277.97 387.65 Td (potential ) Tj ET Q q 0 0 0 rg BT 324.97 387.65 Td (margin ) Tj ET Q q 0 0 0 rg BT 362.20 387.65 Td (calls ) Tj ET Q q 0 0 0 rg BT 386.41 387.65 Td (or ) Tj ET Q q 0 0 0 rg BT 399.81 387.65 Td (future ) Tj ET Q q 0 0 0 rg BT 431.74 387.65 Td (obligations ) Tj ET Q q 0 0 0 rg BT 489.55 387.65 Td (relating ) Tj ET Q q 0 0 0 rg BT 529.83 387.65 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 372.05 Td (these ) Tj ET Q q 0 0 0 rg BT 119.76 372.05 Td (facilities.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 344.77 cm /I97 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 344.77 cm /I98 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 347.45 Td (At ) Tj ET Q q 0 0 0 rg BT 109.96 347.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 188.61 347.45 Td (2017, ) Tj ET Q q 0 0 0 rg BT 224.89 347.45 Td (we ) Tj ET Q q 0 0 0 rg BT 247.71 347.45 Td (had ) Tj ET Q q 0 0 0 rg BT 275.01 347.45 Td (securities ) Tj ET Q q 0 0 0 rg BT 329.38 347.45 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 391.93 347.45 Td (facilities ) Tj ET Q q 0 0 0 rg BT 439.99 347.45 Td (with ) Tj ET Q q 0 0 0 rg BT 469.11 347.45 Td (nine ) Tj ET Q q 0 0 0 rg BT 498.86 347.45 Td (different ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 331.80 Td (counterparties. ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 304.52 cm /I99 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 304.52 cm /I100 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 307.20 Td (Additional ) Tj ET Q q 0 0 0 rg BT 142.78 307.20 Td (information ) Tj ET Q q 0 0 0 rg BT 201.04 307.20 Td (on ) Tj ET Q q 0 0 0 rg BT 215.53 307.20 Td (the ) Tj ET Q q 0 0 0 rg BT 233.27 307.20 Td (residential ) Tj ET Q q 0 0 0 rg BT 285.63 307.20 Td (securities ) Tj ET Q q 0 0 0 rg BT 333.09 307.20 Td (we ) Tj ET Q q 0 0 0 rg BT 349.00 307.20 Td (own ) Tj ET Q q 0 0 0 rg BT 371.43 307.20 Td (is ) Tj ET Q q 0 0 0 rg BT 380.61 307.20 Td (set ) Tj ET Q q 0 0 0 rg BT 396.91 307.20 Td (forth ) Tj ET Q q 0 0 0 rg BT 421.97 307.20 Td (in ) Tj ET Q q 0 0 0 rg BT 432.58 307.20 Td (Table ) Tj ET Q q 0 0 0 rg BT 460.71 307.20 Td (8 ) Tj ET Q q 0 0 0 rg BT 468.68 307.20 Td (in ) Tj ET Q q 0 0 0 rg BT 479.28 307.20 Td (the ) Tj ET Q BT /F8 11.00 Tf ET q 0 0 0 rg BT 497.03 307.20 Td (Financial ) Tj ET Q BT /F8 11.00 Tf ET q 0 0 0 rg BT 90.00 291.55 Td (Tables ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 124.02 291.55 Td (section ) Tj ET Q q 0 0 0 rg BT 162.13 291.55 Td (of ) Tj ET Q q 0 0 0 rg BT 174.96 291.55 Td (this ) Tj ET Q q 0 0 0 rg BT 195.13 291.55 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 245.26 291.55 Td (Review.) Tj ET Q BT /F10 13.00 Tf ET q 0 0 0 rg BT 72.00 264.10 Td (Mor) Tj ET Q q 0 0 0 rg BT 94.00 264.10 Td (tg) Tj ET Q q 0 0 0 rg BT 103.36 264.10 Td (a) Tj ET Q q 0 0 0 rg BT 109.11 264.10 Td (g) Tj ET Q q 0 0 0 rg BT 114.61 264.10 Td (e ) Tj ET Q q 0 0 0 rg BT 123.10 264.10 Td (Ser) Tj ET Q q 0 0 0 rg BT 139.40 264.10 Td (vicing ) Tj ET Q q 0 0 0 rg BT 172.80 264.10 Td (Rights) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 236.82 cm /I101 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 236.82 cm /I102 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 239.50 Td (At ) Tj ET Q q 0 0 0 rg BT 103.25 239.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 175.20 239.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 204.77 239.50 Td (we ) Tj ET Q q 0 0 0 rg BT 220.88 239.50 Td (had ) Tj ET Q q 0 0 0 rg BT 241.48 239.50 Td ($64 ) Tj ET Q q 0 0 0 rg BT 261.88 239.50 Td (million ) Tj ET Q q 0 0 0 rg BT 296.52 239.50 Td (of ) Tj ET Q q 0 0 0 rg BT 308.35 239.50 Td (MSR ) Tj ET Q q 0 0 0 rg BT 332.84 239.50 Td (investments, ) Tj ET Q q 0 0 0 rg BT 396.40 239.50 Td (which ) Tj ET Q q 0 0 0 rg BT 426.57 239.50 Td (are ) Tj ET Q q 0 0 0 rg BT 443.90 239.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 488.28 239.50 Td (comprised ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 223.85 Td (of ) Tj ET Q q 0 0 0 rg BT 102.45 223.85 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 136.49 223.85 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 166.28 223.85 Td (retained ) Tj ET Q q 0 0 0 rg BT 209.47 223.85 Td (from ) Tj ET Q q 0 0 0 rg BT 234.75 223.85 Td (loans ) Tj ET Q q 0 0 0 rg BT 263.09 223.85 Td (transferred ) Tj ET Q q 0 0 0 rg BT 318.89 223.85 Td (to ) Tj ET Q q 0 0 0 rg BT 331.74 223.85 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 374.35 223.85 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 445.86 223.85 Td (we ) Tj ET Q q 0 0 0 rg BT 462.58 223.85 Td (completed ) Tj ET Q q 0 0 0 rg BT 518.42 223.85 Td (over ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 208.25 Td (the ) Tj ET Q q 0 0 0 rg BT 108.95 208.25 Td (past ) Tj ET Q q 0 0 0 rg BT 132.78 208.25 Td (several ) Tj ET Q q 0 0 0 rg BT 170.06 208.25 Td (years. ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 180.97 cm /I103 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 180.97 cm /I104 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 183.65 Td (We ) Tj ET Q q 0 0 0 rg BT 109.36 183.65 Td (earn ) Tj ET Q q 0 0 0 rg BT 134.20 183.65 Td (fees ) Tj ET Q q 0 0 0 rg BT 157.43 183.65 Td (from ) Tj ET Q q 0 0 0 rg BT 183.09 183.65 Td (these ) Tj ET Q q 0 0 0 rg BT 212.85 183.65 Td (MSRs, ) Tj ET Q q 0 0 0 rg BT 246.08 183.65 Td (but ) Tj ET Q q 0 0 0 rg BT 265.62 183.65 Td (outsource ) Tj ET Q q 0 0 0 rg BT 317.16 183.65 Td (the ) Tj ET Q q 0 0 0 rg BT 336.11 183.65 Td (actual ) Tj ET Q q 0 0 0 rg BT 368.30 183.65 Td (servicing ) Tj ET Q q 0 0 0 rg BT 414.53 183.65 Td (of ) Tj ET Q q 0 0 0 rg BT 427.36 183.65 Td (the ) Tj ET Q q 0 0 0 rg BT 446.31 183.65 Td (associated ) Tj ET Q q 0 0 0 rg BT 501.11 183.65 Td (loans ) Tj ET Q q 0 0 0 rg BT 529.84 183.65 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 168.00 Td (third-party ) Tj ET Q q 0 0 0 rg BT 144.35 168.00 Td (servicers.) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 227.40 736.44 Td (F I N A N C I A L I N S I G H T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 299.40 24.25 Td (21) Tj ET Q BT /F1 10.00 Tf ET BT /F10 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Residential Loans Held-f) Tj ET Q q 0 0 0 rg BT 199.97 702.30 Td (or-Sale) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 674.97 cm /I105 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 674.97 cm /I106 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 677.65 Td (At ) Tj ET Q q 0 0 0 rg BT 104.94 677.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 178.57 677.65 Td (2017, ) Tj ET Q q 0 0 0 rg BT 209.83 677.65 Td (we ) Tj ET Q q 0 0 0 rg BT 227.63 677.65 Td (had ) Tj ET Q q 0 0 0 rg BT 249.91 677.65 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 275.06 677.65 Td (billion ) Tj ET Q q 0 0 0 rg BT 308.74 677.65 Td (of ) Tj ET Q q 0 0 0 rg BT 322.26 677.65 Td (residential ) Tj ET Q q 0 0 0 rg BT 376.50 677.65 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 433.39 677.65 Td (held-for-sale ) Tj ET Q q 0 0 0 rg BT 498.03 677.65 Td (financed ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 662.05 Td (with ) Tj ET Q q 0 0 0 rg BT 113.42 662.05 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 137.88 662.05 Td (billion ) Tj ET Q q 0 0 0 rg BT 170.88 662.05 Td (of ) Tj ET Q q 0 0 0 rg BT 183.72 662.05 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 239.56 662.05 Td (debt. ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 634.72 cm /I107 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 634.72 cm /I108 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 637.40 Td (We ) Tj ET Q q 0 0 0 rg BT 109.97 637.40 Td (utilize ) Tj ET Q q 0 0 0 rg BT 142.15 637.40 Td (a ) Tj ET Q q 0 0 0 rg BT 151.53 637.40 Td (combination ) Tj ET Q q 0 0 0 rg BT 216.52 637.40 Td (of ) Tj ET Q q 0 0 0 rg BT 229.97 637.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 266.01 637.40 Td (and ) Tj ET Q q 0 0 0 rg BT 288.22 637.40 Td (our ) Tj ET Q q 0 0 0 rg BT 308.18 637.40 Td (residential ) Tj ET Q q 0 0 0 rg BT 362.35 637.40 Td (loan ) Tj ET Q q 0 0 0 rg BT 387.00 637.40 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 443.45 637.40 Td (facilities ) Tj ET Q q 0 0 0 rg BT 486.42 637.40 Td (to ) Tj ET Q q 0 0 0 rg BT 500.26 637.40 Td (manage ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 621.80 Td (our ) Tj ET Q q 0 0 0 rg BT 109.35 621.80 Td (inventory ) Tj ET Q q 0 0 0 rg BT 157.83 621.80 Td (of ) Tj ET Q q 0 0 0 rg BT 170.66 621.80 Td (residential ) Tj ET Q q 0 0 0 rg BT 224.22 621.80 Td (loans ) Tj ET Q q 0 0 0 rg BT 252.96 621.80 Td (held-for-sale. ) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 594.52 cm /I109 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 594.52 cm /I110 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 597.20 Td (Our ) Tj ET Q q 0 0 0 rg BT 114.00 597.20 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 171.83 597.20 Td (capacity ) Tj ET Q q 0 0 0 rg BT 217.22 597.20 Td (at ) Tj ET Q q 0 0 0 rg BT 231.63 597.20 Td (December31, ) Tj ET Q q 0 0 0 rg BT 306.58 597.20 Td (2017 ) Tj ET Q q 0 0 0 rg BT 336.10 597.20 Td (totaled ) Tj ET Q q 0 0 0 rg BT 376.17 597.20 Td ($1.6 ) Tj ET Q q 0 0 0 rg BT 402.63 597.20 Td (billion ) Tj ET Q q 0 0 0 rg BT 437.62 597.20 Td (across ) Tj ET Q q 0 0 0 rg BT 473.04 597.20 Td (four ) Tj ET Q q 0 0 0 rg BT 497.64 597.20 Td (separate ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 581.55 Td (counterparties.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 554.27 cm /I111 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 554.27 cm /I112 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 556.95 Td (The ) Tj ET Q q 0 0 0 rg BT 111.30 556.95 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 135.46 556.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 168.16 556.95 Td (of ) Tj ET Q q 0 0 0 rg BT 180.69 556.95 Td (residential ) Tj ET Q q 0 0 0 rg BT 233.95 556.95 Td (loans ) Tj ET Q q 0 0 0 rg BT 262.38 556.95 Td (held-for-sale ) Tj ET Q q 0 0 0 rg BT 326.03 556.95 Td (at ) Tj ET Q q 0 0 0 rg BT 338.15 556.95 Td (December ) Tj ET Q q 0 0 0 rg BT 392.45 556.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 410.49 556.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 437.71 556.95 Td (included ) Tj ET Q q 0 0 0 rg BT 482.84 556.95 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 507.00 556.95 Td (billion, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 541.30 Td (or ) Tj ET Q q 0 0 0 rg BT 103.23 541.30 Td (77%, ) Tj ET Q q 0 0 0 rg BT 130.74 541.30 Td (of ) Tj ET Q q 0 0 0 rg BT 143.58 541.30 Td (Select ) Tj ET Q q 0 0 0 rg BT 176.58 541.30 Td (loans, ) Tj ET Q q 0 0 0 rg BT 208.37 541.30 Td (and ) Tj ET Q q 0 0 0 rg BT 229.98 541.30 Td ($322 ) Tj ET Q q 0 0 0 rg BT 257.50 541.30 Td (million, ) Tj ET Q q 0 0 0 rg BT 296.21 541.30 Td (or ) Tj ET Q q 0 0 0 rg BT 309.44 541.30 Td (23%, ) Tj ET Q q 0 0 0 rg BT 336.95 541.30 Td (of ) Tj ET Q q 0 0 0 rg BT 349.79 541.30 Td (expanded-prime ) Tj ET Q q 0 0 0 rg BT 434.54 541.30 Td (Choice ) Tj ET Q q 0 0 0 rg BT 472.04 541.30 Td (loans.) Tj ET Q /GS0 gs q 8.91 0 0 12.00 72.00 514.02 cm /I113 Do Q /GS0 gs q 9.09 0 0 12.00 80.91 514.02 cm /I114 Do Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 516.70 Td (At ) Tj ET Q q 0 0 0 rg BT 104.93 516.70 Td (December ) Tj ET Q q 0 0 0 rg BT 160.20 516.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 179.22 516.70 Td (2017, ) Tj ET Q q 0 0 0 rg BT 210.48 516.70 Td (our ) Tj ET Q q 0 0 0 rg BT 230.50 516.70 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 273.95 516.70 Td (of ) Tj ET Q q 0 0 0 rg BT 287.46 516.70 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 322.56 516.70 Td (residential ) Tj ET Q q 0 0 0 rg BT 376.79 516.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 406.20 516.70 Td (identified ) Tj ET Q q 0 0 0 rg BT 456.56 516.70 Td (for ) Tj ET Q q 0 0 0 rg BT 473.72 516.70 Td (purchase ) Tj ET Q q 0 0 0 rg BT 521.67 516.70 Td (was ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 501.10 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 114.46 501.10 Td (billion.) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream /GS0 gs q 611.95 0 0 791.95 0.00 0.05 cm /I115 Do Q BT /F1 10.00 Tf ET endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F7 10.00 Tf ET q 0 0 0 rg BT 38.00 21.00 Td (THE RED) Tj ET Q q 0 0 0 rg BT 72.64 21.00 Td (W) Tj ET Q q 0 0 0 rg BT 81.43 21.00 Td (OOD REVIEW I 4TH QU) Tj ET Q q 0 0 0 rg BT 173.77 21.00 Td (AR) Tj ET Q q 0 0 0 rg BT 184.89 21.00 Td (TER 2017) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 634.90 21.00 Td ( T) Tj ET Q q 0 0 0 rg BT 648.03 21.00 Td (able 1: GAAP E) Tj ET Q q 0 0 0 rg BT 707.64 21.00 Td (arnings) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 741.86 21.00 Td (23) Tj ET Q BT /F1 10.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 35.50 575.50 114.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 149.50 575.50 601.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 750.50 575.50 5.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 35.50 525.50 114.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 149.50 525.50 141.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 290.50 525.50 42.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 332.50 525.50 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 336.50 525.50 42.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 378.50 525.50 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 382.50 525.50 42.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 424.50 525.50 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 428.50 525.50 42.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 470.50 525.50 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 474.50 525.50 42.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 516.50 525.50 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 520.50 525.50 42.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 562.50 525.50 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 566.50 525.50 42.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 608.50 525.50 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 612.50 525.50 42.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 654.50 525.50 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 658.50 525.50 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 662.50 525.50 42.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 704.50 525.50 4.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 708.50 525.50 42.00 -30.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 750.50 525.50 5.00 -30.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 495.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 495.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 495.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 495.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 495.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 483.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 483.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 483.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 483.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 483.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 471.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 471.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 471.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 471.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 471.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 459.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 459.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 459.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 459.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 459.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 447.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 447.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 447.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 447.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 447.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 435.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 435.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 435.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 435.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 435.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 423.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 423.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 423.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 423.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 423.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 411.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 411.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 411.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 411.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 411.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 399.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 399.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 399.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 399.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 399.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 387.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 387.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 387.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 387.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 387.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 375.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 375.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 375.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 375.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 375.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 363.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 363.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 363.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 363.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 363.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 351.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 351.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 351.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 351.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 351.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 339.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 339.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 339.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 339.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 339.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 327.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 327.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 327.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 327.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 327.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 315.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 315.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 315.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 315.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 315.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 303.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 303.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 303.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 303.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 303.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 291.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 291.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 291.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 291.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 291.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 279.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 279.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 279.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 279.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 279.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 267.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 267.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 267.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 267.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 267.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 255.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 255.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 255.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 255.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 255.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 243.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 243.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 243.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 243.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 243.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 231.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 231.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 231.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 231.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 231.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 219.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 219.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 219.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 219.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 219.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 207.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 207.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 207.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 207.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 207.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 195.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 195.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 195.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 195.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 195.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 183.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 183.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 183.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 183.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 183.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 171.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 171.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 171.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 171.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 171.50 5.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 658.50 159.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 662.50 159.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 159.50 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 708.50 159.50 42.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 159.50 5.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 35.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 149.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 540.5 m 149.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 575.5 m 290.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 540.5 m 290.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 575.5 m 332.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 540.5 m 332.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 575.5 m 336.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 540.5 m 336.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 575.5 m 378.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 540.5 m 378.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 575.5 m 382.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 540.5 m 382.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 575.5 m 424.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 540.5 m 424.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 575.5 m 428.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 540.5 m 428.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 575.5 m 470.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 540.5 m 470.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 575.5 m 474.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 540.5 m 474.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 575.5 m 516.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 540.5 m 516.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 575.5 m 520.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 540.5 m 520.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 575.5 m 562.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 540.5 m 562.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 575.5 m 566.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 540.5 m 566.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 575.5 m 608.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 540.5 m 608.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 575.5 m 612.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 540.5 m 612.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 575.5 m 654.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 540.5 m 654.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 654.5 575.5 m 658.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 654.5 540.5 m 658.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 575.5 m 662.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 540.5 m 662.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 662.5 575.5 m 704.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 662.5 540.5 m 704.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 575.5 m 708.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 540.5 m 708.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 708.5 575.5 m 750.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 708.5 540.5 m 750.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 575.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 575.5 m 755.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 540.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 35.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 149.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 495.5 m 149.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 525.5 m 290.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 495.5 m 290.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 525.5 m 332.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 495.5 m 332.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 525.5 m 336.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 495.5 m 336.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 525.5 m 378.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 495.5 m 378.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 525.5 m 382.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 495.5 m 382.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 525.5 m 424.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 495.5 m 424.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 525.5 m 428.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 495.5 m 428.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 525.5 m 470.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 495.5 m 470.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 525.5 m 474.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 525.5 m 474.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 495.5 m 474.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 525.5 m 516.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 495.5 m 516.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 525.5 m 520.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 495.5 m 520.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 525.5 m 562.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 495.5 m 562.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 525.5 m 566.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 495.5 m 566.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 525.5 m 608.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 495.5 m 608.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 525.5 m 612.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 495.5 m 612.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 525.5 m 654.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 495.5 m 654.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 654.5 525.5 m 658.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 654.5 495.5 m 658.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 525.5 m 658.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 525.5 m 662.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 495.5 m 662.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 662.5 525.5 m 704.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 662.5 495.5 m 704.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 525.5 m 708.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 495.5 m 708.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 708.5 525.5 m 750.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 708.5 495.5 m 750.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 525.5 m 755.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 525.5 m 755.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 495.5 m 755.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 495.5 m 35.5 483.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 495.5 m 332.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 495.5 m 336.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 495.5 m 378.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 495.5 m 382.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 495.5 m 424.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 495.5 m 428.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 495.5 m 470.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 495.5 m 474.5 483.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 495.5 m 474.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 495.5 m 516.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 495.5 m 520.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 495.5 m 562.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 495.5 m 566.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 495.5 m 608.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 495.5 m 612.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 495.5 m 654.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 495.5 m 658.5 483.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 662.5 495.5 m 704.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 495.5 m 708.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 708.5 495.5 m 750.5 495.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 495.5 m 755.5 483.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 483.5 m 35.5 471.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 483.5 m 474.5 471.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 483.5 m 658.5 471.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 483.5 m 755.5 471.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 471.5 m 35.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 459.5 m 149.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 459.5 m 290.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 459.5 m 332.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 459.5 m 336.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 459.5 m 378.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 459.5 m 382.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 459.5 m 424.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 459.5 m 428.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 459.5 m 470.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 471.5 m 474.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 459.5 m 474.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 459.5 m 516.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 459.5 m 520.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 459.5 m 562.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 459.5 m 566.5 459.5 l s 0 0 0 RG /GS0 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 423.5 m 474.5 411.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 423.5 m 658.5 411.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 423.5 m 755.5 411.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 411.5 m 35.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 399.5 m 149.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 399.5 m 290.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 399.5 m 332.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 399.5 m 336.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 399.5 m 378.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 399.5 m 382.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 399.5 m 424.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 399.5 m 428.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 399.5 m 470.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 411.5 m 474.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 399.5 m 474.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 399.5 m 516.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 399.5 m 520.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 399.5 m 562.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 399.5 m 566.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 399.5 m 608.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 399.5 m 612.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 399.5 m 654.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 654.5 399.5 m 658.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 411.5 m 658.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 399.5 m 662.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 662.5 399.5 m 704.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 399.5 m 708.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 708.5 399.5 m 750.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 411.5 m 755.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 399.5 m 755.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 399.5 m 35.5 387.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 399.5 m 332.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 399.5 m 336.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 399.5 m 378.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 399.5 m 382.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 399.5 m 424.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 399.5 m 428.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 399.5 m 470.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 399.5 m 474.5 387.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 399.5 m 474.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 399.5 m 516.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 399.5 m 520.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 399.5 m 562.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 399.5 m 566.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 399.5 m 608.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 399.5 m 612.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 399.5 m 654.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 399.5 m 658.5 387.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 399.5 m 755.5 387.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 387.5 m 35.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 387.5 m 474.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 387.5 m 658.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 387.5 m 755.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 375.5 m 35.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 363.5 m 149.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 363.5 m 290.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 363.5 m 332.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 363.5 m 336.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 363.5 m 378.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 363.5 m 382.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 363.5 m 424.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 363.5 m 428.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 363.5 m 470.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 375.5 m 474.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 363.5 m 474.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 363.5 m 520.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 363.5 m 562.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 363.5 m 566.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 363.5 m 608.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 363.5 m 612.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 363.5 m 654.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 654.5 363.5 m 658.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 375.5 m 658.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 363.5 m 662.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 662.5 363.5 m 704.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 363.5 m 708.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 708.5 363.5 m 750.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 375.5 m 755.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 363.5 m 755.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 363.5 m 35.5 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 363.5 m 332.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 363.5 m 336.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 363.5 m 378.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 363.5 m 382.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 363.5 m 424.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 363.5 m 428.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 363.5 m 470.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 363.5 m 474.5 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 363.5 m 474.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 363.5 m 516.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 363.5 m 520.5 363.5 l s 0 0 0 RG /GS0 gs 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0 j 3 M 658.5 195.5 m 658.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 183.5 m 662.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 183.5 m 708.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 195.5 m 755.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 183.5 m 755.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 183.5 m 35.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 172.5 m 149.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 170.5 m 149.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 172.5 m 290.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 170.5 m 290.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 183.5 m 332.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 172.5 m 332.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 170.5 m 332.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 183.5 m 336.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 172.5 m 336.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 170.5 m 336.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 183.5 m 378.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 172.5 m 378.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 170.5 m 378.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 183.5 m 382.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 172.5 m 382.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 170.5 m 382.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 183.5 m 424.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 172.5 m 424.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 170.5 m 424.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 183.5 m 428.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 172.5 m 428.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 170.5 m 428.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 183.5 m 470.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 172.5 m 470.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 170.5 m 470.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 183.5 m 474.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 183.5 m 474.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 172.5 m 474.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 170.5 m 474.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 183.5 m 516.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 172.5 m 516.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 170.5 m 516.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 183.5 m 520.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 172.5 m 520.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 170.5 m 520.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 183.5 m 562.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 172.5 m 562.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 170.5 m 562.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 183.5 m 566.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 172.5 m 566.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 170.5 m 566.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 183.5 m 608.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 172.5 m 608.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 170.5 m 608.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 183.5 m 612.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 172.5 m 612.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 170.5 m 612.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 183.5 m 654.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 172.5 m 654.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 170.5 m 654.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 654.5 172.5 m 658.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 654.5 170.5 m 658.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 183.5 m 658.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 172.5 m 662.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 170.5 m 662.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 662.5 183.5 m 704.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 662.5 172.5 m 704.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 662.5 170.5 m 704.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 172.5 m 708.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 170.5 m 708.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 708.5 183.5 m 750.5 183.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 708.5 172.5 m 750.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 708.5 170.5 m 750.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 183.5 m 755.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 172.5 m 755.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 170.5 m 755.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 171.5 m 35.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 159.5 m 149.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 159.5 m 290.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 170.5 m 332.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 172.5 m 332.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 159.5 m 332.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 170.5 m 336.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 172.5 m 336.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 159.5 m 336.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 170.5 m 378.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 172.5 m 378.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 159.5 m 378.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 170.5 m 382.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 172.5 m 382.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 159.5 m 382.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 170.5 m 424.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 172.5 m 424.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 159.5 m 424.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 170.5 m 428.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 172.5 m 428.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 159.5 m 428.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 170.5 m 470.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 172.5 m 470.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 159.5 m 470.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 171.5 m 474.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 170.5 m 474.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 172.5 m 474.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 159.5 m 474.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 170.5 m 516.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 172.5 m 516.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 159.5 m 516.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 170.5 m 520.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 172.5 m 520.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 159.5 m 520.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 170.5 m 562.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 172.5 m 562.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 159.5 m 562.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 170.5 m 566.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 172.5 m 566.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 159.5 m 566.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 170.5 m 608.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 172.5 m 608.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 159.5 m 608.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 170.5 m 612.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 172.5 m 612.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 159.5 m 612.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 170.5 m 654.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 172.5 m 654.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 159.5 m 654.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 654.5 159.5 m 658.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 171.5 m 658.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 159.5 m 662.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 662.5 170.5 m 704.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 662.5 172.5 m 704.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 662.5 159.5 m 704.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 159.5 m 708.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 708.5 170.5 m 750.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 708.5 172.5 m 750.5 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 708.5 159.5 m 750.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 171.5 m 755.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 159.5 m 755.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 159.5 m 35.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 147.5 m 149.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 147.5 m 290.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 159.5 m 332.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 147.5 m 332.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 159.5 m 336.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 147.5 m 336.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 159.5 m 378.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 147.5 m 378.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 159.5 m 382.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 147.5 m 382.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 159.5 m 424.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 147.5 m 424.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 159.5 m 428.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 147.5 m 428.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 159.5 m 470.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 147.5 m 470.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 159.5 m 474.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 159.5 m 474.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 147.5 m 474.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 159.5 m 516.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 147.5 m 516.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 159.5 m 520.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 147.5 m 520.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 159.5 m 562.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 147.5 m 562.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 159.5 m 566.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 147.5 m 566.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 159.5 m 608.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 147.5 m 608.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 159.5 m 612.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 147.5 m 612.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 159.5 m 654.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 147.5 m 654.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 654.5 147.5 m 658.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 159.5 m 658.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 658.5 147.5 m 662.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 662.5 159.5 m 704.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 662.5 147.5 m 704.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 147.5 m 708.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 708.5 159.5 m 750.5 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 708.5 147.5 m 750.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 159.5 m 755.5 147.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 147.5 m 755.5 147.5 l s BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 323.75 555.50 Td (T) Tj ET Q q 1 1 1 rg BT 327.94 555.50 Td (able 1: GAAP E) Tj ET Q q 1 1 1 rg BT 388.91 555.50 Td (arnings \(in thousands, e) Tj ET Q q 1 1 1 rg BT 487.71 555.50 Td (x) Tj ET Q q 1 1 1 rg BT 492.08 555.50 Td (cep) Tj ET Q q 1 1 1 rg BT 506.63 555.50 Td (t per shar) Tj ET Q q 1 1 1 rg BT 546.30 555.50 Td (e da) Tj ET Q q 1 1 1 rg BT 563.81 555.50 Td (t) Tj ET Q q 1 1 1 rg BT 567.18 555.50 Td (a\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 301.85 509.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 305.60 500.25 Td (Q4) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 347.85 509.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 351.60 500.25 Td (Q3) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 393.85 509.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 397.60 500.25 Td (Q2) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 439.85 509.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 443.60 500.25 Td (Q1) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 485.85 509.25 Td (2016) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 489.60 500.25 Td (Q4) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 531.85 509.25 Td (2016) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 535.60 500.25 Td (Q3) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 577.85 509.25 Td (2016) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 581.60 500.25 Td (Q2) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 623.85 509.25 Td (2016) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 627.60 500.25 Td (Q1) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 669.85 516.25 Td (T) Tj ET Q q 1 1 1 rg BT 674.17 516.25 Td (w) Tj ET Q q 1 1 1 rg BT 680.71 516.25 Td (elv) Tj ET Q q 1 1 1 rg BT 691.64 516.25 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 668.50 507.25 Td (Mon) Tj ET Q q 1 1 1 rg BT 685.99 507.25 Td (ths) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 673.85 498.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 715.85 516.25 Td (T) Tj ET Q q 1 1 1 rg BT 720.04 516.25 Td (w) Tj ET Q q 1 1 1 rg BT 726.68 516.25 Td (elv) Tj ET Q q 1 1 1 rg BT 737.59 516.25 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 714.50 507.25 Td (Mon) Tj ET Q q 1 1 1 rg BT 731.95 507.25 Td (ths) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 719.85 498.25 Td (2016) Tj ET Q BT /F7 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 56.00 487.00 Td (In) Tj ET Q q 0 0 0 rg BT 62.18 487.00 Td (t) Tj ET Q q 0 0 0 rg BT 64.78 487.00 Td (er) Tj ET Q q 0 0 0 rg BT 71.46 487.00 Td (es) Tj ET Q q 0 0 0 rg BT 78.47 487.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 92.30 487.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 293.00 487.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 307.20 487.00 Td (67,370) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 339.00 487.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 353.20 487.00 Td (58,106) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 385.00 487.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 399.20 487.00 Td (54,419) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 431.00 487.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 445.20 487.00 Td (49,367) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 477.00 487.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 491.20 487.00 Td (50,612) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 523.00 487.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 537.20 487.00 Td (54,781) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 569.00 487.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 583.20 487.00 Td (60,307) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 615.00 487.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 629.20 487.00 Td (54,071) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 665.00 487.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 675.15 487.00 Td (229,262) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 711.00 487.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 721.15 487.00 Td (219,771) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 475.00 Td (Disc) Tj ET Q q 0 0 0 rg BT 69.24 475.00 Td (oun) Tj ET Q q 0 0 0 rg BT 81.79 475.00 Td (t amortiz) Tj ET Q q 0 0 0 rg BT 111.08 475.00 Td (a) Tj ET Q q 0 0 0 rg BT 114.81 475.00 Td (tion on securities, ne) Tj ET Q q 0 0 0 rg BT 182.66 475.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 311.25 475.00 Td (4,098) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 357.25 475.00 Td (4,631) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 403.25 475.00 Td (4,805) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 449.25 475.00 Td (5,261) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 495.25 475.00 Td (5,722) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 541.25 475.00 Td (6,125) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 587.25 475.00 Td (6,339) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 633.25 475.00 Td (8,068) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 679.20 475.00 Td (18,795) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 725.20 475.00 Td (26,254) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 463.00 Td (Disc) Tj ET Q q 0 0 0 rg BT 69.24 463.00 Td (oun) Tj ET Q q 0 0 0 rg BT 81.79 463.00 Td (t \(pr) Tj ET Q q 0 0 0 rg BT 95.61 463.00 Td (emium\) amortiz) Tj ET Q q 0 0 0 rg BT 147.43 463.00 Td (a) Tj ET Q q 0 0 0 rg BT 151.16 463.00 Td (tion on loans, ne) Tj ET Q q 0 0 0 rg BT 205.28 463.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 322.25 463.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 368.25 463.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 414.25 463.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 460.25 463.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 506.25 463.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 552.25 463.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 593.30 463.00 Td (141) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 639.30 463.00 Td (189) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 694.25 463.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 735.30 463.00 Td (330) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 451.00 Td (T) Tj ET Q q 0 0 0 rg BT 47.54 451.00 Td (ot) Tj ET Q q 0 0 0 rg BT 54.04 451.00 Td (al in) Tj ET Q q 0 0 0 rg BT 67.47 451.00 Td (t) Tj ET Q q 0 0 0 rg BT 70.07 451.00 Td (er) Tj ET Q q 0 0 0 rg BT 76.74 451.00 Td (es) Tj ET Q q 0 0 0 rg BT 83.75 451.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 97.58 451.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 307.20 451.00 Td (71,468) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 353.20 451.00 Td (62,737) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 399.20 451.00 Td (59,224) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 445.20 451.00 Td (54,628) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 491.20 451.00 Td (56,334) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 537.20 451.00 Td (60,906) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 583.20 451.00 Td (66,787) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 629.20 451.00 Td (62,328) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 675.15 451.00 Td (248,057) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 721.15 451.00 Td (246,355) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 439.00 Td (In) Tj ET Q q 0 0 0 rg BT 62.18 439.00 Td (t) Tj ET Q q 0 0 0 rg BT 64.78 439.00 Td (er) Tj ET Q q 0 0 0 rg BT 71.46 439.00 Td (es) Tj ET Q q 0 0 0 rg BT 78.47 439.00 Td (t e) Tj ET Q q 0 0 0 rg BT 86.83 439.00 Td (xpense on short) Tj ET Q q 0 0 0 rg BT 138.67 439.00 Td (-t) Tj ET Q q 0 0 0 rg BT 143.63 439.00 Td (erm deb) Tj ET Q q 0 0 0 rg BT 170.92 439.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 308.85 439.00 Td (\(9,841) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 329.50 439.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 354.85 439.00 Td (\(7,158) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 375.50 439.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 400.85 439.00 Td (\(6,563) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 421.50 439.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 446.85 439.00 Td (\(4,453) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 467.50 439.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 492.85 439.00 Td (\(4,848) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 513.50 439.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 538.85 439.00 Td (\(5,405) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 559.50 439.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 584.85 439.00 Td (\(5,337) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 605.50 439.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 630.85 439.00 Td (\(6,697) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 651.50 439.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 676.80 439.00 Td (\(28,015) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 701.50 439.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.80 439.00 Td (\(22,287) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 439.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 427.00 Td (In) Tj ET Q q 0 0 0 rg BT 62.14 427.00 Td (t) Tj ET Q q 0 0 0 rg BT 64.74 427.00 Td (er) Tj ET Q q 0 0 0 rg BT 71.40 427.00 Td (es) Tj ET Q q 0 0 0 rg BT 78.42 427.00 Td (t e) Tj ET Q q 0 0 0 rg BT 86.77 427.00 Td (xpense on short) Tj ET Q q 0 0 0 rg BT 138.54 427.00 Td (-t) Tj ET Q q 0 0 0 rg BT 143.59 427.00 Td (erm c) Tj ET Q q 0 0 0 rg BT 161.87 427.00 Td (on) Tj ET Q q 0 0 0 rg BT 170.16 427.00 Td (v) Tj ET Q q 0 0 0 rg BT 173.70 427.00 Td (ertible not) Tj ET Q q 0 0 0 rg BT 207.82 427.00 Td (es ) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 216.74 430.81 Td (\(1\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 308.85 427.00 Td (\(3,025) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 329.50 427.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 354.85 427.00 Td (\(3,024) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 375.50 427.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 400.85 427.00 Td (\(2,787) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 421.50 427.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 460.25 427.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 506.25 427.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 552.25 427.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 598.25 427.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 644.25 427.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 680.85 427.00 Td (\(8,836) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 701.50 427.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 740.25 427.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 415.00 Td (In) Tj ET Q q 0 0 0 rg BT 62.18 415.00 Td (t) Tj ET Q q 0 0 0 rg BT 64.78 415.00 Td (er) Tj ET Q q 0 0 0 rg BT 71.46 415.00 Td (es) Tj ET Q q 0 0 0 rg BT 78.47 415.00 Td (t e) Tj ET Q q 0 0 0 rg BT 86.83 415.00 Td (xpense on ABS issued fr) Tj ET Q q 0 0 0 rg BT 163.69 415.00 Td (om c) Tj ET Q q 0 0 0 rg BT 179.39 415.00 Td (onsolida) Tj ET Q q 0 0 0 rg BT 206.80 415.00 Td (t) Tj ET Q q 0 0 0 rg BT 209.40 415.00 Td (ed trus) Tj ET Q q 0 0 0 rg BT 232.10 415.00 Td (ts) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 308.85 415.00 Td (\(7,917) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 329.50 415.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 354.85 415.00 Td (\(3,956) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 375.50 415.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 400.85 415.00 Td (\(3,705) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 421.50 415.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 446.85 415.00 Td (\(3,530) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 467.50 415.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 492.85 415.00 Td (\(3,278) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 513.50 415.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 538.85 415.00 Td (\(3,193) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 559.50 415.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 584.85 415.00 Td (\(3,982) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 605.50 415.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 630.85 415.00 Td (\(4,282) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 651.50 415.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 676.80 415.00 Td (\(19,108) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 701.50 415.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.80 415.00 Td (\(14,735) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 415.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 403.00 Td (In) Tj ET Q q 0 0 0 rg BT 62.18 403.00 Td (t) Tj ET Q q 0 0 0 rg BT 64.78 403.00 Td (er) Tj ET Q q 0 0 0 rg BT 71.46 403.00 Td (es) Tj ET Q q 0 0 0 rg BT 78.47 403.00 Td (t e) Tj ET Q q 0 0 0 rg BT 86.83 403.00 Td (xpense on long-t) Tj ET Q q 0 0 0 rg BT 140.88 403.00 Td (erm deb) Tj ET Q q 0 0 0 rg BT 168.17 403.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 304.80 403.00 Td (\(15,325) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 329.50 403.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 350.80 403.00 Td (\(13,305) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 375.50 403.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 396.80 403.00 Td (\(11,179) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 421.50 403.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 442.80 403.00 Td (\(13,048) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 467.50 403.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 488.80 403.00 Td (\(12,411) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 513.50 403.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 534.80 403.00 Td (\(12,999) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 559.50 403.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 580.80 403.00 Td (\(13,125) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 605.50 403.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 626.80 403.00 Td (\(12,971) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 651.50 403.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 676.80 403.00 Td (\(52,857) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 701.50 403.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.80 403.00 Td (\(51,506) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 403.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 391.00 Td (T) Tj ET Q q 0 0 0 rg BT 47.54 391.00 Td (ot) Tj ET Q q 0 0 0 rg BT 54.04 391.00 Td (al in) Tj ET Q q 0 0 0 rg BT 67.47 391.00 Td (t) Tj ET Q q 0 0 0 rg BT 70.07 391.00 Td (er) Tj ET Q q 0 0 0 rg BT 76.74 391.00 Td (es) Tj ET Q q 0 0 0 rg BT 83.75 391.00 Td (t e) Tj ET Q q 0 0 0 rg BT 92.12 391.00 Td (xpense) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 304.80 391.00 Td (\(36,108) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 329.50 391.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 350.80 391.00 Td (\(27,443) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 375.50 391.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 396.80 391.00 Td (\(24,234) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 421.50 391.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 442.80 391.00 Td (\(21,031) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 467.50 391.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 488.80 391.00 Td (\(20,537) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 513.50 391.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 534.80 391.00 Td (\(21,597) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 559.50 391.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 580.80 391.00 Td (\(22,444) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 605.50 391.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 626.80 391.00 Td (\(23,950) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 651.50 391.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 672.70 391.00 Td (\(108,816) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 701.50 391.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.80 391.00 Td (\(88,528) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 391.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 379.00 Td (Ne) Tj ET Q q 0 0 0 rg BT 53.12 379.00 Td (t in) Tj ET Q q 0 0 0 rg BT 63.59 379.00 Td (t) Tj ET Q q 0 0 0 rg BT 66.19 379.00 Td (er) Tj ET Q q 0 0 0 rg BT 72.87 379.00 Td (es) Tj ET Q q 0 0 0 rg BT 79.88 379.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 93.71 379.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 307.20 379.00 Td (35,360) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 353.20 379.00 Td (35,294) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 399.20 379.00 Td (34,990) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 445.20 379.00 Td (33,597) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 491.20 379.00 Td (35,797) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 537.20 379.00 Td (39,309) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 583.20 379.00 Td (44,343) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 629.20 379.00 Td (38,378) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 675.15 379.00 Td (139,241) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 721.15 379.00 Td (157,827) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 367.00 Td (\(Pr) Tj ET Q q 0 0 0 rg BT 53.28 367.00 Td (o) Tj ET Q q 0 0 0 rg BT 57.42 367.00 Td (vision f) Tj ET Q q 0 0 0 rg BT 80.40 367.00 Td (or\) r) Tj ET Q q 0 0 0 rg BT 94.30 367.00 Td (e) Tj ET Q q 0 0 0 rg BT 98.21 367.00 Td (v) Tj ET Q q 0 0 0 rg BT 101.76 367.00 Td (er) Tj ET Q q 0 0 0 rg BT 108.42 367.00 Td (sal of pr) Tj ET Q q 0 0 0 rg BT 134.36 367.00 Td (o) Tj ET Q q 0 0 0 rg BT 138.49 367.00 Td (vision f) Tj ET Q q 0 0 0 rg BT 161.48 367.00 Td (or loan losses Commer) Tj ET Q q 0 0 0 rg BT 241.11 367.00 Td (cial) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 322.25 367.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 368.25 367.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 414.25 367.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 460.25 367.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 506.25 367.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 547.30 367.00 Td (859) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 587.25 367.00 Td (6,532) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 636.90 367.00 Td (\(289) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 651.50 367.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 694.25 367.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 729.25 367.00 Td (7,102) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 355.00 Td (Ne) Tj ET Q q 0 0 0 rg BT 53.12 355.00 Td (t in) Tj ET Q q 0 0 0 rg BT 63.59 355.00 Td (t) Tj ET Q q 0 0 0 rg BT 66.19 355.00 Td (er) Tj ET Q q 0 0 0 rg BT 72.87 355.00 Td (es) Tj ET Q q 0 0 0 rg BT 79.88 355.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 93.71 355.00 Td (ome a) Tj ET Q q 0 0 0 rg BT 113.88 355.00 Td (ft) Tj ET Q q 0 0 0 rg BT 118.94 355.00 Td (er pr) Tj ET Q q 0 0 0 rg BT 134.40 355.00 Td (o) Tj ET Q q 0 0 0 rg BT 138.54 355.00 Td (vision) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 307.20 355.00 Td (35,360) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 353.20 355.00 Td (35,294) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 399.20 355.00 Td (34,990) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 445.20 355.00 Td (33,597) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 491.20 355.00 Td (35,797) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 537.20 355.00 Td (40,168) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 583.20 355.00 Td (50,875) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 629.20 355.00 Td (38,089) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 675.15 355.00 Td (139,241) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 721.15 355.00 Td (164,929) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 343.00 Td (Non-in) Tj ET Q q 0 0 0 rg BT 66.04 343.00 Td (t) Tj ET Q q 0 0 0 rg BT 68.64 343.00 Td (er) Tj ET Q q 0 0 0 rg BT 75.31 343.00 Td (es) Tj ET Q q 0 0 0 rg BT 82.32 343.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 96.15 343.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 331.00 Td (Mortg) Tj ET Q q 0 0 0 rg BT 76.22 331.00 Td (ag) Tj ET Q q 0 0 0 rg BT 83.71 331.00 Td (e banking activities, ne) Tj ET Q q 0 0 0 rg BT 157.72 331.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 311.25 331.00 Td (3,058) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 353.20 331.00 Td (21,200) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 399.20 331.00 Td (12,046) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 445.20 331.00 Td (17,604) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 491.20 331.00 Td (13,979) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 541.25 331.00 Td (9,766) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 587.25 331.00 Td (7,728) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 633.25 331.00 Td (7,218) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 679.20 331.00 Td (53,908) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 725.20 331.00 Td (38,691) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 319.00 Td (Mortg) Tj ET Q q 0 0 0 rg BT 76.22 319.00 Td (ag) Tj ET Q q 0 0 0 rg BT 83.71 319.00 Td (e ser) Tj ET Q q 0 0 0 rg BT 99.40 319.00 Td (vicing righ) Tj ET Q q 0 0 0 rg BT 132.44 319.00 Td (ts inc) Tj ET Q q 0 0 0 rg BT 149.41 319.00 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 175.93 319.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 311.25 319.00 Td (1,754) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 357.25 319.00 Td (1,615) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 403.25 319.00 Td (2,778) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 449.25 319.00 Td (1,713) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 495.25 319.00 Td (1,519) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 541.25 319.00 Td (3,770) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 587.25 319.00 Td (2,783) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 633.25 319.00 Td (6,281) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 683.25 319.00 Td (7,860) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 725.20 319.00 Td (14,353) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 307.00 Td (In) Tj ET Q q 0 0 0 rg BT 62.15 307.00 Td (v) Tj ET Q q 0 0 0 rg BT 65.66 307.00 Td (es) Tj ET Q q 0 0 0 rg BT 72.69 307.00 Td (tmen) Tj ET Q q 0 0 0 rg BT 89.86 307.00 Td (t f) Tj ET Q q 0 0 0 rg BT 96.67 307.00 Td (air v) Tj ET Q q 0 0 0 rg BT 110.41 307.00 Td (alue chang) Tj ET Q q 0 0 0 rg BT 145.37 307.00 Td (es, ne) Tj ET Q q 0 0 0 rg BT 164.41 307.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 317.30 307.00 Td (384) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 363.30 307.00 Td (324) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 403.25 307.00 Td (8,115) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 449.25 307.00 Td (1,551) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 492.85 307.00 Td (\(9,888) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 513.50 307.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 537.20 307.00 Td (11,918) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 580.80 307.00 Td (\(11,066) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 605.50 307.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 626.80 307.00 Td (\(19,538) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 651.50 307.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 679.20 307.00 Td (10,374) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.80 307.00 Td (\(28,574) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 307.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 295.00 Td (R) Tj ET Q q 0 0 0 rg BT 60.27 295.00 Td (ealiz) Tj ET Q q 0 0 0 rg BT 74.76 295.00 Td (ed g) Tj ET Q q 0 0 0 rg BT 88.35 295.00 Td (ains, ne) Tj ET Q q 0 0 0 rg BT 113.24 295.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 311.25 295.00 Td (4,546) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 357.25 295.00 Td (1,734) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 403.25 295.00 Td (1,372) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 449.25 295.00 Td (5,703) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 495.25 295.00 Td (1,972) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 541.25 295.00 Td (6,615) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 587.25 295.00 Td (9,884) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 633.25 295.00 Td (9,538) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 679.20 295.00 Td (13,355) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 725.20 295.00 Td (28,009) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 283.00 Td (Other inc) Tj ET Q q 0 0 0 rg BT 86.15 283.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 311.25 283.00 Td (1,209) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 357.25 283.00 Td (1,197) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 409.30 283.00 Td (986) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 449.25 283.00 Td (1,184) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 495.25 283.00 Td (2,181) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 541.25 283.00 Td (1,643) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 587.25 283.00 Td (1,559) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 639.30 283.00 Td (955) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 683.25 283.00 Td (4,576) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 729.25 283.00 Td (6,338) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 271.00 Td (T) Tj ET Q q 0 0 0 rg BT 47.54 271.00 Td (ot) Tj ET Q q 0 0 0 rg BT 54.04 271.00 Td (al non-in) Tj ET Q q 0 0 0 rg BT 82.54 271.00 Td (t) Tj ET Q q 0 0 0 rg BT 85.14 271.00 Td (er) Tj ET Q q 0 0 0 rg BT 91.81 271.00 Td (es) Tj ET Q q 0 0 0 rg BT 98.83 271.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 112.66 271.00 Td (ome \(loss\), ne) Tj ET Q q 0 0 0 rg BT 158.15 271.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 307.20 271.00 Td (10,951) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 353.20 271.00 Td (26,070) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 399.20 271.00 Td (25,297) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 445.20 271.00 Td (27,755) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 495.25 271.00 Td (9,763) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 537.20 271.00 Td (33,712) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 583.20 271.00 Td (10,888) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 633.25 271.00 Td (4,454) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 679.20 271.00 Td (90,073) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 725.20 271.00 Td (58,817) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 259.00 Td (Fix) Tj ET Q q 0 0 0 rg BT 64.87 259.00 Td (ed c) Tj ET Q q 0 0 0 rg BT 78.11 259.00 Td (ompensa) Tj ET Q q 0 0 0 rg BT 107.99 259.00 Td (tion e) Tj ET Q q 0 0 0 rg BT 126.62 259.00 Td (xpense) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 308.85 259.00 Td (\(5,555) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 329.50 259.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 354.85 259.00 Td (\(5,233) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 375.50 259.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 400.85 259.00 Td (\(5,321) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 421.50 259.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 446.85 259.00 Td (\(6,002) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 467.50 259.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 492.85 259.00 Td (\(5,310) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 513.50 259.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 538.85 259.00 Td (\(5,253) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 559.50 259.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 584.85 259.00 Td (\(5,875) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 605.50 259.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 630.85 259.00 Td (\(7,894) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 651.50 259.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 676.80 259.00 Td (\(22,111) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 701.50 259.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.80 259.00 Td (\(24,332) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 259.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 247.00 Td (V) Tj ET Q q 0 0 0 rg BT 60.32 247.00 Td (ariable c) Tj ET Q q 0 0 0 rg BT 87.56 247.00 Td (ompensa) Tj ET Q q 0 0 0 rg BT 117.45 247.00 Td (tion e) Tj ET Q q 0 0 0 rg BT 136.08 247.00 Td (xpense) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 308.85 247.00 Td (\(5,861) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 329.50 247.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 354.85 247.00 Td (\(6,467) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 375.50 247.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 400.85 247.00 Td (\(4,313) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 421.50 247.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 446.85 247.00 Td (\(3,933) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 467.50 247.