%PDF-1.5 1 0 obj <> endobj 3 0 obj <>] /Rotate 0 /Contents 4 0 R>> endobj 4 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.50 744.75 Td (As filed with the U.S. Securities and Exchange Commission on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.30 744.75 Td (Mar) Tj ET Q q 0 0 0 rg BT 427.99 744.75 Td (ch2, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.49 744.75 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 734.25 m 561.5 734.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 730.25 m 561.5 730.25 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 730.75 Td () Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 235.55 705.15 Td (UNITED ST) Tj ET Q q 0 0 0 rg BT 330.74 705.15 Td (A) Tj ET Q q 0 0 0 rg BT 342.41 705.15 Td (TES) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 112.70 683.55 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 225.25 683.55 Td (AND EXCHANGE COMMISSION) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 242.65 669.15 Td (W) Tj ET Q q 0 0 0 rg BT 253.99 669.15 Td (ashington, D. C. 20549) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 640.25 m 368 640.25 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 640.75 Td () Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 257.25 613.15 Td (FORM 10-K) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 596.25 m 368 596.25 l s BT /F1 12.00 Tf ET q 0 0 0 rg BT 369.50 592.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.50 592.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 568.75 Td (\(Mark One\)) Tj ET Q /GS0 gs q 12.72 0 0 11.71 52.50 544.04 cm /I1 Do Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.50 547.62 Td (ANNUAL) Tj ET Q q 0 0 0 rg BT 123.17 547.62 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 167.75 547.62 Td (T) Tj ET Q q 0 0 0 rg BT 175.54 547.62 Td ( PURSUANT) Tj ET Q q 0 0 0 rg BT 243.66 547.62 Td ( ) Tj ET Q q 0 0 0 rg BT 246.44 547.62 Td (T) Tj ET Q q 0 0 0 rg BT 254.23 547.62 Td (O SECTION 13 OR 15\(d\) OF) Tj ET Q q 0 0 0 rg BT 405.46 547.62 Td ( ) Tj ET Q q 0 0 0 rg BT 408.25 547.62 Td (THE SECURITIES) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.50 535.62 Td (EXCHANGE ) Tj ET Q q 0 0 0 rg BT 144.18 535.62 Td (ACT) Tj ET Q q 0 0 0 rg BT 169.30 535.62 Td ( OF) Tj ET Q q 0 0 0 rg BT 188.52 535.62 Td ( 1934) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.85 506.75 Td (For) Tj ET Q q 0 0 0 rg BT 227.22 506.75 Td ( the fiscal year) Tj ET Q q 0 0 0 rg BT 288.96 506.75 Td ( ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.52 506.75 Td (December) Tj ET Q q 0 0 0 rg BT 362.65 506.75 Td (31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.15 506.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 486.35 Td (OR) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 313.50 486.35 Td () Tj ET Q /GS0 gs q 10.69 0 0 11.71 52.50 461.64 cm /I2 Do Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.50 465.22 Td (TRANSITION REPOR) Tj ET Q q 0 0 0 rg BT 193.10 465.22 Td (T) Tj ET Q q 0 0 0 rg BT 200.88 465.22 Td ( PURSUANT) Tj ET Q q 0 0 0 rg BT 269.01 465.22 Td ( ) Tj ET Q q 0 0 0 rg BT 271.79 465.22 Td (T) Tj ET Q q 0 0 0 rg BT 279.58 465.22 Td (O SECTION 13 OR 15\(d\) OF) Tj ET Q q 0 0 0 rg BT 430.81 465.22 Td ( ) Tj ET Q q 0 0 0 rg BT 433.60 465.22 Td (THE SECURITIES) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.50 453.22 Td (EXCHANGE ) Tj ET Q q 0 0 0 rg BT 144.18 453.22 Td (ACT) Tj ET Q q 0 0 0 rg BT 169.30 453.22 Td ( OF) Tj ET Q q 0 0 0 rg BT 188.52 453.22 Td ( 1934) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.80 424.35 Td (For) Tj ET Q q 0 0 0 rg BT 225.17 424.35 Td ( the transition period fr) Tj ET Q q 0 0 0 rg BT 325.53 424.35 Td (om ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 341.3625 422.78505859375 m 391.3625 422.78505859375 l s q 0 0 0 rg BT 341.36 424.35 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.36 424.35 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 404.692578125 422.78505859375 m 454.692578125 422.78505859375 l s q 0 0 0 rg BT 404.69 424.35 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 403.85 m 368 403.85 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 404.35 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.65 380.35 Td (Commission file number) Tj ET Q q 0 0 0 rg BT 340.47 380.35 Td ( 1-12043) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 359.85 m 368 359.85 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 360.35 Td () Tj ET Q BT /F2 24.00 Tf ET q 0 0 0 rg BT 119.60 322.55 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.55 310.55 Td (\(Exact name of r) Tj ET Q q 0 0 0 rg BT 266.74 310.55 Td (egistrant as specified in its charter\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 287.65 m 368 287.65 l s BT /F1 12.00 Tf ET q 0 0 0 rg BT 369.50 284.15 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.30 264.38 Td (Delawar) Tj ET Q q 0 0 0 rg BT 193.31 264.38 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.30 264.38 Td (98-0080034) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 121.40 251.05 Td (\(State or) Tj ET Q q 0 0 0 rg BT 154.47 251.05 Td ( other) Tj ET Q q 0 0 0 rg BT 177.05 251.05 Td ( jurisdiction of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 118.80 242.10 Td (incorporation or) Tj ET Q q 0 0 0 rg BT 182.38 242.10 Td ( organization\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 401.05 251.05 Td (\(I.R.S. Employer) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.25 242.10 Td (Identification No.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.95 224.38 Td (85 Br) Tj ET Q q 0 0 0 rg BT 134.38 224.38 Td (oad Str) Tj ET Q q 0 0 0 rg BT 165.59 224.38 Td (eet, New ) Tj ET Q q 0 0 0 rg BT 203.81 224.38 Td (Y) Tj ET Q q 0 0 0 rg BT 209.92 224.38 Td (ork, NY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 224.38 Td (10004) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 111.35 211.73 Td (\(Addr) Tj ET Q q 0 0 0 rg BT 132.17 211.73 Td (ess of principal executive offices\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.90 211.73 Td (\(Zip Code\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.25 184.15 Td (Registrant's ) Tj ET Q q 0 0 0 rg BT 215.23 184.15 Td (T) Tj ET Q q 0 0 0 rg BT 220.98 184.15 Td (elephone number) Tj ET Q q 0 0 0 rg BT 294.23 184.15 Td (, including ar) Tj ET Q q 0 0 0 rg BT 351.01 184.15 Td (ea code: \(212\)668-8000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.95 160.15 Td (Securities r) Tj ET Q q 0 0 0 rg BT 232.36 160.15 Td (egister) Tj ET Q q 0 0 0 rg BT 260.50 160.15 Td (ed pursuant to Section12\(b\) of the ) Tj ET Q q 0 0 0 rg BT 409.67 160.15 Td (Act:) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 147.45 140.48007812499998 m 207.51640625 140.48007812499998 l s q 0 0 0 rg BT 147.45 141.73 Td (T) Tj ET Q q 0 0 0 rg BT 152.71 141.73 Td (itle of each class) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 359.2 140.48007812499998 m 507.7703125 140.48007812499998 l s q 0 0 0 rg BT 359.20 141.73 Td (Name of each exchange on which r) Tj ET Q q 0 0 0 rg BT 477.26 141.73 Td (egister) Tj ET Q q 0 0 0 rg BT 499.77 141.73 Td (ed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.50 128.33 Td (Class) Tj ET Q q 0 0 0 rg BT 130.23 128.33 Td (A) Tj ET Q q 0 0 0 rg BT 136.90 128.33 Td ( non-voting common stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.15 128.38 Td (New ) Tj ET Q q 0 0 0 rg BT 398.16 128.38 Td (Y) Tj ET Q q 0 0 0 rg BT 404.27 128.38 Td (ork Stock Exchange) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.25 100.15 Td (Securities r) Tj ET Q q 0 0 0 rg BT 232.66 100.15 Td (egister) Tj ET Q q 0 0 0 rg BT 260.80 100.15 Td (ed pursuant to Section12\(g\) of the ) Tj ET Q q 0 0 0 rg BT 409.41 100.15 Td (Act:) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 274.15 74.58505859374998 m 337.7681640625 74.58505859374998 l s q 0 0 0 rg BT 274.15 76.15 Td (Not ) Tj ET Q q 0 0 0 rg BT 291.65 76.15 Td (Applicable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.05 64.15 Td (\(T) Tj ET Q q 0 0 0 rg BT 285.87 64.15 Td (itle of class\)) Tj ET Q endstream endobj 5 0 obj <>] /Rotate 0 /Contents 6 0 R>> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 744.60 Td (Indicate by check mark if the registrant is a well-known seasoned issuer) Tj ET Q q 0 0 0 rg BT 337.06 744.60 Td (, as defined in Rule 405 of the Securities ) Tj ET Q q 0 0 0 rg BT 501.47 744.60 Td (Act. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 732.60 Td (Y) Tj ET Q q 0 0 0 rg BT 55.72 732.60 Td (es) Tj ET Q /GS0 gs q 8.91 0 0 10.09 69.05 730.44 cm /I3 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.96 732.60 Td (No) Tj ET Q /GS0 gs q 10.60 0 0 10.09 105.18 730.44 cm /I4 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or 15\(d\) of the ) Tj ET Q q 0 0 0 rg BT 477.99 708.60 Td (Act. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (Y) Tj ET Q q 0 0 0 rg BT 55.72 696.60 Td (es) Tj ET Q /GS0 gs q 8.91 0 0 10.09 69.05 694.44 cm /I5 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.96 696.60 Td (No) Tj ET Q /GS0 gs q 10.60 0 0 10.09 105.18 694.44 cm /I6 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.60 Td (Indicate by check mark whether the registrant \(1\)has filed all reports required to be filed by Section13 or 15\(d\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (Securities Exchange ) Tj ET Q q 0 0 0 rg BT 132.81 660.60 Td (Act of 1934 during the preceding 12 months \(or for such shorter period that the registrant was required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.60 Td (file such reports\), and \(2\)has been subject to such filing requirements for the past 90 days.) Tj ET Q q 0 0 0 rg BT 421.80 648.60 Td (Y) Tj ET Q q 0 0 0 rg BT 428.03 648.60 Td (es) Tj ET Q /GS0 gs q 10.60 0 0 10.09 441.36 646.44 cm /I7 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.96 648.60 Td (No) Tj ET Q /GS0 gs q 8.91 0 0 10.09 479.18 646.44 cm /I8 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.60 Td (Indicate by check mark whether the registrant has submitted electronically and posted on its corporate ) Tj ET Q q 0 0 0 rg BT 460.01 624.60 Td (W) Tj ET Q q 0 0 0 rg BT 468.65 624.60 Td (eb site, if any) Tj ET Q q 0 0 0 rg BT 521.87 624.60 Td (, every ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.60 Td (Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T) Tj ET Q q 0 0 0 rg BT 437.84 612.60 Td ( during the preceding 12 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.60 Td (months \(or for such shorter period that the registrant was required to submit and post such files\).) Tj ET Q q 0 0 0 rg BT 444.88 600.60 Td (Y) Tj ET Q q 0 0 0 rg BT 451.10 600.60 Td (es) Tj ET Q /GS0 gs q 10.60 0 0 10.09 464.43 598.44 cm /I9 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.03 600.60 Td (No) Tj ET Q /GS0 gs q 8.91 0 0 10.09 502.25 598.44 cm /I10 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.60 Td (Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.60 Td (will not be contained, to the best of the registrant's knowledge, in definitive proxy or information statements incorporated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.60 Td (reference in Part III of this Form 10-K or any amendment to this Form 10-K. ) Tj ET Q /GS0 gs q 10.60 0 0 10.09 366.93 550.44 cm /I11 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.60 Td (Indicate by check mark whether the registrant is a lar) Tj ET Q q 0 0 0 rg BT 261.73 528.60 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 337.38 528.60 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 418.03 528.60 Td (, a non-accelerated filer) Tj ET Q q 0 0 0 rg BT 512.00 528.60 Td (, or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.60 Td (smaller reporting company) Tj ET Q q 0 0 0 rg BT 156.59 516.60 Td (. See the definitions of "lar) Tj ET Q q 0 0 0 rg BT 263.80 516.60 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 339.45 516.60 Td (," "accelerated filer) Tj ET Q q 0 0 0 rg BT 416.33 516.60 Td (," "smaller reporting company) Tj ET Q q 0 0 0 rg BT 536.58 516.60 Td (," and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.60 Td ("emer) Tj ET Q q 0 0 0 rg BT 73.39 504.60 Td (ging growth company" in Rule 12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 292.15 504.60 Td (Act. \(Check one\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 477.77 Td (Lar) Tj ET Q q 0 0 0 rg BT 66.29 477.77 Td (geacceleratedfiler) Tj ET Q /GS0 gs q 8.91 0 0 9.76 152.50 475.64 cm /I12 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 477.77 Td (Acceleratedfiler) Tj ET Q /GS0 gs q 10.60 0 0 9.76 504.50 475.64 cm /I13 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 462.77 Td (Non-accelerated filer) Tj ET Q /GS0 gs q 8.91 0 0 9.76 152.50 460.64 cm /I14 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.50 463.67 Td (\(Do not check if a smaller reporting company\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 462.77 Td (Smallerreportingcompany) Tj ET Q /GS0 gs q 8.91 0 0 9.76 504.50 460.64 cm /I15 Do Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.12941176470588237 0.11372549019607843 0.11764705882352941 rg BT 386.50 447.77 Td (Emer) Tj ET Q q 0.12941176470588237 0.11372549019607843 0.11764705882352941 rg BT 407.97 447.77 Td (ging growth company) Tj ET Q /GS0 gs q 8.91 0 0 9.76 504.50 445.64 cm /I16 Do Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.12941176470588237 0.11372549019607843 0.11764705882352941 rg BT 49.50 419.60 Td (If an emer) Tj ET Q q 0.12941176470588237 0.11372549019607843 0.11764705882352941 rg BT 90.40 419.60 Td (ging growth company) Tj ET Q q 0.12941176470588237 0.11372549019607843 0.11764705882352941 rg BT 177.52 419.60 Td (, indicate by check mark if the registrant has elected not to use the extended transition period ) Tj ET Q BT /F1 10.00 Tf ET q 0.12941176470588237 0.11372549019607843 0.11764705882352941 rg BT 49.50 407.60 Td (for complying with any new or revised financial accounting standards provided pursuant to Section 13\(a\) of the Exchange ) Tj ET Q q 0.12941176470588237 0.11372549019607843 0.11764705882352941 rg BT 539.92 407.60 Td (Act. ) Tj ET Q /GS0 gs q 8.91 0 0 10.76 49.50 393.55 cm /I17 Do Q BT /F1 10.00 Tf ET q 0.12941176470588237 0.11372549019607843 0.11764705882352941 rg BT 58.41 395.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 371.60 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule 12b-2 of the ) Tj ET Q q 0 0 0 rg BT 441.04 371.60 Td (Act\).) Tj ET Q q 0 0 0 rg BT 470.94 371.60 Td (Y) Tj ET Q q 0 0 0 rg BT 477.16 371.60 Td (es) Tj ET Q /GS0 gs q 8.91 0 0 10.09 490.49 369.44 cm /I18 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.40 371.60 Td (No) Tj ET Q /GS0 gs q 10.60 0 0 10.09 526.62 369.44 cm /I19 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.60 Td (The aggregate market value of the voting stock of the Company held by non-af) Tj ET Q q 0 0 0 rg BT 365.61 347.60 Td (filiates of the Company cannot be calculated in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.60 Td (meaningful way because there is only limited trading in the class of voting stock of the Company) Tj ET Q q 0 0 0 rg BT 437.65 335.60 Td (. ) Tj ET Q q 0 0 0 rg BT 442.47 335.60 Td (The aggregate market value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.60 Td (of the Class) Tj ET Q q 0 0 0 rg BT 98.67 323.60 Td (A) Tj ET Q q 0 0 0 rg BT 105.33 323.60 Td ( non-voting common stock held by non-af) Tj ET Q q 0 0 0 rg BT 273.46 323.60 Td (filiates of the Company at June30, 2017 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.20 323.60 Td ($215.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.10 323.60 Td ( based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.60 Td (the per share closing price of the Class) Tj ET Q q 0 0 0 rg BT 206.12 311.60 Td (A) Tj ET Q q 0 0 0 rg BT 212.79 311.60 Td ( non-voting common stock on the New ) Tj ET Q q 0 0 0 rg BT 371.01 311.60 Td (Y) Tj ET Q q 0 0 0 rg BT 377.23 311.60 Td (ork Stock Exchange on June30, 2017 of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.60 Td ($16.40.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.60 Td (The number of shares of the Company's Class) Tj ET Q q 0 0 0 rg BT 235.16 275.60 Td (A) Tj ET Q q 0 0 0 rg BT 241.83 275.60 Td ( non-voting common stock and Class B voting common stock \(being the only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.60 Td (classes of common stock of the Company\) outstanding on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.63 263.60 Td (February28, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.23 263.60 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.78 263.60 Td (13,141,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.78 263.60 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.22 263.60 Td (99,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.72 263.60 Td ( shares, respectively) Tj ET Q q 0 0 0 rg BT 549.87 263.60 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.40 239.60 Td (DOCUMENTS INCORPORA) Tj ET Q q 0 0 0 rg BT 319.83 239.60 Td (TED BY) Tj ET Q q 0 0 0 rg BT 356.41 239.60 Td ( REFERENCE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.60 Td (The Company's definitive Proxy Statement for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.21 215.60 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.21 215.60 Td ( ) Tj ET Q q 0 0 0 rg BT 275.15 215.60 Td (Annual Meeting of Stockholders to be filed by the Company pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.60 Td (to Regulation 14A) Tj ET Q q 0 0 0 rg BT 122.83 203.60 Td ( is incorporated into Items 10, 1) Tj ET Q q 0 0 0 rg BT 249.93 203.60 Td (1, 12, 13 and 14 of Part III of this Form 10-K.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 181.10000000000002 m 562 181.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 177.10000000000002 m 562 177.10000000000002 l s BT /F1 10.00 Tf ET endstream endobj 7 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 8 0 R>> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.65 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 742.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 742.25 Td ( CONTENTS) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 727.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 694.30 Td (Item) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 686.30 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 100.00 686.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.40 686.60 Td (Page) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 671.5833984375 m 84.3623046875 671.5833984375 l s q 0 0 1 rg BT 53.00 672.92 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 672.92 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 672.92 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 672.92 Td ( 1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 658.92 Td (1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 657.5833984375 m 135.5615234375 657.5833984375 l s q 0 0 1 rg BT 100.00 658.92 Td (Business) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 644.92 Td (1A.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 643.5833984375 m 150.2783203125 643.5833984375 l s q 0 0 1 rg BT 100.00 644.92 Td (Risk Factors) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 630.92 Td (1B.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 629.5833984375 m 213.69140625 629.5833984375 l s q 0 0 1 rg BT 100.00 630.92 Td (Unresolved Staf) Tj ET Q q 0 0 1 rg BT 164.53 630.92 Td (f Comments) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.92 Td (2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 615.5833984375 m 140.546875 615.5833984375 l s q 0 0 1 rg BT 100.00 616.92 Td (Properties) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 602.92 Td (3) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 601.5833984375 m 174.140625 601.5833984375 l s q 0 0 1 rg BT 100.00 602.92 Td (Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 588.92 Td (4) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 587.5833984375 m 198.3154296875 587.5833984375 l s q 0 0 1 rg BT 100.00 588.92 Td (Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 569.5833984375 m 86.0224609375 569.5833984375 l s q 0 0 1 rg BT 53.00 570.92 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 570.92 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 570.92 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 570.92 Td (II) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 556.92 Td (5) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 555.5833984375 m 523.9892578125 555.5833984375 l s q 0 0 1 rg BT 100.00 556.92 Td (Market for the Registrant) Tj ET Q q 0 0 1 rg BT 204.14 556.92 Td (s Common Equity) Tj ET Q q 0 0 1 rg BT 276.27 556.92 Td (, Related Stockholder Matters and Issuer Purchases of Equity ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 545.5833984375 m 139.43359375 545.5833984375 l s q 0 0 1 rg BT 100.00 546.92 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 532.92 Td (6) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 531.5833984375 m 194.9609375 531.5833984375 l s q 0 0 1 rg BT 100.00 532.92 Td (Selected Financial Data) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 518.92 Td (7) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 517.5833984375 m 458.291015625 517.5833984375 l s q 0 0 1 rg BT 100.00 518.92 Td (Management) Tj ET Q q 0 0 1 rg BT 154.98 518.92 Td (s Discussion and ) Tj ET Q q 0 0 1 rg BT 224.15 518.92 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 504.92 Td (7A.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 503.5833984375 m 341.62109375 503.5833984375 l s q 0 0 1 rg BT 100.00 504.92 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 1 rg BT 264.40 504.92 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 490.92 Td (8) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 489.5833984375 m 284.951171875 489.5833984375 l s q 0 0 1 rg BT 100.00 490.92 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 476.92 Td (9) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 475.5833984375 m 458.8134765625 475.5833984375 l s q 0 0 1 rg BT 100.00 476.92 Td (Changes in and Disagreements with ) Tj ET Q q 0 0 1 rg BT 245.81 476.92 Td (Accountants on ) Tj ET Q q 0 0 1 rg BT 310.24 476.92 Td (Accounting and Financial Disclosure) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 462.92 Td (9A.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 461.5833984375 m 198.3154296875 461.5833984375 l s q 0 0 1 rg BT 100.00 462.92 Td (Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 448.92 Td (9B.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 447.5833984375 m 173.0322265625 447.5833984375 l s q 0 0 1 rg BT 100.00 448.92 Td (Other Information) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 429.5833984375 m 89.3525390625 429.5833984375 l s q 0 0 1 rg BT 53.00 430.92 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 430.92 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 430.92 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 430.92 Td (III) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 416.92 Td (10) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 415.5833984375 m 327.4951171875 415.5833984375 l s q 0 0 1 rg BT 100.00 416.92 Td (Directors, Executive Of) Tj ET Q q 0 0 1 rg BT 195.06 416.92 Td (ficers and Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 402.92 Td (1) Tj ET Q q 0 0 0 rg BT 58.00 402.92 Td (1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 401.5833984375 m 200.25390625 401.5833984375 l s q 0 0 1 rg BT 100.00 402.92 Td (Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 388.92 Td (12) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 386.68339843750005 m 505.15625 386.68339843750005 l s q 0 0 1 rg BT 100.00 388.02 Td (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 373.92 Td (13) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 372.5833984375 m 400.1953125 372.5833984375 l s q 0 0 1 rg BT 100.00 373.92 Td (Certain Relationships and Related ) Tj ET Q q 0 0 1 rg BT 238.68 373.92 Td (T) Tj ET Q q 0 0 1 rg BT 244.43 373.92 Td (ransactions and Director Independence) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 359.92 Td (14) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 358.5833984375 m 258.291015625 358.5833984375 l s q 0 0 1 rg BT 100.00 359.92 Td (Principal ) Tj ET Q q 0 0 1 rg BT 138.05 359.92 Td (Accountant Fees and Services) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 340.5833984375 m 89.82373046875 340.5833984375 l s q 0 0 1 rg BT 53.00 341.92 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 341.92 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 341.92 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 341.92 Td (IV) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 327.92 Td (15) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 326.5833984375 m 275.5224609375 326.5833984375 l s q 0 0 1 rg BT 100.00 327.92 Td (Exhibits and Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 100 308.5833984375 m 142.216796875 308.5833984375 l s q 0 0 1 rg BT 100.00 309.92 Td (Signatures) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 554 657.5833984375 m 559 657.5833984375 l s q 0 0 1 rg BT 554.00 658.92 Td (2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 643.5833984375 m 559 643.5833984375 l s q 0 0 1 rg BT 549.00 644.92 Td (15) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 629.5833984375 m 559 629.5833984375 l s q 0 0 1 rg BT 549.00 630.92 Td (34) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 615.5833984375 m 559 615.5833984375 l s q 0 0 1 rg BT 549.00 616.92 Td (34) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 601.5833984375 m 559 601.5833984375 l s q 0 0 1 rg BT 549.00 602.92 Td (35) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 587.5833984375 m 559 587.5833984375 l s q 0 0 1 rg BT 549.00 588.92 Td (39) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 545.6833984375 m 559 545.6833984375 l s q 0 0 1 rg BT 549.00 547.02 Td (40) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 531.5833984375 m 559 531.5833984375 l s q 0 0 1 rg BT 549.00 532.92 Td (43) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 517.5833984375 m 559 517.5833984375 l s q 0 0 1 rg BT 549.00 518.92 Td (44) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 503.5833984375 m 559 503.5833984375 l s q 0 0 1 rg BT 549.00 504.92 Td (66) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 489.5833984375 m 559 489.5833984375 l s q 0 0 1 rg BT 549.00 490.92 Td (69) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 544 475.5833984375 m 559 475.5833984375 l s q 0 0 1 rg BT 544.00 476.92 Td (135) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 544 461.5833984375 m 559 461.5833984375 l s q 0 0 1 rg BT 544.00 462.92 Td (135) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 544 447.5833984375 m 559 447.5833984375 l s q 0 0 1 rg BT 544.00 448.92 Td (135) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 544 415.5833984375 m 559 415.5833984375 l s q 0 0 1 rg BT 544.00 416.92 Td (136) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 544 401.5833984375 m 559 401.5833984375 l s q 0 0 1 rg BT 544.00 402.92 Td (136) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 544 386.68339843750005 m 559 386.68339843750005 l s q 0 0 1 rg BT 544.00 388.02 Td (136) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 544 372.5833984375 m 559 372.5833984375 l s q 0 0 1 rg BT 544.00 373.92 Td (136) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 544 358.5833984375 m 559 358.5833984375 l s q 0 0 1 rg BT 544.00 359.92 Td (136) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 544 326.5833984375 m 559 326.5833984375 l s q 0 0 1 rg BT 544.00 327.92 Td (137) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 544 308.5833984375 m 559 308.5833984375 l s q 0 0 1 rg BT 544.00 309.92 Td (140) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 9 0 obj <>] /Rotate 0 /Contents 10 0 R>> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Thr) Tj ET Q q 0 0 0 rg BT 64.08 742.10 Td (oughout this annual r) Tj ET Q q 0 0 0 rg BT 150.11 742.10 Td (eport, we r) Tj ET Q q 0 0 0 rg BT 193.34 742.10 Td (efer to Oppenheimer Holdings Inc., collectively with its subsidiaries, as the "Company) Tj ET Q q 0 0 0 rg BT 539.16 742.10 Td (." W) Tj ET Q q 0 0 0 rg BT 555.77 742.10 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (r) Tj ET Q q 0 0 0 rg BT 53.52 730.10 Td (efer to the dir) Tj ET Q q 0 0 0 rg BT 107.86 730.10 Td (ectly and indir) Tj ET Q q 0 0 0 rg BT 165.81 730.10 Td (ectly owned subsidiaries of Oppenheimer Holdings Inc. collectively as the "Operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Subsidiaries.") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (P) Tj ET Q q 0 0 0 rg BT 55.37 694.10 Td (AR) Tj ET Q q 0 0 0 rg BT 69.46 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 75.95 694.10 Td ( I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Item1. BUSINESS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (OVER) Tj ET Q q 0 0 0 rg BT 78.54 646.10 Td (VIEW) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (Oppenheimer Holdings Inc. \(the "Parent"\), through its Operating Subsidiaries, is a leading middle-market investment bank and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (full service broker) Tj ET Q q 0 0 0 rg BT 123.10 616.10 Td (-dealer) Tj ET Q q 0 0 0 rg BT 150.30 616.10 Td (. ) Tj ET Q q 0 0 0 rg BT 155.12 616.10 Td (W) Tj ET Q q 0 0 0 rg BT 164.16 616.10 Td (ith roots tracing back to 1881, the Company is engaged in a broad range of activities in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (financial services industry) Tj ET Q q 0 0 0 rg BT 154.32 604.10 Td (, including retail securities brokerage, institutional sales and trading, investment banking \(both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (corporate and public finance\), research, market-making, trust services and investment advisory and asset management services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (The Company owns, directly or through subsidiaries, Oppenheimer& Co. Inc. \("Oppenheimer"\), a New ) Tj ET Q q 0 0 0 rg BT 469.08 580.10 Td (Y) Tj ET Q q 0 0 0 rg BT 475.30 580.10 Td (ork-based securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (broker) Tj ET Q q 0 0 0 rg BT 75.90 568.10 Td (-dealer) Tj ET Q q 0 0 0 rg BT 103.25 568.10 Td (, Oppenheimer ) Tj ET Q q 0 0 0 rg BT 164.62 568.10 Td (Asset Management Inc. \("OAM"\), a New ) Tj ET Q q 0 0 0 rg BT 332.92 568.10 Td (Y) Tj ET Q q 0 0 0 rg BT 339.15 568.10 Td (ork-based investment adviser) Tj ET Q q 0 0 0 rg BT 455.93 568.10 Td (, Freedom Investments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (Inc. \("Freedom"\), a discount securities broker) Tj ET Q q 0 0 0 rg BT 232.63 556.10 Td (-dealer based in New Jersey) Tj ET Q q 0 0 0 rg BT 344.15 556.10 Td (, Oppenheimer ) Tj ET Q q 0 0 0 rg BT 405.89 556.10 Td (T) Tj ET Q q 0 0 0 rg BT 411.65 556.10 Td (rust Company \("Oppenheimer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 544.10 Td (rust"\), a Delaware limited purpose bank, and OPY) Tj ET Q q 0 0 0 rg BT 256.91 544.10 Td ( Credit Corp. \("OPY) Tj ET Q q 0 0 0 rg BT 338.96 544.10 Td ( Credit"\), a New ) Tj ET Q q 0 0 0 rg BT 406.81 544.10 Td (Y) Tj ET Q q 0 0 0 rg BT 413.03 544.10 Td (ork corporation or) Tj ET Q q 0 0 0 rg BT 485.61 544.10 Td (ganized to trade ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (and clear syndicated corporate loans. ) Tj ET Q q 0 0 0 rg BT 200.31 532.10 Td (The Company's international businesses are carried on through Oppenheimer Europe Ltd. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (\(United Kingdom with of) Tj ET Q q 0 0 0 rg BT 151.75 520.10 Td (fices in the Isle of Jersey and Switzerland\), Oppenheimer Investments ) Tj ET Q q 0 0 0 rg BT 433.61 520.10 Td (Asia Limited \(Hong Kong\), and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (Oppenheimer Israel \(OPCO\) Ltd. \(Israel\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (Oppenheimer Holdings Inc. was originally incorporated under the laws of British Columbia. Pursuant to its Certificate and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (Articles of Incorporation, ef) Tj ET Q q 0 0 0 rg BT 162.00 472.10 Td (fective on May1) Tj ET Q q 0 0 0 rg BT 229.66 472.10 Td (1, 2005, the Company's legal existence was continued under the Canada Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (Corporations ) Tj ET Q q 0 0 0 rg BT 104.17 460.10 Td (Act. Ef) Tj ET Q q 0 0 0 rg BT 132.86 460.10 Td (fective May1) Tj ET Q q 0 0 0 rg BT 188.02 460.10 Td (1, 2009, the Company changed its jurisdiction of incorporation from the federal jurisdiction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (of Canada to the State of Delaware in the United States with the approval of its shareholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (PRIV) Tj ET Q q 0 0 0 rg BT 73.15 424.10 Td (A) Tj ET Q q 0 0 0 rg BT 79.63 424.10 Td (TE CLIENT) Tj ET Q q 0 0 0 rg BT 133.64 424.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (Through its Private Client Division, Oppenheimer provides a comprehensive array of financial services through a network of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (1,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 394.10 Td ( financial advisers in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.03 394.10 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.03 394.10 Td ( of) Tj ET Q q 0 0 0 rg BT 178.68 394.10 Td (fices located throughout the United States. Clients include high-net-worth individuals and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (families, corporate executives, and small and mid-sized businesses. Clients may choose a variety of ways to establish a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (relationship and conduct business including brokerage accounts with transaction-based pricing and/or investment advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (accounts with asset-based fee pricing. ) Tj ET Q q 0 0 0 rg BT 203.28 358.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.72 358.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.31 358.10 Td (, the Company held client assets under administration of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.04 358.10 Td ($86.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.11 346.10 Td (. Oppenheimer provides the following private client services:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (Full-Service Brokerage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.43 322.10 Td ( Oppenheimer of) Tj ET Q q 0 0 0 rg BT 227.01 322.10 Td (fers full-service brokerage covering a broad array of investment alternatives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (including exchange-traded and over) Tj ET Q q 0 0 0 rg BT 193.35 310.10 Td (-the-counter corporate equity and debt securities, money market instruments, exchange-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (traded options and futures contracts, municipal bonds, mutual funds, and unit investment trusts. ) Tj ET Q q 0 0 0 rg BT 434.11 298.10 Td (A) Tj ET Q q 0 0 0 rg BT 440.78 298.10 Td ( substantial portion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Oppenheimer's revenue is derived from commissions from private clients through accounts with transaction-based pricing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (Brokerage commissions are char) Tj ET Q q 0 0 0 rg BT 180.61 274.10 Td (ged on investment products in accordance with a schedule which Oppenheimer has formulated. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (Discounts are available to and can be negotiated with customers based on transaction size and volume as well as a number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (other factors. In recent years, an increasing number of clients have chosen to do business through fee-based accounts.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 226.10 Td (ealth Planning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.06 226.10 Td ( Oppenheimer also of) Tj ET Q q 0 0 0 rg BT 218.24 226.10 Td (fers financial and wealth planning services which include asset management, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (individual and corporate retirement solutions, including insurance and annuity products, IRAs and 401\(k\) plans, U.S. stock plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (services to corporate executives and businesses, education savings programs, and trust and fiduciary services to individual and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (corporate clients.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (Margin Lending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.57 166.10 Td ( Oppenheimer extends credit to its customers, collateralized by securities and cash in the customer's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (account, for a portion of the purchase price, and receives income from interest char) Tj ET Q q 0 0 0 rg BT 382.17 154.10 Td (ged on such extensions of credit. ) Tj ET Q q 0 0 0 rg BT 515.57 154.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (customer is char) Tj ET Q q 0 0 0 rg BT 115.35 142.10 Td (ged for such mar) Tj ET Q q 0 0 0 rg BT 182.65 142.10 Td (gin financing at interest rates derived from Oppenheimer's rate.) Tj ET Q endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ASSET) Tj ET Q q 0 0 0 rg BT 81.50 742.25 Td ( MANAGEMENT) Tj ET Q q 0 0 0 rg BT 159.38 742.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (OAM, an investment advisory af) Tj ET Q q 0 0 0 rg BT 181.18 724.25 Td (filiate of Oppenheimer) Tj ET Q q 0 0 0 rg BT 271.86 724.25 Td (, manages the Company's advisory programs and alternative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (investments business. ) Tj ET Q q 0 0 0 rg BT 138.98 712.25 Td (The business includes discretionary and non-discretionary fee-based programs sponsored by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (Oppenheimer) Tj ET Q q 0 0 0 rg BT 104.02 700.25 Td (, OAM, Oppenheimer Investment ) Tj ET Q q 0 0 0 rg BT 240.66 700.25 Td (Advisers \("OIA"\) and Oppenheimer Investment Management LLC \("OIM"\), as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (well as alternative investments sponsored through ) Tj ET Q q 0 0 0 rg BT 251.63 688.25 Td (Advantage ) Tj ET Q q 0 0 0 rg BT 296.89 688.25 Td (Advisers Multi Manager LLC and Oppenheimer ) Tj ET Q q 0 0 0 rg BT 492.40 688.25 Td (Alternative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (Investment Management LLC. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (OAM of) Tj ET Q q 0 0 0 rg BT 83.98 652.25 Td (fers a wide range of tailored investment management solutions and services to high-net-worth private clients, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (institutions and investment advisers. ) Tj ET Q q 0 0 0 rg BT 197.86 640.25 Td (These include, but are not limited to, portfolio management, manager research and due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (diligence, asset allocation advice and financial planning. Proprietary and third party investment management capabilities are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 616.25 Td (fered through separately managed accounts, alternative investments and discretionary and non-discretionary portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (management programs. Platform support functions include sales and marketing along with administrative services such as trade ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (execution, client services, records management and client reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 568.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.08 568.25 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.13 568.25 Td ($28.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.24 568.25 Td ( of client assets under management \("AUM"\) in fee-based programs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (Revenues for OAM are generated by investment advisory and transactional fees for advisory services along with revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (sharing arrangements with registered and private alternative investment vehicles. Investment advisory fees are earned on all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (assets held in discretionary and non-discretionary asset-based programs. ) Tj ET Q q 0 0 0 rg BT 341.12 532.25 Td (These fees are typically billed quarterly) Tj ET Q q 0 0 0 rg BT 499.01 532.25 Td (, in advance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (and are calculated based on ) Tj ET Q q 0 0 0 rg BT 161.89 520.25 Td (AUM balances at the end of the prior quarter) Tj ET Q q 0 0 0 rg BT 341.27 520.25 Td (. Revenue sharing arrangements for management and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (incentive fees in alternative investments are calculated on a pre-determined basis with registered and private investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (companies. ) Tj ET Q q 0 0 0 rg BT 97.21 496.25 Td (AUM will be impacted by market movement, as well as gross sales and withdrawals from advisory programs and/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (or alternative investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (The Company's asset management services include:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (Separately Managed ) Tj ET Q q 0 0 0 rg BT 136.85 436.25 Td (Accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.69 436.25 Td ( ) Tj ET Q q 0 0 0 rg BT 190.00 436.25 Td (The Company provides clients with two fee-based programs: \(i\)Unified Managed ) Tj ET Q q 0 0 0 rg BT 520.75 436.25 Td (Account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.25 Td (which allows multiple investment managers, mutual funds and exchange-traded funds to be combined in a single custodial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (account; and \(ii\)Strategic ) Tj ET Q q 0 0 0 rg BT 155.52 412.25 Td (Asset Review dual contract program designed for clients seeking a direct contractual relationship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (with investment managers.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (Mutual Fund Managed ) Tj ET Q q 0 0 0 rg BT 149.38 376.25 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.72 376.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 190.22 376.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.22 376.25 Td ( ) Tj ET Q q 0 0 0 rg BT 202.54 376.25 Td (The Company of) Tj ET Q q 0 0 0 rg BT 270.13 376.25 Td (fers two fee-based mutual fund managed account programs through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 87.50 364.25 Td (Advisory Services \("P) Tj ET Q q 0 0 0 rg BT 175.66 364.25 Td (AS"\): \(i\) P) Tj ET Q q 0 0 0 rg BT 217.71 364.25 Td (AS, a non-discretionary advisory program where clients choose mutual funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (approved by the Company to create strategic asset allocations; and \(ii\) P) Tj ET Q q 0 0 0 rg BT 338.16 352.25 Td (AS Directed, a discretionary advisory program where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (an Oppenheimer adviser chooses the mutual funds to create the asset allocation and portfolio construction.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (Discretionary ) Tj ET Q q 0 0 0 rg BT 108.24 316.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 146.47 316.25 Td (Accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.31 316.25 Td ( Oppenheimer of) Tj ET Q q 0 0 0 rg BT 264.89 316.25 Td (fers three discretionary portfolio management programs. ) Tj ET Q q 0 0 0 rg BT 493.24 316.25 Td (Through its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (Omega and Fahnestock ) Tj ET Q q 0 0 0 rg BT 145.81 304.25 Td (Asset Management programs, Oppenheimer of) Tj ET Q q 0 0 0 rg BT 333.08 304.25 Td (fers client-focused discretionary fee-based investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (programs managed by Oppenheimer advisers. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (Non-Discretionary ) Tj ET Q q 0 0 0 rg BT 129.35 268.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 167.59 268.25 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.93 268.25 Td ( Under Oppenheimer's Preference Program, Oppenheimer provides fee-based non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (discretionary investment advisory services and consultation to clients.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (Alternative Investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.00 232.25 Td ( ) Tj ET Q q 0 0 0 rg BT 162.32 232.25 Td (The Company of) Tj ET Q q 0 0 0 rg BT 229.90 232.25 Td (fers high-net-worth and institutional investors the opportunity to participate in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (wide range of non-traditional investment strategies. Strategies include single manager hedge funds, fund of funds, diversified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (private equity funds and single investment late stage private equity funds. For proprietary funds, the Company) Tj ET Q q 0 0 0 rg BT 490.64 208.25 Td (, through its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (subsidiaries, acts as a general partner) Tj ET Q q 0 0 0 rg BT 197.72 196.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (Portfolio Enhancement Program) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 186.12 172.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 188.62 172.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.62 172.25 Td ( ) Tj ET Q q 0 0 0 rg BT 200.94 172.25 Td (The Company of) Tj ET Q q 0 0 0 rg BT 268.53 172.25 Td (fers qualified option investors the opportunity to participate in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (Portfolio Enhancement Program which sells uncovered, out-of-the-money puts and calls on the S&P) Tj ET Q q 0 0 0 rg BT 451.49 160.25 Td ( 500 Index. ) Tj ET Q q 0 0 0 rg BT 499.08 160.25 Td (The program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (uses special memorandum accounts released from a collateral account owned by the investor) Tj ET Q q 0 0 0 rg BT 420.98 148.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (Oppenheimer Investment ) Tj ET Q q 0 0 0 rg BT 156.29 124.25 Td (Advisers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.29 124.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 193.79 124.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.29 124.25 Td (OIA) Tj ET Q q 0 0 0 rg BT 223.52 124.25 Td ( provides taxable and non-taxable fixed income portfolios and strategies managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (by internal portfolio managers.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (Oppenheimer Investment Management LLC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.50 88.25 Td (OIM provides institutional taxable fixed income portfolio management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (strategies and solutions to ) Tj ET Q q 0 0 0 rg BT 155.92 76.25 Td (T) Tj ET Q q 0 0 0 rg BT 161.33 76.25 Td (aft-Hartley funds, public pension funds, corporate pension funds, insurance companies, foundations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.25 Td (and endowments.) Tj ET Q endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 80.37 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 93.71 742.25 Td ( MARKETS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (Investment Banking) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Oppenheimer employs approximately 100 investment banking professionals throughout the United States, the United Kingdom ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (and Israel. Oppenheimer's investment banking division provides strategic advisory services and capital markets products to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (emer) Tj ET Q q 0 0 0 rg BT 69.80 682.25 Td (ging growth and middle market businesses as well as financial sponsors. ) Tj ET Q q 0 0 0 rg BT 361.79 682.25 Td (The investment banking industry coverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (groups focus on certain sectors including consumer and business services, ener) Tj ET Q q 0 0 0 rg BT 365.57 670.25 Td (gy) Tj ET Q q 0 0 0 rg BT 374.92 670.25 Td (, financial institutions and real estate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (healthcare, rental services, technology) Tj ET Q q 0 0 0 rg BT 202.33 658.25 Td (, media and communications, and transportation and logistics. Oppenheimer's industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (coverage teams partner with Oppenheimer's Mer) Tj ET Q q 0 0 0 rg BT 244.60 646.25 Td (gers and ) Tj ET Q q 0 0 0 rg BT 280.15 646.25 Td (Acquisitions practice as well as Equities, Leveraged Finance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (Fixed Income platforms to provide its clients with tailored advice and access to capital markets solutions.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (Mergers and ) Tj ET Q q 0 0 0 rg BT 104.63 610.25 Td (Acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.26 610.25 Td ( Oppenheimer advises buyers and sellers on sales, divestitures, mer) Tj ET Q q 0 0 0 rg BT 437.18 610.25 Td (gers, acquisitions, tender ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 598.25 Td (fers, privatizations, restructurings, spin-of) Tj ET Q q 0 0 0 rg BT 225.70 598.25 Td (fs and joint ventures. Oppenheimer provides dedicated senior banker focus to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (clients throughout the financial advisory process, which combines our structuring and negotiating expertise with our industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (knowledge, extensive relationships, and capital markets capabilities.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (Equities Capital Markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.29 550.25 Td ( Oppenheimer provides capital raising solutions for corporate clients through initial public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 538.25 Td (ferings, follow-on of) Tj ET Q q 0 0 0 rg BT 141.01 538.25 Td (ferings, equity-linked of) Tj ET Q q 0 0 0 rg BT 237.74 538.25 Td (ferings, private investments in public entities, and private placements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (Oppenheimer focuses on emer) Tj ET Q q 0 0 0 rg BT 171.72 526.25 Td (ging companies in growth industries, including consumer) Tj ET Q q 0 0 0 rg BT 401.01 526.25 Td (, ener) Tj ET Q q 0 0 0 rg BT 423.03 526.25 Td (gy) Tj ET Q q 0 0 0 rg BT 432.38 526.25 Td (, financial institutions and real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (estate, healthcare, rental services, technology) Tj ET Q q 0 0 0 rg BT 230.10 514.25 Td (, media and communications and transportation and logistics.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (Debt Capital Markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.83 490.25 Td ( Oppenheimer of) Tj ET Q q 0 0 0 rg BT 218.41 490.25 Td (fers a full range of debt capital markets solutions for emer) Tj ET Q q 0 0 0 rg BT 450.37 490.25 Td (ging growth and middle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (market companies and financial sponsors. Oppenheimer focuses on structuring and distributing public and private debt in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (leveraged finance transactions, including leveraged buyouts, acquisitions, growth capital financings, recapitalizations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (Chapter 1) Tj ET Q q 0 0 0 rg BT 88.78 454.25 Td (1 exit financings. Oppenheimer also participates in high yield debt and fixed and floating-rate senior and subordinated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (debt of) Tj ET Q q 0 0 0 rg BT 77.87 442.25 Td (ferings. In addition, Oppenheimer advises on and acts as underwriter or placement agent on bond financings for both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (sovereign and corporate emer) Tj ET Q q 0 0 0 rg BT 168.37 430.25 Td (ging market issuers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (Institutional Equities Division) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (Oppenheimer employs over 100 dedicated equity sales and trading professionals. Oppenheimer provides execution services and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (access to all major U.S. equity exchanges and alternative execution venues, in addition to capital markets/origination, various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (arbitrage strategies, portfolio and electronic trading. Oppenheimer of) Tj ET Q q 0 0 0 rg BT 325.55 364.25 Td (fers a suite of quantitative and algorithmic trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (solutions to access liquidity in global markets. Oppenheimer's clients include domestic and international investors such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (investment advisers, banks, mutual funds, insurance companies, hedge funds, and pension and profit sharing plans, attracted by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (the insights and market intelligence provided by sales and trading staf) Tj ET Q q 0 0 0 rg BT 329.19 328.25 Td (f as well as by the quality of execution \(measured by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (volume, timing and price\), and competitive negotiated commission rates.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (Institutional Equity Sales and T) Tj ET Q q 0 0 0 rg BT 181.33 292.25 Td (rading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.06 292.25 Td ( Oppenheimer acts as both principal and agent in the execution of its customers' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (orders. Oppenheimer buys, sells and maintains an inventory of a security in order to "make a market" in that security) Tj ET Q q 0 0 0 rg BT 516.55 280.25 Td (. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (executing customer orders for securities in which it does not make a market, Oppenheimer generally char) Tj ET Q q 0 0 0 rg BT 471.33 268.25 Td (ges a commission and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (acts as agent, or will act as principal by marking the security up or down in a riskless transaction. However) Tj ET Q q 0 0 0 rg BT 477.53 256.25 Td (, when an order is in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (a security in which Oppenheimer makes a market, Oppenheimer normally acts as principal and purchases from or sells to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (brokerage customers at a price which is approximately equal to the current inter) Tj ET Q q 0 0 0 rg BT 369.12 232.25 Td (-dealer market price plus or minus a mark-up or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (mark-down. ) Tj ET Q q 0 0 0 rg BT 100.92 220.25 Td (The stocks in which Oppenheimer makes a market may also include those of issuers which are followed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (Oppenheimer's research department.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (Equity Research ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.56 184.25 Td ( Oppenheimer employs 32 senior analysts covering over 500 equity securities worldwide. Oppenheimer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (provides regular research reports, notes and earnings updates and also sponsors numerous research conferences where the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (management of covered companies can meet with investors in a group format as well as in one-on-one meetings. Oppenheimer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (also arranges for company managements to meet with interested investors through arranged meetings wherein management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (representatives travel to various sites to meet with Oppenheimer representatives and with investors. Oppenheimer's analysts use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (a variety of quantitative and qualitative tools, integrating field analysis, proprietary channel checks and ongoing dialogue with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (the managements of the companies they cover in order to produce reports and studies on individual companies and industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (developments.) Tj ET Q endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 741.40 Td (Equity Derivatives and Index Options ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 741.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 220.00 741.40 Td (O) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.95 741.40 Td (ppenheimer of) Tj ET Q q 0 0 0 rg BT 285.80 741.40 Td (fers extensive equity and index options strategies for investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 729.40 Td (seeking to manage risk and optimize returns within the equities market. Oppenheimer's experienced professionals have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 717.40 Td (expertise in many listed derivative products designed to serve the diverse needs of its institutional, corporate and private client ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 705.40 Td (base.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 681.40 Td (Convertible Bonds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.90 681.40 Td ( Oppenheimer of) Tj ET Q q 0 0 0 rg BT 206.47 681.40 Td (fers expertise in the sales, trading and analysis of U.S. domestic convertible bonds, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 669.40 Td (convertible preferred shares and warrants, with a focus on minimizing transaction costs and maximizing liquidity) Tj ET Q q 0 0 0 rg BT 502.28 669.40 Td (. In addition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 657.40 Td (Oppenheimer of) Tj ET Q q 0 0 0 rg BT 115.07 657.40 Td (fers hedged \(typically long convertible bonds and short equities\) positions to its clients on an integrated trade ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 645.40 Td (basis.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 621.40 Td (Event Driven Sales and T) Tj ET Q q 0 0 0 rg BT 155.19 621.40 Td (rading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.92 621.40 Td ( Oppenheimer has a dedicated team focused on providing specialized advice and trade ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 609.40 Td (execution expertise to institutional clients with an interest in investment strategies such as: risk / mer) Tj ET Q q 0 0 0 rg BT 452.78 609.40 Td (ger arbitrage, Dutch tender ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 597.40 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 597.40 Td (fers, splits and spin-of) Tj ET Q q 0 0 0 rg BT 146.85 597.40 Td (fs, recapitalizations, corporate reor) Tj ET Q q 0 0 0 rg BT 285.76 597.40 Td (ganizations, and other event-driven trading strategies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 573.40 Td (Global Fixed Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 555.40 Td (Oppenheimer of) Tj ET Q q 0 0 0 rg BT 115.07 555.40 Td (fers capabilities in trading and sales in highly rated \("Investment Grade"\) corporate bonds, mortgage-backed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 543.40 Td (securities, United States government and agency bonds and the sovereign and corporate debt of industrialized and emer) Tj ET Q q 0 0 0 rg BT 527.72 543.40 Td (ging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 531.40 Td (market countries, which may be denominated in currencies other than U.S. dollars. Oppenheimer also participates in auctions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 519.40 Td (for U.S. government securities conducted by the Federal Reserve Bank of New ) Tj ET Q q 0 0 0 rg BT 368.42 519.40 Td (Y) Tj ET Q q 0 0 0 rg BT 374.64 519.40 Td (ork on behalf of the U.S. ) Tj ET Q q 0 0 0 rg BT 476.11 519.40 Td (T) Tj ET Q q 0 0 0 rg BT 481.87 519.40 Td (reasury) Tj ET Q q 0 0 0 rg BT 510.64 519.40 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 507.40 Td (Oppenheimer trades non-investment grade public and private debt securities, mortgage-backed securities, sovereign and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 495.40 Td (corporate debt of industrialized and emer) Tj ET Q q 0 0 0 rg BT 214.47 495.40 Td (ging market countries and distressed securities for institutional clients qualified to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 483.40 Td (sustain the risks associated with such securities. Oppenheimer also publishes research with respect to a number of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 471.40 Td (securities. Risk of loss upon default by the borrower is significantly greater with respect to unrated or less than investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 459.40 Td (grade corporate debt securities than with other corporate debt securities. ) Tj ET Q q 0 0 0 rg BT 340.54 459.40 Td (These securities are generally unsecured and are often ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 447.40 Td (subordinated to other creditors of the issuer) Tj ET Q q 0 0 0 rg BT 223.29 447.40 Td (. ) Tj ET Q q 0 0 0 rg BT 228.11 447.40 Td (These issuers usually have high levels of indebtedness and are more sensitive to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.40 Td (adverse economic conditions, such as recession or increasing interest rates, than are investment grade issuers. ) Tj ET Q q 0 0 0 rg BT 490.23 435.40 Td (There is a limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 423.40 Td (market for some of these securities and market quotes are available only from a small number of dealers.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 399.40 Td (Institutional Fixed Income Sales and T) Tj ET Q q 0 0 0 rg BT 211.60 399.40 Td (rading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.33 399.40 Td ( Oppenheimer trades and holds positions in public and private debt securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 387.40 Td (including non-investment grade, distressed and convertible corporate securities as well as municipal securities. ) Tj ET Q q 0 0 0 rg BT 495.52 387.40 Td (There may be a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.40 Td (limited market for some of these securities and market quotes may be available from only a small number of dealers or inter) Tj ET Q q 0 0 0 rg BT 546.03 375.40 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.40 Td (dealer brokers. ) Tj ET Q q 0 0 0 rg BT 111.73 363.40 Td (While Oppenheimer normally holds such securities for a short period of time in order to facilitate client ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 351.40 Td (transactions, there is a risk of loss upon default by the borrower or from a change in interest rates af) Tj ET Q q 0 0 0 rg BT 448.58 351.40 Td (fecting the value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 339.40 Td (security) Tj ET Q q 0 0 0 rg BT 81.01 339.40 Td (. ) Tj ET Q q 0 0 0 rg BT 85.83 339.40 Td (These issuers may have high levels of indebtedness and be sensitive to adverse economic conditions, such as recession ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 327.40 Td (or increasing interest rates.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 303.40 Td (Fixed Income Research ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.83 303.40 Td ( Oppenheimer has a total of seven fixed income research professionals. ) Tj ET Q q 0 0 0 rg BT 447.76 303.40 Td (There are two dedicated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 291.40 Td (research analysts covering companies that have issued high yield bonds in the United States. Oppenheimer's high yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 279.40 Td (corporate bond research ef) Tj ET Q q 0 0 0 rg BT 156.15 279.40 Td (fort is designed to identify debt issues that provide a combination of high yield plus capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 267.40 Td (appreciation over the short to medium term. ) Tj ET Q q 0 0 0 rg BT 228.10 267.40 Td (There is one mortgage backed securities analyst focused on the detailed analysis of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 255.40 Td (individual agency and non-agency mortgage backed securities. ) Tj ET Q q 0 0 0 rg BT 303.61 255.40 Td (There are three professionals covering emer) Tj ET Q q 0 0 0 rg BT 479.18 255.40 Td (ging market fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 243.40 Td (income issuers, including a publishing research analyst focused exclusively on sovereign bonds and a strategist providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 231.40 Td (commentary on emer) Tj ET Q q 0 0 0 rg BT 134.79 231.40 Td (ging market corporate bond issuers. ) Tj ET Q q 0 0 0 rg BT 280.12 231.40 Td (The Firm also has a municipal bond research analyst publishing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 219.40 Td (reports on the tax-exempt municipal bond market.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 195.40 Td (Public Finance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.11 195.40 Td ( Oppenheimer's public finance department advises and raises capital for state and local governments, public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.40 Td (agencies, private developers and other borrowers. ) Tj ET Q q 0 0 0 rg BT 250.85 183.40 Td (The group assists its clients by developing and executing capital financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.40 Td (plans that meet our clients' objectives and by maintaining strong national institutional and retail securities distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.40 Td (capabilities. Public finance bankers have expertise in specific areas, including local governments and municipalities, primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.40 Td (and secondary schools, post-secondary and private schools, state and local transportation entities, health care institutions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 135.40 Td (senior) Tj ET Q q 0 0 0 rg BT 74.24 135.40 Td (-living facilities, public utility providers and project financing. In addition to underwriting longer) Tj ET Q q 0 0 0 rg BT 462.84 135.40 Td (-term municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 123.40 Td (securities, Oppenheimer also provides advice to municipal issuers with respect to the timing and issuance of short-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.40 Td (municipal notes, which Oppenheimer then underwrites and distributes as well as short-term notes for bridge financing of real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.40 Td (estate projects.) Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Municipal T) Tj ET Q q 0 0 0 rg BT 101.03 742.25 Td (rading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.76 742.25 Td ( Oppenheimer has regionally based municipal bond trading desks serving retail financial advisers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (clients within their regions. ) Tj ET Q q 0 0 0 rg BT 161.74 730.25 Td (These desks serve Oppenheimer's financial advisers in supporting their high-net-worth clients' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (needs for taxable and non-taxable municipal securities.) Tj ET Q q 0 0 0 rg BT 272.51 718.25 Td (The Firm also maintains a dedicated institutional municipal bond sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (and trading ef) Tj ET Q q 0 0 0 rg BT 105.35 706.25 Td (fort focused on serving mid-tier and national institutional accounts. ) Tj ET Q q 0 0 0 rg BT 376.77 706.25 Td (The Institutional desks assist in underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (municipal securities originated by the Public Finance Department. ) Tj ET Q q 0 0 0 rg BT 317.25 694.25 Td (These desks serve Oppenheimer's financial advisers in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (supporting their high-net-worth clients' needs for taxable and non-taxable municipal securities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 658.25 Td (oprietary ) Tj ET Q q 0 0 0 rg BT 102.67 658.25 Td (T) Tj ET Q q 0 0 0 rg BT 108.60 658.25 Td (rading and Investment ) Tj ET Q q 0 0 0 rg BT 207.78 658.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (In the regular course of its business, Oppenheimer takes securities positions as a market maker and/or principal to facilitate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (customer transactions and for investment purposes. In making markets and when trading for its own account, Oppenheimer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (exposes its own capital to the risk of fluctuations in market value. In 2010, Congress enacted the ) Tj ET Q q 0 0 0 rg BT 438.33 616.25 Td (W) Tj ET Q q 0 0 0 rg BT 446.97 616.25 Td (all Street Reform and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (Consumer Protection ) Tj ET Q q 0 0 0 rg BT 136.66 604.25 Td (Act \(the "Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 226.56 604.25 Td (Act"\) that prohibits proprietary trading by certain financial institutions \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td ("V) Tj ET Q q 0 0 0 rg BT 60.01 592.25 Td (olcker Rule"\) except where facilitating customer trades. ) Tj ET Q q 0 0 0 rg BT 285.49 592.25 Td (The ) Tj ET Q q 0 0 0 rg BT 303.35 592.25 Td (V) Tj ET Q q 0 0 0 rg BT 309.29 592.25 Td (olcker Rule went into ef) Tj ET Q q 0 0 0 rg BT 405.74 592.25 Td (fect in July 2015 and does not impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (the Company's business or operations as it applies to banks and other subsidiaries of bank holding companies only) Tj ET Q q 0 0 0 rg BT 506.91 580.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (The size of its securities positions vary substantially based upon economic and market conditions, allocations of capital, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (underwriting commitments and trading volume. ) Tj ET Q q 0 0 0 rg BT 243.30 544.25 Td (Also, the aggregate value of inventories of securities which Oppenheimer may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (carry is limited by the Net Capital Rule. See "Regulatory Capital Requirements" herein and "Management's Discussion and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (Analysis of Financial Condition and Results of Operations ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 286.64 520.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.64 520.25 Td ( Liquidity and Capital Resources" in Item 7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 106.28 496.25 Td (, through its subsidiaries, holds investments as general partner in a range of investment partnerships \(hedge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (funds, fund of funds, private equity partnerships and real estate partnerships\) which are of) Tj ET Q q 0 0 0 rg BT 409.43 484.25 Td (fered to Oppenheimer hedge fund-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (qualified clients and on a limited basis to qualified clients of other broker) Tj ET Q q 0 0 0 rg BT 343.05 472.25 Td (-dealers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (Repur) Tj ET Q q 0 0 0 rg BT 77.04 448.25 Td (chase ) Tj ET Q q 0 0 0 rg BT 102.32 448.