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 492.85 247.00 Td (\(4,757) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 513.50 247.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 538.85 247.00 Td (\(5,802) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 559.50 247.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 584.85 247.00 Td (\(4,262) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 605.50 247.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 630.85 247.00 Td (\(1,760) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 651.50 247.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 676.80 247.00 Td (\(20,574) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 701.50 247.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.80 247.00 Td (\(16,581) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 247.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 235.00 Td (E) Tj ET Q q 0 0 0 rg BT 59.85 235.00 Td (quity c) Tj ET Q q 0 0 0 rg BT 81.49 235.00 Td (ompensa) Tj ET Q q 0 0 0 rg BT 111.38 235.00 Td (tion e) Tj ET Q q 0 0 0 rg BT 130.01 235.00 Td (xpense) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 308.85 235.00 Td (\(2,507) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 329.50 235.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 354.85 235.00 Td (\(2,337) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 375.50 235.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 400.85 235.00 Td (\(3,121) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 421.50 235.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 446.85 235.00 Td (\(2,176) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 467.50 235.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 492.85 235.00 Td (\(1,976) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 513.50 235.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 538.85 235.00 Td (\(2,031) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 559.50 235.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 584.85 235.00 Td (\(2,754) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 605.50 235.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 630.85 235.00 Td (\(2,332) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 651.50 235.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 676.80 235.00 Td (\(10,141) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 701.50 235.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 726.85 235.00 Td (\(9,093) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 235.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 223.00 Td (R) Tj ET Q q 0 0 0 rg BT 60.27 223.00 Td (es) Tj ET Q q 0 0 0 rg BT 67.27 223.00 Td (tructuring char) Tj ET Q q 0 0 0 rg BT 115.71 223.00 Td (g) Tj ET Q q 0 0 0 rg BT 119.39 223.00 Td (es) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 322.25 223.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 368.25 223.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 414.25 223.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 460.25 223.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 501.30 223.00 Td (144) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 553.00 223.00 Td (\(4) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 559.50 223.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 593.30 223.00 Td (118) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 626.80 223.00 Td (\(10,659) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 651.50 223.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 694.25 223.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.80 223.00 Td (\(10,401) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 223.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 211.00 Td (Other oper) Tj ET Q q 0 0 0 rg BT 91.79 211.00 Td (a) Tj ET Q q 0 0 0 rg BT 95.54 211.00 Td (ting e) Tj ET Q q 0 0 0 rg BT 113.70 211.00 Td (xpense) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 308.85 211.00 Td (\(6,444) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 329.50 211.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 354.85 211.00 Td (\(5,885) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 375.50 211.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 400.85 211.00 Td (\(5,886) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 421.50 211.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 446.85 211.00 Td (\(6,115) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 467.50 211.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 492.85 211.00 Td (\(5,925) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 513.50 211.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 538.85 211.00 Td (\(7,265) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 559.50 211.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 584.85 211.00 Td (\(7,382) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 605.50 211.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 630.85 211.00 Td (\(7,807) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 651.50 211.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 676.80 211.00 Td (\(24,330) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 701.50 211.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.80 211.00 Td (\(28,379) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.50 211.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 199.00 Td (T) Tj ET Q q 0 0 0 rg BT 47.54 199.00 Td (ot) Tj ET Q q 0 0 0 rg BT 54.04 199.00 Td (al oper) Tj ET Q q 0 0 0 rg BT 76.57 199.00 Td (a) Tj ET Q q 0 0 0 rg BT 80.29 199.00 Td (ting e) Tj ET Q q 0 0 0 rg BT 98.46 199.00 Td (xpenses) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 304.80 199.00 Td (\(20,367) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 329.50 199.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 350.80 199.00 Td (\(19,922) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 375.50 199.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 396.80 199.00 Td (\(18,641) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 421.50 199.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 442.80 199.00 Td (\(18,226) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 467.50 199.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 488.80 199.00 Td (\(17,824) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 513.50 199.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 534.80 199.00 Td (\(20,355) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 559.50 199.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 580.80 199.00 Td (\(20,155) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 605.50 199.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 626.80 199.00 Td (\(30,452) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 651.50 199.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 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151.00 Td (0.43) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 431.00 151.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 453.15 151.00 Td (0.43) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 477.00 151.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 499.15 151.00 Td (0.31) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 523.00 151.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 545.15 151.00 Td (0.58) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 569.00 151.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 591.15 151.00 Td (0.48) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 615.00 151.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 637.15 151.00 Td (0.15) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 665.00 151.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 687.15 151.00 Td (1.60) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 711.00 151.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 733.15 151.00 Td (1.54) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 131.20 Td (\(1\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 131.20 Td (Represents ) Tj ET Q q 0 0 0 rg BT 90.43 131.20 Td (interest ) Tj ET Q q 0 0 0 rg BT 115.56 131.20 Td (expense ) Tj ET Q q 0 0 0 rg BT 143.71 131.20 Td (on ) Tj ET Q q 0 0 0 rg BT 153.69 131.20 Td ($250 ) Tj ET Q q 0 0 0 rg BT 171.21 131.20 Td (million ) Tj ET Q q 0 0 0 rg BT 193.90 131.20 Td (of ) Tj ET Q q 0 0 0 rg BT 202.06 131.20 Td (convertible ) Tj ET Q q 0 0 0 rg BT 238.88 131.20 Td (notes ) Tj ET Q q 0 0 0 rg BT 258.06 131.20 Td (that ) Tj ET Q q 0 0 0 rg BT 272.19 131.20 Td (were ) Tj ET Q q 0 0 0 rg BT 289.17 131.20 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 325.46 131.20 Td (from ) Tj ET Q q 0 0 0 rg BT 341.79 131.20 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 376.52 131.20 Td (debt ) Tj ET Q q 0 0 0 rg BT 393.23 131.20 Td (to ) Tj ET Q q 0 0 0 rg BT 401.66 131.20 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 437.15 131.20 Td (debt ) Tj ET Q q 0 0 0 rg BT 453.86 131.20 Td (as ) Tj ET Q q 0 0 0 rg BT 462.42 131.20 Td (the ) Tj ET Q q 0 0 0 rg BT 474.48 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Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 119.85 Td (\(2\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 119.85 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 78.97 119.85 Td (average ) Tj ET Q q 0 0 0 rg BT 106.03 119.85 Td (shares ) Tj ET Q q 0 0 0 rg BT 127.65 119.85 Td (includes ) Tj ET Q q 0 0 0 rg BT 155.35 119.85 Td (shares ) Tj ET Q q 0 0 0 rg BT 176.97 119.85 Td (from ) Tj ET Q q 0 0 0 rg BT 193.39 119.85 Td (the ) Tj ET Q q 0 0 0 rg BT 205.54 119.85 Td (assumed ) Tj ET Q q 0 0 0 rg BT 235.20 119.85 Td (conversion ) Tj ET Q q 0 0 0 rg BT 270.94 119.85 Td (of ) Tj ET Q q 0 0 0 rg BT 279.20 119.85 Td (our ) Tj ET Q q 0 0 0 rg BT 291.61 119.85 Td (convertible ) Tj ET Q q 0 0 0 rg BT 328.51 119.85 Td (and/or ) Tj ET Q q 0 0 0 rg BT 351.41 119.85 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 397.16 119.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 413.96 119.85 Td (in ) Tj ET Q q 0 0 0 rg BT 421.57 119.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 444.73 119.85 Td (periods, ) Tj ET Q q 0 0 0 rg BT 472.29 119.85 Td (in ) Tj ET Q q 0 0 0 rg BT 479.90 119.85 Td (accordance ) Tj ET Q q 0 0 0 rg BT 517.73 119.85 Td (with ) Tj ET Q q 0 0 0 rg BT 532.73 119.85 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 553.83 119.85 Td (diluted ) Tj ET Q q 0 0 0 rg BT 577.90 119.85 Td (EPS ) Tj ET Q q 0 0 0 rg BT 592.00 119.85 Td (provisions. ) Tj ET Q q 0 0 0 rg BT 627.34 119.85 Td (See ) Tj ET Q q 0 0 0 rg BT 641.06 119.85 Td (Table ) Tj ET Q q 0 0 0 rg BT 659.82 119.85 Td (2 ) Tj ET Q q 0 0 0 rg BT 665.74 119.85 Td (that ) Tj ET Q q 0 0 0 rg BT 679.96 119.85 Td (follows ) Tj ET Q q 0 0 0 rg BT 703.77 119.85 Td (for ) Tj ET Q q 0 0 0 rg BT 714.36 119.85 Td (details ) Tj ET Q q 0 0 0 rg BT 736.86 119.85 Td (of ) Tj ET Q q 0 0 0 rg BT 745.12 119.85 Td (this ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 111.45 Td (calculation ) Tj ET Q q 0 0 0 rg BT 89.27 111.45 Td (for ) Tj ET Q q 0 0 0 rg BT 99.76 111.45 Td (the ) Tj ET Q q 0 0 0 rg BT 111.82 111.45 Td (current ) Tj ET Q q 0 0 0 rg BT 135.66 111.45 Td (and ) Tj ET Q q 0 0 0 rg BT 149.41 111.45 Td (prior ) Tj ET Q q 0 0 0 rg BT 166.11 111.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 190.72 111.45 Td (and ) Tj ET Q q 0 0 0 rg BT 204.47 111.45 Td (our ) Tj ET Q q 0 0 0 rg BT 216.79 111.45 Td (respective ) Tj ET Q q 0 0 0 rg BT 250.62 111.45 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 281.85 111.45 Td (Reports ) Tj ET Q q 0 0 0 rg BT 307.90 111.45 Td (on ) Tj ET Q q 0 0 0 rg BT 317.89 111.45 Td (Form ) Tj ET Q q 0 0 0 rg BT 336.29 111.45 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 354.19 111.45 Td (and ) Tj ET Q q 0 0 0 rg BT 367.94 111.45 Td (Annual ) Tj ET Q q 0 0 0 rg BT 391.67 111.45 Td (Reports ) Tj ET Q q 0 0 0 rg BT 417.72 111.45 Td (on ) Tj ET Q q 0 0 0 rg BT 427.71 111.45 Td (Form ) Tj ET Q q 0 0 0 rg BT 446.11 111.45 Td (10-K ) Tj ET Q q 0 0 0 rg BT 462.58 111.45 Td (for ) Tj ET Q q 0 0 0 rg BT 473.08 111.45 Td (prior ) Tj ET Q q 0 0 0 rg BT 489.78 111.45 Td (periods.) 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0.8784313725490196 0.8196078431372549 rg /GS0 gs 669.50 359.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 673.50 359.50 77.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 359.50 5.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 35.50 175.50 557.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 592.50 175.50 77.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 669.50 175.50 4.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 673.50 175.50 77.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 750.50 175.50 5.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 35.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 76.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 540.5 m 76.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 76.5 575.5 m 592.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 76.5 540.5 m 592.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 575.5 m 669.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 540.5 m 669.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 669.5 575.5 m 673.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 669.5 540.5 m 673.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 673.5 575.5 m 750.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 673.5 540.5 m 750.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 575.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 575.5 m 755.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 540.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 35.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 76.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 502.5 m 76.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 76.5 525.5 m 592.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 76.5 502.5 m 592.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 525.5 m 669.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 502.5 m 669.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 669.5 525.5 m 673.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 669.5 502.5 m 673.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 673.5 525.5 m 750.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 673.5 502.5 m 750.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 525.5 m 755.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 525.5 m 755.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 502.5 m 755.5 502.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 502.5 m 35.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 502.5 m 755.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 487.5 m 35.5 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 487.5 m 755.5 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 472.5 m 35.5 457.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 472.5 m 755.5 457.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 457.5 m 35.5 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 442.5 m 669.5 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 673.5 442.5 m 750.5 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 457.5 m 755.5 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 442.5 m 35.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 442.5 m 76.5 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 76.5 442.5 m 592.5 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 442.5 m 669.5 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 669.5 442.5 m 673.5 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 673.5 442.5 m 750.5 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 442.5 m 755.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 442.5 m 755.5 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 427.5 m 35.5 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 427.5 m 755.5 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 423.5 m 35.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 423.5 m 755.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 408.5 m 35.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 408.5 m 755.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 393.5 m 35.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 378.5 m 669.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 669.5 378.5 m 673.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 673.5 378.5 m 750.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 393.5 m 755.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 378.5 m 755.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 378.5 m 35.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 378.5 m 76.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 76.5 378.5 m 592.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 378.5 m 669.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 673.5 378.5 m 750.5 378.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 378.5 m 755.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 363.5 m 35.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 363.5 m 755.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 359.5 m 35.5 344.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 359.5 m 755.5 344.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 344.5 m 35.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 344.5 m 755.5 329.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 329.5 m 35.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 329.5 m 755.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 314.5 m 35.5 299.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 314.5 m 755.5 299.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 299.5 m 35.5 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 299.5 m 755.5 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 284.5 m 35.5 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 269.5 m 669.5 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 673.5 269.5 m 750.5 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 284.5 m 755.5 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 269.5 m 35.5 254.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 269.5 m 76.5 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 76.5 269.5 m 592.5 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 269.5 m 669.5 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 669.5 269.5 m 673.5 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 673.5 269.5 m 750.5 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 269.5 m 755.5 254.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 254.5 m 35.5 239.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 254.5 m 755.5 239.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 239.5 m 35.5 224.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 239.5 m 755.5 224.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 224.5 m 35.5 209.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 224.5 m 755.5 209.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 209.5 m 35.5 194.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 194.5 m 669.5 194.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 669.5 194.5 m 673.5 194.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 673.5 194.5 m 750.5 194.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 209.5 m 755.5 194.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 194.5 m 35.5 179.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 194.5 m 76.5 194.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 76.5 194.5 m 592.5 194.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 194.5 m 669.5 194.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 673.5 194.5 m 750.5 194.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 194.5 m 755.5 179.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 179.5 m 35.5 175.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 179.5 m 755.5 175.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 175.5 m 35.5 160.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 175.5 m 755.5 160.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 160.5 m 35.5 153.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 153.5 m 76.5 153.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 76.5 153.5 m 592.5 153.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 153.5 m 669.5 153.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 669.5 153.5 m 673.5 153.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 673.5 153.5 m 750.5 153.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 160.5 m 755.5 153.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 153.5 m 755.5 153.5 l s BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 182.30 555.50 Td (T) Tj ET Q q 1 1 1 rg BT 186.49 555.50 Td (able 2: GAAP and Non-GAAP Cor) Tj ET Q q 1 1 1 rg BT 321.22 555.50 Td (e Dilut) Tj ET Q q 1 1 1 rg BT 348.44 555.50 Td (ed E) Tj ET Q q 1 1 1 rg BT 365.84 555.50 Td (arnings ) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.50 Tf ET q 1 1 1 rg BT 398.52 560.27 Td (\(1\)) Tj ET Q BT /F4 10.00 Tf ET q 1 1 1 rg BT 405.86 555.50 Td ( per Common Shar) Tj ET Q q 1 1 1 rg BT 482.75 555.50 Td (e \(in thousands, e) Tj ET Q q 1 1 1 rg BT 556.18 555.50 Td (x) Tj ET Q q 1 1 1 rg BT 560.55 555.50 Td (cep) Tj ET Q q 1 1 1 rg BT 575.09 555.50 Td (t per shar) Tj ET Q q 1 1 1 rg BT 614.77 555.50 Td (e da) Tj ET Q q 1 1 1 rg BT 632.27 555.50 Td (t) Tj ET Q q 1 1 1 rg BT 635.64 555.50 Td (a\)) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 621.35 516.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 625.10 507.25 Td (Q4) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 702.35 516.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET q 1 1 1 rg BT 706.10 507.25 Td (Q3) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 44.00 492.25 Td (GAAP Dilut) Tj ET Q q 0 0 0 rg BT 85.46 492.25 Td (ed E) Tj ET Q q 0 0 0 rg BT 101.13 492.25 Td (arnings per Common Shar) Tj ET Q q 0 0 0 rg BT 197.69 492.25 Td (e:) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 477.25 Td (Ne) Tj ET Q q 0 0 0 rg BT 54.26 477.25 Td (t inc) Tj ET Q q 0 0 0 rg BT 69.85 477.25 Td (ome a) Tj ET Q q 0 0 0 rg BT 92.53 477.25 Td (t) Tj ET Q q 0 0 0 rg BT 95.44 477.25 Td (tribut) Tj ET Q q 0 0 0 rg BT 116.01 477.25 Td (able t) Tj ET Q q 0 0 0 rg BT 136.54 477.25 Td (o R) Tj ET Q q 0 0 0 rg BT 148.09 477.25 Td (edw) Tj ET Q q 0 0 0 rg BT 163.61 477.25 Td (ood) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 595.00 477.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 641.05 477.25 Td (30,933) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 676.00 477.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 722.05 477.25 Td (36,180) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 462.25 Td (Less: Dividends and undis) Tj ET Q q 0 0 0 rg BT 137.22 462.25 Td (tribut) Tj ET Q q 0 0 0 rg BT 157.81 462.25 Td (ed earnings alloc) Tj ET Q q 0 0 0 rg BT 219.20 462.25 Td (a) Tj ET Q q 0 0 0 rg BT 223.43 462.25 Td (t) Tj ET Q q 0 0 0 rg BT 226.36 462.25 Td (ed t) Tj ET Q q 0 0 0 rg BT 240.52 462.25 Td (o participa) Tj ET Q q 0 0 0 rg BT 279.38 462.25 Td (ting securities) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 649.70 462.25 Td (\(916) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 666.15 462.25 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 730.70 462.25 Td (\(986) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 747.15 462.25 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 447.25 Td (Add back: In) Tj ET Q q 0 0 0 rg BT 88.99 447.25 Td (t) Tj ET Q q 0 0 0 rg BT 91.91 447.25 Td (er) Tj ET Q q 0 0 0 rg BT 99.41 447.25 Td (es) Tj ET Q q 0 0 0 rg BT 107.30 447.25 Td (t e) Tj ET Q q 0 0 0 rg BT 116.69 447.25 Td (xpense on c) Tj ET Q q 0 0 0 rg BT 159.80 447.25 Td (on) Tj ET Q q 0 0 0 rg BT 169.13 447.25 Td (v) Tj ET Q q 0 0 0 rg BT 173.10 447.25 Td (ertible not) Tj ET Q q 0 0 0 rg BT 211.50 447.25 Td (es f) Tj ET Q q 0 0 0 rg BT 224.09 447.25 Td (or the period, ne) Tj ET Q q 0 0 0 rg BT 285.58 447.25 Td (t of t) Tj ET Q q 0 0 0 rg BT 303.07 447.25 Td (a) Tj ET Q q 0 0 0 rg BT 307.29 447.25 Td (x ) Tj ET Q BT /F7 9.00 Tf ET BT /F7 5.85 Tf ET q 0 0 0 rg BT 313.23 451.54 Td (\(2\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 645.65 447.25 Td (8,259) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 726.65 447.25 Td (6,564) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 44.00 432.25 Td (Ne) Tj ET Q q 0 0 0 rg BT 54.43 432.25 Td (t inc) Tj ET Q q 0 0 0 rg BT 70.34 432.25 Td (ome alloc) Tj ET Q q 0 0 0 rg BT 106.48 432.25 Td (a) Tj ET Q q 0 0 0 rg BT 110.86 432.25 Td (t) Tj ET Q q 0 0 0 rg BT 113.88 432.25 Td (ed t) Tj ET Q q 0 0 0 rg BT 128.30 432.25 Td (o c) Tj ET Q q 0 0 0 rg BT 138.87 432.25 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 186.04 432.25 Td (eholder) Tj ET Q q 0 0 0 rg BT 214.91 432.25 Td (s) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 595.00 432.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 641.00 432.25 Td (38,276) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 676.00 432.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 722.00 432.25 Td (41,758) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 413.25 Td (Basic w) Tj ET Q q 0 0 0 rg BT 71.03 413.25 Td (eigh) Tj ET Q q 0 0 0 rg BT 86.45 413.25 Td (t) Tj ET Q q 0 0 0 rg BT 89.38 413.25 Td (ed a) Tj ET Q q 0 0 0 rg BT 104.81 413.25 Td (v) Tj ET Q q 0 0 0 rg BT 108.75 413.25 Td (er) Tj ET Q q 0 0 0 rg BT 116.23 413.25 Td (ag) Tj ET Q q 0 0 0 rg BT 124.65 413.25 Td (e c) Tj ET Q q 0 0 0 rg BT 134.89 413.25 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 181.13 413.25 Td (es outs) Tj ET Q q 0 0 0 rg BT 207.06 413.25 Td (t) Tj ET Q q 0 0 0 rg BT 209.97 413.25 Td (anding) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 640.90 413.25 Td (76,762) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 721.90 413.25 Td (76,851) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 398.25 Td (Ne) Tj ET Q q 0 0 0 rg BT 54.26 398.25 Td (t e) Tj ET Q q 0 0 0 rg BT 63.73 398.25 Td (f) Tj ET Q q 0 0 0 rg BT 66.39 398.25 Td (f) Tj ET Q q 0 0 0 rg BT 68.98 398.25 Td (ect of dilutiv) Tj ET Q q 0 0 0 rg BT 114.42 398.25 Td (e equity a) Tj ET Q q 0 0 0 rg BT 150.29 398.25 Td (w) Tj ET Q q 0 0 0 rg BT 156.64 398.25 Td (ar) Tj ET Q q 0 0 0 rg BT 163.98 398.25 Td (ds) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 657.00 398.25 Td (96) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 733.45 398.25 Td (299) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 383.25 Td (Ne) Tj ET Q q 0 0 0 rg BT 54.24 383.25 Td (t e) Tj ET Q q 0 0 0 rg BT 63.69 383.25 Td (f) Tj ET Q q 0 0 0 rg BT 66.35 383.25 Td (f) Tj ET Q q 0 0 0 rg BT 68.87 383.25 Td (ect of assumed c) Tj ET Q q 0 0 0 rg BT 129.97 383.25 Td (on) Tj ET Q q 0 0 0 rg BT 139.30 383.25 Td (v) Tj ET Q q 0 0 0 rg BT 143.27 383.25 Td (ertible not) Tj ET Q q 0 0 0 rg BT 181.67 383.25 Td (es c) Tj ET Q q 0 0 0 rg BT 195.43 383.25 Td (on) Tj ET Q q 0 0 0 rg BT 204.76 383.25 Td (v) Tj ET Q q 0 0 0 rg BT 208.73 383.25 Td (er) Tj ET Q q 0 0 0 rg BT 216.20 383.25 Td (sion t) Tj ET Q q 0 0 0 rg BT 236.22 383.25 Td (o c) Tj ET Q q 0 0 0 rg BT 246.73 383.25 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 292.94 383.25 Td (es ) Tj ET Q BT /F7 9.00 Tf ET BT /F7 5.85 Tf ET q 0 0 0 rg BT 302.97 387.54 Td (\(2\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 641.05 383.25 Td (32,763) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 722.05 383.25 Td (25,553) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 368.25 Td (Dilut) Tj ET Q q 0 0 0 rg BT 61.36 368.25 Td (ed w) Tj ET Q q 0 0 0 rg BT 78.95 368.25 Td (eigh) Tj ET Q q 0 0 0 rg BT 94.38 368.25 Td (t) Tj ET Q q 0 0 0 rg BT 97.30 368.25 Td (ed a) Tj ET Q q 0 0 0 rg BT 112.73 368.25 Td (v) Tj ET Q q 0 0 0 rg BT 116.68 368.25 Td (er) Tj ET Q q 0 0 0 rg BT 124.16 368.25 Td (ag) Tj ET Q q 0 0 0 rg BT 132.57 368.25 Td (e c) Tj ET Q q 0 0 0 rg BT 142.82 368.25 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 189.05 368.25 Td (es outs) Tj ET Q q 0 0 0 rg BT 214.98 368.25 Td (t) Tj ET Q q 0 0 0 rg BT 217.89 368.25 Td (anding) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 636.35 368.25 Td (109,621) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 717.35 368.25 Td (102,703) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 44.00 349.25 Td (GAAP Dilut) Tj ET Q q 0 0 0 rg BT 85.46 349.25 Td (ed E) Tj ET Q q 0 0 0 rg BT 101.13 349.25 Td (arnings per Common Shar) Tj ET Q q 0 0 0 rg BT 197.69 349.25 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 595.00 349.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 650.05 349.25 Td (0.35) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 676.00 349.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 731.05 349.25 Td (0.41) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 44.00 319.25 Td (Non-GAAP Cor) Tj ET Q q 0 0 0 rg BT 98.57 319.25 Td (e Dilut) Tj ET Q q 0 0 0 rg BT 123.07 319.25 Td (ed E) Tj ET Q q 0 0 0 rg BT 138.74 319.25 Td (arnings per Common Shar) Tj ET Q q 0 0 0 rg BT 235.30 319.25 Td (e:) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 304.25 Td (Non-GAAP c) Tj ET Q q 0 0 0 rg BT 88.58 304.25 Td (or) Tj ET Q q 0 0 0 rg BT 96.37 304.25 Td (e earnings) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 595.00 304.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 641.05 304.25 Td (30,473) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 676.00 304.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 722.05 304.25 Td (30,432) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 289.25 Td (Less: Dividends and undis) Tj ET Q q 0 0 0 rg BT 137.22 289.25 Td (tribut) Tj ET Q q 0 0 0 rg BT 157.81 289.25 Td (ed earnings alloc) Tj ET Q q 0 0 0 rg BT 219.20 289.25 Td (a) Tj ET Q q 0 0 0 rg BT 223.43 289.25 Td (t) Tj ET Q q 0 0 0 rg BT 226.36 289.25 Td (ed t) Tj ET Q q 0 0 0 rg BT 240.52 289.25 Td (o participa) Tj ET Q q 0 0 0 rg BT 279.38 289.25 Td (ting securities) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 649.70 289.25 Td (\(908) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 666.15 289.25 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 730.70 289.25 Td (\(873) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 747.15 289.25 Td (\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 274.25 Td (Add back: In) Tj ET Q q 0 0 0 rg BT 88.99 274.25 Td (t) Tj ET Q q 0 0 0 rg BT 91.91 274.25 Td (er) Tj ET Q q 0 0 0 rg BT 99.41 274.25 Td (es) Tj ET Q q 0 0 0 rg BT 107.30 274.25 Td (t e) Tj ET Q q 0 0 0 rg BT 116.69 274.25 Td (xpense on c) Tj ET Q q 0 0 0 rg BT 159.80 274.25 Td (on) Tj ET Q q 0 0 0 rg BT 169.13 274.25 Td (v) Tj ET Q q 0 0 0 rg BT 173.10 274.25 Td (ertible not) Tj ET Q q 0 0 0 rg BT 211.50 274.25 Td (es f) Tj ET Q q 0 0 0 rg BT 224.09 274.25 Td (or the period, ne) Tj ET Q q 0 0 0 rg BT 285.58 274.25 Td (t of t) Tj ET Q q 0 0 0 rg BT 303.07 274.25 Td (a) Tj ET Q q 0 0 0 rg BT 307.29 274.25 Td (x ) Tj ET Q BT /F7 9.00 Tf ET BT /F7 5.85 Tf ET q 0 0 0 rg BT 313.23 278.54 Td (\(2\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 645.65 274.25 Td (8,259) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 726.65 274.25 Td (6,564) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 44.00 259.25 Td (Non-GAAP c) Tj ET Q q 0 0 0 rg BT 89.56 259.25 Td (or) Tj ET Q q 0 0 0 rg BT 97.53 259.25 Td (e earnings alloc) Tj ET Q q 0 0 0 rg BT 155.42 259.25 Td (a) Tj ET Q q 0 0 0 rg BT 159.79 259.25 Td (t) Tj ET Q q 0 0 0 rg BT 162.82 259.25 Td (ed t) Tj ET Q q 0 0 0 rg BT 177.23 259.25 Td (o c) Tj ET Q q 0 0 0 rg BT 187.81 259.25 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 234.98 259.25 Td (eholder) Tj ET Q q 0 0 0 rg BT 263.84 259.25 Td (s) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 595.00 259.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 641.00 259.25 Td (37,824) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 676.00 259.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 722.00 259.25 Td (36,123) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 229.25 Td (Basic w) Tj ET Q q 0 0 0 rg BT 71.03 229.25 Td (eigh) Tj ET Q q 0 0 0 rg BT 86.45 229.25 Td (t) Tj ET Q q 0 0 0 rg BT 89.38 229.25 Td (ed a) Tj ET Q q 0 0 0 rg BT 104.81 229.25 Td (v) Tj ET Q q 0 0 0 rg BT 108.75 229.25 Td (er) Tj ET Q q 0 0 0 rg BT 116.23 229.25 Td (ag) Tj ET Q q 0 0 0 rg BT 124.65 229.25 Td (e c) Tj ET Q q 0 0 0 rg BT 134.89 229.25 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 181.13 229.25 Td (e outs) Tj ET Q q 0 0 0 rg BT 203.54 229.25 Td (t) Tj ET Q q 0 0 0 rg BT 206.45 229.25 Td (anding) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 641.05 229.25 Td (76,762) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 722.05 229.25 Td (76,851) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 214.25 Td (Ne) Tj ET Q q 0 0 0 rg BT 54.26 214.25 Td (t e) Tj ET Q q 0 0 0 rg BT 63.73 214.25 Td (f) Tj ET Q q 0 0 0 rg BT 66.39 214.25 Td (f) Tj ET Q q 0 0 0 rg BT 68.98 214.25 Td (ect of dilutiv) Tj ET Q q 0 0 0 rg BT 114.42 214.25 Td (e equity a) Tj ET Q q 0 0 0 rg BT 150.29 214.25 Td (w) Tj ET Q q 0 0 0 rg BT 156.64 214.25 Td (ar) Tj ET Q q 0 0 0 rg BT 163.98 214.25 Td (ds) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 657.00 214.25 Td (96) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 733.45 214.25 Td (299) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 44.00 199.25 Td (Ne) Tj ET Q q 0 0 0 rg BT 54.24 199.25 Td (t e) Tj ET Q q 0 0 0 rg BT 63.69 199.25 Td (f) Tj ET Q q 0 0 0 rg BT 66.35 199.25 Td (f) Tj ET Q q 0 0 0 rg BT 68.87 199.25 Td (ect of assumed c) Tj ET Q q 0 0 0 rg BT 129.97 199.25 Td 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184.25 Td (er) Tj ET Q q 0 0 0 rg BT 124.06 184.25 Td (ag) Tj ET Q q 0 0 0 rg BT 132.54 184.25 Td (e c) Tj ET Q q 0 0 0 rg BT 142.78 184.25 Td (ommon shar) Tj ET Q q 0 0 0 rg BT 188.99 184.25 Td (es outs) Tj ET Q q 0 0 0 rg BT 214.93 184.25 Td (t) Tj ET Q q 0 0 0 rg BT 217.84 184.25 Td (anding) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 636.50 184.25 Td (109,621) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 717.50 184.25 Td (102,703) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 44.00 165.25 Td (Non-GAAP Cor) Tj ET Q q 0 0 0 rg BT 98.52 165.25 Td (e Dilut) Tj ET Q q 0 0 0 rg BT 123.02 165.25 Td (ed E) Tj ET Q q 0 0 0 rg BT 138.68 165.25 Td (arnings per Common Shar) Tj ET Q q 0 0 0 rg BT 235.25 165.25 Td (e) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 595.00 165.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 650.05 165.25 Td (0.35) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 676.00 165.25 Td ($) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 731.05 165.25 Td (0.35) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 139.60 Td (\(1\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 139.60 Td (A ) Tj ET Q q 0 0 0 rg BT 60.68 139.60 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 104.16 139.60 Td (of ) Tj ET Q q 0 0 0 rg BT 112.26 139.60 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 133.20 139.60 Td (net ) Tj ET Q q 0 0 0 rg BT 145.18 139.60 Td (income ) Tj ET Q q 0 0 0 rg BT 170.01 139.60 Td (to ) Tj ET Q q 0 0 0 rg BT 178.36 139.60 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 213.57 139.60 Td (core ) Tj ET Q q 0 0 0 rg BT 229.05 139.60 Td (earnings ) Tj ET Q q 0 0 0 rg BT 257.63 139.60 Td (is ) Tj ET Q q 0 0 0 rg BT 264.16 139.60 Td (included ) Tj ET Q q 0 0 0 rg BT 293.00 139.60 Td (in ) Tj ET Q q 0 0 0 rg BT 300.45 139.60 Td (the ) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 312.43 139.60 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 333.38 139.60 Td (Net ) Tj ET Q q 0 0 0 rg BT 346.91 139.60 Td (Income ) Tj ET Q q 0 0 0 rg BT 371.91 139.60 Td (and ) Tj ET Q q 0 0 0 rg BT 385.58 139.60 Td (Reconciliation ) Tj ET Q q 0 0 0 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0 rg BT 66.06 131.20 Td (Core ) Tj ET Q q 0 0 0 rg BT 83.18 131.20 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 112.08 131.20 Td (Definition) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 142.54 131.20 Td ( ) Tj ET Q q 0 0 0 rg BT 144.48 131.20 Td (section ) Tj ET Q q 0 0 0 rg BT 168.73 131.20 Td (of ) Tj ET Q q 0 0 0 rg BT 176.90 131.20 Td (the ) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 188.96 131.20 Td (Appendix) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 219.44 131.20 Td (.) 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0.8196078431372549 rg /GS0 gs 653.50 213.50 47.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 700.50 213.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 213.50 47.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 213.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 653.50 199.50 47.00 -9.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 700.50 199.50 4.00 -9.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 199.50 47.00 -9.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 199.50 4.00 -9.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 653.50 190.50 47.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 700.50 190.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 190.50 47.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 190.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 653.50 176.50 47.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 700.50 176.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 176.50 47.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 176.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 653.50 162.50 47.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 700.50 162.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 162.50 47.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 162.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 653.50 148.50 47.00 -9.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 700.50 148.50 4.00 -9.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 148.50 47.00 -9.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 148.50 4.00 -9.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 653.50 139.50 47.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 700.50 139.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 139.50 47.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 139.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 653.50 125.50 47.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 700.50 125.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 125.50 47.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 125.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 653.50 111.50 47.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 700.50 111.50 4.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 704.50 111.50 47.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 111.50 4.00 -6.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 35.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 68.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 540.5 m 68.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 575.5 m 261.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 540.5 m 261.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 575.5 m 306.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 540.5 m 306.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 575.5 m 310.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 540.5 m 310.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 575.5 m 355.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 540.5 m 355.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 575.5 m 359.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 540.5 m 359.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 575.5 m 404.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 540.5 m 404.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 575.5 m 408.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 540.5 m 408.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 575.5 m 453.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 540.5 m 453.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 575.5 m 457.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 540.5 m 457.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 575.5 m 502.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 540.5 m 502.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 575.5 m 506.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 540.5 m 506.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 575.5 m 551.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 540.5 m 551.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 575.5 m 555.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 540.5 m 555.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 575.5 m 600.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 540.5 m 600.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 600.5 575.5 m 604.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 600.5 540.5 m 604.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 604.5 575.5 m 649.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 604.5 540.5 m 649.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 575.5 m 653.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 540.5 m 653.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 575.5 m 700.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 540.5 m 700.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 575.5 m 704.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 540.5 m 704.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 575.5 m 751.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 540.5 m 751.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 575.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 575.5 m 755.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 540.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 35.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 68.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 493.5 m 68.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 525.5 m 261.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 493.5 m 261.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 525.5 m 306.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 493.5 m 306.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 525.5 m 310.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 493.5 m 310.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 525.5 m 355.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 493.5 m 355.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 525.5 m 359.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 493.5 m 359.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 525.5 m 404.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 493.5 m 404.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 525.5 m 408.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 493.5 m 408.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 525.5 m 453.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 493.5 m 453.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 525.5 m 457.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 493.5 m 457.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 525.5 m 457.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 525.5 m 502.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 493.5 m 502.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 525.5 m 506.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 493.5 m 506.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 525.5 m 551.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 493.5 m 551.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 525.5 m 555.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 493.5 m 555.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 525.5 m 600.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 493.5 m 600.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 600.5 525.5 m 604.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 600.5 493.5 m 604.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 604.5 525.5 m 649.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 604.5 493.5 m 649.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 525.5 m 653.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 493.5 m 653.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 525.5 m 653.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 525.5 m 700.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 493.5 m 700.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 525.5 m 704.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 493.5 m 704.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 525.5 m 751.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 493.5 m 751.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 525.5 m 755.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 525.5 m 755.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 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467.5 m 755.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 454.5 m 35.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 454.5 m 457.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 454.5 m 653.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 454.5 m 755.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 441.5 m 35.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 428.5 m 68.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 428.5 m 261.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 428.5 m 306.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 428.5 m 310.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 428.5 m 355.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 428.5 m 359.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 428.5 m 404.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 428.5 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 227.5 m 35.5 213.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 227.5 m 457.5 213.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 227.5 m 653.5 213.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 227.5 m 755.5 213.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 213.5 m 35.5 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 213.5 m 457.5 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 213.5 m 653.5 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 199.5 m 704.5 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 213.5 m 755.5 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 199.5 m 755.5 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 199.5 m 35.5 190.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 199.5 m 457.5 190.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 199.5 m 653.5 190.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 199.5 m 755.5 190.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 190.5 m 35.5 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 190.5 m 457.5 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 190.5 m 653.5 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 190.5 m 755.5 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 176.5 m 35.5 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 176.5 m 457.5 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 176.5 m 653.5 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 176.5 m 755.5 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 162.5 m 35.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 162.5 m 68.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 148.5 m 68.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 162.5 m 261.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 148.5 m 261.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 162.5 m 306.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 148.5 m 306.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 162.5 m 310.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 148.5 m 310.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 162.5 m 355.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 148.5 m 355.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 162.5 m 359.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 148.5 m 359.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 162.5 m 404.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 148.5 m 404.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 162.5 m 408.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 148.5 m 408.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 162.5 m 453.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 148.5 m 453.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 162.5 m 457.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 148.5 m 457.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 162.5 m 457.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 162.5 m 502.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 148.5 m 502.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 162.5 m 506.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 148.5 m 506.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 162.5 m 551.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 148.5 m 551.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 162.5 m 555.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 148.5 m 555.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 162.5 m 600.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 148.5 m 600.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 600.5 162.5 m 604.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 600.5 148.5 m 604.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 604.5 162.5 m 649.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 604.5 148.5 m 649.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 162.5 m 653.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 148.5 m 653.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 162.5 m 653.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 162.5 m 700.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 148.5 m 700.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 162.5 m 704.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 148.5 m 704.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 162.5 m 751.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 148.5 m 751.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 162.5 m 755.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 162.5 m 755.5 162.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 148.5 m 755.5 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 148.5 m 35.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 148.5 m 457.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 148.5 m 653.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 148.5 m 755.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 139.5 m 35.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 139.5 m 457.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 139.5 m 653.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 139.5 m 755.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 125.5 m 35.5 111.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 125.5 m 68.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 112.5 m 68.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 110.5 m 68.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 125.5 m 261.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 112.5 m 261.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 110.5 m 261.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 125.5 m 306.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 112.5 m 306.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 110.5 m 306.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 125.5 m 310.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 112.5 m 310.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 110.5 m 310.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 125.5 m 355.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 112.5 m 355.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 110.5 m 355.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 125.5 m 359.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 112.5 m 359.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 110.5 m 359.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 125.5 m 404.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 112.5 m 404.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 110.5 m 404.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 125.5 m 408.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 112.5 m 408.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 110.5 m 408.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 125.5 m 453.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 112.5 m 453.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 110.5 m 453.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 125.5 m 457.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 112.5 m 457.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 110.5 m 457.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 125.5 m 457.5 111.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 125.5 m 502.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 112.5 m 502.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 110.5 m 502.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 125.5 m 506.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 112.5 m 506.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 110.5 m 506.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 125.5 m 551.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 112.5 m 551.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 110.5 m 551.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 125.5 m 555.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 112.5 m 555.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 110.5 m 555.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 125.5 m 600.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 112.5 m 600.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 110.5 m 600.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 600.5 125.5 m 604.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 600.5 112.5 m 604.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 600.5 110.5 m 604.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 604.5 125.5 m 649.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 604.5 112.5 m 649.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 604.5 110.5 m 649.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 125.5 m 653.5 111.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 125.5 m 653.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 112.5 m 653.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 110.5 m 653.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 125.5 m 700.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 112.5 m 700.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 110.5 m 700.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 125.5 m 704.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 112.5 m 704.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 110.5 m 704.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 125.5 m 751.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 112.5 m 751.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 110.5 m 751.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 125.5 m 755.5 111.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 125.5 m 755.5 125.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 112.5 m 755.5 112.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 110.5 m 755.5 110.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 111.5 m 35.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 105.5 m 68.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 105.5 m 261.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 105.5 m 306.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 105.5 m 310.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 105.5 m 355.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 105.5 m 359.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 105.5 m 404.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 105.5 m 408.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 105.5 m 453.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 105.5 m 457.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 111.5 m 457.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 105.5 m 502.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 105.5 m 506.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 105.5 m 551.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 105.5 m 555.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 105.5 m 600.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 600.5 105.5 m 604.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 604.5 105.5 m 649.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 105.5 m 653.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 111.5 m 653.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 105.5 m 700.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 105.5 m 704.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 704.5 105.5 m 751.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 111.5 m 755.5 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 105.5 m 755.5 105.5 l s BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 322.40 555.50 Td ( T) Tj ET Q q 1 1 1 rg BT 328.86 555.50 Td (able 3: Segmen) Tj ET Q q 1 1 1 rg BT 391.94 555.50 Td (t R) Tj ET Q q 1 1 1 rg BT 403.15 555.50 Td (esults \($ in thousands\)) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 274.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 274.35 507.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 278.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 278.10 498.25 Td (Q4) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 323.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 323.35 507.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 327.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 327.10 498.25 Td (Q3) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 372.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 372.35 507.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 376.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 376.10 498.25 Td (Q2) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 421.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 421.35 507.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 425.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 425.10 498.25 Td (Q1) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 470.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 470.35 507.25 Td (2016) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 474.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 474.10 498.25 Td (Q4) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 519.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 519.35 507.25 Td (2016) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 523.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 523.10 498.25 Td (Q3) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 568.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 568.35 507.25 Td (2016) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 572.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 572.10 498.25 Td (Q2) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 617.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 617.35 507.25 Td (2016) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 621.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 621.10 498.25 Td (Q1) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 663.35 523.00 26.27 -9.00 re f /GS0 gs q 1 1 1 rg BT 663.35 516.25 Td (T) Tj ET Q q 1 1 1 rg BT 667.54 516.25 Td (w) Tj ET Q q 1 1 1 rg BT 674.18 516.25 Td (elv) Tj ET Q q 1 1 1 rg BT 685.09 516.25 Td (e) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 662.00 514.00 28.99 -9.00 re f /GS0 gs q 1 1 1 rg BT 662.00 507.25 Td (Mon) Tj ET Q q 1 1 1 rg BT 679.45 507.25 Td (ths) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 667.35 505.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 667.35 498.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 714.35 523.00 26.27 -9.00 re f /GS0 gs q 1 1 1 rg BT 714.35 516.25 Td (T) Tj ET Q q 1 1 1 rg BT 718.54 516.25 Td (w) Tj ET Q q 1 1 1 rg BT 725.18 516.25 Td (elv) Tj ET Q q 1 1 1 rg BT 736.09 516.25 Td (e) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 713.00 514.00 28.99 -9.00 re f /GS0 gs q 1 1 1 rg BT 713.00 507.25 Td (Mon) Tj ET Q q 1 1 1 rg BT 730.45 507.25 Td (ths) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 718.35 505.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 718.35 498.25 Td (2016) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 44.00 485.00 Td (In) Tj ET Q q 0 0 0 rg BT 50.37 485.00 Td (v) Tj ET Q q 0 0 0 rg BT 54.06 485.00 Td (es) Tj ET Q q 0 0 0 rg BT 61.20 485.00 Td (tmen) Tj ET Q q 0 0 0 rg BT 78.72 485.00 Td (t P) Tj ET Q q 0 0 0 rg BT 87.46 485.00 Td (ortf) Tj ET Q q 0 0 0 rg BT 99.78 485.00 Td (olio) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 472.00 Td (Ne) Tj ET Q q 0 0 0 rg BT 53.12 472.00 Td (t in) Tj ET Q q 0 0 0 rg BT 63.59 472.00 Td (t) Tj ET Q q 0 0 0 rg BT 66.19 472.00 Td (er) Tj ET Q q 0 0 0 rg BT 72.87 472.00 Td (es) Tj ET Q q 0 0 0 rg BT 79.88 472.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 93.71 472.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 459.00 Td (R) Tj ET Q q 0 0 0 rg BT 60.27 459.00 Td (esiden) Tj ET Q q 0 0 0 rg BT 81.50 459.00 Td (tial securities) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 264.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 277.95 459.00 Td (21,123) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 313.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 326.95 459.00 Td (19,364) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 362.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 375.95 459.00 Td (18,163) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 411.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 424.95 459.00 Td (17,081) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 460.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 473.95 459.00 Td (16,368) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 509.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 522.95 459.00 Td (16,441) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 558.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 571.95 459.00 Td (16,707) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 607.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 620.95 459.00 Td (18,454) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 656.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 671.95 459.00 Td (75,731) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 707.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.95 459.00 Td (67,970) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 446.00 Td (R) Tj ET Q q 0 0 0 rg BT 60.27 446.00 Td (esiden) Tj ET Q q 0 0 0 rg BT 81.50 446.00 Td (tial loans) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 277.95 446.00 Td (16,032) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 326.95 446.00 Td (16,916) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 375.95 446.00 Td (18,461) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 424.95 446.00 Td (18,448) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 473.95 446.00 Td (18,676) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 522.95 446.00 Td (19,069) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 571.95 446.00 Td (19,536) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 620.95 446.00 Td (16,529) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 671.95 446.00 Td (69,857) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.95 446.00 Td (73,810) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 433.00 Td (Multif) Tj ET Q q 0 0 0 rg BT 75.76 433.00 Td (amily and c) Tj ET Q q 0 0 0 rg BT 112.40 433.00 Td (ommer) Tj ET Q q 0 0 0 rg BT 136.08 433.00 Td (cial in) Tj ET Q q 0 0 0 rg BT 154.69 433.00 Td (v) Tj ET Q q 0 0 0 rg BT 158.20 433.00 Td (es) Tj ET Q q 0 0 0 rg BT 165.22 433.00 Td (tmen) Tj ET Q q 0 0 0 rg BT 182.39 433.00 Td (ts) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 282.00 433.00 Td (1,749) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 331.00 433.00 Td (1,298) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 380.00 433.00 Td (1,978) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 429.00 433.00 Td (1,457) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 478.00 433.00 Td (2,853) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 527.00 433.00 Td (6,653) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 571.95 433.00 Td (11,644) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 625.00 433.00 Td (6,273) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 676.00 433.00 Td (6,482) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.95 433.00 Td (27,423) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 420.00 Td (T) Tj ET Q q 0 0 0 rg BT 47.54 420.00 Td (ot) Tj ET Q q 0 0 0 rg BT 54.04 420.00 Td (al ne) Tj ET Q q 0 0 0 rg BT 69.63 420.00 Td (t in) Tj ET Q q 0 0 0 rg BT 80.10 420.00 Td (t) Tj ET Q q 0 0 0 rg BT 82.70 420.00 Td (er) Tj ET Q q 0 0 0 rg BT 89.37 420.00 Td (es) Tj ET Q q 0 0 0 rg BT 96.38 420.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 110.21 420.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 277.95 420.00 Td (38,904) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 326.95 420.00 Td (37,578) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 375.95 420.00 Td (38,602) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 424.95 420.00 Td (36,986) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 473.95 420.00 Td (37,897) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 522.95 420.00 Td (42,163) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 571.95 420.00 Td (47,887) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 620.95 420.00 Td (41,256) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 667.90 420.00 Td (152,070) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 718.90 420.00 Td (169,203) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 407.00 Td (R) Tj ET Q q 0 0 0 rg BT 48.27 407.00 Td (e) Tj ET Q q 0 0 0 rg BT 52.16 407.00 Td (v) Tj ET Q q 0 0 0 rg BT 55.72 407.00 Td (er) Tj ET Q q 0 0 0 rg BT 62.38 407.00 Td (sal of \(pr) Tj ET Q q 0 0 0 rg BT 90.74 407.00 Td (o) Tj ET Q q 0 0 0 rg BT 94.88 407.00 Td (vision f) Tj ET Q q 0 0 0 rg BT 117.86 407.00 Td (or\) loan losses) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 293.00 407.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 342.00 407.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 391.00 407.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 440.00 407.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 489.00 407.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 533.05 407.00 Td (859) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 576.00 407.00 Td (6,532) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 628.65 407.00 Td (\(289) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 643.25 407.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 687.00 407.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 727.00 407.00 Td (7,102) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 385.00 Td (Non-in) Tj ET Q q 0 0 0 rg BT 66.04 385.00 Td (t) Tj ET Q q 0 0 0 rg BT 68.64 385.00 Td (er) Tj ET Q q 0 0 0 rg BT 75.31 385.00 Td (es) Tj ET Q q 0 0 0 rg BT 82.32 385.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 96.15 385.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 372.00 Td (MSR inc) Tj ET Q q 0 0 0 rg BT 82.06 372.00 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 108.58 372.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 282.00 372.00 Td (1,754) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 331.00 372.00 Td (1,615) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 380.00 372.00 Td (2,778) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 429.00 372.00 Td (1,713) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 478.00 372.00 Td (1,519) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 527.00 372.00 Td (3,770) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 576.00 372.00 Td (2,783) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 625.00 372.00 Td (6,281) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 676.00 372.00 Td (7,860) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.95 372.00 Td (14,353) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 359.00 Td (In) Tj ET Q q 0 0 0 rg BT 62.15 359.00 Td (v) Tj ET Q q 0 0 0 rg BT 65.66 359.00 Td (es) Tj ET Q q 0 0 0 rg BT 72.69 359.00 Td (tmen) Tj ET Q q 0 0 0 rg BT 89.86 359.00 Td (t f) Tj ET Q q 0 0 0 rg BT 96.67 359.00 Td (air v) Tj ET Q q 0 0 0 rg BT 110.41 359.00 Td (alue chang) Tj ET Q q 0 0 0 rg BT 145.37 359.00 Td (es, ne) Tj ET Q q 0 0 0 rg BT 164.41 359.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 282.00 359.00 Td (4,568) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 331.00 359.00 Td (1,372) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 380.00 359.00 Td (9,115) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 429.00 359.00 Td (3,359) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 475.60 359.00 Td (\(7,862) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 496.25 359.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 522.95 359.00 Td (12,176) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 569.55 359.00 Td (\(10,779) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 594.25 359.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 618.55 359.00 Td (\(17,902) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 643.25 359.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 671.95 359.00 Td (18,414) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 720.55 359.00 Td (\(24,367) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 745.25 359.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 346.00 Td (Other inc) Tj ET Q q 0 0 0 rg BT 86.15 346.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 282.00 346.00 Td (1,209) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 331.00 346.00 Td (1,197) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 386.05 346.00 Td (986) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 429.00 346.00 Td (1,184) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 478.00 346.00 Td (2,181) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 527.00 346.00 Td (1,643) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 576.00 346.00 Td (1,559) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 631.05 346.00 Td (955) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 676.00 346.00 Td (4,576) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 727.00 346.00 Td (6,338) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 333.00 Td (R) Tj ET Q q 0 0 0 rg BT 60.20 333.00 Td (ealiz) Tj ET Q q 0 0 0 rg BT 74.67 333.00 Td (ed g) Tj ET Q q 0 0 0 rg BT 88.28 333.00 Td (ains) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 282.00 333.00 Td (4,546) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 331.00 333.00 Td (1,734) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 380.00 333.00 Td (2,124) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 429.00 333.00 Td (5,703) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 478.00 333.00 Td (1,972) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 527.00 333.00 Td (6,615) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 576.00 333.00 Td (9,884) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 625.00 333.00 Td (9,246) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 671.95 333.00 Td (14,107) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.95 333.00 Td (27,717) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 320.00 Td (T) Tj ET Q q 0 0 0 rg BT 47.54 320.00 Td (ot) Tj ET Q q 0 0 0 rg BT 54.04 320.00 Td (al non-in) Tj ET Q q 0 0 0 rg BT 82.54 320.00 Td (t) Tj ET Q q 0 0 0 rg BT 85.14 320.00 Td (er) Tj ET Q q 0 0 0 rg BT 91.81 320.00 Td (es) Tj ET Q q 0 0 0 rg BT 98.83 320.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 112.66 320.00 Td (ome, ne) Tj ET Q q 0 0 0 rg BT 139.18 320.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 277.95 320.00 Td (12,077) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 331.00 320.00 Td (5,918) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 375.95 320.00 Td (15,003) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 424.95 320.00 Td (11,959) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 475.60 320.00 Td (\(2,190) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 496.25 320.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 522.95 320.00 Td (24,204) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 576.00 320.00 Td (3,447) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 622.60 320.00 Td (\(1,420) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 643.25 320.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 656.00 320.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 671.95 320.00 Td (44,957) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 707.00 320.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.95 320.00 Td (24,041) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 297.00 Td (Oper) Tj ET Q q 0 0 0 rg BT 60.19 297.00 Td (a) Tj ET Q q 0 0 0 rg BT 63.90 297.00 Td (ting e) Tj ET Q q 0 0 0 rg BT 82.08 297.00 Td (xpenses) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 279.60 297.00 Td (\(1,657) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 300.25 297.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 328.60 297.00 Td (\(1,324) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 349.25 297.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 377.60 297.00 Td (\(1,454) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 398.25 297.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 426.60 297.00 Td (\(1,593) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 447.25 297.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 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0 j 3 M 755.5 473.5 m 755.5 460.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 460.5 m 35.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 460.5 m 298.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 460.5 m 298.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 460.5 m 526.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 460.5 m 755.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 447.5 m 35.5 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 447.5 m 298.5 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 447.5 m 298.5 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 447.5 m 526.5 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 447.5 m 755.5 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 434.5 m 35.5 421.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 434.5 m 298.5 421.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 434.5 m 526.5 421.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 434.5 m 755.5 421.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 421.5 m 35.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 421.5 m 298.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 421.5 m 526.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 421.5 m 755.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 408.5 m 35.5 395.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 408.5 m 298.5 395.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 408.5 m 526.5 395.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 408.5 m 755.5 395.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 395.5 m 35.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 382.5 m 77.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 77.5 382.5 m 298.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 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302.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 370.5 m 302.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 368.5 m 302.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 382.5 m 354.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 370.5 m 354.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 368.5 m 354.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 382.5 m 358.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 370.5 m 358.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 368.5 m 358.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 382.5 m 410.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 370.5 m 410.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 368.5 m 410.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 382.5 m 414.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 370.5 m 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526.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 382.5 m 526.5 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 382.5 m 531.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 370.5 m 531.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 368.5 m 531.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 382.5 m 583.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 370.5 m 583.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 368.5 m 583.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 583.5 382.5 m 587.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 583.5 370.5 m 587.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 583.5 368.5 m 587.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 587.5 382.5 m 639.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 587.5 370.5 m 639.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 587.5 368.5 m 639.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 639.5 382.5 m 643.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 639.5 370.5 m 643.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 639.5 368.5 m 643.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 382.5 m 695.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 370.5 m 695.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 368.5 m 695.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 695.5 382.5 m 699.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 695.5 370.5 m 699.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 695.5 368.5 m 699.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 699.5 382.5 m 751.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 699.5 370.5 m 751.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 699.5 368.5 m 751.5 368.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 382.5 m 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419.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 706.50 419.50 45.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 419.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 657.50 406.50 45.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 702.50 406.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 706.50 406.50 45.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 406.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 657.50 393.50 45.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 702.50 393.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 706.50 393.50 45.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 393.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 657.50 380.50 45.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 702.50 380.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 706.50 380.50 45.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 380.50 4.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 657.50 367.50 45.00 -9.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 702.50 367.50 4.00 -9.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 706.50 367.50 45.00 -9.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 367.50 4.00 -9.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 657.50 358.50 45.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 702.50 358.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 706.50 358.50 45.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 358.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 657.50 344.50 45.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 702.50 344.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 706.50 344.50 45.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 344.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 657.50 330.50 45.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 702.50 330.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 706.50 330.50 45.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 330.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 657.50 316.50 45.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 702.50 316.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 706.50 316.50 45.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 316.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 657.50 302.50 45.00 -9.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 702.50 302.50 4.00 -9.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 706.50 302.50 45.00 -9.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 302.50 4.00 -9.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 657.50 293.50 45.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 702.50 293.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 706.50 293.50 45.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 293.50 4.00 -14.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 657.50 279.50 45.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 702.50 279.50 4.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 706.50 279.50 45.00 -6.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 279.50 4.00 -6.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 35.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 68.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 540.5 m 68.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 575.5 m 281.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 540.5 m 281.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 575.5 m 324.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 540.5 m 324.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 575.5 m 328.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 540.5 m 328.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 575.5 m 371.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 540.5 m 371.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 575.5 m 375.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 540.5 m 375.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 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3 M 516.5 540.5 m 559.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 575.5 m 563.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 540.5 m 563.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 563.5 575.5 m 606.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 563.5 540.5 m 606.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 606.5 575.5 m 610.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 606.5 540.5 m 610.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 610.5 575.5 m 653.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 610.5 540.5 m 653.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 575.5 m 657.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 540.5 m 657.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 575.5 m 702.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 540.5 m 702.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 575.5 m 706.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 540.5 m 706.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 706.5 575.5 m 751.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 706.5 540.5 m 751.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 575.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 575.5 m 755.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 540.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 35.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 68.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 493.5 m 68.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 525.5 m 281.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 525.5 m 324.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 493.5 m 324.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 525.5 m 328.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 493.5 m 328.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 525.5 m 371.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 493.5 m 371.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 525.5 m 375.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 493.5 m 375.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 525.5 m 418.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 493.5 m 418.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 525.5 m 422.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 493.5 m 422.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 525.5 m 465.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 493.5 m 465.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 525.5 m 469.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 493.5 m 469.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 525.5 m 469.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 525.5 m 512.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 493.5 m 512.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 525.5 m 516.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 493.5 m 516.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 525.5 m 559.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 493.5 m 559.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 525.5 m 563.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 493.5 m 563.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 563.5 525.5 m 606.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 563.5 493.5 m 606.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 606.5 525.5 m 610.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 606.5 493.5 m 610.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 610.5 525.5 m 653.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 610.5 493.5 m 653.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 525.5 m 657.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 493.5 m 657.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 525.5 m 657.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 525.5 m 702.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 493.5 m 702.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 525.5 m 706.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 493.5 m 706.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 706.5 525.5 m 751.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 706.5 493.5 m 751.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 525.5 m 755.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 525.5 m 755.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 493.5 m 755.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 493.5 m 35.5 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 493.5 m 281.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 493.5 m 469.5 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 493.5 m 657.5 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 493.5 m 755.5 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 480.5 m 35.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 480.5 m 469.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 480.5 m 657.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 480.5 m 755.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 467.5 m 35.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 467.5 m 469.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 467.5 m 657.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 467.5 m 755.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 454.5 m 35.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 454.5 m 469.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 454.5 m 657.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 454.5 m 755.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 441.5 m 35.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 441.5 m 68.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 441.5 m 281.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 441.5 m 324.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 441.5 m 328.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 441.5 m 371.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 441.5 m 375.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 441.5 m 418.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 441.5 m 422.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 441.5 m 465.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 441.5 m 469.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 441.5 m 469.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 441.5 m 512.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 441.5 m 516.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 441.5 m 559.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 441.5 m 563.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 563.5 441.5 m 606.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 606.5 441.5 m 610.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 610.5 441.5 m 653.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 441.5 m 657.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 441.5 m 657.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 441.5 m 702.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 441.5 m 706.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 706.5 441.5 m 751.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 441.5 m 755.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 441.5 m 755.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 428.5 m 35.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 428.5 m 469.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 428.5 m 657.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 428.5 m 755.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 419.5 m 35.5 406.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 419.5 m 469.5 406.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 419.5 m 657.5 406.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 419.5 m 755.5 406.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 406.5 m 35.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 406.5 m 469.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 406.5 m 657.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 406.5 m 755.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 393.5 m 35.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 393.5 m 469.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 393.5 m 657.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 393.5 m 755.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 380.5 m 35.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 380.5 m 68.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 380.5 m 281.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 380.5 m 324.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 380.5 m 328.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 380.5 m 371.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 380.5 m 375.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 380.5 m 418.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 380.5 m 422.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 380.5 m 465.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 380.5 m 469.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 380.5 m 469.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 380.5 m 512.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 380.5 m 516.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 380.5 m 559.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 380.5 m 563.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 563.5 380.5 m 606.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 606.5 380.5 m 610.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 610.5 380.5 m 653.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 380.5 m 657.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 380.5 m 657.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 380.5 m 702.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 380.5 m 706.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 706.5 380.5 m 751.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 380.5 m 755.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 380.5 m 755.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 367.5 m 35.5 358.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 367.5 m 469.5 358.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 367.5 m 657.5 358.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 367.5 m 755.5 358.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 358.5 m 35.5 344.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 358.5 m 469.5 344.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 358.5 m 657.5 344.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 358.5 m 755.5 344.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 344.5 m 35.5 330.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 344.5 m 469.5 330.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 344.5 m 657.5 330.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 344.5 m 755.5 330.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 330.5 m 35.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 330.5 m 469.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 330.5 m 657.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 330.5 m 755.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 316.5 m 35.5 302.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 316.5 m 68.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 316.5 m 281.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 316.5 m 324.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 316.5 m 328.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 316.5 m 371.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 316.5 m 375.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 316.5 m 418.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 316.5 m 422.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 316.5 m 465.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 316.5 m 469.5 302.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 316.5 m 469.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 316.5 m 512.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 316.5 m 516.5 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 316.5 m 559.5 316.5 l 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 278.5 m 422.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 293.5 m 465.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 280.5 m 465.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 278.5 m 465.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 293.5 m 469.5 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 293.5 m 469.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 280.5 m 469.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 278.5 m 469.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 293.5 m 512.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 280.5 m 512.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 278.5 m 512.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 293.5 m 516.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 280.5 m 516.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 278.5 m 516.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 293.5 m 559.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 280.5 m 559.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 278.5 m 559.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 293.5 m 563.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 280.5 m 563.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 278.5 m 563.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 563.5 293.5 m 606.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 563.5 280.5 m 606.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 563.5 278.5 m 606.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 606.5 293.5 m 610.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 606.5 280.5 m 610.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 606.5 278.5 m 610.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 610.5 293.5 m 653.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 610.5 280.5 m 653.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 610.5 278.5 m 653.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 293.5 m 657.5 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 293.5 m 657.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 280.5 m 657.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 278.5 m 657.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 293.5 m 657.5 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 293.5 m 702.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 280.5 m 702.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 278.5 m 702.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 293.5 m 706.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 280.5 m 706.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 278.5 m 706.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 706.5 293.5 m 751.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 706.5 280.5 m 751.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 706.5 278.5 m 751.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 293.5 m 755.5 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 293.5 m 755.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 280.5 m 755.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 278.5 m 755.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 279.5 m 35.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 273.5 m 68.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 273.5 m 281.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 273.5 m 324.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 273.5 m 328.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 273.5 m 371.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 273.5 m 375.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 273.5 m 418.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 273.5 m 422.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 273.5 m 465.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 273.5 m 469.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 279.5 m 469.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 273.5 m 512.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 273.5 m 516.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 273.5 m 559.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 273.5 m 563.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 563.5 273.5 m 606.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 606.5 273.5 m 610.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 610.5 273.5 m 653.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653.5 273.5 m 657.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 279.5 m 657.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 273.5 m 702.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 273.5 m 706.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 706.5 273.5 m 751.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 279.5 m 755.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 273.5 m 755.5 273.5 l s BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 189.55 555.50 Td ( T) Tj ET Q q 1 1 1 rg BT 196.01 555.50 Td (able 5: Componen) Tj ET Q q 1 1 1 rg BT 271.37 555.50 Td (ts of In) Tj ET Q q 1 1 1 rg BT 299.77 555.50 Td (v) Tj ET Q q 1 1 1 rg BT 304.41 555.50 Td (es) Tj ET Q q 1 1 1 rg BT 313.32 555.50 Td (tmen) Tj ET Q q 1 1 1 rg BT 335.23 555.50 Td (t P) Tj ET Q q 1 1 1 rg BT 346.12 555.50 Td (ortf) Tj ET Q q 1 1 1 rg BT 361.53 555.50 Td (olio F) Tj ET Q q 1 1 1 rg BT 383.77 555.50 Td (air V) Tj ET Q q 1 1 1 rg BT 402.34 555.50 Td (alue Chang) Tj ET Q q 1 1 1 rg BT 447.99 555.50 Td (es, Ne) Tj ET Q q 1 1 1 rg BT 473.41 555.50 Td (t b) Tj ET Q q 1 1 1 rg BT 484.45 555.50 Td (y In) Tj ET Q q 1 1 1 rg BT 499.34 555.50 Td (v) Tj ET Q q 1 1 1 rg BT 503.97 555.50 Td (es) Tj ET Q q 1 1 1 rg BT 512.88 555.50 Td (tmen) Tj ET Q q 1 1 1 rg BT 534.79 555.50 Td (t T) Tj ET Q q 1 1 1 rg BT 545.16 555.50 Td (ype \($ in thousands\)) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 293.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 293.35 507.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 297.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 297.10 498.25 Td (Q4) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 340.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 340.35 507.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 344.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 344.10 498.25 Td (Q3) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 387.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 387.35 507.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 391.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 391.10 498.25 Td (Q2) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 434.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 434.35 507.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 438.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 438.10 498.25 Td (Q1) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 481.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 481.35 507.25 Td (2016) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 485.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 485.10 498.25 Td (Q4) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 528.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 528.35 507.25 Td (2016) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 532.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 532.10 498.25 Td (Q3) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 575.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 575.35 507.25 Td (2016) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 579.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 579.10 498.25 Td (Q2) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 622.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 622.35 507.25 Td (2016) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 626.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 626.10 498.25 Td (Q1) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 666.35 523.00 26.27 -9.00 re f /GS0 gs q 1 1 1 rg BT 666.35 516.25 Td (T) Tj ET Q q 1 1 1 rg BT 670.54 516.25 Td (w) Tj ET Q q 1 1 1 rg BT 677.18 516.25 Td (elv) Tj ET Q q 1 1 1 rg BT 688.09 516.25 Td (e) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 665.00 514.00 28.99 -9.00 re f /GS0 gs q 1 1 1 rg BT 665.00 507.25 Td (Mon) Tj ET Q q 1 1 1 rg BT 682.45 507.25 Td (ths) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 670.35 505.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 670.35 498.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 715.35 523.00 26.27 -9.00 re f /GS0 gs q 1 1 1 rg BT 715.35 516.25 Td (T) Tj ET Q q 1 1 1 rg BT 719.54 516.25 Td (w) Tj ET Q q 1 1 1 rg BT 726.18 516.25 Td (elv) Tj ET Q q 1 1 1 rg BT 737.09 516.25 Td (e) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 714.00 514.00 28.99 -9.00 re f /GS0 gs q 1 1 1 rg BT 714.00 507.25 Td (Mon) Tj ET Q q 1 1 1 rg BT 731.45 507.25 Td (ths) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 719.35 505.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 719.35 498.25 Td (2016) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 44.00 485.00 Td (In) Tj ET Q q 0 0 0 rg BT 50.37 485.00 Td (v) Tj ET Q q 0 0 0 rg BT 54.06 485.00 Td (es) Tj ET Q q 0 0 0 rg BT 61.20 485.00 Td (tmen) Tj ET Q q 0 0 0 rg BT 78.72 485.00 Td (t P) Tj ET Q q 0 0 0 rg BT 87.46 485.00 Td (ortf) Tj ET Q q 0 0 0 rg BT 99.78 485.00 Td (olio F) Tj ET Q q 0 0 0 rg BT 117.62 485.00 Td (air V) Tj ET Q q 0 0 0 rg BT 132.59 485.00 Td (alue Chang) Tj ET Q q 0 0 0 rg BT 168.93 485.00 Td (es) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 472.00 Td (R) Tj ET Q q 0 0 0 rg BT 48.27 472.00 Td (esiden) Tj ET Q q 0 0 0 rg BT 69.50 472.00 Td (tial loans held-) Tj ET Q q 0 0 0 rg BT 117.12 472.00 Td (f) Tj ET Q q 0 0 0 rg BT 119.44 472.00 Td (or) Tj ET Q q 0 0 0 rg BT 126.25 472.00 Td (-in) Tj ET Q q 0 0 0 rg BT 134.55 472.00 Td (v) Tj ET Q q 0 0 0 rg BT 138.06 472.00 Td (es) Tj ET Q q 0 0 0 rg BT 145.08 472.00 Td (tmen) Tj ET Q q 0 0 0 rg BT 162.26 472.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 459.00 Td (Chang) Tj ET Q q 0 0 0 rg BT 76.20 459.00 Td (e in f) Tj ET Q q 0 0 0 rg BT 92.13 459.00 Td (air v) Tj ET Q q 0 0 0 rg BT 105.89 459.00 Td (alue fr) Tj ET Q q 0 0 0 rg BT 126.65 459.00 Td (om the r) Tj ET Q q 0 0 0 rg BT 154.42 459.00 Td (eduction of principal ) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 223.34 462.81 Td (\(1\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 284.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 297.60 459.00 Td (\(1,820) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 318.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 331.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 344.60 459.00 Td (\(1,274) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 365.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 378.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 397.65 459.00 Td (\(952) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 412.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 425.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 438.60 459.00 Td (\(1,528) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 459.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 472.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 485.60 459.00 Td (\(5,668) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 506.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 519.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 532.60 459.00 Td (\(4,724) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 553.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 566.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 579.60 459.00 Td (\(3,712) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 600.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 613.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 626.60 459.00 Td (\(1,419) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 647.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 660.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 675.60 459.00 Td (\(5,574) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 696.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 709.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 720.55 459.00 Td (\(15,523) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 745.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 446.00 Td (Other f) Tj ET Q q 0 0 0 rg BT 79.04 446.00 Td (air v) Tj ET Q q 0 0 0 rg BT 92.80 446.00 Td (alue chang) Tj ET Q q 0 0 0 rg BT 127.79 446.00 Td (es) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 134.89 449.81 Td ( \(2\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 293.55 446.00 Td (\(12,848) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 318.25 446.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 347.00 446.00 Td (4,156) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 394.00 446.00 Td (9,305) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 444.65 446.00 Td (\(805) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 459.25 446.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 481.55 446.00 Td (\(39,595) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 506.25 446.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 535.00 446.00 Td (4,069) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 582.00 446.00 Td (3,065) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 624.95 446.00 Td (24,882) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 681.65 446.00 Td (\(192) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 696.25 446.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 724.60 446.00 Td (\(7,579) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 745.25 446.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 44.00 433.00 Td (T) Tj ET Q q 0 0 0 rg BT 47.62 433.00 Td (ot) Tj ET Q q 0 0 0 rg BT 54.30 433.00 Td (al chang) Tj ET Q q 0 0 0 rg BT 81.62 433.00 Td (e in f) Tj ET Q q 0 0 0 rg BT 97.95 433.00 Td (air v) Tj ET Q q 0 0 0 rg BT 112.18 433.00 Td (alue of r) Tj ET Q q 0 0 0 rg BT 139.60 433.00 Td (esiden) Tj ET Q q 0 0 0 rg BT 161.31 433.00 Td (tial loans held-) Tj ET Q q 0 0 0 rg BT 210.24 433.00 Td (f) Tj ET Q q 0 0 0 rg BT 212.69 433.00 Td (or) Tj ET Q q 0 0 0 rg BT 219.69 433.00 Td (-in) Tj ET Q q 0 0 0 rg BT 228.26 433.00 Td (v) Tj ET Q q 0 0 0 rg BT 231.96 433.00 Td (es) Tj ET Q q 0 0 0 rg BT 239.09 433.00 Td (tmen) Tj ET Q q 0 0 0 rg BT 256.61 433.00 Td (t) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 293.40 433.00 Td (\(14,668) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 318.25 433.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 346.95 433.00 Td (2,882) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 393.95 433.00 Td (8,353) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 438.45 433.00 Td (\(2,333) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.25 433.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 481.40 433.00 Td (\(45,263) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 506.25 433.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 538.55 433.00 Td (\(655) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 553.25 433.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 585.55 433.00 Td (\(647) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 600.25 433.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 624.90 433.00 Td (23,463) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 675.45 433.00 Td (\(5,766) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 696.25 433.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 720.40 433.00 Td (\(23,102) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 745.25 433.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 411.00 Td (R) Tj ET Q q 0 0 0 rg BT 48.27 411.00 Td (eal es) Tj ET Q q 0 0 0 rg BT 66.72 411.00 Td (t) Tj ET Q q 0 0 0 rg BT 69.31 411.00 Td (a) Tj ET Q q 0 0 0 rg BT 73.06 411.00 Td (t) Tj ET Q q 0 0 0 rg BT 75.66 411.00 Td (e securities) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 398.00 Td (Chang) Tj ET Q q 0 0 0 rg BT 76.20 398.00 Td (e in f) Tj ET Q q 0 0 0 rg BT 92.13 398.00 Td (air v) Tj ET Q q 0 0 0 rg BT 105.89 398.00 Td (alue fr) Tj ET Q q 0 0 0 rg BT 126.65 398.00 Td (om the r) Tj ET Q q 0 0 0 rg BT 154.42 398.00 Td (eduction of principal ) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 223.34 401.81 Td (\(1\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 297.60 398.00 Td (\(2,277) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 318.25 398.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 344.60 398.00 Td (\(1,784) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 365.25 398.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 397.65 398.00 Td (\(947) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 412.25 398.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 438.60 398.00 Td (\(1,789) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 459.25 398.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 485.60 398.00 Td (\(1,578) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 506.25 398.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 532.60 398.00 Td (\(1,383) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 553.25 398.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 579.60 398.00 Td (\(1,130) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 600.25 398.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 626.60 398.00 Td (\(1,123) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 647.25 398.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 675.60 398.00 Td (\(6,797) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 696.25 398.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 724.60 398.00 Td (\(5,214) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 745.25 398.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 385.00 Td (Other f) Tj ET Q q 0 0 0 rg BT 79.04 385.00 Td (air v) Tj ET Q q 0 0 0 rg BT 92.80 385.00 Td (alue chang) Tj ET Q q 0 0 0 rg BT 127.79 385.00 Td (es) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 134.89 388.81 Td ( \(2\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 300.00 385.00 Td (9,799) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 347.00 385.00 Td (1,862) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 389.95 385.00 Td (19,534) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 436.95 385.00 Td (12,610) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 488.00 385.00 Td (6,990) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 535.00 385.00 Td (9,990) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 588.05 385.00 Td (562) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 626.60 385.00 Td (\(4,489) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 647.25 385.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 673.95 385.00 Td (43,805) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.95 385.00 Td (13,053) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 44.00 372.00 Td (T) Tj ET Q q 0 0 0 rg BT 47.62 372.00 Td (ot) Tj ET Q q 0 0 0 rg BT 54.30 372.00 Td (al chang) Tj ET Q q 0 0 0 rg BT 81.62 372.00 Td (e in f) Tj ET Q q 0 0 0 rg BT 97.95 372.00 Td (air v) Tj ET Q q 0 0 0 rg BT 112.18 372.00 Td (alue of r) Tj ET Q q 0 0 0 rg BT 139.60 372.00 Td (eal es) Tj ET Q q 0 0 0 rg BT 158.48 372.00 Td (t) Tj ET Q q 0 0 0 rg BT 161.17 372.00 Td (a) Tj ET Q q 0 0 0 rg BT 165.04 372.00 Td (t) Tj ET Q q 0 0 0 rg BT 167.73 372.00 Td (e securities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 299.95 372.00 Td (7,522) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 357.10 372.00 Td (78) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 389.90 372.00 Td (18,587) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 436.90 372.00 Td (10,821) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 487.95 372.00 Td (5,412) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 534.95 372.00 Td (8,607) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 585.55 372.00 Td (\(568) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 600.25 372.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 626.45 372.00 Td (\(5,612) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 647.25 372.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 673.90 372.00 Td (37,008) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 726.95 372.00 Td (7,839) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 349.00 Td (Risk manag) Tj ET Q q 0 0 0 rg BT 80.71 349.00 Td (emen) Tj ET Q q 0 0 0 rg BT 99.19 349.00 Td (t deriv) Tj ET Q q 0 0 0 rg BT 119.98 349.00 Td (a) Tj ET Q q 0 0 0 rg BT 123.74 349.00 Td (tiv) Tj ET Q q 0 0 0 rg BT 131.79 349.00 Td (es) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 335.00 Td (In) Tj ET Q q 0 0 0 rg BT 62.14 335.00 Td (t) Tj ET Q q 0 0 0 rg BT 64.74 335.00 Td (er) Tj ET Q q 0 0 0 rg BT 71.40 335.00 Td (es) Tj ET Q q 0 0 0 rg BT 78.42 335.00 Td (t c) Tj ET Q q 0 0 0 rg BT 86.23 335.00 Td (omponen) Tj ET Q q 0 0 0 rg BT 117.57 335.00 Td (t of deriv) Tj ET Q q 0 0 0 rg BT 146.83 335.00 Td (a) Tj ET Q q 0 0 0 rg BT 150.59 335.00 Td (tiv) Tj ET Q q 0 0 0 rg BT 158.64 335.00 Td (e e) Tj ET Q q 0 0 0 rg BT 168.29 335.00 Td (xpense) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 297.60 335.00 Td (\(2,927) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 318.25 335.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 344.60 335.00 Td (\(2,909) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 365.25 335.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 391.60 335.00 Td (\(3,768) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 412.25 335.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 438.60 335.00 Td (\(3,693) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 459.25 335.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 485.60 335.00 Td (\(2,253) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 506.25 335.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 532.60 335.00 Td (\(1,956) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 553.25 335.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 579.60 335.00 Td (\(2,310) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 600.25 335.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 626.60 335.00 Td (\(2,598) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 647.25 335.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 671.55 335.00 Td (\(13,297) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 696.25 335.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 724.60 335.00 Td (\(9,117) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 745.25 335.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 56.00 321.00 Td (Other f) Tj ET Q q 0 0 0 rg BT 79.04 321.00 Td (air v) Tj ET Q q 0 0 0 rg BT 92.80 321.00 Td (alue chang) Tj ET Q q 0 0 0 rg BT 127.79 321.00 Td (es ) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 136.70 324.81 Td (\(3\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 295.95 321.00 Td (14,641) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 347.00 321.00 Td (1,321) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 387.55 321.00 Td (\(14,057) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 412.25 321.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 438.60 321.00 Td (\(1,436) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 459.25 321.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 483.95 321.00 Td (34,242) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 535.00 321.00 Td (6,180) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 579.60 321.00 Td (\(7,254) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 600.25 321.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 622.55 321.00 Td (\(33,155) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 647.25 321.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 684.05 321.00 Td (469) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 737.10 321.00 Td (13) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 44.00 307.00 Td (T) Tj ET Q q 0 0 0 rg BT 47.62 307.00 Td (ot) Tj ET Q q 0 0 0 rg BT 54.30 307.00 Td (al chang) Tj ET Q q 0 0 0 rg BT 81.62 307.00 Td (e in f) Tj ET Q q 0 0 0 rg BT 97.95 307.00 Td (air v) Tj ET Q q 0 0 0 rg BT 112.18 307.00 Td (alue of risk manag) Tj ET Q q 0 0 0 rg BT 172.90 307.00 Td (emen) Tj ET Q q 0 0 0 rg BT 191.67 307.00 Td (t deriv) Tj ET Q q 0 0 0 rg BT 213.07 307.00 Td (a) Tj ET Q q 0 0 0 rg BT 216.93 307.00 Td (tiv) Tj ET Q q 0 0 0 rg BT 225.38 307.00 Td (es) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 295.90 307.00 Td (11,714) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 344.45 307.00 Td (\(1,588) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 365.25 307.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 387.40 307.00 Td (\(17,825) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 412.25 307.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 438.45 307.00 Td (\(5,129) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.25 307.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 483.90 307.00 Td (31,989) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 534.95 307.00 Td (4,224) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 579.45 307.00 Td (\(9,564) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 600.25 307.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 622.40 307.00 Td (\(35,753) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 647.25 307.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 671.40 307.00 Td (\(12,828) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 696.25 307.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 724.45 307.00 Td (\(9,104) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 745.25 307.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 44.00 284.00 Td (T) Tj ET Q q 0 0 0 rg BT 47.27 284.00 Td (ot) Tj ET Q q 0 0 0 rg BT 54.27 284.00 Td (al in) Tj ET Q q 0 0 0 rg BT 68.13 284.00 Td (v) Tj ET Q q 0 0 0 rg BT 71.84 284.00 Td (es) Tj ET Q q 0 0 0 rg BT 78.97 284.00 Td (tmen) Tj ET Q q 0 0 0 rg BT 96.50 284.00 Td (t portf) Tj ET Q q 0 0 0 rg BT 117.70 284.00 Td (olio f) Tj ET Q q 0 0 0 rg BT 134.45 284.00 Td (air v) Tj ET Q q 0 0 0 rg BT 148.68 284.00 Td (alue chang) Tj ET Q q 0 0 0 rg BT 184.31 284.00 Td (es, ne) Tj ET Q q 0 0 0 rg BT 203.67 284.00 Td (t) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 284.00 284.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 299.95 284.00 Td (4,568) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 331.00 284.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 346.95 284.00 Td (1,372) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 378.00 284.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 393.95 284.00 Td (9,115) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 425.00 284.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 440.95 284.00 Td (3,359) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.00 284.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 485.45 284.00 Td (\(7,862) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 506.25 284.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 284.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 530.90 284.00 Td (12,176) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 566.00 284.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 575.40 284.00 Td (\(10,779) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 600.25 284.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 613.00 284.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 622.40 284.00 Td (\(17,902) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 647.25 284.00 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 660.00 284.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 673.90 284.00 Td (18,414) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 709.00 284.00 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 720.40 284.00 Td (\(24,367) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 745.25 284.00 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 258.10 Td (\(1\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 258.10 Td (Reflects ) Tj ET Q q 0 0 0 rg BT 80.06 258.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.87 258.10 Td (change ) Tj ET Q q 0 0 0 rg BT 116.52 258.10 Td (in ) Tj ET Q q 0 0 0 rg BT 123.78 258.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 135.18 258.10 Td (value ) Tj ET Q q 0 0 0 rg BT 153.35 258.10 Td (due ) Tj ET Q q 0 0 0 rg BT 167.10 258.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.27 258.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 203.78 258.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 233.35 258.10 Td (which ) Tj ET Q q 0 0 0 rg BT 252.94 258.10 Td (is ) Tj ET Q q 0 0 0 rg BT 259.29 258.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 292.74 258.10 Td (as ) Tj ET Q q 0 0 0 rg BT 301.05 258.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.86 258.10 Td (change ) Tj ET Q q 0 0 0 rg BT 337.51 258.10 Td (in ) Tj ET Q q 0 0 0 rg BT 344.77 258.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 373.28 258.10 Td (on ) Tj ET Q q 0 0 0 rg BT 383.02 258.10 Td (a ) Tj ET Q q 0 0 0 rg BT 388.34 258.10 Td (given ) Tj ET Q q 0 0 0 rg BT 407.15 258.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 443.06 258.10 Td (during ) Tj ET Q q 0 0 0 rg BT 465.09 258.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.90 258.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 501.14 258.10 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 534.20 258.10 Td (by ) Tj ET Q q 0 0 0 rg BT 543.54 258.10 Td (the ) Tj ET Q q 0 0 0 rg BT 555.35 258.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 571.80 258.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 596.15 258.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 619.76 258.10 Td (price ) Tj ET Q q 0 0 0 rg BT 637.00 258.10 Td (or ) Tj ET Q q 0 0 0 rg BT 645.17 258.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 680.43 258.10 Td (price ) Tj ET Q q 0 0 0 rg BT 697.67 258.10 Td (for ) Tj ET Q q 0 0 0 rg BT 707.91 258.10 Td (that ) Tj ET Q q 0 0 0 rg BT 721.78 258.10 Td (investment ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 248.15 Td (in ) Tj ET Q q 0 0 0 rg BT 61.52 248.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 99.12 248.15 Td (terms.) 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Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 212.30 Td (\(3\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 212.30 Td (Reflects ) Tj ET Q q 0 0 0 rg BT 80.31 212.30 Td (the ) Tj ET Q q 0 0 0 rg BT 92.37 212.30 Td (change ) Tj ET Q q 0 0 0 rg BT 117.28 212.30 Td (in ) Tj ET Q q 0 0 0 rg BT 124.80 212.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 136.45 212.30 Td (value ) Tj ET Q q 0 0 0 rg BT 154.87 212.30 Td (of ) Tj ET Q q 0 0 0 rg BT 163.04 212.30 Td (our ) Tj ET Q q 0 0 0 rg BT 175.35 212.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 187.66 212.30 Td (management ) Tj ET Q q 0 0 0 rg BT 230.97 212.30 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 266.35 212.30 Td (that ) Tj ET Q q 0 0 0 rg BT 280.48 212.30 Td (are ) Tj ET Q q 0 0 0 rg BT 292.15 212.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 327.02 212.30 Td (with ) Tj ET Q q 0 0 0 rg BT 341.92 212.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 369.81 212.30 Td (in ) Tj ET Q q 0 0 0 rg BT 377.33 212.30 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 413.90 212.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 439.03 212.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 456.13 212.30 Td (during ) Tj ET Q q 0 0 0 rg BT 478.42 212.30 Td (the ) Tj ET Q q 0 0 0 rg BT 490.48 212.30 Td (period. ) Tj ET Q q 0 0 0 rg BT 514.97 212.30 Td (This ) Tj ET Q q 0 0 0 rg BT 529.49 212.30 Td (item ) Tj ET Q q 0 0 0 rg BT 545.29 212.30 Td (is ) Tj ET Q q 0 0 0 rg BT 551.90 212.30 Td (excluded ) Tj ET Q q 0 0 0 rg BT 582.51 212.30 Td (from ) Tj ET Q q 0 0 0 rg BT 598.84 212.30 Td (management's ) Tj ET Q q 0 0 0 rg BT 646.95 212.30 Td (definition ) Tj ET Q q 0 0 0 rg BT 678.44 212.30 Td (of ) Tj ET Q q 0 0 0 rg BT 686.61 212.30 Td (core ) Tj ET Q q 0 0 0 rg BT 702.17 212.30 Td (earnings.) 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gs 271.50 203.50 50.00 -5.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 203.50 50.00 -5.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 203.50 50.00 -5.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 198.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 198.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 198.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 185.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 185.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 185.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 271.50 172.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 432.50 172.50 50.00 -13.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 593.50 172.50 50.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 575.5 m 36.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 575.5 m 73.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 540.5 m 73.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 575.5 m 271.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 540.5 m 271.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 575.5 m 321.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 540.5 m 321.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 575.5 m 325.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 540.5 m 325.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 575.5 m 375.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 540.5 m 375.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 575.5 m 379.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 540.5 m 379.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 575.5 m 428.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 540.5 m 428.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 575.5 m 432.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 540.5 m 432.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 575.5 m 482.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 540.5 m 482.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 575.5 m 486.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 540.5 m 486.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 575.5 m 536.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 540.5 m 536.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 575.5 m 540.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 540.5 m 540.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 575.5 m 589.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 540.5 m 589.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 589.5 575.5 m 593.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 589.5 540.5 m 593.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 575.5 m 643.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 540.5 m 643.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 575.5 m 647.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 540.5 m 647.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 575.5 m 696.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 540.5 m 696.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 696.5 575.5 m 700.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 696.5 540.5 m 700.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 575.5 m 750.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 540.5 m 750.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 575.5 m 756.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 575.5 m 756.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 540.5 m 756.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 525.5 m 750.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 525.5 m 36.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 525.5 m 73.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 525.5 m 271.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 525.5 m 271.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 525.5 m 321.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 508.5 m 321.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 525.5 m 325.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 508.5 m 325.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 525.5 m 375.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 508.5 m 375.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 525.5 m 379.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 508.5 m 379.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 525.5 m 428.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 508.5 m 428.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 525.5 m 432.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 508.5 m 432.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 525.5 m 432.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 525.5 m 482.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 508.5 m 482.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 525.5 m 486.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 508.5 m 486.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 525.5 m 536.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 508.5 m 536.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 525.5 m 540.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 508.5 m 540.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 525.5 m 589.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 508.5 m 589.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 589.5 525.5 m 593.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 589.5 508.5 m 593.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 525.5 m 593.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 525.5 m 643.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 508.5 m 643.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 525.5 m 647.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 508.5 m 647.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 525.5 m 696.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 508.5 m 696.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 696.5 525.5 m 700.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 696.5 508.5 m 700.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 525.5 m 750.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 508.5 m 750.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 525.5 m 756.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 525.5 m 756.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 508.5 m 756.5 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 508.5 m 36.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 487.5 m 73.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 487.5 m 271.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 508.5 m 271.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 487.5 m 321.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 487.5 m 325.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 487.5 m 375.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 487.5 m 379.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 487.5 m 428.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 487.5 m 432.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 508.5 m 432.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 487.5 m 482.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 487.5 m 486.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 487.5 m 536.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 487.5 m 540.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 487.5 m 589.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 589.5 487.5 m 593.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 508.5 m 593.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 487.5 m 643.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 487.5 m 647.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 487.5 m 696.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 696.5 487.5 m 700.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 487.5 m 750.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 508.5 m 756.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 487.5 m 756.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 487.5 m 36.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 487.5 m 271.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 487.5 m 321.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 487.5 m 325.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 487.5 m 375.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 487.5 m 379.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 487.5 m 428.5 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 487.5 m 432.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 487.5 m 593.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 487.5 m 756.5 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 474.5 m 36.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 474.5 m 271.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 474.5 m 432.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 474.5 m 593.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 474.5 m 756.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 461.5 m 36.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 448.5 m 73.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 448.5 m 271.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 461.5 m 271.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 448.5 m 321.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 448.5 m 325.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 448.5 m 375.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 448.5 m 379.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 448.5 m 428.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 448.5 m 432.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 461.5 m 432.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 448.5 m 482.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 448.5 m 486.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 448.5 m 536.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 448.5 m 540.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 448.5 m 589.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 589.5 448.5 m 593.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 461.5 m 593.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 593.5 448.5 m 643.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 643.5 448.5 m 647.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 448.5 m 696.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 696.5 448.5 m 700.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 700.5 448.5 m 750.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 756.5 461.5 m 756.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 448.5 m 756.5 448.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 448.5 m 36.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 448.5 m 271.5 435.5 l s 0 0 0 RG /GS0 gs 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0 0 rg BT 454.85 453.00 Td (\(76,396) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 479.55 453.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 508.85 453.00 Td (\(88,528) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 533.55 453.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 564.25 453.00 Td (12,132) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 615.85 453.00 Td (\(79,830) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 640.55 453.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 668.85 453.00 Td (\(95,883) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 693.55 453.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 725.25 453.00 Td (16,053) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 440.00 Td (Ne) Tj ET Q q 0 0 0 rg BT 54.12 440.00 Td (t in) Tj ET Q q 0 0 0 rg BT 64.59 440.00 Td (t) Tj ET Q q 0 0 0 rg BT 67.19 440.00 Td (er) Tj ET Q q 0 0 0 rg BT 73.87 440.00 Td (es) Tj ET Q q 0 0 0 rg BT 80.88 440.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 94.71 440.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 292.20 440.00 Td (134,982) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 346.20 440.00 Td (139,241) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 404.90 440.00 Td (\(4,259) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 425.55 440.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 453.20 440.00 Td (156,862) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 507.20 440.00 Td (157,827) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 571.95 440.00 Td (\(965) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 586.55 440.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 614.20 440.00 Td (147,303) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 667.20 440.00 Td (163,549) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.85 440.00 Td (\(16,246) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.55 440.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 427.00 Td (R) Tj ET Q q 0 0 0 rg BT 49.27 427.00 Td (e) Tj ET Q q 0 0 0 rg BT 53.16 427.00 Td (v) Tj ET Q q 0 0 0 rg BT 56.72 427.00 Td (er) Tj ET Q q 0 0 0 rg BT 63.38 427.00 Td (sal of pr) Tj ET Q q 0 0 0 rg BT 89.31 427.00 Td (o) Tj ET Q q 0 0 0 rg BT 93.45 427.00 Td (vision f) Tj ET Q q 0 0 0 rg BT 116.44 427.00 Td (or loan losses) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 311.30 427.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 365.30 427.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 418.30 427.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 472.30 427.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 515.30 427.00 Td (7,102) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 565.90 427.00 Td (\(7,102) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 586.55 427.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 633.30 427.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 681.35 427.00 Td (355) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 732.95 427.00 Td (\(355) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.55 427.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 414.00 Td (R) Tj ET Q q 0 0 0 rg BT 49.27 414.00 Td (ealiz) Tj ET Q q 0 0 0 rg BT 63.76 414.00 Td (ed cr) Tj ET Q q 0 0 0 rg BT 79.78 414.00 Td (edit losses) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 297.90 414.00 Td (\(3,442) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 318.55 414.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 365.30 414.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 404.90 414.00 Td (\(3,442) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 425.55 414.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 458.90 414.00 Td (\(7,989) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 479.55 414.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 526.30 414.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 565.90 414.00 Td (\(7,989) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 586.55 414.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 619.90 414.00 Td (\(8,645) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 640.55 414.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 686.30 414.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 726.90 414.00 Td (\(8,645) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.55 414.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 401.00 Td (Mortg) Tj ET Q q 0 0 0 rg BT 65.22 401.00 Td (ag) Tj ET Q q 0 0 0 rg BT 72.71 401.00 Td (e banking activities, ne) Tj ET Q q 0 0 0 rg BT 146.72 401.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 296.25 401.00 Td (44,162) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 350.25 401.00 Td (53,908) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 404.90 401.00 Td (\(9,746) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 425.55 401.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 457.25 401.00 Td (26,477) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 511.25 401.00 Td (38,691) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 561.85 401.00 Td (\(12,214) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 586.55 401.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 615.85 401.00 Td (\(24,637) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 640.55 401.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 671.25 401.00 Td (10,972) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.85 401.00 Td (\(35,609) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.55 401.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 388.00 Td (MSR inc) Tj ET Q q 0 0 0 rg BT 71.06 388.00 Td (ome \(loss\), ne) Tj ET Q q 0 0 0 rg BT 116.55 388.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 300.30 388.00 Td (3,930) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 354.30 388.00 Td (7,860) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 404.90 388.00 Td (\(3,930) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 425.55 388.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 457.25 388.00 Td (86,955) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 511.25 388.00 Td (14,353) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 564.25 388.00 Td (72,602) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 618.25 388.00 Td (33,669) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 672.90 388.00 Td (\(3,922) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 693.55 388.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 725.25 388.00 Td (37,591) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 375.00 Td (In) Tj ET Q q 0 0 0 rg BT 51.15 375.00 Td (v) Tj ET Q q 0 0 0 rg BT 54.66 375.00 Td (es) Tj ET Q q 0 0 0 rg BT 61.69 375.00 Td (tmen) Tj ET Q q 0 0 0 rg BT 78.86 375.00 Td (t f) Tj ET Q q 0 0 0 rg BT 85.67 375.00 Td (air v) Tj ET Q q 0 0 0 rg BT 99.41 375.00 Td (alue chang) Tj ET Q q 0 0 0 rg BT 134.37 375.00 Td (es, ne) Tj ET Q q 0 0 0 rg BT 153.41 375.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 293.85 375.00 Td (\(11,191) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 318.55 375.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 350.25 375.00 Td (10,374) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 400.85 375.00 Td (\(21,565) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 425.55 375.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 454.85 375.00 Td (\(10,410) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 479.55 375.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 508.85 375.00 Td (\(28,574) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 533.55 375.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 564.25 375.00 Td (18,164) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 619.90 375.00 Td (\(2,827) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 640.55 375.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 668.85 375.00 Td (\(21,357) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 693.55 375.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 725.25 375.00 Td (18,530) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 362.00 Td (Oper) Tj ET Q q 0 0 0 rg BT 61.19 362.00 Td (a) Tj ET Q q 0 0 0 rg BT 64.90 362.00 Td (ting e) Tj ET Q q 0 0 0 rg BT 83.08 362.00 Td (xpenses) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 293.85 362.00 Td (\(74,932) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 318.55 362.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 347.85 362.00 Td (\(77,156) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 372.55 362.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 407.30 362.00 Td (2,224) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 454.85 362.00 Td (\(88,416) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 479.55 362.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 508.85 362.00 Td (\(88,786) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 533.55 362.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 574.35 362.00 Td (370) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 611.75 362.00 Td (\(103,236) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 640.55 362.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 668.85 362.00 Td (\(97,416) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 693.55 362.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 726.90 362.00 Td (\(5,820) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.55 362.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 349.00 Td (Other inc) Tj ET Q q 0 0 0 rg BT 75.15 349.00 Td (ome \(e) Tj ET Q q 0 0 0 rg BT 97.86 349.00 Td (xpense\), ne) Tj ET Q q 0 0 0 rg BT 135.15 349.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 296.25 349.00 Td (27,395) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 354.30 349.00 Td (4,576) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 403.25 349.00 Td (22,819) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 461.30 349.00 Td (2,760) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 515.30 349.00 Td (6,338) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 565.90 349.00 Td (\(3,578) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 586.55 349.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 622.30 349.00 Td (2,174) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 675.30 349.00 Td (3,192) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 726.90 349.00 Td (\(1,018) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.55 349.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 336.00 Td (R) Tj ET Q q 0 0 0 rg BT 49.27 336.00 Td (ealiz) Tj ET Q q 0 0 0 rg BT 63.76 336.00 Td (ed g) Tj ET Q q 0 0 0 rg BT 77.35 336.00 Td (ains, ne) Tj ET Q q 0 0 0 rg BT 102.24 336.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 303.95 336.00 Td (\(735) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 318.55 336.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 350.25 336.00 Td (13,355) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 400.85 336.00 Td (\(14,090) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 425.55 336.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 467.35 336.00 Td (284) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 511.25 336.00 Td (28,009) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 561.85 336.00 Td (\(27,725) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 586.55 336.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 633.30 336.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 671.25 336.00 Td (36,369) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.85 336.00 Td (\(36,369) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.55 336.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 323.00 Td (\(Pr) Tj ET Q q 0 0 0 rg BT 54.28 323.00 Td (o) Tj ET Q q 0 0 0 rg BT 58.42 323.00 Td (vision f) Tj ET Q q 0 0 0 rg BT 81.40 323.00 Td (or\) bene) Tj ET Q q 0 0 0 rg BT 108.89 323.00 Td (fit fr) Tj ET Q q 0 0 0 rg BT 122.79 323.00 Td (om inc) Tj ET Q q 0 0 0 rg BT 144.53 323.00 Td (ome t) Tj ET Q q 0 0 0 rg BT 163.53 323.00 Td (a) Tj ET Q q 0 0 0 rg BT 167.28 323.00 Td (x) Tj ET Q q 0 0 0 rg BT 170.60 323.00 Td (es) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 303.95 323.00 Td (\(515) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 318.55 323.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 347.85 323.00 Td (\(11,752) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 372.55 323.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 403.25 323.00 Td (11,237) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 464.95 323.00 Td (\(155) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 479.55 323.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 512.90 323.00 Td (\(3,708) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 533.55 323.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 568.30 323.00 Td (3,553) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 625.95 323.00 Td (\(150) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 640.55 323.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 671.25 323.00 Td (10,346) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.85 323.00 Td (\(10,496) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.55 323.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 309.00 Td (Inc) Tj ET Q q 0 0 0 rg BT 54.57 309.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 274.00 309.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 292.20 309.00 Td (119,654) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 328.00 309.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 346.20 309.00 Td (140,406) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 382.00 309.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 400.85 309.00 Td (\(20,752) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 425.55 309.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.00 309.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 453.20 309.00 Td (166,368) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 489.00 309.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 507.20 309.00 Td (131,252) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 543.00 309.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 564.25 309.00 Td (35,116) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.00 309.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 618.25 309.00 Td (43,651) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 650.00 309.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 667.20 309.00 Td (102,088) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 703.00 309.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 722.85 309.00 Td (\(58,437) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 747.55 309.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 291.00 Td (REIT t) Tj ET Q q 0 0 0 rg BT 63.60 291.00 Td (a) Tj ET Q q 0 0 0 rg BT 67.35 291.00 Td (x) Tj ET Q q 0 0 0 rg BT 70.71 291.00 Td (able inc) Tj ET Q q 0 0 0 rg BT 95.68 291.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 274.00 291.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 296.25 291.00 Td (87,994) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.00 291.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 457.25 291.00 Td (97,576) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.00 291.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 618.25 291.00 Td (85,685) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 278.00 Td (T) Tj ET Q q 0 0 0 rg BT 48.59 278.00 Td (a) Tj ET Q q 0 0 0 rg BT 52.07 278.00 Td (x) Tj ET Q q 0 0 0 rg BT 55.42 278.00 Td (able inc) Tj ET Q q 0 0 0 rg BT 80.40 278.00 Td (ome \(loss\) a) Tj ET Q q 0 0 0 rg BT 119.53 278.00 Td (t t) Tj ET Q q 0 0 0 rg BT 126.62 278.00 Td (a) Tj ET Q q 0 0 0 rg BT 130.36 278.00 Td (x) Tj ET Q q 0 0 0 rg BT 133.72 278.00 Td (able sub) Tj ET Q q 0 0 0 rg BT 160.82 278.00 Td (sidiaries) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 296.25 278.00 Td (31,660) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 457.25 278.00 Td (68,792) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 615.85 278.00 Td (\(42,034) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 640.55 278.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 265.00 Td (T) Tj ET Q q 0 0 0 rg BT 48.59 265.00 Td (a) Tj ET Q q 0 0 0 rg BT 52.07 265.00 Td (x) Tj ET Q q 0 0 0 rg BT 55.42 265.00 Td (able inc) Tj ET Q q 0 0 0 rg BT 80.40 265.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 274.00 265.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 292.20 265.00 Td (119,654) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.00 265.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 453.20 265.00 Td (166,368) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.00 265.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 618.25 265.00 Td (43,651) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 247.00 Td (Shar) Tj ET Q q 0 0 0 rg BT 59.45 247.00 Td (es used f) Tj ET Q q 0 0 0 rg BT 87.99 247.00 Td (or t) Tj ET Q q 0 0 0 rg BT 99.36 247.00 Td (a) Tj ET Q q 0 0 0 rg BT 103.10 247.00 Td (x) Tj ET Q q 0 0 0 rg BT 106.46 247.00 Td (able EPS c) Tj ET Q q 0 0 0 rg BT 138.92 247.00 Td (alcula) Tj ET Q q 0 0 0 rg BT 157.77 247.00 Td (tion) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 296.25 247.00 Td (76,600) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 457.25 247.00 Td (76,835) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 618.25 247.00 Td (78,163) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 234.00 Td (REIT t) Tj ET Q q 0 0 0 rg BT 63.55 234.00 Td (a) Tj ET Q q 0 0 0 rg BT 67.31 234.00 Td (x) Tj ET Q q 0 0 0 rg BT 70.63 234.00 Td (able inc) Tj ET Q q 0 0 0 rg BT 95.65 234.00 Td (ome per shar) Tj ET Q q 0 0 0 rg BT 138.68 234.00 Td (e ) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 144.46 237.81 Td (\(3\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 274.00 234.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 304.35 234.00 Td (1.15) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.00 234.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 465.35 234.00 Td (1.27) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.00 234.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 626.35 234.00 Td (1.05) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 221.00 Td (T) Tj ET Q q 0 0 0 rg BT 48.59 221.00 Td (a) Tj ET Q q 0 0 0 rg BT 52.07 221.00 Td (x) Tj ET Q q 0 0 0 rg BT 55.42 221.00 Td (able inc) Tj ET Q q 0 0 0 rg BT 80.40 221.00 Td (ome \(loss\) per shar) Tj ET Q q 0 0 0 rg BT 142.42 221.00 Td (e a) Tj ET Q q 0 0 0 rg BT 151.95 221.00 Td (t t) Tj ET Q q 0 0 0 rg BT 159.03 221.00 Td (a) Tj ET Q q 0 0 0 rg BT 162.78 221.00 Td (x) Tj ET Q q 0 0 0 rg BT 166.13 221.00 Td (able sub) Tj ET Q q 0 0 0 rg BT 193.24 221.00 Td (sidiaries) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 274.00 221.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 304.35 221.00 Td (0.41) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.00 221.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 465.35 221.00 Td (0.90) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.00 221.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 623.90 221.00 Td (\(0.50) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 640.55 221.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 208.00 Td (T) Tj ET Q q 0 0 0 rg BT 48.27 208.00 Td (a) Tj ET Q q 0 0 0 rg BT 52.03 208.00 Td (x) Tj ET Q q 0 0 0 rg BT 55.35 208.00 Td (able inc) Tj ET Q q 0 0 0 rg BT 80.37 208.00 Td (ome per shar) Tj ET Q q 0 0 0 rg BT 123.39 208.00 Td (e ) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 129.18 211.81 Td (\(3\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 274.00 208.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 304.35 208.00 Td (1.56) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.00 208.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 465.35 208.00 Td (2.17) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.00 208.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 626.35 208.00 Td (0.55) Tj ET Q BT /F4 8.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 39 188.9375 m 71.85546875 188.9375 l s q 0 0 0 rg BT 39.00 190.00 Td (Dividends) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 177.00 Td (Dividends declar) Tj ET Q q 0 0 0 rg BT 98.65 177.00 Td (ed) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 274.00 177.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 296.25 177.00 Td (86,271) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.00 177.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 457.25 177.00 Td (86,240) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.00 177.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 618.25 177.00 Td (92,493) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 45.00 164.00 Td (Dividends per shar) Tj ET Q q 0 0 0 rg BT 105.36 164.00 Td (e ) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 111.15 167.81 Td (\(4\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 274.00 164.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 304.35 164.00 Td (1.12) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 435.00 164.