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 118.80 448.25 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 430.25 Td (, through the use of securities sold under agreements to repurchase and securities purchased under agreements to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (resell, the Company acts as an intermediary between borrowers and lenders of short-term funds and provides funding for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (various inventory positions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (Securities Lending) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (In connection with both its trading and brokerage activities, Oppenheimer borrows securities to cover short sales and to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (complete transactions in which customers have failed to deliver securities by the required settlement date and lends securities to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (other brokers and dealers for similar purposes. Oppenheimer earns interest on its cash collateral provided and pays interest on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (the cash collateral received less a rebate earned for lending securities. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 109.82 304.25 Td (TED SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (Oppenheimer) Tj ET Q q 0 0 0 rg BT 108.71 286.25 Td ( & Co. Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (Oppenheimer is a registered broker) Tj ET Q q 0 0 0 rg BT 190.85 268.25 Td (-dealer in securities under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 394.94 268.25 Td (Act of 1934 and transacts business on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (various exchanges. Oppenheimer engages in a broad range of activities in the securities industry) Tj ET Q q 0 0 0 rg BT 434.22 256.25 Td (, including retail securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (brokerage, institutional sales and trading, investment banking \(both corporate and public finance\), underwritings, research, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (market-making, and investment advisory and asset management services. Oppenheimer provides its services from of) Tj ET Q q 0 0 0 rg BT 516.63 232.25 Td (fices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (located throughout the United States. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (Oppenheimer) Tj ET Q q 0 0 0 rg BT 108.71 196.25 Td ( ) Tj ET Q q 0 0 0 rg BT 110.65 196.25 Td (Asset Management Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (OAM is registered as an investment adviser with the U.S. Securities and Exchange Commission \(the "SEC"\) under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 96.38 166.25 Td (Advisers ) Tj ET Q q 0 0 0 rg BT 133.88 166.25 Td (Act of 1940, as amended \(the "Advisers ) Tj ET Q q 0 0 0 rg BT 295.70 166.25 Td (Act"\). OAM provides investment advice to clients through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (separate accounts and wrap fee programs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (OPY) Tj ET Q q 0 0 0 rg BT 70.74 130.25 Td ( Cr) Tj ET Q q 0 0 0 rg BT 84.72 130.25 Td (edit Corp.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (OPY) Tj ET Q q 0 0 0 rg BT 69.63 112.25 Td ( Credit was formed in order to facilitate leveraged loan transactions on behalf of investment banking clients seeking such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (services. ) Tj ET Q q 0 0 0 rg BT 86.66 100.25 Td (At present, OPY) Tj ET Q q 0 0 0 rg BT 152.67 100.25 Td ( Credit is inactive and may become active if circumstances dictate.) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Oppenheimer) Tj ET Q q 0 0 0 rg BT 108.71 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 111.03 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 116.95 742.25 Td (rust Company of Delawar) Tj ET Q q 0 0 0 rg BT 227.60 742.25 Td (e Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (Oppenheimer ) Tj ET Q q 0 0 0 rg BT 106.74 724.25 Td (T) Tj ET Q q 0 0 0 rg BT 112.50 724.25 Td (rust of) Tj ET Q q 0 0 0 rg BT 138.15 724.25 Td (fers a wide variety of trust services to clients of Oppenheimer) Tj ET Q q 0 0 0 rg BT 384.18 724.25 Td (. ) Tj ET Q q 0 0 0 rg BT 389.00 724.25 Td (This includes custody services, advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (services and specialized servicing options for clients. ) Tj ET Q q 0 0 0 rg BT 264.38 712.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.88 712.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.46 712.25 Td (, Oppenheimer ) Tj ET Q q 0 0 0 rg BT 417.21 712.25 Td (T) Tj ET Q q 0 0 0 rg BT 422.96 712.25 Td (rust held custodial assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td ($373.3 million. See "Other Requirements" herein.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (Fr) Tj ET Q q 0 0 0 rg BT 60.37 676.25 Td (eedom Investments, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Freedom presently of) Tj ET Q q 0 0 0 rg BT 135.35 658.25 Td (fers discount services to a small number of individual clients. ) Tj ET Q q 0 0 0 rg BT 383.17 658.25 Td (The Company is exploring expanding its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (services to of) Tj ET Q q 0 0 0 rg BT 103.13 646.25 Td (fer a full spectrum of services to independent advisers and Registered Investment ) Tj ET Q q 0 0 0 rg BT 430.25 646.25 Td (Advisers \("RIAs"\) clearing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (through Oppenheimer & Co. Inc. ) Tj ET Q q 0 0 0 rg BT 185.07 634.25 Td (The Company is currently developing the technology platform that would potentially support ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (such a service of) Tj ET Q q 0 0 0 rg BT 116.73 622.25 Td (fering.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (ADMINISTRA) Tj ET Q q 0 0 0 rg BT 114.82 598.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 142.33 598.25 Td (AND OPERA) Tj ET Q q 0 0 0 rg BT 200.75 598.25 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (Administration and operations personnel are responsible for the processing of securities transactions; the receipt, identification ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (and delivery of funds and securities; the maintenance of internal financial controls; accounting functions; custody of customers' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (securities; the handling of mar) Tj ET Q q 0 0 0 rg BT 171.45 556.25 Td (gin accounts for Oppenheimer and its correspondents; and general of) Tj ET Q q 0 0 0 rg BT 447.01 556.25 Td (fice services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (Oppenheimer executes its own and certain of its correspondents' securities transactions on all United States exchanges as well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (as many non-U.S. exchanges and in the over) Tj ET Q q 0 0 0 rg BT 227.81 520.25 Td (-the-counter market. Oppenheimer clears all of its securities transactions \(i.e., it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (delivers securities that it has sold, receives securities that it has purchased and transfers related funds\) through its own facilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (and through memberships in various clearing corporations and custodian banks in the United States as well as non-U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (securities through EuroClear) Tj ET Q q 0 0 0 rg BT 164.41 484.25 Td (. ) Tj ET Q q 0 0 0 rg BT 169.23 484.25 Td (The Company began clearing its non-U.S. international equities business in securities traded on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (European exchanges, carried on by Oppenheimer Europe Ltd. through Global Prime Partners Ltd. Oppenheimer has a multi-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (currency platform which enables it to facilitate client trades in securities denominated in foreign currencies. Oppenheimer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (operates as an Introducing Broker and introduces its clients' commodities transactions through a correspondent firm on a fully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (disclosed basis. ) Tj ET Q q 0 0 0 rg BT 114.54 436.25 Td (Through this arrangement, Oppenheimer of) Tj ET Q q 0 0 0 rg BT 288.47 436.25 Td (fers full commodity services on all commodity exchanges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (EMPLOYEES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 394.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.08 394.25 Td (, the Company employed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.12 394.25 Td (2,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.62 394.25 Td ( employees \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.71 394.25 Td (2,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.21 394.25 Td ( full-time and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.14 394.25 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.14 394.25 Td ( part-time\), of whom ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.95 394.25 Td (1,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.45 394.25 Td ( were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (financial advisers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (COMPETITION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (Oppenheimer encounters intense competition in all aspects of the securities business and competes directly with other securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (firms, a significant number of which have substantially greater resources and of) Tj ET Q q 0 0 0 rg BT 368.60 328.25 Td (fer a wider range of financial services. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (addition, there has been increasing competition from other sources, such as commercial banks, insurance companies, private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (equity and financial sponsors and certain major corporations that have entered the securities industry through acquisition, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (from other entities. ) Tj ET Q q 0 0 0 rg BT 128.32 292.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 178.22 292.25 Td (, foreign-based securities firms and commercial banks regularly of) Tj ET Q q 0 0 0 rg BT 443.77 292.25 Td (fer their services in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (performing a variety of investment banking functions including mer) Tj ET Q q 0 0 0 rg BT 321.97 280.25 Td (gers and acquisitions advice, leveraged buy-out financing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (merchant banking, and bridge financing, all in direct competition with U.S. broker) Tj ET Q q 0 0 0 rg BT 379.43 268.25 Td (-dealers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (In recent years, several key market events drastically altered the landscape for financial institutions. ) Tj ET Q q 0 0 0 rg BT 451.32 244.25 Td (V) Tj ET Q q 0 0 0 rg BT 457.26 244.25 Td (oluntary and involuntary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (consolidations as well as government assistance provided to U.S. financial institutions has led to a greater concentration of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (capital and market share among lar) Tj ET Q q 0 0 0 rg BT 190.03 220.25 Td (ge financial institutions. ) Tj ET Q q 0 0 0 rg BT 288.73 220.25 Td (This, coupled with the ability of these financial institutions to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (finance their securities businesses with capital from other businesses, such as commercial banking deposits, as well as such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (institutions deriving an aura of stability in the mind of the public \("too big to fail"\), may put the Company at a significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (competitive disadvantage.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 160.25 Td (e also compete with companies that of) Tj ET Q q 0 0 0 rg BT 211.74 160.25 Td (fer web-based financial services and discount brokerage services, usually with lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (levels of service, to individual clients. ) Tj ET Q q 0 0 0 rg BT 204.22 148.25 Td (W) Tj ET Q q 0 0 0 rg BT 212.86 148.25 Td (e also compete with advisers holding themselves out as "independent" and who are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (registered as RIAs. ) Tj ET Q q 0 0 0 rg BT 128.69 136.25 Td (W) Tj ET Q q 0 0 0 rg BT 137.32 136.25 Td (e compete principally on the basis of the quality of our advisers, services, product selection, location and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (reputation in local markets. Our ability to compete ef) Tj ET Q q 0 0 0 rg BT 262.25 124.25 Td (fectively in these businesses is substantially dependent on our continuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (ability to attract, retain and motivate qualified advisers, including successful financial advisers, investment bankers, trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (professionals, portfolio managers and other revenue producing or specialized personnel.) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The Company believes that the principal factors af) Tj ET Q q 0 0 0 rg BT 252.25 742.10 Td (fecting competition in the securities and investment banking industries are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (the quality and ability of professional personnel and relative prices of services and products of) Tj ET Q q 0 0 0 rg BT 426.92 730.10 Td (fered. In some instances, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (competition within the industry can be impacted by the credit ratings assigned to the firm of) Tj ET Q q 0 0 0 rg BT 417.78 718.10 Td (fering services when potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (clients are making a determination of acceptable counterparties. ) Tj ET Q q 0 0 0 rg BT 307.76 706.10 Td (The ability of securities industry participants to of) Tj ET Q q 0 0 0 rg BT 507.81 706.10 Td (fer credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (facilities to potential investment banking clients may af) Tj ET Q q 0 0 0 rg BT 271.70 694.10 Td (fect the assignment of individual transactions. ) Tj ET Q q 0 0 0 rg BT 457.87 694.10 Td (The Company's ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (compete depends substantially on its ability to attract and retain qualified employees while managing compensation and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (costs. Oppenheimer and its competitors employ advertising and direct solicitation of potential customers in order to increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (business and furnish investment research publications in an ef) Tj ET Q q 0 0 0 rg BT 297.53 658.10 Td (fort to retain existing and attract potential clients. Many of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Oppenheimer's competitors engage in these programs more extensively than Oppenheimer) Tj ET Q q 0 0 0 rg BT 411.42 646.10 Td (. Increasingly) Tj ET Q q 0 0 0 rg BT 465.19 646.10 Td (, securities firms are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (providing automated investment advisory services that employ algorithms to determine recommended portfolio allocations at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (much lower price point. ) Tj ET Q q 0 0 0 rg BT 147.85 622.10 Td (This model is in early stage and it is not yet clear whether this type of investment advisory service will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (provide meaningful competition to the full service investment model.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (BUSINESS CONTINUITY) Tj ET Q q 0 0 0 rg BT 165.50 586.10 Td ( PLAN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (The Company has a business continuity plan in place which is designed to enable it to continue to operate and provide services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (to its clients under a variety of circumstances in which one or more events may make one or more firm operating locations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (unavailable due to a local, regional or national emer) Tj ET Q q 0 0 0 rg BT 257.79 544.10 Td (gency) Tj ET Q q 0 0 0 rg BT 281.02 544.10 Td (, or due to the failure of one or more systems that the Company relies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (upon to provide the services that it routinely provides to its clients, employees and various business partners and counterparties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (The plan covers all business areas of the Company and provides contingency plans for technology) Tj ET Q q 0 0 0 rg BT 442.02 520.10 Td (, staf) Tj ET Q q 0 0 0 rg BT 461.28 520.10 Td (fing, equipment, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (communication to employees, clients and counterparties. ) Tj ET Q q 0 0 0 rg BT 279.75 508.10 Td (While the plan is intended to address many types of business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (continuity issues, there could be certain occurrences which, by their very nature are unpredictable, and can occur in a manner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (that is outside of our planning guidelines and could render the Company's estimates of timing for recovery inaccurate. Under all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (circumstances, it is the Company's intention to remain in business and to provide ongoing investment services as if no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (disruption had occurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (Oppenheimer maintains its headquarters and principal operating locations in New ) Tj ET Q q 0 0 0 rg BT 378.97 436.10 Td (Y) Tj ET Q q 0 0 0 rg BT 385.20 436.10 Td (ork City) Tj ET Q q 0 0 0 rg BT 417.60 436.10 Td (. In order to provide continuity for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (these services, the Company operates a primary data center as well as maintains back-up facilities \(information technology) Tj ET Q q 0 0 0 rg BT 540.57 424.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (operations and data processing\) in sites with requisite communications back-up systems. In addition, the Company occupies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (significant of) Tj ET Q q 0 0 0 rg BT 102.86 400.10 Td (fice facilities in locations around the United States which could, in an emer) Tj ET Q q 0 0 0 rg BT 403.42 400.10 Td (gency) Tj ET Q q 0 0 0 rg BT 426.65 400.10 Td (, house dislocated staf) Tj ET Q q 0 0 0 rg BT 514.78 400.10 Td (f members ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (for a short or intermediate time frame. Oppenheimer relies on public utilities for power and phone services, industry specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (entities for ultimate custody of client securities and market operations, and various industry vendors for services that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (significant and important to its business for the execution, clearance and custody of client holdings, for the pricing and valuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (of client holdings, and for permitting our Company's employees to communicate on an ef) Tj ET Q q 0 0 0 rg BT 407.09 352.10 Td (ficient basis. ) Tj ET Q q 0 0 0 rg BT 459.96 352.10 Td (The Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (headquarters and the primary location for its technology infrastructure are both supported by emer) Tj ET Q q 0 0 0 rg BT 442.74 340.10 Td (gency electric generator ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (back-up. ) Tj ET Q q 0 0 0 rg BT 86.66 328.10 Td (All of these service providers have assured the Company that they have made plans for providing continued service in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (the case of an unexpected event that might disrupt their services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (CYBERSECURITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (Cybersecurity presents significant challenges to the business community in general, as well as to the financial services industry) Tj ET Q q 0 0 0 rg BT 558.11 274.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (Increasingly) Tj ET Q q 0 0 0 rg BT 98.77 262.10 Td (, bad actors, both domestically and internationally) Tj ET Q q 0 0 0 rg BT 298.07 262.10 Td (, attempt to steal personal data and/or interrupt the normal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (functioning of businesses through accessing individuals' and companies' files and equipment connected to the internet. Recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (incidents have reflected the increasing sophistication of intruders and their intent to steal personally identifiable information as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (well as funds and securities sometimes through instructions seemingly from authorized parties but in fact from parties intent on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (attempting to steal and in other instances through bypassing normal safeguards and disrupting or stealing significant amounts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (information and then either releasing it to the internet in general or holding it for ransom. Regulators are increasingly requiring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (companies to provide increased levels of sophisticated defenses. ) Tj ET Q q 0 0 0 rg BT 309.46 190.10 Td (The Company maintains vigilance and ongoing planning and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (systems to prevent any such attack from disrupting its services to clients as well as to prevent any loss of data concerning its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (clients, their financial af) Tj ET Q q 0 0 0 rg BT 147.00 166.10 Td (fairs, as well as Company privileged information. ) Tj ET Q q 0 0 0 rg BT 347.60 166.10 Td (The Company has implemented new systems to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (detect and defend from such attacks and has appointed a Corporate Information Security Of) Tj ET Q q 0 0 0 rg BT 416.64 154.10 Td (ficer and put in place a department ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (of dedicated staf) Tj ET Q q 0 0 0 rg BT 115.90 142.10 Td (f to provide ongoing development and oversight of the Company's systems and defenses. See "Risk Factors ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 548.10 142.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.99 142.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (The Company may be exposed to damage to its business or its reputation by cybersecurity incidents" in Item 1A.) Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (REGULA) Tj ET Q q 0 0 0 rg BT 92.04 742.25 Td (TION) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (Self-Regulatory Or) Tj ET Q q 0 0 0 rg BT 126.00 724.25 Td (ganization Membership) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.72 724.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 223.22 724.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.11 724.25 Td ( Oppenheimer is a member firm of the following self-regulatory or) Tj ET Q q 0 0 0 rg BT 499.07 724.25 Td (ganizations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (\("SROs"\): the Financial Industry Regulatory ) Tj ET Q q 0 0 0 rg BT 230.09 712.25 Td (Authority \("FINRA"\), the Intercontinental Exchange, Inc., known as ICE Futures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (U.S., the Commodities Futures ) Tj ET Q q 0 0 0 rg BT 176.21 700.25 Td (T) Tj ET Q q 0 0 0 rg BT 181.97 700.25 Td (rading Commission \("CFTC"\) and the National Futures ) Tj ET Q q 0 0 0 rg BT 405.95 700.25 Td (Association \("NF) Tj ET Q q 0 0 0 rg BT 475.12 700.25 Td (A"\). In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (Oppenheimer has satisfied the requirements of the Municipal Securities Rulemaking Board \("MSRB"\) for ef) Tj ET Q q 0 0 0 rg BT 484.27 688.25 Td (fecting customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (transactions in municipal securities. Freedom is also a member of FINRA. Oppenheimer Europe Ltd. is regulated by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (Financial Conduct ) Tj ET Q q 0 0 0 rg BT 125.55 664.25 Td (Authority \("FCA"\) in the United Kingdom and the Jersey Financial Services Commission \("JFSC"\) in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (Isle of Jersey) Tj ET Q q 0 0 0 rg BT 102.11 652.25 Td (. Oppenheimer Investments ) Tj ET Q q 0 0 0 rg BT 214.31 652.25 Td (Asia Limited is regulated by the Securities and Futures Commission \("SFC"\) in Hong ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (Kong. Oppenheimer is also a member of the Securities Industry and Financial Markets ) Tj ET Q q 0 0 0 rg BT 398.80 640.25 Td (Association \("SIFMA"\), a non-profit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (or) Tj ET Q q 0 0 0 rg BT 58.15 628.25 Td (ganization that represents the shared interests of participants in the global financial markets. ) Tj ET Q q 0 0 0 rg BT 428.40 628.25 Td (The Company has access to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (number of regional and national markets and is required to adhere to their applicable rules and regulations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (Securities Regulation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.82 592.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 138.32 592.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.21 592.25 Td ( ) Tj ET Q q 0 0 0 rg BT 149.53 592.25 Td (The securities industry in the United States is subject to extensive regulation under both federal and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (state laws. ) Tj ET Q q 0 0 0 rg BT 93.97 580.25 Td (The SEC is the Federal agency char) Tj ET Q q 0 0 0 rg BT 237.08 580.25 Td (ged with administration of the Federal securities laws. Much of the regulation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (broker) Tj ET Q q 0 0 0 rg BT 75.90 568.25 Td (-dealers has been delegated to SROs such as FINRA) Tj ET Q q 0 0 0 rg BT 285.30 568.25 Td ( and the NF) Tj ET Q q 0 0 0 rg BT 331.49 568.25 Td (A. FINRA) Tj ET Q q 0 0 0 rg BT 373.17 568.25 Td ( has been designated as the primary regulator ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (of Oppenheimer and Freedom with respect to securities and option trading activities and the NF) Tj ET Q q 0 0 0 rg BT 432.49 556.25 Td (A) Tj ET Q q 0 0 0 rg BT 439.16 556.25 Td ( has been designated as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (Oppenheimer's primary regulator with respect to commodities activities. SROs adopt rules \(subject to approval by the SEC or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (the CFTC, as the case may be\) governing the industry and conduct periodic examinations of Oppenheimer's and Freedom's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (operations. In recent years, the SEC has increased its programs for examinations of registrants, even where such examinations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (overlap with examinations conducted by other entities. Securities firms are also subject to regulation by state securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (commissions in the states in which they do business. Oppenheimer and Freedom are each registered as a broker) Tj ET Q q 0 0 0 rg BT 495.79 496.25 Td (-dealer in the 50 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (states and the District of Columbia and Puerto Rico.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (Br) Tj ET Q q 0 0 0 rg BT 59.63 460.25 Td (oker) Tj ET Q q 0 0 0 rg BT 77.20 460.25 Td (-dealer Regulation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.46 460.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 154.96 460.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.85 460.25 Td ( ) Tj ET Q q 0 0 0 rg BT 166.17 460.25 Td (The regulations to which broker) Tj ET Q q 0 0 0 rg BT 294.26 460.25 Td (-dealers are subject cover all aspects of the securities business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (including sales methods, trade practices among broker) Tj ET Q q 0 0 0 rg BT 267.23 448.25 Td (-dealers, the use and safekeeping of customers' funds and securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (capital structure of securities firms, record keeping and the conduct of directors, of) Tj ET Q q 0 0 0 rg BT 380.81 436.25 Td (ficers and employees. ) Tj ET Q q 0 0 0 rg BT 470.03 436.25 Td (The SEC has adopted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.25 Td (rules requiring underwriters to ensure that municipal securities issuers provide current financial information and imposing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (limitations on political contributions to municipal issuers by brokers, dealers and other municipal finance professionals. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (Additional legislation, changes in rules promulgated by the SEC, the CFTC and by SROs, or changes in the interpretation or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (enforcement of existing laws and rules may directly af) Tj ET Q q 0 0 0 rg BT 267.52 388.25 Td (fect the method of operation and profitability of broker) Tj ET Q q 0 0 0 rg BT 487.25 388.25 Td (-dealers. ) Tj ET Q q 0 0 0 rg BT 523.71 388.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (SEC, SROs \(including FINRA\) and state securities commissions may conduct administrative proceedings which can result in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (censure, fine, issuance of cease and desist orders or suspension or expulsion of a broker) Tj ET Q q 0 0 0 rg BT 400.25 364.25 Td (-dealer) Tj ET Q q 0 0 0 rg BT 427.60 364.25 Td (, its of) Tj ET Q q 0 0 0 rg BT 452.70 364.25 Td (ficers, or employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (These administrative proceedings, whether or not resulting in adverse findings, can require substantial expenditures of time and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (money and can have an adverse impact on the reputation of a broker) Tj ET Q q 0 0 0 rg BT 323.02 340.25 Td (-dealer) Tj ET Q q 0 0 0 rg BT 350.22 340.25 Td (. ) Tj ET Q q 0 0 0 rg BT 355.04 340.25 Td (The principal purpose of regulating and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (disciplining broker) Tj ET Q q 0 0 0 rg BT 125.62 328.25 Td (-dealers is to protect customers and the securities markets rather than to protect creditors and shareholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (Regulation NMS and Regulation SHO have substantially af) Tj ET Q q 0 0 0 rg BT 288.40 304.25 Td (fected the trading of equity securities. ) Tj ET Q q 0 0 0 rg BT 441.77 304.25 Td (These regulations were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (intended to increase transparency in the markets and have acted to further reduce spreads and, with competition from electronic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (marketplaces, to reduce commission rates paid by institutional investors. ) Tj ET Q q 0 0 0 rg BT 342.81 280.25 Td (These rules have also reduced liquidity in some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (markets under some circumstances.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (Oppenheimer and certain of its af) Tj ET Q q 0 0 0 rg BT 183.93 244.25 Td (filiates are also subject to regulation by the SEC and under certain state laws in connection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (with its business as an investment adviser) Tj ET Q q 0 0 0 rg BT 216.09 232.25 Td (. ) Tj ET Q q 0 0 0 rg BT 220.91 232.25 Td (The SEC has announced its intention to place additional oversight and scrutiny over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (dual registrants such as the Company) Tj ET Q q 0 0 0 rg BT 198.49 220.25 Td (, where the registrant conducts business as a broker) Tj ET Q q 0 0 0 rg BT 403.50 220.25 Td (-dealer and investment adviser) Tj ET Q q 0 0 0 rg BT 525.40 220.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 66.48 196.25 Td (gin lending by Oppenheimer is subject to the mar) Tj ET Q q 0 0 0 rg BT 264.03 196.25 Td (gin rules of the Board of Governors of the Federal Reserve System and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (FINRA. Under such rules, Oppenheimer is limited in the amount it may lend in connection with certain purchases of securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (and is also required to impose certain maintenance requirements on the amount of securities and cash held in mar) Tj ET Q q 0 0 0 rg BT 503.00 172.25 Td (gin accounts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (In addition, Oppenheimer may \(and currently does\) impose more restrictive mar) Tj ET Q q 0 0 0 rg BT 370.55 160.25 Td (gin requirements than required by such rules.) Tj ET Q endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 133.69 742.10 Td (Act of 2002 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.68 742.10 Td (The Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 277.54 742.10 Td (Act ef) Tj ET Q q 0 0 0 rg BT 302.07 742.10 Td (fected significant changes to corporate governance, auditing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (requirements and corporate reporting. ) Tj ET Q q 0 0 0 rg BT 203.37 730.10 Td (This law generally applies to all companies, including the Company) Tj ET Q q 0 0 0 rg BT 474.88 730.10 Td (, with equity or debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (securities registered under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 255.48 718.10 Td (Act of 1934, as amended \(the "Exchange ) Tj ET Q q 0 0 0 rg BT 421.17 718.10 Td (Act"\). ) Tj ET Q q 0 0 0 rg BT 447.84 718.10 Td (The Company has taken ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (numerous actions, and incurred substantial expenses, since the passage of the legislation to comply with the Sarbanes-Oxley ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Act, related regulations promulgated by the SEC and other corporate governance requirements of the NYSE. On May 14, 2013, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 180.92 682.10 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 254.33 682.10 Td (T) Tj ET Q q 0 0 0 rg BT 260.08 682.10 Td (readway Commission \(COSO\) released an updated version of its Internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Control - Integrated Framework \(the "2013 Framework"\), which supersedes the original framework that was developed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (1992. ) Tj ET Q q 0 0 0 rg BT 74.82 658.10 Td (The Company adopted the 2013 Framework on December 15, 2014 as a basis for their compliance with the Sarbanes-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Oxley ) Tj ET Q q 0 0 0 rg BT 76.39 646.10 Td (Act of 2002. Management has determined that the Company's internal control over financial reporting as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 634.10 Td ( was ef) Tj ET Q q 0 0 0 rg BT 156.72 634.10 Td (fective. See "Management's Report on Internal Control over Financial Reporting.") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.41 610.10 Td (all Str) Tj ET Q q 0 0 0 rg BT 81.77 610.10 Td (eet Reform & Consumer Pr) Tj ET Q q 0 0 0 rg BT 191.38 610.10 Td (otection ) Tj ET Q q 0 0 0 rg BT 225.91 610.10 Td (Act \(the "Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 316.29 610.10 Td (Act"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.04 610.10 Td (In July 2010, Congress enacted extensive legislation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (entitled the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 148.04 598.10 Td (Act in which it mandated that the SEC and other regulators conduct comprehensive studies and issue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (new regulations based on their findings to control the activities of financial institutions in order to protect the financial system, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (the investing public and consumers from issues and failures that occurred in the 2008-9 financial crisis. ) Tj ET Q q 0 0 0 rg BT 465.54 574.10 Td (This ef) Tj ET Q q 0 0 0 rg BT 493.41 574.10 Td (fort has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (extensively impacted the regulation and practices of financial institutions including the Company) Tj ET Q q 0 0 0 rg BT 438.41 562.10 Td (. ) Tj ET Q q 0 0 0 rg BT 443.23 562.10 Td (The changes have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (significantly reduced leverage available to financial institutions and increased transparency to regulators and investors of risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (taken by such institutions. In addition, new rules have been adopted to regulate and/or prohibit proprietary trading for certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (deposit taking institutions, control the amount and timing of compensation to "highly paid" employees, create new regulations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (around financial transactions with retirement plans due to the adoption of a uniform fiduciary standard of care of broker) Tj ET Q q 0 0 0 rg BT 529.08 514.10 Td (-dealers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (and investment advisers providing personalized investment advice about securities to such plans, increase the disclosures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (provided to clients, and in some European jurisdictions create a tax on securities transactions. ) Tj ET Q q 0 0 0 rg BT 426.38 490.10 Td (The Consumer Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Protection Bureau has stated its intention to implement new rules af) Tj ET Q q 0 0 0 rg BT 320.87 478.10 Td (fecting the interaction between financial institutions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (consumers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.26 442.10 Td (fective July 1, 2014, certain final rules issued by the SEC regarding the mandatory registration of municipal advisers became ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 430.10 Td (fective. ) Tj ET Q q 0 0 0 rg BT 89.61 430.10 Td (These rules specify which activities will be covered by the fiduciary duty of a municipal adviser to its government ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (clients imposed by the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 193.04 418.10 Td (Act, may result in the need for new written representations by issuers, and may limit the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (manner in which we, in our capacity as an underwriter or in our other professional roles, interact with municipal issuers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Oppenheimer registered as a municipal adviser and by virtue of such registration is now subject to additional regulation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (oversight in respect of its municipal finance business. Forthcoming rulemaking by the Municipal Securities Rulemaking Board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (may cause further changes to the manner in which a state or local government is able to interact with outside finance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (professionals. ) Tj ET Q q 0 0 0 rg BT 107.59 358.10 Td (These new rules impact the nature of Oppenheimer's interactions with public finance clients, and may have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (negative short-term impact on the volume of public finance transactions, while the industry adapts to the new rules. It is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 334.10 Td (ficult to predict the nature of the final regulations and their impact on the business of the Company) Tj ET Q q 0 0 0 rg BT 455.45 334.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (Section 956 of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 176.37 310.10 Td (Act required the SEC, Federal Reserve, Of) Tj ET Q q 0 0 0 rg BT 347.25 310.10 Td (fice of the Comptroller of the Currency) Tj ET Q q 0 0 0 rg BT 503.76 310.10 Td (, Federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (Deposit Insurance Corporation, Federal Housing Finance ) Tj ET Q q 0 0 0 rg BT 280.78 298.10 Td (Agency and National Credit Union ) Tj ET Q q 0 0 0 rg BT 422.70 298.10 Td (Administration \(the "agencies"\) to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (jointly prescribe regulations or guidelines related to the prohibition of incentive-based compensation arrangements that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (encourage inappropriate risks at certain financial institutions. ) Tj ET Q q 0 0 0 rg BT 296.96 274.10 Td (The agencies have released a proposed rule that would prohibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (certain forms of incentive-based compensation arrangements for financial institutions with greater than $1 billion in total assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (\(the "Incentive-Based Compensation Proposal"\). Much of the Incentive-Based Compensation Proposal would apply to financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (institutions categorized as either "Level 1" institutions \(assets of $250 billion or more\) or "Level 2" institutions \(assets of $50 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (billion to $250 billion\), while "Level 3" institutions \(assets of $1 billion to $50 billion\) would be subject to less extensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 98.89 214.10 Td (All covered financial institutions would be required to, among other requirements: \(i\) annually document the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (structure of their incentive-based compensation arrangements; \(ii\) retain records of such annual documentation for at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (seven years; and \(iii\) comply with general prohibitions on incentive-based compensation arrangements that could encourage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (inappropriate risk-taking. Should the Incentive-Based Compensation Proposal be adopted, we would be subject to the rule's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (requirements as a "Level 3" financial institution, which would require us to incur additional legal and compliance costs, as well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (as subject us to increased legal risks.) Tj ET Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Markets in Financial Instruments Dir) Tj ET Q q 0 0 0 rg BT 200.17 742.10 Td (ective \(known as "MiFID II"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.86 742.10 Td (MiFID II became ef) Tj ET Q q 0 0 0 rg BT 411.92 742.10 Td (fective on January 3, 2018 in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (United Kingdom and all of Europe. ) Tj ET Q q 0 0 0 rg BT 193.96 730.10 Td (The Directive is intended to strengthen investor protection and improve the functioning of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (financial markets making them more ef) Tj ET Q q 0 0 0 rg BT 207.26 718.10 Td (ficient, resilient and transparent. MiFID II sets out: \(i\) conduct of business and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (or) Tj ET Q q 0 0 0 rg BT 58.15 706.10 Td (ganizational requirements for investment firms; \(ii\) authorization requirements for regulated markets; \(iii\) regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (reporting to avoid market abuse; \(iv\) trade transparency obligation for shares; and \(v\) rules on the admission of financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (instruments to trading. ) Tj ET Q q 0 0 0 rg BT 142.59 682.10 Td (The new rulemaking has and will fundamentally alter the provision of research to financial institutions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (as well as require the registration of all market participants. It is anticipated that this rulemaking will negatively impact the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (overall availability of commission revenue in payment for equity research and possibly negatively impact the liquidity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (markets for equities and fixed income securities in Europe. It is possible that these new business practices may be adopted in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (the U.S. although there is currently no such regulatory requirement in the U.S.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Fiduciary Standar) Tj ET Q q 0 0 0 rg BT 123.23 610.10 Td (d Rulemaking by the U.S. Department of Labor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.66 610.10 Td (In ) Tj ET Q q 0 0 0 rg BT 347.93 610.10 Td (April 2016, the U.S. Department of Labor \("DOL"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (finalized its definition of fiduciary under the Employee Retirement Income Security ) Tj ET Q q 0 0 0 rg BT 387.95 598.10 Td (Act \("ERISA"\) through the release of new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (rules and changes to interpretations of six prohibited transaction exemptions which together set a new standard for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (treatment and ef) Tj ET Q q 0 0 0 rg BT 114.79 574.10 Td (fects of advice given to retirement investors. Under this new rule, investment advice given to an employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (benefit plan or an individual retirement account \("IRA"\) is considered fiduciary advice. ) Tj ET Q q 0 0 0 rg BT 401.65 562.10 Td (As a result, financial service providers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (and advisers who provide investment advice will need to meet "conflict of interest" standards which is likely to limit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (commission-based compensation in favor of flat-fee compensation plans. ) Tj ET Q q 0 0 0 rg BT 345.01 538.10 Td (The rules will also limit the ability to render advice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (which encourages the transfer of retirement assets from 401\(k\) and similar plans as well as pension plans to rollover IRA) Tj ET Q q 0 0 0 rg BT 534.03 526.10 Td ( plans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (sponsored by financial service providers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (The DOL) Tj ET Q q 0 0 0 rg BT 88.23 490.10 Td ( rules provide for a Best Interest Contract \("BIC"\) exemption, which would, under some circumstances, allow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (advisers to continue to receive commissions under a contract with a retirement investor) Tj ET Q q 0 0 0 rg BT 398.23 478.10 Td (.However) Tj ET Q q 0 0 0 rg BT 439.48 478.10 Td (, there is no exemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (available for sophisticated investors and a financial institution's failure to maintain and comply with the required anti-conflict ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (of interest policies and procedureswill result in a loss of the relief af) Tj ET Q q 0 0 0 rg BT 324.45 454.10 Td (forded by the BIC exemption and potential legal and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (regulatory sanctions. ) Tj ET Q q 0 0 0 rg BT 135.63 442.10 Td (The new fiduciary standard definitions for investment advice were ef) Tj ET Q q 0 0 0 rg BT 411.73 442.10 Td (fective on June 7, 2016 but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (compliance with the new rules under most circumstances was postponed until ) Tj ET Q q 0 0 0 rg BT 362.98 430.10 Td (April 10, 2017 and full compliance with the BIC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (and other exemptions was initially delayed until January 1, 2018 and then further delayed until July 1, 2019. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (The SEC has recently announced its intention to propose fiduciary standards for broker) Tj ET Q q 0 0 0 rg BT 398.59 394.10 Td (-dealers in the very near future that will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (apply to non-retirement client accounts. It is not clear whether any such rulemaking will be integrated with current DOL) Tj ET Q q 0 0 0 rg BT 530.86 382.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (regulations and whether these regimes will be harmonized so as to enable broker) Tj ET Q q 0 0 0 rg BT 372.47 370.10 Td (-dealers to manage their business within a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (single fiduciary regime. ) Tj ET Q q 0 0 0 rg BT 147.19 358.10 Td (Any such new regulations may increase the associated costs of doing business and may put further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (pressure on conventional agency commission business conducted by broker) Tj ET Q q 0 0 0 rg BT 352.50 346.10 Td (-dealers. ) Tj ET Q q 0 0 0 rg BT 388.97 346.10 Td (V) Tj ET Q q 0 0 0 rg BT 395.08 346.10 Td (arious sections of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 533.12 346.10 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (and DOL) Tj ET Q q 0 0 0 rg BT 87.12 334.10 Td ( rules are currently under review by the ) Tj ET Q q 0 0 0 rg BT 246.87 334.10 Td (T) Tj ET Q q 0 0 0 rg BT 252.63 334.10 Td (rump administration. ) Tj ET Q q 0 0 0 rg BT 338.82 334.10 Td (These rules are subject to proposed changes and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (elimination.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (Money Market Funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.98 298.10 Td (In July 2014, the SEC adopted amendments to the rules that govern money market mutual funds. ) Tj ET Q q 0 0 0 rg BT 539.72 298.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (amendments make structural and operational reforms to address risks of excessive withdrawals over relatively short time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (frames by investors from money market funds, while preserving the benefits of the funds. Oppenheimer does not sponsor any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (money market funds. Oppenheimer utilizes such funds to a small extent for its own investment purposes and, as a result of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (new rules, has extensively limited the availability of money market funds to its clients. Instead the Company now of) Tj ET Q q 0 0 0 rg BT 514.72 250.10 Td (fers FDIC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (short-term bank deposits alternatives as cash sweep investments. ) Tj ET Q q 0 0 0 rg BT 311.14 238.10 Td (The SEC has recently announced its intention to review the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (programs under which broker) Tj ET Q q 0 0 0 rg BT 168.37 226.10 Td (-dealers of) Tj ET Q q 0 0 0 rg BT 210.67 226.10 Td (fer FDIC-insured accounts to clients and their potential impact on the financial system.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 105.65 202.10 Td (Audit T) Tj ET Q q 0 0 0 rg BT 134.83 202.10 Td (rail ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.67 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.99 202.10 Td (The SEC approved Rule 613 on October 1, 2012 which introduced the requirement for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 104.72 190.10 Td (Audit ) Tj ET Q q 0 0 0 rg BT 129.82 190.10 Td (T) Tj ET Q q 0 0 0 rg BT 135.58 190.10 Td (rail \("CA) Tj ET Q q 0 0 0 rg BT 171.60 190.10 Td (T"\), a central repository for all U.S. securities transactions that is to be utilized for monitoring of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (markets and for regulatory purposes by SROs and the SEC. ) Tj ET Q q 0 0 0 rg BT 290.06 178.10 Td (The rule was issued as a response to ) Tj ET Q q 0 0 0 rg BT 437.06 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 445.70 178.10 Td (all Street's May 6, 2010 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td ("Flash Crash", during which the market sustained a significant decline without any underlying news or economic rationale. ) Tj ET Q q 0 0 0 rg BT 544.80 166.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (CA) Tj ET Q q 0 0 0 rg BT 62.78 154.10 Td (T) Tj ET Q q 0 0 0 rg BT 68.71 154.10 Td ( will be utilized to identify the beneficiary owner of every securities transaction and to correlate that information across ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (market participants. In February 2015, the SROs submitted the CA) Tj ET Q q 0 0 0 rg BT 316.35 142.10 Td (T) Tj ET Q q 0 0 0 rg BT 322.28 142.10 Td ( National Market System \("NMS"\) Plan to create the CA) Tj ET Q q 0 0 0 rg BT 548.45 142.10 Td (T) Tj ET Q q 0 0 0 rg BT 554.38 142.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (and to announce the requirements for market participants. On November 15, 2016, the Plan was unanimously approved by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 73.16 118.10 Td (The NMS Plan outlines the reporting requirements for industry participants, as well as the requirements for the Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (Processor) Tj ET Q q 0 0 0 rg BT 88.48 106.10 Td (, the entity that will hold and protect the data, while making it available to authorized users.) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (When CA) Tj ET Q q 0 0 0 rg BT 89.16 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.09 742.10 Td ( goes into operation, all U.S. broker) Tj ET Q q 0 0 0 rg BT 237.92 742.10 Td (-dealers and SROs will be required to report all equity and options life cycle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (events to the repository on a daily basis. In addition, U.S. broker) Tj ET Q q 0 0 0 rg BT 307.81 730.10 Td (-dealers will be required to submit customer account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (information to the repository) Tj ET Q q 0 0 0 rg BT 164.60 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 169.42 718.10 Td (This will make CA) Tj ET Q q 0 0 0 rg BT 244.70 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 250.63 718.10 Td ( the world's lar) Tj ET Q q 0 0 0 rg BT 309.73 718.10 Td (gest repository of securities transactions, receiving an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (estimated 58 billion records per day) Tj ET Q q 0 0 0 rg BT 192.92 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 197.74 706.10 Td (The SROs will have 12 months to submit equity and options life cycle events to the CA) Tj ET Q q 0 0 0 rg BT 547.14 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 552.51 706.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Lar) Tj ET Q q 0 0 0 rg BT 63.70 694.10 Td (ge broker) Tj ET Q q 0 0 0 rg BT 101.53 694.10 Td (-dealers, which includes Oppenheimer) Tj ET Q q 0 0 0 rg BT 254.97 694.10 Td (, will be required to begin reporting within 24 months, and small broker) Tj ET Q q 0 0 0 rg BT 541.93 694.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (dealers will be required to report within 36 months. It is anticipated that there will be duplicative reporting by the SROs and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (industry) Tj ET Q q 0 0 0 rg BT 82.13 670.10 Td (, however) Tj ET Q q 0 0 0 rg BT 121.16 670.10 Td (, the CA) Tj ET Q q 0 0 0 rg BT 153.66 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 159.58 670.10 Td ( NMS Plan requires SROs to define plans to eliminate duplicative reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (The Company anticipates that the requirements of the CA) Tj ET Q q 0 0 0 rg BT 279.94 646.10 Td (T) Tj ET Q q 0 0 0 rg BT 285.86 646.10 Td ( will be expensive to implement, require significant amounts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (planning and will present potential privacy issues that may not be protected under existing rule-making and may make the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Company liable for improper disclosure or cybersecurity hacking of the CA) Tj ET Q q 0 0 0 rg BT 352.14 622.10 Td (T) Tj ET Q q 0 0 0 rg BT 358.07 622.10 Td ( database.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.01 598.10 Td (rust Company Regulation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.17 598.10 Td ( Oppenheimer ) Tj ET Q q 0 0 0 rg BT 228.42 598.10 Td (T) Tj ET Q q 0 0 0 rg BT 234.17 598.10 Td (rust is a limited purpose trust company or) Tj ET Q q 0 0 0 rg BT 400.36 598.10 Td (ganized under the laws of Delaware and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (is regulated by the Of) Tj ET Q q 0 0 0 rg BT 136.46 586.10 Td (fice of the State Banking Commissioner) Tj ET Q q 0 0 0 rg BT 296.16 586.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (The impact of any of, or more than one of, the foregoing could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 407.73 562.10 Td (fect on our business, financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (condition and results of operations. Certain of the rulemaking described above remains under consideration and has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (subject to numerous changes and postponements in both the requirements and implementation date\(s\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (REGULA) Tj ET Q q 0 0 0 rg BT 92.04 514.10 Td (T) Tj ET Q q 0 0 0 rg BT 98.53 514.10 Td (OR) Tj ET Q q 0 0 0 rg BT 113.18 514.10 Td (Y) Tj ET Q q 0 0 0 rg BT 120.03 514.10 Td ( CAPIT) Tj ET Q q 0 0 0 rg BT 152.90 514.10 Td (AL) Tj ET Q q 0 0 0 rg BT 166.24 514.10 Td ( REQUIREMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (As registered broker) Tj ET Q q 0 0 0 rg BT 131.44 496.10 Td (-dealers and member firms regulated by FINRA, Oppenheimer and Freedom are subject to certain net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (capital requirements pursuant to Rule 15c3-1 \(the "Net Capital Rule"\) promulgated under the Exchange ) Tj ET Q q 0 0 0 rg BT 466.37 484.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 485.63 484.10 Td (The Net Capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (Rule, which specifies minimum net capital requirements for registered brokers and dealers, is designed to measure the general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (financial integrity and liquidity of a broker) Tj ET Q q 0 0 0 rg BT 220.86 460.10 Td (-dealer and requires that at least a minimum part of its assets be kept in liquid form.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (Oppenheimer elects to compute net capital under the alternative method of calculation permitted by the Net Capital Rule. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (\(Freedom computes net capital under the basic formula as provided by the Net Capital Rule.\) Under the alternative method, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (Oppenheimer is required to maintain a minimum "net capital", as defined in the Net Capital Rule, at least equal to 2% of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (amount of its "aggregate debit items" computed in accordance with the Formula for Determination of Reserve Requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (for Brokers and Dealers \(Exhibit ) Tj ET Q q 0 0 0 rg BT 183.02 388.10 Td (A) Tj ET Q q 0 0 0 rg BT 189.69 388.10 Td ( to Rule 15c3-3 under the Exchange ) Tj ET Q q 0 0 0 rg BT 335.48 388.10 Td (Act\) or $1.5 million, whichever is greater) Tj ET Q q 0 0 0 rg BT 500.99 388.10 Td (. "Aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (debit items" are assets that have as their source transactions with customers, primarily mar) Tj ET Q q 0 0 0 rg BT 411.57 376.10 Td (gin loans. Failure to maintain the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (required net capital may subject a firm to suspension or expulsion by FINRA, the SEC and other regulatory bodies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (ultimately may require the firm's liquidation. ) Tj ET Q q 0 0 0 rg BT 231.86 352.10 Td (The Net Capital Rule also prohibits payments of dividends, redemption of stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (and the prepayment of subordinated indebtedness if net capital thereafter would be less than 5% of aggregate debit items \(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (7% of the funds required to be segregated pursuant to the Commodity Exchange ) Tj ET Q q 0 0 0 rg BT 372.97 328.10 Td (Act and the regulations thereunder) Tj ET Q q 0 0 0 rg BT 510.85 328.10 Td (, if greater\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (and payments in respect of principal of subordinated indebtedness if net capital thereafter would be less than 5% of aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (debit items \(or 6% of the funds required to be segregated pursuant to the Commodity Exchange ) Tj ET Q q 0 0 0 rg BT 433.79 304.10 Td (Act and the regulations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (thereunder) Tj ET Q q 0 0 0 rg BT 92.35 292.10 Td (, if greater\). ) Tj ET Q q 0 0 0 rg BT 141.87 292.10 Td (The Net Capital Rule also provides that the total outstanding principal amounts of a broker) Tj ET Q q 0 0 0 rg BT 504.91 292.10 Td (-dealer's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (indebtedness under certain subordination agreements \(the proceeds of which are included in its net capital\) may not exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (70% of the sum of the outstanding principal amounts of all subordinated indebtedness included in net capital, par or stated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (value of capital stock, paid-in capital in excess of par) Tj ET Q q 0 0 0 rg BT 262.29 256.10 Td (, retained earnings and other capital accounts for a period in excess of 90 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (days.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (Net capital is essentially defined in the Net Capital Rule as net worth \(assets minus liabilities\), plus qualifying subordinated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (borrowings minus certain mandatory deductions that result from excluding assets that are not readily convertible into cash and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (deductions for certain operating char) Tj ET Q q 0 0 0 rg BT 196.98 196.10 Td (ges. ) Tj ET Q q 0 0 0 rg BT 215.13 196.10 Td (The Net Capital Rule values certain other assets, such as a firm's positions in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (securities, conservatively) Tj ET Q q 0 0 0 rg BT 150.42 184.10 Td (. ) Tj ET Q q 0 0 0 rg BT 154.87 184.10 Td (Among these deductions are adjustments \(referred to as "haircuts"\) in the market value of securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (to reflect the possibility of a market decline prior to disposition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (Compliance with the Net Capital Rule could limit those operations of the brokerage subsidiaries of the Company that require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (the intensive use of capital, such as underwriting and trading activities and the financing of customer account balances, and also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (could restrict the Company's ability to withdraw capital from its brokerage subsidiaries, which in turn could limit the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (Company's ability to pay dividends, repay debt and redeem or purchase shares of its outstanding capital stock. Under the Net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (Capital Rule, broker) Tj ET Q q 0 0 0 rg BT 131.17 100.10 Td (-dealers are required to maintain certain records and provide the SEC with quarterly reports with respect to, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (among other things, significant movements of capital, including transfers to a holding company parent or other af) Tj ET Q q 0 0 0 rg BT 503.59 88.10 Td (filiate. ) Tj ET Q q 0 0 0 rg BT 531.73 88.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (SEC and/or SROs may in certain circumstances restrict the Company's brokerage subsidiaries' ability to withdraw excess net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (capital and transfer it to the Company or to other Operating Subsidiaries or to expand the Company's business.) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Oppenheimer Europe Ltd. is authorized by the FCA) Tj ET Q q 0 0 0 rg BT 257.18 742.10 Td ( of the United Kingdom to provide investment services under the MiFID II. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (New Basel III requirements being implemented in the European Union have changed how capital adequacy is reported under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (the Capital Requirements Directive \("CRD IV"\), ef) Tj ET Q q 0 0 0 rg BT 254.87 718.10 Td (fective January1, 2014, for Oppenheimer Europe Ltd. ) Tj ET Q q 0 0 0 rg BT 474.34 718.10 Td (There are three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (capital ratios Oppenheimer Europe Ltd. must meet: 1\) Common Equity ) Tj ET Q q 0 0 0 rg BT 337.26 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 343.01 706.10 Td (ier 1 ratio of 4.5%; 2\) ) Tj ET Q q 0 0 0 rg BT 431.97 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 437.73 706.10 Td (ier 1 Capital ratio of 6.0%; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (3\) ) Tj ET Q q 0 0 0 rg BT 60.65 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 66.06 694.10 Td (otal Capital ratio of 8.0%. Under MiFID II, Oppenheimer Europe has applied for and received increased permissions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 682.10 Td (fective January 1, 2018, to be treated as a liquidity provider and as such may trade as principal with its institutional counter) Tj ET Q q 0 0 0 rg BT 550.31 682.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (parties in fixed income securities. ) Tj ET Q q 0 0 0 rg BT 187.00 670.10 Td (This registration will require that Oppenheimer Europe Ltd. dedicate increased capital to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (European business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Oppenheimer Investments ) Tj ET Q q 0 0 0 rg BT 157.20 634.10 Td (Asia Limited was approved by the SFC to provide institutional fixed income and equities brokerage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (services to institutional investors and corporate finance advisory services to Hong Kong institutional clients. Oppenheimer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 100.27 610.10 Td (Asia Limited is required to maintain Required Liquid Capital of the greater of HKD 3.0 million or 5% of ) Tj ET Q q 0 0 0 rg BT 521.85 610.10 Td (Adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Liabilities as defined by the Hong Kong Securities and Futures Financial Resources Rules.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (See note 16 to the consolidated financial statements for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.35 574.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.93 574.10 Td ( appearing in Item8 for further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (information on the Company's regulatory capital requirements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (OTHER REQUIREMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (Senior Secur) Tj ET Q q 0 0 0 rg BT 101.01 520.10 Td (ed Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (On June23, 2017, the Parent issued in a private of) Tj ET Q q 0 0 0 rg BT 251.45 502.10 Td (fering $200.0 million aggregate principal amount of 6.75% Senior Secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Notes due 2022 \(the "Unregistered Notes"\) under an indenture at an issue price of 100% of the principal amount. On September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (19, 2017, the Parent completed an exchange of) Tj ET Q q 0 0 0 rg BT 237.26 478.10 Td (fer in which the Parent exchanged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.09 478.10 Td (99.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.92 478.10 Td ( of its Unregistered Notes for a like ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (principal amount of notes with identical terms except that such new notes have been registered under the Securities ) Tj ET Q q 0 0 0 rg BT 512.63 466.10 Td (Act of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (1933, as amended \(the "Notes"\). ) Tj ET Q q 0 0 0 rg BT 182.11 454.10 Td (The Parent did not receive any proceeds in the exchange of) Tj ET Q q 0 0 0 rg BT 418.50 454.10 Td (fer) Tj ET Q q 0 0 0 rg BT 429.05 454.10 Td (. ) Tj ET Q q 0 0 0 rg BT 433.87 454.10 Td (The interest on the Notes is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (payable semi-annually on January 1st and July 1st, beginning January 1, 2018. See note 10 to the consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (statements appearing in Item 8 for further discussion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (The indenture governing the Notes contains covenants which place restrictions on the incurrence of indebtedness, the payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (of dividends, the repurchase of equity) Tj ET Q q 0 0 0 rg BT 200.42 394.10 Td (, the sale of assets, mer) Tj ET Q q 0 0 0 rg BT 292.71 394.10 Td (gers and acquisitions and the granting of liens. ) Tj ET Q q 0 0 0 rg BT 481.09 394.10 Td (The Notes provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (for events of default including, among other things, nonpayment, breach of covenants and bankruptcy) Tj ET Q q 0 0 0 rg BT 456.46 382.10 Td (. ) Tj ET Q q 0 0 0 rg BT 461.27 382.10 Td (The Parent's obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (under the Notes are guaranteed by certain of the Parent's subsidiaries and are secured by a first-priority security interest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (substantially all of the assets of the Parent and the subsidiary's guarantors. ) Tj ET Q q 0 0 0 rg BT 348.50 358.10 Td (These guarantees and the collateral may be shared, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (on a pari passu basis, under certain circumstances, with debt incurred. ) Tj ET Q q 0 0 0 rg BT 331.58 346.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.02 346.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.60 346.10 Td (, the Parent was in compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (with all of its covenants. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (Securities Investor Pr) Tj ET Q q 0 0 0 rg BT 136.83 310.10 Td (otection Corporation \("SIPC"\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (Oppenheimer and Freedom are each members of the SIPC, which provides, in the event of the liquidation of a broker) Tj ET Q q 0 0 0 rg BT 518.83 292.10 Td (-dealer) Tj ET Q q 0 0 0 rg BT 546.18 292.