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 465.35 164.00 Td (1.12) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 596.00 164.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 626.35 164.00 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 145.60 Td (\(1\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 145.60 Td (Taxable ) Tj ET Q q 0 0 0 rg BT 79.57 145.60 Td (income ) Tj ET Q q 0 0 0 rg BT 104.37 145.60 Td (for ) Tj ET Q q 0 0 0 rg BT 114.76 145.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 132.18 145.60 Td (is ) Tj ET Q q 0 0 0 rg BT 138.68 145.60 Td (an ) Tj ET Q q 0 0 0 rg BT 148.05 145.60 Td (estimate ) Tj ET Q q 0 0 0 rg BT 176.59 145.60 Td (until ) Tj ET Q q 0 0 0 rg BT 191.91 145.60 Td (we ) Tj ET Q q 0 0 0 rg BT 202.70 145.60 Td (file ) Tj ET Q q 0 0 0 rg BT 213.87 145.60 Td (our ) Tj ET Q q 0 0 0 rg BT 226.08 145.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 237.26 145.60 Td (returns ) Tj ET Q q 0 0 0 rg BT 260.73 145.60 Td (for ) Tj ET Q q 0 0 0 rg BT 271.13 145.60 Td (this ) Tj ET Q q 0 0 0 rg BT 283.85 145.60 Td (year. ) Tj ET Q q 0 0 0 rg BT 300.22 145.60 Td (To ) Tj ET Q q 0 0 0 rg BT 309.46 145.60 Td (the ) Tj ET Q q 0 0 0 rg BT 321.42 145.60 Td (extent ) Tj ET Q q 0 0 0 rg BT 342.96 145.60 Td (we ) Tj ET Q q 0 0 0 rg BT 353.75 145.60 Td (expect ) Tj ET Q q 0 0 0 rg BT 376.73 145.60 Td (to ) Tj ET Q q 0 0 0 rg BT 385.05 145.60 Td (pay ) Tj ET Q q 0 0 0 rg BT 398.18 145.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 409.35 145.60 Td (at ) Tj ET Q q 0 0 0 rg BT 417.15 145.60 Td (the ) Tj ET Q q 0 0 0 rg BT 429.11 145.60 Td (corporate ) Tj ET Q q 0 0 0 rg BT 461.41 145.60 Td (level ) Tj ET Q q 0 0 0 rg BT 477.77 145.60 Td (\(generally ) Tj ET Q q 0 0 0 rg BT 510.09 145.60 Td (as ) Tj ET Q q 0 0 0 rg BT 518.55 145.60 Td (a ) Tj ET Q q 0 0 0 rg BT 524.02 145.60 Td (result ) Tj ET Q q 0 0 0 rg BT 542.84 145.60 Td (of ) Tj ET Q q 0 0 0 rg BT 550.91 145.60 Td (activity ) Tj ET Q q 0 0 0 rg BT 574.52 145.60 Td (at ) Tj ET Q q 0 0 0 rg BT 582.33 145.60 Td (our ) Tj ET Q q 0 0 0 rg BT 594.54 145.60 Td (taxable ) Tj ET Q q 0 0 0 rg BT 619.19 145.60 Td (REIT ) Tj ET Q q 0 0 0 rg BT 635.21 145.60 Td (subsidiaries\), ) Tj ET Q q 0 0 0 rg BT 677.10 145.60 Td (we ) Tj ET Q q 0 0 0 rg BT 687.90 145.60 Td (are ) Tj ET Q q 0 0 0 rg BT 699.46 145.60 Td (required ) Tj ET Q q 0 0 0 rg BT 727.61 145.60 Td (to ) Tj ET Q q 0 0 0 rg BT 735.93 145.60 Td (record ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 137.20 Td (a ) Tj ET Q q 0 0 0 rg BT 59.46 137.20 Td (tax ) Tj ET Q q 0 0 0 rg BT 70.62 137.20 Td (provision ) Tj ET Q q 0 0 0 rg BT 100.83 137.20 Td (for ) Tj ET Q q 0 0 0 rg BT 111.20 137.20 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 132.09 137.20 Td (reporting ) Tj ET Q q 0 0 0 rg BT 162.94 137.20 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 195.49 137.20 Td (Any ) Tj ET Q q 0 0 0 rg BT 209.39 137.20 Td (tax ) Tj ET Q q 0 0 0 rg BT 220.54 137.20 Td (provision ) Tj ET Q q 0 0 0 rg BT 250.75 137.20 Td (\(or ) Tj ET Q q 0 0 0 rg BT 260.88 137.20 Td (benefit\) ) Tj ET Q q 0 0 0 rg BT 286.55 137.20 Td (is ) Tj ET Q q 0 0 0 rg BT 293.04 137.20 Td (not ) Tj ET Q q 0 0 0 rg BT 305.23 137.20 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 340.76 137.20 Td (the ) Tj ET Q q 0 0 0 rg BT 352.71 137.20 Td (actual ) Tj ET Q q 0 0 0 rg BT 373.07 137.20 Td (amount ) Tj ET Q q 0 0 0 rg BT 398.75 137.20 Td (of ) Tj ET Q q 0 0 0 rg BT 406.80 137.20 Td (tax ) Tj ET Q q 0 0 0 rg BT 417.96 137.20 Td (currently ) Tj ET Q q 0 0 0 rg BT 446.74 137.20 Td (due ) Tj ET Q q 0 0 0 rg BT 460.63 137.20 Td (\(or ) Tj ET Q q 0 0 0 rg BT 470.75 137.20 Td (receivable ) Tj ET Q q 0 0 0 rg BT 504.47 137.20 Td (as ) Tj ET Q q 0 0 0 rg BT 512.91 137.20 Td (a ) Tj ET Q q 0 0 0 rg BT 518.37 137.20 Td (refund\) ) Tj ET Q q 0 0 0 rg BT 542.24 137.20 Td (as ) Tj ET Q q 0 0 0 rg BT 550.68 137.20 Td (a ) Tj ET Q q 0 0 0 rg BT 556.14 137.20 Td (portion ) Tj ET Q q 0 0 0 rg BT 580.77 137.20 Td (of ) Tj ET Q q 0 0 0 rg BT 588.82 137.20 Td (our ) Tj ET Q q 0 0 0 rg BT 601.01 137.20 Td (provision ) Tj ET Q q 0 0 0 rg BT 631.22 137.20 Td (\(or ) Tj ET Q q 0 0 0 rg BT 641.34 137.20 Td (benefit\) ) Tj ET Q q 0 0 0 rg BT 667.02 137.20 Td (is ) Tj ET Q q 0 0 0 rg BT 673.51 137.20 Td (deferred ) Tj ET Q q 0 0 0 rg BT 702.16 137.20 Td (in ) Tj ET Q q 0 0 0 rg BT 709.56 137.20 Td (nature. ) Tj ET Q q 0 0 0 rg BT 733.16 137.20 Td (It ) Tj ET Q q 0 0 0 rg BT 739.16 137.20 Td (is ) Tj ET Q q 0 0 0 rg BT 745.65 137.20 Td (our ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 128.85 Td (intention ) Tj ET Q q 0 0 0 rg BT 83.68 128.85 Td (to ) Tj ET Q q 0 0 0 rg BT 92.10 128.85 Td (retain ) Tj ET Q q 0 0 0 rg BT 111.67 128.85 Td (any ) Tj ET Q q 0 0 0 rg BT 124.51 128.85 Td (excess ) Tj ET Q q 0 0 0 rg BT 146.95 128.85 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 176.12 128.85 Td (income ) Tj ET Q q 0 0 0 rg BT 201.02 128.85 Td (generated ) Tj ET Q q 0 0 0 rg BT 235.37 128.85 Td (in ) Tj ET Q q 0 0 0 rg BT 242.89 128.85 Td (2017 ) Tj ET Q q 0 0 0 rg BT 260.40 128.85 Td (at ) Tj ET Q q 0 0 0 rg BT 268.31 128.85 Td (our ) Tj ET Q q 0 0 0 rg BT 280.62 128.85 Td (TRS ) Tj ET Q q 0 0 0 rg BT 294.63 128.85 Td (and ) Tj ET Q q 0 0 0 rg BT 308.37 128.85 Td (not ) Tj ET Q q 0 0 0 rg BT 320.69 128.85 Td (pass ) Tj ET Q q 0 0 0 rg BT 336.51 128.85 Td (it ) Tj ET Q q 0 0 0 rg BT 342.46 128.85 Td (through ) Tj ET Q q 0 0 0 rg BT 369.04 128.85 Td (to ) Tj ET Q q 0 0 0 rg BT 377.46 128.85 Td (our ) Tj ET Q q 0 0 0 rg BT 389.77 128.85 Td (shareholders. ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 114.45 Td (\(2\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 114.45 Td (Reconciliation ) Tj ET Q q 0 0 0 rg BT 99.51 114.45 Td (of ) Tj ET Q q 0 0 0 rg BT 107.68 114.45 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 128.70 114.45 Td (income ) Tj ET Q q 0 0 0 rg BT 153.59 114.45 Td (to ) Tj ET Q q 0 0 0 rg BT 162.02 114.45 Td (taxable ) Tj ET Q q 0 0 0 rg BT 186.77 114.45 Td (income ) Tj ET Q q 0 0 0 rg BT 211.67 114.45 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 229.05 114.45 Td (for ) Tj ET Q q 0 0 0 rg BT 239.55 114.45 Td (prior ) Tj ET Q q 0 0 0 rg BT 256.25 114.45 Td (quarters ) Tj ET Q q 0 0 0 rg BT 283.84 114.45 Td (is ) Tj ET Q q 0 0 0 rg BT 290.45 114.45 Td (provided ) Tj ET Q q 0 0 0 rg BT 320.52 114.45 Td (in ) Tj ET Q q 0 0 0 rg BT 328.04 114.45 Td (the ) Tj ET Q q 0 0 0 rg BT 340.10 114.45 Td (respective ) Tj ET Q q 0 0 0 rg BT 373.94 114.45 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 405.84 114.45 Td (Reviews ) Tj ET Q q 0 0 0 rg BT 432.81 114.45 Td (for ) Tj ET Q q 0 0 0 rg BT 443.30 114.45 Td (those ) Tj ET Q q 0 0 0 rg BT 462.50 114.45 Td (quarters. ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 99.90 Td (\(3\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 99.90 Td (REIT ) Tj ET Q q 0 0 0 rg BT 70.23 99.90 Td (taxable ) Tj ET Q q 0 0 0 rg BT 95.10 99.90 Td (income ) Tj ET Q q 0 0 0 rg BT 120.11 99.90 Td (per ) Tj ET Q q 0 0 0 rg BT 132.66 99.90 Td (share ) Tj ET Q q 0 0 0 rg BT 151.31 99.90 Td (and ) Tj ET Q q 0 0 0 rg BT 165.17 99.90 Td (taxable ) Tj ET Q q 0 0 0 rg BT 190.05 99.90 Td (income ) Tj ET Q q 0 0 0 rg BT 215.06 99.90 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 232.55 99.90 Td (per ) Tj ET Q q 0 0 0 rg BT 245.10 99.90 Td (share ) Tj ET Q q 0 0 0 rg BT 263.76 99.90 Td (are ) Tj ET Q q 0 0 0 rg BT 275.54 99.90 Td (based ) Tj ET Q q 0 0 0 rg BT 296.66 99.90 Td (on ) Tj ET Q q 0 0 0 rg BT 306.76 99.90 Td (the ) Tj ET Q q 0 0 0 rg BT 318.93 99.90 Td (number ) Tj ET Q q 0 0 0 rg BT 345.23 99.90 Td (of ) Tj ET Q q 0 0 0 rg BT 353.51 99.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 375.15 99.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 414.54 99.90 Td (at ) Tj ET Q q 0 0 0 rg BT 422.55 99.90 Td (the ) Tj ET Q q 0 0 0 rg BT 434.73 99.90 Td (end ) Tj ET Q q 0 0 0 rg BT 448.85 99.90 Td (of ) Tj ET Q q 0 0 0 rg BT 457.13 99.90 Td (each ) Tj ET Q q 0 0 0 rg BT 473.98 99.90 Td (quarter. ) Tj ET Q q 0 0 0 rg BT 500.00 99.90 Td (The ) Tj ET Q q 0 0 0 rg BT 513.86 99.90 Td (annual ) Tj ET Q q 0 0 0 rg BT 536.54 99.90 Td (REIT ) Tj ET Q q 0 0 0 rg BT 552.77 99.90 Td (taxable ) Tj ET Q q 0 0 0 rg BT 577.64 99.90 Td (income ) Tj ET Q q 0 0 0 rg BT 602.65 99.90 Td (per ) Tj ET Q q 0 0 0 rg BT 615.20 99.90 Td (share ) Tj ET Q q 0 0 0 rg BT 633.86 99.90 Td (and ) Tj ET Q q 0 0 0 rg BT 647.72 99.90 Td (taxable ) Tj ET Q q 0 0 0 rg BT 672.59 99.90 Td (income ) Tj ET Q q 0 0 0 rg BT 697.60 99.90 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 715.09 99.90 Td (per ) Tj ET Q q 0 0 0 rg BT 727.64 99.90 Td (share ) Tj ET Q q 0 0 0 rg BT 746.30 99.90 Td (are ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 91.35 Td (the ) Tj ET Q q 0 0 0 rg BT 66.06 91.35 Td (sum ) Tj ET Q q 0 0 0 rg BT 80.84 91.35 Td (of ) Tj ET Q q 0 0 0 rg BT 89.01 91.35 Td (the ) Tj ET Q q 0 0 0 rg BT 101.07 91.35 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 130.74 91.35 Td (per ) Tj ET Q q 0 0 0 rg BT 143.18 91.35 Td (share ) Tj ET Q q 0 0 0 rg BT 161.72 91.35 Td (estimates. ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 76.80 Td (\(4\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 76.80 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 87.21 76.80 Td (in ) Tj ET Q q 0 0 0 rg BT 94.75 76.80 Td (2017 ) Tj ET Q q 0 0 0 rg BT 112.28 76.80 Td (are ) Tj ET Q q 0 0 0 rg BT 123.97 76.80 Td (expected ) Tj ET Q q 0 0 0 rg BT 155.24 76.80 Td (to ) Tj ET Q q 0 0 0 rg BT 163.68 76.80 Td (be ) Tj ET Q q 0 0 0 rg BT 173.81 76.80 Td (characterized ) Tj ET Q q 0 0 0 rg BT 217.38 76.80 Td (as ) Tj ET Q q 0 0 0 rg BT 225.96 76.80 Td (71% ) Tj ET Q q 0 0 0 rg BT 241.54 76.80 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 269.04 76.80 Td (dividend ) Tj ET Q q 0 0 0 rg BT 298.37 76.80 Td (income ) Tj ET Q q 0 0 0 rg BT 323.28 76.80 Td (\(or ) Tj ET Q q 0 0 0 rg BT 333.55 76.80 Td ($61 ) Tj ET Q q 0 0 0 rg BT 347.19 76.80 Td (million\) ) Tj ET Q q 0 0 0 rg BT 371.71 76.80 Td (and ) Tj ET Q q 0 0 0 rg BT 385.48 76.80 Td (29% ) Tj ET Q q 0 0 0 rg BT 401.06 76.80 Td (qualified ) Tj ET Q q 0 0 0 rg BT 430.12 76.80 Td (dividend ) Tj ET Q q 0 0 0 rg BT 459.44 76.80 Td (income ) Tj ET Q q 0 0 0 rg BT 484.36 76.80 Td (\(or ) Tj ET Q q 0 0 0 rg BT 494.62 76.80 Td ($25 ) Tj ET Q q 0 0 0 rg BT 508.26 76.80 Td (million\). ) Tj ET Q q 0 0 0 rg BT 534.74 76.80 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 567.94 76.80 Td (in ) Tj ET Q q 0 0 0 rg BT 575.48 76.80 Td (2016 ) Tj ET Q q 0 0 0 rg BT 593.01 76.80 Td (were ) Tj ET Q q 0 0 0 rg BT 610.02 76.80 Td (characterized ) Tj ET Q q 0 0 0 rg BT 653.58 76.80 Td (as ) Tj ET Q q 0 0 0 rg BT 662.17 76.80 Td (100% ) Tj ET Q q 0 0 0 rg BT 681.64 76.80 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 709.14 76.80 Td (income ) Tj ET Q q 0 0 0 rg BT 734.06 76.80 Td (\(or ) Tj ET Q q 0 0 0 rg BT 744.32 76.80 Td ($86 ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 68.25 Td (million\). ) Tj ET Q q 0 0 0 rg BT 80.45 68.25 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 113.64 68.25 Td (in ) Tj ET Q q 0 0 0 rg BT 121.16 68.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 138.67 68.25 Td (were ) Tj ET Q q 0 0 0 rg BT 155.65 68.25 Td (characterized ) Tj ET Q q 0 0 0 rg BT 199.20 68.25 Td (as ) Tj ET Q q 0 0 0 rg BT 207.76 68.25 Td (100% ) Tj ET Q q 0 0 0 rg BT 227.22 68.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 254.70 68.25 Td (income ) Tj ET Q q 0 0 0 rg BT 279.60 68.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 289.84 68.25 Td ($92 ) Tj ET Q q 0 0 0 rg BT 303.46 68.25 Td (million\).) 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0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 540.5 m 274.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 575.5 m 278.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 540.5 m 278.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 575.5 m 327.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 540.5 m 327.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 575.5 m 331.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 540.5 m 331.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 575.5 m 380.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 540.5 m 380.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 575.5 m 384.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 540.5 m 384.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 575.5 m 433.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 540.5 m 433.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 575.5 m 437.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 540.5 m 437.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 575.5 m 486.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 540.5 m 486.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 575.5 m 490.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 540.5 m 490.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 575.5 m 539.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 540.5 m 539.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 575.5 m 543.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 540.5 m 543.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 543.5 575.5 m 592.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 543.5 540.5 m 592.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 575.5 m 596.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 540.5 m 596.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 596.5 575.5 m 645.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 596.5 540.5 m 645.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 645.5 575.5 m 649.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 645.5 540.5 m 649.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 575.5 m 698.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 540.5 m 698.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 698.5 575.5 m 702.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 698.5 540.5 m 702.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 575.5 m 751.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 540.5 m 751.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 575.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 575.5 m 755.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 540.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 35.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 68.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 493.5 m 68.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 525.5 m 225.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 493.5 m 225.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 525.5 m 274.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 493.5 m 274.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 525.5 m 278.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 493.5 m 278.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 525.5 m 327.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 493.5 m 327.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 525.5 m 331.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 493.5 m 331.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 525.5 m 380.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 493.5 m 380.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 525.5 m 384.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 493.5 m 384.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 525.5 m 433.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 493.5 m 433.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 525.5 m 437.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 493.5 m 437.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 525.5 m 437.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 525.5 m 486.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 493.5 m 486.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 525.5 m 490.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 493.5 m 490.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 525.5 m 539.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 493.5 m 539.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 525.5 m 543.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 493.5 m 543.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 543.5 525.5 m 592.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 543.5 493.5 m 592.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 525.5 m 596.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 493.5 m 596.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 596.5 525.5 m 645.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 596.5 493.5 m 645.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 645.5 525.5 m 649.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 645.5 493.5 m 649.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 525.5 m 649.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 525.5 m 698.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 493.5 m 698.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 698.5 525.5 m 702.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 698.5 493.5 m 702.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 525.5 m 751.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 493.5 m 751.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 525.5 m 755.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 525.5 m 755.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 493.5 m 755.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 493.5 m 35.5 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 493.5 m 437.5 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 493.5 m 649.5 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 493.5 m 755.5 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 480.5 m 35.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 480.5 m 437.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 480.5 m 649.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 480.5 m 755.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 467.5 m 35.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 467.5 m 437.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 467.5 m 649.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 467.5 m 755.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 454.5 m 35.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 454.5 m 437.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 454.5 m 649.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 454.5 m 755.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 441.5 m 35.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 441.5 m 437.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 441.5 m 649.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 441.5 m 755.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 435.5 m 35.5 422.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 435.5 m 437.5 422.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 435.5 m 649.5 422.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 435.5 m 755.5 422.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 422.5 m 35.5 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 422.5 m 437.5 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 422.5 m 649.5 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 422.5 m 755.5 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 409.5 m 35.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 409.5 m 437.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 409.5 m 649.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 409.5 m 755.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 396.5 m 35.5 383.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 396.5 m 437.5 383.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 396.5 m 649.5 383.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 396.5 m 755.5 383.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 383.5 m 35.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 383.5 m 437.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 383.5 m 649.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 383.5 m 755.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 377.5 m 35.5 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 377.5 m 437.5 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 377.5 m 649.5 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 377.5 m 755.5 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 364.5 m 35.5 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 364.5 m 437.5 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 364.5 m 649.5 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 364.5 m 755.5 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 351.5 m 35.5 345.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 351.5 m 437.5 345.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 351.5 m 649.5 345.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 351.5 m 755.5 345.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 345.5 m 35.5 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 345.5 m 437.5 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 345.5 m 649.5 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 345.5 m 755.5 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 332.5 m 35.5 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 332.5 m 437.5 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 332.5 m 649.5 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 332.5 m 755.5 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 319.5 m 35.5 306.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 319.5 m 437.5 306.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 319.5 m 649.5 306.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 319.5 m 755.5 306.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 306.5 m 35.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 300.5 m 274.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 300.5 m 278.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 300.5 m 327.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 300.5 m 331.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 300.5 m 380.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 300.5 m 384.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 300.5 m 433.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 306.5 m 437.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 300.5 m 539.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 543.5 300.5 m 592.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 306.5 m 649.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 300.5 m 698.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 698.5 300.5 m 702.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 300.5 m 751.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 306.5 m 755.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 300.5 m 755.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 300.5 m 35.5 287.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 300.5 m 68.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 300.5 m 225.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 300.5 m 437.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 300.5 m 437.5 287.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 300.5 m 486.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 300.5 m 490.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 300.5 m 543.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 300.5 m 596.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 596.5 300.5 m 645.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 645.5 300.5 m 649.5 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 300.5 m 649.5 287.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 287.5 m 35.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 287.5 m 437.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 287.5 m 649.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 273.5 m 35.5 259.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 273.5 m 437.5 259.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 273.5 m 649.5 259.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 259.5 m 35.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 245.5 m 68.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 245.5 m 225.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 245.5 m 274.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 245.5 m 278.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 245.5 m 327.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 245.5 m 331.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 245.5 m 380.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 245.5 m 384.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 245.5 m 433.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 245.5 m 437.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 259.5 m 437.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 245.5 m 486.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 245.5 m 490.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 245.5 m 539.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 245.5 m 543.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 543.5 245.5 m 592.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 245.5 m 596.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 596.5 245.5 m 645.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 645.5 245.5 m 649.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 259.5 m 649.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 245.5 m 35.5 231.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 245.5 m 437.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 245.5 m 437.5 231.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 245.5 m 486.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 245.5 m 490.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 245.5 m 649.5 231.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 231.5 m 35.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 231.5 m 437.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 231.5 m 649.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 227.5 m 35.5 213.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 227.5 m 437.5 213.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 227.5 m 649.5 213.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 213.5 m 35.5 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 213.5 m 437.5 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 213.5 m 649.5 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 213.5 m 649.5 199.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 199.5 m 35.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 185.5 m 68.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 185.5 m 225.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 185.5 m 433.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 185.5 m 437.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 199.5 m 437.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 185.5 m 486.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 185.5 m 490.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 185.5 m 539.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 185.5 m 543.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 543.5 185.5 m 592.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 596.5 185.5 m 645.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 645.5 185.5 m 649.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 199.5 m 649.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 185.5 m 35.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 171.5 m 68.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 171.5 m 225.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 185.5 m 274.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 171.5 m 274.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 185.5 m 278.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 171.5 m 278.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 185.5 m 327.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 171.5 m 327.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 185.5 m 331.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 171.5 m 331.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 185.5 m 380.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 171.5 m 380.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 185.5 m 384.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 171.5 m 384.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 185.5 m 433.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 171.5 m 433.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 171.5 m 437.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 185.5 m 437.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 171.5 m 486.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 171.5 m 490.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 185.5 m 539.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 171.5 m 539.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 185.5 m 543.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 171.5 m 543.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 543.5 185.5 m 592.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 543.5 171.5 m 592.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 185.5 m 596.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 171.5 m 596.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 596.5 185.5 m 645.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 596.5 171.5 m 645.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 645.5 171.5 m 649.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 185.5 m 649.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 171.5 m 35.5 157.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 171.5 m 437.5 157.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 171.5 m 486.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 171.5 m 649.5 157.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 157.5 m 35.5 143.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 157.5 m 437.5 143.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 157.5 m 649.5 143.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 143.5 m 35.5 129.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 143.5 m 437.5 129.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 143.5 m 649.5 129.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 129.5 m 35.5 115.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 129.5 m 437.5 115.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 129.5 m 649.5 115.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 115.5 m 35.5 101.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 115.5 m 437.5 101.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 115.5 m 649.5 101.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 101.5 m 35.5 87.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 101.5 m 437.5 87.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 101.5 m 649.5 87.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 87.5 m 35.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 81.5 m 68.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.5 81.5 m 225.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 81.5 m 274.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 81.5 m 278.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 81.5 m 327.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 81.5 m 331.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 81.5 m 380.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 81.5 m 384.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 81.5 m 433.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 81.5 m 437.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 87.5 m 437.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 81.5 m 486.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 81.5 m 490.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 81.5 m 539.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 81.5 m 543.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 543.5 81.5 m 592.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 81.5 m 596.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 596.5 81.5 m 645.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 645.5 81.5 m 649.5 81.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649.5 87.5 m 649.5 81.5 l s BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 243.80 555.50 Td ( T) Tj ET Q q 1 1 1 rg BT 250.26 555.50 Td (able 7: Financial Ra) Tj ET Q q 1 1 1 rg BT 329.88 555.50 Td (tios and Book V) Tj ET Q q 1 1 1 rg BT 394.14 555.50 Td (alue \($ in thousands, e) Tj ET Q q 1 1 1 rg BT 487.66 555.50 Td (x) Tj ET Q q 1 1 1 rg BT 492.02 555.50 Td (cep) Tj ET Q q 1 1 1 rg BT 506.57 555.50 Td (t per shar) Tj ET Q q 1 1 1 rg BT 546.25 555.50 Td (e da) Tj ET Q q 1 1 1 rg BT 563.75 555.50 Td (t) Tj ET Q q 1 1 1 rg BT 567.12 555.50 Td (a\)) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 240.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 240.35 507.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 244.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 244.10 498.25 Td (Q4) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 293.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 293.35 507.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 297.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 297.10 498.25 Td (Q3) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 346.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 346.35 507.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 350.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 350.10 498.25 Td (Q2) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 399.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 399.35 507.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 403.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 403.10 498.25 Td (Q1) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 452.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 452.35 507.25 Td (2016) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 456.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 456.10 498.25 Td (Q4) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 505.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 505.35 507.25 Td (2016) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 509.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 509.10 498.25 Td (Q3) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 558.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 558.35 507.25 Td (2016) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 562.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 562.10 498.25 Td (Q2) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 611.35 514.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 611.35 507.25 Td (2016) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 615.10 505.00 10.74 -9.00 re f /GS0 gs q 1 1 1 rg BT 615.10 498.25 Td (Q1) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 660.35 523.00 28.31 -9.00 re f /GS0 gs q 1 1 1 rg BT 660.35 516.25 Td (T) Tj ET Q q 1 1 1 rg BT 664.54 516.25 Td (w) Tj ET Q q 1 1 1 rg BT 671.18 516.25 Td (elv) Tj ET Q q 1 1 1 rg BT 682.09 516.25 Td (e ) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 659.00 514.00 31.03 -9.00 re f /GS0 gs q 1 1 1 rg BT 659.00 507.25 Td (Mon) Tj ET Q q 1 1 1 rg BT 676.45 507.25 Td (ths ) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 664.35 505.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 664.35 498.25 Td (2017) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 713.35 523.00 26.27 -9.00 re f /GS0 gs q 1 1 1 rg BT 713.35 516.25 Td (T) Tj ET Q q 1 1 1 rg BT 717.54 516.25 Td (w) Tj ET Q q 1 1 1 rg BT 724.18 516.25 Td (elv) Tj ET Q q 1 1 1 rg BT 735.09 516.25 Td (e) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 712.00 514.00 31.03 -9.00 re f /GS0 gs q 1 1 1 rg BT 712.00 507.25 Td (Mon) Tj ET Q q 1 1 1 rg BT 729.45 507.25 Td (ths ) Tj ET Q BT /F4 9.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 717.35 505.00 18.25 -9.00 re f /GS0 gs q 1 1 1 rg BT 717.35 498.25 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 38.00 485.00 Td (Financial perf) Tj ET Q q 1 1 1 rg BT 82.84 485.00 Td (ormance r) Tj ET Q q 1 1 1 rg BT 116.62 485.00 Td (a) Tj ET Q q 1 1 1 rg BT 120.44 485.00 Td (tios) Tj ET Q BT /F7 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 38.00 472.00 Td (Ne) Tj ET Q q 0 0 0 rg BT 47.12 472.00 Td (t in) Tj ET Q q 0 0 0 rg BT 57.59 472.00 Td (t) Tj ET Q q 0 0 0 rg BT 60.19 472.00 Td (er) Tj ET Q q 0 0 0 rg BT 66.87 472.00 Td (es) Tj ET Q q 0 0 0 rg BT 73.88 472.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 87.71 472.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 228.00 472.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 245.95 472.00 Td (35,360) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 281.00 472.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 298.95 472.00 Td (35,294) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 334.00 472.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 351.95 472.00 Td (34,990) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 387.00 472.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 404.95 472.00 Td (33,597) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 440.00 472.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 457.95 472.00 Td (35,797) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 493.00 472.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 510.95 472.00 Td (39,309) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 546.00 472.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 563.95 472.00 Td (44,343) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 599.00 472.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 616.95 472.00 Td (38,378) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 652.00 472.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 665.90 472.00 Td (139,241) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 705.00 472.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 718.90 472.00 Td (157,827) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 459.00 Td (Oper) Tj ET Q q 0 0 0 rg BT 54.19 459.00 Td (a) Tj ET Q q 0 0 0 rg BT 57.90 459.00 Td (ting e) Tj ET Q q 0 0 0 rg BT 76.08 459.00 Td (xpenses) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 228.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 243.55 459.00 Td (\(20,367) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 268.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 281.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 296.55 459.00 Td (\(19,922) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 321.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 334.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 349.55 459.00 Td (\(18,641) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 374.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 387.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 402.55 459.00 Td (\(18,226) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 427.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 440.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 455.55 459.00 Td (\(17,824) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 480.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 493.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 508.55 459.00 Td (\(20,355) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 533.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 546.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 561.55 459.00 Td (\(20,155) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 586.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 599.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 614.55 459.00 Td (\(30,452) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 639.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 652.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 667.55 459.00 Td (\(77,156) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 692.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 705.00 459.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 720.55 459.00 Td (\(88,786) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 745.25 459.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 446.00 Td (GAAP ne) Tj ET Q q 0 0 0 rg BT 66.41 446.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 80.26 446.00 Td (ome) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 228.00 446.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 245.95 446.00 Td (30,933) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 281.00 446.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 298.95 446.00 Td (36,180) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 334.00 446.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 351.95 446.00 Td (36,324) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 387.00 446.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 404.95 446.00 Td (36,969) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 440.00 446.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 457.95 446.00 Td (25,355) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 493.00 446.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 510.95 446.00 Td (52,553) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 546.00 446.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 563.95 446.00 Td (41,281) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 599.00 446.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 616.95 446.00 Td (12,063) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 652.00 446.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 665.90 446.00 Td (140,406) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 705.00 446.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 718.90 446.00 Td (131,252) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 427.00 Td (A) Tj ET Q q 0 0 0 rg BT 42.55 427.00 Td (v) Tj ET Q q 0 0 0 rg BT 46.05 427.00 Td (er) Tj ET Q q 0 0 0 rg BT 52.70 427.00 Td (ag) Tj ET Q q 0 0 0 rg BT 60.19 427.00 Td (e t) Tj ET Q q 0 0 0 rg BT 68.58 427.00 Td (ot) Tj ET Q q 0 0 0 rg BT 75.39 427.00 Td (al asse) Tj ET Q q 0 0 0 rg BT 96.87 427.00 Td (ts) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 228.00 427.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 235.85 427.00 Td (6,652,937) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 281.00 427.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 288.85 427.00 Td (5,851,133) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 334.00 427.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 341.85 427.00 Td (5,685,460) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 387.00 427.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 394.85 427.00 Td (5,471,154) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 440.00 427.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 447.85 427.00 Td (5,613,048) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 493.00 427.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 500.85 427.00 Td (5,880,281) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 546.00 427.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 553.85 427.00 Td (5,954,162) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 599.00 427.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 606.85 427.00 Td (6,131,715) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 652.00 427.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 659.85 427.00 Td (5,918,233) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 705.00 427.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 712.85 427.00 Td (5,893,998) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 414.00 Td (A) Tj ET Q q 0 0 0 rg BT 42.55 414.00 Td (v) Tj ET Q q 0 0 0 rg BT 46.05 414.00 Td (er) Tj ET Q q 0 0 0 rg BT 52.70 414.00 Td (ag) Tj ET Q q 0 0 0 rg BT 60.19 414.00 Td (e t) Tj ET Q q 0 0 0 rg BT 68.58 414.00 Td (ot) Tj ET Q q 0 0 0 rg BT 75.39 414.00 Td (al equity) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 228.00 414.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 235.85 414.00 Td (1,207,879) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 281.00 414.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 288.85 414.00 Td (1,189,540) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 334.00 414.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 341.85 414.00 Td (1,167,438) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 387.00 414.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 394.85 414.00 Td (1,158,732) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 440.00 414.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 447.85 414.00 Td (1,137,948) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 493.00 414.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 500.85 414.00 Td (1,111,507) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 546.00 414.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 553.85 414.00 Td (1,089,289) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 599.00 414.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 606.85 414.00 Td (1,110,187) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 652.00 414.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 659.85 414.00 Td (1,181,056) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 705.00 414.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 712.85 414.00 Td (1,112,313) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 44.00 401.00 Td (Less: a) Tj ET Q q 0 0 0 rg BT 65.25 401.00 Td (v) Tj ET Q q 0 0 0 rg BT 68.79 401.00 Td (er) Tj ET Q q 0 0 0 rg BT 75.39 401.00 Td (ag) Tj ET Q q 0 0 0 rg BT 82.92 401.00 Td (e A) Tj ET Q q 0 0 0 rg BT 93.25 401.00 Td (OCI) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 667.55 401.00 Td (\(74,202) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 692.25 401.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 720.55 401.00 Td (\(58,803) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 745.25 401.00 Td (\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 388.00 Td (A) Tj ET Q q 0 0 0 rg BT 42.55 388.00 Td (v) Tj ET Q q 0 0 0 rg BT 46.05 388.00 Td (er) Tj ET Q q 0 0 0 rg BT 52.70 388.00 Td (ag) Tj ET Q q 0 0 0 rg BT 60.19 388.00 Td (e t) Tj ET Q q 0 0 0 rg BT 68.58 388.00 Td (ot) Tj ET Q q 0 0 0 rg BT 75.39 388.00 Td (al equity less a) Tj ET Q q 0 0 0 rg BT 122.80 388.00 Td (v) Tj ET Q q 0 0 0 rg BT 126.31 388.00 Td (er) Tj ET Q q 0 0 0 rg BT 132.96 388.00 Td (ag) Tj ET Q q 0 0 0 rg BT 140.44 388.00 Td (e A) Tj ET Q q 0 0 0 rg BT 150.78 388.00 Td (OCI) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 652.00 388.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 659.85 388.00 Td (1,106,854) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 705.00 388.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 712.85 388.00 Td (1,053,510) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 369.00 Td (Oper) Tj ET Q q 0 0 0 rg BT 54.19 369.00 Td (a) Tj ET Q q 0 0 0 rg BT 57.90 369.00 Td (ting e) Tj ET Q q 0 0 0 rg BT 76.08 369.00 Td (xpenses / a) Tj ET Q q 0 0 0 rg BT 112.58 369.00 Td (v) Tj ET Q q 0 0 0 rg BT 116.09 369.00 Td (er) Tj ET Q q 0 0 0 rg BT 122.73 369.00 Td (ag) Tj ET Q q 0 0 0 rg BT 130.22 369.00 Td (e t) Tj ET Q q 0 0 0 rg BT 138.61 369.00 Td (ot) Tj ET Q q 0 0 0 rg BT 145.42 369.00 Td (al asse) Tj ET Q q 0 0 0 rg BT 166.90 369.00 Td (ts) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 254.05 369.00 Td (1.22) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 268.25 369.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 307.05 369.00 Td (1.36) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 321.25 369.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 360.05 369.00 Td (1.31) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 374.25 369.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 413.05 369.00 Td (1.33) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 427.25 369.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 466.05 369.00 Td (1.27) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 480.25 369.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 519.05 369.00 Td (1.38) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 533.25 369.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 572.05 369.00 Td (1.35) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 586.25 369.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 625.05 369.00 Td (1.99) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 639.25 369.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 678.05 369.00 Td (1.30) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 692.25 369.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 731.05 369.00 Td (1.51) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 745.25 369.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 356.00 Td (Oper) Tj ET Q q 0 0 0 rg BT 54.19 356.00 Td (a) Tj ET Q q 0 0 0 rg BT 57.90 356.00 Td (ting e) Tj ET Q q 0 0 0 rg BT 76.08 356.00 Td (xpenses / a) Tj ET Q q 0 0 0 rg BT 112.58 356.00 Td (v) Tj ET Q q 0 0 0 rg BT 116.09 356.00 Td (er) Tj ET Q q 0 0 0 rg BT 122.73 356.00 Td (ag) Tj ET Q q 0 0 0 rg BT 130.22 356.00 Td (e t) Tj ET Q q 0 0 0 rg BT 138.61 356.00 Td (ot) Tj ET Q q 0 0 0 rg BT 145.42 356.00 Td (al equity) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 254.05 356.00 Td (6.74) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 268.25 356.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 307.05 356.00 Td (6.70) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 321.25 356.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 360.05 356.00 Td (6.39) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 374.25 356.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 413.05 356.00 Td (6.29) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 427.25 356.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 466.05 356.00 Td (6.27) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 480.25 356.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 519.05 356.00 Td (7.33) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 533.25 356.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 572.05 356.00 Td (7.40) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 586.25 356.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 621.00 356.00 Td (10.97) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 639.25 356.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 678.05 356.00 Td (6.53) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 692.25 356.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 731.05 356.00 Td (7.98) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 745.25 356.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 337.00 Td (GAAP ne) Tj ET Q q 0 0 0 rg BT 66.41 337.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 80.26 337.00 Td (ome / a) Tj ET Q q 0 0 0 rg BT 105.29 337.00 Td (v) Tj ET Q q 0 0 0 rg BT 108.80 337.00 Td (er) Tj ET Q q 0 0 0 rg BT 115.45 337.00 Td (ag) Tj ET Q q 0 0 0 rg BT 122.93 337.00 Td (e t) Tj ET Q q 0 0 0 rg BT 131.33 337.00 Td (ot) Tj ET Q q 0 0 0 rg BT 138.14 337.00 Td (al asse) Tj ET Q q 0 0 0 rg BT 159.62 337.00 Td (ts) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 254.05 337.00 Td (1.86) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 268.25 337.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 307.05 337.00 Td (2.47) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 321.25 337.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 360.05 337.00 Td (2.56) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 374.25 337.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 413.05 337.00 Td (2.70) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 427.25 337.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 466.05 337.00 Td (1.81) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 480.25 337.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 519.05 337.00 Td (3.57) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 533.25 337.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 572.05 337.00 Td (2.77) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 586.25 337.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 625.05 337.00 Td (0.79) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 639.25 337.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 678.05 337.00 Td (2.37) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 692.25 337.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 731.05 337.00 Td (2.23) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 745.25 337.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 324.00 Td (GAAP ne) Tj ET Q q 0 0 0 rg BT 66.41 324.00 Td (t inc) Tj ET Q q 0 0 0 rg BT 80.26 324.00 Td (ome / a) Tj ET Q q 0 0 0 rg BT 105.29 324.00 Td (v) Tj ET Q q 0 0 0 rg BT 108.80 324.00 Td (er) Tj ET Q q 0 0 0 rg BT 115.45 324.00 Td (ag) Tj ET Q q 0 0 0 rg BT 122.93 324.00 Td (e equity \(GAAP R) Tj ET Q q 0 0 0 rg BT 178.00 324.00 Td (OE\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 250.00 324.00 Td (10.24) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 268.25 324.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 303.00 324.00 Td (12.17) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 321.25 324.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 356.00 324.00 Td (12.45) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 374.25 324.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 409.00 324.00 Td (12.76) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 427.25 324.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 466.05 324.00 Td (8.91) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 480.25 324.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 515.00 324.00 Td (18.91) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 533.25 324.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 568.00 324.00 Td (15.16) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 586.25 324.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 625.05 324.00 Td (4.35) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 639.25 324.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 674.00 324.00 Td (11.89) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 692.25 324.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 727.00 324.00 Td (11.80) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 745.25 324.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 311.00 Td (Adjus) Tj ET Q q 0 0 0 rg BT 55.99 311.00 Td (t) Tj ET Q q 0 0 0 rg BT 58.58 311.00 Td (ed R) Tj ET Q q 0 0 0 rg BT 72.84 311.00 Td (OE \(non-GAAP\) ) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 124.02 314.81 Td (\(1\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 674.00 311.00 Td (12.69) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 692.25 311.00 Td (%) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 727.00 311.00 Td (12.46) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 745.25 311.00 Td (%) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 38.00 292.00 Td (Le) Tj ET Q q 1 1 1 rg BT 45.37 292.00 Td (v) Tj ET Q q 1 1 1 rg BT 49.08 292.00 Td (er) Tj ET Q q 1 1 1 rg BT 55.78 292.00 Td (ag) Tj ET Q q 1 1 1 rg BT 63.43 292.00 Td (e r) Tj ET Q q 1 1 1 rg BT 71.94 292.00 Td (a) Tj ET Q q 1 1 1 rg BT 75.81 292.00 Td (tios and book v) Tj ET Q q 1 1 1 rg BT 126.41 292.00 Td (alue per shar) Tj ET Q q 1 1 1 rg BT 169.61 292.00 Td (e) Tj ET Q BT /F7 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 38.00 278.00 Td (Short) Tj ET Q q 0 0 0 rg BT 55.44 278.00 Td (-t) Tj ET Q q 0 0 0 rg BT 60.41 278.00 Td (erm deb) Tj ET Q q 0 0 0 rg BT 87.70 278.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 228.00 278.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 235.85 278.00 Td (1,938,682) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 281.00 278.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 288.85 278.00 Td (1,238,196) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 334.00 278.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 341.85 278.00 Td (1,294,807) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 387.00 278.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 400.90 278.00 Td (563,773) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 440.00 278.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 453.90 278.00 Td (791,539) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 493.00 278.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 500.85 278.00 Td (1,117,405) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 546.00 278.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 553.85 278.00 Td (1,059,045) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 599.00 278.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 612.90 278.00 Td (804,175) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 264.00 Td (Long-t) Tj ET Q q 0 0 0 rg BT 58.64 264.00 Td (erm deb) Tj ET Q q 0 0 0 rg BT 85.93 264.00 Td (t Commer) Tj ET Q q 0 0 0 rg BT 124.17 264.00 Td (cial secur) Tj ET Q q 0 0 0 rg BT 154.24 264.00 Td (ed borr) Tj ET Q q 0 0 0 rg BT 178.12 264.00 Td (o) Tj ET Q q 0 0 0 rg BT 182.25 264.00 Td (wing) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 261.00 264.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 314.00 264.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 367.00 264.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 420.00 264.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 473.00 264.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 526.00 264.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 563.95 264.00 Td (65,240) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 616.95 264.00 Td (65,181) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 250.00 Td (Long-t) Tj ET Q q 0 0 0 rg BT 58.59 250.00 Td (erm deb) Tj ET Q q 0 0 0 rg BT 85.91 250.00 Td (t Other ) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 116.95 253.81 Td (\(2\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 235.85 250.00 Td (2,585,264) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 288.85 250.00 Td (2,585,264) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 341.85 250.00 Td (2,340,264) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 394.85 250.00 Td (2,627,764) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 447.85 250.00 Td (2,627,764) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 500.85 250.00 Td (2,627,764) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 553.85 250.00 Td (2,627,764) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 606.85 250.00 Td (2,627,764) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 236.00 Td (T) Tj ET Q q 0 0 0 rg BT 41.54 236.00 Td (ot) Tj ET Q q 0 0 0 rg BT 48.04 236.00 Td (al deb) Tj ET Q q 0 0 0 rg BT 67.83 236.00 Td (t a) Tj ET Q q 0 0 0 rg BT 76.10 236.00 Td (t R) Tj ET Q q 0 0 0 rg BT 84.82 236.00 Td (edw) Tj ET Q q 0 0 0 rg BT 98.62 236.00 Td (ood) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 228.00 236.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 235.85 236.00 Td (4,523,946) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 281.00 236.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 288.85 236.00 Td (3,823,460) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 334.00 236.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 341.85 236.00 Td (3,635,071) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 387.00 236.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 394.85 236.00 Td (3,191,537) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 440.00 236.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 447.85 236.00 Td (3,419,303) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 493.00 236.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 500.85 236.00 Td (3,745,169) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 546.00 236.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 553.85 236.00 Td (3,752,049) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 599.00 236.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 606.85 236.00 Td (3,497,120) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 218.00 Td (ABS issued a) Tj ET Q q 0 0 0 rg BT 78.55 218.00 Td (t c) Tj ET Q q 0 0 0 rg BT 86.35 218.00 Td (onsolida) Tj ET Q q 0 0 0 rg BT 113.76 218.00 Td (t) Tj ET Q q 0 0 0 rg BT 116.36 218.00 Td (ed en) Tj ET Q q 0 0 0 rg BT 134.45 218.00 Td (tities) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 50.00 204.00 Td (Leg) Tj ET Q q 0 0 0 rg BT 61.04 204.00 Td (acy Sequoia en) Tj ET Q q 0 0 0 rg BT 109.51 204.00 Td (tities ABS issued) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 228.00 204.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 241.90 204.00 Td (622,445) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 281.00 204.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 294.90 204.00 Td (657,960) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 334.00 204.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 347.90 204.00 Td (692,606) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 387.00 204.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 400.90 204.00 Td (728,391) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 440.00 204.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 453.90 204.00 Td (773,462) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 493.00 204.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 506.90 204.00 Td (819,868) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 546.00 204.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 559.90 204.00 Td (859,628) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 599.00 204.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 612.90 204.00 Td (907,023) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 50.00 190.00 Td (Sequoia Choice en) Tj ET Q q 0 0 0 rg BT 109.56 190.00 Td (tity ABS issued) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 241.90 190.00 Td (542,140) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 294.90 190.00 Td (286,328) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 367.00 190.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 420.00 190.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 473.00 190.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 526.00 190.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 579.00 190.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 632.00 190.00 Td () Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 176.00 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 176.00 Td (ot) Tj ET Q q 0 0 0 rg BT 47.99 176.00 Td (al ABS issued ) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 92.22 179.81 Td (\(2\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 228.00 176.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 235.85 176.00 Td (1,164,585) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 281.00 176.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 294.90 176.00 Td (944,288) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 334.00 176.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 347.90 176.00 Td (692,606) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 387.00 176.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 400.90 176.00 Td (728,391) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 440.00 176.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 453.90 176.00 Td (773,462) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 493.00 176.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 506.90 176.00 Td (819,868) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 546.00 176.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 559.90 176.00 Td (859,628) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 599.00 176.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 612.90 176.00 Td (958,703) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 162.00 Td (Consolida) Tj ET Q q 0 0 0 rg BT 69.71 162.00 Td (t) Tj ET Q q 0 0 0 rg BT 72.30 162.00 Td (ed Deb) Tj ET Q q 0 0 0 rg BT 95.34 162.00 Td (t) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 228.00 162.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 235.85 162.00 Td (5,688,531) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 281.00 162.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 288.85 162.00 Td (4,767,748) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 334.00 162.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 341.85 162.00 Td (4,327,677) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 387.00 162.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 394.85 162.00 Td (3,919,928) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 440.00 162.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 447.85 162.00 Td (4,192,765) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 493.00 162.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 500.85 162.00 Td (4,565,037) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 546.00 162.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 553.85 162.00 Td (4,611,677) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 599.00 162.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 606.85 162.00 Td (4,455,823) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 148.00 Td (St) Tj ET Q q 0 0 0 rg BT 44.32 148.00 Td (ockholder) Tj ET Q q 0 0 0 rg BT 76.68 148.00 Td (s' equity) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 228.00 148.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 235.85 148.00 Td (1,212,287) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 281.00 148.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 288.85 148.00 Td (1,208,640) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 334.00 148.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 341.85 148.00 Td (1,179,424) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 387.00 148.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 394.85 148.00 Td (1,165,771) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 440.00 148.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 447.85 148.00 Td (1,149,428) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 493.00 148.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 500.85 148.00 Td (1,130,130) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 546.00 148.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 553.85 148.00 Td (1,092,603) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 599.00 148.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 606.85 148.00 Td (1,085,750) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 134.00 Td (R) Tj ET Q q 0 0 0 rg BT 42.20 134.00 Td (ec) Tj ET Q q 0 0 0 rg BT 49.50 134.00 Td (our) Tj ET Q q 0 0 0 rg BT 60.57 134.00 Td (se deb) Tj ET Q q 0 0 0 rg BT 81.84 134.00 Td (t a) Tj ET Q q 0 0 0 rg BT 90.09 134.00 Td (t R) Tj ET Q q 0 0 0 rg BT 98.78 134.00 Td (edw) Tj ET Q q 0 0 0 rg BT 112.61 134.00 Td (ood t) Tj ET Q q 0 0 0 rg BT 129.66 134.00 Td (o s) Tj ET Q q 0 0 0 rg BT 138.73 134.00 Td (t) Tj ET Q q 0 0 0 rg BT 141.33 134.00 Td (ockholder) Tj ET Q q 0 0 0 rg BT 173.66 134.00 Td (s' equity ) Tj ET Q BT /F7 8.00 Tf ET BT /F7 5.20 Tf ET q 0 0 0 rg BT 202.70 137.81 Td (\(3\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 257.40 134.00 Td (3.7x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 310.40 134.00 Td (3.2x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 363.40 134.00 Td (3.1x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 416.40 134.00 Td (2.7x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 469.40 134.00 Td (3.0x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 522.40 134.00 Td (3.3x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 575.40 134.00 Td (3.4x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 628.40 134.00 Td (3.2x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 120.00 Td (Consolida) Tj ET Q q 0 0 0 rg BT 69.71 120.00 Td (t) Tj ET Q q 0 0 0 rg BT 72.30 120.00 Td (ed deb) Tj ET Q q 0 0 0 rg BT 94.62 120.00 Td (t t) Tj ET Q q 0 0 0 rg BT 101.73 120.00 Td (o s) Tj ET Q q 0 0 0 rg BT 110.81 120.00 Td (t) Tj ET Q q 0 0 0 rg BT 113.40 120.00 Td (ockholder) Tj ET Q q 0 0 0 rg BT 145.76 120.00 Td (s' equity) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 257.40 120.00 Td (4.7x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 310.40 120.00 Td (3.9x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 363.40 120.00 Td (3.7x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 416.40 120.00 Td (3.4x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 469.40 120.00 Td (3.6x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 522.40 120.00 Td (4.0x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 575.40 120.00 Td (4.2x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 628.40 120.00 Td (4.1x) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 106.00 Td (Shar) Tj ET Q q 0 0 0 rg BT 52.45 106.00 Td (es outs) Tj ET Q q 0 0 0 rg BT 75.50 106.00 Td (t) Tj ET Q q 0 0 0 rg BT 78.08 106.00 Td (anding a) Tj ET Q q 0 0 0 rg BT 105.68 106.00 Td (t period end \(in thousands\)) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 245.95 106.00 Td (76,600) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 298.95 106.00 Td (77,123) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 351.95 106.00 Td (77,117) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 404.95 106.00 Td (77,039) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 457.95 106.00 Td (76,835) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 510.95 106.00 Td (76,682) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 563.95 106.00 Td (76,935) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 616.95 106.00 Td (76,627) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 38.00 92.00 Td (Book v) Tj ET Q q 0 0 0 rg BT 59.73 92.00 Td (alue per shar) Tj ET Q q 0 0 0 rg BT 102.02 92.00 Td (e) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 228.00 92.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 250.00 92.00 Td (15.83) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 281.00 92.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 303.00 92.00 Td (16.05) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 334.00 92.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 356.00 92.00 Td (15.29) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 387.00 92.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 409.00 92.00 Td (15.13) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 440.00 92.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 462.00 92.00 Td (14.96) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 493.00 92.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 515.00 92.00 Td (14.74) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 546.00 92.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 568.00 92.00 Td (14.20) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 599.00 92.00 Td ($) Tj ET Q BT /F7 8.00 Tf ET q 0 0 0 rg BT 621.00 92.00 Td (14.17) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 69.00 Td (\(1\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 69.00 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 84.18 69.00 Td (ROE ) Tj ET Q q 0 0 0 rg BT 100.37 69.00 Td (\(non-GAAP\) ) Tj ET Q q 0 0 0 rg BT 139.39 69.00 Td (is ) Tj ET Q q 0 0 0 rg BT 146.11 69.00 Td (calculated ) Tj ET Q q 0 0 0 rg BT 179.91 69.00 Td (as ) Tj ET Q q 0 0 0 rg BT 188.58 69.00 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 209.69 69.00 Td (net ) Tj ET Q q 0 0 0 rg BT 221.85 69.00 Td (income ) Tj ET Q q 0 0 0 rg BT 246.85 69.00 Td (divided ) Tj ET Q q 0 0 0 rg BT 272.37 69.00 Td (by ) Tj ET Q q 0 0 0 rg BT 282.07 69.00 Td (average ) Tj ET Q q 0 0 0 rg BT 309.14 69.00 Td (total ) Tj ET Q q 0 0 0 rg BT 325.30 69.00 Td (equity ) Tj ET Q q 0 0 0 rg BT 346.79 69.00 Td (less ) Tj ET Q q 0 0 0 rg BT 360.38 69.00 Td (average ) Tj ET Q q 0 0 0 rg BT 387.45 69.00 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 429.44 69.00 Td (other ) Tj ET Q q 0 0 0 rg BT 448.08 69.00 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 497.59 69.00 Td (income ) Tj ET Q q 0 0 0 rg BT 522.59 69.00 Td (\("AOCI"\) ) Tj ET Q q 0 0 0 rg BT 552.96 69.00 Td (of ) Tj ET Q q 0 0 0 rg BT 561.23 69.00 Td ($74 ) Tj ET Q q 0 0 0 rg BT 574.96 69.00 Td (million ) Tj ET Q q 0 0 0 rg BT 597.75 69.00 Td (and ) Tj ET Q q 0 0 0 rg BT 611.60 69.00 Td ($59 ) Tj ET Q q 0 0 0 rg BT 625.32 69.00 Td (million ) Tj ET Q q 0 0 0 rg BT 648.12 69.00 Td (for ) Tj ET Q q 0 0 0 rg BT 658.71 69.00 Td (the ) Tj ET Q q 0 0 0 rg BT 670.88 69.00 Td (years ) Tj ET Q q 0 0 0 rg BT 689.13 69.00 Td (ended ) Tj ET Q q 0 0 0 rg BT 711.41 69.00 Td (December ) Tj ET Q q 0 0 0 rg BT 746.26 69.00 Td (31, ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 62.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 71.51 62.00 Td (and ) Tj ET Q q 0 0 0 rg BT 85.26 62.00 Td (2016, ) Tj ET Q q 0 0 0 rg BT 104.72 62.00 Td (respectively. ) Tj ET Q q 0 0 0 rg BT 145.56 62.00 Td (See ) Tj ET Q q 0 0 0 rg BT 159.18 62.00 Td ("Adjusted ) Tj ET Q q 0 0 0 rg BT 192.89 62.00 Td (ROE" ) Tj ET Q q 0 0 0 rg BT 212.61 62.00 Td (in ) Tj ET Q q 0 0 0 rg BT 220.13 62.00 Td (the ) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 232.19 62.00 Td (Glossary ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 260.71 62.00 Td (section ) Tj ET Q q 0 0 0 rg BT 284.96 62.00 Td (of ) Tj ET Q q 0 0 0 rg BT 293.13 62.00 Td (the ) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 305.19 62.00 Td (Appendix ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 337.61 62.00 Td (to ) Tj ET Q q 0 0 0 rg BT 346.03 62.00 Td (this ) Tj ET Q q 0 0 0 rg BT 358.86 62.00 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 390.76 62.00 Td (Review ) Tj ET Q q 0 0 0 rg BT 414.75 62.00 Td (for ) Tj ET Q q 0 0 0 rg BT 425.24 62.00 Td (additional ) Tj ET Q q 0 0 0 rg BT 458.43 62.00 Td (information ) Tj ET Q q 0 0 0 rg BT 496.27 62.00 Td (on ) Tj ET Q q 0 0 0 rg BT 506.26 62.00 Td (this ) Tj ET Q q 0 0 0 rg BT 519.09 62.00 Td (metric.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 51.00 Td (\(2\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 51.00 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 88.73 51.00 Td (debt ) Tj ET Q q 0 0 0 rg BT 105.44 51.00 Td (- ) Tj ET Q q 0 0 0 rg BT 109.72 51.00 Td (other ) Tj ET Q q 0 0 0 rg BT 128.26 51.00 Td (and ) Tj ET Q q 0 0 0 rg BT 142.00 51.00 Td (ABS ) Tj ET Q q 0 0 0 rg BT 157.05 51.00 Td (issued ) Tj ET Q q 0 0 0 rg BT 178.70 51.00 Td (presented ) Tj ET Q q 0 0 0 rg BT 212.28 51.00 Td (above ) Tj ET Q q 0 0 0 rg BT 233.55 51.00 Td (do ) Tj ET Q q 0 0 0 rg BT 243.92 51.00 Td (not ) Tj ET Q q 0 0 0 rg BT 256.24 51.00 Td (include ) Tj ET Q q 0 0 0 rg BT 280.87 51.00 Td (deferred ) Tj ET Q q 0 0 0 rg BT 309.64 51.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 340.61 51.00 Td (issuance ) Tj ET Q q 0 0 0 rg BT 368.89 51.00 Td (costs.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 40.00 Td (\(3\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 40.00 Td (Excludes ) Tj ET Q q 0 0 0 rg BT 83.57 40.00 Td (ABS ) Tj ET Q q 0 0 0 rg BT 98.62 40.00 Td (issued ) Tj ET Q q 0 0 0 rg BT 120.27 40.00 Td (at ) Tj ET Q q 0 0 0 rg BT 128.17 40.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 170.44 40.00 Td (entities ) Tj ET Q q 0 0 0 rg BT 195.06 40.00 Td (and ) Tj ET Q q 0 0 0 rg BT 208.81 40.00 Td (commercial ) Tj ET Q q 0 0 0 rg BT 246.67 40.00 Td (secured ) Tj ET Q q 0 0 0 rg BT 273.12 40.00 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 310.05 40.00 Td (associated ) Tj ET Q q 0 0 0 rg BT 344.93 40.00 Td (with ) Tj ET Q q 0 0 0 rg BT 359.83 40.00 Td (commercial ) Tj ET Q q 0 0 0 rg BT 397.69 40.00 Td (A-notes ) Tj ET Q q 0 0 0 rg BT 424.00 40.00 Td (that ) Tj ET Q q 0 0 0 rg BT 438.13 40.00 Td (were ) Tj ET Q q 0 0 0 rg BT 455.11 40.00 Td (sold, ) Tj ET Q q 0 0 0 rg BT 472.09 40.00 Td (but ) Tj ET Q q 0 0 0 rg BT 484.53 40.00 Td (treated ) Tj ET Q q 0 0 0 rg BT 509.02 40.00 Td (as ) Tj ET Q q 0 0 0 rg BT 517.58 40.00 Td (secured ) Tj ET Q q 0 0 0 rg BT 544.03 40.00 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 580.97 40.00 Td (under ) Tj ET Q q 0 0 0 rg BT 601.19 40.00 Td (GAAP. ) Tj ET Q /GS0 gs q 33.20 0 0 29.00 38.00 544.07 cm /I122 Do Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F7 10.00 Tf ET q 0 0 0 rg BT 38.50 21.00 Td (THE RED) Tj ET Q q 0 0 0 rg BT 73.14 21.00 Td (W) Tj ET Q q 0 0 0 rg BT 81.93 21.00 Td (OOD REVIEW I 4TH QU) Tj ET Q q 0 0 0 rg BT 174.27 21.00 Td (AR) Tj ET Q q 0 0 0 rg BT 185.39 21.00 Td (TER 2017) Tj ET Q BT /F7 10.00 Tf ET q 0 0 0 rg BT 591.85 21.00 Td (T) Tj ET Q q 0 0 0 rg BT 595.94 21.00 Td (able 8: Securities and Loan Activity) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 741.36 21.00 Td (30) Tj ET Q BT /F1 10.00 Tf ET 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 35.50 580.00 38.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 73.50 580.00 682.00 -35.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 35.50 536.00 108.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 143.50 536.00 46.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 189.50 536.00 4.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 193.50 536.00 46.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 239.50 536.00 4.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 243.50 536.00 46.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 289.50 536.00 4.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 293.50 536.00 46.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 339.50 536.00 4.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 343.50 536.00 46.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 389.50 536.00 4.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 397.50 536.00 104.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 501.50 536.00 4.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 505.50 536.00 46.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 551.50 536.00 4.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 555.50 536.00 46.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 601.50 536.00 4.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 605.50 536.00 46.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 651.50 536.00 4.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 655.50 536.00 46.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 701.50 536.00 4.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 705.50 536.00 46.00 -21.00 re f /GS0 gs 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 751.50 536.00 4.00 -21.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 35.50 515.00 108.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 143.50 515.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 189.50 515.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 193.50 515.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 239.50 515.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 243.50 515.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 289.50 515.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 293.50 515.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 339.50 515.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 343.50 515.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 389.50 515.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 397.50 515.00 104.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 501.50 515.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 505.50 515.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 551.50 515.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 555.50 515.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 601.50 515.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 605.50 515.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 651.50 515.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 655.50 515.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 701.50 515.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 705.50 515.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 515.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 35.50 408.00 154.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 189.50 408.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 193.50 408.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 239.50 408.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 243.50 408.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 289.50 408.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 293.50 408.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 339.50 408.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 343.50 408.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 397.50 408.00 254.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 651.50 408.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 655.50 408.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 701.50 408.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 705.50 408.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 408.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 35.50 348.00 108.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 143.50 348.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 189.50 348.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 193.50 348.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 239.50 348.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 243.50 348.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 289.50 348.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 293.50 348.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 339.50 348.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 343.50 348.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 389.50 348.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 397.50 324.00 304.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 701.50 324.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 705.50 324.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 751.50 324.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 35.50 264.00 108.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 143.50 264.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 189.50 264.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 193.50 264.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 239.50 264.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 243.50 264.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 289.50 264.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 293.50 264.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 339.50 264.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 343.50 264.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 389.50 264.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 35.50 169.00 154.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 189.50 169.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 193.50 169.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 239.50 169.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 243.50 169.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 289.50 169.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 293.50 169.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 339.50 169.00 4.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 343.50 169.00 46.00 -12.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 389.50 169.00 4.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 580 m 35.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 580 m 73.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 580 m 143.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 545 m 143.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 580 m 189.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 545 m 189.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 580 m 193.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 545 m 193.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 580 m 239.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 545 m 239.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 580 m 243.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 545 m 243.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 580 m 289.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 545 m 289.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 580 m 293.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 545 m 293.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 580 m 339.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 545 m 339.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 580 m 343.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 545 m 343.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 580 m 389.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 545 m 389.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 580 m 393.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 545 m 393.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 580 m 397.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 545 m 397.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 580 m 501.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 580 m 505.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 545 m 505.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 580 m 551.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 545 m 551.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 580 m 555.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 545 m 555.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 580 m 601.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 545 m 601.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 601.5 580 m 605.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 601.5 545 m 605.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 605.5 580 m 651.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 605.5 545 m 651.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 651.5 580 m 655.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 651.5 545 m 655.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 655.5 580 m 701.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 655.5 545 m 701.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 701.5 580 m 705.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 701.5 545 m 705.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 705.5 580 m 751.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 705.5 545 m 751.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 580 m 755.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 580 m 755.5 580 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 751.5 545 m 755.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 545 m 73.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 545 m 143.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 545 m 189.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 545 m 193.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 545 m 239.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 545 m 243.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 545 m 289.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 545 m 293.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 545 m 339.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 545 m 343.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 545 m 389.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 545 m 393.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 545 m 397.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 545 m 501.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 545 m 505.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 545 m 551.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 545 m 555.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 545 m 601.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 601.5 545 m 605.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 605.5 545 m 651.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 651.5 545 m 655.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 655.5 545 m 701.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 701.5 545 m 705.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 705.5 545 m 751.5 545 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 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gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 536 m 343.5 515 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 536 m 389.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 515 m 389.5 515 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 536 m 393.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 515 m 393.5 515 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 536 m 393.5 515 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 536 m 397.5 515 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 536 m 397.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 536 m 397.5 515 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 536 m 501.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 515 m 501.5 515 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 536 m 505.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 515 m 505.5 515 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 536 m 551.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 515 m 551.5 515 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 536 m 555.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 515 m 555.5 515 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 536 m 601.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 515 m 601.5 515 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 601.5 536 m 605.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 601.5 515 m 605.5 515 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 605.5 536 m 651.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 605.5 515 m 651.5 515 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 651.5 536 m 655.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 651.5 515 m 655.5 515 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 655.5 536 m 701.5 536 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 655.5 515 m 701.5 515 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 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0 i [] 0 d 0 J 0 j 3 M 289.5 431 m 293.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 431 m 339.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 443 m 343.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 431 m 343.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 431 m 389.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 443 m 393.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 443 m 397.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 443 m 397.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 431 m 505.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 431 m 551.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 551.5 431 m 555.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 431 m 601.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 601.5 431 m 605.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 605.5 431 m 651.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 651.5 431 m 655.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 655.5 431 m 701.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 705.5 443 m 705.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 705.5 431 m 751.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 443 m 755.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 431 m 35.5 419 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 431 m 73.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 420 m 73.5 420 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 418 m 73.5 418 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 431 m 143.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 420 m 143.5 420 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 418 m 143.5 418 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 431 m 189.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 420 m 189.5 420 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 418 m 189.5 418 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 431 m 193.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 420 m 193.5 420 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 418 m 193.5 418 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 431 m 239.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 420 m 239.5 420 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 418 m 239.5 418 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 431 m 243.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 420 m 243.5 420 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 418 m 243.5 418 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 431 m 289.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 420 m 289.5 420 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 418 m 289.5 418 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 431 m 293.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 420 m 293.5 420 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 418 m 293.5 418 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 431 m 339.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 420 m 339.5 420 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 418 m 339.5 418 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 431 m 343.5 419 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 431 m 343.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 420 m 343.5 420 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 418 m 343.5 418 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 431 m 389.5 431 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 420 m 389.5 420 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 418 m 389.5 418 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 431 m 393.5 419 l s 0 0 0 RG /GS0 gs 1.00 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(s be) Tj ET Q q 0 0 0 rg BT 72.19 447.25 Td (tw) Tj ET Q q 0 0 0 rg BT 79.47 447.25 Td (een portf) Tj ET Q q 0 0 0 rg BT 105.84 447.25 Td (olios ) Tj ET Q BT /F7 7.00 Tf ET BT /F7 4.55 Tf ET q 0 0 0 rg BT 120.76 450.59 Td (\(1\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 180.45 447.25 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 217.30 447.25 Td (34,375) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 280.45 447.25 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 317.30 447.25 Td (12,229) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 367.30 447.25 Td (75,058) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 400.00 447.25 Td (T) Tj ET Q q 0 0 0 rg BT 402.98 447.25 Td (r) Tj ET Q q 0 0 0 rg BT 405.27 447.25 Td (ans) Tj ET Q q 0 0 0 rg BT 414.98 447.25 Td (f) Tj ET Q q 0 0 0 rg BT 416.94 447.25 Td (er) Tj ET Q q 0 0 0 rg BT 422.74 447.25 Td (s be) Tj ET Q q 0 0 0 rg BT 434.19 447.25 Td (tw) Tj ET Q q 0 0 0 rg BT 441.47 447.25 Td (een portf) Tj ET Q q 0 0 0 rg BT 467.84 447.25 Td (olios ) Tj ET Q BT /F7 7.00 Tf ET BT /F7 4.55 Tf ET q 0 0 0 rg BT 482.76 450.59 Td (\(2\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 522.45 447.25 Td (\(601,554) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 547.65 447.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 572.40 447.25 Td (\(298,104) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 597.65 447.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 626.00 447.25 Td (\(61,922) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 647.65 447.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 672.40 447.25 Td (\(184,996) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 697.65 447.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 722.40 447.25 Td (\(186,116) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 747.65 447.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 435.25 Td (Chang) Tj ET Q q 0 0 0 rg BT 55.71 435.25 Td (e in f) Tj ET Q q 0 0 0 rg BT 69.68 435.25 Td (air v) Tj ET Q q 0 0 0 rg BT 81.70 435.25 Td (alue, ne) Tj ET Q q 0 0 0 rg BT 104.24 435.25 Td (t) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 168.70 435.25 Td (\(7,552) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 186.80 435.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 218.70 435.25 Td (\(1,897) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 236.80 435.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 268.70 435.25 Td (\(3,523) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 286.80 435.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 318.70 435.25 Td (\(1,783) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 336.80 435.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 370.85 435.25 Td (4,657) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 400.00 435.25 Td (Chang) Tj ET Q q 0 0 0 rg BT 417.71 435.25 Td (es in f) Tj ET Q q 0 0 0 rg BT 434.42 435.25 Td (air v) Tj ET Q q 0 0 0 rg BT 446.44 435.25 Td (alue, ne) Tj ET Q q 0 0 0 rg BT 468.98 435.25 Td (t) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 531.70 435.25 Td (3,386) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 578.15 435.25 Td (15,928) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 631.65 435.25 Td (5,783) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 681.65 435.25 Td (8,532) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 729.55 435.25 Td (\(6,190) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 747.65 435.25 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 38.00 423.25 Td (Ending f) Tj ET Q q 0 0 0 rg BT 61.46 423.25 Td (air v) Tj ET Q q 0 0 0 rg BT 73.91 423.25 Td (alue) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 146.00 423.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 163.70 423.25 Td (210,963) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 196.00 423.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 213.70 423.25 Td (215,999) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 246.00 423.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 263.70 423.25 Td (176,962) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 296.00 423.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 313.70 423.25 Td (176,099) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 346.00 423.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 363.70 423.25 Td (173,613) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 400.00 423.25 Td (Ending f) Tj ET Q q 0 0 0 rg BT 423.46 423.25 Td (air v) Tj ET Q q 0 0 0 rg BT 435.91 423.25 Td (alue) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 508.00 423.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 519.20 423.25 Td (1,427,945) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 558.00 423.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 574.55 423.25 Td (925,681) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 608.00 423.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 624.55 423.25 Td (837,371) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 658.00 423.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 674.55 423.25 Td (376,607) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 708.00 423.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 724.55 423.25 Td (835,399) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 38.00 400.25 Td (Ending Balances f) Tj ET Q q 0 0 0 rg BT 88.60 400.25 Td (or Senior Sub-Ca) Tj ET Q q 0 0 0 rg BT 136.62 400.25 Td (t) Tj ET Q q 0 0 0 rg BT 138.97 400.25 Td (eg) Tj ET Q q 0 0 0 rg BT 145.74 400.25 Td (ories) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 400.00 400.25 Td (R) Tj ET Q q 0 0 0 rg BT 403.89 400.25 Td (esiden) Tj ET Q q 0 0 0 rg BT 422.88 400.25 Td (tial Loans, held-) Tj ET Q q 0 0 0 rg BT 468.74 400.25 Td (f) Tj ET Q q 0 0 0 rg BT 470.87 400.25 Td (or) Tj ET Q q 0 0 0 rg BT 477.00 400.25 Td (-in) Tj ET Q q 0 0 0 rg BT 484.50 400.25 Td (v) Tj ET Q q 0 0 0 rg BT 487.73 400.25 Td (es) Tj ET Q q 0 0 0 rg BT 493.98 400.25 Td (tmen) Tj ET Q q 0 0 0 rg BT 509.31 400.25 Td (t a) Tj ET Q q 0 0 0 rg BT 516.71 400.25 Td (t R) Tj ET Q q 0 0 0 rg BT 524.57 400.25 Td (edw) Tj ET Q q 0 0 0 rg BT 536.99 400.25 Td (ood) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 388.25 Td (Leg) Tj ET Q q 0 0 0 rg BT 47.66 388.25 Td (acy RMBS Securities Senior) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 146.00 388.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 163.75 388.25 Td (140,988) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 196.00 388.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 213.75 388.25 Td (153,232) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 246.00 388.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 263.75 388.25 Td (128,330) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 296.00 388.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 313.75 388.25 Td (137,210) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 346.00 388.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 363.75 388.25 Td (136,547) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 400.00 388.25 Td (Beginning c) Tj ET Q q 0 0 0 rg BT 432.64 388.25 Td (arr) Tj ET Q q 0 0 0 rg BT 440.86 388.25 Td (ying v) Tj ET Q q 0 0 0 rg BT 457.32 388.25 Td (alue) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 508.00 388.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 519.30 388.25 Td (2,268,802) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 558.00 388.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 569.30 388.25 Td (2,360,234) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 608.00 388.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 619.30 388.25 Td (2,350,013) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 658.00 388.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 669.30 388.25 Td (2,261,016) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 708.00 388.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 719.30 388.25 Td (2,282,674) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 376.25 Td (RMBS 2.0 IO Securities Senior) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 167.30 376.25 Td (69,975) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 217.30 376.25 Td (62,767) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 267.30 376.25 Td (48,632) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 317.30 376.25 Td (38,889) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 367.30 376.25 Td (37,066) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 400.00 376.25 Td (Principal r) Tj ET Q q 0 0 0 rg BT 428.52 376.25 Td (epa) Tj ET Q q 0 0 0 rg BT 438.92 376.25 Td (ymen) Tj ET Q q 0 0 0 rg BT 454.75 376.25 Td (ts) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 526.00 376.25 Td (\(93,916) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 547.65 376.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 576.00 376.25 Td (\(74,550) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 597.65 376.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 626.00 376.25 Td (\(60,055) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 647.65 376.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 676.00 376.25 Td (\(93,666) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 697.65 376.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 722.40 376.25 Td (\(162,512) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 747.65 376.25 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 38.00 364.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.16 364.25 Td (ot) Tj ET Q q 0 0 0 rg BT 47.02 364.25 Td (al senior securities) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 146.00 364.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 163.70 364.25 Td (210,963) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 196.00 364.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 213.70 364.25 Td (215,999) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 246.00 364.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 263.70 364.25 Td (176,962) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 296.00 364.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 313.70 364.25 Td (176,099) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 346.00 364.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 363.70 364.25 Td (173,613) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 400.00 364.25 Td (T) Tj ET Q q 0 0 0 rg BT 403.19 364.25 Td (r) Tj ET Q q 0 0 0 rg BT 405.35 364.25 Td (ans) Tj ET Q q 0 0 0 rg BT 415.01 364.25 Td (f) Tj ET Q q 0 0 0 rg BT 417.03 364.25 Td (er) Tj ET Q q 0 0 0 rg BT 422.80 364.25 Td (s be) Tj ET Q q 0 0 0 rg BT 434.21 364.25 Td (tw) Tj ET Q q 0 0 0 rg BT 441.50 364.25 Td (een portf) Tj ET Q q 0 0 0 rg BT 467.92 364.25 Td (olios) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 524.60 364.25 Td (273,994) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 576.00 364.25 Td (\(20,025) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 597.65 364.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 628.15 364.25 Td (61,922) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 674.55 364.25 Td (184,996) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 724.55 364.25 Td (186,116) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 400.00 352.25 Td (Chang) Tj ET Q q 0 0 0 rg BT 417.71 352.25 Td (es in f) Tj ET Q q 0 0 0 rg BT 434.42 352.25 Td (air v) Tj ET Q q 0 0 0 rg BT 446.44 352.25 Td (alue, ne) Tj ET Q q 0 0 0 rg BT 468.98 352.25 Td (t) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 526.00 352.25 Td (\(14,494) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 547.65 352.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 581.65 352.25 Td (3,143) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 631.65 352.25 Td (8,354) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 679.55 352.25 Td (\(2,333) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 697.65 352.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 726.00 352.25 Td (\(45,262) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 747.65 352.25 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 38.00 340.25 Td (Securities R) Tj ET Q q 0 0 0 rg BT 76.73 340.25 Td (e-REMIC) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 400.00 340.25 Td (Ending f) Tj ET Q q 0 0 0 rg BT 423.46 340.25 Td (air v) Tj ET Q q 0 0 0 rg BT 435.91 340.25 Td (alue) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 508.00 340.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 519.20 340.25 Td (2,434,386) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 558.00 340.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 569.15 340.25 Td (2,268,802) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 608.00 340.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 619.15 340.25 Td (2,360,234) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 658.00 340.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 669.15 340.25 Td (2,350,013) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 708.00 340.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 719.15 340.25 Td (2,261,016) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 328.25 Td (Beginning f) Tj ET Q q 0 0 0 rg BT 69.78 328.25 Td (air v) Tj ET Q q 0 0 0 rg BT 81.80 328.25 Td (alue) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 146.00 328.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 167.30 328.25 Td (39,033) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 196.00 328.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 217.30 328.25 Td (73,337) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 246.00 328.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 267.30 328.25 Td (73,730) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 296.00 328.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 317.30 328.25 Td (85,479) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 346.00 328.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 363.75 328.25 Td (161,234) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 316.25 Td (E) Tj ET Q q 0 0 0 rg BT 41.31 316.25 Td (f) Tj ET Q q 0 0 0 rg BT 43.30 316.25 Td (f) Tj ET Q q 0 0 0 rg BT 45.32 316.25 Td (ect of principal pa) Tj ET Q q 0 0 0 rg BT 96.16 316.25 Td (ymen) Tj ET Q q 0 0 0 rg BT 111.99 316.25 Td (ts) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 174.00 316.25 Td (\(110) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 186.80 316.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 218.70 316.25 Td (\(1,745) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 236.80 316.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 274.00 316.25 Td (\(488) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 286.80 316.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 324.00 316.25 Td (\(866) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 336.80 316.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 368.70 316.25 Td (\(1,828) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 386.80 316.25 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 400.00 316.25 Td (Ending Balances f) Tj ET Q q 0 0 0 rg BT 450.60 316.25 Td (or Other Loan and MSR In) Tj ET Q q 0 0 0 rg BT 525.49 316.25 Td (v) Tj ET Q q 0 0 0 rg BT 528.72 316.25 Td (es) Tj ET Q q 0 0 0 rg BT 534.96 316.25 Td (tmen) Tj ET Q q 0 0 0 rg BT 550.29 316.25 Td (ts) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 304.25 Td (T) Tj ET Q q 0 0 0 rg BT 40.98 304.25 Td (r) Tj ET Q q 0 0 0 rg BT 43.27 304.25 Td (ans) Tj ET Q q 0 0 0 rg BT 52.98 304.25 Td (f) Tj ET Q q 0 0 0 rg BT 54.94 304.25 Td (er) Tj ET Q q 0 0 0 rg BT 60.74 304.25 Td (s be) Tj ET Q q 0 0 0 rg BT 72.19 304.25 Td (tw) Tj ET Q q 0 0 0 rg BT 79.47 304.25 Td (een portf) Tj ET Q q 0 0 0 rg BT 105.84 304.25 Td (olios ) Tj ET Q BT /F7 7.00 Tf ET BT /F7 4.55 Tf ET q 0 0 0 rg BT 120.76 307.59 Td (\(1\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 180.45 304.25 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 215.15 304.25 Td (\(34,375) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 236.80 304.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 280.45 304.25 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 315.15 304.25 Td (\(12,229) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 336.80 304.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 365.15 304.25 Td (\(75,058) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 386.80 304.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 400.00 304.25 Td (R) Tj ET Q q 0 0 0 rg BT 403.74 304.25 Td (esiden) Tj ET Q q 0 0 0 rg BT 422.31 304.25 Td (tial Loans, HFI) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 292.25 Td (Chang) Tj ET Q q 0 0 0 rg BT 55.71 292.25 Td (e in f) Tj ET Q q 0 0 0 rg BT 69.68 292.25 Td (air v) Tj ET Q q 0 0 0 rg BT 81.70 292.25 Td (alue, ne) Tj ET Q q 0 0 0 rg BT 104.24 292.25 Td (t) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 177.55 292.25 Td (\(48) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 186.80 292.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 220.85 292.25 Td (1,816) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 279.70 292.25 Td (95) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 320.85 292.25 Td (1,346) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 370.85 292.25 Td (1,131) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 406.00 292.25 Td (Leg) Tj ET Q q 0 0 0 rg BT 415.66 292.25 Td (acy Sequoia en) Tj ET Q q 0 0 0 rg BT 458.07 292.25 Td (tities) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 508.00 292.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 524.60 292.25 Td (632,817) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 558.00 292.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 574.55 292.25 Td (673,134) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 608.00 292.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 624.55 292.25 Td (707,686) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 658.00 292.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 674.55 292.25 Td (745,621) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 708.00 292.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 724.55 292.25 Td (791,636) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 38.00 280.25 Td (Ending f) Tj ET Q q 0 0 0 rg BT 61.46 280.25 Td (air v) Tj ET Q q 0 0 0 rg BT 73.91 280.25 Td (alue) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 146.00 280.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 167.25 280.25 Td (38,875) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 196.00 280.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 217.25 280.25 Td (39,033) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 246.00 280.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 267.25 280.25 Td (73,337) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 296.00 280.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 317.25 280.25 Td (73,730) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 346.00 280.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 367.25 280.25 Td (85,479) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 406.00 280.25 Td (Sequoia Choice en) Tj ET Q q 0 0 0 rg BT 458.12 280.25 Td (tities) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 508.00 280.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 524.60 280.25 Td (620,062) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 558.00 280.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 574.55 280.25 Td (317,303) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 608.00 280.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 641.30 280.25 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 658.00 280.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 691.30 280.25 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 708.00 280.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 741.30 280.25 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 400.00 268.25 Td (Commer) Tj ET Q q 0 0 0 rg BT 424.48 268.25 Td (cial Loans) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 508.00 268.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 541.30 268.25 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 558.00 268.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 591.30 268.25 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 608.00 268.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 641.30 268.25 Td () Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 658.00 268.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 681.65 268.25 Td (2,700) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 708.00 268.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 731.65 268.25 Td (2,700) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 38.00 256.25 Td (Securities Subor) Tj ET Q q 0 0 0 rg BT 89.87 256.25 Td (dina) Tj ET Q q 0 0 0 rg BT 102.48 256.25 Td (t) Tj ET Q q 0 0 0 rg BT 104.83 256.25 Td (e) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 400.00 256.25 Td (Mortg) Tj ET Q q 0 0 0 rg BT 417.69 256.25 Td (ag) Tj ET Q q 0 0 0 rg BT 424.25 256.25 Td (e Ser) Tj ET Q q 0 0 0 rg BT 438.45 256.25 Td (vicing Righ) Tj ET Q q 0 0 0 rg BT 468.72 256.25 Td (ts) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 508.00 256.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 528.15 256.25 Td (63,598) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 558.00 256.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 578.15 256.25 Td (62,928) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 608.00 256.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 628.15 256.25 Td (63,770) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 658.00 256.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 674.55 256.25 Td (111,013) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 708.00 256.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 724.55 256.25 Td (118,526) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 244.25 Td (Beginning f) Tj ET Q q 0 0 0 rg BT 69.78 244.25 Td (air v) Tj ET Q q 0 0 0 rg BT 81.80 244.25 Td (alue) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 146.00 244.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 158.45 244.25 Td (1,101,240) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 196.00 244.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 213.75 244.25 Td (968,204) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 246.00 244.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 263.75 244.25 Td (916,111) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 296.00 244.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 313.75 244.25 Td (759,347) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 346.00 244.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 363.75 244.25 Td (679,894) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 232.25 Td (Acquisitions) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 163.75 232.25 Td (189,984) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 213.75 232.25 Td (171,755) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 263.75 232.25 Td (104,018) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 313.75 232.25 Td (167,498) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 363.75 232.25 Td (106,415) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 220.25 Td (Sales) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 165.15 220.25 Td (\(75,651) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 186.80 220.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 215.15 220.25 Td (\(44,576) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 236.80 220.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 265.15 220.25 Td (\(69,048) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 286.80 220.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 315.15 220.25 Td (\(16,816) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 336.80 220.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 365.15 220.25 Td (\(11,809) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 386.80 220.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 208.25 Td (E) Tj ET Q q 0 0 0 rg BT 41.31 208.25 Td (f) Tj ET Q q 0 0 0 rg BT 43.30 208.25 Td (f) Tj ET Q q 0 0 0 rg BT 45.32 208.25 Td (ect of principal pa) Tj ET Q q 0 0 0 rg BT 96.16 208.25 Td (ymen) Tj ET Q q 0 0 0 rg BT 111.99 208.25 Td (ts) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 168.70 208.25 Td (\(9,396) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 186.80 208.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 215.15 208.25 Td (\(10,428) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 236.80 208.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 268.70 208.25 Td (\(7,538) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 286.80 208.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 318.70 208.25 Td (\(7,798) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 336.80 208.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 368.70 208.25 Td (\(8,182) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 386.80 208.25 Td (\)) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 196.25 Td (Chang) Tj ET Q q 0 0 0 rg BT 55.71 196.25 Td (e in f) Tj ET Q q 0 0 0 rg BT 69.68 196.25 Td (air v) Tj ET Q q 0 0 0 rg BT 81.70 196.25 Td (alue, ne) Tj ET Q q 0 0 0 rg BT 104.24 196.25 Td (t) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 167.30 196.25 Td (20,495) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 217.30 196.25 Td (16,285) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 267.30 196.25 Td (24,661) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 317.30 196.25 Td (13,880) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 368.70 196.25 Td (\(6,971) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 386.80 196.25 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 38.00 184.25 Td (Ending f) Tj ET Q q 0 0 0 rg BT 61.46 184.25 Td (air v) Tj ET Q q 0 0 0 rg BT 73.91 184.25 Td (alue) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 146.00 184.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 158.35 184.25 Td (1,226,672) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 196.00 184.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 208.35 184.25 Td (1,101,240) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 246.00 184.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 263.70 184.25 Td (968,204) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 296.00 184.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 313.70 184.25 Td (916,111) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 346.00 184.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 363.70 184.25 Td (759,347) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 38.00 161.25 Td (Ending Balances f) Tj ET Q q 0 0 0 rg BT 88.55 161.25 Td (or Subor) Tj ET Q q 0 0 0 rg BT 113.37 161.25 Td (dina) Tj ET Q q 0 0 0 rg BT 126.00 161.25 Td (t) Tj ET Q q 0 0 0 rg BT 128.34 161.25 Td (e Sub-Ca) Tj ET Q q 0 0 0 rg BT 153.50 161.25 Td (t) Tj ET Q q 0 0 0 rg BT 155.84 161.25 Td (eg) Tj ET Q q 0 0 0 rg BT 162.62 161.25 Td (ories) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 149.25 Td (RMBS 2.0 Me) Tj ET Q q 0 0 0 rg BT 76.27 149.25 Td (zz) Tj ET Q q 0 0 0 rg BT 81.71 149.25 Td (anine) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 146.00 149.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 163.75 149.25 Td (331,451) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 196.00 149.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 213.75 149.25 Td (334,915) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 246.00 149.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 263.75 149.25 Td (343,013) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 296.00 149.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 313.75 149.25 Td (368,919) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 346.00 149.25 Td ($) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 363.75 149.25 Td (315,397) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 137.25 Td (RMBS 2.0 Subor) Tj ET Q q 0 0 0 rg BT 83.49 137.25 Td (dina) Tj ET Q q 0 0 0 rg BT 95.73 137.25 Td (t) Tj ET Q q 0 0 0 rg BT 98.00 137.25 Td (e) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 163.75 137.25 Td (247,897) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 213.75 137.25 Td (209,554) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 263.75 137.25 Td (195,039) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 313.75 137.25 Td (191,321) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 363.75 137.25 Td (177,760) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 125.25 Td (Ag) Tj ET Q q 0 0 0 rg BT 45.32 125.25 Td (ency CR) Tj ET Q q 0 0 0 rg BT 67.66 125.25 Td (T) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 163.75 125.25 Td (300,713) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 213.75 125.25 Td (286,780) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 263.75 125.25 Td (229,510) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 313.75 125.25 Td (198,197) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 363.75 125.25 Td (152,126) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 113.25 Td (Leg) Tj ET Q q 0 0 0 rg BT 47.66 113.25 Td (acy RMBS Subor) Tj ET Q q 0 0 0 rg BT 93.70 113.25 Td (dina) Tj ET Q q 0 0 0 rg BT 105.94 113.25 Td (t) Tj ET Q q 0 0 0 rg BT 108.21 113.25 Td (e) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 167.30 113.25 Td (22,586) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 217.30 113.25 Td (26,920) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 267.30 113.25 Td (30,333) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 317.30 113.25 Td (18,993) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 367.30 113.25 Td (22,294) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 101.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.10 101.25 Td (ot) Tj ET Q q 0 0 0 rg BT 46.78 101.25 Td (al r) Tj ET Q q 0 0 0 rg BT 55.68 101.25 Td (esiden) Tj ET Q q 0 0 0 rg BT 74.26 101.25 Td (tial subor) Tj ET Q q 0 0 0 rg BT 100.90 101.25 Td (dina) Tj ET Q q 0 0 0 rg BT 113.14 101.25 Td (t) Tj ET Q q 0 0 0 rg BT 115.41 101.25 Td (es) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 163.75 101.25 Td (902,647) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 213.75 101.25 Td (858,169) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 263.75 101.25 Td (797,895) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 313.75 101.25 Td (777,430) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 363.75 101.25 Td (667,577) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 38.00 89.25 Td (Multif) Tj ET Q q 0 0 0 rg BT 55.22 89.25 Td (amily) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 163.75 89.25 Td (324,025) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 213.75 89.25 Td (243,071) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 263.75 89.25 Td (170,309) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 313.75 89.25 Td (138,681) Tj ET Q BT /F7 7.00 Tf ET q 0 0 0 rg BT 367.30 89.25 Td (91,770) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 38.00 77.25 Td (T) Tj ET Q q 0 0 0 rg BT 40.86 77.25 Td (ot) Tj ET Q q 0 0 0 rg BT 46.98 77.25 Td (al subor) Tj ET Q q 0 0 0 rg BT 70.21 77.25 Td (dina) Tj ET Q q 0 0 0 rg BT 82.83 77.25 Td (t) Tj ET Q q 0 0 0 rg BT 85.17 77.25 Td (e securities) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 146.00 77.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 158.35 77.25 Td (1,226,672) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 196.00 77.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 208.35 77.25 Td (1,101,240) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 246.00 77.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 263.70 77.25 Td (968,204) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 296.00 77.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 313.70 77.25 Td (916,111) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 346.00 77.25 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 363.70 77.25 Td (759,347) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 59.10 Td (\(1\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 59.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.69 59.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 79.20 59.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.95 59.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 112.41 59.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 135.47 59.10 Td (Re-REMIC ) Tj ET Q q 0 0 0 rg BT 169.10 59.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 200.08 59.10 Td (we ) Tj ET Q q 0 0 0 rg BT 210.97 59.10 Td (held ) Tj ET Q q 0 0 0 rg BT 226.66 59.10 Td (were ) Tj ET Q q 0 0 0 rg BT 243.64 59.10 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 280.09 59.10 Td (for ) Tj ET Q q 0 0 0 rg BT 290.58 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.64 59.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 337.77 59.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 358.63 59.10 Td (securities.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 50.70 Td (\(2\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 50.70 Td (Includes ) Tj ET Q q 0 0 0 rg BT 81.75 50.70 Td ($328 ) Tj ET Q q 0 0 0 rg BT 99.22 50.70 Td (million ) Tj ET Q q 0 0 0 rg BT 121.87 50.70 Td (and ) Tj ET Q q 0 0 0 rg BT 135.58 50.70 Td ($318 ) Tj ET Q q 0 0 0 rg BT 153.06 50.70 Td (million ) Tj ET Q q 0 0 0 rg BT 175.70 50.70 Td (of ) Tj ET Q q 0 0 0 rg BT 183.83 50.70 Td (Choice ) Tj ET Q q 0 0 0 rg BT 207.66 50.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 225.91 50.70 Td (securitized ) Tj ET Q q 0 0 0 rg BT 261.12 50.70 Td (during ) Tj ET Q q 0 0 0 rg BT 283.37 50.70 Td (the ) Tj ET Q q 0 0 0 rg BT 295.39 50.70 Td (fourth ) Tj ET Q q 0 0 0 rg BT 315.96 50.70 Td (and ) Tj ET Q q 0 0 0 rg BT 329.67 50.70 Td (third ) Tj ET Q q 0 0 0 rg BT 345.96 50.70 Td (quarters ) Tj ET Q q 0 0 0 rg BT 373.51 50.70 Td (of ) Tj ET Q q 0 0 0 rg BT 381.65 50.70 Td (2017, ) Tj ET Q q 0 0 0 rg BT 401.07 50.70 Td (respectively, ) Tj ET Q q 0 0 0 rg BT 441.87 50.70 Td (which ) Tj ET Q q 0 0 0 rg BT 461.67 50.70 Td (were ) Tj ET Q q 0 0 0 rg BT 478.61 50.70 Td (not ) Tj ET Q q 0 0 0 rg BT 490.89 50.70 Td (treated ) Tj ET Q q 0 0 0 rg BT 515.33 50.70 Td (as ) Tj ET Q q 0 0 0 rg BT 523.86 50.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 540.93 50.70 Td (for ) Tj ET Q q 0 0 0 rg BT 551.39 50.70 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 572.36 50.70 Td (purposes ) Tj ET Q q 0 0 0 rg BT 603.05 50.70 Td (and ) Tj ET Q q 0 0 0 rg BT 616.76 50.70 Td (continue ) Tj ET Q q 0 0 0 rg BT 645.77 50.70 Td (to ) Tj ET Q q 0 0 0 rg BT 654.15 50.70 Td (be ) Tj ET Q q 0 0 0 rg BT 664.23 50.70 Td (reported ) Tj ET Q q 0 0 0 rg BT 693.47 50.70 Td (on ) Tj ET Q q 0 0 0 rg BT 703.42 50.70 Td (our ) Tj ET Q q 0 0 0 rg BT 715.70 50.70 Td (consolidated ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 42.35 Td (balance ) Tj ET Q q 0 0 0 rg BT 80.33 42.35 Td (sheets ) Tj ET Q q 0 0 0 rg BT 102.24 42.35 Td (as ) Tj ET Q q 0 0 0 rg BT 110.80 42.35 Td (residential ) Tj ET Q q 0 0 0 rg BT 144.88 42.35 Td (loans ) Tj ET Q q 0 0 0 rg BT 163.16 42.35 Td (held-for-investment ) Tj ET Q q 0 0 0 rg BT 225.89 42.35 Td (within ) Tj ET Q q 0 0 0 rg BT 246.37 42.35 Td (our ) Tj ET Q q 0 0 0 rg BT 258.68 42.35 Td (Investment ) Tj ET Q q 0 0 0 rg BT 295.01 42.35 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 323.52 42.35 Td (segment.) 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242.50 280.50 60.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 498.50 280.50 60.00 -15.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 242.50 265.50 60.00 -4.00 re f /GS0 gs 0.8745098039215686 0.8784313725490196 0.8196078431372549 rg /GS0 gs 498.50 265.50 60.00 -4.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 35.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.5 m 73.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 540.5 m 73.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 575.5 m 242.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 540.5 m 242.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 575.5 m 302.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 540.5 m 302.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 575.5 m 306.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 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0 d 0 J 0 j 3 M 498.5 575.5 m 558.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 540.5 m 558.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 575.5 m 562.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 540.5 m 562.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 575.5 m 622.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 540.5 m 622.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 575.5 m 626.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 540.5 m 626.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 575.5 m 686.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 540.5 m 686.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 575.5 m 690.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 540.5 m 690.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 575.5 m 750.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 540.5 m 750.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 575.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 575.5 m 755.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 540.5 m 755.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 540.5 m 73.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 540.5 m 242.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 540.5 m 302.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 525.5 m 302.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 540.5 m 306.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 525.5 m 306.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 540.5 m 366.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 525.5 m 366.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 540.5 m 370.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 525.5 m 370.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 540.5 m 430.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 525.5 m 430.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 540.5 m 434.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 525.5 m 434.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 540.5 m 494.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 525.5 m 494.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 540.5 m 498.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 525.5 m 498.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 540.5 m 558.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 525.5 m 558.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 540.5 m 562.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 525.5 m 562.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 540.5 m 622.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 525.5 m 622.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 540.5 m 626.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 525.5 m 626.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 540.5 m 686.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 525.5 m 686.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 540.5 m 690.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 525.5 m 690.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 540.5 m 750.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 525.5 m 750.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 35.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 525.5 m 73.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 525.5 m 242.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 525.5 m 242.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 525.5 m 302.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 512.5 m 302.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 525.5 m 306.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 512.5 m 306.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 525.5 m 366.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 512.5 m 366.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 525.5 m 370.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 512.5 m 370.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 525.5 m 430.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 512.5 m 430.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 525.5 m 434.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 512.5 m 434.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 525.5 m 494.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 512.5 m 494.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 525.5 m 498.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 525.5 m 498.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 525.5 m 498.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 525.5 m 558.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 512.5 m 558.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 525.5 m 562.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 512.5 m 562.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 525.5 m 622.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 512.5 m 622.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 525.5 m 626.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 512.5 m 626.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 525.5 m 686.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 512.5 m 686.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 525.5 m 690.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 512.5 m 690.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 525.5 m 750.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 512.5 m 750.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 525.5 m 755.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 525.5 m 755.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 512.5 m 755.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 512.5 m 35.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 512.5 m 242.5 497.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 497.5 m 366.5 497.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 497.5 m 370.5 497.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 497.5 m 430.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 512.5 m 498.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 512.5 m 498.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 512.5 m 498.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 512.5 m 558.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 512.5 m 562.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 512.5 m 622.5 512.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 497.5 m 622.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 512.5 m 626.5 512.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 497.5 m 626.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 512.5 m 686.5 512.5 l s 1 1 1 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 497.5 m 686.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 512.5 m 690.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 512.5 m 750.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 512.5 m 755.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 512.5 m 755.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 497.5 m 35.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 497.5 m 242.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 459.5 m 302.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 459.5 m 306.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 459.5 m 366.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 459.5 m 370.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 459.5 m 430.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 459.5 m 434.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 459.5 m 494.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 459.5 m 498.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 497.5 m 498.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 459.5 m 558.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 459.5 m 562.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 459.5 m 622.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 459.5 m 626.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 459.5 m 686.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 459.5 m 690.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 459.5 m 750.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 497.5 m 755.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 459.5 m 755.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 459.5 m 35.5 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 459.5 m 242.5 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 459.5 m 242.5 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 459.5 m 302.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 459.5 m 306.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 459.5 m 366.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 459.5 m 370.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 459.5 m 430.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 459.5 m 434.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 459.5 m 494.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 459.5 m 498.5 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 459.5 m 498.5 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 459.5 m 558.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 459.5 m 562.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 459.5 m 622.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 459.5 m 626.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 459.5 m 686.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 459.5 m 690.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 459.5 m 750.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 459.5 m 755.5 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 446.5 m 35.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 446.5 m 242.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 446.5 m 242.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 446.5 m 498.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 446.5 m 498.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 446.5 m 755.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 433.5 m 35.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 433.5 m 242.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 433.5 m 242.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 433.5 m 498.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 433.5 m 498.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 433.5 m 755.5 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 420.5 m 35.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 407.5 m 73.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 420.5 m 242.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 407.5 m 242.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 420.5 m 242.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 407.5 m 302.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 407.5 m 306.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 407.5 m 366.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 407.5 m 370.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 407.5 m 430.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 407.5 m 434.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 407.5 m 494.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 420.5 m 498.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 407.5 m 498.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 420.5 m 498.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 407.5 m 558.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 407.5 m 562.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 407.5 m 622.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 407.5 m 626.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 407.5 m 686.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 407.5 m 690.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 407.5 m 750.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 420.5 m 755.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 407.5 m 755.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 407.5 m 35.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 407.5 m 242.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 407.5 m 242.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 407.5 m 366.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 407.5 m 498.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 407.5 m 498.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 407.5 m 622.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 407.5 m 755.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 394.5 m 35.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 394.5 m 242.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 394.5 m 242.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 394.5 m 498.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 394.5 m 498.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 394.5 m 755.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 381.5 m 35.5 366.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 381.5 m 73.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 367.5 m 73.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 365.5 m 73.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 381.5 m 242.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 367.5 m 242.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 365.5 m 242.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 381.5 m 242.5 366.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 381.5 m 302.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 367.5 m 302.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 365.5 m 302.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 381.5 m 306.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 367.5 m 306.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 365.5 m 306.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 381.5 m 366.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 367.5 m 366.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 365.5 m 366.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 381.5 m 370.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 367.5 m 370.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 365.5 m 370.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 381.5 m 430.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 367.5 m 430.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 365.5 m 430.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 381.5 m 434.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 367.5 m 434.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 365.5 m 434.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 381.5 m 494.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 367.5 m 494.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 365.5 m 494.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 381.5 m 498.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 367.5 m 498.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 365.5 m 498.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 381.5 m 498.5 366.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 381.5 m 558.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 367.5 m 558.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 365.5 m 558.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 381.5 m 562.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 367.5 m 562.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 365.5 m 562.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 381.5 m 622.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 367.5 m 622.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 365.5 m 622.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 381.5 m 626.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 367.5 m 626.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 365.5 m 626.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 381.5 m 686.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 367.5 m 686.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 365.5 m 686.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 381.5 m 690.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 367.5 m 690.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 365.5 m 690.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 381.5 m 750.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 367.5 m 750.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 365.5 m 750.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 381.5 m 755.5 366.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 381.5 m 755.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 367.5 m 755.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 365.5 m 755.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 366.5 m 35.5 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 366.5 m 242.5 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 366.5 m 242.5 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 365.5 m 494.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 367.5 m 494.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 366.5 m 498.5 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 366.5 m 498.5 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 365.5 m 750.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 367.5 m 750.5 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 366.5 m 755.5 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 349.5 m 35.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 349.5 m 242.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 349.5 m 242.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 349.5 m 498.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 349.5 m 498.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 349.5 m 755.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 336.5 m 35.5 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 336.5 m 242.5 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 336.5 m 242.5 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 336.5 m 498.5 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 336.5 m 498.5 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 336.5 m 755.5 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 323.5 m 35.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 310.5 m 73.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 323.5 m 242.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 310.5 m 242.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 323.5 m 242.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 310.5 m 302.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 310.5 m 306.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 310.5 m 366.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 310.5 m 370.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 310.5 m 430.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 310.5 m 434.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 310.5 m 494.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 323.5 m 498.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 310.5 m 498.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 323.5 m 498.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 310.5 m 558.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 310.5 m 562.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 310.5 m 622.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 310.5 m 626.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 310.5 m 686.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 310.5 m 690.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 310.5 m 750.5 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 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297.5 m 242.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 297.5 m 498.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 297.5 m 755.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 293.5 m 35.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 293.5 m 242.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 293.5 m 242.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 293.5 m 498.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 293.5 m 498.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 293.5 m 755.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 280.5 m 35.5 265.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 280.5 m 73.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 266.5 m 73.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 264.5 m 73.5 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 280.5 m 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370.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 266.5 m 370.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 264.5 m 370.5 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 280.5 m 430.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 266.5 m 430.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 264.5 m 430.5 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 280.5 m 434.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 266.5 m 434.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 264.5 m 434.5 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 280.5 m 494.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 266.5 m 494.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 264.5 m 494.5 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 280.5 m 498.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 266.5 m 498.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 264.5 m 498.5 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 280.5 m 498.5 265.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 280.5 m 558.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 266.5 m 558.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 264.5 m 558.5 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 280.5 m 562.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 266.5 m 562.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 264.5 m 562.5 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 280.5 m 622.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 266.5 m 622.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 264.5 m 622.5 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 280.5 m 626.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 266.5 m 626.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 264.5 m 626.5 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 280.5 m 686.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 266.5 m 686.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 264.5 m 686.5 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 280.5 m 690.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 266.5 m 690.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 264.5 m 690.5 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 280.5 m 750.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 266.5 m 750.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 264.5 m 750.5 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 280.5 m 755.5 265.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 280.5 m 755.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 266.5 m 755.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 264.5 m 755.5 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 265.5 m 35.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 264.5 m 73.5 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 266.5 m 73.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 261.5 m 73.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 265.5 m 242.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 73.5 261.5 m 242.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 265.5 m 242.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 261.5 m 302.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 261.5 m 306.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 261.5 m 366.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 261.5 m 370.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 261.5 m 430.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 261.5 m 434.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 261.5 m 494.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 261.5 m 498.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 265.5 m 498.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 261.5 m 558.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 261.5 m 562.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 261.5 m 622.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 261.5 m 626.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 626.5 261.5 m 686.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 261.5 m 690.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 261.5 m 750.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 755.5 265.5 m 755.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 750.5 261.5 m 755.5 261.5 l s BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 300.05 555.50 Td ( T) Tj ET Q q 1 1 1 rg BT 306.51 555.50 Td (able 9: Consolida) Tj ET Q q 1 1 1 rg BT 377.17 555.50 Td (ting Balance Shee) Tj ET Q q 1 1 1 rg BT 450.33 555.50 Td (t \($ in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 335.90 517.00 Td (December 31, 2017) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 590.75 517.00 Td (Sep) Tj ET Q q 1 1 1 rg BT 602.84 517.00 Td (t) Tj ET Q q 1 1 1 rg BT 605.54 517.00 Td (ember 30, 2017) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 334.55 502.00 Td (Consolida) Tj ET Q q 1 1 1 rg BT 366.97 502.00 Td (t) Tj ET Q q 1 1 1 rg BT 369.64 502.00 Td (ed VIEs ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 1 1 1 rg BT 395.54 505.81 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 590.55 502.00 Td (Consolida) Tj ET Q q 1 1 1 rg BT 622.97 502.00 Td (t) Tj ET Q q 1 1 1 rg BT 625.64 502.00 Td (ed VIEs ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 1 1 1 rg BT 651.54 505.81 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 268.30 472.00 Td (A) Tj ET Q q 1 1 1 rg BT 272.90 472.00 Td (t ) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 252.40 464.00 Td (R) Tj ET Q q 1 1 1 rg BT 256.79 464.00 Td (edw) Tj ET Q q 1 1 1 rg BT 271.00 464.00 Td (ood ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 1 1 1 rg BT 285.70 467.81 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 310.70 464.00 Td (Leg) Tj ET Q q 1 1 1 rg BT 321.83 464.00 Td (acy Sequoia) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 374.70 464.00 Td (Sequoia Choice) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 448.25 472.00 Td (R) Tj ET Q q 1 1 1 rg BT 452.64 472.00 Td (edw) Tj ET Q q 1 1 1 rg BT 466.85 472.00 Td (ood) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 442.25 464.00 Td (Consolida) Tj ET Q q 1 1 1 rg BT 474.67 464.00 Td (t) Tj ET Q q 1 1 1 rg BT 477.34 464.00 Td (ed) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 524.30 472.00 Td (A) Tj ET Q q 1 1 1 rg BT 528.90 472.00 Td (t ) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 508.70 464.00 Td (R) Tj ET Q q 1 1 1 rg BT 513.09 464.00 Td (edw) Tj ET Q q 1 1 1 rg BT 527.30 464.00 Td (ood) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 1 1 1 rg BT 540.20 467.81 Td ( \(1\)) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 566.70 464.00 Td (Leg) Tj ET Q q 1 1 1 rg BT 577.83 464.00 Td (acy Sequoia) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 630.70 464.00 Td (Sequoia Choice) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 704.25 472.00 Td (R) Tj ET Q q 1 1 1 rg BT 708.64 472.00 Td (edw) Tj ET Q q 1 1 1 rg BT 722.85 472.00 Td (ood) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 698.25 464.00 Td (Consolida) Tj ET Q q 1 1 1 rg BT 730.67 464.00 Td (t) Tj ET Q q 1 1 1 rg BT 733.34 464.00 Td (ed) Tj ET Q BT /F7 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 38.00 450.25 Td (R) Tj ET Q q 0 0 0 rg BT 42.81 450.25 Td (esiden) Tj ET Q q 0 0 0 rg BT 66.69 450.25 Td (tial loans) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 245.00 450.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 262.80 450.25 Td (3,862,331) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 309.00 450.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 333.60 450.25 Td (632,817) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 373.00 450.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 397.60 450.25 Td (620,062) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 437.00 450.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 454.80 450.25 Td (5,115,210) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 501.00 450.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 518.80 450.25 Td (3,194,483) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 565.00 450.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 589.60 450.25 Td (673,134) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 629.00 450.