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (protection for customers' accounts \(including the customer accounts of other securities firms when it acts on their behalf as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (clearing broker\) held by the firm of up to $500,000 for each customer) Tj ET Q q 0 0 0 rg BT 328.12 268.10 Td (, subject to a limitation of $250,000 for claims for cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (balances. SIPC is funded through assessments on registered broker) Tj ET Q q 0 0 0 rg BT 317.25 256.10 Td (-dealers. In addition, Oppenheimer has purchased additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td ("excess of SIPC" policy protection from certain underwriters at Lloyd's of London of an additional $99.5 million \(and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td ($900,000 for claims for cash balances\) per customer) Tj ET Q q 0 0 0 rg BT 258.82 232.10 Td (.) Tj ET Q q 0 0 0 rg BT 263.64 232.10 Td (The "excess of SIPC" policy has an overall aggregate limit of liability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td ($400.0 million. ) Tj ET Q q 0 0 0 rg BT 113.71 220.10 Td (The Company has entered into an indemnity agreement with Lloyd's of London pursuant to which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (Company has agreed to indemnify Lloyd's of London for losses incurred by Lloyd's under the policy) Tj ET Q q 0 0 0 rg BT 452.04 208.10 Td (.) Tj ET Q endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 55.93 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 61.87 742.25 Td (AILABLE INFORMA) Tj ET Q q 0 0 0 rg BT 157.52 742.25 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (The Company's principal place of business is at 85 Broad Street, New ) Tj ET Q q 0 0 0 rg BT 331.65 724.25 Td (Y) Tj ET Q q 0 0 0 rg BT 337.87 724.25 Td (ork, NY) Tj ET Q q 0 0 0 rg BT 370.27 724.25 Td ( 10004 and its telephone number is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (\(212\)668-8000. ) Tj ET Q q 0 0 0 rg BT 117.31 712.25 Td (The Company's internet address is http://www) Tj ET Q q 0 0 0 rg BT 302.05 712.25 Td (.opco.com. ) Tj ET Q q 0 0 0 rg BT 348.52 712.25 Td (The Company makes available free of char) Tj ET Q q 0 0 0 rg BT 520.48 712.25 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (through its website its ) Tj ET Q q 0 0 0 rg BT 140.00 700.25 Td (Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (and information statements and other SEC filings and all amendments to those reports within 24 hours of such material being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (electronically filed with or furnished to the SEC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (Y) Tj ET Q q 0 0 0 rg BT 56.22 652.25 Td (ou may read and copy this ) Tj ET Q q 0 0 0 rg BT 163.42 652.25 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.76 652.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.34 652.25 Td ( at the SEC's Public Reference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (Room at 100 F Street, N.E., ) Tj ET Q q 0 0 0 rg BT 163.70 640.25 Td (W) Tj ET Q q 0 0 0 rg BT 172.34 640.25 Td (ashington, D.C. 20549. ) Tj ET Q q 0 0 0 rg BT 267.25 640.25 Td (Y) Tj ET Q q 0 0 0 rg BT 273.47 640.25 Td (ou may also obtain copies by mail from the Public Reference Room of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (the SEC at prescribed rates. ) Tj ET Q q 0 0 0 rg BT 163.12 628.25 Td (T) Tj ET Q q 0 0 0 rg BT 168.53 628.25 Td (o obtain information on the operation of the Public Reference Room, you can call the SEC at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (1-800-SEC-0330. ) Tj ET Q q 0 0 0 rg BT 123.15 616.25 Td (The SEC also maintains an internet website that contains reports, proxy and information statements and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (information regarding issuers, including Oppenheimer Holdings Inc., that file electronically with the SEC. ) Tj ET Q q 0 0 0 rg BT 477.77 604.25 Td (The address of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (SEC's internet website is ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 151.7919921875 590.9169921875 m 229.14306640625 590.9169921875 l s q 0 0 0 rg BT 151.79 592.25 Td (http://www) Tj ET Q q 0 0 0 rg BT 196.70 592.25 Td (.sec.gov) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.82 592.25 Td (.) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Item1A. RISK F) Tj ET Q q 0 0 0 rg BT 121.53 742.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 142.46 742.25 Td (ORS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (The Company's business and operations are subject to numerous risks. ) Tj ET Q q 0 0 0 rg BT 333.57 718.25 Td (The material risks and uncertainties that management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (believes af) Tj ET Q q 0 0 0 rg BT 92.35 706.25 Td (fect the Company are described below) Tj ET Q q 0 0 0 rg BT 245.25 706.25 Td (. ) Tj ET Q q 0 0 0 rg BT 250.07 706.25 Td (The risks and uncertainties described below are not the only ones facing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (Company) Tj ET Q q 0 0 0 rg BT 87.74 694.25 Td (. ) Tj ET Q q 0 0 0 rg BT 92.19 694.25 Td (Additional risks and uncertainties that management is not aware of or focused on or that management currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (deems immaterial may also impair the Company's business operations. If any of the following risks actually occur) Tj ET Q q 0 0 0 rg BT 505.52 682.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (Company's financial condition and results of operations may be materially and adversely af) Tj ET Q q 0 0 0 rg BT 414.90 670.25 Td (fected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (The Company may continue to be adversely affected by the failur) Tj ET Q q 0 0 0 rg BT 328.19 646.25 Td (e of the ) Tj ET Q q 0 0 0 rg BT 361.23 646.25 Td (Auction Rate Securities Market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.25 Td (In February 2008, the market for auction rate securities \("ARS"\) began experiencing disruptions due to the failure of auctions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.25 Td (for preferred stocks issued to leverage closed end funds, municipal bonds backed by tax exempt issuers, and student loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.25 Td (backed by pools of student loans guaranteed by U.S. government agencies. ) Tj ET Q q 0 0 0 rg BT 351.46 604.25 Td (This failure followed an earlier failure of a smaller ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.25 Td (market of ) Tj ET Q q 0 0 0 rg BT 90.04 592.25 Td (ARS that were backed by mortgage and other forms of derivatives in the summer of 2007. ) Tj ET Q q 0 0 0 rg BT 453.38 592.25 Td (These auction failures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.25 Td (developed as a result of auction managers or dealers, typically lar) Tj ET Q q 0 0 0 rg BT 311.16 580.25 Td (ge commercial or investment banks, deciding not to commit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.25 Td (their own capital when there was insuf) Tj ET Q q 0 0 0 rg BT 203.71 568.25 Td (ficient demand from bidders to meet the supply of sales from sellers. ) Tj ET Q q 0 0 0 rg BT 480.96 568.25 Td (The failure of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.25 Td (ARS market has prevented clients of the Company from liquidating holdings in these positions or) Tj ET Q q 0 0 0 rg BT 439.60 556.25 Td (, in many cases, posting these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.25 Td (securities as collateral for loans. ) Tj ET Q q 0 0 0 rg BT 180.38 544.25 Td (The Company had operated in an agency capacity in this market and held and continues to hold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.25 Td (ARS in its proprietary accounts and, as a result of this and the Company's ongoing repurchases from customers discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.25 Td (below) Tj ET Q q 0 0 0 rg BT 73.29 520.25 Td (, is exposed to these liquidity issues as well. Recently there have been limited issuer redemptions of ) Tj ET Q q 0 0 0 rg BT 474.04 520.25 Td (ARS, and there is no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.25 Td (guarantee that any future ) Tj ET Q q 0 0 0 rg BT 151.12 508.25 Td (ARS issuer redemptions will occur and, if so, that the Company's clients' ) Tj ET Q q 0 0 0 rg BT 444.69 508.25 Td (ARS will be redeemed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.25 Td (In February 2010, Oppenheimer finalized settlements with each of the New ) Tj ET Q q 0 0 0 rg BT 353.47 484.25 Td (Y) Tj ET Q q 0 0 0 rg BT 359.70 484.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 374.97 484.25 Td (Attorney General's of) Tj ET Q q 0 0 0 rg BT 461.01 484.25 Td (fice \("NY) Tj ET Q q 0 0 0 rg BT 499.24 484.25 Td (AG"\) and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.25 Td (Massachusetts Securities Division \("MSD" and, together with the NY) Tj ET Q q 0 0 0 rg BT 327.35 472.25 Td (AG, the "Regulators"\) concluding investigations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.25 Td (administrative proceedings concerning Oppenheimer's marketing and sale of ) Tj ET Q q 0 0 0 rg BT 357.87 460.25 Td (ARS. Pursuant to the settlements with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.25 Td (Regulators, Oppenheimer agreed to extend of) Tj ET Q q 0 0 0 rg BT 231.48 448.25 Td (fers to repurchase ) Tj ET Q q 0 0 0 rg BT 304.50 448.25 Td (ARS from certain of its clients subject to certain terms and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.25 Td (conditions. In addition to the settlements with the Regulators, Oppenheimer has also reached settlements of and received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.25 Td (adverse awards in legal proceedings with various clients where the Company is obligated to purchase ) Tj ET Q q 0 0 0 rg BT 456.88 424.25 Td (ARS. ) Tj ET Q q 0 0 0 rg BT 481.16 424.25 Td (The ultimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.25 Td (amount of ) Tj ET Q q 0 0 0 rg BT 92.27 412.25 Td (ARS to be repurchased by the Company under the settlements with the Regulators or legal settlements and awards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.25 Td (cannot be predicted with any certainty and will be impacted by redemptions by issuers and legal and other actions by clients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (during the relevant period which cannot be predicted. See "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 410.00 388.25 Td (Analysis of Financial Condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.25 Td (Results of Operations Regulatory and Legal Environment Other Regulatory Matters" and "Management's Discussion and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.25 Td (Analysis of Financial Condition and Results of Operations Of) Tj ET Q q 0 0 0 rg BT 309.01 364.25 Td (f-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 374.54 364.25 Td (Arrangements" in Item 7 for additional details.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.25 Td (If the ) Tj ET Q q 0 0 0 rg BT 72.83 340.25 Td (ARS market remains frozen, the Company may likely be further subject to claims by its clients. ) Tj ET Q q 0 0 0 rg BT 457.55 340.25 Td (There can be no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.25 Td (guarantee that the Company will be successful in defending any future actions against it. ) Tj ET Q q 0 0 0 rg BT 405.79 328.25 Td (Any such failure could have a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.25 Td (adverse ef) Tj ET Q q 0 0 0 rg BT 90.13 316.25 Td (fect on the results of operations and financial condition of the Company) Tj ET Q q 0 0 0 rg BT 376.90 316.25 Td (, including its cash position. See "Legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.25 Td (Proceedings" in Item 3 and "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 287.76 304.25 Td (Analysis of Financial Condition and Results of Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.25 Td (Regulatory and Legal Environment Other Regulatory Matters" in Item 7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.25 Td (The Company's customers held at Oppenheimer approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.29 268.25 Td ($49.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.18 268.25 Td ( of ) Tj ET Q q 0 0 0 rg BT 370.96 268.25 Td (ARS at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.63 268.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.21 268.25 Td (, exclusive of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.25 Td (amounts that were owned by Qualified Institutional Buyers \("QIBs"\), transferred to the Company or purchased by customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.25 Td (after February 2008, or transferred from the Company to other securities firms after February 2008. ) Tj ET Q q 0 0 0 rg BT 450.02 244.25 Td (The Company does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.25 Td (presently have the capacity to purchase all of the ) Tj ET Q q 0 0 0 rg BT 246.37 232.25 Td (ARS held by all of its former or current clients who purchased such securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.25 Td (prior to the market's failure in February 2008 over a short period of time. If the Company was to be required to purchase all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.67 208.25 Td (ARS held by all former or current clients who purchased such securities prior to the market's failure in February 2008 over a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.25 Td (short period of time, these purchases would have a material adverse ef) Tj ET Q q 0 0 0 rg BT 330.33 196.25 Td (fect on the Company's results of operations and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.25 Td (condition including its cash position. Neither of the settlements with the Regulators requires the Company to do so. ) Tj ET Q q 0 0 0 rg BT 513.13 184.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.25 Td (Company does not currently believe that it is legally obligated to make any such purchases except for those purchases it has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.25 Td (agreed with the Regulators to make as previously disclosed. If Oppenheimer defaults on either agreement with the Regulators, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.25 Td (the Regulators may terminate their agreements and may reinstitute the previously pending administrative proceedings. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.25 Td (addition, there can be no guarantee that other regulators won't seek to compel the Company to repurchase a greater amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.25 Td (ARS than called for by the settlements with the Regulators. See "Legal Proceedings" in Item 3.) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (Regulators have concluded, in many cases, that firms that operate in the securities industry) Tj ET Q q 0 0 0 rg BT 411.80 742.10 Td (, initially those that underwrote and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (supported the auctions for ) Tj ET Q q 0 0 0 rg BT 155.59 730.10 Td (ARS, should be compelled to purchase them from retail customers. Underwriters and broker) Tj ET Q q 0 0 0 rg BT 524.73 730.10 Td (-dealers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (in such securities have settled with various regulators and have purchased ) Tj ET Q q 0 0 0 rg BT 346.36 718.10 Td (ARS from their retail clients. ) Tj ET Q q 0 0 0 rg BT 465.04 718.10 Td (The Company may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (at a competitive disadvantage to those of its competitors that have already completed purchases of ) Tj ET Q q 0 0 0 rg BT 444.09 706.10 Td (ARS from their clients.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (The Company has sought, with very limited success, financing from a number of sources to try to find a means for all its clients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (to find liquidity from their ) Tj ET Q q 0 0 0 rg BT 156.99 670.10 Td (ARS holdings and will continue to do so. ) Tj ET Q q 0 0 0 rg BT 324.31 670.10 Td (There can be no assurance that the Company will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (successful in finding a liquidity solution for all its clients' ) Tj ET Q q 0 0 0 rg BT 281.28 658.10 Td (ARS holdings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (Damage to our) Tj ET Q q 0 0 0 rg BT 112.64 634.10 Td ( r) Tj ET Q q 0 0 0 rg BT 119.40 634.10 Td (eputation could damage our) Tj ET Q q 0 0 0 rg BT 238.95 634.10 Td ( businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.10 Td (Maintaining our reputation is critical to our attracting and maintaining customers, investors and employees. If we fail to deal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.10 Td (with, or appear to fail to deal with, various issues that may give rise to reputational risk, we could significantly harm our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.10 Td (business prospects. ) Tj ET Q q 0 0 0 rg BT 128.48 592.10 Td (These issues include, but are not limited to, any of the risks discussed in this section, appropriately dealing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.10 Td (with potential conflicts of interest, legal and regulatory requirements, employee misconduct, ethical issues, money-laundering, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.10 Td (privacy) Tj ET Q q 0 0 0 rg BT 78.84 568.10 Td (, record keeping, cybersecurity protections, sales and trading practices, failure to sell securities we have underwritten at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.10 Td (the anticipated price levels, and the proper identification of the legal, reputational, credit, liquidity) Tj ET Q q 0 0 0 rg BT 441.21 556.10 Td (, and market risks inherent in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.10 Td (our products. ) Tj ET Q q 0 0 0 rg BT 104.22 544.10 Td (A) Tj ET Q q 0 0 0 rg BT 110.89 544.10 Td ( failure to deliver appropriate standards of service and quality) Tj ET Q q 0 0 0 rg BT 356.53 544.10 Td (, or a failure or perceived failure to treat customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.10 Td (and clients fairly) Tj ET Q q 0 0 0 rg BT 116.05 532.10 Td (, can result in customer dissatisfaction, litigation and heightened regulatory scrutiny) Tj ET Q q 0 0 0 rg BT 450.87 532.10 Td (, all of which can lead to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (lost revenue, higher operating costs and harm to our reputation. Further) Tj ET Q q 0 0 0 rg BT 334.58 520.10 Td (, negative publicity regarding us, whether or not true, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (may also result in harm to our prospects. Increasingly) Tj ET Q q 0 0 0 rg BT 263.52 508.10 Td (, the internet, through investor blogs or other sites, is being used to publish ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (information that is untrue, significantly skewed or in some cases slanderous about companies and individuals that are published ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (anonymously and are dif) Tj ET Q q 0 0 0 rg BT 148.46 484.10 Td (ficult to refute. Such stories can negatively impact the reputation of companies that are the subject of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (such attacks. See "The precautions the Company takes to prevent and detect employee misconduct may not be ef) Tj ET Q q 0 0 0 rg BT 500.48 472.10 Td (fective and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (Company could be exposed to unknown and unmanaged risks or losses" herein.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (The Company is subject to extensive securities r) Tj ET Q q 0 0 0 rg BT 254.02 436.10 Td (egulation and the failur) Tj ET Q q 0 0 0 rg BT 354.12 436.10 Td (e to comply with these r) Tj ET Q q 0 0 0 rg BT 455.31 436.10 Td (egulations could subject ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (it to monetary penalties or) Tj ET Q q 0 0 0 rg BT 162.07 424.10 Td ( sanctions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (The securities industry and the Company's business are subject to extensive regulation by the SEC, state securities regulators ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (and other governmental regulatory authorities. ) Tj ET Q q 0 0 0 rg BT 237.59 394.10 Td (The Company is also regulated by industry self-regulatory or) Tj ET Q q 0 0 0 rg BT 481.79 394.10 Td (ganizations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (including FINRA, NF) Tj ET Q q 0 0 0 rg BT 136.82 382.10 Td (A, and the MSRB. ) Tj ET Q q 0 0 0 rg BT 213.31 382.10 Td (The Company may be adversely af) Tj ET Q q 0 0 0 rg BT 352.80 382.10 Td (fected by changes in the interpretation or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (enforcement of existing laws and rules by these governmental authorities and self-regulatory or) Tj ET Q q 0 0 0 rg BT 430.86 370.10 Td (ganizations. ) Tj ET Q q 0 0 0 rg BT 481.22 370.10 Td (The regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (environment is subject to change and the Company may be adversely af) Tj ET Q q 0 0 0 rg BT 336.73 358.10 Td (fected as a result of new or revised legislation or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (regulations imposed by the SEC, other federal or state governmental regulatory authorities, or self-regulatory or) Tj ET Q q 0 0 0 rg BT 496.96 346.10 Td (ganizations. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (response to the financial crisis of 2008-2009, the regulatory environment to which the Company is subjected is expected to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (further intensify as additional rules and regulations are adopted by the Company's regulators. ) Tj ET Q q 0 0 0 rg BT 423.80 322.10 Td (These new regulations will likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (increase costs related to compliance and may in other ways adversely af) Tj ET Q q 0 0 0 rg BT 337.26 310.10 Td (fect the performance of the Company) Tj ET Q q 0 0 0 rg BT 486.27 310.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (Market and economic conditions over the past several years have directly led to a demand by the public for changes in the way ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (the financial services industry is regulated, including a call for more stringent legislation and regulation in the United States and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (abroad. ) Tj ET Q q 0 0 0 rg BT 81.53 262.10 Td (The Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 150.40 262.10 Td (Act enacted sweeping changes and an unprecedented increase in the supervision and regulation of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (financial services industry \(see "Business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.71 250.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.10 250.10 Td (Regulation" in Item 1\). ) Tj ET Q q 0 0 0 rg BT 323.82 250.10 Td (The ultimate impact that the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 489.89 250.10 Td (Act and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (implementing regulations will have on us, the financial industry and the economy at lar) Tj ET Q q 0 0 0 rg BT 398.67 238.10 Td (ge cannot be quantified until all of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (implementing regulations called for under the legislation have been finalized and fully implemented. ) Tj ET Q q 0 0 0 rg BT 454.74 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 463.38 226.10 Td (e are evaluating the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (impact of the DOL) Tj ET Q q 0 0 0 rg BT 124.94 214.10 Td ( rule on our business \(see "Business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 270.95 214.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.34 214.10 Td (Regulation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 328.72 214.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.62 214.10 Td ( Fiduciary Standard Rulemaking by the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (Department of Labor" in Item 1\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 182.42 202.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.92 202.10 Td (However) Tj ET Q q 0 0 0 rg BT 221.17 202.10 Td (, because qualified accounts, particularly IRA) Tj ET Q q 0 0 0 rg BT 403.61 202.10 Td ( accounts, comprise a significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (portion of our business, we expect that implementation of the DOL) Tj ET Q q 0 0 0 rg BT 317.68 190.10 Td ( rule will negatively impact our results including the impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (of increased costs related to compliance, legal and information technology) Tj ET Q q 0 0 0 rg BT 346.52 178.10 Td (. In addition, we expect that our legal risks will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (increase, in part, as a result of the new contractual rights required to be given to IRA) Tj ET Q q 0 0 0 rg BT 387.17 166.10 Td ( and non-ERISA) Tj ET Q q 0 0 0 rg BT 453.27 166.10 Td ( plan clients under the Best ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (Interest Contract exemption and principal transactions exemption of such rule. ) Tj ET Q q 0 0 0 rg BT 365.61 154.10 Td (The SEC has announced its intention to adopt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (fiduciary standards covering non-retirement accounts \(see "Business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 325.99 142.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.89 142.10 Td ( Regulation" in Item 1\), the adoption of which could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (negatively impact our business.) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (Oppenheimer is a broker) Tj ET Q q 0 0 0 rg BT 148.43 742.10 Td (-dealer and investment adviser registered with the SEC and is primarily regulated by FINRA. Broker) Tj ET Q q 0 0 0 rg BT 551.74 742.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (dealers are subject to regulations which cover all aspects of the securities business, including, without limitation:) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 500.77 730.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 706.10 Td (sales methods and supervision;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 688.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 688.10 Td (trading practices among broker) Tj ET Q q 0 0 0 rg BT 227.97 688.10 Td (-dealers;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 670.10 Td (emer) Tj ET Q q 0 0 0 rg BT 123.30 670.10 Td (ging standards concerning fees and char) Tj ET Q q 0 0 0 rg BT 283.34 670.10 Td (ges imposed on clients for fee-based programs;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 652.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 652.10 Td (use and safekeeping of customers' funds and securities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 634.10 Td (anti-money laundering and the USA) Tj ET Q q 0 0 0 rg BT 247.91 634.10 Td ( Patriot ) Tj ET Q q 0 0 0 rg BT 279.03 634.10 Td (Act \(the "Patriot ) Tj ET Q q 0 0 0 rg BT 346.71 634.10 Td (Act"\) compliance;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 616.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 616.10 Td (capital structure of securities firms;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 598.10 Td (trade and regulatory reporting;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 580.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 580.10 Td (cybersecurity;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 562.10 Td (pricing of services;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 544.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 544.10 Td (compliance with DOL) Tj ET Q q 0 0 0 rg BT 192.55 544.10 Td ( rules and regulations for retirement accounts;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 526.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 526.10 Td (compliance with lending practices \(Regulation ) Tj ET Q q 0 0 0 rg BT 292.43 526.10 Td (T\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 508.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 508.10 Td (record keeping; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 490.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 490.10 Td (the conduct of directors, of) Tj ET Q q 0 0 0 rg BT 211.34 490.10 Td (ficers and employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (Compliance with many of the regulations applicable to the Company involves a number of risks, particularly in areas where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (applicable regulations may be subject to varying interpretation. ) Tj ET Q q 0 0 0 rg BT 304.51 454.10 Td (The requirements imposed by these regulations are designed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (ensure the integrity of the financial markets and to protect customers and other third parties who deal with the Company) Tj ET Q q 0 0 0 rg BT 529.54 442.10 Td (. New ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (regulations may result in enhanced standards of duty on broker) Tj ET Q q 0 0 0 rg BT 301.17 430.10 Td (-dealers in their dealings with their clients \(fiduciary standards\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 103.85 418.10 Td (, these regulations often serve to limit the Company's activities, including through net capital, customer protection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (and market conduct requirements, including those relating to principal trading. Much of the regulation of broker) Tj ET Q q 0 0 0 rg BT 497.78 406.10 Td (-dealers has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (been delegated to self-regulatory or) Tj ET Q q 0 0 0 rg BT 191.48 394.10 Td (ganizations, principally FINRA. FINRA) Tj ET Q q 0 0 0 rg BT 352.30 394.10 Td ( adopts rules, subject to approval by the SEC, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (govern its members and conducts periodic examinations of member firms' operations. However) Tj ET Q q 0 0 0 rg BT 431.35 382.10 Td (, recently the SEC has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (significantly increased its direct oversight of registrants in areas that directly overlap with FINRA) Tj ET Q q 0 0 0 rg BT 440.23 370.10 Td ( thereby increasing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (Company's costs of compliance and increasing the risks associated with compliance with emer) Tj ET Q q 0 0 0 rg BT 427.68 358.10 Td (ging standards. In addition to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (being a member of FINRA, the Company is also a member of several other SROs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (The SEC has passed a requirement for custodians of securities on behalf of investment advisers, such as the Company) Tj ET Q q 0 0 0 rg BT 520.68 322.10 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (conduct an annual "surprise audit", in addition to the annual audit, and to issue an annual controls report to its clients, issued by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (a qualified accounting firm, describing its processes and controls af) Tj ET Q q 0 0 0 rg BT 319.24 298.10 Td (fecting custody operations. ) Tj ET Q q 0 0 0 rg BT 429.21 298.10 Td (A) Tj ET Q q 0 0 0 rg BT 435.88 298.10 Td ( failure to conduct such an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (audit or issue the report with favorable findings could adversely af) Tj ET Q q 0 0 0 rg BT 315.35 286.10 Td (fect a sizable portion of the Company's businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (If the Company is found to have violated any applicable regulations, formal administrative or judicial proceedings may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (initiated against it that may result in:) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 196.14 250.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 226.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 226.10 Td (censure;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 208.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 208.10 Td (fine;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 190.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 190.10 Td (civil penalties, including treble damages in the case of insider trading violations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 172.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 172.10 Td (the issuance of cease-and-desist orders;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 154.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 154.10 Td (the deregistration or suspension of our broker) Tj ET Q q 0 0 0 rg BT 285.48 154.10 Td (-dealer activities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 136.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 136.10 Td (the suspension or disqualification of our of) Tj ET Q q 0 0 0 rg BT 274.96 136.10 Td (ficers or employees; or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 118.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 118.10 Td (other adverse consequences.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (The imposition of any of the above or other penalties could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 393.36 94.10 Td (fect on our operating results and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (condition.) Tj ET Q endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (For a more detailed description of the regulatory scheme under which the Company operates, see "Business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.63 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.02 742.10 Td (Regulation" in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (Item 1 and "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 222.02 730.10 Td (Analysis of Financial Condition and Results of Operations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.66 730.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.55 730.10 Td ( Regulatory and Legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (Environment" in Item 7.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (Financial services firms have been subject to incr) Tj ET Q q 0 0 0 rg BT 259.01 694.10 Td (eased r) Tj ET Q q 0 0 0 rg BT 289.09 694.10 Td (egulatory scrutiny over) Tj ET Q q 0 0 0 rg BT 388.34 694.10 Td ( the last several years, incr) Tj ET Q q 0 0 0 rg BT 501.46 694.10 Td (easing the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (risk of financial liability and r) Tj ET Q q 0 0 0 rg BT 177.39 682.10 Td (eputational harm r) Tj ET Q q 0 0 0 rg BT 258.32 682.10 Td (esulting fr) Tj ET Q q 0 0 0 rg BT 301.75 682.10 Td (om adverse r) Tj ET Q q 0 0 0 rg BT 357.10 682.10 Td (egulatory actions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 664.10 Td (Firms in the financial services industry have been operating in an onerous regulatory environment, which has become even ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.10 Td (more stringent in light of well-publicized fraud or "Ponzi" schemes. ) Tj ET Q q 0 0 0 rg BT 323.25 652.10 Td (The industry has experienced increased scrutiny from a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.10 Td (variety of regulators, including the SEC and FINRA) Tj ET Q q 0 0 0 rg BT 257.80 640.10 Td ( and recently the DOL) Tj ET Q q 0 0 0 rg BT 346.84 640.10 Td ( as well as state regulators. Penalties and fines sought ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.10 Td (by regulatory authorities have increased substantially over the last several years. ) Tj ET Q q 0 0 0 rg BT 373.09 628.10 Td (W) Tj ET Q q 0 0 0 rg BT 381.73 628.10 Td (e may be adversely af) Tj ET Q q 0 0 0 rg BT 468.73 628.10 Td (fected by changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.10 Td (the interpretation or enforcement of existing laws and rules by these governmental authorities and SROs. Each of the regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.10 Td (bodies with jurisdiction over us has regulatory powers dealing with many dif) Tj ET Q q 0 0 0 rg BT 356.76 604.10 Td (ferent aspects of financial services, including, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.10 Td (not limited to, the authority to fine us and to grant, cancel, restrict or otherwise impose conditions on the right to continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.10 Td (operating particular businesses. For example, the failure to comply with the obligations imposed by the Exchange ) Tj ET Q q 0 0 0 rg BT 506.06 580.10 Td (Act on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.10 Td (broker) Tj ET Q q 0 0 0 rg BT 75.40 568.10 Td (-dealers and the ) Tj ET Q q 0 0 0 rg BT 140.65 568.10 Td (Advisers ) Tj ET Q q 0 0 0 rg BT 178.15 568.10 Td (Act on investment advisers, including recordkeeping, registration, advertising and operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.10 Td (requirements, disclosure obligations and prohibitions on fraudulent activities, or by the Investment Company ) Tj ET Q q 0 0 0 rg BT 487.47 556.10 Td (Act of 1940 \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.10 Td ("1940 ) Tj ET Q q 0 0 0 rg BT 75.53 544.10 Td (Act"\), could result in investigations, sanctions and reputational damage. ) Tj ET Q q 0 0 0 rg BT 365.47 544.10 Td (W) Tj ET Q q 0 0 0 rg BT 374.11 544.10 Td (e also may be adversely af) Tj ET Q q 0 0 0 rg BT 479.71 544.10 Td (fected as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.10 Td (new or revised legislation or regulations imposed by the SEC, other U.S. or foreign governmental regulatory authorities or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (SROs \(e.g., FINRA\) that supervise the financial markets. Substantial legal liability or significant regulatory action taken against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (us could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 189.81 508.10 Td (fect on our business prospects including our cash position.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (Changes in r) Tj ET Q q 0 0 0 rg BT 103.77 484.10 Td (egulations r) Tj ET Q q 0 0 0 rg BT 153.87 484.10 Td (esulting fr) Tj ET Q q 0 0 0 rg BT 197.30 484.10 Td (om either) Tj ET Q q 0 0 0 rg BT 237.93 484.10 Td ( the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 311.56 484.10 Td (Act or) Tj ET Q q 0 0 0 rg BT 338.30 484.10 Td ( any new r) Tj ET Q q 0 0 0 rg BT 382.84 484.10 Td (egulations or) Tj ET Q q 0 0 0 rg BT 437.94 484.10 Td ( laws may affect our) Tj ET Q q 0 0 0 rg BT 523.85 484.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (The market and economic conditions in the period after the financial crisis have directly led to a demand by the public for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (changes in the way the financial services industry is regulated, including a call for more stringent legislation and regulation in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (the United States and abroad. ) Tj ET Q q 0 0 0 rg BT 169.29 430.10 Td (The Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 238.16 430.10 Td (Act enacted sweeping changes and an unprecedented increase in the supervision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (and regulation of the financial services industry \(see "Business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.24 418.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.63 418.10 Td (Regulation" in Item 1 for a discussion of such changes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (including the ) Tj ET Q q 0 0 0 rg BT 104.31 406.10 Td (V) Tj ET Q q 0 0 0 rg BT 110.24 406.10 Td (olcker Rule\). ) Tj ET Q q 0 0 0 rg BT 164.76 406.10 Td (The ultimate impact that the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 330.83 406.10 Td (Act will have on us, the financial industry and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (economy at lar) Tj ET Q q 0 0 0 rg BT 108.74 394.10 Td (ge cannot be specifically ascertained until all of the implementing regulations called for under the legislation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (have been finalized and fully implemented. Nevertheless, it is apparent that these legislative and regulatory changes could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 370.10 Td (fect our revenue, limit our ability to pursue business opportunities, impact the value of our assets, require us to alter at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (some of our business practices, impose additional costs, and otherwise adversely af) Tj ET Q q 0 0 0 rg BT 382.29 358.10 Td (fect our businesses. ) Tj ET Q q 0 0 0 rg BT 462.64 358.10 Td (The Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 531.52 358.10 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (impacts the manner in which we market our products and services, manage our business and operations, and interact with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (regulators, all of which could materially impact our results of operations, financial condition and liquidity) Tj ET Q q 0 0 0 rg BT 472.07 334.10 Td (. Certain provisions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 115.05 322.10 Td (Act that have or may impact our businesses include: the establishment of a fiduciary standard for broker) Tj ET Q q 0 0 0 rg BT 531.38 322.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (dealers; regulatory oversight of incentive compensation; the imposition of capital requirements on financial holding companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (and to a lesser extent, greater oversight over derivatives trading; and restrictions on proprietary trading. ) Tj ET Q q 0 0 0 rg BT 465.01 298.10 Td (T) Tj ET Q q 0 0 0 rg BT 470.42 298.10 Td (o the extent the Dodd-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (Frank ) Tj ET Q q 0 0 0 rg BT 74.78 286.10 Td (Act impacts the operations, financial condition, liquidity and capital requirements of unaf) Tj ET Q q 0 0 0 rg BT 432.55 286.10 Td (filiated financial institutions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (with whom we transact business, those institutions may seek to pass on increased costs, reduce their capacity to transact, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (otherwise present inef) Tj ET Q q 0 0 0 rg BT 137.62 262.10 Td (ficiencies in their interactions with us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (Numer) Tj ET Q q 0 0 0 rg BT 79.31 238.10 Td (ous r) Tj ET Q q 0 0 0 rg BT 100.52 238.10 Td (egulatory changes, and enhanced r) Tj ET Q q 0 0 0 rg BT 248.40 238.10 Td (egulatory and enfor) Tj ET Q q 0 0 0 rg BT 332.66 238.10 Td (cement activity) Tj ET Q q 0 0 0 rg BT 396.80 238.10 Td (, r) Tj ET Q q 0 0 0 rg BT 406.06 238.10 Td (elating to the asset management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (business may incr) Tj ET Q q 0 0 0 rg BT 125.44 226.10 Td (ease our) Tj ET Q q 0 0 0 rg BT 160.53 226.10 Td ( compliance and legal costs and otherwise adversely affect our) Tj ET Q q 0 0 0 rg BT 424.48 226.10 Td ( business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (The SEC has proposed certain measures that would establish a new framework to replace the requirements of Rule 12b-1 under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (the 1940 ) Tj ET Q q 0 0 0 rg BT 86.17 196.10 Td (Act with respect to how mutual funds pay fees to cover the costs of selling and marketing their shares. ) Tj ET Q q 0 0 0 rg BT 497.54 196.10 Td (The staf) Tj ET Q q 0 0 0 rg BT 529.85 196.10 Td (f of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (SEC's Of) Tj ET Q q 0 0 0 rg BT 86.40 184.10 Td (fice of Compliance, Inspections and Examinations has indicated that it is reviewing the use of fund assets to pay for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (fees to sub-transfer agents and sub-administrators for services that may be deemed to be distribution-related. ) Tj ET Q q 0 0 0 rg BT 485.48 172.10 Td (Any adoption of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.10 Td (such measures would be phased in over a number of years. ) Tj ET Q q 0 0 0 rg BT 286.65 160.10 Td (As these measures are neither final nor under) Tj ET Q q 0 0 0 rg BT 467.23 160.10 Td (going implementation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (throughout the financial services industry) Tj ET Q q 0 0 0 rg BT 214.92 148.10 Td (, their impact cannot be fully ascertained at this time. ) Tj ET Q q 0 0 0 rg BT 429.29 148.10 Td (As this regulatory trend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (continues, it could adversely af) Tj ET Q q 0 0 0 rg BT 174.00 136.10 Td (fect our operations and, in turn, our financial results.) Tj ET Q endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (Asset management businesses have experienced a number of highly publicized regulatory inquiries, which have resulted in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (increased scrutiny within the industry and new rules and regulations for mutual funds, investment advisers and broker) Tj ET Q q 0 0 0 rg BT 520.57 730.10 Td (-dealers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (As some of our wholly owned subsidiaries are registered as investment advisers with the SEC, increased regulatory scrutiny ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (and rulemaking initiatives may result in augmented operational and compliance costs or the assessment of significant fines or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (penalties against our asset management business, and may otherwise limit our ability to engage in certain activities. It is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (possible to determine the extent of the impact of any new laws, regulations or initiatives that may be proposed, or whether any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (of the proposals will become law) Tj ET Q q 0 0 0 rg BT 181.32 670.10 Td (. Conformance with any new laws or regulations could make compliance more dif) Tj ET Q q 0 0 0 rg BT 509.65 670.10 Td (ficult and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (expensive and af) Tj ET Q q 0 0 0 rg BT 116.51 658.10 Td (fect the manner in which we conduct business. For example, pursuant to the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 473.65 658.10 Td (Act, the SEC was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 646.10 Td (ged with considering whether broker) Tj ET Q q 0 0 0 rg BT 213.50 646.10 Td (-dealers should be subject to a standard of care similar to the fiduciary standard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (applicable to registered investment advisers. ) Tj ET Q q 0 0 0 rg BT 229.26 634.10 Td (The SEC has announced its intention to adopt a heightened standard of fiduciary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (conduct for broker) Tj ET Q q 0 0 0 rg BT 123.71 622.10 Td (-dealers. ) Tj ET Q q 0 0 0 rg BT 159.81 622.10 Td (Any such standard, if mandated, would likely require us to review our product and service of) Tj ET Q q 0 0 0 rg BT 531.46 622.10 Td (ferings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (and implement certain changes, as well as require that we incur additional regulatory costs in order to ensure compliance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (In addition, U.S. and foreign governments have recently taken regulatory actions impacting the investment management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (industry) Tj ET Q q 0 0 0 rg BT 81.63 574.10 Td (, and may continue to take further actions, including expanding current \(or enacting new\) standards, requirements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (rules that may be applicable to us and our subsidiaries. For example, the SEC and several states and municipalities in the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (States have adopted "pay-to-play" rules, which could limit our ability to char) Tj ET Q q 0 0 0 rg BT 356.85 550.10 Td (ge advisory fees. Such "pay-to-play" rules could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 538.10 Td (fect the profitability of that portion of our business. ) Tj ET Q q 0 0 0 rg BT 264.27 538.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 314.17 538.10 Td (, the use of "soft dollars," where a portion of commissions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (paid to broker) Tj ET Q q 0 0 0 rg BT 105.39 526.10 Td (-dealers in connection with the execution of trades also pays for research and other services provided to advisers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (is periodically reexamined and may be limited or modified in the future. In Europe, the recent ef) Tj ET Q q 0 0 0 rg BT 434.73 514.10 Td (fectiveness of MiFID II has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (eliminated the use of securities transactions to pay for research \(see "Business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 364.04 502.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.93 502.10 Td ( Regulation" in Item 1\). Furthermore, new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (regulations regarding the management of hedge funds and the use of certain investment products may impact our investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (management business and result in increased costs. For example, many regulators around the world adopted disclosure and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (reporting requirements relating to the hedge fund business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (Legislation has and may continue to r) Tj ET Q q 0 0 0 rg BT 209.89 442.10 Td (esult in changes to rules and r) Tj ET Q q 0 0 0 rg BT 336.94 442.10 Td (egulations applicable to our) Tj ET Q q 0 0 0 rg BT 454.83 442.10 Td ( business, which may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (negatively impact our) Tj ET Q q 0 0 0 rg BT 142.08 430.10 Td ( business and financial r) Tj ET Q q 0 0 0 rg BT 245.27 430.10 Td (esults.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (The securities industry is subject to extensive and constantly changing regulation. Broker) Tj ET Q q 0 0 0 rg BT 406.43 412.10 Td (-dealers and investment advisors are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (subject to regulations covering all aspects of the securities business, including, but not limited to: sales and trading methods; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (trade practices among broker) Tj ET Q q 0 0 0 rg BT 165.63 388.10 Td (-dealers; use and safekeeping of clients' funds and securities; capital structure of securities firms; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (anti-money laundering ef) Tj ET Q q 0 0 0 rg BT 150.39 376.10 Td (forts; recordkeeping; and the conduct of directors, of) Tj ET Q q 0 0 0 rg BT 361.25 376.10 Td (ficers and employees. ) Tj ET Q q 0 0 0 rg BT 450.11 376.10 Td (Any violation of these laws) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (or regulations could subject us to the following events, any of which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 454.75 364.10 Td (fect on our business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (financial condition and prospects: civil and criminal liability; sanctions, which could include the revocation of our subsidiaries' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td (registrations as investment advisors or broker) Tj ET Q q 0 0 0 rg BT 231.20 340.10 Td (-dealers; the revocation of the licenses of our financial advisors; censures; fines; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (or a temporary suspension or permanent bar from conducting business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td (The DOL) Tj ET Q q 0 0 0 rg BT 87.73 304.10 Td ( has adopted regulations that change the definition of who is a fiduciary under ERISA, and how such advice can be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (provided to account holders in retirement accounts such as pension plans, 401\(k\) plans and IRAs. In addition, the SEC has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (announced that it will promulgate its own rule around a uniform fiduciary standard which could conflict with the DOL's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (rulemaking. ) Tj ET Q q 0 0 0 rg BT 99.49 268.10 Td (Additional rulemaking or legislative action could negatively impact the Company's business and financial results. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (The DOL) Tj ET Q q 0 0 0 rg BT 87.73 256.10 Td ( regulations have gone into ef) Tj ET Q q 0 0 0 rg BT 206.12 256.10 Td (fect, and it is dif) Tj ET Q q 0 0 0 rg BT 271.20 256.10 Td (ficult to determine what impact this will have on our compliance costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (business, operations and profitability) Tj ET Q q 0 0 0 rg BT 196.60 244.10 Td (, although it appears likely to increase the cost of compliance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (Failur) Tj ET Q q 0 0 0 rg BT 75.98 220.10 Td (e to comply with capital r) Tj ET Q q 0 0 0 rg BT 184.40 220.10 Td (equir) Tj ET Q q 0 0 0 rg BT 207.00 220.10 Td (ements could subject the Company to suspension or) Tj ET Q q 0 0 0 rg BT 427.11 220.10 Td ( r) Tj ET Q q 0 0 0 rg BT 433.87 220.10 Td (evocation by the SEC or) Tj ET Q q 0 0 0 rg BT 537.01 220.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (suspension or) Tj ET Q q 0 0 0 rg BT 107.40 208.10 Td ( expulsion by FINRA, the FCA) Tj ET Q q 0 0 0 rg BT 238.52 208.10 Td ( and the SFC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (Oppenheimer and Freedom are subject to the SEC's Net Capital Rule which requires the maintenance of minimum net capital. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (For a more detailed description of the regulatory scheme under which the Company operates, see "Business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.63 178.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.02 178.10 Td (Regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (Capital Requirements" in Item 1. Failure to comply with net capital requirements could subject the Company to suspension or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (revocation by the SEC or suspension or expulsion by FINRA.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (In addition, Oppenheimer Europe Ltd. and Oppenheimer Investments ) Tj ET Q q 0 0 0 rg BT 329.43 130.10 Td (Asia Limited are regulated by the FCA) Tj ET Q q 0 0 0 rg BT 484.94 130.10 Td ( of the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (Kingdom and the SFC in Hong Kong, respectively) Tj ET Q q 0 0 0 rg BT 251.61 118.10 Td (. Failure of these entities to comply with capital requirements could subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (those entities to suspension or expulsion by their respective regulators.) Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Developments in market and economic conditions have adversely affected, and may in the futur) Tj ET Q q 0 0 0 rg BT 456.52 742.25 Td (e adversely affect, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td (Company's business and pr) Tj ET Q q 0 0 0 rg BT 166.86 730.25 Td (ofitability) Tj ET Q q 0 0 0 rg BT 207.98 730.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 712.25 Td (Performance in the financial services industry is heavily influenced by the overall strength of economic conditions and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 700.25 Td (market activity) Tj ET Q q 0 0 0 rg BT 109.10 700.25 Td (, which generally have a direct and material impact on the Company's results of operations and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 688.25 Td (condition. ) Tj ET Q q 0 0 0 rg BT 92.09 688.25 Td (These conditions are a product of many factors, which are mostly unpredictable and beyond the Company's control, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 676.25 Td (and may af) Tj ET Q q 0 0 0 rg BT 93.74 676.25 Td (fect the decisions made by financial market participants. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.25 Td (Changes in economic and political conditions, including economic output levels, interest and inflation rates, employment levels, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.25 Td (prices of commodities including oil and gas, consumer confidence levels, and fiscal and monetary policy can af) Tj ET Q q 0 0 0 rg BT 495.29 640.25 Td (fect market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.25 Td (conditions. For example, the Federal Reserve's policies determine, in lar) Tj ET Q q 0 0 0 rg BT 338.26 628.25 Td (ge part, the cost of funds for lending and investing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.25 Td (the return earned on those loans and investments. ) Tj ET Q q 0 0 0 rg BT 248.99 616.25 Td (The market impact from such policies also can decrease materially the value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.25 Td (of certain of our financial assets, most notably debt securities. Changes in the Federal Reserve's policies are beyond our control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.25 Td (and, consequently) Tj ET Q q 0 0 0 rg BT 121.05 592.25 Td (, the impact of these changes on our activities and results of our operations are dif) Tj ET Q q 0 0 0 rg BT 447.99 592.25 Td (ficult to predict. ) Tj ET Q q 0 0 0 rg BT 514.08 592.25 Td (At times ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.25 Td (over the last several years we have experienced operating cycles during weak and uncertain U.S. and global economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.25 Td (conditions, including low economic output levels, historically low interest rates, high unemployment rates, and uncertainty with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.25 Td (respect to domestic and international fiscal and monetary policy) Tj ET Q q 0 0 0 rg BT 304.88 556.25 Td (. ) Tj ET Q q 0 0 0 rg BT 309.70 556.25 Td (These conditions led to changes in the global financial markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.25 Td (that from time to time negatively impacted our revenue and profitability) Tj ET Q q 0 0 0 rg BT 337.09 544.25 Td (. ) Tj ET Q q 0 0 0 rg BT 341.91 544.25 Td (While global financial markets have shown signs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.25 Td (improvement, uncertainty remains. ) Tj ET Q q 0 0 0 rg BT 191.40 532.25 Td (A) Tj ET Q q 0 0 0 rg BT 198.07 532.25 Td ( period of sustained downturns and/or volatility in the securities markets, prolonged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.25 Td (continuation of low levels of short-term interest rates, a return to increased credit market dislocations, reductions in the value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.25 Td (real estate, and other negative market factors could significantly impair our revenues and profitability) Tj ET Q q 0 0 0 rg BT 454.81 508.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.25 Td (U.S. markets may also be impacted by political and civil unrest occurring in the Middle East, Eastern Europe, Russia and ) Tj ET Q q 0 0 0 rg BT 536.60 484.25 Td (Asia. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.25 Td (Concerns about the European Union \("EU"\), including Britain's June 23, 2016 referendum to exit the EU \("Brexit"\), and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.25 Td (stability of the EU's sovereign debt, has caused uncertainty and disruption for financial markets globally) Tj ET Q q 0 0 0 rg BT 465.82 460.25 Td (. Continued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.25 Td (uncertainties loom over the outcome of the EU's financial support programs. It is possible that other EU member states may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.25 Td (choose to follow Britain's lead and leave the EU. ) Tj ET Q q 0 0 0 rg BT 246.80 436.25 Td (Any negative impact on economic conditions and global markets from these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.25 Td (developments could adversely af) Tj ET Q q 0 0 0 rg BT 180.66 424.25 Td (fect our business, financial condition and liquidity) Tj ET Q q 0 0 0 rg BT 380.80 424.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.25 Td (Uncertain or unfavorable market or economic conditions could result in reduced transaction volumes, reduced revenue and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (reduced profitability in any or all of the Company's principal businesses. For example:) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 395.39 388.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 364.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 364.25 Td (The Company's investment banking revenue, in the form of underwriting, placement and financial advisory fees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 352.25 Td (is directly related to the volume and value of transactions as well as the Company's role in these transactions. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 340.25 Td (an environment of uncertain or unfavorable market or economic conditions such as we have observed in recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 328.25 Td (years, the volume and size of capital-raising transactions and acquisitions and dispositions typically decrease, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 316.25 Td (thereby reducing the demand for the Company's investment banking services and increasing price competition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 304.25 Td (among financial services companies seeking such engagements. ) Tj ET Q q 0 0 0 rg BT 361.57 304.25 Td (The completion of anticipated investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 292.25 Td (banking transactions in the Company's pipeline is uncertain and beyond its control, and its investment banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 280.25 Td (revenue is typically earned upon the successful completion of a transaction. In most cases, the Company receives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 268.25 Td (little or no payment for investment banking engagements that do not result in the successful completion of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 256.25 Td (transaction. For example, a client's acquisition transaction may be delayed or terminated because of a failure to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 244.25 Td (agree upon final terms with the counterparty) Tj ET Q q 0 0 0 rg BT 280.57 244.25 Td (, failure to obtain necessary regulatory consents or board or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 232.25 Td (stockholder approvals, failure to secure necessary financing, adverse market conditions or unexpected financial or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 220.25 Td (other problems in the client's or counterparty's business. If the parties fail to complete a transaction on which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 208.25 Td (Company is advising or an of) Tj ET Q q 0 0 0 rg BT 221.36 208.25 Td (fering in which it is participating, the Company will earn little or no revenue from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 196.25 Td (the transaction but may incur expenses including but not limited to legal fees. ) Tj ET Q q 0 0 0 rg BT 416.02 196.25 Td (The Company may perform services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 184.25 Td (subject to an engagement agreement and the client may refuse to pay fees due under such agreement, requiring the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 172.25 Td (Company to re-negotiate fees or commence legal action for collection of such earned fees. ) Tj ET Q q 0 0 0 rg BT 466.96 172.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 516.30 172.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 160.25 Td (Company's business is highly dependent on market conditions, the decisions and actions of its clients and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 148.25 Td (interested third parties. ) Tj ET Q q 0 0 0 rg BT 197.73 148.25 Td (The number of engagements the Company has at any given time is subject to change and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 136.25 Td (may not necessarily result in future revenues.) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 110.17 742.10 Td ( portion of the Company's revenues are derived from fees generated from its asset management business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 730.10 Td (segment. ) Tj ET Q q 0 0 0 rg BT 141.27 730.10 Td (Asset management fees often are primarily comprised of base management and performance \(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 718.10 Td (incentive\) fees. Management fees are primarily based on assets under management. ) Tj ET Q q 0 0 0 rg BT 439.20 718.10 Td (Assets under management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 706.10 Td (balances are impacted by net inflow/outflow of client assets and changes in market values. Poor investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 694.10 Td (performance by the Company's funds and portfolio managers could result in a loss of managed accounts and could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 682.10 Td (result in reputational damage that might make it more dif) Tj ET Q q 0 0 0 rg BT 331.86 682.10 Td (ficult to attract new investors and thus further impact the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 670.10 Td (Company's business and financial condition. If the Company experiences losses of managed accounts, fee revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 658.10 Td (will decline. In addition, in periods of declining market values, the values under management may ultimately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 646.10 Td (decline, which would negatively impact fee revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 628.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 628.10 Td (In the past decade, passively managed index funds have seen greater investor interest, and this trend has become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 616.10 Td (more dramatic in recent years. ) Tj ET Q q 0 0 0 rg BT 226.78 616.10 Td (A) Tj ET Q q 0 0 0 rg BT 233.45 616.10 Td ( continued lessening of investor interest in active investing and continued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 604.10 Td (increase in passive investing may lead to a decline in the revenue the Company generates from commissions on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 592.10 Td (the execution of trading transactions and, in respect of its market-making activities, a reduction in the value of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 580.10 Td (trading positions and commissions and spreads.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 562.10 Td (Financial markets are susceptible to severe events such as dislocations which may lead to reduced liquidity) Tj ET Q q 0 0 0 rg BT 530.78 562.10 Td (. Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 550.10 Td (these extreme conditions, the Company's risk management strategies may not be as ef) Tj ET Q q 0 0 0 rg BT 446.42 550.10 Td (fective as they might ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 538.10 Td (otherwise be under normal market conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 520.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 520.10 Td (Liquidity is essential to the Company's businesses. ) Tj ET Q q 0 0 0 rg BT 308.44 520.10 Td (The Company's liquidity could be negatively af) Tj ET Q q 0 0 0 rg BT 498.35 520.10 Td (fected by an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 508.10 Td (inability to obtain funding on a regular basis either in the short term market through bank borrowing or in the long ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 496.10 Td (term market through senior and subordinated borrowings. Such illiquidity could arise through a lowering of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 484.10 Td (Company's credit rating or through market disruptions unrelated to the Company) Tj ET Q q 0 0 0 rg BT 426.25 484.10 Td (. ) Tj ET Q q 0 0 0 rg BT 431.07 484.10 Td (The availability of unsecured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 472.10 Td (financing is lar) Tj ET Q q 0 0 0 rg BT 163.30 472.10 Td (gely dependent on our credit rating which is lar) Tj ET Q q 0 0 0 rg BT 352.50 472.10 Td (gely determined by factors such as the level and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 460.10 Td (quality of our earnings, capital adequacy) Tj ET Q q 0 0 0 rg BT 265.57 460.10 Td (, risk management, asset quality and business mix. ) Tj ET Q q 0 0 0 rg BT 469.70 460.10 Td (As noted above, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 448.10 Td (Company has purchased, and will continue to purchase, auction rate securities from its clients which will reduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 436.10 Td (liquidity available to the Company for other purposes. ) Tj ET Q q 0 0 0 rg BT 322.44 436.10 Td (The failure to secure the liquidity necessary for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 424.10 Td (Company to operate and grow could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 356.00 424.10 Td (fect on the Company's financial condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 412.10 Td (results of operations. See "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 333.79 412.10 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 400.10 Td (Operations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.88 400.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.77 400.10 Td ( Liquidity and Capital Resources" in Item 7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 382.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 382.10 Td (Changes in interest rates \(especially if such changes are rapid\), high interest rates or uncertainty regarding the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 370.10 Td (future direction of interest rates, may create a less favorable environment for certain of the Company's businesses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 358.10 Td (particularly its fixed income business, resulting in reduced business volume and reduced revenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 340.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 340.10 Td (The reduction of interest rates substantially reduced the interest profits available to the Company through its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 328.10 Td (mar) Tj ET Q q 0 0 0 rg BT 118.87 328.10 Td (gin lending and also reduced profit contributions from cash sweep products such as the FDIC-insured Bank ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 316.10 Td (Deposit program. If interest rates remain at low levels, despite the recent moves upward by the Federal Reserve, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 304.10 Td (the Company's profitability will be negatively impacted.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 286.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 286.10 Td (The Company expects to continue to commit its own capital to engage in proprietary trading, investing and similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 274.10 Td (activities, and uncertain or unfavorable market or economic conditions may reduce the value of its positions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 262.10 Td (resulting in reduced revenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (The cyclical nature of the economy and the financial services industry leads to volatility in the Company's operating mar) Tj ET Q q 0 0 0 rg BT 532.08 238.10 Td (gins, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (due to the fixed nature of a portion of compensation expenses and many non-compensation expenses, as well as the possibility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (that the Company will be unable to scale back other costs at an appropriate time to match any decreases in revenue relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (changes in market and economic conditions. ) Tj ET Q q 0 0 0 rg BT 229.17 202.10 Td (As a result, the Company's financial performance may vary significantly from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (quarter to quarter and year to year) Tj ET Q q 0 0 0 rg BT 184.99 190.10 Td (.) Tj ET Q endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Markets have experienced, and may continue to experience, periods of high volatility accompanied by r) Tj ET Q q 0 0 0 rg BT 489.28 742.25 Td (educed liquidity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td (and periods of low volatility r) Tj ET Q q 0 0 0 rg BT 175.15 730.25 Td (esulting in a r) Tj ET Q q 0 0 0 rg BT 233.59 730.25 Td (eduction in trading volumes which may have an adverse effect on our) Tj ET Q q 0 0 0 rg BT 528.68 730.