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 653.60 450.25 Td (317,303) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 693.00 450.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 710.80 450.25 Td (4,184,920) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 38.00 437.25 Td (R) Tj ET Q q 0 0 0 rg BT 42.81 437.25 Td (eal es) Tj ET Q q 0 0 0 rg BT 63.56 437.25 Td (t) Tj ET Q q 0 0 0 rg BT 66.47 437.25 Td (a) Tj ET Q q 0 0 0 rg BT 70.69 437.25 Td (t) Tj ET Q q 0 0 0 rg BT 73.61 437.25 Td (e securities) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 262.80 437.25 Td (1,476,510) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 355.10 437.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 419.10 437.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 454.80 437.25 Td (1,476,510) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 518.80 437.25 Td (1,356,272) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 611.10 437.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 675.10 437.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 710.80 437.25 Td (1,356,272) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 38.00 424.25 Td (Mortg) Tj ET Q q 0 0 0 rg BT 60.75 424.25 Td (ag) Tj ET Q q 0 0 0 rg BT 69.17 424.25 Td (e ser) Tj ET Q q 0 0 0 rg BT 86.83 424.25 Td (vicing righ) Tj ET Q q 0 0 0 rg BT 123.99 424.25 Td (ts) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 274.15 424.25 Td (63,598) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 355.10 424.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 419.10 424.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 466.15 424.25 Td (63,598) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 530.15 424.25 Td (62,928) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 611.10 424.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 675.10 424.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 722.15 424.25 Td (62,928) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 38.00 411.25 Td (Cash and c) Tj ET Q q 0 0 0 rg BT 76.96 411.25 Td (ash equiv) Tj ET Q q 0 0 0 rg BT 111.52 411.25 Td (alen) Tj ET Q q 0 0 0 rg BT 127.00 411.25 Td (ts) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 269.60 411.25 Td (144,663) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 355.10 411.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 419.10 411.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 461.60 411.25 Td (144,663) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 525.60 411.25 Td (257,611) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 611.10 411.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 675.10 411.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 717.60 411.25 Td (257,611) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 38.00 398.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.99 398.25 Td (ot) Tj ET Q q 0 0 0 rg BT 49.29 398.25 Td (al earning asse) Tj ET Q q 0 0 0 rg BT 103.17 398.25 Td (ts) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 262.80 398.25 Td (5,547,102) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 333.60 398.25 Td (632,817) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 397.60 398.25 Td (620,062) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 454.80 398.25 Td (6,799,981) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 518.80 398.25 Td (4,871,294) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 589.60 398.25 Td (673,134) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 653.60 398.25 Td (317,303) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 710.80 398.25 Td (5,861,731) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 38.00 385.25 Td (Other asse) Tj ET Q q 0 0 0 rg BT 77.13 385.25 Td (ts ) Tj ET Q BT /F7 9.00 Tf ET BT /F7 5.85 Tf ET q 0 0 0 rg BT 85.70 389.54 Td (\(2\)) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 269.60 385.25 Td (232,946) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 342.75 385.25 Td (4,367) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 406.75 385.25 Td (2,528) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 461.60 385.25 Td (239,841) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 525.60 385.25 Td (263,637) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 598.75 385.25 Td (4,065) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 662.75 385.25 Td (1,266) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 717.60 385.25 Td (268,968) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 38.00 371.25 Td (T) Tj ET Q q 0 0 0 rg BT 42.07 371.25 Td (ot) Tj ET Q q 0 0 0 rg BT 49.59 371.25 Td (al asse) Tj ET Q q 0 0 0 rg BT 74.36 371.25 Td (ts) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 245.00 371.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 262.80 371.25 Td (5,780,048) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 309.00 371.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 333.60 371.25 Td (637,184) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 373.00 371.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 397.60 371.25 Td (622,590) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 437.00 371.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 454.80 371.25 Td (7,039,822) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 501.00 371.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 518.80 371.25 Td (5,134,931) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 565.00 371.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 589.60 371.25 Td (677,199) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 629.00 371.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 653.60 371.25 Td (318,569) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 693.00 371.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 710.80 371.25 Td (6,130,699) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 38.00 354.25 Td (Short) Tj ET Q q 0 0 0 rg BT 57.62 354.25 Td 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0 rg BT 693.00 354.25 Td ($) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 710.80 354.25 Td (1,238,196) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 38.00 340.25 Td (Other liabilities) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 269.60 340.25 Td (146,673) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 349.55 340.25 Td (537) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 406.75 340.25 Td (2,035) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 461.60 340.25 Td (149,245) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 525.60 340.25 Td (163,551) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 605.55 340.25 Td (540) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 662.75 340.25 Td (1,045) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 717.60 340.25 Td (165,136) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 38.00 327.25 Td (ABS issued) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 291.10 327.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 333.60 327.25 Td (622,445) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 397.60 327.25 Td (542,140) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 454.80 327.25 Td (1,164,585) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 547.10 327.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 589.60 327.25 Td (657,960) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 653.60 327.25 Td (286,328) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 717.60 327.25 Td (944,288) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 38.00 314.25 Td (Long-t) Tj ET Q q 0 0 0 rg BT 61.22 314.25 Td (erm deb) Tj ET Q q 0 0 0 rg BT 91.92 314.25 Td (t, ne) Tj ET Q q 0 0 0 rg BT 108.38 314.25 Td (t) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 262.80 314.25 Td (2,575,023) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 355.10 314.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 419.10 314.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 454.80 314.25 Td (2,575,023) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 518.80 314.25 Td (2,574,439) Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 611.10 314.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 675.10 314.25 Td () Tj ET Q BT /F7 9.00 Tf ET q 0 0 0 rg BT 710.80 314.25 Td 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0 0 rg BT 642.79 247.60 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 681.20 247.60 Td (on ) Tj ET Q q 0 0 0 rg BT 691.60 247.60 Td (our ) Tj ET Q q 0 0 0 rg BT 704.34 247.60 Td (balance ) Tj ET Q q 0 0 0 rg BT 731.08 247.60 Td (sheet ) Tj ET Q q 0 0 0 rg BT 750.43 247.60 Td (in ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 239.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 91.76 239.25 Td (with ) Tj ET Q q 0 0 0 rg BT 106.68 239.25 Td (GAAP, ) Tj ET Q q 0 0 0 rg BT 128.59 239.25 Td (but ) Tj ET Q q 0 0 0 rg BT 141.05 239.25 Td (which ) Tj ET Q q 0 0 0 rg BT 160.90 239.25 Td (are ) Tj ET Q q 0 0 0 rg BT 172.59 239.25 Td (not ) Tj ET Q q 0 0 0 rg BT 184.92 239.25 Td (legally ) Tj ET Q q 0 0 0 rg BT 207.11 239.25 Td (ours, ) Tj ET Q q 0 0 0 rg BT 224.37 239.25 Td (and ) Tj ET Q q 0 0 0 rg BT 238.13 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 250.21 239.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 279.38 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 287.57 239.25 Td (these ) Tj ET Q q 0 0 0 rg BT 306.52 239.25 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BT 725.15 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 737.23 239.25 Td (assets ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 230.85 Td (that ) Tj ET Q q 0 0 0 rg BT 68.13 230.85 Td (are ) Tj ET Q q 0 0 0 rg BT 79.79 230.85 Td (legally ) Tj ET Q q 0 0 0 rg BT 101.96 230.85 Td (ours ) Tj ET Q q 0 0 0 rg BT 117.26 230.85 Td (and ) Tj ET Q q 0 0 0 rg BT 131.01 230.85 Td (the ) Tj ET Q q 0 0 0 rg BT 143.07 230.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 172.22 230.85 Td (of ) Tj ET Q q 0 0 0 rg BT 180.39 230.85 Td (ours ) Tj ET Q q 0 0 0 rg BT 195.69 230.85 Td (for ) Tj ET Q q 0 0 0 rg BT 206.18 230.85 Td (which ) Tj ET Q q 0 0 0 rg BT 226.02 230.85 Td (there ) Tj ET Q q 0 0 0 rg BT 244.17 230.85 Td (is ) Tj ET Q q 0 0 0 rg BT 250.78 230.85 Td (recourse ) Tj ET Q q 0 0 0 rg BT 279.43 230.85 Td (to ) Tj ET Q q 0 0 0 rg BT 287.85 230.85 Td (us.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 36.00 216.45 Td (\(2\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 216.45 Td (At ) Tj ET Q q 0 0 0 rg BT 63.04 216.45 Td (both ) Tj ET Q q 0 0 0 rg BT 79.60 216.45 Td (December ) Tj ET Q q 0 0 0 rg BT 114.31 216.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 125.95 216.45 Td (2017 ) Tj ET Q q 0 0 0 rg BT 143.43 216.45 Td (and ) Tj ET Q q 0 0 0 rg BT 157.14 216.45 Td (September ) Tj ET Q q 0 0 0 rg BT 193.78 216.45 Td (30, ) Tj ET Q q 0 0 0 rg BT 205.42 216.45 Td (2017, ) Tj ET Q q 0 0 0 rg BT 224.84 216.45 Td (other ) Tj ET Q q 0 0 0 rg BT 243.34 216.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 264.05 216.45 Td (at ) Tj ET Q q 0 0 0 rg BT 271.92 216.45 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 303.78 216.45 Td (included ) Tj ET Q q 0 0 0 rg BT 332.65 216.45 Td (a ) Tj ET Q q 0 0 0 rg BT 338.19 216.45 Td (total ) Tj ET Q q 0 0 0 rg BT 354.22 216.45 Td (of ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.35 216.45 Td ($43 ) Tj ET Q q 0 0 0 rg BT 375.94 216.45 Td (million) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 396.68 216.45 Td ( ) Tj ET Q q 0 0 0 rg BT 398.59 216.45 Td (of ) Tj ET Q q 0 0 0 rg BT 406.72 216.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 427.42 216.45 Td (held ) Tj ET Q q 0 0 0 rg BT 443.07 216.45 Td (by ) Tj ET Q q 0 0 0 rg BT 452.63 216.45 Td (third-party ) Tj ET Q q 0 0 0 rg BT 487.19 216.45 Td (custodians ) Tj ET Q q 0 0 0 rg BT 522.29 216.45 Td (and ) Tj ET Q q 0 0 0 rg BT 536.00 216.45 Td (pledged ) Tj ET Q q 0 0 0 rg BT 564.48 216.45 Td (as ) Tj ET Q q 0 0 0 rg BT 573.01 216.45 Td (collateral ) Tj ET Q q 0 0 0 rg BT 603.29 216.45 Td (to ) Tj ET Q q 0 0 0 rg BT 611.68 216.45 Td (the ) Tj ET Q q 0 0 0 rg BT 623.70 216.45 Td (GSEs ) Tj ET Q q 0 0 0 rg BT 642.08 216.45 Td (in ) Tj ET Q q 0 0 0 rg BT 649.57 216.45 Td (connection ) Tj ET Q q 0 0 0 rg BT 686.11 216.45 Td (with ) Tj ET Q q 0 0 0 rg BT 700.97 216.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 720.64 216.45 Td (risk-sharing ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 208.05 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 98.98 208.05 Td (relating ) Tj ET Q q 0 0 0 rg BT 124.50 208.05 Td (to ) Tj ET Q q 0 0 0 rg BT 132.93 208.05 Td (conforming ) Tj ET Q q 0 0 0 rg BT 170.77 208.05 Td (residential ) Tj ET Q q 0 0 0 rg BT 204.86 208.05 Td (loans. ) Tj ET Q q 0 0 0 rg BT 225.09 208.05 Td (These ) Tj ET Q q 0 0 0 rg BT 245.71 208.05 Td (pledged ) Tj ET Q q 0 0 0 rg BT 274.23 208.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 294.97 208.05 Td (can ) Tj ET Q q 0 0 0 rg BT 307.81 208.05 Td (only ) Tj ET Q q 0 0 0 rg BT 322.85 208.05 Td (be ) Tj ET Q q 0 0 0 rg BT 332.97 208.05 Td (used ) Tj ET Q q 0 0 0 rg BT 349.96 208.05 Td (to ) Tj ET Q q 0 0 0 rg BT 358.38 208.05 Td (settle ) Tj ET Q q 0 0 0 rg BT 377.43 208.05 Td (obligations ) Tj ET Q q 0 0 0 rg BT 414.11 208.05 Td (to ) Tj ET Q q 0 0 0 rg BT 422.53 208.05 Td (the ) Tj ET Q q 0 0 0 rg BT 434.60 208.05 Td (GSEs ) Tj ET Q q 0 0 0 rg BT 453.01 208.05 Td (under ) Tj ET Q q 0 0 0 rg BT 473.23 208.05 Td (these ) Tj ET Q q 0 0 0 rg BT 492.17 208.05 Td (risk-sharing ) Tj ET Q q 0 0 0 rg BT 529.49 208.05 Td (arrangements.) 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209.93 571.45 Td (Investment ) Tj ET Q q 0 0 0 rg BT 268.81 571.45 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 315.39 571.45 Td (segment ) Tj ET Q q 0 0 0 rg BT 363.01 571.45 Td (primarily ) Tj ET Q q 0 0 0 rg BT 410.19 571.45 Td (consists ) Tj ET Q q 0 0 0 rg BT 453.32 571.45 Td (of ) Tj ET Q q 0 0 0 rg BT 467.94 571.45 Td (investments ) Tj ET Q q 0 0 0 rg BT 531.24 571.45 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 555.80 Td (residential ) Tj ET Q q 0 0 0 rg BT 127.59 555.80 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 164.06 555.80 Td (loans ) Tj ET Q q 0 0 0 rg BT 194.82 555.80 Td (and ) Tj ET Q q 0 0 0 rg BT 218.46 555.80 Td (real ) Tj ET Q q 0 0 0 rg BT 241.47 555.80 Td (estate ) Tj ET Q q 0 0 0 rg BT 276.50 555.80 Td (securities. ) Tj ET Q q 0 0 0 rg BT 330.26 555.80 Td (Our ) Tj ET Q q 0 0 0 rg BT 354.30 555.80 Td (securities ) Tj ET Q q 0 0 0 rg BT 405.01 555.80 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 452.24 555.80 Td (primarily ) Tj ET Q q 0 0 0 rg BT 499.66 555.80 Td (includes ) Tj 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Q q 0 0 0 rg BT 522.28 421.85 Td (tax, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 406.25 Td (and ) Tj ET Q q 0 0 0 rg BT 93.45 406.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 124.25 406.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 175.02 406.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 223.79 406.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 278.44 406.25 Td (with ) Tj ET Q q 0 0 0 rg BT 301.70 406.25 Td (these ) Tj ET Q q 0 0 0 rg BT 331.31 406.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 376.57 406.25 Td (are ) Tj ET Q q 0 0 0 rg BT 394.76 406.25 Td (also ) Tj ET Q q 0 0 0 rg BT 417.22 406.25 Td (included ) Tj ET Q q 0 0 0 rg BT 462.50 406.25 Td (in ) Tj ET Q q 0 0 0 rg BT 474.16 406.25 Td (this ) Tj ET Q q 0 0 0 rg BT 494.18 406.25 Td (segment.) Tj ET Q BT /F10 13.00 Tf ET q 0 0 0 rg BT 72.00 378.75 Td (Residential ) Tj ET Q q 0 0 0 rg BT 132.69 378.75 Td (Mor) Tj ET Q q 0 0 0 rg BT 154.69 378.75 Td (tg) Tj ET Q q 0 0 0 rg BT 164.05 378.75 Td (a) Tj ET Q q 0 0 0 rg BT 169.81 378.75 Td (g) Tj ET Q q 0 0 0 rg BT 175.30 378.75 Td (e ) Tj ET Q q 0 0 0 rg BT 184.26 378.75 Td (Banking:) Tj ET Q q 0 0 0 rg BT 230.88 378.75 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 234.96 378.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 257.35 378.75 Td (Residential ) Tj ET Q q 0 0 0 rg BT 314.38 378.75 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 366.71 378.75 Td (Banking ) Tj ET Q q 0 0 0 rg BT 409.70 378.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 455.93 378.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 501.71 378.75 Td (consists ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 363.15 Td (of ) Tj ET Q q 0 0 0 rg BT 84.38 363.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 134.85 363.15 Td (a ) Tj ET Q q 0 0 0 rg BT 143.16 363.15 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 194.23 363.15 Td (loan ) Tj ET Q q 0 0 0 rg BT 217.82 363.15 Td (conduit ) Tj ET Q q 0 0 0 rg BT 257.49 363.15 Td (that ) Tj ET Q q 0 0 0 rg BT 279.23 363.15 Td (acquires ) Tj ET Q q 0 0 0 rg BT 322.58 363.15 Td (prime ) Tj ET Q q 0 0 0 rg BT 353.68 363.15 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 387.66 363.15 Td (residential ) Tj ET Q q 0 0 0 rg BT 440.76 363.15 Td (loans ) Tj ET Q q 0 0 0 rg BT 469.04 363.15 Td (on ) Tj ET Q q 0 0 0 rg BT 484.28 363.15 Td (a ) Tj ET Q q 0 0 0 rg BT 492.59 363.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 515.56 363.15 Td (basis ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 347.55 Td (from ) Tj ET Q q 0 0 0 rg BT 98.71 347.55 Td (a ) Tj ET Q q 0 0 0 rg BT 108.53 347.55 Td (network ) Tj ET Q q 0 0 0 rg BT 151.94 347.55 Td (of ) Tj ET Q q 0 0 0 rg BT 165.83 347.55 Td (third-party ) Tj ET Q q 0 0 0 rg BT 221.24 347.55 Td (originators ) Tj ET Q q 0 0 0 rg BT 277.86 347.55 Td (for ) Tj ET Q q 0 0 0 rg BT 295.40 347.55 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 356.56 347.55 Td 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0 rg BT 134.18 316.30 Td (distribute ) Tj ET Q q 0 0 0 rg BT 183.77 316.30 Td (the ) Tj ET Q q 0 0 0 rg BT 202.64 316.30 Td (loans ) Tj ET Q q 0 0 0 rg BT 231.29 316.30 Td (through ) Tj ET Q q 0 0 0 rg BT 272.98 316.30 Td (either ) Tj ET Q q 0 0 0 rg BT 304.26 316.30 Td (our ) Tj ET Q q 0 0 0 rg BT 323.53 316.30 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 366.46 316.30 Td (private-label ) Tj ET Q q 0 0 0 rg BT 430.72 316.30 Td (securitization ) Tj ET Q q 0 0 0 rg BT 497.85 316.30 Td (program ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 300.65 Td (or ) Tj ET Q q 0 0 0 rg BT 85.23 300.65 Td (to ) Tj ET Q q 0 0 0 rg BT 98.47 300.65 Td (institutions ) Tj ET Q q 0 0 0 rg BT 154.67 300.65 Td (that ) Tj ET Q q 0 0 0 rg BT 176.86 300.65 Td (acquire ) Tj ET Q q 0 0 0 rg BT 215.98 300.65 Td (pools ) Tj ET Q q 0 0 0 rg BT 246.13 300.65 Td (of ) Tj ET Q q 0 0 0 rg BT 258.97 300.65 Td (whole ) Tj ET Q q 0 0 0 rg BT 291.36 300.65 Td (loans. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 276.05 Td 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(annual ) Tj ET Q q 0 0 0 rg BT 433.36 378.35 Td (REIT ) Tj ET Q q 0 0 0 rg BT 460.32 378.35 Td (taxable ) Tj ET Q q 0 0 0 rg BT 500.87 378.35 Td (income. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 362.70 Td (However, ) Tj ET Q q 0 0 0 rg BT 121.33 362.70 Td (we ) Tj ET Q q 0 0 0 rg BT 139.08 362.70 Td (currently ) Tj ET Q q 0 0 0 rg BT 185.13 362.70 Td (maintain ) Tj ET Q q 0 0 0 rg BT 230.77 362.70 Td (a ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 240.17 362.70 Td ($58 ) Tj ET Q q 0 0 0 rg BT 262.21 362.70 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 294.80 362.70 Td ( ) Tj ET Q q 0 0 0 rg BT 298.49 362.70 Td (federal ) Tj ET Q q 0 0 0 rg BT 336.39 362.70 Td (net ) Tj ET Q q 0 0 0 rg BT 355.97 362.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 407.52 362.70 Td (loss ) Tj ET Q q 0 0 0 rg BT 429.75 362.70 Td (carry ) Tj ET Q q 0 0 0 rg BT 457.05 362.70 Td (forward ) Tj ET Q q 0 0 0 rg BT 498.00 362.70 Td (\(NOL\) ) Tj ET Q q 0 0 0 rg BT 530.64 362.70 Td (at ) Tj ET Q BT /F3 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331.50 Td (than ) Tj ET Q q 0 0 0 rg BT 153.32 331.50 Td (distributing ) Tj ET Q q 0 0 0 rg BT 212.24 331.50 Td (it ) Tj ET Q q 0 0 0 rg BT 221.46 331.50 Td (as ) Tj ET Q q 0 0 0 rg BT 234.79 331.50 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 288.46 331.50 Td (Federal ) Tj ET Q q 0 0 0 rg BT 328.47 331.50 Td (income ) Tj ET Q q 0 0 0 rg BT 367.47 331.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 385.07 331.50 Td (rules ) Tj ET Q q 0 0 0 rg BT 411.22 331.50 Td (require ) Tj ET Q q 0 0 0 rg BT 448.77 331.50 Td (the ) Tj ET Q q 0 0 0 rg BT 467.60 331.50 Td (dividends ) Tj ET Q q 0 0 0 rg BT 518.21 331.50 Td (paid ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 315.85 Td (deduction ) Tj ET Q q 0 0 0 rg BT 126.74 315.85 Td (to ) Tj ET Q q 0 0 0 rg BT 141.73 315.85 Td (be ) Tj ET Q q 0 0 0 rg BT 159.38 315.85 Td (applied ) Tj ET Q q 0 0 0 rg BT 201.48 315.85 Td (to ) Tj ET Q q 0 0 0 rg BT 216.47 315.85 Td (reduce ) Tj ET Q q 0 0 0 rg BT 255.12 315.85 Td (REIT ) Tj ET Q q 0 0 0 rg BT 282.20 315.85 Td (taxable ) Tj ET Q q 0 0 0 rg BT 322.86 315.85 Td (income ) Tj ET Q q 0 0 0 rg BT 363.75 315.85 Td (before ) Tj ET Q q 0 0 0 rg BT 400.75 315.85 Td (the ) Tj ET Q q 0 0 0 rg BT 421.47 315.85 Td (applicability ) Tj ET Q q 0 0 0 rg BT 485.34 315.85 Td (of ) Tj ET Q q 0 0 0 rg BT 499.94 315.85 Td (NOLs ) Tj ET Q q 0 0 0 rg BT 532.67 315.85 Td (is ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 300.25 Td (considered. ) Tj ET Q q 0 0 0 rg BT 133.47 300.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 156.44 300.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 209.13 300.25 Td (REIT ) Tj ET Q q 0 0 0 rg BT 235.41 300.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 275.28 300.25 Td (income ) Tj ET Q q 0 0 0 rg BT 315.37 300.25 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 367.90 300.25 Td (our ) Tj ET Q q 0 0 0 rg BT 388.21 300.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 435.22 300.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 499.71 300.25 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 512.48 300.25 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 536.95 300.25 Td (; ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 284.60 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 123.21 284.60 Td (we ) Tj ET Q q 0 0 0 rg BT 140.60 284.60 Td (expect ) Tj ET Q q 0 0 0 rg BT 177.14 284.60 Td (to ) Tj ET Q q 0 0 0 rg BT 190.65 284.60 Td (utilize ) Tj ET Q q 0 0 0 rg BT 222.50 284.60 Td ($2 ) Tj ET Q q 0 0 0 rg BT 238.07 284.60 Td (million ) Tj ET Q q 0 0 0 rg BT 273.99 284.60 Td (of ) Tj ET Q q 0 0 0 rg BT 287.11 284.60 Td (our ) Tj ET Q q 0 0 0 rg BT 306.73 284.60 Td (NOL ) Tj ET Q q 0 0 0 rg BT 333.30 284.60 Td (in ) Tj ET Q q 0 0 0 rg BT 345.39 284.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 373.19 284.60 Td (and ) Tj ET Q q 0 0 0 rg BT 395.07 284.60 Td (the ) Tj ET Q q 0 0 0 rg BT 414.30 284.60 Td (remaining ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 466.52 284.60 Td ($57 ) Tj ET Q q 0 0 0 rg BT 488.20 284.60 Td (million) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 520.80 284.60 Td ( ) Tj ET Q q 0 0 0 rg BT 524.13 284.60 Td (will ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 269.00 Td (carry ) Tj ET Q q 0 0 0 rg BT 98.67 269.00 Td (forward ) Tj ET Q q 0 0 0 rg BT 138.99 269.00 Td (into ) Tj ET Q q 0 0 0 rg BT 160.98 269.00 Td (2018.) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 238.05 733.94 Td ( D I V I D E N D P O L I C Y) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 299.40 24.25 Td (35) Tj ET Q BT /F1 10.00 Tf ET BT /F10 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Income ) Tj ET Q q 0 0 0 rg BT 109.95 702.30 Td (T) Tj ET Q q 0 0 0 rg BT 117.60 702.30 Td (ax Char) Tj ET Q q 0 0 0 rg BT 159.66 702.30 Td (acter) Tj ET Q q 0 0 0 rg BT 183.40 702.30 Td (iza) Tj ET Q q 0 0 0 rg BT 199.13 702.30 Td (tion of Di) Tj ET Q q 0 0 0 rg BT 249.97 702.30 Td (vidend f) Tj ET Q q 0 0 0 rg BT 289.41 702.30 Td (or Shar) Tj ET Q q 0 0 0 rg BT 326.53 702.30 Td (eholders) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 680.65 Td (Our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 93.08 680.65 Td (2017) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 117.55 680.65 Td ( ) Tj ET Q q 0 0 0 rg BT 119.69 680.65 Td (dividend ) Tj ET Q q 0 0 0 rg BT 164.82 680.65 Td (distributions ) Tj ET Q q 0 0 0 rg BT 227.43 680.65 Td (are ) Tj ET Q q 0 0 0 rg BT 244.85 680.65 Td (expected ) Tj ET Q q 0 0 0 rg BT 293.04 680.65 Td (to ) Tj ET Q q 0 0 0 rg BT 305.35 680.65 Td (be ) Tj ET Q q 0 0 0 rg BT 320.33 680.65 Td (characterized ) Tj ET Q q 0 0 0 rg BT 387.84 680.65 Td (for ) Tj ET Q q 0 0 0 rg BT 403.42 680.65 Td (federal ) Tj ET Q q 0 0 0 rg BT 439.77 680.65 Td (income ) Tj ET Q q 0 0 0 rg BT 477.98 680.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 494.78 680.65 Td (purposes ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 665.05 Td (as ) Tj ET Q q 0 0 0 rg BT 84.56 665.05 Td (71% ) Tj ET Q q 0 0 0 rg BT 108.12 665.05 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 150.41 665.05 Td (dividend ) Tj ET Q q 0 0 0 rg BT 195.56 665.05 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633.80 Td (taxable ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 618.20 Td (income ) Tj ET Q q 0 0 0 rg BT 111.35 618.20 Td (and ) Tj ET Q q 0 0 0 rg BT 133.17 618.20 Td (net ) Tj ET Q q 0 0 0 rg BT 152.33 618.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 187.98 618.20 Td (gains ) Tj ET Q q 0 0 0 rg BT 217.13 618.20 Td (we ) Tj ET Q q 0 0 0 rg BT 234.47 618.20 Td (generated ) Tj ET Q q 0 0 0 rg BT 288.67 618.20 Td (in ) Tj ET Q q 0 0 0 rg BT 300.70 618.20 Td (2017 ) Tj ET Q q 0 0 0 rg BT 328.45 618.20 Td (prior ) Tj ET Q q 0 0 0 rg BT 354.91 618.20 Td (to ) Tj ET Q q 0 0 0 rg BT 368.36 618.20 Td (the ) Tj ET Q q 0 0 0 rg BT 387.54 618.20 Td (application ) Tj ET Q q 0 0 0 rg BT 445.21 618.20 Td (of ) Tj ET Q q 0 0 0 rg BT 458.27 618.20 Td (a ) Tj ET Q q 0 0 0 rg BT 467.25 618.20 Td (dividends ) Tj ET Q q 0 0 0 rg BT 518.21 618.20 Td (paid ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 602.55 Td (deduction, ) Tj ET Q q 0 0 0 rg BT 129.35 602.55 Td (NOLs, ) Tj ET Q q 0 0 0 rg BT 164.69 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437.35 Td (at ) Tj ET Q q 0 0 0 rg BT 461.21 437.35 Td (a ) Tj ET Q q 0 0 0 rg BT 469.95 437.35 Td (maximum ) Tj ET Q q 0 0 0 rg BT 520.87 437.35 Td (rate ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 421.75 Td (of ) Tj ET Q q 0 0 0 rg BT 84.84 421.75 Td (20% ) Tj ET Q q 0 0 0 rg BT 109.29 421.75 Td (for ) Tj ET Q q 0 0 0 rg BT 125.78 421.75 Td (individuals.) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 200.95 733.94 Td (C O R E E A R N I N G S D E F I N I T I O N) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 299.40 24.25 Td (36) Tj ET Q BT /F1 10.00 Tf ET BT /F6 13.00 Tf ET q 0 0 0 rg BT 72.00 702.30 Td (Cor) Tj ET Q q 0 0 0 rg BT 93.96 702.30 Td (e Ear) Tj ET Q q 0 0 0 rg BT 124.81 702.30 Td (nings) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 677.65 Td (Core ) Tj ET Q q 0 0 0 rg BT 102.09 677.65 Td (earnings ) Tj ET Q q 0 0 0 rg BT 150.29 677.65 Td (is ) Tj ET Q q 0 0 0 rg BT 163.87 677.65 Td (a ) Tj ET Q q 0 0 0 rg BT 175.82 677.65 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 234.46 677.65 Td (measure ) Tj 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q 0 0 0 rg BT 494.99 662.05 Td (eliminate ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 646.40 Td (the ) Tj ET Q q 0 0 0 rg BT 91.07 646.40 Td (impact ) Tj ET Q q 0 0 0 rg BT 127.65 646.40 Td (of ) Tj ET Q q 0 0 0 rg BT 140.60 646.40 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 187.34 646.40 Td (mark-to-market ) Tj ET Q q 0 0 0 rg BT 265.86 646.40 Td (changes ) Tj ET Q q 0 0 0 rg BT 309.80 646.40 Td (on ) Tj ET Q q 0 0 0 rg BT 325.62 646.40 Td (the ) Tj ET Q q 0 0 0 rg BT 344.69 646.40 Td (fair ) Tj ET Q q 0 0 0 rg BT 363.13 646.40 Td (value ) Tj ET Q q 0 0 0 rg BT 392.19 646.40 Td (of ) Tj ET Q q 0 0 0 rg BT 405.14 646.40 Td (long-term ) Tj ET Q q 0 0 0 rg BT 456.98 646.40 Td (investments ) Tj ET Q q 0 0 0 rg BT 518.61 646.40 Td (\(and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 630.80 Td (associated ) Tj ET Q q 0 0 0 rg BT 128.20 630.80 Td (derivatives\) ) Tj ET Q q 0 0 0 rg BT 188.07 630.80 Td (related ) Tj ET Q q 0 0 0 rg BT 226.93 630.80 Td (to ) Tj ET Q q 0 0 0 rg BT 241.56 630.80 Td (changes ) Tj ET Q q 0 0 0 rg BT 286.79 630.80 Td (in ) Tj ET Q q 0 0 0 rg BT 300.00 630.80 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 358.86 630.80 Td (interest ) Tj ET Q q 0 0 0 rg BT 399.75 630.80 Td (rates ) Tj ET Q q 0 0 0 rg BT 428.02 630.80 Td (and ) Tj ET Q q 0 0 0 rg BT 451.03 630.80 Td (credit ) Tj ET Q q 0 0 0 rg BT 483.38 630.80 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 528.99 630.80 Td (\(ii\) ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 615.20 Td (include ) Tj ET Q q 0 0 0 rg BT 111.64 615.20 Td (the ) Tj ET Q q 0 0 0 rg BT 131.52 615.20 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 188.49 615.20 Td (net ) Tj ET Q q 0 0 0 rg BT 208.36 615.20 Td (gains ) Tj ET Q q 0 0 0 rg BT 238.22 615.20 Td (or ) Tj ET Q q 0 0 0 rg BT 252.39 615.20 Td (losses ) Tj ET Q q 0 0 0 rg BT 285.71 615.20 Td (on ) Tj ET Q q 0 0 0 rg BT 302.34 615.20 Td (long-term ) Tj ET Q q 0 0 0 rg BT 354.98 615.20 Td (investments ) Tj ET Q q 0 0 0 rg BT 417.42 615.20 Td (accounted ) Tj ET Q q 0 0 0 rg BT 472.97 615.20 Td (for ) Tj ET Q q 0 0 0 rg BT 490.39 615.20 Td (as ) Tj ET Q q 0 0 0 rg BT 504.77 615.20 Td (trading ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 599.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 119.91 599.55 Td (under ) Tj ET Q q 0 0 0 rg BT 150.91 599.55 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 183.17 599.55 Td (that ) Tj ET Q q 0 0 0 rg BT 204.59 599.55 Td (were ) Tj ET Q q 0 0 0 rg BT 230.51 599.55 Td (sold ) Tj ET Q q 0 0 0 rg BT 253.37 599.55 Td (during ) Tj ET Q q 0 0 0 rg BT 287.62 599.55 Td (the ) Tj ET Q q 0 0 0 rg BT 305.81 599.55 Td (period ) Tj ET Q q 0 0 0 rg BT 340.47 599.55 Td (presented, ) Tj ET Q q 0 0 0 rg BT 395.51 599.55 Td (net ) Tj ET Q q 0 0 0 rg BT 413.68 599.55 Td (of ) Tj ET Q q 0 0 0 rg BT 425.75 599.55 Td (any ) Tj ET Q q 0 0 0 rg BT 445.16 599.55 Td (gains ) Tj ET Q q 0 0 0 rg BT 473.32 599.55 Td (or ) Tj ET Q q 0 0 0 rg BT 485.79 599.55 Td (losses ) Tj ET Q q 0 0 0 rg BT 517.41 599.55 Td (from ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 583.95 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 127.85 583.95 Td (associated ) Tj ET Q q 0 0 0 rg BT 182.89 583.95 Td (with ) Tj ET Q q 0 0 0 rg BT 206.55 583.95 Td (the ) Tj ET Q q 0 0 0 rg BT 225.75 583.95 Td (investments ) Tj ET Q q 0 0 0 rg BT 287.50 583.95 Td (sold, ) Tj ET Q q 0 0 0 rg BT 314.43 583.95 Td (and ) Tj ET Q q 0 0 0 rg BT 336.28 583.95 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 353.22 583.95 Td (include ) Tj ET Q q 0 0 0 rg BT 392.17 583.95 Td (the ) Tj ET Q q 0 0 0 rg BT 411.36 583.95 Td (hypothetical ) Tj ET Q q 0 0 0 rg BT 475.17 583.95 Td (income ) Tj ET Q q 0 0 0 rg BT 514.54 583.95 Td (taxes ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 568.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 126.80 568.30 Td (with ) Tj ET Q q 0 0 0 rg BT 150.22 568.30 Td (core ) Tj ET Q q 0 0 0 rg BT 174.67 568.30 Td (earnings ) Tj ET Q q 0 0 0 rg BT 219.69 568.30 Td (adjustments.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 543.70 Td (Management ) Tj ET Q q 0 0 0 rg BT 141.22 543.70 Td (utilizes ) Tj ET Q q 0 0 0 rg BT 178.22 543.70 Td (this ) Tj ET Q q 0 0 0 rg BT 199.13 543.70 Td (core ) Tj ET Q q 0 0 0 rg BT 224.33 543.70 Td (earnings ) Tj ET Q q 0 0 0 rg BT 270.09 543.70 Td (measure ) Tj ET Q q 0 0 0 rg BT 315.46 543.70 Td (internally ) Tj ET Q q 0 0 0 rg BT 364.06 543.70 Td (as ) Tj ET Q q 0 0 0 rg BT 378.26 543.70 Td (one ) Tj ET Q q 0 0 0 rg BT 400.81 543.70 Td (way ) Tj ET Q q 0 0 0 rg BT 423.57 543.70 Td (of ) Tj ET Q q 0 0 0 rg BT 437.15 543.70 Td (analyzing ) Tj ET Q q 0 0 0 rg BT 486.59 543.70 Td (Redwoods ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 528.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 138.41 528.10 Td (over ) Tj ET Q q 0 0 0 rg BT 163.68 528.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 207.28 528.10 Td (periods, ) Tj ET Q q 0 0 0 rg BT 251.08 528.10 Td (as ) Tj ET Q q 0 0 0 rg BT 265.15 528.10 Td (it ) Tj ET Q q 0 0 0 rg BT 275.13 528.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 319.15 528.10 Td (it ) Tj ET Q q 0 0 0 rg BT 329.13 528.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 374.97 528.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 407.58 528.10 Td (comparative ) Tj ET Q q 0 0 0 rg BT 471.97 528.10 Td (results ) Tj ET Q q 0 0 0 rg BT 507.01 528.10 Td (absent ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 512.45 Td (the ) Tj ET Q q 0 0 0 rg BT 90.98 512.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 127.46 512.45 Td (of ) Tj ET Q q 0 0 0 rg BT 140.32 512.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 176.59 512.45 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 223.23 512.45 Td (mark-to-market ) Tj ET Q q 0 0 0 rg BT 301.65 512.45 Td (changes ) Tj ET Q q 0 0 0 rg BT 345.50 512.45 Td (on ) Tj ET Q q 0 0 0 rg BT 361.22 512.45 Td (investments ) Tj ET Q q 0 0 0 rg BT 422.75 512.45 Td (held ) Tj ET Q q 0 0 0 rg BT 447.43 512.45 Td (through ) Tj ET Q q 0 0 0 rg BT 489.22 512.45 Td (the ) Tj ET Q q 0 0 0 rg BT 508.20 512.45 Td (end ) Tj ET Q q 0 0 0 rg BT 530.24 512.45 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 496.85 Td (the ) Tj ET Q q 0 0 0 rg BT 90.95 496.85 Td (period ) Tj ET Q q 0 0 0 rg BT 126.39 496.85 Td (presented ) Tj ET Q q 0 0 0 rg BT 179.14 496.85 Td (and ) Tj ET Q q 0 0 0 rg BT 200.75 496.85 Td (inclusive ) Tj ET Q q 0 0 0 rg BT 245.36 496.85 Td (of ) Tj ET Q q 0 0 0 rg BT 258.20 496.85 Td (all ) Tj ET Q q 0 0 0 rg BT 272.26 496.85 Td (realized ) Tj ET Q q 0 0 0 rg BT 313.41 496.85 Td (gains ) Tj ET Q q 0 0 0 rg BT 342.34 496.85 Td (and ) Tj ET Q q 0 0 0 rg BT 363.95 496.85 Td (losses ) Tj ET Q q 0 0 0 rg BT 396.34 496.85 Td (from ) Tj ET Q q 0 0 0 rg BT 422.00 496.85 Td (securities ) Tj ET Q q 0 0 0 rg BT 470.68 496.85 Td (sales.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 472.20 Td (Specifically, ) Tj ET Q q 0 0 0 rg BT 133.00 472.20 Td (the ) Tj ET Q q 0 0 0 rg BT 152.44 472.20 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 199.54 472.20 Td (mark-to-market ) Tj ET Q q 0 0 0 rg BT 278.42 472.20 Td (changes ) Tj ET Q q 0 0 0 rg BT 322.73 472.20 Td (in ) Tj ET Q q 0 0 0 rg BT 335.03 472.20 Td (the ) Tj ET Q q 0 0 0 rg BT 354.47 472.20 Td (value ) Tj ET Q q 0 0 0 rg BT 383.90 472.20 Td (of ) Tj ET Q q 0 0 0 rg BT 397.22 472.20 Td (our ) Tj ET Q q 0 0 0 rg BT 417.05 472.20 Td (long-term ) Tj ET Q q 0 0 0 rg BT 469.25 472.20 Td (investments ) Tj ET Q q 0 0 0 rg BT 531.25 472.20 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 456.60 Td (loans, ) Tj ET Q q 0 0 0 rg BT 104.37 456.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 143.24 456.60 Td (securities, ) Tj ET Q q 0 0 0 rg BT 195.56 456.60 Td (and ) Tj ET Q q 0 0 0 rg BT 217.75 456.60 Td (other ) Tj ET Q q 0 0 0 rg BT 247.46 456.60 Td (investments, ) Tj ET Q q 0 0 0 rg BT 312.61 456.60 Td (as ) Tj ET Q q 0 0 0 rg BT 326.65 456.60 Td (well ) Tj ET Q q 0 0 0 rg BT 349.64 456.60 Td (as ) Tj ET Q q 0 0 0 rg BT 363.68 456.60 Td (the ) Tj ET Q q 0 0 0 rg BT 383.22 456.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 438.60 456.60 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 497.85 456.60 Td (resulting ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 441.00 Td (from ) Tj ET Q q 0 0 0 rg BT 98.25 441.00 Td (changes ) Tj ET Q q 0 0 0 rg BT 142.67 441.00 Td (in ) Tj ET Q q 0 0 0 rg BT 155.07 441.00 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 213.13 441.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 253.21 441.00 Td (rates ) Tj ET Q q 0 0 0 rg BT 280.67 441.00 Td (and ) Tj ET Q q 0 0 0 rg BT 302.86 441.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 334.41 441.00 Td (spreads ) Tj ET Q q 0 0 0 rg BT 376.15 441.00 Td (may ) Tj ET Q q 0 0 0 rg BT 400.18 441.00 Td (not ) Tj ET Q q 0 0 0 rg BT 420.12 441.00 Td (be ) Tj ET Q q 0 0 0 rg BT 436.60 441.00 Td (reflective ) Tj ET Q q 0 0 0 rg BT 484.86 441.00 Td (of ) Tj ET Q q 0 0 0 rg BT 498.28 441.00 Td (the ) Tj ET Q q 0 0 0 rg BT 517.83 441.00 Td (total ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 425.35 Td (return ) Tj ET Q q 0 0 0 rg BT 104.36 425.35 Td (management ) Tj ET Q q 0 0 0 rg BT 172.42 425.35 Td (would ) Tj ET Q q 0 0 0 rg BT 205.42 425.35 Td (expect ) Tj ET Q q 0 0 0 rg BT 241.69 425.35 Td (to ) Tj ET Q q 0 0 0 rg BT 254.92 425.35 Td (earn ) Tj ET Q q 0 0 0 rg BT 279.77 425.35 Td (from ) Tj ET Q q 0 0 0 rg BT 305.43 425.35 Td (them ) Tj ET Q q 0 0 0 rg BT 333.76 425.35 Td (over ) Tj ET Q q 0 0 0 rg BT 358.41 425.35 Td (the ) Tj ET Q q 0 0 0 rg BT 377.36 425.35 Td (longer-term. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 400.75 Td (Additionally, ) Tj ET Q q 0 0 0 rg BT 137.70 400.75 Td (the ) Tj ET Q q 0 0 0 rg BT 157.36 400.75 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 215.91 400.75 Td (to ) Tj ET Q q 0 0 0 rg BT 229.85 400.75 Td (include ) Tj ET Q q 0 0 0 rg BT 269.26 400.75 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 326.00 400.75 Td (net ) Tj ET Q q 0 0 0 rg BT 345.64 400.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 375.28 400.75 Td (or ) Tj ET Q q 0 0 0 rg BT 389.21 400.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 422.31 400.75 Td (from ) Tj ET Q q 0 0 0 rg BT 448.68 400.75 Td (the ) Tj ET Q q 0 0 0 rg BT 468.34 400.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 491.25 400.75 Td (of ) Tj ET Q q 0 0 0 rg BT 504.79 400.75 Td (trading ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 385.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 119.20 385.10 Td (is ) Tj ET Q q 0 0 0 rg BT 128.11 385.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.87 385.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 174.06 385.10 Td (that ) Tj ET Q q 0 0 0 rg BT 194.79 385.10 Td (core ) Tj ET Q q 0 0 0 rg BT 217.77 385.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 261.31 385.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 304.44 385.10 Td (consistently ) Tj ET Q q 0 0 0 rg BT 363.46 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.94 385.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 415.92 385.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.29 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.77 385.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 470.19 385.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.55 385.10 Td (investments ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 369.50 Td (regardless ) Tj ET Q q 0 0 0 rg BT 127.20 369.50 Td (of ) Tj ET Q q 0 0 0 rg BT 141.86 369.50 Td (whether ) Tj ET Q q 0 0 0 rg BT 186.46 369.50 Td (they ) Tj ET Q q 0 0 0 rg BT 212.54 369.50 Td (are ) Tj ET Q q 0 0 0 rg BT 232.70 369.50 Td (accounted ) Tj ET Q q 0 0 0 rg BT 289.14 369.50 Td (for ) Tj ET Q q 0 0 0 rg BT 307.45 369.50 Td (as ) Tj ET Q q 0 0 0 rg BT 322.73 369.50 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 335.97 369.50 Td (trading ) Tj ET Q q 0 0 0 rg BT 376.08 369.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 426.57 369.50 Td (or ) Tj ET Q q 0 0 0 rg BT 441.63 369.50 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 457.51 369.50 Td (available-for-sale ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 353.90 Td (securities, ) Tj ET Q q 0 0 0 rg BT 123.73 353.90 Td (in ) Tj ET Q q 0 0 0 rg BT 135.55 353.90 Td (each ) Tj ET Q q 0 0 0 rg BT 161.85 353.90 Td (case ) Tj ET Q q 0 0 0 rg BT 186.72 353.90 Td (under ) Tj ET Q q 0 0 0 rg BT 218.50 353.90 Td (GAAP, ) Tj ET Q q 0 0 0 rg BT 252.90 353.90 Td (as ) Tj ET Q q 0 0 0 rg BT 266.35 353.90 Td (outlined ) Tj ET Q q 0 0 0 rg BT 309.96 353.90 Td (below. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 329.25 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 329.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 142.77 329.25 Td (GAAP, ) Tj ET Q q 0 0 0 rg BT 178.72 329.25 Td (available-for-sale ) Tj ET Q q 0 0 0 rg BT 265.83 329.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 316.07 329.25 Td (are ) Tj ET Q q 0 0 0 rg BT 335.96 329.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 383.54 329.25 Td (at ) Tj ET Q q 0 0 0 rg BT 397.51 329.25 Td (their ) Tj ET Q q 0 0 0 rg BT 424.32 329.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 444.19 329.25 Td (value ) Tj ET Q q 0 0 0 rg BT 474.69 329.25 Td (with ) Tj ET Q q 0 0 0 rg BT 499.67 329.25 Td (periodic ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 313.65 Td (changes ) Tj ET Q q 0 0 0 rg BT 151.22 313.65 Td (in ) Tj ET Q q 0 0 0 rg BT 162.43 313.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 180.13 313.65 Td (value ) Tj ET Q q 0 0 0 rg BT 208.47 313.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 265.32 313.65 Td (through ) Tj ET Q q 0 0 0 rg BT 306.48 313.65 Td (the ) Tj ET Q q 0 0 0 rg BT 324.83 313.65 Td (balance ) Tj ET Q q 0 0 0 rg BT 365.59 313.65 Td (sheet ) Tj ET Q q 0 0 0 rg BT 394.73 313.65 Td (in ) Tj ET Q q 0 0 0 rg BT 405.94 313.65 Td (Shareholders ) Tj ET Q q 0 0 0 rg BT 475.22 313.65 Td (equity. ) Tj ET Q q 0 0 0 rg BT 511.27 313.65 Td (When ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 298.00 Td (an ) Tj ET Q q 0 0 0 rg BT 126.00 298.00 Td (available-for-sale ) Tj ET Q q 0 0 0 rg BT 214.66 298.00 Td (security ) Tj ET Q q 0 0 0 rg BT 258.30 298.00 Td (is ) Tj ET Q q 0 0 0 rg BT 271.80 298.00 Td (sold, ) Tj ET Q q 0 0 0 rg BT 301.61 298.00 Td (the ) Tj ET Q q 0 0 0 rg BT 323.68 298.00 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 382.83 298.00 Td (gain ) Tj ET Q q 0 0 0 rg BT 410.19 298.00 Td (or ) Tj ET Q q 0 0 0 rg BT 426.54 298.00 Td (loss ) Tj ET Q q 0 0 0 rg BT 451.25 298.00 Td (since ) Tj ET Q q 0 0 0 rg BT 482.28 298.00 Td (purchase ) Tj ET Q q 0 0 0 rg BT 532.68 298.00 Td (is ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 282.40 Td (recognized ) Tj ET Q q 0 0 0 rg BT 165.85 282.40 Td (through ) Tj ET Q q 0 0 0 rg BT 208.02 282.40 Td (the ) Tj ET Q q 0 0 0 rg BT 227.37 282.40 Td (income ) Tj ET Q q 0 0 0 rg BT 266.90 282.40 Td (statement, ) Tj ET Q q 0 0 0 rg BT 322.49 282.40 Td (in ) Tj ET Q q 0 0 0 rg BT 334.70 282.40 Td (Realized ) Tj ET Q q 0 0 0 rg BT 379.32 282.40 Td (gains, ) Tj ET Q q 0 0 0 rg BT 411.71 282.40 Td (net, ) Tj ET Q q 0 0 0 rg BT 434.11 282.40 Td (in ) Tj ET Q q 0 0 0 rg BT 446.32 282.40 Td (the ) Tj ET Q q 0 0 0 rg BT 465.67 282.40 Td (period ) Tj ET Q q 0 0 0 rg BT 501.50 282.40 Td (the ) Tj ET Q q 0 0 0 rg BT 520.85 282.40 Td (sale ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 266.80 Td (occurred. ) Tj ET Q q 0 0 0 rg BT 156.97 266.80 Td (As ) Tj ET Q q 0 0 0 rg BT 171.92 266.80 Td (a ) Tj ET Q q 0 0 0 rg BT 180.36 266.80 Td (result, ) Tj ET Q q 0 0 0 rg BT 212.81 266.80 Td (any ) Tj ET Q q 0 0 0 rg BT 232.66 266.80 Td (such ) Tj ET Q q 0 0 0 rg BT 257.61 266.80 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 313.31 266.80 Td (gains ) Tj ET Q q 0 0 0 rg BT 341.90 266.80 Td (or ) Tj ET Q q 0 0 0 rg BT 354.80 266.80 Td (losses ) Tj ET Q q 0 0 0 rg BT 386.86 266.80 Td (are ) Tj ET Q q 0 0 0 rg BT 404.87 266.80 Td (reflected ) Tj ET Q q 0 0 0 rg BT 450.96 266.80 Td (in ) Tj ET Q q 0 0 0 rg BT 462.44 266.80 Td (core ) Tj ET Q q 0 0 0 rg BT 486.56 266.80 Td (earnings ) Tj ET Q q 0 0 0 rg BT 531.24 266.80 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 251.15 Td (the ) Tj ET Q q 0 0 0 rg BT 126.95 251.15 Td (period ) Tj ET Q q 0 0 0 rg BT 162.39 251.15 Td (the ) Tj ET Q q 0 0 0 rg BT 181.34 251.15 Td (sale ) Tj ET Q q 0 0 0 rg BT 203.55 251.15 Td (occurred.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 229.55 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 229.55 Td (Under ) Tj ET Q q 0 0 0 rg BT 141.89 229.55 Td (GAAP, ) Tj ET Q q 0 0 0 rg BT 176.96 229.55 Td (trading ) Tj ET Q q 0 0 0 rg BT 215.92 229.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 265.27 229.55 Td (are ) Tj ET Q q 0 0 0 rg BT 284.28 229.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 330.97 229.55 Td (at ) Tj ET Q q 0 0 0 rg BT 344.07 229.55 Td (their ) Tj ET Q q 0 0 0 rg BT 369.99 229.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 388.98 229.55 Td (value ) Tj ET Q q 0 0 0 rg BT 418.60 229.55 Td (with ) Tj ET Q q 0 0 0 rg BT 442.69 229.55 Td (periodic ) Tj ET Q q 0 0 0 rg BT 486.75 229.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 531.25 229.55 Td (in ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 213.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 125.76 213.90 Td (value ) Tj ET Q q 0 0 0 rg BT 154.15 213.90 Td (recognized ) Tj ET Q q 0 0 0 rg BT 211.04 213.90 Td (through ) Tj ET Q q 0 0 0 rg BT 252.26 213.90 Td (the ) Tj ET Q q 0 0 0 rg BT 270.65 213.90 Td (income ) Tj ET Q q 0 0 0 rg BT 309.23 213.90 Td (statement ) Tj ET Q q 0 0 0 rg BT 360.80 213.90 Td (in ) Tj ET Q q 0 0 0 rg BT 372.06 213.90 Td (Investment ) Tj ET Q q 0 0 0 rg BT 428.59 213.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 446.35 213.90 Td (value ) Tj ET Q q 0 0 0 rg BT 474.74 213.90 Td (changes, ) Tj ET Q q 0 0 0 rg BT 521.06 213.90 Td (net. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 198.30 Td (Certain ) Tj ET Q q 0 0 0 rg BT 147.54 198.30 Td (of ) Tj ET Q q 0 0 0 rg BT 161.23 198.30 Td (these ) Tj ET Q q 0 0 0 rg BT 191.83 198.30 Td (periodic ) Tj ET Q q 0 0 0 rg BT 236.07 198.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 280.74 198.30 Td (in ) Tj ET Q q 0 0 0 rg BT 293.41 198.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 312.58 198.30 Td (value ) Tj ET Q q 0 0 0 rg BT 342.37 198.30 Td (\(as ) Tj ET Q q 0 0 0 rg BT 359.53 198.30 Td (described ) Tj ET Q q 0 0 0 rg BT 412.12 198.30 Td (above\) ) Tj ET Q q 0 0 0 rg BT 449.26 198.30 Td (are ) Tj ET Q q 0 0 0 rg BT 468.45 198.30 Td (excluded ) Tj ET Q q 0 0 0 rg BT 517.39 198.30 Td (from ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 182.70 Td (core ) Tj ET Q q 0 0 0 rg BT 132.43 182.70 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 180.47 182.70 Td (Core ) Tj ET Q q 0 0 0 rg BT 207.34 182.70 Td (earnings ) Tj ET Q q 0 0 0 rg BT 252.33 182.70 Td (includes ) Tj ET Q q 0 0 0 rg BT 295.70 182.70 Td (an ) Tj ET Q q 0 0 0 rg BT 310.56 182.70 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 368.38 182.70 Td (to ) Tj ET Q q 0 0 0 rg BT 381.59 182.70 Td (include ) Tj ET Q q 0 0 0 rg BT 420.28 182.70 Td (the ) Tj ET Q q 0 0 0 rg BT 439.20 182.70 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 495.21 182.70 Td (net ) Tj ET Q q 0 0 0 rg BT 514.13 182.70 Td (gains ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 167.05 Td (or ) Tj ET Q q 0 0 0 rg BT 121.26 167.05 Td (losses ) Tj ET Q q 0 0 0 rg BT 153.68 167.05 Td (\(from ) Tj ET Q q 0 0 0 rg BT 182.22 167.05 Td (purchase ) Tj ET Q q 0 0 0 rg 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(consistently ) Tj ET Q q 0 0 0 rg BT 378.14 151.45 Td (present ) Tj ET Q q 0 0 0 rg BT 419.16 151.45 Td (within ) Tj ET Q q 0 0 0 rg BT 452.44 151.45 Td (core ) Tj ET Q q 0 0 0 rg BT 478.00 151.45 Td (earnings ) Tj ET Q q 0 0 0 rg BT 524.11 151.45 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 135.80 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 163.61 135.80 Td (gains ) Tj ET Q q 0 0 0 rg BT 192.11 135.80 Td (or ) Tj ET Q q 0 0 0 rg BT 204.91 135.80 Td (losses ) Tj ET Q q 0 0 0 rg BT 236.88 135.80 Td (from ) Tj ET Q q 0 0 0 rg BT 262.11 135.80 Td (the ) Tj ET Q q 0 0 0 rg BT 280.64 135.80 Td (sale ) Tj ET Q q 0 0 0 rg BT 302.42 135.80 Td (of ) Tj ET Q q 0 0 0 rg BT 314.83 135.80 Td (long-term ) Tj ET Q q 0 0 0 rg BT 366.11 135.80 Td (investments, ) Tj ET Q q 0 0 0 rg BT 430.25 135.80 Td (regardless ) Tj ET Q q 0 0 0 rg BT 483.20 135.80 Td (of ) Tj ET Q q 0 0 0 rg BT 495.60 135.80 Td (how ) Tj ET Q q 0 0 0 rg BT 518.82 135.80 Td (they ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 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Q q 0 0 0 rg BT 402.10 702.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 420.44 702.70 Td (provision ) Tj ET Q q 0 0 0 rg BT 468.72 702.70 Td (or ) Tj ET Q q 0 0 0 rg BT 482.57 702.70 Td (benefit ) Tj ET Q q 0 0 0 rg BT 520.87 702.70 Td (that ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 687.10 Td (would ) Tj ET Q q 0 0 0 rg BT 105.06 687.10 Td (be ) Tj ET Q q 0 0 0 rg BT 121.02 687.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 175.88 687.10 Td (with ) Tj ET Q q 0 0 0 rg BT 199.36 687.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.38 687.10 Td (core ) Tj ET Q q 0 0 0 rg BT 242.89 687.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 287.96 687.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 350.56 687.10 Td (made ) Tj ET Q q 0 0 0 rg BT 381.60 687.10 Td (to ) Tj ET Q q 0 0 0 rg BT 394.89 687.10 Td (net ) Tj ET Q q 0 0 0 rg BT 413.90 687.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 456.14 687.10 Td (As ) Tj ET Q q 0 0 0 rg BT 471.49 687.10 Td (a ) Tj ET Q q 0 0 0 rg BT 480.32 687.10 Td (REIT, ) Tj ET Q q 0 0 0 rg BT 507.54 687.10 Td (we ) Tj ET Q q 0 0 0 rg BT 524.72 687.10 Td (are ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 671.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 109.13 671.45 Td (to ) Tj ET Q q 0 0 0 rg BT 121.20 671.45 Td (income ) Tj ET Q q 0 0 0 rg BT 159.16 671.45 Td (taxes ) Tj ET Q q 0 0 0 rg BT 186.52 671.45 Td (on ) Tj ET Q q 0 0 0 rg BT 201.06 671.45 Td (earnings ) Tj ET Q q 0 0 0 rg BT 244.91 671.45 Td (generated ) Tj ET Q q 0 0 0 rg BT 297.72 671.45 Td (at ) Tj ET Q q 0 0 0 rg BT 308.98 671.45 Td (our ) Tj ET Q q 0 0 0 rg BT 327.16 671.45 Td (taxable ) Tj ET Q q 0 0 0 rg BT 364.91 671.45 Td (REIT ) Tj ET Q q 0 0 0 rg BT 389.07 671.45 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 447.99 671.45 Td (\(TRS\) ) Tj ET Q q 0 0 0 rg BT 474.55 671.45 Td (and ) Tj ET Q q 0 0 0 rg BT 495.00 671.45 Td (generally ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 655.85 Td (not ) Tj ET Q q 0 0 0 rg BT 91.72 655.85 Td (subject ) Tj ET Q q 0 0 0 rg BT 130.39 655.85 Td (to ) Tj ET Q q 0 0 0 rg BT 143.99 655.85 Td (income ) Tj ET Q q 0 0 0 rg BT 183.50 655.85 Td (taxes ) Tj ET Q q 0 0 0 rg BT 212.39 655.85 Td (on ) Tj ET Q q 0 0 0 rg BT 228.46 655.85 Td (earnings ) Tj ET Q q 0 0 0 rg BT 273.85 655.85 Td (generated ) Tj ET Q q 0 0 0 rg BT 328.20 655.85 Td (at ) Tj ET Q q 0 0 0 rg BT 340.99 655.85 Td (the ) Tj ET Q q 0 0 0 rg BT 360.32 655.85 Td (REIT ) Tj ET Q q 0 0 0 rg BT 386.02 655.85 Td (\(to ) Tj ET Q q 0 0 0 rg BT 402.48 655.85 Td (the ) Tj ET Q q 0 0 0 rg BT 421.81 655.85 Td (extent ) Tj ET Q q 0 0 0 rg BT 456.19 655.85 Td (we ) Tj ET Q q 0 0 0 rg BT 473.68 655.85 Td (distribute ) Tj ET Q q 0 0 0 rg BT 523.72 655.85 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 640.25 Td (REIT ) Tj ET Q q 0 0 0 rg BT 97.16 640.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 135.90 640.25 Td (income ) Tj ET Q q 0 0 0 rg BT 174.86 640.25 Td (as ) Tj ET Q q 0 0 0 rg BT 188.15 640.25 Td (dividends\). ) Tj ET Q q 0 0 0 rg BT 244.64 640.25 Td (In ) Tj ET Q q 0 0 0 rg BT 256.55 640.25 Td (order ) Tj 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0 0 0 rg BT 489.68 624.60 Td (applied ) Tj ET Q q 0 0 0 rg BT 529.84 624.60 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 609.00 Td (the ) Tj ET Q q 0 0 0 rg BT 90.95 609.00 Td (core ) Tj ET Q q 0 0 0 rg BT 115.41 609.00 Td (earnings ) Tj ET Q q 0 0 0 rg BT 160.42 609.00 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 222.96 609.00 Td (occurring ) Tj ET Q q 0 0 0 rg BT 272.04 609.00 Td (within ) Tj ET Q q 0 0 0 rg BT 304.21 609.00 Td (our ) Tj ET Q q 0 0 0 rg BT 323.56 609.00 Td (TRS. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 584.35 Td (We ) Tj ET Q q 0 0 0 rg BT 91.83 584.35 Td (caution ) Tj ET Q q 0 0 0 rg BT 131.43 584.35 Td (that ) Tj ET Q q 0 0 0 rg BT 154.11 584.35 Td (core ) Tj ET Q q 0 0 0 rg BT 179.03 584.35 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 227.58 584.35 Td (core ) Tj ET Q q 0 0 0 rg BT 252.50 584.35 Td (segment ) Tj ET Q q 0 0 0 rg BT 298.81 584.35 Td (contribution, ) Tj ET Q q 0 0 0 rg BT 365.07 584.35 Td (and ) Tj ET Q q 0 0 0 rg BT 387.15 584.35 Td (core ) Tj 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(plan, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 593.35 Td (and ) Tj ET Q q 0 0 0 rg BT 94.94 593.35 Td (similar ) Tj ET Q q 0 0 0 rg BT 130.67 593.35 Td (expressions ) Tj ET Q q 0 0 0 rg BT 192.11 593.35 Td (or ) Tj ET Q q 0 0 0 rg BT 206.67 593.35 Td (their ) Tj ET Q q 0 0 0 rg BT 233.25 593.35 Td (negative ) Tj ET Q q 0 0 0 rg BT 280.03 593.35 Td (forms, ) Tj ET Q q 0 0 0 rg BT 315.17 593.35 Td (or ) Tj ET Q q 0 0 0 rg BT 329.73 593.35 Td (by ) Tj ET Q q 0 0 0 rg BT 346.15 593.35 Td (references ) Tj ET Q q 0 0 0 rg BT 401.27 593.35 Td (to ) Tj ET Q q 0 0 0 rg BT 415.84 593.35 Td (strategy, ) Tj ET Q q 0 0 0 rg BT 462.78 593.35 Td (plans, ) Tj ET Q q 0 0 0 rg BT 496.10 593.35 Td (goals, ) Tj ET Q q 0 0 0 rg BT 529.83 593.35 Td (or ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 577.75 Td (intentions. ) Tj ET Q q 0 0 0 rg BT 127.56 577.75 Td (These ) Tj ET Q q 0 0 0 rg BT 161.14 577.75 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 242.76 577.75 Td (statements ) Tj ET Q q 0 0 0 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(as ) Tj ET Q q 0 0 0 rg BT 534.29 499.65 Td (a ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 484.05 Td (result ) Tj ET Q q 0 0 0 rg BT 101.73 484.05 Td (of ) Tj ET Q q 0 0 0 rg BT 114.57 484.05 Td (new ) Tj ET Q q 0 0 0 rg BT 137.80 484.05 Td (information, ) Tj ET Q q 0 0 0 rg BT 200.33 484.05 Td (future ) Tj ET Q q 0 0 0 rg BT 232.10 484.05 Td (events, ) Tj ET Q q 0 0 0 rg BT 270.20 484.05 Td (or ) Tj ET Q q 0 0 0 rg BT 283.43 484.05 Td (otherwise.) 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412.55 Td (to ) Tj ET Q q 0 0 0 rg BT 122.09 412.55 Td (our ) Tj ET Q q 0 0 0 rg BT 141.14 412.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 184.02 412.55 Td (outlook ) Tj ET Q q 0 0 0 rg BT 224.07 412.55 Td (and ) Tj ET Q q 0 0 0 rg BT 245.37 412.55 Td (expectations ) Tj ET Q q 0 0 0 rg BT 310.67 412.55 Td (for ) Tj ET Q q 0 0 0 rg BT 326.86 412.55 Td (2018, ) Tj ET Q q 0 0 0 rg BT 357.13 412.55 Td (including ) Tj ET Q q 0 0 0 rg BT 404.91 412.55 Td (with ) Tj ET Q q 0 0 0 rg BT 428.03 412.55 Td (respect ) Tj ET Q q 0 0 0 rg BT 466.83 412.55 Td (to: ) Tj ET Q q 0 0 0 rg BT 482.82 412.55 Td (2018 ) Tj ET Q q 0 0 0 rg BT 510.04 412.55 Td (GAAP ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 396.95 Td (earnings ) Tj ET Q q 0 0 0 rg BT 117.69 396.95 Td (\(including ) Tj ET Q q 0 0 0 rg BT 169.31 396.95 Td (that ) Tj ET Q q 0 0 0 rg BT 192.19 396.95 Td (we ) Tj ET Q q 0 0 0 rg BT 209.99 396.95 Td (seek ) Tj ET Q q 0 0 0 rg BT 235.94 396.95 Td (to ) Tj ET Q q 0 0 0 rg BT 249.86 396.95 Td 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Td (investment ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 365.70 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 117.00 365.70 Td (to ) Tj ET Q q 0 0 0 rg BT 130.04 365.70 Td (be ) Tj ET Q q 0 0 0 rg BT 145.74 365.70 Td (between ) Tj ET Q q 0 0 0 rg BT 191.38 365.70 Td (9% ) Tj ET Q q 0 0 0 rg BT 209.52 365.70 Td (and ) Tj ET Q q 0 0 0 rg BT 230.92 365.70 Td (11%\), ) Tj ET Q q 0 0 0 rg BT 261.10 365.70 Td (residential ) Tj ET Q q 0 0 0 rg BT 314.46 365.70 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 365.79 365.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 407.97 365.70 Td (activities ) Tj ET Q q 0 0 0 rg BT 453.20 365.70 Td (\(including ) Tj ET Q q 0 0 0 rg BT 503.94 365.70 Td (that ) Tj ET Q q 0 0 0 rg BT 525.94 365.70 Td (we ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 350.05 Td (expect ) Tj ET Q q 0 0 0 rg BT 109.15 350.05 Td (loan ) Tj ET Q q 0 0 0 rg BT 134.08 350.05 Td (purchase ) Tj ET Q q 0 0 0 rg BT 182.24 350.05 Td (volume ) Tj ET Q q 0 0 0 rg BT 222.25 350.05 Td (to ) Tj ET Q q 0 0 0 rg BT 236.36 350.05 Td (be ) Tj ET Q q 0 0 0 rg BT 253.14 350.05 Td (between ) Tj ET Q q 0 0 0 rg BT 299.86 350.05 Td ($7 ) Tj ET Q q 0 0 0 rg BT 316.04 350.05 Td (billion ) Tj ET Q q 0 0 0 rg BT 349.92 350.05 Td (and ) Tj ET Q q 0 0 0 rg BT 372.40 350.05 Td ($8 ) Tj ET Q q 0 0 0 rg BT 388.58 350.05 Td (billion ) Tj ET Q q 0 0 0 rg BT 422.46 350.05 Td (for ) Tj ET Q q 0 0 0 rg BT 439.83 350.05 Td (2018, ) Tj ET Q q 0 0 0 rg BT 471.29 350.05 Td (gross ) Tj ET Q q 0 0 0 rg BT 501.31 350.05 Td (margins ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 334.45 Td (within ) Tj ET Q q 0 0 0 rg BT 102.74 334.45 Td (our ) Tj ET Q q 0 0 0 rg BT 120.66 334.45 Td (long-term ) Tj ET Q q 0 0 0 rg BT 170.94 334.45 Td (expectations ) Tj ET Q q 0 0 0 rg BT 235.11 334.45 Td (of ) Tj ET Q q 0 0 0 rg BT 246.51 334.45 Td (75 ) Tj ET Q q 0 0 0 rg BT 260.37 334.45 Td (to ) Tj ET Q q 0 0 0 rg BT 272.17 334.45 Td (100 ) Tj ET Q q 0 0 0 rg BT 292.14 334.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 318.21 334.45 Td (points, ) Tj ET Q q 0 0 0 rg BT 353.23 334.45 Td (and ) Tj ET Q q 0 0 0 rg BT 373.40 334.45 Td (that ) Tj ET Q q 0 0 0 rg BT 394.16 334.45 Td (we ) Tj ET Q q 0 0 0 rg BT 409.85 334.45 Td (expect ) Tj ET Q q 0 0 0 rg BT 444.68 334.45 Td (to ) Tj ET Q q 0 0 0 rg BT 456.48 334.45 Td (double ) Tj ET Q q 0 0 0 rg BT 492.94 334.45 Td (Redwood ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 318.85 Td (Choice ) Tj ET Q q 0 0 0 rg BT 108.43 318.85 Td (loan ) Tj ET Q q 0 0 0 rg BT 131.40 318.85 Td (purchase ) Tj ET Q q 0 0 0 rg BT 177.61 318.85 Td (volume ) Tj ET Q q 0 0 0 rg BT 215.67 318.85 Td (in ) Tj ET Q q 0 0 0 rg BT 226.41 318.85 Td (2018\), ) Tj ET Q q 0 0 0 rg BT 258.78 318.85 Td (and ) Tj ET Q q 0 0 0 rg BT 279.32 318.85 Td (operating ) Tj ET Q q 0 0 0 rg BT 329.17 318.85 Td (expenses ) Tj ET Q q 0 0 0 rg BT 377.01 318.85 Td (\(including ) Tj ET Q q 0 0 0 rg BT 426.88 318.85 Td (that ) Tj ET Q q 0 0 0 rg BT 448.01 318.85 Td (we ) Tj ET Q q 0 0 0 rg BT 464.06 318.85 Td (expect ) Tj ET Q q 0 0 0 rg BT 499.25 318.85 Td (baseline ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 303.20 Td (corporate ) Tj ET Q q 0 0 0 rg BT 125.42 303.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 178.86 303.20 Td (expenses ) Tj ET Q q 0 0 0 rg BT 230.29 303.20 Td (to ) Tj ET Q q 0 0 0 rg BT 246.04 303.20 Td (be ) Tj ET Q q 0 0 0 rg BT 264.45 303.20 Td (between ) Tj ET Q q 0 0 0 rg BT 312.81 303.20 Td ($40 ) Tj ET Q q 0 0 0 rg BT 336.73 303.20 Td (million ) Tj ET Q q 0 0 0 rg BT 374.90 303.20 Td (and ) Tj ET Q q 0 0 0 rg BT 399.02 303.20 Td ($45 ) Tj ET Q q 0 0 0 rg BT 422.94 303.20 Td (million\); ) Tj ET Q q 0 0 0 rg BT 467.03 303.20 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 486.24 303.20 Td (statements ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 287.60 Td (regarding ) Tj ET Q q 0 0 0 rg BT 122.88 287.60 Td (the ) Tj ET Q q 0 0 0 rg BT 142.00 287.60 Td (upcoming ) Tj ET Q q 0 0 0 rg BT 194.73 287.60 Td (maturity ) Tj ET Q q 0 0 0 rg BT 238.04 287.60 Td (of ) Tj ET Q q 0 0 0 rg BT 251.04 287.60 Td (convertible ) Tj ET Q q 0 0 0 rg BT 309.05 287.60 Td (notes ) Tj ET Q q 0 0 0 rg BT 339.36 287.60 Td (in ) Tj ET Q q 0 0 0 rg BT 351.34 287.60 Td (2018, ) Tj ET Q q 0 0 0 rg BT 382.08 287.60 Td (including ) Tj ET Q q 0 0 0 rg BT 430.33 287.60 Td (that ) Tj ET Q q 0 0 0 rg BT 452.68 287.60 Td (we ) Tj ET Q q 0 0 0 rg BT 469.96 287.60 Td (have ) Tj ET Q q 0 0 0 rg BT 496.42 287.60 Td (sufficient ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 271.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 106.98 271.95 Td (to ) Tj ET Q q 0 0 0 rg BT 119.77 271.95 Td (repay ) Tj ET Q q 0 0 0 rg BT 149.68 271.95 Td (our ) Tj ET Q q 0 0 0 rg BT 168.58 271.95 Td (maturing ) Tj ET Q q 0 0 0 rg BT 215.16 271.95 Td (convertible ) Tj ET Q q 0 0 0 rg BT 272.56 271.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 298.38 271.95 Td (due ) Tj ET Q q 0 0 0 rg BT 319.95 271.95 Td (in ) Tj ET Q q 0 0 0 rg BT 331.31 271.95 Td (April ) Tj ET Q q 0 0 0 rg BT 357.12 271.95 Td (2018, ) Tj ET Q q 0 0 0 rg BT 387.25 271.95 Td (and ) Tj ET Q q 0 0 0 rg BT 408.41 271.95 Td (that, ) Tj ET Q q 0 0 0 rg BT 433.21 271.95 Td (going ) Tj ET Q q 0 0 0 rg BT 464.54 271.95 Td (forward, ) Tj ET Q q 0 0 0 rg BT 507.47 271.95 Td (we ) Tj ET Q q 0 0 0 rg BT 524.14 271.95 Td (will ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 256.35 Td (consider ) Tj ET Q q 0 0 0 rg BT 116.11 256.35 Td (the ) Tj ET Q q 0 0 0 rg BT 134.36 256.35 Td (most ) Tj ET Q q 0 0 0 rg BT 160.95 256.35 Td (efficient ) Tj ET Q q 0 0 0 rg BT 202.20 256.35 Td (sources ) Tj ET Q q 0 0 0 rg BT 241.44 256.35 Td (of ) Tj ET Q q 0 0 0 rg BT 253.57 256.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 288.30 256.35 Td (both ) Tj ET Q q 0 0 0 rg BT 313.68 256.35 Td (from ) Tj ET Q q 0 0 0 rg BT 338.64 256.35 Td (optimization ) Tj ET Q q 0 0 0 rg BT 401.89 256.35 Td (within ) Tj ET Q q 0 0 0 rg BT 433.36 256.35 Td (our ) Tj ET Q q 0 0 0 rg BT 452.01 256.35 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 496.51 256.35 Td (and ) Tj ET Q q 0 0 0 rg BT 517.41 256.35 Td (from ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 240.75 Td (the ) Tj ET Q q 0 0 0 rg BT 90.39 240.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 125.26 240.75 Td (markets; ) Tj ET Q q 0 0 0 rg BT 169.30 240.75 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 185.46 240.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 241.71 240.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 291.87 240.75 Td (the ) Tj ET Q q 0 0 0 rg BT 310.26 240.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 346.15 240.75 Td (of ) Tj ET Q q 0 0 0 rg BT 358.42 240.75 Td (the ) Tj ET Q q 0 0 0 rg BT 376.82 240.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 403.78 240.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 420.93 240.75 Td (reform ) Tj ET Q q 0 0 0 rg BT 456.00 240.75 Td (legislation ) Tj ET Q q 0 0 0 rg BT 508.59 240.75 Td (on ) Tj ET Q q 0 0 0 rg BT 523.72 240.75 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 225.10 Td (business ) Tj ET Q q 0 0 0 rg BT 115.34 225.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.45 225.10 Td (on ) Tj ET Q q 0 0 0 rg BT 149.66 225.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.13 225.10 Td (broader ) Tj ET Q q 0 0 0 rg BT 207.59 225.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 248.08 225.10 Td (market; ) Tj ET Q q 0 0 0 rg BT 286.51 225.10 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 299.10 225.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 354.43 225.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 403.66 225.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 453.70 225.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 494.59 225.10 Td (activities, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 209.50 Td (including ) Tj ET Q q 0 0 0 rg BT 120.72 209.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 178.18 209.50 Td (relating ) Tj ET Q q 0 0 0 rg BT 218.94 209.50 Td (to ) Tj ET Q q 0 0 0 rg BT 232.81 209.50 Td (pending ) Tj ET Q q 0 0 0 rg BT 277.67 209.50 Td (securitization ) Tj ET Q q 0 0 0 rg BT 345.52 209.50 Td (activity ) Tj ET Q q 0 0 0 rg BT 383.43 209.50 Td (and ) Tj ET Q q 0 0 0 rg BT 405.68 209.50 Td (the ) Tj ET Q q 0 0 0 rg BT 425.27 209.50 Td (pricing ) Tj ET Q q 0 0 0 rg BT 462.76 209.50 Td (and ) Tj ET Q q 0 0 0 rg BT 485.01 209.50 Td (anticipated ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 193.85 Td (closing ) Tj ET Q q 0 0 0 rg BT 110.18 193.85 Td (of ) Tj ET Q q 0 0 0 rg BT 123.52 193.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 160.26 193.85 Td (Select ) Tj ET Q q 0 0 0 rg BT 193.76 193.85 Td (and ) Tj ET Q q 0 0 0 rg BT 215.86 193.85 Td (Choice ) Tj ET Q q 0 0 0 rg BT 253.86 193.85 Td (securitization ) Tj ET Q q 0 0 0 rg BT 321.56 193.85 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 386.63 193.85 Td (as ) Tj ET Q q 0 0 0 rg BT 400.58 193.85 Td (well ) Tj ET Q q 0 0 0 rg BT 423.49 193.85 Td (as ) Tj ET Q q 0 0 0 rg BT 437.44 193.85 Td (the ) Tj ET Q q 0 0 0 rg BT 456.89 193.85 Td (expansion ) Tj ET Q q 0 0 0 rg BT 510.37 193.85 Td (of ) Tj ET Q q 0 0 0 rg BT 523.71 193.85 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 178.25 Td (core ) Tj ET Q q 0 0 0 rg BT 97.42 178.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 149.92 178.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 181.84 178.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 233.50 178.25 Td (through ) Tj ET Q q 0 0 0 rg BT 276.24 178.25 Td (the ) Tj ET Q q 0 0 0 rg BT 296.17 178.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 334.61 178.25 Td (of ) Tj ET Q q 0 0 0 rg BT 348.42 178.25 Td (our ) Tj ET Q q 0 0 0 rg BT 368.74 178.25 Td (expanded-prime ) Tj ET Q q 0 0 0 rg BT 454.46 178.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 505.56 178.25 Td (Choice ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 162.65 Td (loan ) Tj ET Q q 0 0 0 rg BT 95.97 162.65 Td (program ) Tj ET Q q 0 0 0 rg BT 141.11 162.65 Td (and ) Tj ET Q q 0 0 0 rg BT 162.64 162.65 Td (the ) Tj ET Q q 0 0 0 rg BT 181.52 162.65 Td (pursuit ) Tj ET Q q 0 0 0 rg BT 218.08 162.65 Td (of ) Tj ET Q q 0 0 0 rg BT 230.85 162.65 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 279.64 162.65 Td (providing ) Tj ET Q q 0 0 0 rg BT 329.48 162.65 Td (financing ) Tj ET Q q 0 0 0 rg BT 377.08 162.65 Td (to ) Tj ET Q q 0 0 0 rg BT 390.24 162.65 Td (single-family ) Tj ET Q q 0 0 0 rg BT 454.72 162.65 Td (housing ) Tj ET Q q 0 0 0 rg BT 496.62 162.65 Td (investors ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 147.00 Td (and ) Tj ET Q q 0 0 0 rg BT 93.89 147.00 Td (providing ) Tj ET Q q 0 0 0 rg BT 144.08 147.00 Td (new ) Tj ET Q q 0 0 0 rg BT 167.60 147.00 Td (types ) Tj ET Q q 0 0 0 rg BT 197.41 147.00 Td (of ) Tj ET Q q 0 0 0 rg BT 210.54 147.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 246.25 147.00 Td (solutions ) Tj ET Q q 0 0 0 rg BT 293.19 147.00 Td (to ) Tj ET Q q 0 0 0 rg BT 306.70 147.00 Td (our ) Tj ET Q q 0 0 0 rg BT 326.33 147.00 Td (existing ) Tj ET Q q 0 0 0 rg BT 367.56 147.00 Td (loan ) Tj ET Q q 0 0 0 rg BT 391.89 147.00 Td (sellers; ) Tj ET Q q 0 0 0 rg BT 428.84 147.00 Td (\(vi\) ) Tj ET Q q 0 0 0 rg BT 445.84 147.00 Td (statements ) Tj ET Q q 0 0 0 rg BT 502.94 147.00 Td (relating ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 131.40 Td (to ) Tj ET Q q 0 0 0 rg BT 84.98 131.40 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 133.41 131.40 Td (residential ) Tj ET Q q 0 0 0 rg BT 186.72 131.40 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 238.00 131.40 Td (loans ) Tj ET Q q 0 0 0 rg BT 266.48 131.40 Td (in ) Tj ET Q q 0 0 0 rg BT 278.04 131.40 Td (the ) Tj ET Q q 0 0 0 rg BT 296.75 131.40 Td (future ) Tj ET Q q 0 0 0 rg BT 328.27 131.40 Td (that ) Tj ET Q q 0 0 0 rg BT 350.22 131.40 Td (we ) Tj ET Q q 0 0 0 rg BT 367.08 131.40 Td (have ) Tj ET Q q 0 0 0 rg BT 393.13 131.40 Td (identified ) Tj ET Q q 0 0 0 rg BT 442.57 131.40 Td (for ) Tj ET Q q 0 0 0 rg BT 458.81 131.40 Td (purchase ) Tj ET Q q 0 0 0 rg BT 505.84 131.40 Td (or ) Tj ET Q q 0 0 0 rg BT 518.82 131.40 Td (plan ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 115.75 Td (to ) Tj ET Q q 0 0 0 rg BT 84.83 115.75 Td (purchase, ) Tj ET Q q 0 0 0 rg BT 134.76 115.75 Td (including ) Tj ET Q q 0 0 0 rg BT 182.44 115.75 Td (the ) Tj ET Q q 0 0 0 rg BT 200.99 115.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 241.13 115.75 Td (of ) Tj ET Q q 0 0 0 rg BT 253.56 115.75 Td (such ) Tj ET Q q 0 0 0 rg BT 278.43 115.75 Td (loans ) Tj ET Q q 0 0 0 rg BT 306.76 115.75 Td (that ) Tj ET Q q 0 0 0 rg BT 328.55 115.75 Td (we ) Tj ET Q q 0 0 0 rg BT 345.27 115.75 Td (identified ) Tj ET Q q 0 0 0 rg BT 394.55 115.75 Td (for ) Tj ET Q q 0 0 0 rg BT 410.63 115.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 457.51 115.75 Td (during ) Tj ET Q q 0 0 0 rg BT 492.13 115.75 Td (the ) Tj ET Q q 0 0 0 rg BT 510.68 115.75 Td (fourth ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 100.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 110.40 100.15 Td (of ) Tj ET Q q 0 0 0 rg BT 122.96 100.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 150.20 100.15 Td (and ) Tj ET Q q 0 0 0 rg BT 171.53 100.15 Td (at ) Tj ET Q q 0 0 0 rg BT 183.67 100.15 Td (December ) Tj ET Q q 0 0 0 rg BT 238.00 100.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 256.07 100.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 286.37 100.15 Td (and ) Tj ET Q q 0 0 0 rg BT 307.70 100.15 Td (expected ) Tj ET Q q 0 0 0 rg BT 356.52 100.15 Td (fallout ) Tj ET Q q 0 0 0 rg BT 389.85 100.15 Td (and ) Tj ET Q q 0 0 0 rg BT 411.18 100.15 Td (the ) Tj ET Q q 0 0 0 rg BT 429.85 100.15 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 503.94 100.15 Td (volume ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 84.55 Td (of ) Tj ET Q q 0 0 0 rg BT 85.11 84.55 Td (residential ) Tj ET Q q 0 0 0 rg BT 138.95 84.55 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 190.75 84.55 Td (loans ) Tj ET Q q 0 0 0 rg BT 219.75 84.55 Td (expected ) Tj ET Q q 0 0 0 rg BT 269.13 84.55 Td (to ) Tj ET Q q 0 0 0 rg BT 282.64 84.55 Td (be ) Tj ET Q q 0 0 0 rg BT 298.81 84.55 Td (available ) Tj ET Q q 0 0 0 rg BT 345.33 84.55 Td (for ) Tj ET Q q 0 0 0 rg BT 362.09 84.55 Td (purchase; ) Tj ET Q q 0 0 0 rg BT 412.71 84.55 Td (\(vii\) ) Tj ET Q q 0 0 0 rg BT 432.34 84.55 Td (statements ) Tj ET Q q 0 0 0 rg BT 489.43 84.55 Td (relating ) Tj ET Q q 0 0 0 rg BT 529.82 84.55 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 68.90 Td (our ) Tj ET Q q 0 0 0 rg BT 94.43 68.90 Td (estimate ) Tj ET Q q 0 0 0 rg BT 142.52 68.90 Td (of ) Tj ET Q q 0 0 0 rg BT 158.44 68.90 Td (our ) Tj ET Q q 0 0 0 rg BT 180.87 68.90 Td (available ) Tj ET Q q 0 0 0 rg BT 230.20 68.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 268.71 68.90 Td (\(including ) Tj ET Q q 0 0 0 rg BT 322.73 68.90 Td (that ) Tj ET Q q 0 0 0 rg BT 348.01 68.90 Td (we ) Tj ET Q q 0 0 0 rg BT 368.21 68.90 Td (estimate ) Tj ET Q q 0 0 0 rg BT 416.30 68.90 Td (our ) Tj ET Q q 0 0 0 rg BT 438.73 68.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 477.25 68.90 Td (available ) Tj ET Q q 0 0 0 rg BT 526.57 68.90 Td (for ) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 183.20 736.44 Td (F O R W A R D - L O O K I N G S T A T E M E N T S) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 299.40 24.25 Td (39) Tj ET Q BT /F1 10.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 134.16 702.70 Td (at ) Tj ET Q q 0 0 0 rg BT 147.22 702.70 Td (December ) Tj ET Q q 0 0 0 rg BT 202.48 702.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 221.47 702.70 Td (2017 ) Tj ET Q q 0 0 0 rg BT 249.64 702.70 Td (was ) Tj ET Q q 0 0 0 rg BT 271.68 702.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 345.25 702.70 Td ($280 ) Tj ET Q q 0 0 0 rg BT 373.42 702.70 Td (million\); ) Tj ET Q q 0 0 0 rg BT 415.63 702.70 Td (\(viii\) ) Tj ET Q q 0 0 0 rg BT 438.28 702.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 495.74 702.70 Td (we ) Tj ET Q q 0 0 0 rg BT 513.50 702.70 Td (make ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 687.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 121.87 687.10 Td (our ) Tj ET Q q 0 0 0 rg BT 140.37 687.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 185.56 687.10 Td (policy, ) Tj ET Q q 0 0 0 rg BT 219.96 687.10 Td (including ) Tj ET Q q 0 0 0 rg BT 267.19 687.10 Td (our ) Tj ET Q q 0 0 0 rg BT 285.69 687.10 Td (intention ) Tj ET Q q 0 0 0 rg BT 331.48 687.10 Td (to ) Tj ET Q q 0 0 0 rg BT 343.86 687.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 363.80 687.10 Td (a ) Tj ET Q q 0 0 0 rg BT 371.71 687.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 408.32 687.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 453.52 687.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.50 687.10 Td ($0.28 ) Tj ET Q q 0 0 0 rg BT 495.23 687.10 Td (per ) Tj ET Q q 0 0 0 rg BT 513.93 687.10 Td (share ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 671.45 Td (per ) Tj ET Q q 0 0 0 rg BT 91.26 671.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 129.66 671.45 Td (in ) Tj ET Q q 0 0 0 rg BT 141.19 671.45 Td (2018; ) Tj ET Q q 0 0 0 rg BT 171.48 671.45 Td (and ) Tj ET Q q 0 0 0 rg BT 192.81 671.45 Td (\(ix\) ) Tj ET Q q 0 0 0 rg BT 209.24 671.45 Td (statements ) Tj ET Q q 0 0 0 rg BT 265.77 671.45 Td (regarding ) Tj ET Q q 0 0 0 rg BT 316.21 671.45 Td (our ) Tj ET Q q 0 0 0 rg BT 335.28 671.45 Td (expectations ) Tj ET Q q 0 0 0 rg BT 400.60 671.45 Td (and ) Tj ET Q q 0 0 0 rg BT 421.92 671.45 Td (estimates ) Tj ET Q q 0 0 0 rg BT 471.33 671.45 Td (relating ) Tj ET Q q 0 0 0 rg BT 511.17 671.45 Td (to ) Tj ET Q q 0 0 0 rg BT 524.12 671.45 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 655.85 Td (characterization ) Tj ET Q q 0 0 0 rg BT 153.87 655.85 Td (for ) Tj ET Q q 0 0 0 rg BT 171.97 655.85 Td (income ) Tj ET Q q 0 0 0 rg BT 212.72 655.85 Td (tax ) Tj ET Q q 0 0 0 rg BT 232.06 655.85 Td (purposes ) Tj ET Q q 0 0 0 rg BT 281.96 655.85 Td (of ) Tj ET Q q 0 0 0 rg BT 296.42 655.85 Td (our ) Tj ET Q q 0 0 0 rg BT 317.39 655.85 Td (dividend ) Tj ET Q q 0 0 0 rg BT 365.06 655.85 Td (distributions, ) Tj ET Q q 0 0 0 rg BT 433.26 655.85 Td (our ) Tj ET Q q 0 0 0 rg BT 454.23 655.85 Td (expectations ) Tj ET Q q 0 0 0 rg BT 521.45 655.85 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 640.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 121.40 640.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 161.21 640.25 Td (to ) Tj ET Q q 0 0 0 rg BT 174.14 640.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 191.56 640.25 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 251.59 640.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 269.01 640.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 314.52 640.25 Td (and ) Tj ET Q q 0 0 0 rg BT 335.82 640.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 353.24 640.25 Td (savings, ) Tj ET Q q 0 0 0 rg BT 394.92 640.25 Td (and ) Tj ET Q q 0 0 0 rg BT 416.22 640.25 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 448.94 640.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 466.36 640.25 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 521.46 640.25 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 624.60 Td (our ) Tj ET Q q 0 0 0 rg BT 91.35 624.60 Td (estimates ) Tj ET Q q 0 0 0 rg BT 141.05 624.60 Td (of ) Tj ET Q q 0 0 0 rg BT 153.88 624.60 Td (REIT ) Tj ET Q q 0 0 0 rg BT 179.21 624.60 Td (taxable ) Tj ET Q q 0 0 0 rg BT 218.11 624.60 Td (income ) Tj ET Q q 0 0 0 rg BT 257.24 624.60 Td (and ) Tj ET Q q 0 0 0 rg BT 278.85 624.60 Td (TRS ) Tj ET Q q 0 0 0 rg BT 300.86 624.60 Td (taxable ) Tj ET Q q 0 0 0 rg BT 339.76 624.60 Td (income.) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 600.00 Td (Important ) Tj ET Q q 0 0 0 rg BT 123.36 600.00 Td (factors, ) Tj ET Q q 0 0 0 rg BT 162.25 600.00 Td (among ) Tj ET Q q 0 0 0 rg BT 199.75 600.00 Td (others, ) Tj ET Q q 0 0 0 rg BT 236.63 600.00 Td (that ) Tj ET Q q 0 0 0 rg BT 258.82 600.00 Td (may ) Tj ET Q q 0 0 0 rg BT 282.27 600.00 Td (affect ) Tj ET Q q 0 0 0 rg BT 312.42 600.00 Td (our ) Tj ET Q q 0 0 0 rg BT 331.77 600.00 Td (actual ) Tj ET Q q 0 0 0 rg BT 363.95 600.00 Td (results ) Tj ET Q q 0 0 0 rg BT 398.37 600.00 Td (include:) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 576.35 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 576.35 Td (the ) Tj ET Q q 0 0 0 rg BT 126.95 576.35 Td (pace ) Tj ET Q q 0 0 0 rg BT 153.86 576.35 Td (at ) Tj ET Q q 0 0 0 rg BT 166.28 576.35 Td (which ) Tj ET Q q 0 0 0 rg BT 197.45 576.35 Td (we ) Tj ET Q q 0 0 0 rg BT 214.57 576.35 Td (redeploy ) Tj ET Q q 0 0 0 rg BT 261.22 576.35 Td (our ) Tj ET Q q 0 0 0 rg BT 280.57 576.35 Td (available ) Tj ET Q q 0 0 0 rg BT 326.81 576.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 362.25 576.35 Td (into ) Tj ET Q q 0 0 0 rg BT 384.24 576.35 Td (new ) Tj ET Q q 0 0 0 rg BT 407.47 576.35 Td (investments; ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 560.75 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 560.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 146.94 560.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 168.57 560.75 Td (volatility, ) Tj ET Q q 0 0 0 rg BT 214.85 560.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 258.12 560.75 Td (in ) Tj ET Q q 0 0 0 rg BT 269.38 560.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 299.77 560.75 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 343.43 560.75 Td (and ) Tj ET Q q 0 0 0 rg BT 364.48 560.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 407.75 560.75 Td (in ) Tj ET Q q 0 0 0 rg BT 419.01 560.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 460.60 560.75 Td (in ) Tj ET Q q 0 0 0 rg BT 471.86 560.75 Td (the ) Tj ET Q q 0 0 0 rg BT 490.26 560.75 Td (market ) Tj ET Q q 0 0 0 rg BT 526.56 560.75 Td (for ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 545.15 Td (real ) Tj ET Q q 0 0 0 rg BT 128.98 545.15 Td (estate ) Tj ET Q q 0 0 0 rg BT 161.97 545.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 210.64 545.15 Td (and ) Tj ET Q q 0 0 0 rg BT 232.25 545.15 Td (loans;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 529.50 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 529.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 151.09 529.50 Td (in ) Tj ET Q q 0 0 0 rg BT 162.17 529.50 Td (the ) Tj ET Q q 0 0 0 rg BT 180.38 529.50 Td (demand ) Tj ET Q q 0 0 0 rg BT 223.46 529.50 Td (from ) Tj ET Q q 0 0 0 rg BT 248.39 529.50 Td (investors ) Tj ET Q q 0 0 0 rg BT 294.08 529.50 Td (for ) Tj ET Q q 0 0 0 rg BT 309.84 529.50 Td (residential ) Tj ET Q q 0 0 0 rg BT 362.66 529.50 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 418.13 529.50 Td (and ) Tj ET Q q 0 0 0 rg BT 439.00 529.50 Td (investments, ) Tj ET Q q 0 0 0 rg BT 502.84 529.50 Td (and ) Tj ET Q q 0 0 0 rg BT 523.70 529.50 Td (our ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 513.90 Td (ability ) Tj ET Q q 0 0 0 rg BT 140.37 513.90 Td (to ) Tj ET Q q 0 0 0 rg BT 153.61 513.90 Td (distribute ) Tj ET Q q 0 0 0 rg BT 203.27 513.90 Td (residential ) Tj ET Q q 0 0 0 rg BT 256.83 513.90 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 313.04 513.90 Td (through ) Tj ET Q q 0 0 0 rg BT 354.81 513.90 Td (our ) Tj ET Q q 0 0 0 rg BT 374.16 513.90 Td (whole-loan ) Tj ET Q q 0 0 0 rg BT 431.21 513.90 Td (distribution ) Tj ET Q q 0 0 0 rg BT 490.05 513.90 Td (channel; ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 498.25 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 498.25 Td (our ) Tj ET Q q 0 0 0 rg BT 129.62 498.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 164.27 498.25 Td (to ) Tj ET Q q 0 0 0 rg BT 179.77 498.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 220.36 498.25 Td (our ) Tj ET Q q 0 0 0 rg BT 241.98 498.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 305.77 498.25 Td (in ) Tj ET Q q 0 0 0 rg BT 319.85 498.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 370.80 498.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.68 498.25 Td (our ) Tj ET Q q 0 0 0 rg BT 416.30 498.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 474.39 498.25 Td (of ) Tj ET Q q 0 0 0 rg BT 489.50 498.25 Td (residential ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 482.65 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 164.21 482.65 Td (with ) Tj ET Q q 0 0 0 rg BT 187.63 482.65 Td (short-term ) Tj ET Q q 0 0 0 rg BT 241.97 482.65 Td (debt;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 467.05 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 467.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 151.82 467.05 Td (in ) Tj ET Q q 0 0 0 rg BT 163.64 467.05 Td (the ) Tj ET Q q 0 0 0 rg BT 182.59 467.05 Td (values ) Tj ET Q q 0 0 0 rg BT 216.22 467.05 Td (of ) Tj ET Q q 0 0 0 rg BT 229.06 467.