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (r) Tj ET Q q 0 0 0 rg BT 53.76 718.25 Td (evenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 700.25 Td (Financial markets are susceptible to severe events evidenced by rapid depreciation in asset values accompanied by a reduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 688.25 Td (in asset liquidity) Tj ET Q q 0 0 0 rg BT 114.96 688.25 Td (. Under these extreme conditions, hedging and other risk management strategies may not be ef) Tj ET Q q 0 0 0 rg BT 492.44 688.25 Td (fective. Severe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 676.25 Td (market events have historically been dif) Tj ET Q q 0 0 0 rg BT 208.98 676.25 Td (ficult to predict, and significant losses could be realized in the wake of such events. ) Tj ET Q q 0 0 0 rg BT 545.09 676.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 664.25 Td ("Flash Crash" on May6, 2010 was driven not by external economic events but by internal market dynamics and automated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.25 Td (systems. Such events cannot be predicted nor can anyone, including the Company) Tj ET Q q 0 0 0 rg BT 376.82 652.25 Td (, predict the ef) Tj ET Q q 0 0 0 rg BT 434.39 652.25 Td (fectiveness of controls put in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.25 Td (place to prevent such incidents. Increasingly) Tj ET Q q 0 0 0 rg BT 229.07 640.25 Td (, threats of terrorism and terrorist acts have disrupted markets and increased the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.25 Td (perception of risk to the worldwide economy) Tj ET Q q 0 0 0 rg BT 228.80 628.25 Td (. ) Tj ET Q q 0 0 0 rg BT 233.25 628.25 Td (Any such act or threat may impact markets, and consequently the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.25 Td (business, in an adverse manner) Tj ET Q q 0 0 0 rg BT 173.08 616.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 592.25 Td (The Company has experienced significant pricing pr) Tj ET Q q 0 0 0 rg BT 273.22 592.25 Td (essur) Tj ET Q q 0 0 0 rg BT 295.26 592.25 Td (e in ar) Tj ET Q q 0 0 0 rg BT 322.29 592.25 Td (eas of its business, which may impair) Tj ET Q q 0 0 0 rg BT 479.63 592.25 Td ( its r) Tj ET Q q 0 0 0 rg BT 498.88 592.25 Td (evenues and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 580.25 Td (pr) Tj ET Q q 0 0 0 rg BT 59.32 580.25 Td (ofitability) Tj ET Q q 0 0 0 rg BT 100.43 580.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (In recent years the Company has experienced, and continues to experience, significant pricing pressures on trading mar) Tj ET Q q 0 0 0 rg BT 526.37 562.25 Td (gins and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (commissions in debt and equity trading. In the fixed income market, regulatory requirements have resulted in greater price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (transparency) Tj ET Q q 0 0 0 rg BT 99.93 538.25 Td (, leading to increased price competition and decreased trading mar) Tj ET Q q 0 0 0 rg BT 365.20 538.25 Td (gins. In the equity market, the Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (experienced increased pricing pressure from institutional clients to reduce commissions, and this pressure has been augmented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (by the increased use of electronic and direct market access trading, which has created additional downward pressure on trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 502.25 Td (gins. ) Tj ET Q q 0 0 0 rg BT 86.36 502.25 Td (The trend toward using alternative trading systems is continuing to grow) Tj ET Q q 0 0 0 rg BT 376.20 502.25 Td (, which may result in decreased commission ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (and trading revenue, reduce the Company's participation in the trading markets and its ability to access market information, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (lead to the creation of new and stronger competitors. Institutional clients also have pressured financial services firms to alter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td ("soft dollar" practices under which brokerage firms bundle the cost of trade execution with research products and services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (Some institutions are entering into arrangements that separate \(or "unbundle"\) payments for research products or services from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (sales commissions. Institutions subject to MiFID II, which the Company does business with primarily through its European ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (based subsidiary) Tj ET Q q 0 0 0 rg BT 115.23 430.25 Td (, were required to unbundle such payments commencing January 3, 2018. ) Tj ET Q q 0 0 0 rg BT 412.19 430.25 Td (These arrangements have increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (the competitive pressures on sales commissions and have af) Tj ET Q q 0 0 0 rg BT 288.70 418.25 Td (fected the value the Company's clients place on high-quality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (research. Moreover) Tj ET Q q 0 0 0 rg BT 126.83 406.25 Td (, the Company's inability to reach agreement regarding the terms of unbundling arrangements with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (institutional clients who are actively seeking such arrangements could result in the loss of those clients, which would likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (reduce the level of institutional commissions. ) Tj ET Q q 0 0 0 rg BT 233.45 382.25 Td (The Company believes that price competition and pricing pressures in these and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (other areas will continue as institutional investors continue to reduce the amounts they are willing to pay) Tj ET Q q 0 0 0 rg BT 467.08 370.25 Td (, including reducing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (number of brokerage firms they use, and some of our competitors seek to obtain market share by reducing fees, commissions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 346.25 Td (gins. ) Tj ET Q q 0 0 0 rg BT 85.98 346.25 Td (Additional pressure on sales and trading revenue may impair the profitability of the Company's business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (The ability to attract, develop and r) Tj ET Q q 0 0 0 rg BT 201.25 322.25 Td (etain highly skilled and pr) Tj ET Q q 0 0 0 rg BT 312.77 322.25 Td (oductive employees, particularly qualified financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (advisers, is critical to the success of the Company's business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.25 Td (The Company faces intense competition for qualified employees from other businesses in the financial services industry) Tj ET Q q 0 0 0 rg BT 529.55 292.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.25 Td (the performance of its business may suf) Tj ET Q q 0 0 0 rg BT 208.17 280.25 Td (fer to the extent it is unable to attract and retain employees ef) Tj ET Q q 0 0 0 rg BT 452.89 280.25 Td (fectively) Tj ET Q q 0 0 0 rg BT 487.22 280.25 Td (, particularly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.25 Td (given the relatively small size of the Company and its employee base compared to some of its competitors. ) Tj ET Q q 0 0 0 rg BT 479.49 268.25 Td (The primary sources ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.25 Td (of revenue in each of the Company's business lines are commissions and fees earned on advisory and underwriting transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.25 Td (and customer accounts managed by its employees, who are regularly recruited by other firms and in certain cases are able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.25 Td (take their client relationships with them when they change firms. Experienced employees are regularly of) Tj ET Q q 0 0 0 rg BT 470.55 232.25 Td (fered financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.25 Td (inducements by lar) Tj ET Q q 0 0 0 rg BT 125.41 220.25 Td (ger competitors to change employers, and thus competitors can de-stabilize the Company's relationship with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.25 Td (valued employees. Some specialized areas of the Company's business are operated by a relatively small number of employees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.25 Td (the loss of any of whom could jeopardize the continuation of that business following the employee's departure.) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 742.10 Td (urnover in the financial services industry is high. ) Tj ET Q q 0 0 0 rg BT 253.08 742.10 Td (The cost of retaining skilled professionals in the financial services industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (has escalated considerably) Tj ET Q q 0 0 0 rg BT 154.92 730.10 Td (. Financial industry employers are increasingly of) Tj ET Q q 0 0 0 rg BT 353.29 730.10 Td (fering guaranteed contracts, upfront payments, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (increased compensation. ) Tj ET Q q 0 0 0 rg BT 150.12 718.10 Td (These can be important factors in a current employee's decision to leave us as well as in a prospective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (employee's decision to join us. ) Tj ET Q q 0 0 0 rg BT 174.07 706.10 Td (As competition for skilled professionals in the industry remains intense, we may have to devote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (significant resources to attracting and retaining qualified personnel. ) Tj ET Q q 0 0 0 rg BT 321.73 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 327.14 694.10 Td (o the extent we have compensation tar) Tj ET Q q 0 0 0 rg BT 480.23 694.10 Td (gets, we may not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (able to retain our employees, which could result in increased recruiting expense or result in our recruiting additional employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (at compensation levels that are not within our tar) Tj ET Q q 0 0 0 rg BT 244.82 670.10 Td (get range. In particular) Tj ET Q q 0 0 0 rg BT 335.48 670.10 Td (, our financial results may be adversely af) Tj ET Q q 0 0 0 rg BT 502.46 670.10 Td (fected by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (costs we incur in connection with any upfront loans or other incentives we may of) Tj ET Q q 0 0 0 rg BT 377.57 658.10 Td (fer to newly recruited financial advisers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (other key personnel. If we were to lose the services of any of our investment bankers, senior equity research, sales and trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (professionals, asset managers, or executive of) Tj ET Q q 0 0 0 rg BT 232.31 634.10 Td (ficers to a competitor or otherwise, we may not be able to retain valuable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (relationships and some of our clients could choose to use the services of a competitor instead of our services. If we are unable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (to retain our senior professionals or recruit additional professionals, our reputation, business, results of operations and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (condition could be adversely af) Tj ET Q q 0 0 0 rg BT 174.83 598.10 Td (fected. Further) Tj ET Q q 0 0 0 rg BT 233.29 598.10 Td (, new business initiatives and ef) Tj ET Q q 0 0 0 rg BT 360.31 598.10 Td (forts to expand existing businesses generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (require that we incur compensation and benefits expense before generating additional revenues. Moreover) Tj ET Q q 0 0 0 rg BT 473.66 586.10 Td (, companies in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (industry whose employees accept positions with competitors frequently claim that those competitors have engaged in unfair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (hiring practices. ) Tj ET Q q 0 0 0 rg BT 116.24 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 124.88 562.10 Td (e have been subject to such claims and may be subject to additional claims in the future as we seek to hire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (qualified personnel, some of whom may work for our competitors. Some of these claims may result in material litigation. ) Tj ET Q q 0 0 0 rg BT 536.99 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 545.62 550.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (could incur substantial costs in defending against these claims, regardless of their merits. Such claims could also discourage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (potential employees who work for our competitors from joining us. Recent actions by some lar) Tj ET Q q 0 0 0 rg BT 428.96 526.10 Td (ger competitors to reject the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td ("Recruiting Protocol", an industry adopted set of practices permitting financial advisers to port their client relationships to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (new firm under strict rules, is likely to increase the likelihood of litigation among competitors surrounding the employment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (new advisers and their solicitation of their clients and may act as a new barrier to recruitment of financial advisers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (The Company depends on its senior) Tj ET Q q 0 0 0 rg BT 201.85 466.10 Td ( employees and the loss of their) Tj ET Q q 0 0 0 rg BT 334.44 466.10 Td ( services could harm its business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (The Company's success is dependent in lar) Tj ET Q q 0 0 0 rg BT 220.53 448.10 Td (ge part upon the services of its senior executives and employees. ) Tj ET Q q 0 0 0 rg BT 481.00 448.10 Td (Any loss of service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (of the chief executive of) Tj ET Q q 0 0 0 rg BT 146.49 436.10 Td (ficer \("CEO"\) may adversely af) Tj ET Q q 0 0 0 rg BT 272.75 436.10 Td (fect the business and operations of the Company) Tj ET Q q 0 0 0 rg BT 466.22 436.10 Td (. ) Tj ET Q q 0 0 0 rg BT 471.04 436.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (maintains key man insurance on the life of its CEO. Over 96% of the Class B voting shares are held by Phase II Financial Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (\("Phase II"\), a Delaware corporation controlled by Mr) Tj ET Q q 0 0 0 rg BT 265.36 412.10 Td (. ) Tj ET Q q 0 0 0 rg BT 269.81 412.10 Td (Albert Lowenthal, the Chairman and CEO of the Company) Tj ET Q q 0 0 0 rg BT 505.50 412.10 Td (. In the event ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (of Mr) Tj ET Q q 0 0 0 rg BT 72.00 400.10 Td (. Lowenthal's death or incapacity) Tj ET Q q 0 0 0 rg BT 203.38 400.10 Td (, control of Phase II would pass to Mr) Tj ET Q q 0 0 0 rg BT 354.20 400.10 Td (. Lowenthal's spouse. If the Company's senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (executives or employees terminate their employment and the Company is unable to find suitable replacements in relatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (short periods of time, its operations may be materially and adversely af) Tj ET Q q 0 0 0 rg BT 333.68 376.10 Td (fected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (Underwriting and market-making activities may place capital at risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (The Company may incur losses and be subject to reputational harm to the extent that, for any reason, it is unable to sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (securities it purchased as an underwriter at the anticipated price levels. ) Tj ET Q q 0 0 0 rg BT 333.83 322.10 Td (As an underwriter) Tj ET Q q 0 0 0 rg BT 405.63 322.10 Td (, the Company is subject to heightened ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (standards regarding liability for material misstatements or omissions in prospectuses and other of) Tj ET Q q 0 0 0 rg BT 438.12 310.10 Td (fering documents relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 298.10 Td (ferings it underwrites. ) Tj ET Q q 0 0 0 rg BT 147.63 298.10 Td (Any such misstatement or omission could subject the Company to enforcement action by the SEC and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (claims of investors, either of which could have a material adverse impact on the Company's results of operations, financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (condition and reputation. ) Tj ET Q q 0 0 0 rg BT 151.70 274.10 Td (As a market maker) Tj ET Q q 0 0 0 rg BT 227.10 274.10 Td (, the Company may own lar) Tj ET Q q 0 0 0 rg BT 338.01 274.10 Td (ge positions in specific securities, and these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (undiversified holdings concentrate the risk of market fluctuations and may result in greater losses than would be the case if the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (Company's holdings were more diversified.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (Incr) Tj ET Q q 0 0 0 rg BT 67.65 226.10 Td (eases in capital commitments in our) Tj ET Q q 0 0 0 rg BT 219.95 226.10 Td ( pr) Tj ET Q q 0 0 0 rg BT 232.27 226.10 Td (oprietary trading, investing and similar) Tj ET Q q 0 0 0 rg BT 400.71 226.10 Td ( activities incr) Tj ET Q q 0 0 0 rg BT 460.51 226.10 Td (ease the potential for) Tj ET Q q 0 0 0 rg BT 549.47 226.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (significant losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (The Company's results of operations for a given period may be af) Tj ET Q q 0 0 0 rg BT 311.33 196.10 Td (fected by the nature and scope of these activities and such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (activities will subject the Company to market fluctuations and volatility that may adversely af) Tj ET Q q 0 0 0 rg BT 424.50 184.10 Td (fect the value of its positions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (which could result in significant losses and reduce its revenues and profits. In addition, increased commitment of capital will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.10 Td (expose the Company to the risk that a counter) Tj ET Q q 0 0 0 rg BT 232.59 160.10 Td (-party will be unable to meet its obligations, which could lead to financial losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (that could adversely af) Tj ET Q q 0 0 0 rg BT 140.12 148.10 Td (fect the Company's results of operations. ) Tj ET Q q 0 0 0 rg BT 305.31 148.10 Td (These activities may lead to a greater concentration of risk, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (which may cause the Company to suf) Tj ET Q q 0 0 0 rg BT 199.29 136.10 Td (fer losses even when business conditions are generally favorable for others in the industry) Tj ET Q q 0 0 0 rg BT 558.25 136.10 Td (.) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (If the Company is unable to r) Tj ET Q q 0 0 0 rg BT 174.89 742.25 Td (epay its outstanding indebtedness when due, its operations may be materially adversely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td (effected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 712.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 712.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.58 712.25 Td (, the Company had liabilities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.17 712.25 Td ($1.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.29 712.25 Td (, a significant portion of which is collateralized by highly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 700.25 Td (liquid and marketable government securities as well as marketable securities owned by customers. ) Tj ET Q q 0 0 0 rg BT 445.31 700.25 Td (The Company cannot assure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 688.25 Td (that its operations will generate funds suf) Tj ET Q q 0 0 0 rg BT 214.28 688.25 Td (ficient to repay its existing debt obligations as they come due. ) Tj ET Q q 0 0 0 rg BT 464.04 688.25 Td (The Company's failure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 676.25 Td (to repay its indebtedness and make interest payments as required by its debt obligations could a material adverse ef) Tj ET Q q 0 0 0 rg BT 509.73 676.25 Td (fect on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 664.25 Td (results of operations and financial condition, including the acceleration of the payment of debt.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 640.25 Td (The Company may make strategic acquisitions of businesses, engage in joint ventur) Tj ET Q q 0 0 0 rg BT 404.89 640.25 Td (es or) Tj ET Q q 0 0 0 rg BT 424.97 640.25 Td ( divest or) Tj ET Q q 0 0 0 rg BT 464.23 640.25 Td ( exit existing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 628.25 Td (businesses, which could r) Tj ET Q q 0 0 0 rg BT 156.57 628.25 Td (esult in unfor) Tj ET Q q 0 0 0 rg BT 213.62 628.25 Td (eseen expenses or) Tj ET Q q 0 0 0 rg BT 287.86 628.25 Td ( disruptive effects on its business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (From time to time, the Company may consider acquisitions of other businesses or joint ventures with other businesses. ) Tj ET Q q 0 0 0 rg BT 526.10 610.25 Td (Any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (acquisition or joint venture that the Company determines to pursue will be accompanied by a number of risks. ) Tj ET Q q 0 0 0 rg BT 491.34 598.25 Td (After the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (announcement or completion of an acquisition or joint venture, the Company's share price could decline if investors view the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (transaction as too costly or unlikely to improve the Company's competitive position. Costs or dif) Tj ET Q q 0 0 0 rg BT 435.79 574.25 Td (ficulties relating to such a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (transaction, including integration of products, employees, of) Tj ET Q q 0 0 0 rg BT 290.65 562.25 Td (fices, technology systems, accounting systems and management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (controls, may be dif) Tj ET Q q 0 0 0 rg BT 129.30 550.25 Td (ficult to predict accurately and be greater than expected causing the Company's estimates to dif) Tj ET Q q 0 0 0 rg BT 509.67 550.25 Td (fer from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (actual results. ) Tj ET Q q 0 0 0 rg BT 106.80 538.25 Td (The Company may be unable to retain key personnel after the transaction, and the transaction may impair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (relationships with customers and business partners. In addition, the Company may be unable to achieve anticipated benefits and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (syner) Tj ET Q q 0 0 0 rg BT 70.98 514.25 Td (gies from the transaction as fully as expected or within the expected time frame. Divestitures or elimination of existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (businesses or products could have similar ef) Tj ET Q q 0 0 0 rg BT 225.95 502.25 Td (fects, including the loss of earnings of the divested business or operation. ) Tj ET Q q 0 0 0 rg BT 521.26 502.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 490.25 Td (ficulties could disrupt the Company's ongoing business, increase its expenses and adversely af) Tj ET Q q 0 0 0 rg BT 437.24 490.25 Td (fect its operating results and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (financial condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (If the Company violates the securities laws, or) Tj ET Q q 0 0 0 rg BT 245.41 454.25 Td ( is involved in litigation in connection with a violation, the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (r) Tj ET Q q 0 0 0 rg BT 53.76 442.25 Td (eputation and r) Tj ET Q q 0 0 0 rg BT 119.70 442.25 Td (esults of operations may be adversely affected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.25 Td (Many aspects of the Company's business involve substantial risks of liability) Tj ET Q q 0 0 0 rg BT 356.17 424.25 Td (. ) Tj ET Q q 0 0 0 rg BT 360.62 424.25 Td (An underwriter is exposed to substantial liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.25 Td (under federal and state securities laws, other federal and state laws, and court decisions, including decisions with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.25 Td (underwriters' liability and limitations on indemnification of underwriters by issuers. For example, a firm that acts as an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (underwriter may be held liable for material misstatements or omissions of fact in a prospectus used in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.25 Td (securities being of) Tj ET Q q 0 0 0 rg BT 122.63 376.25 Td (fered or for statements made by its securities analysts or other personnel. In recent years, there has been an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.25 Td (increasing incidence of litigation involving the securities industry) Tj ET Q q 0 0 0 rg BT 311.29 364.25 Td (, including class actions that seek substantial damages. ) Tj ET Q q 0 0 0 rg BT 532.17 364.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.25 Td (Company's underwriting activities will usually involve of) Tj ET Q q 0 0 0 rg BT 279.42 352.25 Td (ferings of the securities of smaller companies, which often involve a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.25 Td (higher degree of risk and are more volatile than the securities of more established companies. In comparison with more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.25 Td (established companies, smaller companies are also more likely to be the subject of securities class actions, to carry directors and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.25 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 316.25 Td (ficers liability insurance policies with lower limits or not at all, and to become insolvent. In addition, in market downturns, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.25 Td (claims tend to increase. Each of these factors increases the likelihood that an underwriter may be required to contribute to an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.25 Td (adverse judgment or settlement of a securities lawsuit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.25 Td (In the normal course of business, the operating subsidiaries have been and continue to be the subject of numerous civil actions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.25 Td (and arbitrations arising out of customer complaints relating to our activities as a broker) Tj ET Q q 0 0 0 rg BT 397.26 256.25 Td (-dealer) Tj ET Q q 0 0 0 rg BT 424.61 256.25 Td (, as an employer and as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.25 Td (other business activities. In turbulent times such as the years following the financial crisis, the volume of claims and amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.25 Td (damages sought in litigation and regulatory proceedings against financial institutions have historically escalated. ) Tj ET Q q 0 0 0 rg BT 501.98 232.25 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.25 Td (has experienced an increase in such claims as a result of the worldwide credit disruptions, including the disruptions in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.25 Td (auction rate securities market in 2008. If the Company misjudged the amount of damages that may be assessed against it from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.25 Td (pending or threatened claims, or if the Company is unable to adequately estimate the amount of damages that will be assessed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.25 Td (against it from claims that arise in the future and reserve accordingly) Tj ET Q q 0 0 0 rg BT 324.03 184.25 Td (, its financial condition and results of operations may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.25 Td (materially adversely af) Tj ET Q q 0 0 0 rg BT 140.94 172.25 Td (fected. See "The Company may continue to be adversely af) Tj ET Q q 0 0 0 rg BT 378.09 172.25 Td (fected by the failure of the ) Tj ET Q q 0 0 0 rg BT 485.82 172.25 Td (Auction Rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.25 Td (Securities Market" herein, "Legal Proceedings" in Item 3 and "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 424.48 160.25 Td (Analysis of Financial Condition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.25 Td (and Results of Operations Regulatory Environment Other Regulatory Matters" in Item 7.) Tj ET Q endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (The pr) Tj ET Q q 0 0 0 rg BT 78.49 742.25 Td (eparation of the consolidated financial statements r) Tj ET Q q 0 0 0 rg BT 296.62 742.25 Td (equir) Tj ET Q q 0 0 0 rg BT 319.22 742.25 Td (es the use of estimates that may vary fr) Tj ET Q q 0 0 0 rg BT 485.11 742.25 Td (om actual r) Tj ET Q q 0 0 0 rg BT 533.81 742.25 Td (esults.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 724.25 Td (If actual experience dif) Tj ET Q q 0 0 0 rg BT 141.76 724.25 Td (fers from management's estimates used in the preparation of financial statements, the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 712.25 Td (consolidated results of operations or financial condition could be adversely af) Tj ET Q q 0 0 0 rg BT 359.78 712.25 Td (fected. ) Tj ET Q q 0 0 0 rg BT 389.02 712.25 Td (The preparation of financial statements in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 700.25 Td (conformity with accounting principles generally accepted in the United States requires the application of accounting policies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 688.25 Td (that often involve a significant degree of judgment. Such estimates and assumptions may require management to make dif) Tj ET Q q 0 0 0 rg BT 537.52 688.25 Td (ficult, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 676.25 Td (subjective and complex judgments about matters that are inherently uncertain. ) Tj ET Q q 0 0 0 rg BT 364.50 676.25 Td (The Company's accounting policies that are most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 664.25 Td (dependent on the application of estimates and assumptions, and therefore viewed by the Company as critical accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.25 Td (estimates, are those described in note 2 to the consolidated financial statements appearing in Item8. ) Tj ET Q q 0 0 0 rg BT 451.41 652.25 Td (These accounting estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.25 Td (require the use of assumptions, some of which are highly uncertain at the time of estimation. ) Tj ET Q q 0 0 0 rg BT 422.00 640.25 Td (These estimates, by their nature, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.25 Td (are based on judgment and current facts and circumstances. ) Tj ET Q q 0 0 0 rg BT 289.41 628.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 338.74 628.25 Td (, actual results could dif) Tj ET Q q 0 0 0 rg BT 434.37 628.25 Td (fer from these estimates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.25 Td (possibly in the near term, and could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 299.22 616.25 Td (fect on the consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 592.25 Td (The value of the Company's goodwill and intangible assets may become impair) Tj ET Q q 0 0 0 rg BT 385.17 592.25 Td (ed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 574.25 Td ( substantial portion of the Company's assets arise from goodwill and intangibles recorded as a result of business acquisitions it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (has made. ) Tj ET Q q 0 0 0 rg BT 91.80 562.25 Td (The Company is required to perform a test for impairment of such goodwill and intangible assets, at least annually) Tj ET Q q 0 0 0 rg BT 549.09 562.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 550.25 Td (o the extent that there are continued declines in the markets and general economy) Tj ET Q q 0 0 0 rg BT 379.96 550.25 Td (, impairment may become more likely) Tj ET Q q 0 0 0 rg BT 532.04 550.25 Td (. If the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (test resulted in a write-down of goodwill and/or intangible assets, the Company would incur a significant loss. For further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (discussion of this risk, see note 17 to the consolidated financial statements for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.12 526.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.71 526.25 Td ( appearing in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (Item8.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (The Company's risk management policies and pr) Tj ET Q q 0 0 0 rg BT 258.78 490.