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 261.65 467.05 Td (we ) Tj ET Q q 0 0 0 rg BT 278.77 467.05 Td (own;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 451.40 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 451.40 Td (general ) Tj ET Q q 0 0 0 rg BT 148.12 451.40 Td (economic ) Tj ET Q q 0 0 0 rg BT 199.07 451.40 Td (trends, ) Tj ET Q q 0 0 0 rg BT 235.93 451.40 Td (the ) Tj ET Q q 0 0 0 rg BT 254.87 451.40 Td (performance ) Tj ET Q q 0 0 0 rg BT 320.66 451.40 Td (of ) Tj ET Q q 0 0 0 rg BT 333.49 451.40 Td (the ) Tj ET Q q 0 0 0 rg BT 352.44 451.40 Td (housing, ) Tj ET Q q 0 0 0 rg BT 397.47 451.40 Td (real ) Tj ET Q q 0 0 0 rg BT 418.44 451.40 Td (estate, ) Tj ET Q q 0 0 0 rg BT 454.48 451.40 Td (mortgage, ) Tj ET Q q 0 0 0 rg BT 509.06 451.40 Td (credit, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 435.80 Td (and ) Tj ET Q q 0 0 0 rg BT 130.21 435.80 Td (broader ) Tj ET Q q 0 0 0 rg BT 172.77 435.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 216.56 435.80 Td (markets, ) Tj ET Q q 0 0 0 rg BT 261.77 435.80 Td (and ) Tj ET Q q 0 0 0 rg BT 283.98 435.80 Td (their ) Tj ET Q q 0 0 0 rg BT 309.83 435.80 Td (effects ) Tj ET Q q 0 0 0 rg BT 345.68 435.80 Td (on ) Tj ET Q q 0 0 0 rg BT 361.98 435.80 Td (the ) Tj ET Q q 0 0 0 rg BT 381.54 435.80 Td (prices ) Tj ET Q q 0 0 0 rg BT 414.32 435.80 Td (of ) Tj ET Q q 0 0 0 rg BT 427.76 435.80 Td (earning ) Tj ET Q q 0 0 0 rg BT 468.69 435.80 Td (assets ) Tj ET Q q 0 0 0 rg BT 501.89 435.80 Td (and ) Tj ET Q q 0 0 0 rg BT 524.10 435.80 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 420.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 138.95 420.15 Td (status ) Tj ET Q q 0 0 0 rg BT 170.51 420.15 Td (of ) Tj ET Q q 0 0 0 rg BT 183.35 420.15 Td (borrowers;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 404.55 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 404.55 Td (federal ) Tj ET Q q 0 0 0 rg BT 143.84 404.55 Td (and ) Tj ET Q q 0 0 0 rg BT 164.01 404.55 Td (state ) Tj ET Q q 0 0 0 rg BT 189.45 404.55 Td (legislative ) Tj ET Q q 0 0 0 rg BT 239.95 404.55 Td (and ) Tj ET Q q 0 0 0 rg BT 260.12 404.55 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 311.63 404.55 Td (developments, ) Tj ET Q q 0 0 0 rg BT 386.40 404.55 Td (and ) Tj ET Q q 0 0 0 rg BT 406.57 404.55 Td (the ) Tj ET Q q 0 0 0 rg BT 424.09 404.55 Td (actions ) Tj ET Q q 0 0 0 rg BT 460.36 404.55 Td (of ) Tj ET Q q 0 0 0 rg BT 471.76 404.55 Td (governmental ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 388.95 Td (authorities, ) Tj ET Q q 0 0 0 rg BT 167.20 388.95 Td (including ) Tj ET Q q 0 0 0 rg BT 216.85 388.95 Td (the ) Tj ET Q q 0 0 0 rg BT 237.37 388.95 Td (new ) Tj ET Q q 0 0 0 rg BT 262.16 388.95 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 286.56 388.95 Td (presidential ) Tj ET Q q 0 0 0 rg BT 348.41 388.95 Td (administration, ) Tj ET Q q 0 0 0 rg BT 425.92 388.95 Td (and ) Tj ET Q q 0 0 0 rg BT 449.09 388.95 Td (in ) Tj ET Q q 0 0 0 rg BT 462.47 388.95 Td (particular ) Tj ET Q q 0 0 0 rg BT 512.89 388.95 Td (those ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 373.30 Td (affecting ) Tj ET Q q 0 0 0 rg BT 153.21 373.30 Td (the ) Tj ET Q q 0 0 0 rg BT 171.74 373.30 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 222.84 373.30 Td (industry ) Tj ET Q q 0 0 0 rg BT 264.36 373.30 Td (or ) Tj ET Q q 0 0 0 rg BT 277.17 373.30 Td (our ) Tj ET Q q 0 0 0 rg BT 296.09 373.30 Td (business ) Tj ET Q q 0 0 0 rg BT 340.49 373.30 Td (\(including, ) Tj ET Q q 0 0 0 rg BT 394.06 373.30 Td (but ) Tj ET Q q 0 0 0 rg BT 413.18 373.30 Td (not ) Tj ET Q q 0 0 0 rg BT 432.11 373.30 Td (limited ) Tj ET Q q 0 0 0 rg BT 468.53 373.30 Td (to, ) Tj ET Q q 0 0 0 rg BT 484.40 373.30 Td (the ) Tj ET Q q 0 0 0 rg BT 502.93 373.30 Td (Federal ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 357.70 Td (Housing ) Tj ET Q q 0 0 0 rg BT 153.97 357.70 Td (Finance ) Tj ET Q q 0 0 0 rg BT 197.31 357.70 Td (Agencys ) Tj ET Q q 0 0 0 rg BT 245.97 357.70 Td (rules ) Tj ET Q q 0 0 0 rg BT 274.40 357.70 Td (relating ) Tj ET Q q 0 0 0 rg BT 316.69 357.70 Td (to ) Tj ET Q q 0 0 0 rg BT 332.09 357.70 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 363.80 357.70 Td (membership ) Tj ET Q q 0 0 0 rg BT 430.54 357.70 Td (requirements ) Tj ET Q q 0 0 0 rg BT 500.33 357.70 Td (and ) Tj ET Q q 0 0 0 rg BT 524.10 357.70 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 342.05 Td (implications ) Tj ET Q q 0 0 0 rg BT 169.72 342.05 Td (for ) Tj ET Q q 0 0 0 rg BT 186.21 342.05 Td (our ) Tj ET Q q 0 0 0 rg BT 205.56 342.05 Td (captive ) Tj ET Q q 0 0 0 rg BT 244.07 342.05 Td (insurance ) Tj ET Q q 0 0 0 rg BT 293.58 342.05 Td (subsidiarys ) Tj ET Q q 0 0 0 rg BT 351.85 342.05 Td (membership ) Tj ET Q q 0 0 0 rg BT 416.42 342.05 Td (in ) Tj ET Q q 0 0 0 rg BT 428.24 342.05 Td (the ) Tj ET Q q 0 0 0 rg BT 447.19 342.05 Td (FHLB\);) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 326.45 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 326.45 Td (strategic ) Tj ET Q q 0 0 0 rg BT 153.19 326.45 Td (business ) Tj ET Q q 0 0 0 rg BT 198.01 326.45 Td (and ) Tj ET Q q 0 0 0 rg BT 219.62 326.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 255.05 326.45 Td (deployment ) Tj ET Q q 0 0 0 rg BT 317.39 326.45 Td (decisions ) Tj ET Q q 0 0 0 rg BT 365.88 326.45 Td (we ) Tj ET Q q 0 0 0 rg BT 382.99 326.45 Td (make;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 310.85 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 310.85 Td (developments ) Tj ET Q q 0 0 0 rg BT 180.50 310.85 Td (related ) Tj ET Q q 0 0 0 rg BT 217.33 310.85 Td (to ) Tj ET Q q 0 0 0 rg BT 229.93 310.85 Td (the ) Tj ET Q q 0 0 0 rg BT 248.25 310.85 Td (fixed ) Tj ET Q q 0 0 0 rg BT 274.71 310.85 Td (income ) Tj ET Q q 0 0 0 rg BT 313.20 310.85 Td (and ) Tj ET Q q 0 0 0 rg BT 334.17 310.85 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 385.05 310.85 Td (finance ) Tj ET Q q 0 0 0 rg BT 422.73 310.85 Td (markets ) Tj ET Q q 0 0 0 rg BT 463.64 310.85 Td (and ) Tj ET Q q 0 0 0 rg BT 484.61 310.85 Td (the ) Tj ET Q q 0 0 0 rg BT 502.93 310.85 Td (Federal ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 295.20 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 155.89 295.20 Td (statements ) Tj ET Q q 0 0 0 rg BT 212.71 295.20 Td (regarding ) Tj ET Q q 0 0 0 rg BT 263.43 295.20 Td (its ) Tj ET Q q 0 0 0 rg BT 277.47 295.20 Td (future ) Tj ET Q q 0 0 0 rg BT 309.24 295.20 Td (open ) Tj ET Q q 0 0 0 rg BT 337.77 295.20 Td (market ) Tj ET Q q 0 0 0 rg BT 374.63 295.20 Td (activity ) Tj ET Q q 0 0 0 rg BT 411.90 295.20 Td (and ) Tj ET Q q 0 0 0 rg BT 433.50 295.20 Td (monetary ) Tj ET Q q 0 0 0 rg BT 483.00 295.20 Td (policy;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 279.60 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 279.60 Td (our ) Tj ET Q q 0 0 0 rg BT 127.35 279.60 Td (exposure ) Tj ET Q q 0 0 0 rg BT 175.44 279.60 Td (to ) Tj ET Q q 0 0 0 rg BT 188.67 279.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 219.63 279.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 238.97 279.60 Td (and ) Tj ET Q q 0 0 0 rg BT 260.57 279.60 Td (the ) Tj ET Q q 0 0 0 rg BT 279.52 279.60 Td (timing ) Tj ET Q q 0 0 0 rg BT 313.74 279.60 Td (of ) Tj ET Q q 0 0 0 rg BT 326.57 279.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 357.53 279.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 389.92 279.60 Td (within ) Tj ET Q q 0 0 0 rg BT 422.10 279.60 Td (our ) Tj ET Q q 0 0 0 rg BT 441.45 279.60 Td (portfolio;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 263.95 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 263.95 Td (the ) Tj ET Q q 0 0 0 rg BT 127.02 263.95 Td (concentration ) Tj ET Q q 0 0 0 rg BT 197.57 263.95 Td (of ) Tj ET Q q 0 0 0 rg BT 210.47 263.95 Td (the ) Tj ET Q q 0 0 0 rg BT 229.48 263.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 260.50 263.95 Td (risks ) Tj ET Q q 0 0 0 rg BT 284.59 263.95 Td (we ) Tj ET Q q 0 0 0 rg BT 301.76 263.95 Td (are ) Tj ET Q q 0 0 0 rg BT 320.16 263.95 Td (exposed ) Tj ET Q q 0 0 0 rg BT 365.47 263.95 Td (to, ) Tj ET Q q 0 0 0 rg BT 381.82 263.95 Td (including ) Tj ET Q q 0 0 0 rg BT 429.97 263.95 Td (due ) Tj ET Q q 0 0 0 rg BT 452.04 263.95 Td (to ) Tj ET Q q 0 0 0 rg BT 465.34 263.95 Td (the ) Tj ET Q q 0 0 0 rg BT 484.35 263.95 Td (structure ) Tj ET Q q 0 0 0 rg BT 530.22 263.95 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 248.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 141.42 248.35 Td (we ) Tj ET Q q 0 0 0 rg BT 159.36 248.35 Td (hold ) Tj ET Q q 0 0 0 rg BT 185.25 248.35 Td (and ) Tj ET Q q 0 0 0 rg BT 207.68 248.35 Td (the ) Tj ET Q q 0 0 0 rg BT 227.45 248.35 Td (geographical ) Tj ET Q q 0 0 0 rg BT 295.91 248.35 Td (concentration ) Tj ET Q q 0 0 0 rg BT 367.22 248.35 Td (of ) Tj ET Q q 0 0 0 rg BT 380.89 248.35 Td (real ) Tj ET Q q 0 0 0 rg BT 402.69 248.35 Td (estate ) Tj ET Q q 0 0 0 rg BT 436.50 248.35 Td (underlying ) Tj ET Q q 0 0 0 rg BT 492.53 248.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 525.95 248.35 Td (we ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 232.75 Td (own;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 217.10 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 217.10 Td (our ) Tj ET Q q 0 0 0 rg BT 127.35 217.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 175.44 217.10 Td (to ) Tj ET Q q 0 0 0 rg BT 188.67 217.10 Td (adjustable-rate ) Tj ET Q q 0 0 0 rg BT 265.25 217.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 316.77 217.10 Td (loans;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 201.50 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 201.50 Td (the ) Tj ET Q q 0 0 0 rg BT 127.14 201.50 Td (efficacy ) Tj ET Q q 0 0 0 rg BT 167.07 201.50 Td (and ) Tj ET Q q 0 0 0 rg BT 188.86 201.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 233.28 201.50 Td (of ) Tj ET Q q 0 0 0 rg BT 246.30 201.50 Td (our ) Tj ET Q q 0 0 0 rg BT 265.84 201.50 Td (efforts ) Tj ET Q q 0 0 0 rg BT 300.03 201.50 Td (to ) Tj ET Q q 0 0 0 rg BT 313.44 201.50 Td (manage ) Tj ET Q q 0 0 0 rg BT 356.43 201.50 Td (or ) Tj ET Q q 0 0 0 rg BT 369.85 201.50 Td (hedge ) Tj ET Q q 0 0 0 rg BT 404.89 201.50 Td (credit ) Tj ET Q q 0 0 0 rg BT 436.03 201.50 Td (risk, ) Tj ET Q q 0 0 0 rg BT 458.61 201.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 498.29 201.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 520.66 201.50 Td (risk, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 185.85 Td (and ) Tj ET Q q 0 0 0 rg BT 129.60 185.85 Td (other ) Tj ET Q q 0 0 0 rg BT 158.73 185.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 201.92 185.85 Td (and ) Tj ET Q q 0 0 0 rg BT 223.52 185.85 Td (operational ) Tj ET Q q 0 0 0 rg BT 282.59 185.85 Td (risks;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 170.25 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 170.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 152.91 170.25 Td (in ) Tj ET Q q 0 0 0 rg BT 165.80 170.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 197.84 170.25 Td (ratings ) Tj ET Q q 0 0 0 rg BT 235.16 170.25 Td (on ) Tj ET Q q 0 0 0 rg BT 251.94 170.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 285.62 170.25 Td (we ) Tj ET Q q 0 0 0 rg BT 303.81 170.25 Td (own ) Tj ET Q q 0 0 0 rg BT 328.53 170.25 Td (and ) Tj ET Q q 0 0 0 rg BT 351.22 170.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 396.12 170.25 Td (in ) Tj ET Q q 0 0 0 rg BT 409.02 170.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.05 170.25 Td (rating ) Tj ET Q q 0 0 0 rg BT 461.70 170.25 Td (agencies ) Tj ET Q q 0 0 0 rg BT 512.10 170.25 Td (credit ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 154.65 Td (rating ) Tj ET Q q 0 0 0 rg BT 139.56 154.65 Td (methodologies;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 139.00 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 139.00 Td (changes ) Tj ET Q q 0 0 0 rg BT 151.82 139.00 Td (in ) Tj ET Q q 0 0 0 rg BT 163.64 139.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 203.13 139.00 Td (rates;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 123.40 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 123.40 Td (changes ) Tj ET Q q 0 0 0 rg BT 151.82 123.40 Td (in ) Tj ET Q q 0 0 0 rg BT 163.64 123.40 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 215.16 123.40 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 277.50 123.40 Td (rates;) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 90.00 107.75 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.00 107.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 151.82 107.75 Td (in ) Tj ET Q q 0 0 0 rg BT 163.64 107.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 205.79 107.75 Td (in ) Tj ET Q q 0 0 0 rg BT 217.61 107.75 Td 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Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 265.00 736.44 Td ( G L O S S A R Y) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 299.40 24.25 Td (41) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (ADJUSTABLE-RATE ) Tj ET Q q 0 0 0 rg BT 174.01 702.70 Td (MORTGAGES ) Tj ET Q q 0 0 0 rg BT 248.00 702.70 Td (\(ARMs\) ) Tj ET Q q 0 0 0 rg BT 289.89 702.70 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 298.94 702.70 Td (Adjustable-rate ) Tj ET Q q 0 0 0 rg BT 380.14 702.70 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 439.13 702.70 Td (are ) Tj ET Q q 0 0 0 rg BT 460.25 702.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 491.77 702.70 Td (that ) Tj ET Q q 0 0 0 rg BT 516.76 702.70 Td (have ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 687.10 Td (coupons ) Tj ET Q q 0 0 0 rg BT 117.53 687.10 Td (that ) Tj ET Q q 0 0 0 rg BT 140.21 687.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 173.28 687.10 Td (at ) Tj ET Q q 0 0 0 rg BT 186.19 687.10 Td (least ) Tj ET Q q 0 0 0 rg BT 212.53 687.10 Td (once ) Tj ET Q q 0 0 0 rg BT 240.13 687.10 Td (per ) Tj ET Q q 0 0 0 rg BT 260.16 687.10 Td (year. ) Tj ET Q q 0 0 0 rg BT 286.52 687.10 Td (We ) Tj ET Q q 0 0 0 rg BT 306.37 687.10 Td (make ) Tj ET Q q 0 0 0 rg BT 336.40 687.10 Td (a ) Tj ET Q q 0 0 0 rg BT 345.65 687.10 Td (distinction ) Tj ET Q q 0 0 0 rg BT 399.92 687.10 Td (between ) Tj ET Q q 0 0 0 rg BT 446.24 687.10 Td (ARMs ) Tj ET Q q 0 0 0 rg BT 478.32 687.10 Td (\(loans ) Tj ET Q q 0 0 0 rg BT 510.40 687.10 Td (with ) Tj ET Q q 0 0 0 rg BT 534.30 687.10 Td (a ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 671.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 94.54 671.45 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 152.75 671.45 Td (at ) Tj ET Q q 0 0 0 rg BT 165.53 671.45 Td (least ) Tj ET Q q 0 0 0 rg BT 191.74 671.45 Td (annually\) ) Tj ET Q q 0 0 0 rg BT 238.38 671.45 Td (and ) Tj ET Q q 0 0 0 rg BT 260.34 671.45 Td (hybrids ) Tj ET Q q 0 0 0 rg BT 299.59 671.45 Td (\(loans ) Tj ET Q q 0 0 0 rg BT 331.54 671.45 Td (that ) Tj ET Q q 0 0 0 rg BT 354.10 671.45 Td (have ) Tj ET Q q 0 0 0 rg BT 380.76 671.45 Td (a ) Tj ET Q q 0 0 0 rg BT 389.88 671.45 Td (fixed-rate ) Tj ET Q q 0 0 0 rg BT 440.12 671.45 Td (period ) Tj ET Q q 0 0 0 rg BT 475.91 671.45 Td (of ) Tj ET Q q 0 0 0 rg BT 489.10 671.45 Td (2-10 ) Tj ET Q q 0 0 0 rg BT 514.53 671.45 Td (years ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 655.85 Td (and ) Tj ET Q q 0 0 0 rg BT 93.60 655.85 Td (then ) Tj ET Q q 0 0 0 rg BT 118.67 655.85 Td (become ) Tj ET Q q 0 0 0 rg BT 161.88 655.85 Td (adjustable-rate\)) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 238.26 655.85 Td (.) 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Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 516.70 Td (AGENCY ) Tj ET Q q 0 0 0 rg BT 122.50 516.70 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 130.98 516.70 Td (Agency ) Tj ET Q q 0 0 0 rg BT 173.38 516.70 Td (refers ) Tj ET Q q 0 0 0 rg BT 205.95 516.70 Td (to ) Tj ET Q q 0 0 0 rg BT 221.41 516.70 Td (government-sponsored ) Tj ET Q q 0 0 0 rg BT 341.80 516.70 Td (enterprises ) Tj ET Q q 0 0 0 rg BT 401.24 516.70 Td (\(GSEs\), ) Tj ET Q q 0 0 0 rg BT 452.61 516.70 Td (including ) Tj ET Q q 0 0 0 rg BT 502.93 516.70 Td (Federal ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 501.05 Td (National ) Tj ET Q q 0 0 0 rg BT 118.86 501.05 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 173.04 501.05 Td (Association ) Tj ET Q q 0 0 0 rg BT 234.37 501.05 Td (\(Fannie ) Tj ET Q q 0 0 0 rg BT 281.05 501.05 Td (Mae\), ) Tj ET Q q 0 0 0 rg BT 319.59 501.05 Td (Federal ) Tj ET Q q 0 0 0 rg BT 361.96 501.05 Td (Home ) Tj ET Q q 0 0 0 rg BT 397.21 501.05 Td (Loan ) Tj ET Q q 0 0 0 rg BT 426.35 501.05 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 480.53 501.05 Td (Corporation ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 485.45 Td (\(Freddie ) Tj ET Q q 0 0 0 rg BT 121.52 485.45 Td (Mac\), ) Tj ET Q q 0 0 0 rg BT 157.01 485.45 Td (and ) Tj ET Q q 0 0 0 rg BT 178.61 485.45 Td (Government ) Tj ET Q q 0 0 0 rg BT 243.39 485.45 Td (National ) Tj ET Q q 0 0 0 rg BT 288.01 485.45 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 339.95 485.45 Td (Association ) Tj ET Q q 0 0 0 rg BT 399.04 485.45 Td (\(Ginnie ) Tj ET Q q 0 0 0 rg BT 442.86 485.45 Td (Mae\)) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 473.04 485.45 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 454.90 Td (ALT-A ) Tj ET Q q 0 0 0 rg BT 105.02 454.90 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 169.33 454.90 Td (and ) Tj ET Q q 0 0 0 rg BT 192.62 454.90 Td (ALT-A ) Tj ET Q q 0 0 0 rg BT 225.65 454.90 Td (LOANS ) Tj ET Q q 0 0 0 rg BT 267.39 454.90 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 275.51 454.90 Td (As ) Tj ET Q q 0 0 0 rg BT 292.67 454.90 Td (categories, ) Tj ET Q q 0 0 0 rg BT 351.78 454.90 Td (Alt-A ) Tj ET Q q 0 0 0 rg BT 381.76 454.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 432.31 454.90 Td (and ) Tj ET Q q 0 0 0 rg BT 455.78 454.90 Td (Alt-A ) Tj ET Q q 0 0 0 rg BT 485.77 454.90 Td (loans ) Tj ET Q q 0 0 0 rg BT 516.37 454.90 Td (were ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 439.30 Td (commonly ) Tj ET Q q 0 0 0 rg BT 125.84 439.30 Td (used ) Tj ET Q q 0 0 0 rg BT 152.17 439.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 178.05 439.30 Td (to ) Tj ET Q q 0 0 0 rg BT 190.92 439.30 Td (the ) Tj ET Q q 0 0 0 rg BT 209.51 439.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 252.33 439.30 Td (crisis ) Tj ET Q q 0 0 0 rg BT 278.63 439.30 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 302.11 439.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 327.99 439.30 Td (to ) Tj ET Q q 0 0 0 rg BT 340.86 439.30 Td (2009\), ) Tj ET Q q 0 0 0 rg BT 373.93 439.30 Td (but ) Tj ET Q q 0 0 0 rg BT 393.12 439.30 Td (are ) Tj ET Q q 0 0 0 rg BT 411.09 439.30 Td (no ) Tj ET Q q 0 0 0 rg BT 426.42 439.30 Td (longer ) Tj ET Q q 0 0 0 rg BT 460.88 439.30 Td (typically ) Tj ET Q q 0 0 0 rg BT 503.49 439.30 Td (used ) Tj ET Q q 0 0 0 rg BT 529.82 439.30 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 423.70 Td (describe ) Tj ET Q q 0 0 0 rg BT 117.22 423.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 166.11 423.70 Td (or ) Tj ET Q q 0 0 0 rg BT 179.56 423.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 208.50 423.70 Td (issued ) Tj ET Q q 0 0 0 rg BT 242.74 423.70 Td (or ) Tj ET Q q 0 0 0 rg BT 256.18 423.70 Td (originated ) Tj ET Q q 0 0 0 rg BT 309.94 423.70 Td (since ) Tj ET Q q 0 0 0 rg BT 338.07 423.70 Td (2009. ) Tj ET Q q 0 0 0 rg BT 368.87 423.70 Td (Alt-A ) Tj ET Q q 0 0 0 rg BT 397.19 423.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 446.08 423.70 Td (was ) Tj ET Q q 0 0 0 rg BT 467.69 423.70 Td (a ) Tj ET Q q 0 0 0 rg BT 476.67 423.70 Td (term ) Tj ET Q q 0 0 0 rg BT 502.93 423.70 Td (used ) Tj ET Q q 0 0 0 rg BT 529.84 423.70 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 408.05 Td (describe ) Tj ET Q q 0 0 0 rg BT 117.47 408.05 Td (residential ) Tj ET Q q 0 0 0 rg BT 171.48 408.05 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 262.99 408.05 Td (securities ) Tj ET Q q 0 0 0 rg BT 312.12 408.05 Td (backed ) Tj ET Q q 0 0 0 rg BT 351.51 408.05 Td (by ) Tj ET Q q 0 0 0 rg BT 367.04 408.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 396.23 408.05 Td (that ) Tj ET Q q 0 0 0 rg BT 418.88 408.05 Td (had ) Tj ET Q q 0 0 0 rg BT 440.94 408.05 Td (higher ) Tj ET Q q 0 0 0 rg BT 475.81 408.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 507.22 408.05 Td (quality ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 392.45 Td (than ) Tj ET Q q 0 0 0 rg BT 99.12 392.45 Td (subprime ) Tj ET Q q 0 0 0 rg BT 150.65 392.45 Td (and ) Tj ET Q q 0 0 0 rg BT 174.71 392.45 Td (lower ) Tj ET Q q 0 0 0 rg BT 207.10 392.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 240.50 392.45 Td (quality ) Tj ET Q q 0 0 0 rg BT 278.81 392.45 Td (than ) Tj ET Q q 0 0 0 rg BT 305.92 392.45 Td (prime. ) Tj ET Q q 0 0 0 rg BT 342.99 392.45 Td (Alt-A ) Tj ET Q q 0 0 0 rg BT 373.56 392.45 Td (originally ) Tj ET Q q 0 0 0 rg BT 423.67 392.45 Td (represented ) Tj ET Q q 0 0 0 rg BT 488.45 392.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 519.64 392.45 Td (with ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 376.80 Td (alternative ) Tj ET Q q 0 0 0 rg BT 127.07 376.80 Td (documentation, ) Tj ET Q q 0 0 0 rg BT 208.24 376.80 Td (but ) Tj ET Q q 0 0 0 rg BT 228.27 376.80 Td (the ) Tj ET Q q 0 0 0 rg BT 247.71 376.80 Td (definition ) Tj ET Q q 0 0 0 rg BT 297.68 376.80 Td (shifted ) Tj ET Q q 0 0 0 rg BT 334.41 376.80 Td (over ) Tj ET Q q 0 0 0 rg BT 359.54 376.80 Td (time ) Tj ET Q q 0 0 0 rg BT 384.88 376.80 Td (to ) Tj ET Q q 0 0 0 rg BT 398.59 376.80 Td (include ) Tj ET Q q 0 0 0 rg BT 437.79 376.80 Td (loans ) Tj ET Q q 0 0 0 rg BT 467.00 376.80 Td (with ) Tj ET Q q 0 0 0 rg BT 490.91 376.80 Td (additional ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 361.20 Td (risk ) Tj ET Q q 0 0 0 rg BT 91.56 361.20 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 163.67 361.20 Td (and ) Tj ET Q q 0 0 0 rg BT 185.49 361.20 Td (in ) Tj ET Q q 0 0 0 rg BT 197.53 361.20 Td (some ) Tj ET Q q 0 0 0 rg BT 227.50 361.20 Td (cases ) Tj ET Q q 0 0 0 rg BT 257.28 361.20 Td (investor ) Tj ET Q q 0 0 0 rg BT 299.25 361.20 Td (loans. ) Tj ET Q q 0 0 0 rg BT 331.26 361.20 Td (An ) Tj ET Q q 0 0 0 rg BT 348.20 361.20 Td (Alt-A ) Tj ET Q q 0 0 0 rg BT 376.54 361.20 Td (loan ) Tj ET Q q 0 0 0 rg BT 400.81 361.20 Td (was ) Tj ET Q q 0 0 0 rg BT 422.42 361.20 Td (a ) Tj ET Q q 0 0 0 rg BT 431.41 361.20 Td (term ) Tj ET Q q 0 0 0 rg BT 457.68 361.20 Td (used ) Tj ET Q q 0 0 0 rg BT 484.60 361.20 Td (to ) Tj ET Q q 0 0 0 rg BT 498.05 361.20 Td (describe ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 345.60 Td (a ) Tj ET Q q 0 0 0 rg BT 80.11 345.60 Td (loan ) Tj ET Q q 0 0 0 rg BT 103.49 345.60 Td (where ) Tj ET Q q 0 0 0 rg BT 135.63 345.60 Td (the ) Tj ET Q q 0 0 0 rg BT 153.92 345.60 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 207.23 345.60 Td (income ) Tj ET Q q 0 0 0 rg BT 245.69 345.60 Td (may ) Tj ET Q q 0 0 0 rg BT 268.47 345.60 Td (not ) Tj ET Q q 0 0 0 rg BT 287.16 345.60 Td (have ) Tj ET Q q 0 0 0 rg BT 312.80 345.60 Td (been ) Tj ET Q q 0 0 0 rg BT 340.27 345.60 Td (verified, ) Tj ET Q q 0 0 0 rg BT 382.16 345.60 Td (and ) Tj ET Q q 0 0 0 rg BT 403.11 345.60 Td (in ) Tj ET Q q 0 0 0 rg BT 414.26 345.60 Td (some ) Tj ET Q q 0 0 0 rg BT 443.35 345.60 Td (cases, ) Tj ET Q q 0 0 0 rg BT 475.31 345.60 Td (may ) Tj ET Q q 0 0 0 rg BT 498.09 345.60 Td (not ) Tj ET Q q 0 0 0 rg BT 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Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 625.30 Td (BOOK ) Tj ET Q q 0 0 0 rg BT 106.68 625.30 Td (VALUE ) Tj ET Q q 0 0 0 rg BT 144.14 625.30 Td (\(GAAP\) ) Tj ET Q q 0 0 0 rg BT 183.90 625.30 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 189.83 625.30 Td (Book ) Tj ET Q q 0 0 0 rg BT 217.89 625.30 Td (value ) Tj ET Q q 0 0 0 rg BT 246.56 625.30 Td (is ) Tj ET Q q 0 0 0 rg BT 256.66 625.30 Td (the ) Tj ET Q q 0 0 0 rg BT 275.34 625.30 Td (value ) Tj ET Q q 0 0 0 rg BT 304.00 625.30 Td (of ) Tj ET Q q 0 0 0 rg BT 316.56 625.30 Td (our ) Tj ET Q q 0 0 0 rg BT 335.63 625.30 Td (common ) Tj ET Q q 0 0 0 rg BT 381.62 625.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 414.95 625.30 Td (in ) Tj ET Q q 0 0 0 rg BT 426.49 625.30 Td (accordance ) Tj ET Q q 0 0 0 rg BT 485.52 625.30 Td (with ) Tj ET Q q 0 0 0 rg BT 508.66 625.30 Td (GAAP.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 594.80 Td (COMMERCIAL ) Tj ET Q q 0 0 0 rg BT 147.41 594.80 Td (MORTGAGE-BACKED ) Tj ET Q q 0 0 0 rg BT 259.00 594.80 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 320.83 594.80 Td (\(CMBS\) ) Tj ET Q q 0 0 0 rg BT 359.87 594.80 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 365.50 594.80 Td (A ) Tj ET Q q 0 0 0 rg BT 375.53 594.80 Td (type ) Tj ET Q q 0 0 0 rg BT 399.80 594.80 Td (of ) Tj ET Q q 0 0 0 rg BT 412.05 594.80 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 502.53 594.80 Td (security ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 579.15 Td (that ) Tj ET Q q 0 0 0 rg BT 94.20 579.15 Td (is ) Tj ET Q q 0 0 0 rg BT 104.58 579.15 Td (secured ) Tj ET Q q 0 0 0 rg BT 146.15 579.15 Td (by ) Tj ET Q q 0 0 0 rg BT 161.23 579.15 Td (one ) Tj ET Q q 0 0 0 rg BT 183.05 579.15 Td (or ) Tj ET Q q 0 0 0 rg BT 196.28 579.15 Td (more ) Tj ET Q q 0 0 0 rg BT 224.80 579.15 Td (loans ) Tj ET Q q 0 0 0 rg BT 253.54 579.15 Td (on ) Tj ET Q q 0 0 0 rg BT 269.23 579.15 Td (commercial ) Tj ET Q q 0 0 0 rg BT 328.72 579.15 Td (properties.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 548.65 Td (CONFORMING ) Tj ET Q q 0 0 0 rg BT 150.73 548.65 Td (LOAN ) Tj ET Q q 0 0 0 rg BT 184.18 548.65 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 190.02 548.65 Td (A ) Tj ET Q q 0 0 0 rg BT 200.26 548.65 Td (conforming ) Tj ET Q q 0 0 0 rg BT 259.37 548.65 Td (loan ) Tj ET Q q 0 0 0 rg BT 283.05 548.65 Td (is ) Tj ET Q q 0 0 0 rg BT 293.07 548.65 Td (a ) Tj ET Q q 0 0 0 rg BT 301.47 548.65 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 352.62 548.65 Td (loan ) Tj ET Q q 0 0 0 rg BT 376.30 548.65 Td (that ) Tj ET Q q 0 0 0 rg BT 398.13 548.65 Td (conforms ) Tj ET Q q 0 0 0 rg BT 446.45 548.65 Td (to ) Tj ET Q q 0 0 0 rg BT 459.32 548.65 Td (the ) Tj ET Q q 0 0 0 rg BT 477.90 548.65 Td (underwriting ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 533.00 Td (standards ) Tj ET Q q 0 0 0 rg BT 122.63 533.00 Td (of ) Tj ET Q q 0 0 0 rg BT 135.58 533.00 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 171.57 533.00 Td (Mae ) Tj ET Q q 0 0 0 rg BT 196.35 533.00 Td (and ) Tj ET Q q 0 0 0 rg BT 218.07 533.00 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 259.14 533.00 Td (Mac, ) Tj ET Q q 0 0 0 rg BT 286.17 533.00 Td (including ) Tj ET Q q 0 0 0 rg BT 334.37 533.00 Td (the ) Tj ET Q q 0 0 0 rg BT 353.44 533.00 Td (maximum ) Tj ET Q q 0 0 0 rg BT 404.50 533.00 Td (loan ) Tj ET Q q 0 0 0 rg BT 428.66 533.00 Td (limit, ) Tj ET Q q 0 0 0 rg BT 455.84 533.00 Td (which ) Tj ET Q q 0 0 0 rg BT 487.13 533.00 Td (is ) Tj ET Q q 0 0 0 rg BT 497.63 533.00 Td (currently ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 517.40 Td ($424,100 ) Tj ET Q q 0 0 0 rg BT 120.89 517.40 Td (except ) Tj ET Q q 0 0 0 rg BT 157.12 517.40 Td (in ) Tj ET Q q 0 0 0 rg BT 168.89 517.40 Td (defined ) Tj ET Q q 0 0 0 rg BT 209.60 517.40 Td (high-cost ) Tj ET Q q 0 0 0 rg BT 258.04 517.40 Td (areas ) Tj ET Q q 0 0 0 rg BT 286.73 517.40 Td (of ) Tj ET Q q 0 0 0 rg BT 299.53 517.40 Td (the ) Tj ET Q q 0 0 0 rg BT 318.44 517.40 Td (country, ) Tj ET Q q 0 0 0 rg BT 361.18 517.40 Td (where ) Tj ET Q q 0 0 0 rg BT 393.95 517.40 Td (the ) Tj ET Q q 0 0 0 rg BT 412.86 517.40 Td (limit ) Tj ET Q q 0 0 0 rg BT 436.84 517.40 Td (is ) Tj ET Q q 0 0 0 rg BT 447.18 517.40 Td (higher. ) Tj ET Q q 0 0 0 rg BT 483.61 517.40 Td (Changes ) Tj ET Q q 0 0 0 rg BT 529.84 517.40 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 501.80 Td (this ) Tj ET Q q 0 0 0 rg BT 90.84 501.80 Td (maximum ) Tj ET Q q 0 0 0 rg BT 140.46 501.80 Td (loan ) Tj ET Q q 0 0 0 rg BT 163.18 501.80 Td (limit ) Tj ET Q q 0 0 0 rg BT 185.87 501.80 Td (are ) Tj ET Q q 0 0 0 rg BT 202.88 501.80 Td (announced ) Tj ET Q q 0 0 0 rg BT 259.45 501.80 Td (annually ) Tj ET Q q 0 0 0 rg BT 301.54 501.80 Td (by ) Tj ET Q q 0 0 0 rg BT 315.30 501.80 Td (the ) Tj ET Q q 0 0 0 rg BT 332.93 501.80 Td (Federal ) Tj ET Q q 0 0 0 rg BT 371.73 501.80 Td (Housing ) Tj ET Q q 0 0 0 rg BT 414.21 501.80 Td (Finance ) Tj ET Q q 0 0 0 rg BT 454.06 501.80 Td (Agency ) Tj ET Q q 0 0 0 rg BT 492.89 501.80 Td (\(FHFA) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 528.58 501.80 Td (\)) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 536.95 501.80 Td (, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 486.15 Td (which ) Tj ET Q q 0 0 0 rg BT 103.17 486.15 Td (is ) Tj ET Q q 0 0 0 rg BT 113.56 486.15 Td (the ) Tj ET Q q 0 0 0 rg BT 132.51 486.15 Td (regulator ) Tj ET Q q 0 0 0 rg BT 180.15 486.15 Td (and ) Tj ET Q q 0 0 0 rg BT 201.76 486.15 Td (conservator ) Tj ET Q q 0 0 0 rg BT 262.05 486.15 Td (of ) Tj ET Q q 0 0 0 rg BT 274.89 486.15 Td (both ) Tj ET Q q 0 0 0 rg BT 300.97 486.15 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 336.84 486.15 Td (Mae ) Tj ET Q q 0 0 0 rg BT 361.51 486.15 Td (and ) Tj ET Q q 0 0 0 rg BT 383.12 486.15 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 424.07 486.15 Td (Mac.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 455.65 Td (CONSTANT ) Tj ET Q q 0 0 0 rg BT 131.55 455.65 Td (\(or ) Tj ET Q q 0 0 0 rg BT 147.14 455.65 Td (CONDITIONAL\) ) Tj ET Q q 0 0 0 rg BT 227.46 455.65 Td (PREPAYMENT ) Tj ET Q q 0 0 0 rg BT 299.86 455.65 Td (RATE ) Tj ET Q q 0 0 0 rg BT 327.73 455.65 Td (\(CPR\) ) Tj ET Q q 0 0 0 rg BT 356.55 455.65 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 361.27 455.65 Td (Constant ) Tj ET Q q 0 0 0 rg BT 407.05 455.65 Td (\(or ) Tj ET Q q 0 0 0 rg BT 421.67 455.65 Td (conditional\) ) Tj ET Q q 0 0 0 rg BT 480.73 455.65 Td (prepayment ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 440.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 92.91 440.00 Td (is ) Tj ET Q q 0 0 0 rg BT 102.02 440.00 Td (an ) Tj ET Q q 0 0 0 rg BT 115.62 440.00 Td (industry-standard ) Tj ET Q q 0 0 0 rg BT 202.72 440.00 Td (measure ) Tj ET Q q 0 0 0 rg BT 246.07 440.00 Td (of ) Tj ET Q q 0 0 0 rg BT 257.63 440.00 Td (the ) Tj ET Q q 0 0 0 rg BT 275.31 440.00 Td (speed ) Tj ET Q q 0 0 0 rg BT 307.45 440.00 Td (at ) Tj ET Q q 0 0 0 rg BT 318.59 440.00 Td (which ) Tj ET Q q 0 0 0 rg BT 348.49 440.00 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 398.74 440.00 Td (loans ) Tj ET Q q 0 0 0 rg BT 426.19 440.00 Td (prepay. ) Tj ET Q q 0 0 0 rg BT 465.06 440.00 Td (It ) Tj ET Q q 0 0 0 rg BT 473.39 440.00 Td (approximates ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 424.40 Td (the ) Tj ET Q q 0 0 0 rg BT 90.50 424.40 Td (annual ) Tj ET Q q 0 0 0 rg BT 125.50 424.40 Td (percentage ) Tj ET Q q 0 0 0 rg BT 184.13 424.40 Td (rate ) Tj ET Q q 0 0 0 rg BT 205.86 424.40 Td (at ) Tj ET Q q 0 0 0 rg BT 217.82 424.40 Td (which ) Tj ET Q q 0 0 0 rg BT 248.54 424.40 Td (a ) Tj ET Q q 0 0 0 rg BT 256.85 424.40 Td (pool ) Tj ET Q q 0 0 0 rg BT 281.86 424.40 Td (of ) Tj ET Q q 0 0 0 rg BT 294.24 424.40 Td (loans ) Tj ET Q q 0 0 0 rg BT 322.51 424.40 Td (is ) Tj ET Q q 0 0 0 rg BT 332.44 424.40 Td (paying ) Tj ET Q q 0 0 0 rg BT 368.25 424.40 Td (down ) Tj ET Q q 0 0 0 rg BT 398.15 424.40 Td (due ) Tj ET Q q 0 0 0 rg BT 419.71 424.40 Td (to ) Tj ET Q q 0 0 0 rg BT 432.48 424.40 Td (unscheduled ) Tj ET Q q 0 0 0 rg BT 497.85 424.40 Td (principal ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 408.75 Td (prepayments.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 378.25 Td (CORE ) Tj ET Q q 0 0 0 rg BT 104.41 378.25 Td (EARNINGS ) Tj ET Q q 0 0 0 rg BT 163.09 378.25 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 169.26 378.25 Td (Core ) Tj ET Q q 0 0 0 rg BT 196.11 378.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 241.08 378.25 Td (is ) Tj ET Q q 0 0 0 rg BT 251.42 378.25 Td (a ) Tj ET Q q 0 0 0 rg BT 260.14 378.25 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 315.54 378.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 360.12 378.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.91 378.25 Td (Redwoods ) Tj ET Q q 0 0 0 rg BT 429.33 378.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 474.30 378.25 Td (and ) Tj ET Q q 0 0 0 rg BT 495.86 378.25 Td (results ) Tj ET Q q 0 0 0 rg BT 530.23 378.25 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 362.60 Td (operations.) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 127.41 362.60 Td ( ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 131.41 362.60 Td (See ) Tj ET Q q 0 0 0 rg BT 152.92 362.60 Td (the ) Tj ET Q q 0 0 0 rg BT 172.10 362.60 Td (preceding ) Tj ET Q BT /F8 10.50 Tf ET q 0 0 0 rg BT 223.74 362.60 Td (Core ) Tj ET Q q 0 0 0 rg BT 250.50 362.60 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 294.93 362.60 Td (Definition) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 340.62 362.60 Td ( ) Tj ET Q q 0 0 0 rg BT 344.62 362.60 Td (section ) Tj ET Q q 0 0 0 rg BT 382.07 362.60 Td (for ) Tj ET Q q 0 0 0 rg BT 398.89 362.60 Td (additional ) Tj ET Q q 0 0 0 rg BT 449.76 362.60 Td (information ) Tj ET Q q 0 0 0 rg BT 507.60 362.60 Td (on ) Tj ET Q q 0 0 0 rg BT 523.67 362.60 Td (this ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 347.70 Td (metric.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 316.45 Td (CREDIT ) Tj ET Q q 0 0 0 rg BT 113.20 316.45 Td (RISK ) Tj ET Q q 0 0 0 rg BT 140.20 316.45 Td (TRANSFER ) Tj ET Q q 0 0 0 rg BT 198.52 316.45 Td (\(CRT\) ) Tj ET Q q 0 0 0 rg BT 228.42 316.45 Td (INVESTMENTS ) Tj ET Q q 0 0 0 rg BT 306.77 316.45 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 313.36 316.45 Td (Credit ) Tj ET Q q 0 0 0 rg BT 347.12 316.45 Td (risk ) Tj ET Q q 0 0 0 rg BT 366.82 316.45 Td (transfer ) Tj ET Q q 0 0 0 rg BT 407.08 316.45 Td (investments ) Tj ET Q q 0 0 0 rg BT 468.96 316.45 Td (generally ) Tj ET Q q 0 0 0 rg BT 517.41 316.45 Td (refer ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 300.85 Td (to ) Tj ET Q q 0 0 0 rg BT 85.19 300.85 Td (transactions ) Tj ET Q q 0 0 0 rg BT 146.65 300.85 Td (in ) Tj ET Q q 0 0 0 rg BT 158.42 300.85 Td (which ) Tj ET Q q 0 0 0 rg BT 189.55 300.85 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 241.03 300.85 Td (loan ) Tj ET Q q 0 0 0 rg BT 265.03 300.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 295.93 300.85 Td (risk ) Tj ET Q q 0 0 0 rg BT 315.23 300.85 Td (is ) Tj ET Q q 0 0 0 rg BT 325.56 300.85 Td (shifted ) Tj ET Q q 0 0 0 rg BT 361.76 300.85 Td (from ) Tj ET Q q 0 0 0 rg BT 387.38 300.85 Td (one ) Tj ET Q q 0 0 0 rg BT 409.15 300.85 Td (party ) Tj ET Q q 0 0 0 rg BT 437.19 300.85 Td (to ) Tj ET Q q 0 0 0 rg BT 450.38 300.85 Td (another, ) Tj ET Q q 0 0 0 rg BT 493.33 300.85 Td (examples ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 285.25 Td (of ) Tj ET Q q 0 0 0 rg BT 87.83 285.25 Td (which ) Tj ET Q q 0 0 0 rg BT 122.00 285.25 Td (may ) Tj ET Q q 0 0 0 rg BT 148.44 285.25 Td (include ) Tj ET Q q 0 0 0 rg BT 190.14 285.25 Td (structured ) Tj ET Q q 0 0 0 rg BT 245.66 285.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 274.92 285.25 Td (issuances, ) Tj ET Q q 0 0 0 rg BT 330.09 285.25 Td (credit-linked ) Tj ET Q q 0 0 0 rg BT 397.25 285.25 Td (notes, ) Tj ET Q q 0 0 0 rg BT 433.45 285.25 Td (insurance/reinsurance ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 269.60 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 139.05 269.60 Td (front-end ) Tj ET Q q 0 0 0 rg BT 190.21 269.60 Td (or ) Tj ET Q q 0 0 0 rg BT 205.92 269.60 Td (back-end ) Tj ET Q q 0 0 0 rg BT 257.11 269.60 Td (lender ) Tj ET Q q 0 0 0 rg BT 294.01 269.60 Td (risk-sharing ) Tj ET Q q 0 0 0 rg BT 355.13 269.60 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 422.18 269.60 Td (and ) Tj ET Q q 0 0 0 rg BT 446.26 269.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 481.54 269.60 Td (subordinate ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 254.00 Td (securities. ) Tj ET Q q 0 0 0 rg BT 123.54 254.00 Td (Among ) Tj ET Q q 0 0 0 rg BT 162.69 254.00 Td (the ) Tj ET Q q 0 0 0 rg BT 181.45 254.00 Td (CRT ) Tj ET Q q 0 0 0 rg BT 204.97 254.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 266.29 254.00 Td (that ) Tj ET Q q 0 0 0 rg BT 288.29 254.00 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 338.23 254.00 Td (holds ) Tj ET Q q 0 0 0 rg BT 367.78 254.00 Td (are ) Tj ET Q q 0 0 0 rg BT 385.93 254.00 Td (CRT ) Tj ET Q q 0 0 0 rg BT 409.45 254.00 Td (transactions ) Tj ET Q q 0 0 0 rg BT 470.77 254.00 Td (it ) Tj ET Q q 0 0 0 rg BT 479.93 254.00 Td (entered ) Tj ET Q q 0 0 0 rg BT 521.08 254.00 Td (into ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 238.35 Td (with ) Tj ET Q q 0 0 0 rg BT 95.42 238.35 Td (the ) Tj ET Q q 0 0 0 rg BT 114.37 238.35 Td (Agencies ) Tj ET Q q 0 0 0 rg BT 162.67 238.35 Td (relating ) Tj ET Q q 0 0 0 rg BT 202.79 238.35 Td (to ) Tj ET Q q 0 0 0 rg BT 216.03 238.35 Td (conforming ) Tj ET Q q 0 0 0 rg BT 275.50 238.35 Td (loans.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 207.85 Td (CREDIT ) Tj ET Q q 0 0 0 rg BT 113.50 207.85 Td (SPREAD ) Tj ET Q q 0 0 0 rg BT 159.10 207.85 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 166.00 207.85 Td (Credit ) Tj ET Q q 0 0 0 rg BT 200.06 207.85 Td (spread ) Tj ET Q q 0 0 0 rg BT 237.20 207.85 Td (is ) Tj ET Q q 0 0 0 rg BT 248.25 207.85 Td (a ) Tj ET Q q 0 0 0 rg BT 257.69 207.85 Td (component ) Tj ET Q q 0 0 0 rg BT 317.86 207.85 Td (of ) Tj ET Q q 0 0 0 rg BT 331.36 207.85 Td (the ) Tj ET Q q 0 0 0 rg BT 350.98 207.85 Td (security ) Tj ET Q q 0 0 0 rg BT 392.18 207.85 Td (representing ) Tj ET Q q 0 0 0 rg BT 457.83 207.85 Td (its ) Tj ET Q q 0 0 0 rg BT 472.53 207.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 504.15 207.85 Td (quality. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 192.20 Td (Credit ) Tj ET Q q 0 0 0 rg BT 104.35 192.20 Td (spread ) Tj ET Q q 0 0 0 rg BT 139.76 192.20 Td (reflects ) Tj ET Q q 0 0 0 rg BT 176.99 192.20 Td (the ) Tj ET Q q 0 0 0 rg BT 194.90 192.20 Td (market ) Tj ET Q q 0 0 0 rg BT 230.71 192.20 Td (perception ) Tj ET Q q 0 0 0 rg BT 286.09 192.20 Td (of ) Tj ET Q q 0 0 0 rg BT 297.88 192.20 Td (changes ) Tj ET Q q 0 0 0 rg BT 340.65 192.20 Td (in ) Tj ET Q q 0 0 0 rg BT 351.42 192.20 Td (prepayment, ) Tj ET Q q 0 0 0 rg BT 415.76 192.20 Td (delinquency ) Tj ET Q q 0 0 0 rg BT 477.69 192.20 Td (and ) Tj ET Q q 0 0 0 rg BT 498.24 192.20 Td (recovery ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 176.60 Td (rates, ) Tj ET Q q 0 0 0 rg BT 101.23 176.60 Td (therefore ) Tj ET Q q 0 0 0 rg BT 148.40 176.60 Td (capturing ) Tj ET Q q 0 0 0 rg BT 197.39 176.60 Td (the ) Tj ET Q q 0 0 0 rg BT 215.64 176.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 251.40 176.60 Td (of ) Tj ET Q q 0 0 0 rg BT 263.54 176.60 Td (other ) Tj ET Q q 0 0 0 rg BT 291.96 176.60 Td (variables ) Tj ET Q q 0 0 0 rg BT 337.50 176.60 Td (on ) Tj ET Q q 0 0 0 rg BT 352.49 176.60 Td (the ) Tj ET Q q 0 0 0 rg BT 370.75 176.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 388.36 176.60 Td (value. ) Tj ET Q q 0 0 0 rg BT 419.66 176.60 Td (Changes ) Tj ET Q q 0 0 0 rg BT 465.23 176.60 Td (in ) Tj ET Q q 0 0 0 rg BT 476.34 176.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 506.60 176.60 Td (spread ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 161.00 Td (affect ) Tj ET Q q 0 0 0 rg BT 102.02 161.00 Td (the ) Tj ET Q q 0 0 0 rg BT 120.84 161.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 139.02 161.00 Td (value ) Tj ET Q q 0 0 0 rg BT 167.83 161.00 Td (of ) Tj ET Q q 0 0 0 rg BT 180.53 161.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 229.08 161.00 Td (differently ) Tj ET Q q 0 0 0 rg BT 281.10 161.00 Td (depending ) Tj ET Q q 0 0 0 rg BT 338.02 161.00 Td (on ) Tj ET Q q 0 0 0 rg BT 353.59 161.00 Td (the ) Tj ET Q q 0 0 0 rg BT 372.41 161.00 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 444.16 161.00 Td (and ) Tj ET Q q 0 0 0 rg BT 465.63 161.00 Td (maturity ) Tj ET Q q 0 0 0 rg BT 508.65 161.00 Td (profile ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 145.35 Td (of ) Tj ET Q q 0 0 0 rg BT 83.62 145.35 Td (the ) Tj ET Q q 0 0 0 rg BT 101.36 145.35 Td (security. ) Tj ET Q q 0 0 0 rg BT 143.73 145.35 Td (For ) Tj ET Q q 0 0 0 rg BT 161.86 145.35 Td (example, ) Tj ET Q q 0 0 0 rg BT 208.74 145.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 238.48 145.35 Td (spread ) Tj ET Q q 0 0 0 rg BT 273.73 145.35 Td (is ) Tj ET Q q 0 0 0 rg BT 282.90 145.35 Td (a ) Tj ET Q q 0 0 0 rg BT 290.45 145.35 Td (more ) Tj ET Q q 0 0 0 rg BT 317.76 145.35 Td (significant ) Tj ET Q q 0 0 0 rg BT 369.08 145.35 Td (driver ) Tj ET Q q 0 0 0 rg BT 399.00 145.35 Td (of ) Tj ET Q q 0 0 0 rg BT 410.62 145.35 Td (the ) Tj ET Q q 0 0 0 rg BT 428.36 145.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 445.46 145.35 Td (value ) Tj ET Q q 0 0 0 rg BT 473.19 145.35 Td (measurement ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 129.75 Td (of ) Tj ET Q q 0 0 0 rg BT 84.70 129.75 Td (a ) Tj ET Q q 0 0 0 rg BT 93.33 129.75 Td (high ) Tj ET Q q 0 0 0 rg BT 117.84 129.75 Td (yield ) Tj ET Q q 0 0 0 rg BT 144.18 129.75 Td (bond ) Tj ET Q q 0 0 0 rg BT 173.19 129.75 Td (as ) Tj ET Q q 0 0 0 rg BT 186.50 129.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 239.34 129.75 Td (to ) Tj ET Q q 0 0 0 rg BT 252.44 129.75 Td (an ) Tj ET Q q 0 0 0 rg BT 267.18 129.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 323.87 129.75 Td (grade ) Tj ET Q q 0 0 0 rg BT 355.71 129.75 Td (bond. ) Tj ET Q q 0 0 0 rg BT 387.77 129.75 Td (Generally, ) Tj ET Q q 0 0 0 rg BT 440.61 129.75 Td (the ) Tj ET Q q 0 0 0 rg BT 459.43 129.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 490.25 129.75 Td (spread ) Tj ET Q q 0 0 0 rg BT 526.58 129.75 Td (for ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 114.10 Td (an ) Tj ET Q q 0 0 0 rg BT 85.90 114.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 141.74 114.10 Td (grade ) Tj ET Q q 0 0 0 rg BT 172.74 114.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 200.89 114.10 Td (is ) Tj ET Q q 0 0 0 rg BT 210.29 114.10 Td (also ) Tj ET Q q 0 0 0 rg BT 231.92 114.10 Td (more ) Tj ET Q q 0 0 0 rg BT 259.46 114.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 315.72 114.10 Td (and ) Tj ET Q q 0 0 0 rg BT 336.35 114.10 Td (less ) Tj ET Q q 0 0 0 rg BT 356.55 114.10 Td (volatile ) Tj ET Q q 0 0 0 rg BT 393.86 114.10 Td (than ) Tj ET Q q 0 0 0 rg BT 417.53 114.10 Td (its ) Tj ET Q q 0 0 0 rg BT 430.59 114.10 Td (high ) Tj ET Q q 0 0 0 rg BT 454.25 114.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 479.75 114.10 Td (counterpart.) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 265.00 736.44 Td ( G L O S S A R Y) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 299.40 24.25 Td (43) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (CREDIT ) Tj ET Q q 0 0 0 rg BT 112.81 702.70 Td (SUPPORT ) Tj ET Q q 0 0 0 rg BT 164.31 702.70 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 170.51 702.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 203.89 702.70 Td (support ) Tj ET Q q 0 0 0 rg BT 245.00 702.70 Td (is ) Tj ET Q q 0 0 0 rg BT 255.37 702.70 Td (the ) Tj ET Q q 0 0 0 rg BT 274.30 702.70 Td (face ) Tj ET Q q 0 0 0 rg BT 297.72 702.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 338.25 702.70 Td (of ) Tj ET Q q 0 0 0 rg BT 351.07 702.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 399.73 702.70 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 461.23 702.70 Td (\(or ) Tj ET Q q 0 0 0 rg BT 477.31 702.70 Td (junior\) ) Tj ET Q q 0 0 0 rg BT 510.90 702.70 Td (to ) Tj ET Q q 0 0 0 rg BT 524.11 702.70 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 687.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 126.52 687.10 Td (security ) Tj ET Q q 0 0 0 rg BT 167.57 687.10 Td (that ) Tj ET Q q 0 0 0 rg BT 190.30 687.10 Td (protects ) Tj ET Q q 0 0 0 rg BT 234.00 687.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.48 687.10 Td (security ) Tj ET Q q 0 0 0 rg BT 294.53 687.10 Td (from ) Tj ET Q q 0 0 0 rg BT 320.73 687.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 352.21 687.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 385.14 687.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.27 687.10 Td (is ) Tj ET Q q 0 0 0 rg BT 418.19 687.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 466.80 687.10 Td (expressed ) Tj ET Q q 0 0 0 rg BT 520.31 687.10 Td (as ) Tj ET Q q 0 0 0 rg BT 534.29 687.10 Td (a ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 671.45 Td (percentage ) Tj ET Q q 0 0 0 rg BT 131.08 671.45 Td (of ) Tj ET Q q 0 0 0 rg BT 143.92 671.45 Td (the ) Tj ET Q q 0 0 0 rg BT 162.87 671.45 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 236.41 671.45 Td (underlying ) Tj ET Q q 0 0 0 rg BT 291.61 671.45 Td (pool ) Tj ET Q q 0 0 0 rg BT 317.07 671.45 Td (balance) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 355.39 671.45 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 640.95 Td (DISREGARDED ) Tj ET Q q 0 0 0 rg BT 150.25 640.95 Td (ENTITY ) Tj ET Q q 0 0 0 rg BT 189.80 640.95 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 195.33 640.95 Td (An ) Tj ET Q q 0 0 0 rg BT 211.37 640.95 Td (entity ) Tj ET Q q 0 0 0 rg BT 241.23 640.95 Td (wholly ) Tj ET Q q 0 0 0 rg BT 274.78 640.95 Td (owned, ) Tj ET Q q 0 0 0 rg BT 313.64 640.95 Td (directly ) Tj ET Q q 0 0 0 rg BT 351.86 640.95 Td (or ) Tj ET Q q 0 0 0 rg BT 364.42 640.95 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 411.40 640.95 Td (through ) Tj ET Q q 0 0 0 rg BT 452.49 640.95 Td (other ) Tj ET Q q 0 0 0 rg BT 480.94 640.95 Td (disregarded ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 625.30 Td (entities, ) Tj ET Q q 0 0 0 rg BT 113.70 625.30 Td (by ) Tj ET Q q 0 0 0 rg BT 128.72 625.30 Td (another ) Tj ET Q q 0 0 0 rg BT 169.62 625.30 Td (entity ) Tj ET Q q 0 0 0 rg BT 200.11 625.30 Td (\(the ) Tj ET Q q 0 0 0 rg BT 221.86 625.30 Td (parent ) Tj ET Q q 0 0 0 rg BT 262.34 625.30 Td (entity\), ) Tj ET Q q 0 0 0 rg BT 304.46 625.30 Td (whose ) Tj ET Q q 0 0 0 rg BT 338.84 625.30 Td (separate ) Tj ET Q q 0 0 0 rg BT 384.20 625.30 Td (existence ) Tj ET Q q 0 0 0 rg BT 433.25 625.30 Td (from ) Tj ET Q q 0 0 0 rg BT 458.85 625.30 Td (the ) Tj ET Q q 0 0 0 rg BT 477.75 625.30 Td (parent ) Tj ET Q q 0 0 0 rg BT 512.52 625.30 Td (entity ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 609.70 Td (is ) Tj ET Q q 0 0 0 rg BT 82.38 609.70 Td (disregarded ) Tj ET Q q 0 0 0 rg BT 144.51 609.70 Td (for ) Tj ET Q q 0 0 0 rg BT 161.00 609.70 Td (federal ) Tj ET Q q 0 0 0 rg BT 198.27 609.70 Td (income ) Tj ET Q q 0 0 0 rg BT 237.40 609.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 255.12 609.70 Td (purposes.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 579.15 Td (FALLOUT ) Tj ET Q q 0 0 0 rg BT 122.95 579.15 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 129.76 579.15 Td (The ) Tj ET Q q 0 0 0 rg BT 151.95 579.15 Td (percentage ) Tj ET Q q 0 0 0 rg BT 211.61 579.15 Td (of ) Tj ET Q q 0 0 0 rg BT 225.04 579.15 Td (loans ) Tj ET Q q 0 0 0 rg BT 254.35 579.15 Td (that ) Tj ET Q q 0 0 0 rg BT 277.13 579.15 Td (an ) Tj ET Q q 0 0 0 rg BT 292.60 579.15 Td (originator ) Tj ET Q q 0 0 0 rg BT 344.07 579.15 Td (plans ) Tj ET Q q 0 0 0 rg BT 373.59 579.15 Td (or ) Tj ET Q q 0 0 0 rg BT 387.40 579.15 Td (commits ) Tj ET Q q 0 0 0 rg BT 432.59 579.15 Td (to ) Tj ET Q q 0 0 0 rg BT 446.41 579.15 Td (sell ) Tj ET Q q 0 0 0 rg BT 466.14 579.15 Td (to ) Tj ET Q q 0 0 0 rg BT 479.96 579.15 Td (a ) Tj ET Q q 0 0 0 rg BT 489.31 579.15 Td (buyer ) Tj ET Q q 0 0 0 rg BT 520.86 579.15 Td (that ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 563.55 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 122.92 563.55 Td (do ) Tj ET Q q 0 0 0 rg BT 139.22 563.55 Td (not ) Tj ET Q q 0 0 0 rg BT 158.57 563.55 Td (close ) Tj ET Q q 0 0 0 rg BT 186.90 563.55 Td (and ) Tj ET Q q 0 0 0 rg BT 208.50 563.55 Td (are ) Tj ET Q q 0 0 0 rg BT 226.84 563.55 Td (not ) Tj ET Q q 0 0 0 rg BT 246.19 563.55 Td (delivered ) Tj ET Q q 0 0 0 rg BT 295.08 563.55 Td (to ) Tj ET Q q 0 0 0 rg BT 308.32 563.55 Td (the ) Tj ET Q q 0 0 0 rg BT 327.27 563.55 Td (buyer) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 355.18 563.55 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 533.00 Td (FASB ) Tj ET Q q 0 0 0 rg BT 101.37 533.00 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 107.58 533.00 Td (Financial ) Tj ET Q q 0 0 0 rg BT 153.63 533.00 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 212.73 533.00 Td (Standards ) Tj ET Q q 0 0 0 rg BT 264.68 533.00 Td (Board.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 501.80 Td (FHFA ) Tj ET Q q 0 0 0 rg BT 102.73 501.80 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 108.95 501.80 Td (The ) Tj ET Q q 0 0 0 rg BT 130.55 501.80 Td (FHFA ) Tj ET Q q 0 0 0 rg BT 160.73 501.80 Td (refers ) Tj ET Q q 0 0 0 rg BT 191.07 501.80 Td (to ) Tj ET Q q 0 0 0 rg BT 204.30 501.80 Td (the ) Tj ET Q q 0 0 0 rg BT 223.25 501.80 Td (Federal ) Tj ET Q q 0 0 0 rg BT 263.38 501.80 Td (Housing ) Tj ET Q q 0 0 0 rg BT 307.18 501.80 Td (Finance ) Tj ET Q q 0 0 0 rg BT 348.36 501.80 Td (Authority.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 471.25 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 101.36 471.25 Td (and ) Tj ET Q q 0 0 0 rg BT 122.37 471.25 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 158.92 471.25 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 164.76 471.25 Td (The ) Tj ET Q q 0 0 0 rg BT 185.98 471.25 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 215.15 471.25 Td (refers ) Tj ET Q q 0 0 0 rg BT 245.11 471.25 Td (to ) Tj ET Q q 0 0 0 rg BT 257.97 471.25 Td (the ) Tj ET Q q 0 0 0 rg BT 276.54 471.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 316.29 471.25 Td (Home ) Tj ET Q q 0 0 0 rg BT 348.93 471.25 Td (Loan ) Tj ET Q q 0 0 0 rg BT 375.45 471.25 Td (Bank ) Tj ET Q q 0 0 0 rg BT 402.19 471.25 Td (system. ) Tj ET Q q 0 0 0 rg BT 441.74 471.25 Td (The ) Tj ET Q q 0 0 0 rg BT 462.97 471.25 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 499.88 471.25 Td (refers ) Tj ET Q q 0 0 0 rg BT 529.84 471.25 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 455.65 Td (the ) Tj ET Q q 0 0 0 rg BT 90.95 455.65 Td (Federal ) Tj ET Q q 0 0 0 rg BT 131.08 455.65 Td (Home ) Tj ET Q q 0 0 0 rg BT 164.09 455.65 Td (Loan ) Tj ET Q q 0 0 0 rg BT 191.00 455.65 Td (Bank ) Tj ET Q q 0 0 0 rg BT 218.12 455.65 Td (of ) Tj ET Q q 0 0 0 rg BT 230.95 455.65 Td (Chicago) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 271.71 455.65 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 425.10 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 105.45 425.10 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 111.67 425.10 Td (Generally ) Tj ET Q q 0 0 0 rg BT 161.59 425.10 Td (Accepted ) Tj ET Q q 0 0 0 rg BT 212.12 425.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 271.22 425.10 Td (Principles ) Tj ET Q q 0 0 0 rg BT 321.11 425.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.92 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.88 425.10 Td (United ) Tj ET Q q 0 0 0 rg BT 387.73 425.10 Td (States) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 417.66 425.10 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 394.55 Td (GOVERNMENT-SPONSORED ) Tj ET Q q 0 0 0 rg BT 222.69 394.55 Td (ENTERPRISE ) Tj ET Q q 0 0 0 rg BT 291.94 394.55 Td (\(GSE\) ) Tj ET Q q 0 0 0 rg BT 324.80 394.55 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 333.37 394.55 Td (A ) Tj ET Q q 0 0 0 rg BT 346.29 394.55 Td (government-sponsored ) Tj ET Q q 0 0 0 rg BT 466.75 394.55 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 521.59 394.55 Td (is ) Tj ET Q q 0 0 0 rg BT 534.29 394.55 Td (a ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 378.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 114.48 378.95 Td (services ) Tj ET Q q 0 0 0 rg BT 155.33 378.95 Td (corporation ) Tj ET Q q 0 0 0 rg BT 214.70 378.95 Td (created ) Tj ET Q q 0 0 0 rg BT 254.12 378.95 Td (by ) Tj ET Q q 0 0 0 rg BT 268.50 378.95 Td (the ) Tj ET Q q 0 0 0 rg BT 286.74 378.95 Td (United ) Tj ET Q q 0 0 0 rg BT 321.88 378.95 Td (States ) Tj ET Q q 0 0 0 rg BT 354.16 378.95 Td (Congress ) Tj ET Q q 0 0 0 rg BT 402.56 378.95 Td (to ) Tj ET Q q 0 0 0 rg BT 415.09 378.95 Td (enhance ) Tj ET Q q 0 0 0 rg BT 459.03 378.95 Td (the ) Tj ET Q q 0 0 0 rg BT 477.27 378.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 499.98 378.95 Td (of ) Tj ET Q q 0 0 0 rg BT 512.11 378.95 Td (credit ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 363.35 Td (to ) Tj ET Q q 0 0 0 rg BT 85.84 363.35 Td (targeted ) Tj ET Q q 0 0 0 rg BT 131.65 363.35 Td (sectors ) Tj ET Q q 0 0 0 rg BT 169.94 363.35 Td (of ) Tj ET Q q 0 0 0 rg BT 183.38 363.35 Td (the ) Tj ET Q q 0 0 0 rg BT 202.94 363.35 Td (economy. ) Tj ET Q q 0 0 0 rg BT 254.92 363.35 Td (Among ) Tj ET Q q 0 0 0 rg BT 294.87 363.35 Td (the ) Tj ET Q q 0 0 0 rg BT 314.43 363.35 Td (GSEs ) Tj ET Q q 0 0 0 rg BT 343.98 363.35 Td (chartered ) Tj ET Q q 0 0 0 rg BT 394.49 363.35 Td (by ) Tj ET Q q 0 0 0 rg BT 410.18 363.35 Td (Congress ) Tj ET Q q 0 0 0 rg BT 459.89 363.35 Td (are ) Tj ET Q q 0 0 0 rg BT 478.84 363.35 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 515.32 363.35 Td (Mae, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 347.70 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 113.55 347.70 Td (Mac, ) Tj ET Q q 0 0 0 rg BT 141.06 347.70 Td (Ginnie ) Tj ET Q q 0 0 0 rg BT 176.90 347.70 Td (Mae, ) Tj ET Q q 0 0 0 rg BT 205.22 347.70 Td (and ) Tj ET Q q 0 0 0 rg BT 227.42 347.70 Td (the ) Tj ET Q q 0 0 0 rg BT 246.97 347.70 Td (Federal ) Tj ET Q q 0 0 0 rg BT 287.69 347.70 Td (Home ) Tj ET Q q 0 0 0 rg BT 321.30 347.70 Td (Loan ) Tj ET Q q 0 0 0 rg BT 348.80 347.70 Td (Banks. ) Tj ET Q q 0 0 0 rg BT 384.25 347.70 Td (When ) Tj ET Q q 0 0 0 rg BT 416.64 347.70 Td (we ) Tj ET Q q 0 0 0 rg BT 434.35 347.70 Td (refer ) Tj ET Q q 0 0 0 rg BT 460.60 347.70 Td (to ) Tj ET Q q 0 0 0 rg BT 474.42 347.70 Td (GSEs, ) Tj ET Q q 0 0 0 rg BT 507.02 347.70 Td (we ) Tj ET Q q 0 0 0 rg BT 524.73 347.70 Td (are ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 332.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 120.08 332.10 Td (referring ) Tj ET Q q 0 0 0 rg BT 164.86 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 178.10 332.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 213.97 332.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 238.64 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.25 332.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 301.20 332.10 Td (Mac) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 322.00 332.10 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 301.55 Td (INTEREST-ONLY ) Tj ET Q q 0 0 0 rg BT 155.30 301.55 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 217.80 301.55 Td (\(IOs\) ) Tj ET Q q 0 0 0 rg BT 244.29 301.55 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 250.60 301.55 Td (Interest-only ) Tj ET Q q 0 0 0 rg BT 314.68 301.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 363.45 301.55 Td (are ) Tj ET Q q 0 0 0 rg BT 381.87 301.55 Td (specialized ) Tj ET Q q 0 0 0 rg BT 439.00 301.55 Td (securities ) Tj ET Q q 0 0 0 rg BT 487.77 301.55 Td (created ) Tj ET Q q 0 0 0 rg BT 527.98 301.55 Td (by ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 285.95 Td (securitization ) Tj ET Q q 0 0 0 rg BT 138.84 285.95 Td (entities ) Tj ET Q q 0 0 0 rg BT 177.17 285.95 Td (where ) Tj ET Q q 0 0 0 rg BT 209.61 285.95 Td (the ) Tj ET Q q 0 0 0 rg BT 228.19 285.95 Td (projected ) Tj ET Q q 0 0 0 rg BT 278.13 285.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 302.63 285.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 330.37 285.95 Td (generated ) Tj ET Q q 0 0 0 rg BT 383.98 285.95 Td (by ) Tj ET Q q 0 0 0 rg BT 398.69 285.95 Td (the ) Tj ET Q q 0 0 0 rg BT 417.27 285.95 Td (underlying ) Tj ET Q q 0 0 0 rg BT 472.10 285.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 504.33 285.95 Td (exceed ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 270.30 Td (the ) Tj ET Q q 0 0 0 rg BT 92.40 270.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 118.72 270.30 Td (flows ) Tj ET Q q 0 0 0 rg BT 148.27 270.30 Td (projected ) Tj ET Q q 0 0 0 rg BT 200.01 270.30 Td (to ) Tj ET Q q 0 0 0 rg BT 214.69 270.30 Td (be ) Tj ET Q q 0 0 0 rg BT 232.03 270.30 Td (paid ) Tj ET Q q 0 0 0 rg BT 258.33 270.30 Td (to ) Tj ET Q q 0 0 0 rg BT 273.01 270.30 Td (the ) Tj ET Q q 0 0 0 rg BT 293.41 270.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 343.53 270.30 Td (that ) Tj ET Q q 0 0 0 rg BT 367.17 270.30 Td (are ) Tj ET Q q 0 0 0 rg BT 386.95 270.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 422.42 270.30 Td (with ) Tj ET Q q 0 0 0 rg BT 447.29 270.30 Td (principal ) Tj ET Q q 0 0 0 rg BT 493.93 270.30 Td (balances. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 254.70 Td (Typically, ) Tj ET Q q 0 0 0 rg BT 118.51 254.70 Td (IOs ) Tj ET Q q 0 0 0 rg BT 137.36 254.70 Td (do ) Tj ET Q q 0 0 0 rg BT 152.70 254.70 Td (not ) Tj ET Q q 0 0 0 rg BT 171.08 254.70 Td (have ) Tj ET Q q 0 0 0 rg BT 196.41 254.70 Td (a ) Tj ET Q q 0 0 0 rg BT 204.21 254.70 Td (principal ) Tj ET Q q 0 0 0 rg BT 248.44 254.70 Td (balance ) Tj ET Q q 0 0 0 rg BT 288.85 254.70 Td (and ) Tj ET Q q 0 0 0 rg BT 309.48 254.70 Td (they ) Tj ET Q q 0 0 0 rg BT 332.77 254.70 Td (will ) Tj ET Q q 0 0 0 rg BT 350.73 254.70 Td (not ) Tj ET Q q 0 0 0 rg BT 369.12 254.70 Td (receive ) Tj ET Q q 0 0 0 rg BT 406.25 254.70 Td (principal ) Tj ET Q q 0 0 0 rg BT 450.48 254.70 Td (payments. ) Tj ET Q q 0 0 0 rg BT 503.31 254.70 Td (Interest ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 239.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 121.54 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.58 239.10 Td (IOs ) Tj ET Q q 0 0 0 rg BT 152.21 239.10 Td (usually ) Tj ET Q q 0 0 0 rg BT 187.30 239.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 216.47 239.10 Td (an ) Tj ET Q q 0 0 0 rg BT 230.16 239.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 268.46 239.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 289.46 239.10 Td (formula ) Tj ET Q q 0 0 0 rg BT 328.79 239.10 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 379.95 239.10 Td (by ) Tj ET Q q 0 0 0 rg BT 393.84 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 401.41 239.10 Td (notional ) Tj ET Q q 0 0 0 rg BT 454.64 239.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 498.65 239.10 Td (balance. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 223.45 Td (The ) Tj ET Q q 0 0 0 rg BT 94.65 223.45 Td (notional ) Tj ET Q q 0 0 0 rg BT 138.69 223.45 Td (principal ) Tj ET Q q 0 0 0 rg BT 184.94 223.45 Td (balances ) Tj ET Q q 0 0 0 rg BT 232.05 223.45 Td (for ) Tj ET Q q 0 0 0 rg BT 249.59 223.45 Td (IOs ) Tj ET Q q 0 0 0 rg BT 270.46 223.45 Td (are ) Tj ET Q q 0 0 0 rg BT 289.85 223.45 Td (typically ) Tj ET Q q 0 0 0 rg BT 333.87 223.45 Td (reduced ) Tj ET Q q 0 0 0 rg BT 378.53 223.45 Td (over ) Tj ET Q q 0 0 0 rg BT 404.23 223.45 Td (time ) Tj ET Q q 0 0 0 rg BT 430.13 223.45 Td (as ) Tj ET Q q 0 0 0 rg BT 444.63 223.45 Td (the ) Tj ET Q q 0 0 0 rg BT 464.63 223.45 Td (actual ) Tj ET Q q 0 0 0 rg BT 497.87 223.45 Td (principal ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 207.85 Td (balance ) Tj ET Q q 0 0 0 rg BT 113.04 207.85 Td (of ) Tj ET Q q 0 0 0 rg BT 125.55 207.85 Td (the ) Tj ET Q q 0 0 0 rg BT 144.18 207.85 Td (underlying ) Tj ET Q q 0 0 0 rg BT 199.05 207.85 Td (pool ) Tj ET Q q 0 0 0 rg BT 224.19 207.85 Td (of ) Tj ET Q q 0 0 0 rg BT 236.70 207.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 268.97 207.85 Td (pays ) Tj ET Q q 0 0 0 rg BT 294.12 207.85 Td (down, ) Tj ET Q q 0 0 0 rg BT 327.21 207.85 Td (thus ) Tj ET Q q 0 0 0 rg BT 350.52 207.85 Td (reducing ) Tj ET Q q 0 0 0 rg BT 396.44 207.85 Td (the ) Tj ET Q q 0 0 0 rg BT 415.06 207.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 439.61 207.85 Td (flows ) Tj ET Q q 0 0 0 rg BT 467.39 207.85 Td (to ) Tj ET Q q 0 0 0 rg BT 480.29 207.85 Td (the ) Tj ET Q q 0 0 0 rg BT 498.92 207.85 Td (IOs ) Tj ET Q q 0 0 0 rg BT 518.41 207.85 Td (over ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 192.20 Td (time. ) Tj ET Q q 0 0 0 rg BT 99.91 192.20 Td (Cash ) Tj ET Q q 0 0 0 rg BT 127.22 192.20 Td (flows ) Tj ET Q q 0 0 0 rg BT 155.33 192.20 Td (on ) Tj ET Q q 0 0 0 rg BT 171.02 192.20 Td (IOs ) Tj ET Q q 0 0 0 rg BT 190.85 192.20 Td (are ) Tj ET Q q 0 0 0 rg BT 209.18 192.20 Td (typically ) Tj ET Q q 0 0 0 rg BT 252.16 192.20 Td (reduced ) Tj ET Q q 0 0 0 rg BT 295.76 192.20 Td (more ) Tj ET Q q 0 0 0 rg BT 324.29 192.20 Td (quickly ) Tj ET Q q 0 0 0 rg BT 361.37 192.20 Td (when ) Tj ET Q q 0 0 0 rg BT 390.72 192.20 Td (asset ) Tj ET Q q 0 0 0 rg BT 418.62 192.20 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 485.65 192.20 Td (increase) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 525.79 192.20 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 161.70 Td (JUMBO ) Tj ET Q q 0 0 0 rg BT 115.00 161.70 Td (LOAN ) Tj ET Q q 0 0 0 rg BT 150.24 161.70 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 157.86 161.70 Td (A ) Tj ET Q q 0 0 0 rg BT 169.86 161.70 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 205.68 161.70 Td (loan ) Tj ET Q q 0 0 0 rg BT 231.12 161.70 Td (is ) Tj ET Q q 0 0 0 rg BT 242.89 161.70 Td (a ) Tj ET Q q 0 0 0 rg BT 253.05 161.70 Td (residential ) Tj ET Q q 0 0 0 rg BT 308.00 161.70 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 360.91 161.70 Td (loan ) Tj ET Q q 0 0 0 rg BT 386.35 161.70 Td (that ) Tj ET Q q 0 0 0 rg BT 409.94 161.70 Td (generally ) Tj ET Q q 0 0 0 rg BT 459.41 161.70 Td (conforms ) Tj ET Q q 0 0 0 rg BT 509.49 161.70 Td (to ) Tj ET Q q 0 0 0 rg BT 524.11 161.70 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 146.05 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 136.54 146.05 Td (standards ) Tj ET Q q 0 0 0 rg BT 186.45 146.05 Td (of ) Tj ET Q q 0 0 0 rg BT 198.67 146.05 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 233.93 146.05 Td (Mae ) Tj ET Q q 0 0 0 rg BT 258.00 146.05 Td (and ) Tj ET Q q 0 0 0 rg BT 278.99 146.05 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 319.33 146.05 Td (Mac ) Tj ET Q q 0 0 0 rg BT 342.58 146.05 Td (except ) Tj ET Q q 0 0 0 rg BT 378.24 146.05 Td (that ) Tj ET Q q 0 0 0 rg BT 399.82 146.05 Td (the ) Tj ET Q q 0 0 0 rg BT 418.17 146.05 Td (dollar ) Tj ET Q q 0 0 0 rg BT 448.51 146.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 488.45 146.05 Td (of ) Tj ET Q q 0 0 0 rg BT 500.67 146.05 Td (the ) Tj ET Q q 0 0 0 rg BT 519.01 146.05 Td (loan ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 130.45 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 115.42 130.45 Td (the ) Tj ET Q q 0 0 0 rg BT 134.37 130.45 Td (conforming ) Tj ET Q q 0 0 0 rg BT 193.85 130.45 Td (loan ) Tj ET Q q 0 0 0 rg BT 217.90 130.45 Td (limit ) Tj ET Q q 0 0 0 rg BT 241.91 130.45 Td (set ) Tj ET Q q 0 0 0 rg BT 259.42 130.45 Td (annually ) Tj ET Q q 0 0 0 rg BT 302.84 130.45 Td (by ) Tj ET Q q 0 0 0 rg BT 317.92 130.45 Td (the ) Tj ET Q q 0 0 0 rg BT 336.87 130.45 Td (FHFA. ) Tj ET Q q 0 0 0 rg BT 370.10 130.45 Td (See ) Tj ET Q q 0 0 0 rg BT 391.51 130.45 Td (Conforming ) Tj ET Q q 0 0 0 rg BT 453.43 130.45 Td (Loan ) Tj ET Q q 0 0 0 rg BT 480.34 130.45 Td (Definition) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 528.20 130.45 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 99.90 Td (LEGACY ) Tj ET Q q 0 0 0 rg BT 117.31 99.90 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 149.96 99.90 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 156.18 99.90 Td (Residential ) Tj ET Q q 0 0 0 rg BT 212.81 99.90 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 303.87 99.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 352.54 99.90 Td (issued ) Tj ET Q q 0 0 0 rg BT 386.57 99.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 412.81 99.90 Td (to ) Tj ET Q q 0 0 0 rg BT 426.05 99.90 Td (2009.) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 265.00 736.44 Td ( G L O S S A R Y) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 299.40 24.25 Td (44) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (LEVERAGE ) Tj ET Q q 0 0 0 rg BT 133.21 702.70 Td (RATIOS ) Tj ET Q q 0 0 0 rg BT 176.31 702.70 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 185.00 702.70 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 235.72 702.70 Td (ratios ) Tj ET Q q 0 0 0 rg BT 268.08 702.70 Td (measure ) Tj ET Q q 0 0 0 rg BT 315.14 702.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 360.76 702.70 Td (leverage ) Tj ET Q q 0 0 0 rg BT 408.63 702.70 Td (and ) Tj ET Q q 0 0 0 rg BT 432.67 702.70 Td (are ) Tj ET Q q 0 0 0 rg BT 453.44 702.70 Td (used ) Tj ET Q q 0 0 0 rg BT 482.57 702.70 Td (to ) Tj ET Q q 0 0 0 rg BT 498.23 702.70 Td (assess ) Tj ET Q q 0 0 0 rg BT 534.29 702.70 Td (a ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 687.10 Td (companys ) Tj ET Q q 0 0 0 rg BT 126.71 687.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 159.36 687.10 Td (to ) Tj ET Q q 0 0 0 rg BT 172.87 687.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 201.46 687.10 Td (its ) Tj ET Q q 0 0 0 rg BT 215.77 687.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 259.24 687.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 320.23 687.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 366.55 687.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 412.26 687.10 Td (ratios ) Tj ET Q q 0 0 0 rg BT 442.47 687.10 Td (are ) Tj ET Q q 0 0 0 rg BT 461.08 687.10 Td (often ) Tj ET Q q 0 0 0 rg BT 490.08 687.10 Td (expressed ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 671.45 Td (as ) Tj ET Q q 0 0 0 rg BT 86.22 671.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 113.25 671.45 Td (to ) Tj ET Q q 0 0 0 rg BT 127.25 671.45 Td (equity ) Tj ET Q q 0 0 0 rg BT 161.62 671.45 Td (and ) Tj ET Q q 0 0 0 rg BT 183.99 671.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 217.35 671.45 Td (to ) Tj ET Q q 0 0 0 rg BT 231.34 671.45 Td (equity. ) Tj ET Q q 0 0 0 rg BT 268.77 671.45 Td (In ) Tj ET Q q 0 0 0 rg BT 281.61 671.45 Td (the ) Tj ET Q q 0 0 0 rg BT 301.33 671.45 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 353.62 671.45 Td (banking ) Tj ET Q q 0 0 0 rg BT 396.77 671.45 Td (industry, ) Tj ET Q q 0 0 0 rg BT 442.54 671.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 486.49 671.45 Td (leverage ) Tj ET Q q 0 0 0 rg BT 532.68 671.45 Td (is ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 655.85 Td (most ) Tj ET Q q 0 0 0 rg BT 99.67 655.85 Td (commonly ) Tj ET Q q 0 0 0 rg BT 154.26 655.85 Td (calculated ) Tj ET Q q 0 0 0 rg BT 207.61 655.85 Td (using ) Tj ET Q q 0 0 0 rg BT 237.33 655.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 263.98 655.85 Td (to ) Tj ET Q q 0 0 0 rg BT 277.60 655.85 Td (equity. ) Tj ET Q q 0 0 0 rg BT 314.64 655.85 Td (At ) Tj ET Q q 0 0 0 rg BT 329.28 655.85 Td (Redwood, ) Tj ET Q q 0 0 0 rg BT 382.85 655.85 Td (the ) Tj ET Q q 0 0 0 rg BT 402.19 655.85 Td (two ) Tj ET Q q 0 0 0 rg BT 423.74 655.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 467.31 655.85 Td (leverage ) Tj ET Q q 0 0 0 rg BT 513.12 655.85 Td (ratios ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 640.25 Td (used ) Tj ET Q q 0 0 0 rg BT 98.76 640.25 Td (are ) Tj ET Q q 0 0 0 rg BT 117.15 640.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 183.63 640.25 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 216.71 640.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 243.03 640.25 Td (to ) Tj ET Q q 0 0 0 rg BT 256.33 640.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 289.99 640.25 Td (and ) Tj ET Q q 0 0 0 rg BT 311.65 640.25 Td (recourse ) Tj ET Q q 0 0 0 rg BT 356.73 640.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 383.06 640.25 Td (\(or, ) Tj ET Q q 0 0 0 rg BT 401.26 640.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 427.58 640.25 Td (at ) Tj ET Q q 0 0 0 rg BT 440.06 640.25 Td (Redwood\) ) Tj ET Q q 0 0 0 rg BT 493.11 640.25 Td (to ) Tj ET Q q 0 0 0 rg BT 506.40 640.25 Td (equity. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 624.60 Td (The ) Tj ET Q q 0 0 0 rg BT 93.57 624.60 Td (former ) Tj ET Q q 0 0 0 rg BT 129.37 624.60 Td (calculation ) Tj ET Q q 0 0 0 rg BT 184.76 624.60 Td (includes ) Tj ET Q q 0 0 0 rg BT 228.12 624.60 Td (the ) Tj ET Q q 0 0 0 rg BT 247.04 624.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 313.43 624.60 Td (ABS ) Tj ET Q q 0 0 0 rg BT 337.05 624.60 Td (issued ) Tj ET Q q 0 0 0 rg BT 371.04 624.60 Td (from ) Tj ET Q q 0 0 0 rg BT 396.67 624.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 432.89 624.60 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 475.86 624.60 Td (securitization ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 609.00 Td (entities ) Tj ET Q q 0 0 0 rg BT 109.35 609.00 Td (even ) Tj ET Q q 0 0 0 rg BT 134.72 609.00 Td (though ) Tj ET Q q 0 0 0 rg BT 171.69 609.00 Td (those ) Tj ET Q q 0 0 0 rg BT 200.50 609.00 Td (obligations ) Tj ET Q q 0 0 0 rg BT 256.81 609.00 Td (are ) Tj ET Q q 0 0 0 rg BT 273.80 609.00 Td (not ) Tj ET Q q 0 0 0 rg BT 291.81 609.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 333.65 609.00 Td (obligations ) Tj ET Q q 0 0 0 rg BT 389.95 609.00 Td (of ) Tj ET Q q 0 0 0 rg BT 401.45 609.00 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 450.23 609.00 Td (but ) Tj ET Q q 0 0 0 rg BT 468.43 609.00 Td (are ) Tj ET Q q 0 0 0 rg BT 485.42 609.00 Td (obligations ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 593.35 Td (of ) Tj ET Q q 0 0 0 rg BT 85.29 593.35 Td (each ) Tj ET Q q 0 0 0 rg BT 112.04 593.35 Td (the ) Tj ET Q q 0 0 0 rg BT 131.45 593.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 198.31 593.35 Td (securitization ) Tj ET Q q 0 0 0 rg BT 265.98 593.35 Td (trusts ) Tj ET Q q 0 0 0 rg BT 295.93 593.35 Td (and ) Tj ET Q q 0 0 0 rg BT 317.99 593.35 Td (are ) Tj ET Q q 0 0 0 rg BT 336.77 593.35 Td (payable ) Tj ET Q q 0 0 0 rg BT 379.20 593.35 Td (only ) Tj ET Q q 0 0 0 rg BT 403.29 593.35 Td (from ) Tj ET Q q 0 0 0 rg BT 429.41 593.35 Td (the ) Tj ET Q q 0 0 0 rg BT 448.81 593.35 Td (cash ) Tj ET Q q 0 0 0 rg BT 474.13 593.35 Td (flow ) Tj ET Q q 0 0 0 rg BT 498.00 593.35 Td (from ) Tj ET Q q 0 0 0 rg BT 524.12 593.35 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 577.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 104.76 577.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 141.41 577.75 Td (by ) Tj ET Q q 0 0 0 rg BT 156.66 577.75 Td (each ) Tj ET Q q 0 0 0 rg BT 183.13 577.75 Td (of ) Tj ET Q q 0 0 0 rg BT 196.13 577.75 Td (those ) Tj ET Q q 0 0 0 rg BT 226.47 577.75 Td (trusts. ) Tj ET Q q 0 0 0 rg BT 259.19 577.75 Td (The ) Tj ET Q q 0 0 0 rg BT 280.97 577.75 Td (latter ) Tj ET Q q 0 0 0 rg BT 309.62 577.75 Td (calculation ) Tj ET Q q 0 0 0 rg BT 365.20 577.75 Td (of ) Tj ET Q q 0 0 0 rg BT 378.21 577.75 Td (recourse ) Tj ET Q q 0 0 0 rg BT 423.40 577.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 449.84 577.75 Td (to ) Tj ET Q q 0 0 0 rg BT 463.24 577.75 Td (equity ) Tj 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(ratios ) Tj ET Q q 0 0 0 rg BT 224.67 546.50 Td (are ) Tj ET Q q 0 0 0 rg BT 242.37 546.50 Td (calculated ) Tj ET Q q 0 0 0 rg BT 294.70 546.50 Td (at ) Tj ET Q q 0 0 0 rg BT 306.48 546.50 Td (the ) Tj ET Q q 0 0 0 rg BT 324.80 546.50 Td (bottom ) Tj ET Q q 0 0 0 rg BT 363.67 546.50 Td (of ) Tj ET Q q 0 0 0 rg BT 375.87 546.50 Td (Table ) Tj ET Q q 0 0 0 rg BT 404.57 546.50 Td (7: ) Tj ET Q q 0 0 0 rg BT 416.17 546.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 461.58 546.50 Td (Ratios ) Tj ET Q q 0 0 0 rg BT 493.75 546.50 Td (and ) Tj ET Q q 0 0 0 rg BT 514.72 546.50 Td (Book ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 530.90 Td (Value ) Tj ET Q q 0 0 0 rg BT 101.76 530.90 Td (in ) Tj ET Q q 0 0 0 rg BT 113.57 530.90 Td (the ) Tj ET Q BT /F8 11.00 Tf ET q 0 0 0 rg BT 132.52 530.90 Td (Appendix) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 180.42 530.90 Td ( ) Tj ET Q q 0 0 0 rg BT 183.48 530.90 Td (section) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 218.52 530.90 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 500.35 Td (LOAN ) Tj ET Q q 0 0 0 rg BT 104.87 500.35 Td (PURCHASE ) Tj ET Q q 0 0 0 rg BT 163.81 500.35 Td (COMMITMENT ) Tj ET Q q 0 0 0 rg BT 241.96 500.35 Td (\(LPC\) ) Tj ET Q q 0 0 0 rg BT 270.16 500.35 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 275.42 500.35 Td (A ) Tj ET Q q 0 0 0 rg BT 285.09 500.35 Td (commitment ) Tj ET Q q 0 0 0 rg BT 349.33 500.35 Td (to ) Tj ET Q q 0 0 0 rg BT 361.63 500.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 407.97 500.35 Td (a ) Tj ET Q q 0 0 0 rg BT 415.80 500.35 Td (residential ) Tj ET Q q 0 0 0 rg BT 468.43 500.35 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 519.02 500.35 Td (loan ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 484.75 Td (from ) Tj ET Q q 0 0 0 rg BT 97.70 484.75 Td (a ) Tj ET Q q 0 0 0 rg BT 106.50 484.75 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 158.06 484.75 Td (loan ) Tj ET Q q 0 0 0 rg BT 182.14 484.75 Td (originator ) Tj ET Q q 0 0 0 rg BT 233.06 484.75 Td (at ) Tj ET Q q 0 0 0 rg BT 245.51 484.75 Td (a ) Tj ET Q q 0 0 0 rg BT 254.31 484.75 Td (specified ) Tj ET Q q 0 0 0 rg BT 301.60 484.75 Td (price ) Tj ET Q q 0 0 0 rg BT 329.13 484.75 Td (and ) Tj ET Q q 0 0 0 rg BT 350.77 484.75 Td (within ) Tj ET Q q 0 0 0 rg BT 382.98 484.75 Td (a ) Tj ET Q q 0 0 0 rg BT 391.78 484.75 Td (specified ) Tj ET Q q 0 0 0 rg BT 439.07 484.75 Td (time ) Tj ET Q q 0 0 0 rg BT 463.95 484.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 502.48 484.75 Td (A ) Tj ET Q q 0 0 0 rg BT 513.11 484.75 Td (best ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 469.10 Td (efforts ) Tj ET Q q 0 0 0 rg BT 112.36 469.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 137.05 469.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 184.97 469.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 250.80 469.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 299.34 469.10 Td (effective ) Tj ET Q q 0 0 0 rg BT 344.61 469.10 Td (once ) Tj ET Q q 0 0 0 rg BT 372.37 469.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.97 469.10 Td (originator ) Tj ET Q q 0 0 0 rg BT 443.51 469.10 Td (has ) Tj ET Q q 0 0 0 rg BT 463.72 469.10 Td (closed ) Tj ET Q q 0 0 0 rg BT 499.41 469.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.01 469.10 Td (loan ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 453.50 Td (with ) Tj ET Q q 0 0 0 rg BT 97.79 453.50 Td (the ) Tj ET Q q 0 0 0 rg BT 119.11 453.50 Td (borrower. ) Tj ET Q q 0 0 0 rg BT 171.17 453.50 Td (A ) Tj ET Q q 0 0 0 rg BT 184.15 453.50 Td (mandatory ) Tj ET Q q 0 0 0 rg BT 253.75 453.50 Td (loan ) Tj ET Q q 0 0 0 rg BT 280.16 453.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 329.81 453.50 Td (commitment ) Tj ET Q q 0 0 0 rg BT 397.36 453.50 Td (becomes ) Tj ET Q q 0 0 0 rg BT 447.62 453.50 Td (effective ) Tj ET Q q 0 0 0 rg BT 494.62 453.50 Td (once ) Tj ET Q q 0 0 0 rg BT 524.11 453.50 Td (the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 437.90 Td (commitment ) Tj ET Q q 0 0 0 rg BT 137.14 437.90 Td (is ) Tj ET Q q 0 0 0 rg BT 147.49 437.90 Td (entered ) Tj ET Q q 0 0 0 rg BT 188.81 437.90 Td (into ) Tj ET Q q 0 0 0 rg BT 210.76 437.90 Td (among ) Tj ET Q q 0 0 0 rg BT 248.23 437.90 Td (the ) Tj ET Q q 0 0 0 rg BT 267.15 437.90 Td (buyer ) Tj ET Q q 0 0 0 rg BT 298.08 437.90 Td (and ) Tj ET Q q 0 0 0 rg BT 319.65 437.90 Td (the ) Tj ET Q q 0 0 0 rg BT 338.57 437.90 Td (originator, ) Tj ET Q q 0 0 0 rg BT 391.47 437.90 Td (regardless ) Tj ET Q q 0 0 0 rg BT 444.81 437.90 Td (if ) Tj ET Q q 0 0 0 rg BT 453.73 437.90 Td (the ) Tj ET Q q 0 0 0 rg BT 472.64 437.90 Td (originator ) Tj ET Q q 0 0 0 rg BT 523.50 437.90 Td (has ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 422.25 Td (closed ) Tj ET Q q 0 0 0 rg BT 108.48 422.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.87 422.25 Td (loan. ) Tj ET Q q 0 0 0 rg BT 157.41 422.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 210.79 422.25 Td (buyers ) Tj ET Q q 0 0 0 rg BT 247.88 422.25 Td (such ) Tj ET Q q 0 0 0 rg BT 274.60 422.25 Td (as ) Tj ET Q q 0 0 0 rg BT 289.49 422.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 341.05 422.25 Td (often ) Tj ET Q q 0 0 0 rg BT 371.21 422.25 Td (issue ) Tj ET Q q 0 0 0 rg BT 399.95 422.25 Td (30 ) Tj ET Q q 0 0 0 rg BT 416.67 422.25 Td (to ) Tj ET Q q 0 0 0 rg BT 431.34 422.25 Td (60 ) Tj ET Q q 0 0 0 rg BT 448.07 422.25 Td (day ) Tj ET Q q 0 0 0 rg BT 470.30 422.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 495.78 422.25 Td (purchase ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 406.65 Td (commitments ) Tj ET Q q 0 0 0 rg BT 140.69 406.65 Td (to ) Tj ET Q q 0 0 0 rg BT 152.76 406.65 Td (loan ) Tj ET Q q 0 0 0 rg BT 175.64 406.65 Td (originators ) Tj ET Q q 0 0 0 rg BT 230.04 406.65 Td (so ) Tj ET Q q 0 0 0 rg BT 243.14 406.65 Td (they ) Tj ET Q q 0 0 0 rg BT 266.23 406.65 Td (can ) Tj ET Q q 0 0 0 rg BT 285.25 406.65 Td (in ) Tj ET Q q 0 0 0 rg BT 295.90 406.65 Td (turn ) Tj ET Q q 0 0 0 rg BT 317.52 406.65 Td (offer ) Tj ET Q q 0 0 0 rg BT 342.02 406.65 Td (a ) Tj ET Q q 0 0 0 rg BT 349.62 406.65 Td (similar ) Tj ET Q q 0 0 0 rg BT 382.85 406.65 Td (commitments ) Tj ET Q q 0 0 0 rg BT 451.54 406.65 Td (to ) Tj ET Q q 0 0 0 rg BT 463.60 406.65 Td (their ) Tj ET Q q 0 0 0 rg BT 487.68 406.65 Td (borrowers. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 391.00 Td (To ) Tj ET Q q 0 0 0 rg BT 86.47 391.00 Td (hedge ) Tj ET Q q 0 0 0 rg BT 121.12 391.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 160.40 391.00 Td (rate ) Tj ET Q q 0 0 0 rg BT 182.39 391.00 Td (risk ) Tj ET Q q 0 0 0 rg BT 201.52 391.00 Td (during ) Tj ET Q q 0 0 0 rg BT 236.34 391.00 Td (the ) Tj ET Q q 0 0 0 rg BT 255.10 391.00 Td (commitment ) Tj ET Q q 0 0 0 rg BT 320.07 391.00 Td (period, ) Tj ET Q q 0 0 0 rg BT 358.35 391.00 Td (buyers ) Tj ET Q q 0 0 0 rg BT 393.80 391.00 Td (will ) Tj ET Q q 0 0 0 rg BT 412.53 391.00 Td (often ) Tj ET Q q 0 0 0 rg BT 441.05 391.00 Td (enter ) Tj ET Q q 0 0 0 rg BT 469.56 391.00 Td (in ) Tj ET Q q 0 0 0 rg BT 481.17 391.00 Td (to ) Tj ET Q q 0 0 0 rg BT 494.20 391.00 Td (a ) Tj ET Q q 0 0 0 rg BT 502.76 391.00 Td (forward ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 375.40 Td (sale ) Tj ET Q q 0 0 0 rg BT 93.81 375.40 Td (commitment ) Tj ET Q q 0 0 0 rg BT 158.58 375.40 Td (or ) Tj ET Q q 0 0 0 rg BT 171.42 375.40 Td (hedge ) Tj ET Q q 0 0 0 rg BT 205.87 375.40 Td (the ) Tj ET Q q 0 0 0 rg BT 224.42 375.40 Td (risk ) Tj ET Q q 0 0 0 rg BT 243.36 375.40 Td (using ) Tj ET Q q 0 0 0 rg BT 272.29 375.40 Td (derivatives. ) Tj ET Q q 0 0 0 rg BT 330.56 375.40 Td (\(See ) Tj ET Q q 0 0 0 rg BT 354.42 375.40 Td (Forward ) Tj ET Q q 0 0 0 rg BT 397.20 375.40 Td (Sale ) Tj ET Q q 0 0 0 rg BT 420.44 375.40 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 487.65 375.40 Td (definition.\) ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 359.80 Td (A ) Tj ET Q q 0 0 0 rg BT 82.88 359.80 Td (loan ) Tj ET Q q 0 0 0 rg BT 107.21 359.80 Td (purchase ) Tj ET Q q 0 0 0 rg BT 154.77 359.80 Td (commitment ) Tj ET Q q 0 0 0 rg BT 220.22 359.80 Td (for ) Tj ET Q q 0 0 0 rg BT 236.99 359.80 Td (a ) Tj ET Q q 0 0 0 rg BT 246.04 359.80 Td (conforming ) Tj ET Q q 0 0 0 rg BT 305.79 359.80 Td (loan ) Tj ET Q q 0 0 0 rg BT 330.12 359.80 Td (qualifies ) Tj ET Q q 0 0 0 rg BT 373.99 359.80 Td (as ) Tj ET Q q 0 0 0 rg BT 387.72 359.80 Td (a ) Tj ET Q q 0 0 0 rg BT 396.77 359.80 Td (derivative ) Tj ET Q q 0 0 0 rg BT 447.97 359.80 Td (in ) Tj ET Q q 0 0 0 rg BT 460.06 359.80 Td (accordance ) Tj ET Q q 0 0 0 rg BT 519.65 359.80 Td (with ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 344.15 Td (GAAP. ) Tj ET Q q 0 0 0 rg BT 107.45 344.15 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 161.68 344.15 Td (January ) Tj ET Q q 0 0 0 rg BT 203.70 344.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 216.99 344.15 Td (2015, ) Tj ET Q q 0 0 0 rg BT 248.63 344.15 Td (our ) Tj ET Q q 0 0 0 rg BT 269.03 344.15 Td (loan ) Tj ET Q q 0 0 0 rg BT 294.14 344.15 Td (purchase ) Tj ET Q q 0 0 0 rg BT 342.47 344.15 Td (commitment ) Tj ET Q q 0 0 0 rg BT 408.70 344.15 Td (for ) Tj ET Q q 0 0 0 rg BT 426.25 344.15 Td (a ) Tj ET Q q 0 0 0 rg BT 436.07 344.15 Td (non-conforming ) Tj ET Q q 0 0 0 rg BT 519.02 344.15 Td (loan ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 328.55 Td (qualifies ) Tj ET Q q 0 0 0 rg BT 116.32 328.55 Td (as ) Tj ET Q q 0 0 0 rg BT 130.50 328.55 Td (a ) Tj ET Q q 0 0 0 rg BT 139.99 328.55 Td (derivative ) Tj ET Q q 0 0 0 rg BT 191.63 328.55 Td (in ) Tj ET Q q 0 0 0 rg BT 204.17 328.55 Td (accordance ) Tj ET Q q 0 0 0 rg BT 264.20 328.55 Td (with ) Tj ET Q q 0 0 0 rg BT 288.35 328.55 Td (GAAP. ) Tj ET Q q 0 0 0 rg BT 323.47 328.55 Td (Any ) Tj ET Q q 0 0 0 rg BT 346.22 328.55 Td (change ) Tj ET Q q 0 0 0 rg BT 386.08 328.55 Td (in ) Tj ET Q q 0 0 0 rg BT 398.62 328.55 Td (the ) Tj ET Q q 0 0 0 rg BT 418.29 328.55 Td (value ) Tj ET Q q 0 0 0 rg BT 447.96 328.55 Td (of ) Tj ET Q q 0 0 0 rg BT 461.52 328.55 Td (a ) Tj ET Q q 0 0 0 rg BT 471.01 328.55 Td (loan ) Tj ET Q q 0 0 0 rg BT 495.78 328.55 Td (purchase ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 312.90 Td (commitment ) Tj ET Q q 0 0 0 rg BT 137.18 312.90 Td (is ) Tj ET Q q 0 0 0 rg BT 147.56 312.90 Td (recorded ) Tj ET Q q 0 0 0 rg BT 195.03 312.90 Td (in ) Tj ET Q q 0 0 0 rg BT 206.84 312.90 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 258.36 312.90 Td (banking ) Tj ET Q q 0 0 0 rg BT 300.75 312.90 Td (activities) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 343.11 312.90 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 282.40 Td (LONG-TERM ) Tj ET Q q 0 0 0 rg BT 138.22 282.40 Td (DEBT ) Tj ET Q q 0 0 0 rg BT 168.29 282.40 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 174.06 282.40 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 228.19 282.40 Td (debt ) Tj ET Q q 0 0 0 rg BT 254.01 282.40 Td (is ) Tj ET Q q 0 0 0 rg BT 263.95 282.40 Td (debt ) Tj ET Q q 0 0 0 rg BT 289.77 282.40 Td (that ) Tj ET Q q 0 0 0 rg BT 311.53 282.40 Td (is ) Tj ET Q q 0 0 0 rg BT 321.47 282.40 Td (an ) Tj ET Q q 0 0 0 rg BT 335.90 282.40 Td (obligation ) Tj ET Q q 0 0 0 rg BT 388.42 282.40 Td (of ) Tj ET Q q 0 0 0 rg BT 400.82 282.40 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 450.50 282.40 Td (that ) Tj ET Q q 0 0 0 rg BT 472.25 282.40 Td (is ) Tj ET Q q 0 0 0 rg BT 482.19 282.40 Td (not ) Tj ET Q q 0 0 0 rg BT 501.10 282.40 Td (payable ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 266.75 Td (within ) Tj ET Q q 0 0 0 rg BT 104.37 266.75 Td (a ) Tj ET Q q 0 0 0 rg BT 113.32 266.75 Td (year ) Tj ET Q q 0 0 0 rg BT 137.35 266.75 Td (and ) Tj ET Q q 0 0 0 rg BT 159.15 266.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 202.73 266.75 Td (convertible ) Tj ET Q q 0 0 0 rg BT 260.78 266.75 Td (debt, ) Tj ET Q q 0 0 0 rg BT 290.29 266.75 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 362.23 266.75 Td (debt, ) Tj ET Q q 0 0 0 rg BT 391.74 266.75 Td (junior ) Tj ET Q q 0 0 0 rg BT 422.68 266.75 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 491.12 266.75 Td (notes ) Tj ET Q q 0 0 0 rg BT 521.46 266.75 Td (and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 251.15 Td (trust ) Tj ET Q q 0 0 0 rg BT 96.54 251.15 Td (preferred ) Tj ET Q q 0 0 0 rg BT 144.93 251.15 Td (securities. ) Tj ET Q q 0 0 0 rg BT 196.38 251.15 Td (We ) Tj ET Q q 0 0 0 rg BT 215.46 251.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 263.27 251.15 Td (treat ) Tj ET Q q 0 0 0 rg BT 288.63 251.15 Td (long-term ) Tj ET Q q 0 0 0 rg BT 340.06 251.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 366.06 251.15 Td (as ) Tj ET Q q 0 0 0 rg BT 379.23 251.15 Td (part ) Tj ET Q q 0 0 0 rg BT 401.75 251.15 Td (of ) Tj ET Q q 0 0 0 rg BT 414.30 251.15 Td (our ) Tj ET Q q 0 0 0 rg BT 433.38 251.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 468.53 251.15 Td (base ) Tj ET Q q 0 0 0 rg BT 494.54 251.15 Td (when ) Tj ET Q q 0 0 0 rg BT 523.61 251.15 Td (it ) Tj ET Q q 0 0 0 rg BT 532.68 251.15 Td (is ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 235.55 Td (not ) Tj ET Q q 0 0 0 rg BT 91.35 235.55 Td (payable ) Tj ET Q q 0 0 0 rg BT 133.33 235.55 Td (in ) Tj ET Q q 0 0 0 rg BT 145.14 235.55 Td (the ) Tj ET Q q 0 0 0 rg BT 164.09 235.55 Td (near ) Tj ET Q q 0 0 0 rg BT 188.75 235.55 Td (future) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 217.46 235.55 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 205.00 Td (MARK-TO-MARKET ) Tj ET Q q 0 0 0 rg BT 171.51 205.00 Td (\(MTM\) ) Tj ET Q q 0 0 0 rg BT 205.70 205.00 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 280.53 205.00 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 285.38 205.00 Td (Mark-to-market ) Tj ET Q q 0 0 0 rg BT 362.85 205.00 Td (accounting ) Tj ET Q q 0 0 0 rg BT 418.76 205.00 Td (uses ) Tj ET Q q 0 0 0 rg BT 442.08 205.00 Td (estimated ) Tj ET Q q 0 0 0 rg BT 492.46 205.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 509.43 205.00 Td (values ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 189.40 Td (of ) Tj ET Q q 0 0 0 rg BT 85.32 189.40 Td (assets, ) Tj ET Q q 0 0 0 rg BT 121.45 189.40 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 170.81 189.40 Td (and ) Tj ET Q q 0 0 0 rg BT 192.90 189.40 Td (hedges. ) Tj ET Q q 0 0 0 rg BT 235.97 189.40 Td (Many ) Tj ET Q q 0 0 0 rg BT 266.43 189.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 299.51 189.40 Td (on ) Tj ET Q q 0 0 0 rg BT 315.69 189.40 Td (our ) Tj ET Q q 0 0 0 rg BT 335.52 189.40 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 402.42 189.40 Td (balance ) Tj ET Q q 0 0 0 rg BT 444.27 189.40 Td (sheet ) Tj ET Q q 0 0 0 rg BT 474.50 189.40 Td (are ) Tj ET Q q 0 0 0 rg BT 493.32 189.40 Td (carried ) Tj ET Q q 0 0 0 rg BT 530.65 189.40 Td (at ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 173.75 Td (their ) Tj ET Q q 0 0 0 rg BT 97.50 173.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 116.07 173.75 Td (value ) Tj ET Q q 0 0 0 rg BT 145.26 173.75 Td (rather ) Tj ET Q q 0 0 0 rg BT 177.48 173.75 Td (than ) Tj ET Q q 0 0 0 rg BT 202.40 173.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 254.79 173.75 Td (cost. ) Tj ET Q q 0 0 0 rg BT 281.33 173.75 Td (Taxable ) Tj ET Q q 0 0 0 rg BT 321.93 173.75 Td (income ) Tj ET Q q 0 0 0 rg BT 361.31 173.75 Td (is ) Tj ET Q q 0 0 0 rg BT 371.95 173.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 420.28 173.75 Td (not ) Tj ET Q q 0 0 0 rg BT 439.89 173.75 Td (affected ) Tj ET Q q 0 0 0 rg BT 483.13 173.75 Td (by ) Tj ET Q q 0 0 0 rg BT 498.46 173.75 Td (mark-to-) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 158.15 Td (market ) Tj ET Q q 0 0 0 rg BT 108.86 158.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 127.18 158.15 Td (value ) Tj ET Q q 0 0 0 rg BT 156.12 158.15 Td (changes) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 196.88 158.15 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 127.60 Td (MEZZANINE ) Tj ET Q q 0 0 0 rg BT 139.79 127.60 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 202.51 127.60 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 209.03 127.60 Td (Mezzanine ) Tj ET Q q 0 0 0 rg BT 264.36 127.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 313.34 127.60 Td (are ) Tj ET Q q 0 0 0 rg BT 331.98 127.60 Td (a ) Tj ET Q q 0 0 0 rg BT 341.04 127.60 Td (type ) Tj ET Q q 0 0 0 rg BT 366.19 127.60 Td (of ) Tj ET Q q 0 0 0 rg BT 379.33 127.60 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 441.15 127.60 Td (security ) Tj ET Q q 0 0 0 rg BT 481.98 127.60 Td (and ) Tj ET Q q 0 0 0 rg BT 503.88 127.60 Td (refer ) Tj ET Q q 0 0 0 rg BT 529.84 127.60 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 112.00 Td (the ) Tj ET Q q 0 0 0 rg BT 90.33 112.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 138.38 112.00 Td (in ) Tj ET Q q 0 0 0 rg BT 149.58 112.00 Td (a ) Tj ET Q q 0 0 0 rg BT 157.72 112.00 Td (residential ) Tj ET Q q 0 0 0 rg BT 210.66 112.00 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 301.09 112.00 Td (securitization ) Tj ET Q q 0 0 0 rg BT 367.68 112.00 Td (that ) Tj ET Q q 0 0 0 rg BT 389.26 112.00 Td (are ) Tj ET Q q 0 0 0 rg BT 406.97 112.00 Td (rated ) Tj ET Q q 0 0 0 rg BT 435.26 112.00 Td (AA, ) Tj ET Q q 0 0 0 rg BT 455.84 112.00 Td (A, ) Tj ET Q q 0 0 0 rg BT 468.88 112.00 Td (and ) Tj ET Q q 0 0 0 rg BT 489.87 112.00 Td (BBB. ) Tj ET Q q 0 0 0 rg BT 516.15 112.00 Td (They ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 96.35 Td (rank ) Tj ET Q q 0 0 0 rg BT 96.62 96.35 Td (junior ) Tj ET Q q 0 0 0 rg BT 128.14 96.35 Td (to ) Tj ET Q q 0 0 0 rg BT 142.15 96.35 Td (the ) Tj ET Q q 0 0 0 rg BT 161.89 96.35 Td (AAA ) Tj ET Q q 0 0 0 rg BT 188.36 96.35 Td (securities, ) Tj ET Q q 0 0 0 rg BT 240.87 96.35 Td (and ) Tj ET Q q 0 0 0 rg BT 263.26 96.35 Td (senior ) Tj ET Q q 0 0 0 rg BT 296.83 96.35 Td (to ) Tj ET Q q 0 0 0 rg BT 310.84 96.35 Td (the ) Tj ET Q q 0 0 0 rg BT 330.57 96.35 Td (securities ) Tj ET Q q 0 0 0 rg BT 380.03 96.35 Td (rated ) Tj ET Q q 0 0 0 rg BT 409.72 96.35 Td (below ) Tj ET Q q 0 0 0 rg BT 443.50 96.35 Td (BBB ) Tj ET Q q 0 0 0 rg BT 468.12 96.35 Td (which ) Tj ET Q q 0 0 0 rg BT 500.08 96.35 Td (typically ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 80.75 Td (include ) Tj ET Q q 0 0 0 rg BT 110.71 80.75 Td (BB ) Tj ET Q q 0 0 0 rg BT 127.63 80.75 Td (and ) Tj ET Q q 0 0 0 rg BT 149.23 80.75 Td (B ) Tj ET Q q 0 0 0 rg BT 159.22 80.75 Td (rated ) Tj ET Q q 0 0 0 rg BT 188.13 80.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 239.86 80.75 Td (and ) Tj ET Q q 0 0 0 rg BT 261.47 80.75 Td (any ) Tj ET Q q 0 0 0 rg BT 281.65 80.75 Td (non-rated ) Tj ET Q q 0 0 0 rg BT 332.98 80.75 Td (securities) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 378.60 80.75 Td (.) 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0 rg BT 182.22 546.50 Td (to ) Tj ET Q q 0 0 0 rg BT 195.44 546.50 Td (a ) Tj ET Q q 0 0 0 rg BT 204.21 546.50 Td (residential ) Tj ET Q q 0 0 0 rg BT 257.76 546.50 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 309.28 546.50 Td (loan, ) Tj ET Q q 0 0 0 rg BT 336.38 546.50 Td (it ) Tj ET Q q 0 0 0 rg BT 345.73 546.50 Td (retains ) Tj ET Q q 0 0 0 rg BT 381.16 546.50 Td (a ) Tj ET Q q 0 0 0 rg BT 389.92 546.50 Td (sub-servicer ) Tj ET Q q 0 0 0 rg BT 451.63 546.50 Td (to ) Tj ET Q q 0 0 0 rg BT 464.85 546.50 Td (carry ) Tj ET Q q 0 0 0 rg BT 491.52 546.50 Td (out ) Tj ET Q q 0 0 0 rg BT 510.87 546.50 Td (actual ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 530.90 Td (servicing ) Tj ET Q q 0 0 0 rg BT 118.23 530.90 Td (functions, ) Tj ET Q q 0 0 0 rg BT 168.77 530.90 Td (as ) Tj ET Q q 0 0 0 rg BT 182.22 530.90 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 232.35 530.90 Td (does ) Tj ET Q q 0 0 0 rg BT 259.45 530.90 Td (not ) Tj ET Q q 0 0 0 rg BT 278.80 530.90 Td (directly ) Tj ET Q q 0 0 0 rg BT 317.71 530.90 Td (service ) Tj ET Q q 0 0 0 rg BT 354.58 530.90 Td (residential ) Tj ET Q q 0 0 0 rg BT 408.14 530.90 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 459.67 530.90 Td (loans) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 485.34 530.90 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 500.35 Td (MPF ) Tj ET Q q 0 0 0 rg BT 98.16 500.35 Td (DIRECT ) Tj ET Q q 0 0 0 rg BT 139.29 500.35 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 145.80 500.35 Td (MPF ) Tj ET Q q 0 0 0 rg BT 171.38 500.35 Td (Direct ) Tj ET Q q 0 0 0 rg BT 204.05 500.35 Td (is ) Tj ET Q q 0 0 0 rg BT 214.73 500.35 Td (a ) Tj ET Q q 0 0 0 rg BT 223.79 500.35 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 275.61 500.35 Td (loan ) Tj ET Q q 0 0 0 rg BT 299.95 500.35 Td (product ) Tj ET Q q 0 0 0 rg BT 341.79 500.35 Td (offered ) Tj ET Q q 0 0 0 rg BT 380.39 500.35 Td (by ) Tj ET Q q 0 0 0 rg BT 395.77 500.35 Td (the ) Tj ET Q q 0 0 0 rg BT 415.02 500.35 Td (Federal ) Tj ET Q q 0 0 0 rg BT 455.44 500.35 Td (Home ) Tj ET Q q 0 0 0 rg BT 488.75 500.35 Td (Loan ) Tj ET Q q 0 0 0 rg BT 515.95 500.35 Td (Bank ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 484.75 Td (of ) Tj ET Q q 0 0 0 rg BT 85.72 484.75 Td (Chicago ) Tj ET Q q 0 0 0 rg BT 130.42 484.75 Td (under ) Tj ET Q q 0 0 0 rg BT 163.08 484.75 Td (the ) Tj ET Q q 0 0 0 rg BT 182.91 484.75 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 235.74 484.75 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 295.05 484.75 Td (Finance ) Tj ET Q q 0 0 0 rg BT 337.11 484.75 Td (\("MPF"\) ) Tj ET Q q 0 0 0 rg BT 380.41 484.75 Td (program. ) Tj ET Q q 0 0 0 rg BT 429.56 484.75 Td (Members ) Tj ET Q q 0 0 0 rg BT 479.95 484.75 Td (of ) Tj ET Q q 0 0 0 rg BT 493.67 484.75 Td (the ) Tj ET Q q 0 0 0 rg BT 513.51 484.75 Td (FHLB ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 469.10 Td (system ) Tj ET Q q 0 0 0 rg BT 108.85 469.10 Td (that ) Tj ET Q q 0 0 0 rg BT 131.03 469.10 Td (are ) Tj ET Q q 0 0 0 rg BT 149.35 469.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 188.63 469.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.85 469.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 257.41 469.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.21 469.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.14 469.10 Td (MPF ) Tj ET Q q 0 0 0 rg BT 313.40 469.10 Td (Direct ) Tj ET Q q 0 0 0 rg BT 345.75 469.10 Td (product ) Tj ET Q q 0 0 0 rg BT 387.28 469.10 Td (\("MPF ) Tj ET Q q 0 0 0 rg BT 421.11 469.10 Td (Direct ) Tj ET Q q 0 0 0 rg BT 453.46 469.10 Td (sellers"\) ) Tj ET Q q 0 0 0 rg BT 495.62 469.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 514.75 469.10 Td (high-) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 453.50 Td (balance ) Tj ET Q q 0 0 0 rg BT 112.27 453.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 139.90 453.50 Td (to ) Tj ET Q q 0 0 0 rg BT 152.03 453.50 Td (the ) Tj ET Q q 0 0 0 rg BT 169.88 453.50 Td (Federal ) Tj ET Q q 0 0 0 rg BT 208.90 453.50 Td (Home ) Tj ET Q q 0 0 0 rg BT 240.81 453.50 Td (Loan ) Tj ET Q q 0 0 0 rg BT 266.61 453.50 Td (Bank ) Tj ET Q q 0 0 0 rg BT 292.62 453.50 Td (of ) Tj ET Q q 0 0 0 rg BT 304.36 453.50 Td (Chicago ) Tj ET Q q 0 0 0 rg BT 347.07 453.50 Td (which ) Tj ET Q q 0 0 0 rg BT 377.14 453.50 Td (in ) Tj ET Q q 0 0 0 rg BT 387.85 453.50 Td (turn ) Tj ET Q q 0 0 0 rg BT 409.54 453.50 Td (sells ) Tj ET Q q 0 0 0 rg BT 432.27 453.50 Td (the ) Tj ET Q q 0 0 0 rg BT 450.12 453.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 477.75 453.50 Td (to ) Tj ET Q q 0 0 0 rg BT 489.88 453.50 Td (Redwood, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 437.90 Td (which ) Tj ET Q q 0 0 0 rg BT 103.17 437.90 Td (we ) Tj ET Q q 0 0 0 rg BT 120.29 437.90 Td (also ) Tj ET Q q 0 0 0 rg BT 142.91 437.90 Td (refer ) Tj ET Q q 0 0 0 rg BT 168.56 437.90 Td (to ) Tj ET Q q 0 0 0 rg BT 181.79 437.90 Td (as ) Tj ET Q q 0 0 0 rg BT 195.25 437.90 Td (our ) Tj ET Q q 0 0 0 rg BT 214.59 437.90 Td (MPF ) Tj ET Q q 0 0 0 rg BT 239.87 437.90 Td (Direct ) Tj ET Q q 0 0 0 rg BT 272.25 437.90 Td (channel) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 310.36 437.90 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 407.35 Td (MULTIFAMILY ) Tj ET Q q 0 0 0 rg BT 143.92 407.35 Td ( ) Tj ET Q q 0 0 0 rg BT 146.62 407.35 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 208.62 407.35 Td (- ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 214.43 407.35 Td (A) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 222.37 407.35 Td ( ) Tj ET Q q 0 0 0 rg BT 225.03 407.35 Td (type ) Tj ET Q q 0 0 0 rg BT 249.48 407.35 Td (of ) Tj ET Q q 0 0 0 rg BT 261.91 407.35 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 352.56 407.35 Td (security ) Tj ET Q q 0 0 0 rg BT 392.68 407.35 Td (that ) Tj ET Q q 0 0 0 rg BT 414.48 407.35 Td (is ) Tj ET Q q 0 0 0 rg BT 424.46 407.35 Td (secured ) Tj ET Q q 0 0 0 rg BT 465.63 407.35 Td (by ) Tj ET Q q 0 0 0 rg BT 480.30 407.35 Td (one ) Tj ET Q q 0 0 0 rg BT 501.71 407.35 Td (or ) Tj ET Q q 0 0 0 rg BT 514.54 407.35 Td (more ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 391.75 Td (loans ) Tj ET Q q 0 0 0 rg BT 102.58 391.75 Td (on ) Tj ET Q q 0 0 0 rg BT 120.12 391.75 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 178.38 391.75 Td (properties. ) Tj ET Q q 0 0 0 rg BT 236.63 391.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 260.48 391.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 319.41 391.75 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 366.05 391.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 411.29 391.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 461.81 391.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 509.04 391.75 Td (issued ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 376.10 Td (through ) Tj ET Q q 0 0 0 rg BT 113.77 376.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 154.72 376.10 Td (Macs ) Tj ET Q q 0 0 0 rg BT 184.91 376.10 Td (conventional ) Tj ET Q q 0 0 0 rg BT 250.73 376.10 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 307.15 376.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 374.36 376.10 Td (platform.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 345.60 Td (NON-PRIME ) Tj ET Q q 0 0 0 rg BT 136.67 345.60 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 198.63 345.60 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 204.39 345.60 Td (Non-prime ) Tj ET Q q 0 0 0 rg BT 260.36 345.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 308.59 345.60 Td (are ) Tj ET Q q 0 0 0 rg BT 326.48 345.60 Td (Alt-A, ) Tj ET Q q 0 0 0 rg BT 357.21 345.60 Td (option ) Tj ET Q q 0 0 0 rg BT 392.01 345.60 Td (ARM, ) Tj ET Q q 0 0 0 rg BT 421.54 345.60 Td (and ) Tj ET Q q 0 0 0 rg BT 442.70 345.60 Td (subprime ) Tj ET Q q 0 0 0 rg BT 491.33 345.60 Td (securities. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 329.95 Td (See ) Tj ET Q q 0 0 0 rg BT 93.41 329.95 Td (definitions ) Tj ET Q q 0 0 0 rg BT 147.58 329.95 Td (of ) Tj ET Q q 0 0 0 rg BT 160.42 329.95 Td (Alt-A, ) Tj ET Q q 0 0 0 rg BT 191.59 329.95 Td (option ) Tj ET Q q 0 0 0 rg BT 226.84 329.95 Td (ARM, ) Tj ET Q q 0 0 0 rg BT 256.81 329.95 Td (and ) Tj ET Q q 0 0 0 rg BT 278.42 329.95 Td (subprime ) Tj ET Q q 0 0 0 rg BT 327.50 329.95 Td (securities.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 299.45 Td (NON-RECOURSE ) Tj ET Q q 0 0 0 rg BT 161.62 299.45 Td (DEBT ) Tj ET Q q 0 0 0 rg BT 193.12 299.45 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 200.32 299.45 Td (Debt ) Tj ET Q q 0 0 0 rg BT 228.98 299.45 Td (that ) Tj ET Q q 0 0 0 rg BT 252.14 299.45 Td (is ) Tj ET Q q 0 0 0 rg BT 263.49 299.45 Td (secured ) Tj ET Q q 0 0 0 rg BT 306.02 299.45 Td (by ) Tj ET Q q 0 0 0 rg BT 322.06 299.45 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 373.74 299.45 Td (but ) Tj ET Q q 0 0 0 rg BT 394.25 299.45 Td (for ) Tj ET Q q 0 0 0 rg BT 411.70 299.45 Td (which ) Tj ET Q q 0 0 0 rg BT 443.84 299.45 Td (the ) Tj ET Q q 0 0 0 rg BT 463.75 299.45 Td (borrower ) Tj ET Q q 0 0 0 rg BT 512.36 299.45 Td (is ) Tj ET Q q 0 0 0 rg BT 523.70 299.45 Td (not ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 283.80 Td (personally ) Tj ET Q q 0 0 0 rg BT 125.84 283.80 Td (liable. ) Tj ET Q q 0 0 0 rg BT 159.11 283.80 Td (If ) Tj ET Q q 0 0 0 rg BT 168.99 283.80 Td (the ) Tj ET Q q 0 0 0 rg BT 188.62 283.80 Td (borrower ) Tj ET Q q 0 0 0 rg BT 236.93 283.80 Td (defaults, ) Tj ET Q q 0 0 0 rg BT 282.62 283.80 Td (the ) Tj ET Q q 0 0 0 rg BT 302.24 283.80 Td (lender ) Tj ET Q q 0 0 0 rg BT 337.33 283.80 Td (may ) Tj ET Q q 0 0 0 rg BT 361.44 283.80 Td (seize ) Tj ET Q q 0 0 0 rg BT 389.41 283.80 Td (the ) Tj ET Q q 0 0 0 rg BT 409.03 283.80 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 460.41 283.80 Td (but ) Tj ET Q q 0 0 0 rg BT 480.63 283.80 Td (cannot ) Tj ET Q q 0 0 0 rg BT 517.77 283.80 Td (seek ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 268.20 Td (repayment ) Tj ET Q q 0 0 0 rg BT 126.71 268.20 Td (from ) Tj ET Q q 0 0 0 rg BT 151.46 268.20 Td (the ) Tj ET Q q 0 0 0 rg BT 169.51 268.20 Td (borrower ) Tj ET Q q 0 0 0 rg BT 216.24 268.20 Td (for ) Tj ET Q q 0 0 0 rg BT 231.82 268.20 Td (any ) Tj ET Q q 0 0 0 rg BT 251.09 268.20 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 287.27 268.20 Td (principal ) Tj ET Q q 0 0 0 rg BT 331.56 268.20 Td (or ) Tj ET Q q 0 0 0 rg BT 343.88 268.20 Td (interest, ) Tj ET Q q 0 0 0 rg BT 385.52 268.20 Td (even ) Tj ET Q q 0 0 0 rg BT 411.32 268.20 Td (if ) Tj ET Q q 0 0 0 rg BT 419.36 268.20 Td (the ) Tj ET Q q 0 0 0 rg BT 437.41 268.20 Td (value ) Tj ET Q q 0 0 0 rg BT 465.44 268.20 Td (of ) Tj ET Q q 0 0 0 rg BT 477.37 268.20 Td (the ) Tj ET Q q 0 0 0 rg BT 495.41 268.20 Td (collateral ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 252.55 Td (does ) Tj ET Q q 0 0 0 rg BT 99.10 252.55 Td (not ) Tj ET Q q 0 0 0 rg BT 118.45 252.55 Td (cover ) Tj ET Q q 0 0 0 rg BT 148.41 252.55 Td (the ) Tj ET Q q 0 0 0 rg BT 167.36 252.55 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 204.44 252.55 Td (amount ) Tj ET Q q 0 0 0 rg BT 244.99 252.55 Td (due ) Tj ET Q q 0 0 0 rg BT 267.00 252.55 Td (following ) Tj ET Q q 0 0 0 rg BT 315.07 252.55 Td (default.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 222.05 Td (PRIME ) Tj ET Q q 0 0 0 rg BT 107.62 222.05 Td (RESIDENTIAL ) Tj ET Q q 0 0 0 rg BT 178.44 222.05 Td (REAL ) Tj ET Q q 0 0 0 rg BT 207.85 222.05 Td (ESTATE ) Tj ET Q q 0 0 0 rg BT 247.58 222.05 Td (LOANS ) Tj ET Q q 0 0 0 rg BT 286.89 222.05 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 292.57 222.05 Td (Prime ) Tj ET Q q 0 0 0 rg BT 323.19 222.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 351.39 222.05 Td (are ) Tj ET Q q 0 0 0 rg BT 369.20 222.05 Td (residential ) Tj ET Q q 0 0 0 rg BT 422.23 222.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 450.43 222.05 Td (with ) Tj ET Q q 0 0 0 rg BT 473.32 222.05 Td (higher ) Tj ET Q q 0 0 0 rg BT 507.21 222.05 Td (quality ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 206.40 Td (credit ) Tj ET Q q 0 0 0 rg BT 102.64 206.40 Td (characteristics, ) Tj ET Q q 0 0 0 rg BT 177.27 206.40 Td (such ) Tj ET Q q 0 0 0 rg BT 202.23 206.40 Td (as ) Tj ET Q q 0 0 0 rg BT 215.37 206.40 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 267.38 206.40 Td (with ) Tj ET Q q 0 0 0 rg BT 290.49 206.40 Td (relatively ) Tj ET Q q 0 0 0 rg BT 336.81 206.40 Td (higher ) Tj ET Q q 0 0 0 rg BT 370.92 206.40 Td (FICO ) Tj ET Q q 0 0 0 rg BT 399.60 206.40 Td (credit ) Tj ET Q q 0 0 0 rg BT 430.24 206.40 Td (scores, ) Tj ET Q q 0 0 0 rg BT 466.80 206.40 Td (relatively ) Tj ET Q q 0 0 0 rg BT 513.13 206.40 Td (lower ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 190.80 Td (loan-to-value ) Tj ET Q q 0 0 0 rg BT 138.32 190.80 Td (ratios, ) Tj ET Q q 0 0 0 rg BT 170.19 190.80 Td (relatively ) Tj ET Q q 0 0 0 rg BT 215.72 190.80 Td (lower ) Tj ET Q q 0 0 0 rg BT 244.54 190.80 Td (debt-to-income ) Tj ET Q q 0 0 0 rg BT 323.26 190.80 Td (ratios, ) Tj ET Q q 0 0 0 rg BT 355.14 190.80 Td (and/or ) Tj ET Q q 0 0 0 rg BT 389.87 190.80 Td (relatively ) Tj ET Q q 0 0 0 rg BT 435.40 190.80 Td (greater ) Tj ET Q q 0 0 0 rg BT 472.76 190.80 Td (levels ) Tj ET Q q 0 0 0 rg BT 502.21 190.80 Td (of ) Tj ET Q q 0 0 0 rg BT 513.93 190.80 Td (other ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 175.20 Td (assets) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 101.54 175.20 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 144.65 Td (PRIME ) Tj ET Q q 0 0 0 rg BT 107.17 144.65 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 168.60 144.65 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 173.82 144.65 Td (Prime ) Tj ET Q q 0 0 0 rg BT 204.00 144.65 Td (securities ) Tj ET Q q 0 0 0 rg BT 251.70 144.65 Td (are ) Tj ET Q q 0 0 0 rg BT 269.07 144.65 Td (residential ) Tj ET Q q 0 0 0 rg BT 321.65 144.65 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 411.74 144.65 Td (securities ) Tj ET Q q 0 0 0 rg BT 459.44 144.65 Td (backed ) Tj ET Q q 0 0 0 rg BT 497.40 144.65 Td (by ) Tj ET Q q 0 0 0 rg BT 511.50 144.65 Td (prime ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 129.05 Td (loans. ) Tj ET Q q 0 0 0 rg BT 103.36 129.05 Td (Prime ) Tj ET Q q 0 0 0 rg BT 134.08 129.05 Td (securities ) Tj ET Q q 0 0 0 rg BT 182.32 129.05 Td (are ) Tj ET Q q 0 0 0 rg BT 200.22 129.05 Td (typically ) Tj ET Q q 0 0 0 rg BT 242.77 129.05 Td (backed ) Tj ET Q q 0 0 0 rg BT 281.26 129.05 Td (by ) Tj ET Q q 0 0 0 rg BT 295.91 129.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 324.21 129.05 Td (that ) Tj ET Q q 0 0 0 rg BT 345.98 129.05 Td (have ) Tj ET Q q 0 0 0 rg BT 371.84 129.05 Td (relatively ) Tj ET Q q 0 0 0 rg BT 418.05 129.05 Td (higher ) Tj ET Q q 0 0 0 rg BT 452.04 129.05 Td (weighted ) Tj ET Q q 0 0 0 rg BT 500.69 129.05 Td (average ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 113.40 Td (FICO ) Tj ET Q q 0 0 0 rg BT 102.42 113.40 Td (scores, ) Tj ET Q q 0 0 0 rg BT 140.73 113.40 Td (relatively ) Tj ET Q q 0 0 0 rg BT 188.80 113.40 Td (lower ) Tj ET Q q 0 0 0 rg BT 220.16 113.40 Td (weighted ) Tj ET Q q 0 0 0 rg BT 270.67 113.40 Td (average ) Tj ET Q q 0 0 0 rg BT 314.48 113.40 Td (LTVs, ) Tj ET Q q 0 0 0 rg BT 344.24 113.40 Td (and ) Tj ET Q q 0 0 0 rg BT 367.27 113.40 Td (relatively ) Tj ET Q q 0 0 0 rg BT 415.34 113.40 Td (limited ) Tj ET Q q 0 0 0 rg BT 453.62 113.40 Td (concentrations ) Tj ET Q q 0 0 0 rg BT 530.22 113.40 Td (of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 97.80 Td (investor ) Tj ET Q q 0 0 0 rg BT 113.75 97.80 Td (properties) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 164.04 97.80 Td (.) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 265.00 736.44 Td ( G L O S S A R Y) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 299.40 24.25 Td (46) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (PRINCIPAL-ONLY ) Tj ET Q q 0 0 0 rg BT 161.56 702.70 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 224.11 702.70 Td (\(POs\) ) Tj ET Q q 0 0 0 rg BT 254.15 702.70 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 260.50 702.70 Td (Principal-only ) Tj ET Q q 0 0 0 rg BT 329.67 702.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 378.48 702.70 Td (are ) Tj ET Q q 0 0 0 rg BT 396.95 702.70 Td (specialized ) Tj ET Q q 0 0 0 rg BT 454.13 702.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 502.93 702.70 Td (created ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 687.10 Td (by ) Tj ET Q q 0 0 0 rg BT 87.51 687.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 155.15 687.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 194.27 687.10 Td (where ) Tj ET Q q 0 0 0 rg BT 227.50 687.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.88 687.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 282.14 687.10 Td (is ) Tj ET Q q 0 0 0 rg BT 292.95 687.10 Td (only ) Tj ET Q q 0 0 0 rg BT 317.02 687.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 358.18 687.10 Td (to ) Tj ET Q q 0 0 0 rg BT 371.84 687.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 410.37 687.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 448.26 687.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 473.56 687.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 502.09 687.10 Td (that ) Tj ET Q q 0 0 0 rg BT 524.72 687.10 Td (are ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 671.45 Td (derived ) Tj ET Q q 0 0 0 rg BT 112.15 671.45 Td (from ) Tj ET Q q 0 0 0 rg BT 137.63 671.45 Td (incoming ) Tj ET Q q 0 0 0 rg BT 185.95 671.45 Td (principal ) Tj ET Q q 0 0 0 rg BT 230.97 671.45 Td (repayments ) Tj ET Q q 0 0 0 rg BT 291.09 671.45 Td (on ) Tj ET Q q 0 0 0 rg BT 306.61 671.45 Td (an ) Tj ET Q q 0 0 0 rg BT 321.32 671.45 Td (underlying ) Tj ET Q q 0 0 0 rg BT 376.34 671.45 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 427.69 671.45 Td (loan ) Tj ET Q q 0 0 0 rg BT 451.55 671.45 Td (pool. ) Tj ET Q q 0 0 0 rg BT 479.90 671.45 Td (This ) Tj ET Q q 0 0 0 rg BT 502.54 671.45 Td (security ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 655.85 Td (is ) Tj ET Q q 0 0 0 rg BT 82.76 655.85 Td (created ) Tj ET Q q 0 0 0 rg BT 123.26 655.85 Td (by ) Tj ET Q q 0 0 0 rg BT 138.71 655.85 Td (splitting ) Tj ET Q q 0 0 0 rg BT 181.64 655.85 Td (a ) Tj ET Q q 0 0 0 rg BT 190.78 655.85 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 282.21 655.85 Td (security ) Tj ET Q q 0 0 0 rg BT 323.11 655.85 Td (into ) Tj ET Q q 0 0 0 rg BT 345.47 655.85 Td (its ) Tj ET Q q 0 0 0 rg BT 359.88 655.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 399.74 655.85 Td (and ) Tj ET Q q 0 0 0 rg BT 421.72 655.85 Td (principal ) Tj ET Q q 0 0 0 rg BT 467.29 655.85 Td (payments. ) Tj ET Q q 0 0 0 rg BT 521.46 655.85 Td (The ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 640.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 117.00 640.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 167.53 640.25 Td (create ) Tj ET Q q 0 0 0 rg BT 200.74 640.25 Td (a ) Tj ET Q q 0 0 0 rg BT 209.31 640.25 Td (stream ) Tj ET Q q 0 0 0 rg BT 245.16 640.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.80 640.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 282.47 640.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 310.38 640.25 Td (which ) Tj ET Q q 0 0 0 rg BT 341.35 640.25 Td (are ) Tj ET Q q 0 0 0 rg BT 359.49 640.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 382.92 640.25 Td (at ) Tj ET Q q 0 0 0 rg BT 395.14 640.25 Td (a ) Tj ET Q q 0 0 0 rg BT 403.71 640.25 Td (discount ) Tj ET Q q 0 0 0 rg BT 448.34 640.25 Td (to ) Tj ET Q q 0 0 0 rg BT 461.37 640.25 Td (investors. ) Tj ET Q q 0 0 0 rg BT 510.66 640.25 Td (These ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 624.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 117.14 624.60 Td (will ) Tj ET Q q 0 0 0 rg BT 134.78 624.60 Td (receive ) Tj ET Q q 0 0 0 rg BT 171.59 624.60 Td (the ) Tj ET Q q 0 0 0 rg BT 189.25 624.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 233.16 624.60 Td (portions ) Tj ET Q q 0 0 0 rg BT 275.45 624.60 Td (of ) Tj ET Q q 0 0 0 rg BT 287.00 624.60 Td (the ) Tj ET Q q 0 0 0 rg BT 304.66 624.60 Td (monthly ) Tj ET Q q 0 0 0 rg BT 346.16 624.60 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 396.39 624.60 Td (payments ) Tj ET Q q 0 0 0 rg BT 445.83 624.60 Td (from ) Tj ET Q q 0 0 0 rg BT 470.21 624.60 Td (the ) Tj ET Q q 0 0 0 rg BT 487.87 624.60 Td (underlying ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 609.00 Td (pool ) Tj ET Q q 0 0 0 rg BT 97.15 609.00 Td (of ) Tj ET Q q 0 0 0 rg BT 109.68 609.00 Td (loans. ) Tj ET Q q 0 0 0 rg BT 141.16 609.00 Td (The ) Tj ET Q q 0 0 0 rg BT 162.46 609.00 Td (yield ) Tj ET Q q 0 0 0 rg BT 188.62 609.00 Td (on ) Tj ET Q q 0 0 0 rg BT 204.01 609.00 Td (a ) Tj ET Q q 0 0 0 rg BT 212.47 609.00 Td (PO ) Tj ET Q q 0 0 0 rg BT 230.70 609.00 Td (strip ) Tj ET Q q 0 0 0 rg BT 254.80 609.00 Td (depends ) Tj ET Q q 0 0 0 rg BT 300.75 609.00 Td (on ) Tj ET Q q 0 0 0 rg BT 316.13 609.00 Td (the ) Tj ET Q q 0 0 0 rg BT 334.77 609.00 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 396.80 609.00 Td (speed ) Tj ET Q q 0 0 0 rg BT 429.91 609.00 Td (of ) Tj ET Q q 0 0 0 rg BT 442.44 609.00 Td (the ) Tj ET Q q 0 0 0 rg BT 461.08 609.00 Td (underlying ) Tj ET Q q 0 0 0 rg BT 515.97 609.00 Td (loan. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 593.35 Td (The ) Tj ET Q q 0 0 0 rg BT 93.60 593.35 Td (faster ) Tj ET Q q 0 0 0 rg BT 123.73 593.35 Td (the ) Tj ET Q q 0 0 0 rg BT 142.69 593.35 Td (principal ) Tj ET Q q 0 0 0 rg BT 187.89 593.35 Td (is ) Tj ET Q q 0 0 0 rg BT 198.27 593.35 Td (repaid, ) Tj ET Q q 0 0 0 rg BT 235.75 593.35 Td (the ) Tj ET Q q 0 0 0 rg BT 254.70 593.35 Td (higher ) Tj ET Q q 0 0 0 rg BT 289.12 593.35 Td (the ) Tj ET Q q 0 0 0 rg BT 308.08 593.35 Td (yield ) Tj ET Q q 0 0 0 rg BT 334.55 593.35 Td (an ) Tj ET Q q 0 0 0 rg BT 349.44 593.35 Td (investor ) Tj ET Q q 0 0 0 rg BT 391.18 593.35 Td (will ) Tj ET Q q 0 0 0 rg BT 410.11 593.35 Td (receive) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 445.16 593.35 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 562.85 Td (PROFITABILITY ) Tj ET Q q 0 0 0 rg BT 151.84 562.85 Td (RATIOS ) Tj ET Q q 0 0 0 rg BT 193.37 562.85 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 200.50 562.85 Td (Many ) Tj ET Q q 0 0 0 rg BT 231.37 562.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 275.45 562.85 Td (institution ) Tj ET Q q 0 0 0 rg BT 327.86 562.85 Td (analysts ) Tj ET Q q 0 0 0 rg BT 370.32 562.85 Td (use ) Tj ET Q q 0 0 0 rg BT 391.19 562.85 Td (asset-based ) Tj ET Q q 0 0 0 rg BT 453.61 562.85 Td (profitability ) Tj ET Q q 0 0 0 rg BT 513.13 562.85 Td (ratios ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 547.20 Td (such ) Tj ET Q q 0 0 0 rg BT 97.35 547.20 Td (as ) Tj ET Q q 0 0 0 rg BT 110.88 547.20 Td (interest ) Tj ET Q q 0 0 0 rg BT 150.44 547.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 172.70 547.20 Td (spread ) Tj ET Q q 0 0 0 rg BT 209.23 547.20 Td (and ) Tj ET Q q 0 0 0 rg BT 230.91 547.20 Td (interest ) Tj ET Q q 0 0 0 rg BT 270.47 547.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 292.73 547.20 Td (margin ) Tj ET Q q 0 0 0 rg BT 329.87 547.20 Td (when ) Tj ET Q q 0 0 0 rg BT 359.29 547.20 Td (analyzing ) Tj ET Q q 0 0 0 rg BT 408.06 547.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 451.32 547.20 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 510.65 547.20 Td (These ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 531.60 Td (are ) Tj ET Q q 0 0 0 rg BT 90.12 531.60 Td (asset-based ) Tj ET Q q 0 0 0 rg BT 151.43 531.60 Td (measures. ) Tj ET Q q 0 0 0 rg BT 203.58 531.60 Td (Since ) Tj ET Q q 0 0 0 rg BT 232.72 531.60 Td (we ) Tj ET Q q 0 0 0 rg BT 249.62 531.60 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 309.10 531.60 Td (the ) Tj ET Q q 0 0 0 rg BT 327.83 531.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 360.21 531.60 Td (and ) Tj ET Q q 0 0 0 rg BT 381.60 531.60 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 427.20 531.60 Td (of ) Tj ET Q q 0 0 0 rg BT 439.82 531.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 475.85 531.60 Td (securitization ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 516.00 Td (entities ) Tj ET Q q 0 0 0 rg BT 110.10 516.00 Td (for ) Tj ET Q q 0 0 0 rg BT 126.00 516.00 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 158.43 516.00 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 209.17 516.00 Td (our ) Tj ET Q q 0 0 0 rg BT 227.93 516.00 Td (total ) Tj ET Q q 0 0 0 rg BT 252.57 516.00 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 284.99 516.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 316.99 516.00 Td (and ) Tj ET Q q 0 0 0 rg BT 338.00 516.00 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 383.22 516.00 Td (may ) Tj ET Q q 0 0 0 rg BT 406.07 516.00 Td (vary ) Tj ET Q q 0 0 0 rg BT 428.50 516.00 Td (over ) Tj ET Q q 0 0 0 rg BT 452.56 516.00 Td (time, ) Tj ET Q q 0 0 0 rg BT 479.87 516.00 Td (and ) Tj ET Q q 0 0 0 rg BT 500.88 516.00 Td (may ) Tj ET Q q 0 0 0 rg BT 523.73 516.00 Td (not ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 500.35 Td (be ) Tj ET Q q 0 0 0 rg BT 87.86 500.35 Td (comparable ) Tj ET Q q 0 0 0 rg BT 149.34 500.35 Td (to ) Tj ET Q q 0 0 0 rg BT 162.54 500.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 195.10 500.35 Td (typically ) Tj ET Q q 0 0 0 rg BT 238.04 500.35 Td (used ) Tj ET Q q 0 0 0 rg BT 264.70 500.35 Td (in ) Tj ET Q q 0 0 0 rg BT 276.47 500.35 Td (profitability ) Tj ET Q q 0 0 0 rg BT 335.06 500.35 Td (calculations ) Tj ET Q q 0 0 0 rg BT 395.12 500.35 Td (for ) Tj ET Q q 0 0 0 rg BT 411.58 500.35 Td (other ) Tj ET Q q 0 0 0 rg BT 440.67 500.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 483.82 500.35 Td (institutions. ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 484.75 Td (As ) Tj ET Q q 0 0 0 rg BT 86.36 484.75 Td (a ) Tj ET Q q 0 0 0 rg BT 94.19 484.75 Td (result, ) Tj ET Q q 0 0 0 rg BT 126.05 484.75 Td (we ) Tj ET Q q 0 0 0 rg BT 142.24 484.75 Td (believe ) Tj ET Q q 0 0 0 rg BT 180.03 484.75 Td (equity-based ) Tj ET Q q 0 0 0 rg BT 246.32 484.75 Td (profitability ) Tj ET Q q 0 0 0 rg BT 304.01 484.75 Td (ratios ) Tj ET Q q 0 0 0 rg BT 333.00 484.75 Td (may ) Tj ET Q q 0 0 0 rg BT 355.51 484.75 Td (be ) Tj ET Q q 0 0 0 rg BT 370.48 484.75 Td (more ) Tj ET Q q 0 0 0 rg BT 398.07 484.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 457.81 484.75 Td (than ) Tj ET Q q 0 0 0 rg BT 481.55 484.75 Td (asset-based ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 469.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 121.27 469.10 Td (for ) Tj ET Q q 0 0 0 rg BT 137.71 469.10 Td (analyzing ) Tj ET Q q 0 0 0 rg BT 186.36 469.10 Td (Redwoods ) Tj ET Q q 0 0 0 rg BT 242.77 469.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 298.13 469.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.69 469.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 357.12 469.10 Td (We ) Tj ET Q q 0 0 0 rg BT 376.43 469.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 416.92 469.10 Td (various ) Tj ET Q q 0 0 0 rg BT 454.56 469.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 513.13 469.10 Td (ratios ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 453.50 Td (in ) Tj ET Q q 0 0 0 rg BT 83.81 453.50 Td (Table ) Tj ET Q q 0 0 0 rg BT 113.15 453.50 Td (7 ) Tj ET Q q 0 0 0 rg BT 122.33 453.50 Td (in ) Tj ET Q q 0 0 0 rg BT 134.14 453.50 Td (the ) Tj ET Q BT /F8 11.00 Tf ET q 0 0 0 rg BT 153.09 453.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 199.14 453.50 Td (Tables) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 230.11 453.50 Td ( ) Tj ET Q q 0 0 0 rg BT 233.16 453.50 Td (in ) Tj ET Q q 0 0 0 rg BT 244.98 453.50 Td (this ) Tj ET Q q 0 0 0 rg BT 265.14 453.50 Td (Review) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 299.78 453.50 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 422.95 Td (QUALIFIED ) Tj ET Q q 0 0 0 rg BT 131.12 422.95 Td (REIT ) Tj ET Q q 0 0 0 rg BT 155.63 422.95 Td (SUBSIDIARY ) Tj ET Q q 0 0 0 rg BT 219.40 422.95 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 224.46 422.95 Td (An ) Tj ET Q q 0 0 0 rg BT 240.04 422.95 Td (entity ) Tj ET Q q 0 0 0 rg BT 269.45 422.95 Td (treated ) Tj ET Q q 0 0 0 rg BT 306.79 422.95 Td (as ) Tj ET Q q 0 0 0 rg BT 319.10 422.95 Td (a ) Tj ET Q q 0 0 0 rg BT 326.73 422.95 Td (corporation ) Tj ET Q q 0 0 0 rg BT 385.67 422.95 Td (for ) Tj ET Q q 0 0 0 rg BT 401.02 422.95 Td (federal ) Tj ET Q q 0 0 0 rg BT 437.15 422.95 Td (income ) Tj ET Q q 0 0 0 rg BT 475.14 422.95 Td (tax ) Tj ET Q q 0 0 0 rg BT 491.72 422.95 Td (purposes, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 407.35 Td (100% ) Tj ET Q q 0 0 0 rg BT 102.58 407.35 Td (of ) Tj ET Q q 0 0 0 rg BT 115.43 407.35 Td (the ) Tj ET Q q 0 0 0 rg BT 134.40 407.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 196.13 407.35 Td (equity ) Tj ET Q q 0 0 0 rg BT 229.75 407.35 Td (interests ) Tj ET Q q 0 0 0 rg BT 273.93 407.35 Td (of ) Tj ET Q q 0 0 0 rg BT 286.78 407.35 Td (which ) Tj ET Q q 0 0 0 rg BT 317.97 407.35 Td (is ) Tj ET Q q 0 0 0 rg BT 328.37 407.35 Td (owned ) Tj ET Q q 0 0 0 rg BT 364.85 407.35 Td (by ) Tj ET Q q 0 0 0 rg BT 379.95 407.35 Td (a ) Tj ET Q q 0 0 0 rg BT 388.73 407.35 Td (REIT ) Tj ET Q q 0 0 0 rg BT 414.06 407.35 Td (directly ) Tj ET Q q 0 0 0 rg BT 452.98 407.35 Td (or ) Tj ET Q q 0 0 0 rg BT 466.22 407.35 Td (through ) Tj ET Q q 0 0 0 rg BT 508.00 407.35 Td (one ) Tj ET Q q 0 0 0 rg BT 529.83 407.35 Td (or ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 391.75 Td (more ) Tj ET Q q 0 0 0 rg BT 100.35 391.75 Td (disregarded ) Tj ET Q q 0 0 0 rg BT 162.31 391.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 200.84 391.75 Td (or ) Tj ET Q q 0 0 0 rg BT 213.90 391.75 Td (qualified ) Tj ET Q q 0 0 0 rg BT 259.35 391.75 Td (REIT ) Tj ET Q q 0 0 0 rg BT 284.50 391.75 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 347.47 391.75 Td (and ) Tj ET Q q 0 0 0 rg BT 368.91 391.75 Td (with ) Tj ET Q q 0 0 0 rg BT 392.15 391.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 431.09 391.75 Td (to ) Tj ET Q q 0 0 0 rg BT 444.15 391.75 Td (which ) Tj ET Q q 0 0 0 rg BT 475.15 391.75 Td (no ) Tj ET Q q 0 0 0 rg BT 490.68 391.75 Td (election ) Tj ET Q q 0 0 0 rg BT 532.68 391.75 Td (is ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 376.10 Td (made ) Tj ET Q q 0 0 0 rg BT 102.94 376.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.14 376.10 Td (treat ) Tj ET Q q 0 0 0 rg BT 141.74 376.10 Td (such ) Tj ET Q q 0 0 0 rg BT 166.98 376.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 197.49 376.10 Td (as ) Tj ET Q q 0 0 0 rg BT 210.91 376.10 Td (a ) Tj ET Q q 0 0 0 rg BT 219.64 376.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 258.51 376.10 Td (REIT ) Tj ET Q q 0 0 0 rg BT 283.79 376.10 Td (subsidiary. ) Tj ET Q q 0 0 0 rg BT 338.75 376.10 Td (A ) Tj ET Q q 0 0 0 rg BT 349.32 376.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 394.91 376.10 Td (REIT ) Tj ET Q q 0 0 0 rg BT 420.20 376.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 472.10 376.10 Td (is ) Tj ET Q q 0 0 0 rg BT 482.45 376.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 520.89 376.10 Td (as ) Tj ET Q q 0 0 0 rg BT 534.31 376.10 Td (a ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 360.50 Td (disregarded ) Tj ET Q q 0 0 0 rg BT 134.13 360.50 Td (entity ) Tj ET Q q 0 0 0 rg BT 164.68 360.50 Td (with ) Tj ET Q q 0 0 0 rg BT 188.10 360.50 Td (respect ) Tj ET Q q 0 0 0 rg BT 227.20 360.50 Td (to ) Tj ET Q q 0 0 0 rg BT 240.43 360.50 Td (its ) Tj ET Q q 0 0 0 rg BT 254.47 360.50 Td (parent ) Tj ET Q q 0 0 0 rg BT 289.30 360.50 Td (REIT ) Tj ET Q q 0 0 0 rg BT 314.62 360.50 Td (for ) Tj ET Q q 0 0 0 rg BT 331.11 360.50 Td (federal ) Tj ET Q q 0 0 0 rg BT 368.38 360.50 Td (income ) Tj ET Q q 0 0 0 rg BT 407.50 360.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 425.22 360.50 Td (purposes.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 329.95 Td (REAL ) Tj ET Q q 0 0 0 rg BT 101.69 329.95 Td (ESTATE ) Tj ET Q q 0 0 0 rg BT 141.70 329.95 Td (INVESTMENT ) Tj ET Q q 0 0 0 rg BT 213.39 329.95 Td (TRUST ) Tj ET Q q 0 0 0 rg BT 248.91 329.95 Td (\(REIT\) ) Tj ET Q q 0 0 0 rg BT 280.91 329.95 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 286.87 329.95 Td (A ) Tj ET Q q 0 0 0 rg BT 297.22 329.95 Td (real ) Tj ET Q q 0 0 0 rg BT 317.94 329.95 Td (estate ) Tj ET Q q 0 0 0 rg BT 350.68 329.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 407.25 329.95 Td (trust ) Tj ET Q q 0 0 0 rg BT 431.82 329.95 Td (is ) Tj ET Q q 0 0 0 rg BT 441.95 329.95 Td (an ) Tj ET Q q 0 0 0 rg BT 456.58 329.95 Td (entity ) Tj ET Q q 0 0 0 rg BT 486.88 329.95 Td (that ) Tj ET Q q 0 0 0 rg BT 508.82 329.95 Td (makes ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 314.35 Td (a ) Tj ET Q q 0 0 0 rg BT 80.07 314.35 Td (tax ) Tj ET Q q 0 0 0 rg BT 97.09 314.35 Td (election ) Tj ET Q q 0 0 0 rg BT 138.56 314.35 Td (to ) Tj ET Q q 0 0 0 rg BT 151.09 314.35 Td (be ) Tj ET Q q 0 0 0 rg BT 166.29 314.35 Td (taxed ) Tj ET Q q 0 0 0 rg BT 196.15 314.35 Td (as ) Tj ET Q q 0 0 0 rg BT 208.90 314.35 Td (a ) Tj ET Q q 0 0 0 rg BT 216.97 314.35 Td (REIT, ) Tj ET Q q 0 0 0 rg BT 243.43 314.35 Td (invests ) Tj ET Q q 0 0 0 rg BT 278.98 314.35 Td (in ) Tj ET Q q 0 0 0 rg BT 290.10 314.35 Td (real ) Tj ET Q q 0 0 0 rg BT 310.37 314.35 Td (estate ) Tj ET Q q 0 0 0 rg BT 342.66 314.35 Td (and ) Tj ET Q q 0 0 0 rg BT 363.57 314.35 Td (real ) Tj ET Q q 0 0 0 rg BT 383.84 314.35 Td (estate-related ) Tj ET Q q 0 0 0 rg BT 454.21 314.35 Td (assets, ) Tj ET Q q 0 0 0 rg BT 489.16 314.35 Td (and ) Tj ET Q q 0 0 0 rg BT 510.06 314.35 Td (meets ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 298.70 Td (other ) Tj ET Q q 0 0 0 rg BT 101.21 298.70 Td (requirements ) Tj ET Q q 0 0 0 rg BT 168.91 298.70 Td (for ) Tj ET Q q 0 0 0 rg BT 185.48 298.70 Td (REIT ) Tj ET Q q 0 0 0 rg BT 210.89 298.70 Td (qualification, ) Tj ET Q q 0 0 0 rg BT 276.77 298.70 Td (including ) Tj ET Q q 0 0 0 rg BT 324.93 298.70 Td (the ) Tj ET Q q 0 0 0 rg BT 343.97 298.70 Td (distribution ) Tj ET Q q 0 0 0 rg BT 402.89 298.70 Td (as ) Tj ET Q q 0 0 0 rg BT 416.43 298.70 Td (dividends ) Tj ET Q q 0 0 0 rg BT 467.24 298.70 Td (of ) Tj ET Q q 0 0 0 rg BT 480.16 298.70 Td (at ) Tj ET Q q 0 0 0 rg BT 492.66 298.70 Td (least ) Tj ET Q q 0 0 0 rg BT 518.61 298.70 Td (90% ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 283.10 Td (of ) Tj ET Q q 0 0 0 rg BT 84.51 283.10 Td (its ) Tj ET Q q 0 0 0 rg BT 98.22 283.10 Td (REIT ) Tj ET Q q 0 0 0 rg BT 123.21 283.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 161.79 283.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 203.65 283.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 254.07 283.10 Td (net ) Tj ET Q q 0 0 0 rg BT 272.68 283.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 307.79 283.10 Td (gains. ) Tj ET Q q 0 0 0 rg BT 339.45 283.10 Td (A ) Tj ET Q q 0 0 0 rg BT 349.73 283.10 Td (REITs ) Tj ET Q q 0 0 0 rg BT 381.05 283.10 Td (REIT ) Tj ET Q q 0 0 0 rg BT 406.04 283.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 444.62 283.10 Td (income ) Tj ET Q q 0 0 0 rg BT 483.42 283.10 Td (is ) Tj ET Q q 0 0 0 rg BT 493.48 283.10 Td (not ) Tj ET Q q 0 0 0 rg BT 512.50 283.10 Td (taxed ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 267.50 Td (at ) Tj ET Q q 0 0 0 rg BT 84.92 267.50 Td (the ) Tj ET Q q 0 0 0 rg BT 104.37 267.50 Td (corporate ) Tj ET Q q 0 0 0 rg BT 155.78 267.50 Td (level ) Tj ET Q q 0 0 0 rg BT 182.15 267.50 Td (to ) Tj ET Q q 0 0 0 rg BT 195.89 267.50 Td (the ) Tj ET Q q 0 0 0 rg BT 215.34 267.50 Td (extent ) Tj ET Q q 0 0 0 rg BT 249.85 267.50 Td (that ) Tj ET Q q 0 0 0 rg BT 272.55 267.50 Td (the ) Tj ET Q q 0 0 0 rg BT 292.00 267.50 Td (REIT ) Tj ET Q q 0 0 0 rg BT 317.83 267.50 Td (taxable ) Tj ET Q q 0 0 0 rg BT 357.23 267.50 Td (income ) Tj ET Q q 0 0 0 rg BT 396.86 267.50 Td (is ) Tj ET Q q 0 0 0 rg BT 407.74 267.50 Td (distributed ) Tj ET Q q 0 0 0 rg BT 464.63 267.50 Td (as ) Tj ET Q q 0 0 0 rg BT 478.58 267.50 Td (dividends ) Tj ET Q q 0 0 0 rg BT 529.82 267.50 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 251.85 Td (stockholders, ) Tj ET Q q 0 0 0 rg BT 140.73 251.85 Td (providing ) Tj ET Q q 0 0 0 rg BT 191.33 251.85 Td (an ) Tj ET Q q 0 0 0 rg BT 206.90 251.85 Td (operating ) Tj ET Q q 0 0 0 rg BT 258.52 251.85 Td (cost ) Tj ET Q q 0 0 0 rg BT 282.43 251.85 Td (savings. ) Tj ET Q q 0 0 0 rg BT 325.10 251.85 Td (On ) Tj ET Q q 0 0 0 rg BT 344.14 251.85 Td (the ) Tj ET Q q 0 0 0 rg BT 363.79 251.85 Td (other ) Tj ET Q q 0 0 0 rg BT 393.61 251.85 Td (hand, ) Tj ET Q q 0 0 0 rg BT 425.08 251.85 Td (the ) Tj ET Q q 0 0 0 rg BT 444.73 251.85 Td (requirement ) Tj ET Q q 0 0 0 rg BT 508.35 251.85 Td (to ) Tj ET Q q 0 0 0 rg BT 522.28 251.85 Td (pay ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 236.25 Td (out ) Tj ET Q q 0 0 0 rg BT 90.65 236.25 Td (as ) Tj ET Q q 0 0 0 rg BT 103.40 236.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 153.43 236.25 Td (most ) Tj ET Q q 0 0 0 rg BT 180.01 236.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.15 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 210.40 236.25 Td (REITs ) Tj ET Q q 0 0 0 rg BT 241.34 236.25 Td (REIT ) Tj ET Q q 0 0 0 rg BT 265.96 236.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 304.16 236.25 Td (income ) Tj ET Q q 0 0 0 rg BT 342.59 236.25 Td (means ) Tj ET Q q 0 0 0 rg BT 376.94 236.25 Td (it ) Tj ET Q q 0 0 0 rg BT 385.59 236.25 Td (can ) Tj ET Q q 0 0 0 rg BT 405.07 236.25 Td (be ) Tj ET Q q 0 0 0 rg BT 420.26 236.25 Td (harder ) Tj ET Q q 0 0 0 rg BT 454.39 236.25 Td (for ) Tj ET Q q 0 0 0 rg BT 470.17 236.25 Td (a ) Tj ET Q q 0 0 0 rg BT 478.24 236.25 Td (REIT ) Tj ET Q q 0 0 0 rg BT 502.86 236.25 Td (to ) Tj ET Q q 0 0 0 rg BT 515.39 236.25 Td (grow ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 220.60 Td (using ) Tj ET Q q 0 0 0 rg BT 101.34 220.60 Td (only ) Tj ET Q q 0 0 0 rg BT 124.98 220.60 Td (internally-generated ) Tj ET Q q 0 0 0 rg BT 227.41 220.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 257.36 220.60 Td (\(as ) Tj ET Q q 0 0 0 rg BT 273.68 220.60 Td (opposed ) Tj ET Q q 0 0 0 rg BT 320.75 220.60 Td (to ) Tj ET Q q 0 0 0 rg BT 333.98 220.60 Td (raising ) Tj ET Q q 0 0 0 rg BT 369.20 220.60 Td (new ) Tj ET Q q 0 0 0 rg BT 392.44 220.60 Td (capital\).) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 190.10 Td (REAL ) Tj ET Q q 0 0 0 rg BT 101.69 190.10 Td (ESTATE ) Tj ET Q q 0 0 0 rg BT 141.69 190.10 Td (OWNED ) Tj ET Q q 0 0 0 rg BT 186.92 190.10 Td (\(REO\) ) Tj ET Q q 0 0 0 rg BT 218.51 190.10 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 224.47 190.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 248.26 190.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 280.99 190.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 317.21 190.10 Td (refers ) Tj ET Q q 0 0 0 rg BT 347.29 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 360.27 190.10 Td (real ) Tj ET Q q 0 0 0 rg BT 380.99 190.10 Td (property ) Tj ET Q q 0 0 0 rg BT 425.93 190.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 462.15 190.10 Td (by ) Tj ET Q q 0 0 0 rg BT 476.97 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.67 190.10 Td (lender ) Tj ET Q q 0 0 0 rg BT 529.83 190.10 Td (or ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 174.45 Td (loan ) Tj ET Q q 0 0 0 rg BT 96.05 174.45 Td (owner ) Tj ET Q q 0 0 0 rg BT 129.45 174.45 Td (that ) Tj ET Q q 0 0 0 rg BT 151.65 174.45 Td (has ) Tj ET Q q 0 0 0 rg BT 171.22 174.45 Td (been ) Tj ET Q q 0 0 0 rg BT 199.35 174.45 Td (acquired ) Tj ET Q q 0 0 0 rg BT 245.19 174.45 Td (through ) Tj ET Q q 0 0 0 rg BT 286.96 174.45 Td (foreclosure) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 341.14 174.45 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 143.95 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 133.86 143.95 Td (CHOICE ) Tj ET Q q 0 0 0 rg BT 179.21 143.95 Td (and ) Tj ET Q q 0 0 0 rg BT 202.02 143.95 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 263.89 143.95 Td (SELECT ) Tj ET Q q 0 0 0 rg BT 306.53 143.95 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 314.17 143.95 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 365.70 143.95 Td (Choice ) Tj ET Q q 0 0 0 rg BT 404.61 143.95 Td (is ) Tj ET Q q 0 0 0 rg BT 416.39 143.95 Td (an ) Tj ET Q q 0 0 0 rg BT 432.68 143.95 Td (expanded ) Tj ET Q q 0 0 0 rg BT 486.66 143.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 519.02 143.95 Td (loan ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 128.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 127.66 128.30 Td (program ) Tj ET Q q 0 0 0 rg BT 172.71 128.30 Td (launched ) Tj ET Q q 0 0 0 rg BT 220.45 128.30 Td (in ) Tj ET Q q 0 0 0 rg BT 232.11 128.30 Td (April ) Tj ET Q q 0 0 0 rg BT 258.21 128.30 Td (2016. ) Tj ET Q q 0 0 0 rg BT 288.63 128.30 Td (The ) Tj ET Q q 0 0 0 rg BT 310.08 128.30 Td (Choice ) Tj ET Q q 0 0 0 rg BT 347.42 128.30 Td (program ) Tj ET Q q 0 0 0 rg BT 392.48 128.30 Td (is ) Tj ET Q q 0 0 0 rg BT 402.70 128.30 Td (a ) Tj ET Q q 0 0 0 rg BT 411.31 128.30 Td (prime ) Tj ET Q q 0 0 0 rg BT 442.72 128.30 Td (program ) Tj ET Q q 0 0 0 rg BT 487.77 128.30 Td (that ) Tj ET Q q 0 0 0 rg BT 509.81 128.30 Td (is ) Tj ET Q q 0 0 0 rg BT 520.04 128.30 Td (fully ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 112.70 Td (documented, ) Tj ET Q q 0 0 0 rg BT 142.29 112.70 Td (but ) Tj ET Q q 0 0 0 rg BT 163.25 112.70 Td (with ) Tj ET Q q 0 0 0 rg BT 188.08 112.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 220.45 112.70 Td (parameters ) Tj ET Q q 0 0 0 rg BT 280.31 112.70 Td (outside ) Tj ET Q q 0 0 0 rg BT 321.23 112.70 Td (Redwood's ) Tj ET Q q 0 0 0 rg BT 380.33 112.70 Td (traditional ) Tj ET Q q 0 0 0 rg BT 434.48 112.70 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 470.32 112.70 Td (loan ) Tj ET Q q 0 0 0 rg BT 495.79 112.70 Td (purchase ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 97.10 Td (guidelines. ) Tj ET Q q 0 0 0 rg BT 129.50 97.10 Td (Redwood's ) Tj ET Q q 0 0 0 rg BT 188.04 97.10 Td (traditional ) Tj ET Q q 0 0 0 rg BT 241.63 97.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 274.05 97.10 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 309.33 97.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 334.24 97.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 390.91 97.10 Td (program ) Tj ET Q q 0 0 0 rg BT 436.98 97.10 Td (is ) Tj ET Q q 0 0 0 rg BT 448.22 97.10 Td (now ) Tj ET Q q 0 0 0 rg BT 472.71 97.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 515.51 97.10 Td (to ) Tj ET Q q 0 0 0 rg BT 529.60 97.10 Td (as ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 81.45 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 122.13 81.45 Td (Select. ) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream 0.34509803921568627 0.4588235294117647 0.37254901960784315 rg /GS0 gs 70.50 749.00 470.00 -20.00 re f /GS0 gs BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 265.00 736.44 Td ( G L O S S A R Y) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.40 39.45 Td (THE REDWOOD REVIEW I 4TH QUARTER 2017) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 299.40 24.25 Td (47) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 702.70 Td (REIT ) Tj ET Q q 0 0 0 rg BT 96.47 702.70 Td (TAXABLE ) Tj ET Q q 0 0 0 rg BT 145.65 702.70 Td (INCOME ) Tj ET Q q 0 0 0 rg BT 191.70 702.70 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 196.72 702.70 Td (REIT ) Tj ET Q q 0 0 0 rg BT 220.88 702.70 Td (taxable ) Tj ET Q q 0 0 0 rg BT 258.61 702.70 Td (income ) Tj ET Q q 0 0 0 rg BT 296.57 702.70 Td (is ) Tj ET Q q 0 0 0 rg BT 305.79 702.70 Td (a ) Tj ET Q q 0 0 0 rg BT 313.39 702.70 Td (non-GAAP ) Tj ET Q q 0 0 0 rg BT 367.66 702.70 Td (measure ) Tj ET Q q 0 0 0 rg BT 411.12 702.70 Td (calculated ) Tj ET Q q 0 0 0 rg BT 462.91 702.70 Td (for ) Tj ET Q q 0 0 0 rg BT 478.23 702.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 494.79 702.70 Td (purposes ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 687.10 Td (for ) Tj ET Q q 0 0 0 rg BT 89.34 687.10 Td (a ) Tj ET Q q 0 0 0 rg BT 98.96 687.10 Td (REIT. ) Tj ET Q q 0 0 0 rg BT 126.98 687.10 Td (REIT ) Tj ET Q q 0 0 0 rg BT 153.15 687.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 192.91 687.10 Td (income ) Tj ET Q q 0 0 0 rg BT 232.90 687.10 Td (is ) Tj ET Q q 0 0 0 rg BT 244.13 687.10 Td (an ) Tj ET Q q 0 0 0 rg BT 259.87 687.10 Td (important ) Tj ET Q q 0 0 0 rg BT 311.82 687.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 357.30 687.10 Td (as ) Tj ET Q q 0 0 0 rg BT 371.61 687.10 Td (it ) Tj ET Q q 0 0 0 rg BT 381.81 687.10 Td (is ) Tj ET Q q 0 0 0 rg BT 393.05 687.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.86 687.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 441.21 687.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.90 687.10 Td (a ) Tj ET Q q 0 0 0 rg BT 464.53 687.10 Td (REITs ) Tj ET Q q 0 0 0 rg BT 497.03 687.10 Td (dividend ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 671.45 Td (distribution ) Tj ET Q q 0 0 0 rg BT 130.10 671.45 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 200.04 671.45 Td (A ) Tj ET Q q 0 0 0 rg BT 209.90 671.45 Td (REIT ) Tj ET Q q 0 0 0 rg BT 234.48 671.45 Td (must ) Tj ET Q q 0 0 0 rg BT 260.62 671.45 Td (annually ) Tj ET Q q 0 0 0 rg BT 303.30 671.45 Td (distribute ) Tj ET Q q 0 0 0 rg BT 352.22 671.45 Td (at ) Tj ET Q q 0 0 0 rg BT 363.90 671.45 Td (least ) Tj ET Q q 0 0 0 rg BT 389.02 671.45 Td (90% ) Tj ET Q q 0 0 0 rg BT 412.74 671.45 Td (of ) Tj ET Q q 0 0 0 rg BT 424.83 671.45 Td (its ) Tj ET Q q 0 0 0 rg BT 438.13 671.45 Td (REIT ) Tj ET Q q 0 0 0 rg BT 462.71 671.45 Td (taxable ) Tj ET Q q 0 0 0 rg BT 500.88 671.45 Td (income, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 655.85 Td (excluding ) Tj ET Q q 0 0 0 rg BT 121.81 655.85 Td (net ) Tj ET Q q 0 0 0 rg BT 139.82 655.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 174.31 655.85 Td (gains, ) Tj ET Q q 0 0 0 rg BT 205.37 655.85 Td (as ) Tj ET Q q 0 0 0 rg BT 217.89 655.85 Td (dividends ) Tj ET Q q 0 0 0 rg BT 267.68 655.85 Td (to ) Tj ET Q q 0 0 0 rg BT 279.98 655.85 Td (its ) Tj ET Q q 0 0 0 rg BT 293.08 655.85 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 360.80 655.85 Td (A ) Tj ET Q q 0 0 0 rg BT 370.47 655.85 Td (REIT ) Tj ET Q q 0 0 0 rg BT 394.86 655.85 Td (is ) Tj ET Q q 0 0 0 rg BT 404.31 655.85 Td (subject ) Tj ET Q q 0 0 0 rg BT 441.67 655.85 Td (to ) Tj ET Q q 0 0 0 rg BT 453.96 655.85 Td (corporate ) Tj ET Q q 0 0 0 rg BT 503.94 655.85 Td (income ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 640.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 100.81 640.25 Td (to ) Tj ET Q q 0 0 0 rg BT 114.33 640.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.56 640.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 167.86 640.25 Td (it ) Tj ET Q q 0 0 0 rg BT 177.50 640.25 Td (does ) Tj ET Q q 0 0 0 rg BT 204.89 640.25 Td (not ) Tj ET Q q 0 0 0 rg BT 224.52 640.25 Td (distribute ) Tj ET Q q 0 0 0 rg BT 274.47 640.25 Td (100% ) Tj ET Q q 0 0 0 rg BT 305.33 640.25 Td (of ) Tj ET Q q 0 0 0 rg BT 318.45 640.25 Td (its ) Tj ET Q q 0 0 0 rg BT 332.77 640.25 Td (REIT ) Tj ET Q q 0 0 0 rg BT 358.38 640.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 397.57 640.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 440.04 640.25 Td (including ) Tj ET Q q 0 0 0 rg BT 488.41 640.25 Td (net ) Tj ET Q q 0 0 0 rg BT 507.64 640.25 Td (capital ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 624.60 Td (gains.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 594.10 Td (REMIC ) Tj ET Q q 0 0 0 rg BT 108.58 594.10 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 114.63 594.10 Td (A ) Tj ET Q q 0 0 0 rg BT 125.08 594.10 Td (real ) Tj ET Q q 0 0 0 rg BT 145.90 594.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 178.73 594.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 230.10 594.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 286.77 594.10 Td (conduit ) Tj ET Q q 0 0 0 rg BT 326.74 594.10 Td (\(REMIC\) ) Tj ET Q q 0 0 0 rg BT 380.26 594.10 Td (is ) Tj ET Q q 0 0 0 rg BT 390.48 594.10 Td (a ) Tj ET Q q 0 0 0 rg BT 399.09 594.10 Td (special ) Tj ET Q q 0 0 0 rg BT 435.81 594.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 479.24 594.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 516.37 594.10 Td (used ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 578.45 Td (to ) Tj ET Q q 0 0 0 rg BT 84.20 578.45 Td (pool ) Tj ET Q q 0 0 0 rg BT 108.63 578.45 Td (real ) Tj ET Q q 0 0 0 rg BT 128.58 578.45 Td (estate ) Tj ET Q q 0 0 0 rg BT 160.54 578.45 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 215.72 578.45 Td (and ) Tj ET Q q 0 0 0 rg BT 236.29 578.45 Td (issue ) Tj ET Q q 0 0 0 rg BT 262.56 578.45 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 352.59 578.45 Td (securities. ) Tj ET Q q 0 0 0 rg BT 403.29 578.45 Td (REMICs ) Tj ET Q q 0 0 0 rg BT 443.49 578.45 Td (are ) Tj ET Q q 0 0 0 rg BT 460.79 578.45 Td (typically ) Tj ET Q q 0 0 0 rg BT 502.74 578.45 Td (exempt ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 562.85 Td (from ) Tj ET Q q 0 0 0 rg BT 99.79 562.85 Td (tax ) Tj ET Q q 0 0 0 rg BT 119.64 562.85 Td (at ) Tj ET Q q 0 0 0 rg BT 134.19 562.85 Td (the ) Tj ET Q q 0 0 0 rg BT 155.27 562.85 Td (entity ) Tj ET Q q 0 0 0 rg BT 187.94 562.85 Td (level. ) Tj ET Q q 0 0 0 rg BT 219.00 562.85 Td (REMICs ) Tj ET Q q 0 0 0 rg BT 262.36 562.85 Td (may ) Tj ET Q q 0 0 0 rg BT 287.93 562.85 Td (invest ) Tj ET Q q 0 0 0 rg BT 321.63 562.85 Td (only ) Tj ET Q q 0 0 0 rg BT 347.39 562.85 Td (in ) Tj ET Q q 0 0 0 rg BT 361.33 562.85 Td (qualified ) Tj ET Q q 0 0 0 rg BT 409.09 562.85 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 467.43 562.85 Td (and ) Tj ET Q q 0 0 0 rg BT 491.16 562.85 Td (permitted ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 547.20 Td (investments, ) Tj ET Q q 0 0 0 rg BT 137.49 547.20 Td (including ) Tj ET Q q 0 0 0 rg BT 186.49 547.20 Td (single ) Tj ET Q q 0 0 0 rg BT 219.38 547.20 Td (family ) Tj ET Q q 0 0 0 rg BT 252.28 547.20 Td (or ) Tj ET Q q 0 0 0 rg BT 266.43 547.20 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 323.76 547.20 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 383.95 547.20 Td (commercial ) Tj ET Q q 0 0 0 rg BT 444.35 547.20 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 504.54 547.20 Td (second ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 531.60 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 131.27 531.60 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 182.79 531.60 Td (participations, ) Tj ET Q q 0 0 0 rg BT 255.29 531.60 Td (and ) Tj ET Q q 0 0 0 rg BT 276.90 531.60 Td (Agency ) Tj ET Q q 0 0 0 rg BT 317.06 531.60 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 384.29 531.60 Td (securities) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 429.91 531.60 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 501.05 Td (RE-REMIC ) Tj ET Q q 0 0 0 rg BT 124.37 501.05 Td (SECURITY ) Tj ET Q q 0 0 0 rg BT 176.94 501.05 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 182.26 501.05 Td (A ) Tj ET Q q 0 0 0 rg BT 191.98 501.05 Td (Re-REMIC ) Tj ET Q q 0 0 0 rg BT 243.94 501.05 Td (is ) Tj ET Q q 0 0 0 rg BT 253.44 501.05 Td (a ) Tj ET Q q 0 0 0 rg BT 261.33 501.05 Td (re-securitization ) Tj ET Q q 0 0 0 rg BT 340.89 501.05 Td (of ) Tj ET Q q 0 0 0 rg BT 352.84 501.05 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 419.40 501.05 Td (securities. ) Tj ET Q q 0 0 0 rg BT 470.26 501.05 Td (The ) Tj ET Q q 0 0 0 rg BT 490.98 501.05 Td (cash ) Tj ET Q q 0 0 0 rg BT 514.97 501.05 Td (flows ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 485.45 Td (from ) Tj ET Q q 0 0 0 rg BT 97.77 485.45 Td (and ) Tj ET Q q 0 0 0 rg BT 119.49 485.45 Td (any ) Tj ET Q q 0 0 0 rg BT 139.79 485.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 170.85 485.45 Td (losses ) Tj ET Q q 0 0 0 rg BT 203.36 485.45 Td (absorbed ) Tj ET Q q 0 0 0 rg BT 253.38 485.45 Td (by ) Tj ET Q q 0 0 0 rg BT 268.57 485.45 Td (the ) Tj ET Q q 0 0 0 rg BT 287.64 485.45 Td (underlying ) Tj ET Q q 0 0 0 rg BT 342.95 485.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 375.66 485.45 Td (can ) Tj ET Q q 0 0 0 rg BT 395.95 485.45 Td (be ) Tj ET Q q 0 0 0 rg BT 411.96 485.45 Td (redirected ) Tj ET Q q 0 0 0 rg BT 465.43 485.45 Td (to ) Tj ET Q q 0 0 0 rg BT 478.78 485.45 Td (the ) Tj ET Q q 0 0 0 rg BT 497.84 485.45 Td (resulting ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 469.85 Td (Re-REMIC ) Tj ET Q q 0 0 0 rg BT 124.84 469.85 Td (securities ) Tj ET Q q 0 0 0 rg BT 173.52 469.85 Td (in ) Tj ET Q q 0 0 0 rg BT 185.33 469.85 Td (a ) Tj ET Q q 0 0 0 rg BT 194.10 469.85 Td (variety ) Tj ET Q q 0 0 0 rg BT 229.53 469.85 Td (of ) Tj ET Q q 0 0 0 rg BT 242.37 469.85 Td (ways) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 266.01 469.85 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 439.30 Td (RESECURITIZATION ) Tj ET Q q 0 0 0 rg BT 177.00 439.30 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 185.17 439.30 Td (A ) Tj ET Q q 0 0 0 rg BT 197.70 439.30 Td (resecuritization ) Tj ET Q q 0 0 0 rg BT 276.40 439.30 Td (is ) Tj ET Q q 0 0 0 rg BT 288.71 439.30 Td (a ) Tj ET Q q 0 0 0 rg BT 299.40 439.30 Td (securitization ) Tj ET Q q 0 0 0 rg BT 368.54 439.30 Td (of ) Tj ET Q q 0 0 0 rg BT 383.30 439.30 Td (two ) Tj ET Q q 0 0 0 rg BT 406.39 439.30 Td (or ) Tj ET Q q 0 0 0 rg BT 421.55 439.30 Td (more ) Tj ET Q q 0 0 0 rg BT 452.00 439.30 Td (mortgage-backed ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 423.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 120.68 423.70 Td (into ) Tj ET Q q 0 0 0 rg BT 142.67 423.70 Td (a ) Tj ET Q q 0 0 0 rg BT 151.43 423.70 Td (new ) Tj ET Q q 0 0 0 rg BT 174.66 423.70 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 265.72 423.70 Td (security) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 303.19 423.70 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 393.15 Td (RESIDENTIAL ) Tj ET Q q 0 0 0 rg BT 143.33 393.15 Td (MORTGAGE-BACKED ) Tj ET Q q 0 0 0 rg BT 255.49 393.15 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 317.87 393.15 Td (\(RMBS\) ) Tj ET Q q 0 0 0 rg BT 357.10 393.15 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 363.29 393.15 Td (A ) Tj ET Q q 0 0 0 rg BT 373.87 393.15 Td (type ) Tj ET Q q 0 0 0 rg BT 398.69 393.15 Td (of ) Tj ET Q q 0 0 0 rg BT 411.50 393.15 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 502.53 393.15 Td (security ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 377.55 Td (that ) Tj ET Q q 0 0 0 rg BT 94.20 377.55 Td (is ) Tj ET Q q 0 0 0 rg BT 104.58 377.55 Td (backed ) Tj ET Q q 0 0 0 rg BT 143.51 377.55 Td (by ) Tj ET Q q 0 0 0 rg BT 158.59 377.55 Td (a ) Tj ET Q q 0 0 0 rg BT 167.36 377.55 Td (pool ) Tj ET Q q 0 0 0 rg BT 192.83 377.55 Td (of ) Tj ET Q q 0 0 0 rg BT 205.66 377.55 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 261.87 377.55 Td (on ) Tj ET Q q 0 0 0 rg BT 277.57 377.55 Td (residential ) Tj ET Q q 0 0 0 rg BT 331.13 377.55 Td (properties) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 381.42 377.55 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 347.00 Td (RETURN ) Tj ET Q q 0 0 0 rg BT 117.32 347.00 Td (ON ) Tj ET Q q 0 0 0 rg BT 137.34 347.00 Td (EQUITY ) Tj ET Q q 0 0 0 rg BT 179.34 347.00 Td (\(ROE\) ) Tj ET Q q 0 0 0 rg BT 210.82 347.00 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 216.65 347.00 Td (ROE ) Tj ET Q q 0 0 0 rg BT 241.56 347.00 Td (is ) Tj ET Q q 0 0 0 rg BT 251.57 347.00 Td (a ) Tj ET Q q 0 0 0 rg BT 259.96 347.00 Td (measure ) Tj ET Q q 0 0 0 rg BT 304.21 347.00 Td (of ) Tj ET Q q 0 0 0 rg BT 316.67 347.00 Td (the ) Tj ET Q q 0 0 0 rg BT 335.25 347.00 Td (amount ) Tj ET Q q 0 0 0 rg BT 375.42 347.00 Td (of ) Tj ET Q q 0 0 0 rg BT 387.89 347.00 Td (profit ) Tj ET Q q 0 0 0 rg BT 416.81 347.00 Td (we ) Tj ET Q q 0 0 0 rg BT 433.56 347.00 Td (generate ) Tj ET Q q 0 0 0 rg BT 480.44 347.00 Td (over ) Tj ET Q q 0 0 0 rg BT 504.71 347.00 Td (a ) Tj ET Q q 0 0 0 rg BT 513.11 347.00 Td (given ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 331.40 Td (period ) Tj ET Q q 0 0 0 rg BT 107.43 331.40 Td (per ) Tj ET Q q 0 0 0 rg BT 126.98 331.40 Td (dollar ) Tj ET Q q 0 0 0 rg BT 157.93 331.40 Td (of ) Tj ET Q q 0 0 0 rg BT 170.77 331.40 Td (equity ) Tj ET Q q 0 0 0 rg BT 204.38 331.40 Td (capital; ) Tj ET Q q 0 0 0 rg BT 242.86 331.40 Td (ROE ) Tj ET Q q 0 0 0 rg BT 268.14 331.40 Td (equals ) Tj ET Q q 0 0 0 rg BT 303.19 331.40 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 336.21 331.40 Td (income ) Tj ET Q q 0 0 0 rg BT 375.34 331.40 Td (divided ) Tj ET Q q 0 0 0 rg BT 415.27 331.40 Td (by ) Tj ET Q q 0 0 0 rg BT 430.35 331.40 Td (average ) Tj ET Q q 0 0 0 rg BT 472.73 331.40 Td (GAAP ) Tj ET Q q 0 0 0 rg BT 505.76 331.40 Td (equity) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 536.30 331.40 Td (.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 300.85 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 104.66 300.85 Td (2.0 ) Tj ET Q q 0 0 0 rg BT 123.30 300.85 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 129.52 300.85 Td (Residential ) Tj ET Q q 0 0 0 rg BT 186.15 300.85 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 277.21 300.85 Td (securities ) Tj ET Q q 0 0 0 rg BT 325.88 300.85 Td (issued ) Tj ET Q q 0 0 0 rg BT 359.91 300.85 Td (after ) Tj ET Q q 0 0 0 rg BT 385.35 300.85 Td (2008.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 270.30 Td (SENIOR ) Tj ET Q q 0 0 0 rg BT 116.19 270.30 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 179.83 270.30 Td (- ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 187.28 270.30 Td (Generally, ) Tj ET Q q 0 0 0 rg BT 241.48 270.30 Td (senior ) Tj ET Q q 0 0 0 rg BT 275.48 270.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 325.37 270.30 Td (have ) Tj ET Q q 0 0 0 rg BT 352.89 270.30 Td (the ) Tj ET Q q 0 0 0 rg BT 373.05 270.30 Td (least ) Tj ET Q q 0 0 0 rg BT 400.13 270.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 432.30 270.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 452.85 270.30 Td (in ) Tj ET Q q 0 0 0 rg BT 465.88 270.30 Td (a ) Tj ET Q q 0 0 0 rg BT 475.86 270.30 Td (securitization ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 254.70 Td (transaction ) Tj ET Q q 0 0 0 rg BT 128.30 254.70 Td (because ) Tj ET Q q 0 0 0 rg BT 171.60 254.70 Td (they ) Tj ET Q q 0 0 0 rg BT 195.33 254.70 Td (are ) Tj ET Q q 0 0 0 rg BT 213.14 254.70 Td (the ) Tj ET Q q 0 0 0 rg BT 231.57 254.70 Td (last ) Tj ET Q q 0 0 0 rg BT 250.79 254.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 298.94 254.70 Td (to ) Tj ET Q q 0 0 0 rg BT 311.65 254.70 Td (absorb ) Tj ET Q q 0 0 0 rg BT 348.19 254.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 378.62 254.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 410.49 254.70 Td (and ) Tj ET Q q 0 0 0 rg BT 431.57 254.70 Td (have ) Tj ET Q q 0 0 0 rg BT 457.35 254.70 Td (the ) Tj ET Q q 0 0 0 rg BT 475.77 254.70 Td (highest ) Tj ET Q q 0 0 0 rg BT 514.36 254.70 Td (claim ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 239.10 Td (on ) Tj ET Q q 0 0 0 rg BT 86.93 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.12 239.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 149.55 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 170.38 239.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 209.11 239.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 259.07 239.10 Td (\(after ) Tj ET Q q 0 0 0 rg BT 286.61 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.79 239.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 327.26 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.72 239.10 Td (servicers ) Tj ET Q q 0 0 0 rg BT 384.17 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.00 239.10 Td (trustees ) Tj ET Q q 0 0 0 rg BT 445.97 239.10 Td (are ) Tj ET Q q 0 0 0 rg BT 463.54 239.10 Td (paid\). ) Tj ET Q q 0 0 0 rg BT 493.54 239.10 Td (To ) Tj ET Q q 0 0 0 rg BT 507.45 239.10 Td (further ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 223.45 Td (reduce ) Tj ET Q q 0 0 0 rg BT 108.33 223.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 138.73 223.45 Td (risk, ) Tj ET Q q 0 0 0 rg BT 160.57 223.45 Td (most ) Tj ET Q q 0 0 0 rg BT 187.30 223.45 Td (if ) Tj ET Q q 0 0 0 rg BT 195.70 223.45 Td (not ) Tj ET Q q 0 0 0 rg BT 214.49 223.45 Td (all, ) Tj ET Q q 0 0 0 rg BT 231.05 223.45 Td (principal ) Tj ET Q q 0 0 0 rg BT 275.70 223.45 Td (collected ) Tj ET Q q 0 0 0 rg BT 323.22 223.45 Td (from ) Tj ET Q q 0 0 0 rg BT 348.33 223.45 Td (the ) Tj ET Q q 0 0 0 rg BT 366.73 223.45 Td (underlying ) Tj ET Q q 0 0 0 rg BT 421.37 223.45 Td (asset ) Tj ET Q q 0 0 0 rg BT 448.72 223.45 Td (pool ) Tj ET Q q 0 0 0 rg BT 473.63 223.45 Td (is ) Tj ET Q q 0 0 0 rg BT 483.46 223.45 Td (used ) Tj ET Q q 0 0 0 rg BT 509.60 223.45 Td (to ) Tj ET Q q 0 0 0 rg BT 522.28 223.45 Td (pay ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 207.85 Td (down ) Tj ET Q q 0 0 0 rg BT 103.39 207.85 Td (the ) Tj ET Q q 0 0 0 rg BT 123.37 207.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 157.19 207.85 Td (securities ) Tj ET Q q 0 0 0 rg BT 206.89 207.85 Td (until ) Tj ET Q q 0 0 0 rg BT 232.15 207.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 269.42 207.85 Td (performance ) Tj ET Q q 0 0 0 rg BT 336.24 207.85 Td (tests ) Tj ET Q q 0 0 0 rg BT 363.12 207.85 Td (are ) Tj ET Q q 0 0 0 rg BT 382.49 207.85 Td (satisfied. ) Tj ET Q q 0 0 0 rg BT 429.75 207.85 Td (If ) Tj ET Q q 0 0 0 rg BT 439.99 207.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 477.26 207.85 Td (performance ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 192.20 Td (tests ) Tj ET Q q 0 0 0 rg BT 96.48 192.20 Td (are ) Tj ET Q q 0 0 0 rg BT 113.45 192.20 Td (satisfied, ) Tj ET Q q 0 0 0 rg BT 158.31 192.20 Td (principal ) Tj ET Q q 0 0 0 rg BT 202.14 192.20 Td (payments ) Tj ET Q q 0 0 0 rg BT 251.50 192.20 Td (are ) Tj ET Q q 0 0 0 rg BT 268.47 192.20 Td (shared ) Tj ET Q q 0 0 0 rg BT 302.96 192.20 Td (between ) Tj ET Q q 0 0 0 rg BT 347.42 192.20 Td (the ) Tj ET Q q 0 0 0 rg BT 365.01 192.20 Td (senior ) Tj ET Q q 0 0 0 rg BT 396.43 192.20 Td (securities ) Tj ET Q q 0 0 0 rg BT 443.73 192.20 Td (and ) Tj ET Q q 0 0 0 rg BT 463.97 192.20 Td (the ) Tj ET Q q 0 0 0 rg BT 481.55 192.20 Td (subordinate ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 176.60 Td (securities, ) Tj ET Q q 0 0 0 rg BT 123.27 176.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 170.89 176.60 Td (on ) Tj ET Q q 0 0 0 rg BT 186.13 176.60 Td (a ) Tj ET Q q 0 0 0 rg BT 194.43 176.60 Td (pro ) Tj ET Q q 0 0 0 rg BT 213.73 176.60 Td (rata ) Tj ET Q q 0 0 0 rg BT 235.05 176.60 Td (basis. ) Tj ET Q q 0 0 0 rg BT 265.14 176.60 Td (At ) Tj ET Q q 0 0 0 rg BT 278.94 176.60 Td (issuance, ) Tj ET Q q 0 0 0 rg BT 325.97 176.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 358.30 176.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 406.51 176.60 Td (are ) Tj ET Q q 0 0 0 rg BT 424.39 176.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 472.01 176.60 Td (triple ) Tj ET Q q 0 0 0 rg BT 500.02 176.60 Td (A-rated) Tj ET Q BT /F11 10.50 Tf ET q 0 0 0 rg BT 537.08 176.60 Td (.) 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Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 423.70 Td (TAXABLE ) Tj ET Q q 0 0 0 rg BT 121.55 423.70 Td (REIT ) Tj ET Q q 0 0 0 rg BT 146.40 423.70 Td (SUBSIDIARY ) Tj ET Q q 0 0 0 rg BT 210.51 423.70 Td (\(TRS\) ) Tj ET Q q 0 0 0 rg BT 238.26 423.70 Td (-) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 241.36 423.70 Td ( ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 243.62 423.70 Td (A ) Tj ET Q q 0 0 0 rg BT 253.42 423.70 Td (corporation ) Tj ET Q q 0 0 0 rg BT 312.70 423.70 Td (in ) Tj ET Q q 0 0 0 rg BT 323.71 423.70 Td (which ) Tj ET Q q 0 0 0 rg BT 354.08 423.70 Td (a ) Tj ET Q q 0 0 0 rg BT 362.04 423.70 Td (REIT ) Tj ET Q q 0 0 0 rg BT 386.56 423.70 Td (directly ) Tj ET Q q 0 0 0 rg BT 424.67 423.70 Td (or ) Tj ET Q q 0 0 0 rg BT 437.10 423.70 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 483.96 423.70 Td (owns ) Tj ET Q q 0 0 0 rg BT 511.48 423.70 Td (stock, ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 408.05 Td (that ) Tj ET Q q 0 0 0 rg BT 94.79 408.05 Td (jointly ) Tj ET Q q 0 0 0 rg BT 127.97 408.05 Td (elects ) Tj ET Q q 0 0 0 rg BT 160.14 408.05 Td (with ) Tj ET Q q 0 0 0 rg BT 184.15 408.05 Td (such ) Tj ET Q q 0 0 0 rg BT 210.03 408.05 Td (REIT ) Tj ET Q q 0 0 0 rg BT 235.94 408.05 Td (to ) Tj ET Q q 0 0 0 rg BT 249.77 408.05 Td (have ) Tj ET Q q 0 0 0 rg BT 276.67 408.05 Td (such ) Tj ET Q q 0 0 0 rg BT 302.54 408.05 Td (corporation ) Tj ET Q q 0 0 0 rg BT 363.22 408.05 Td (treated ) Tj ET Q q 0 0 0 rg BT 402.30 408.05 Td (as ) Tj ET Q q 0 0 0 rg BT 416.35 408.05 Td (a ) Tj ET Q q 0 0 0 rg BT 425.71 408.05 Td (taxable ) Tj ET Q q 0 0 0 rg BT 465.21 408.05 Td (REIT ) Tj ET Q q 0 0 0 rg BT 491.13 408.05 Td (subsidiary ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 392.45 Td (within ) Tj ET Q q 0 0 0 rg BT 103.90 392.45 Td (the ) Tj ET Q q 0 0 0 rg BT 122.58 392.45 Td (meaning ) Tj ET Q q 0 0 0 rg BT 168.15 392.45 Td (of ) Tj ET Q q 0 0 0 rg BT 180.72 392.45 Td (the ) Tj ET Q q 0 0 0 rg BT 199.39 392.45 Td (Internal ) Tj ET Q q 0 0 0 rg BT 239.28 392.45 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 284.47 392.45 Td (Code ) Tj ET Q q 0 0 0 rg BT 314.36 392.45 Td (and ) Tj ET Q q 0 0 0 rg BT 335.69 392.45 Td (that ) Tj ET Q q 0 0 0 rg BT 357.61 392.45 Td (does ) Tj ET Q q 0 0 0 rg BT 384.44 392.45 Td (not ) Tj ET Q q 0 0 0 rg BT 403.51 392.45 Td (directly ) Tj ET Q q 0 0 0 rg BT 442.15 392.45 Td (or ) Tj ET Q q 0 0 0 rg BT 455.10 392.45 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 502.49 392.45 Td (engage ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 376.80 Td (in ) Tj ET Q q 0 0 0 rg BT 83.59 376.80 Td (certain ) Tj ET Q q 0 0 0 rg BT 119.62 376.80 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 173.76 376.80 Td (activities. ) Tj ET Q q 0 0 0 rg BT 222.02 376.80 Td (A ) Tj ET Q q 0 0 0 rg BT 232.40 376.80 Td (TRS ) Tj ET Q q 0 0 0 rg BT 254.19 376.80 Td (is ) Tj ET Q q 0 0 0 rg BT 264.35 376.80 Td (subject ) Tj ET Q q 0 0 0 rg BT 302.42 376.80 Td (to ) Tj ET Q q 0 0 0 rg BT 315.43 376.80 Td (corporate ) Tj ET Q q 0 0 0 rg BT 366.12 376.80 Td (income ) Tj ET Q q 0 0 0 rg BT 405.03 376.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 422.53 376.80 Td (on ) Tj ET Q q 0 0 0 rg BT 438.00 376.80 Td (its ) Tj ET Q q 0 0 0 rg BT 451.82 376.80 Td (taxable ) Tj ET Q q 0 0 0 rg BT 490.50 376.80 Td (income. ) Tj ET Q q 0 0 0 rg BT 532.47 376.80 Td (A ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 361.20 Td (TRS ) Tj ET Q q 0 0 0 rg BT 94.45 361.20 Td (is ) Tj ET Q q 0 0 0 rg BT 105.27 361.20 Td (not ) Tj ET Q q 0 0 0 rg BT 125.06 361.20 Td (limited ) Tj ET Q q 0 0 0 rg BT 162.35 361.20 Td (to ) Tj ET Q q 0 0 0 rg BT 176.02 361.20 Td (investing ) Tj ET Q q 0 0 0 rg BT 223.52 361.20 Td (in ) Tj ET Q q 0 0 0 rg BT 235.77 361.20 Td (real ) Tj ET Q q 0 0 0 rg BT 257.19 361.20 Td (estate ) Tj ET Q q 0 0 0 rg BT 290.62 361.20 Td (and ) Tj ET Q q 0 0 0 rg BT 312.66 361.20 Td (real ) Tj ET Q q 0 0 0 rg BT 334.08 361.20 Td (estate-related ) Tj ET Q q 0 0 0 rg BT 405.58 361.20 Td (assets ) Tj ET Q q 0 0 0 rg BT 438.61 361.20 Td (and ) Tj ET Q q 0 0 0 rg BT 460.65 361.20 Td (it ) Tj ET Q q 0 0 0 rg BT 470.44 361.20 Td (can ) Tj ET Q q 0 0 0 rg BT 491.07 361.20 Td (choose ) Tj ET Q q 0 0 0 rg BT 529.83 361.20 Td (to ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 345.60 Td (retain ) Tj ET Q q 0 0 0 rg BT 102.75 345.60 Td (all ) Tj ET Q q 0 0 0 rg BT 116.80 345.60 Td (of ) Tj ET Q q 0 0 0 rg BT 129.64 345.60 Td (its ) Tj ET Q q 0 0 0 rg BT 143.68 345.60 Td (after-tax ) Tj ET Q q 0 0 0 rg BT 186.84 345.60 Td (profits.) 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Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 72.00 222.75 Td (TRADING ) Tj ET Q q 0 0 0 rg BT 124.78 222.75 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 188.44 222.75 Td (- ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 195.92 222.75 Td (The ) Tj ET Q q 0 0 0 rg BT 217.72 222.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 255.43 222.75 Td (designation ) Tj ET Q q 0 0 0 rg BT 314.56 222.75 Td (for ) Tj ET Q q 0 0 0 rg BT 331.48 222.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 379.12 222.75 Td (represents ) Tj ET Q q 0 0 0 rg BT 432.01 222.75 Td (an ) Tj ET Q q 0 0 0 rg BT 447.40 222.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 503.24 222.75 Td (method ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 207.85 Td (under ) Tj ET Q q 0 0 0 rg BT 101.48 207.85 Td (GAAP, ) Tj ET Q q 0 0 0 rg BT 133.47 207.85 Td (whereby ) Tj ET Q q 0 0 0 rg BT 175.41 207.85 Td (securities ) Tj ET Q q 0 0 0 rg BT 221.02 207.85 Td (are ) Tj ET Q q 0 0 0 rg BT 237.67 207.85 Td (reported ) Tj ET Q q 0 0 0 rg BT 280.74 207.85 Td (at ) Tj ET Q q 0 0 0 rg BT 291.75 207.85 Td (their ) Tj ET Q q 0 0 0 rg BT 315.00 207.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 331.63 207.85 Td (value ) Tj ET Q q 0 0 0 rg BT 358.40 207.85 Td (with ) Tj ET Q q 0 0 0 rg BT 379.91 207.85 Td (periodic ) Tj ET Q q 0 0 0 rg BT 420.47 207.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 461.45 207.85 Td (in ) Tj ET Q q 0 0 0 rg BT 471.88 207.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 488.51 207.85 Td (value ) Tj ET Q q 0 0 0 rg BT 515.29 207.85 Td (\(both ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 192.95 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 123.11 192.95 Td (and ) Tj ET Q q 0 0 0 rg BT 143.88 192.95 Td (realized\) ) Tj ET Q q 0 0 0 rg BT 186.04 192.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 241.03 192.95 Td (through ) Tj ET Q q 0 0 0 rg BT 281.04 192.95 Td (the ) Tj ET Q q 0 0 0 rg BT 299.29 192.95 Td (income ) Tj ET Q q 0 0 0 rg BT 336.78 192.95 Td (statement ) Tj ET Q q 0 0 0 rg BT 386.69 192.95 Td (in ) Tj ET Q q 0 0 0 rg BT 398.12 192.95 Td (Investment ) Tj ET Q q 0 0 0 rg BT 452.76 192.95 Td (fair ) Tj ET Q q 0 0 0 rg BT 470.39 192.95 Td (value ) Tj ET Q q 0 0 0 rg BT 498.17 192.95 Td (changes, ) Tj ET Q BT /F3 10.50 Tf ET q 0 0 0 rg BT 72.00 178.00 Td (net.) 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