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 288.04 490.25 Td (es may leave it exposed to unidentified risks or) Tj ET Q q 0 0 0 rg BT 486.18 490.25 Td ( an unanticipated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (level of risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.25 Td (The policies and procedures the Company employs to identify) Tj ET Q q 0 0 0 rg BT 297.68 460.25 Td (, monitor and manage risks may not be fully ef) Tj ET Q q 0 0 0 rg BT 484.68 460.25 Td (fective. Some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.25 Td (methods of risk management are based on the use of observed historical market behavior) Tj ET Q q 0 0 0 rg BT 404.67 448.25 Td (. ) Tj ET Q q 0 0 0 rg BT 409.11 448.25 Td (As a result, these methods may not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.25 Td (predict future risk exposures, which could be significantly greater than historical measures indicate. Other risk management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.25 Td (methods depend on evaluation of information regarding markets, clients or other matters that are publicly available or otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.25 Td (accessible. ) Tj ET Q q 0 0 0 rg BT 94.85 412.25 Td (This information may not be accurate, complete or up-to-date or properly evaluated. Management of operational, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.25 Td (legal and regulatory risk requires, among other things, policies and procedures to properly record and verify a lar) Tj ET Q q 0 0 0 rg BT 501.11 400.25 Td (ge number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (transactions and events. ) Tj ET Q q 0 0 0 rg BT 147.07 388.25 Td (The Company cannot give assurances that its policies and procedures will ef) Tj ET Q q 0 0 0 rg BT 452.63 388.25 Td (fectively and accurately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.25 Td (record and verify this information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.25 Td (The Company seeks to monitor and control its risk exposure through a variety of separate but complementary financial, credit, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.25 Td (operational, compliance and legal reporting systems. ) Tj ET Q q 0 0 0 rg BT 262.59 340.25 Td (The Company believes that it ef) Tj ET Q q 0 0 0 rg BT 390.42 340.25 Td (fectively evaluates and manages the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.25 Td (market, credit and other risks to which it is exposed. Nonetheless, the ef) Tj ET Q q 0 0 0 rg BT 337.30 328.25 Td (fectiveness of the Company's ability to manage risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.25 Td (exposure can never be completely or accurately predicted or fully assured, and there can be no guarantee that the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.25 Td (risk management will be successful. For example, unexpectedly lar) Tj ET Q q 0 0 0 rg BT 318.12 304.25 Td (ge or rapid movements or disruptions in one or more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.25 Td (markets or other unforeseen developments can have a material adverse ef) Tj ET Q q 0 0 0 rg BT 342.52 292.25 Td (fect on the Company's financial condition and results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.25 Td (of operations. ) Tj ET Q q 0 0 0 rg BT 106.80 280.25 Td (The consequences of these developments can include losses due to adverse changes in securities values, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.25 Td (decreases in the liquidity of trading positions, higher volatility in earnings, increases in the Company's credit risk to customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.25 Td (as well as to third parties and increases in general systemic risk. Certain of the Company's risk management systems are subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.25 Td (to regulatory review and may be found to be insuf) Tj ET Q q 0 0 0 rg BT 249.54 244.25 Td (ficient by the Company's regulators potentially leading to regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.25 Td (sanctions. ) Tj ET Q q 0 0 0 rg BT 91.54 232.25 Td (The Company over the past several years has increased its systems of surveillance over the various risks facing its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.25 Td (business and has instituted standing committees to regularly review both the risks themselves as well as the adequacy of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.25 Td (systems providing information. ) Tj ET Q q 0 0 0 rg BT 177.09 208.25 Td (There can be no guarantee that the operation of these systems will allow the Company to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.25 Td (prevent or mitigate the various risks faced by its businesses. Regulators have announced their intention to regularly review ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.25 Td (companies' risk control practices, and, if found inadequate, bring enforcement actions and sanctions against such firms.) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Cr) Tj ET Q q 0 0 0 rg BT 60.98 742.25 Td (edit risk may expose the Company to losses caused by the inability of borr) Tj ET Q q 0 0 0 rg BT 376.08 742.25 Td (owers or) Tj ET Q q 0 0 0 rg BT 412.83 742.25 Td ( other) Tj ET Q q 0 0 0 rg BT 437.92 742.25 Td ( third parties to satisfy their) Tj ET Q q 0 0 0 rg BT 557.44 742.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td (obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 712.25 Td (The Company is exposed to the risk that third parties that owe it money) Tj ET Q q 0 0 0 rg BT 335.18 712.25 Td (, securities or other assets will not perform their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 700.25 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 98.76 700.25 Td (These parties include:) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 186.51 700.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 676.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 676.25 Td (trading counterparties;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 658.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 658.25 Td (customers;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 640.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 640.25 Td (clearing agents;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 622.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 622.25 Td (exchanges;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 604.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 604.25 Td (clearing houses; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 586.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 586.25 Td (other financial intermediaries as well as issuers whose securities we hold.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (These parties may default on their obligations owed to the Company due to bankruptcy) Tj ET Q q 0 0 0 rg BT 397.38 562.25 Td (, lack of liquidity) Tj ET Q q 0 0 0 rg BT 465.60 562.25 Td (, operational failure or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (other reasons. ) Tj ET Q q 0 0 0 rg BT 107.36 550.25 Td (This default risk may arise, for example, from:) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 294.24 550.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 526.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 526.25 Td (holding securities of third parties;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 508.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 508.25 Td (executing securities trades that fail to settle at the required time due to non-delivery by the counterparty or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 496.25 Td (systems failure by clearing agents, exchanges, clearing houses or other financial intermediaries; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 478.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 478.25 Td (extending credit to clients through bridge or mar) Tj ET Q q 0 0 0 rg BT 297.43 478.25 Td (gin loans or other arrangements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (Significant failures by third parties to perform their obligations owed to the Company could adversely af) Tj ET Q q 0 0 0 rg BT 467.83 454.25 Td (fect the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (revenue and its ability to borrow in the credit markets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (Risks r) Tj ET Q q 0 0 0 rg BT 79.60 418.25 Td (elated to insurance pr) Tj ET Q q 0 0 0 rg BT 172.47 418.25 Td (ograms.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.25 Td (The Company's operations and financial results are subject to risks and uncertainties related to the use of a combination of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (insurance, self-insured retention and self-insurance for a number of risks, including most significantly property and casualty) Tj ET Q q 0 0 0 rg BT 545.10 388.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.25 Td (general liability) Tj ET Q q 0 0 0 rg BT 111.88 376.25 Td (, workers' compensation, and the portion of employee-related health care benefits plans funded by the Company) Tj ET Q q 0 0 0 rg BT 559.28 376.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.25 Td (and certain errors and omissions liability) Tj ET Q q 0 0 0 rg BT 211.87 364.25 Td (, among others.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.25 Td (While the Company endeavors to purchase insurance coverage that is appropriate to its assessment of risk, it is unable to predict ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.25 Td (with certainty the frequency) Tj ET Q q 0 0 0 rg BT 161.30 328.25 Td (, nature or magnitude of claims for direct or consequential damages. ) Tj ET Q q 0 0 0 rg BT 436.30 328.25 Td (The Company's business may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.25 Td (be negatively af) Tj ET Q q 0 0 0 rg BT 113.18 316.25 Td (fected if in the future its insurance proves to be inadequate or unavailable. In addition, insurance claims may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.25 Td (divert management resources away from operating the business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 280.25 Td (The pr) Tj ET Q q 0 0 0 rg BT 78.49 280.25 Td (ecautions the Company takes to pr) Tj ET Q q 0 0 0 rg BT 226.37 280.25 Td (event and detect employee misconduct may not be effective and the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 268.25 Td (could be exposed to unknown and unmanaged risks or) Tj ET Q q 0 0 0 rg BT 281.05 268.25 Td ( losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (The Company runs the risk that employee misconduct could occur) Tj ET Q q 0 0 0 rg BT 314.71 250.25 Td (. Misconduct by employees could include:) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 484.12 250.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 226.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 226.25 Td (employees binding the Company to transactions that exceed authorized limits or present unacceptable risks to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 214.25 Td (Company \(rogue trading\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 196.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 196.25 Td (employee theft and improper use of Company or client property;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 178.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 178.25 Td (employees conspiring with third parties to defraud the Company;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 160.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 160.25 Td (employees hiding unauthorized or unsuccessful activities from the Company) Tj ET Q q 0 0 0 rg BT 409.44 160.25 Td (, including outside business activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 148.25 Td (that are undisclosed and may result in liability to the Company;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 130.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 130.25 Td (employees steering or soliciting their clients into investments which have not been sponsored by the Company and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 118.25 Td (without the proper diligence;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 100.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 100.25 Td (the improper use of confidential information; or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 82.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 82.25 Td (employee conduct outside of acceptable norms including harassment.) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (These types of misconduct could result in unknown and unmanaged risks or losses to the Company including regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (sanctions and serious harm to its reputation. ) Tj ET Q q 0 0 0 rg BT 227.62 730.10 Td (The precautions the Company takes to prevent and detect these activities may not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (be ef) Tj ET Q q 0 0 0 rg BT 69.03 718.10 Td (fective. If employee misconduct does occur) Tj ET Q q 0 0 0 rg BT 243.00 718.10 Td (, the Company's business operations could be materially adversely af) Tj ET Q q 0 0 0 rg BT 518.44 718.10 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (There have been a number of highly-publicized cases involving fraud or other misconduct by employees in the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (services industry) Tj ET Q q 0 0 0 rg BT 116.34 682.10 Td (, and the Company has experienced such cases in the past and there is a risk that our employees could engage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (in misconduct in the future that adversely af) Tj ET Q q 0 0 0 rg BT 225.65 670.10 Td (fects our business. ) Tj ET Q q 0 0 0 rg BT 301.57 670.10 Td (The Company has experienced employee misconduct which has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (led to regulatory sanctions and legal liability that has adversely af) Tj ET Q q 0 0 0 rg BT 312.01 658.10 Td (fected our results and could continue to adversely af) Tj ET Q q 0 0 0 rg BT 520.65 658.10 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (results in the future. ) Tj ET Q q 0 0 0 rg BT 131.80 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 140.44 646.10 Td (e remain subject to a number of obligations and standards arising from our asset management business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (and our authority over the assets managed by our asset management business. In addition, our financial advisers may act in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (fiduciary capacity) Tj ET Q q 0 0 0 rg BT 120.75 622.10 Td (, providing financial planning, investment advice and discretionary asset management. ) Tj ET Q q 0 0 0 rg BT 469.08 622.10 Td (The violation of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (obligations and standards by any of our employees could adversely af) Tj ET Q q 0 0 0 rg BT 328.13 610.10 Td (fect our clients and us. It is not always possible to deter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (employee misconduct, and the precautions we take to detect and prevent this activity may not be ef) Tj ET Q q 0 0 0 rg BT 445.57 598.10 Td (fective in all cases. If our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (employees engage in misconduct, our business could be materially adversely af) Tj ET Q q 0 0 0 rg BT 367.28 586.10 Td (fected including our cash position.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (Defaults by another) Tj ET Q q 0 0 0 rg BT 133.76 562.10 Td ( large financial institution could adversely affect financial markets generally) Tj ET Q q 0 0 0 rg BT 457.90 562.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.10 Td (In the fourth quarter of 2008, Lehman Brothers filed for bankruptcy protection and financial institutions including the Federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.10 Td (National Mortgage ) Tj ET Q q 0 0 0 rg BT 127.26 532.10 Td (Association, the Federal Home Loan Mortgage Corporation, Citigroup Inc., Bank of ) Tj ET Q q 0 0 0 rg BT 466.36 532.10 Td (America Corporation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.89 520.10 Td (American International Group, Inc. needed to accept substantial funding from the Federal government. In the fourth quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (of 201) Tj ET Q q 0 0 0 rg BT 74.96 508.10 Td (1, MF Global Holding Ltd. filed for bankruptcy protection. In ) Tj ET Q q 0 0 0 rg BT 324.08 508.10 Td (August 2012, Peregrine Financial Group, Inc. was declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (bankrupt and placed in receivership. ) Tj ET Q q 0 0 0 rg BT 197.04 496.10 Td (The commercial soundness of many financial institutions may be closely interrelated as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (result of credit, trading, clearing, or other relationships between these institutions. ) Tj ET Q q 0 0 0 rg BT 378.58 484.10 Td (As a result, concerns about, or a default or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (threatened default by) Tj ET Q q 0 0 0 rg BT 133.25 472.10 Td (, one institution could lead to significant market-wide liquidity and credit problems, losses, or defaults by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (other institutions. ) Tj ET Q q 0 0 0 rg BT 121.82 460.10 Td (This is sometimes referred to as "systemic risk" and may adversely af) Tj ET Q q 0 0 0 rg BT 400.00 460.10 Td (fect financial intermediaries, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (clearing agencies, clearing houses, banks, securities firms and exchanges with which the Company interacts on a daily basis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (and therefore could adversely af) Tj ET Q q 0 0 0 rg BT 178.14 436.10 Td (fect the Company) Tj ET Q q 0 0 0 rg BT 248.58 436.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (The failur) Tj ET Q q 0 0 0 rg BT 92.38 412.10 Td (e of guarantors could adversely affect the pricing of securities and their) Tj ET Q q 0 0 0 rg BT 396.31 412.10 Td ( trading markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (Monoline insurance companies, commercial banks and other insurers regularly issue credit enhancements to issuers in order to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (permit them to receive higher credit ratings than would otherwise be available to them. ) Tj ET Q q 0 0 0 rg BT 399.11 382.10 Td (As a result, the failure of any of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (guarantors could and would suddenly and immediately result in the depreciation in the price of the securities that have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (guaranteed or enhanced by such entity) Tj ET Q q 0 0 0 rg BT 202.40 358.10 Td (. ) Tj ET Q q 0 0 0 rg BT 207.22 358.10 Td (This failure could adversely af) Tj ET Q q 0 0 0 rg BT 329.21 358.10 Td (fect the markets in general and the liquidity of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (securities that are so af) Tj ET Q q 0 0 0 rg BT 140.95 346.10 Td (fected. ) Tj ET Q q 0 0 0 rg BT 170.19 346.10 Td (This disruption could create losses for holders of af) Tj ET Q q 0 0 0 rg BT 375.51 346.10 Td (fected securities including the Company) Tj ET Q q 0 0 0 rg BT 535.93 346.10 Td (. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (addition, rating agency downgrades of the debt or deposit or claims-paying ability of these guarantors could result in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (reduction in the prices of securities held by the Company which are guaranteed by such guarantors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (The Company's information systems may experience an interruption or) Tj ET Q q 0 0 0 rg BT 354.86 298.10 Td ( br) Tj ET Q q 0 0 0 rg BT 367.18 298.10 Td (each in security) Tj ET Q q 0 0 0 rg BT 433.28 298.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (The Company relies heavily on communications and information systems to conduct its business. ) Tj ET Q q 0 0 0 rg BT 441.66 280.10 Td (Any failure, interruption or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (breach in security of these systems could result in failures or disruptions in the Company's customer relationship management, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (general ledger) Tj ET Q q 0 0 0 rg BT 106.01 256.10 Td (, and other systems. ) Tj ET Q q 0 0 0 rg BT 187.48 256.10 Td (While the Company has policies and procedures designed to prevent or limit the ef) Tj ET Q q 0 0 0 rg BT 518.60 256.10 Td (fect of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (failure, interruption or security breach of its information systems, there can be no assurance that any such failures, interruptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (or security breaches will not occur or) Tj ET Q q 0 0 0 rg BT 197.93 232.10 Td (, if they do occur) Tj ET Q q 0 0 0 rg BT 265.56 232.10 Td (, that they will be adequately addressed. Recent disclosures of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (incursions by foreign and domestic unauthorized agents aimed at lar) Tj ET Q q 0 0 0 rg BT 322.29 220.10 Td (ge financial institutions reflect higher risks for all such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 98.77 208.10 Td (The occurrence of any failures, interruptions or security breaches of the Company's information systems could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (damage the Company's reputation, result in a loss of customer business, subject the Company to additional regulatory scrutiny) Tj ET Q q 0 0 0 rg BT 554.16 196.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (or expose the Company to civil litigation and possible financial liability) Tj ET Q q 0 0 0 rg BT 336.02 184.10 Td (, any of which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 524.64 184.10 Td (fect on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (the Company's financial condition and results of operations.) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (Our businesses rely extensively on data processing and communications systems. In addition to better serving clients, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 730.10 Td (fective use of technology increases ef) Tj ET Q q 0 0 0 rg BT 207.12 730.10 Td (ficiency and enables us to reduce costs. ) Tj ET Q q 0 0 0 rg BT 366.51 730.10 Td (Adapting or developing our technology systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (to meet new regulatory requirements, client needs, and competitive demands is critical for our business. Introduction of new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (technology presents challenges on a regular basis. ) Tj ET Q q 0 0 0 rg BT 251.48 706.10 Td (There are significant technical and financial costs and risks in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (development of new or enhanced applications, including the risk that we might be unable to ef) Tj ET Q q 0 0 0 rg BT 426.99 694.10 Td (fectively use new technologies or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (adapt our applications to emer) Tj ET Q q 0 0 0 rg BT 170.39 682.10 Td (ging industry standards. Our continued success depends, in part, upon our ability to: \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (successfully maintain and upgrade the capability of our technology systems; \(ii\) address the needs of our clients by using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (technology to provide products and services that satisfy their demands; and \(iii\) retain skilled information technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (employees. Failure of our technology systems, which could result from events beyond our control, or an inability to ef) Tj ET Q q 0 0 0 rg BT 522.27 646.10 Td (fectively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (upgrade those systems or implement new technology-driven products or services, could result in financial losses, liability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (clients, violations of applicable privacy and other applicable laws and regulatory sanctions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (Security br) Tj ET Q q 0 0 0 rg BT 97.37 598.10 Td (eaches of our) Tj ET Q q 0 0 0 rg BT 153.28 598.10 Td ( technology systems, or) Tj ET Q q 0 0 0 rg BT 251.42 598.10 Td ( those of our) Tj ET Q q 0 0 0 rg BT 304.29 598.10 Td ( clients or) Tj ET Q q 0 0 0 rg BT 345.77 598.10 Td ( other) Tj ET Q q 0 0 0 rg BT 370.86 598.10 Td ( third-party vendors we r) Tj ET Q q 0 0 0 rg BT 479.00 598.10 Td (ely on, could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (subject us to significant liability and harm our) Tj ET Q q 0 0 0 rg BT 246.84 586.10 Td ( r) Tj ET Q q 0 0 0 rg BT 253.60 586.10 Td (eputation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.10 Td (The expectations of sound operational and informational security practices have risen among our clients and vendors, the public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.10 Td (at lar) Tj ET Q q 0 0 0 rg BT 69.58 556.10 Td (ge and regulators. Our operational systems and infrastructure must continue to be safeguarded and monitored for potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.10 Td (failures, disruptions, cyber) Tj ET Q q 0 0 0 rg BT 155.94 544.10 Td (-attacks and breakdowns. Our operations rely on the secure processing, storage and transmission of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.10 Td (confidential and other information in our computer systems and networks. ) Tj ET Q q 0 0 0 rg BT 348.04 532.10 Td (Although cybersecurity incidents among financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (services firms are on the rise, we have not experienced any material losses relating to cyber) Tj ET Q q 0 0 0 rg BT 414.71 520.10 Td (-attacks or other information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (security breaches. However) Tj ET Q q 0 0 0 rg BT 159.88 508.10 Td (, there can be no assurance that we will not suf) Tj ET Q q 0 0 0 rg BT 346.58 508.10 Td (fer such losses in the future. Despite our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (implementation of protective measures and endeavoring to modify them as circumstances warrant, our computer systems, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (software and networks may be vulnerable to human error) Tj ET Q q 0 0 0 rg BT 277.91 484.10 Td (, natural disasters, power loss, spam attacks, unauthorized access, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (distributed denial of service attacks, computer viruses and other malicious code and other events that could have an impact on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (the security and stability of our operations. Notwithstanding the precautions we take, if one or more of these events were to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (occur) Tj ET Q q 0 0 0 rg BT 71.31 448.10 Td (, this could jeopardize the information we confidentially maintain, including that of our clients and counterparties, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (is processed, stored in and transmitted through our computer systems and networks, or otherwise cause interruptions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (malfunctions in our operations or the operations of our clients and counterparties. ) Tj ET Q q 0 0 0 rg BT 377.84 424.10 Td (W) Tj ET Q q 0 0 0 rg BT 386.48 424.10 Td (e may be required to expend significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (additional resources to modify our protective measures, to investigate and remediate vulnerabilities or other exposures or to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (make required notifications or disclosures. ) Tj ET Q q 0 0 0 rg BT 222.05 400.10 Td (W) Tj ET Q q 0 0 0 rg BT 230.69 400.10 Td (e may also be subject to litigation and financial losses that are neither insured nor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (covered under any of our current insurance policies. ) Tj ET Q q 0 0 0 rg BT 259.70 388.10 Td (A) Tj ET Q q 0 0 0 rg BT 266.37 388.10 Td ( technological breakdown could also interfere with our ability to comply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (with financial reporting and other regulatory requirements, exposing us to potential disciplinary action by regulators. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (providing services to clients, we may manage, utilize and store sensitive or confidential client or employee data, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (personal data. ) Tj ET Q q 0 0 0 rg BT 106.98 352.10 Td (As a result, we may be subject to numerous laws and regulations designed to protect this information, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td (U.S. federal and state laws governing the protection of personally identifiable information and international laws. ) Tj ET Q q 0 0 0 rg BT 505.30 340.10 Td (These laws ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (and regulations are increasing in complexity and number) Tj ET Q q 0 0 0 rg BT 276.38 328.10 Td (. If any person, including any of our associates, negligently disregards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (or intentionally breaches our established controls with respect to client or employee data, or otherwise mismanages or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td (misappropriates such data, we could be subject to significant monetary damages, regulatory enforcement actions, fines and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (criminal prosecution. In addition, unauthorized disclosure of sensitive or confidential client or employee data, whether through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (system failure, employee negligence, fraud or misappropriation, could damage our reputation and cause us to lose clients and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (related revenue. Potential liability in the event of a security breach of client data could be significant. Depending on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (circumstances giving rise to the breach, this liability may not be subject to a contractual limit or an exclusion of consequential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (or indirect damages.) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (The Company may be exposed to damage to its business or) Tj ET Q q 0 0 0 rg BT 299.89 742.25 Td ( its r) Tj ET Q q 0 0 0 rg BT 319.15 742.25 Td (eputation by cybersecurity incidents.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.37 742.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 724.25 Td (As the world becomes more interconnected through the use of the internet and users rely more extensively on the internet and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 712.25 Td (the cloud for the transmission and storage of data, such information becomes more susceptible to incursion by hackers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 700.25 Td (other parties intent on stealing or destroying data on which the Company or our clients rely) Tj ET Q q 0 0 0 rg BT 413.48 700.25 Td (. ) Tj ET Q q 0 0 0 rg BT 418.30 700.25 Td (W) Tj ET Q q 0 0 0 rg BT 426.94 700.25 Td (e face an evolving landscape of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 688.25 Td (cybersecurity threats in which hackers use a complex array of means to perpetrate cyber) Tj ET Q q 0 0 0 rg BT 401.64 688.25 Td (-attacks, including the use of stolen ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 676.25 Td (access credentials, malware, ransomware, phishing, structured query language injection attacks, and distributed denial-of-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 664.25 Td (service attacks, among other means. ) Tj ET Q q 0 0 0 rg BT 196.21 664.25 Td (These cybersecurity incidents have increased in number and severity and it is expected that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.25 Td (these trends will continue. Should the Company be af) Tj ET Q q 0 0 0 rg BT 263.45 652.25 Td (fected by such an incident, we may incur substantial costs and suf) Tj ET Q q 0 0 0 rg BT 526.53 652.25 Td (fer other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.25 Td (negative consequences, which may include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 616.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 616.25 Td (remediation costs, such as liability for stolen assets or information, repairs of system damage, and incentives to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 604.25 Td (customers or business partners in an ef) Tj ET Q q 0 0 0 rg BT 258.28 604.25 Td (fort to maintain relationships after an attack;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 586.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 586.25 Td (increased cybersecurity protection costs, which may include the costs of making or) Tj ET Q q 0 0 0 rg BT 435.44 586.25 Td (ganizational changes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 574.25 Td (deploying additional personnel and protection technologies, training employees, and engaging third party experts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 562.25 Td (and consultants;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 544.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 544.25 Td (lost revenues resulting from the unauthorized use of proprietary information or the failure to retain or attract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 532.25 Td (customers following an attack;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 514.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 514.25 Td (litigation and legal risks, including regulatory actions by state and federal regulators; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 496.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 496.25 Td (loss of reputation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.25 Td (Increasingly) Tj ET Q q 0 0 0 rg BT 98.27 472.25 Td (, intruders attempt to steal significant amounts of data, including personally identifiable data and either hold such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.25 Td (data for ransom or release it onto the internet, exposing our clients to financial or other harm and thereby significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.25 Td (increasing the liability of the Company in such cases. Our regulators have introduced programs to review our protections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.25 Td (against such incidents which, if they determined that our systems do not reasonably protect our clients assets and their data, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.25 Td (could result in enforcement activity and sanctions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.25 Td (The Company has and continues to introduce systems and software to prevent any such incidents and increasingly reviews and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (increases its defenses to such issues through the use of various services, programs and outside vendors. ) Tj ET Q q 0 0 0 rg BT 464.23 388.25 Td (The Company also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.25 Td (continually reviews and revises its cybersecurity policy to ensure that it remains up to date. In the event that the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.25 Td (experiences a material cybersecurity incident or identifies a material cybersecurity threat, the Company will make all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.25 Td (reasonable ef) Tj ET Q q 0 0 0 rg BT 102.34 352.25 Td (forts to properly disclose it in a timely fashion. It is impossible, however) Tj ET Q q 0 0 0 rg BT 392.45 352.25 Td (, for the Company to know when or if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.25 Td (such incidents may arise or the business impact of any such incident.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.25 Td (As a result of such risks, the Company has and is likely to incur significant costs in preparing its infrastructure and maintaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.25 Td (it to resist any such attacks. In addition to personnel dedicated to overseeing the infrastructure and systems to defend against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.25 Td (cybersecurity incidents, senior management is regularly briefed on issues, preparedness and any incidents requiring response. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.25 Td (At its regularly scheduled meetings, the ) Tj ET Q q 0 0 0 rg BT 210.30 280.25 Td (Audit Committee of the Board of Directors and the Board of Directors are briefed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.25 Td (brought up to date on cybersecurity) Tj ET Q q 0 0 0 rg BT 190.75 268.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 244.25 Td (The Company continually encounters technological change.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (The financial services industry is continually under) Tj ET Q q 0 0 0 rg BT 254.26 226.25 Td (going rapid technological change with frequent introductions of new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (technology-driven products and services, driven by the emer) Tj ET Q q 0 0 0 rg BT 291.46 214.25 Td (gence of the Fintech industry) Tj ET Q q 0 0 0 rg BT 407.45 214.25 Td (. ) Tj ET Q q 0 0 0 rg BT 412.27 214.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 437.90 214.25 Td (fective use of technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (increases ef) Tj ET Q q 0 0 0 rg BT 96.23 202.25 Td (ficiency and enables financial institutions to better serve customers and reduce costs. ) Tj ET Q q 0 0 0 rg BT 437.88 202.25 Td (The Company's future success ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (depends, in part, upon its ability to address the needs of its customers by using technology to provide products and services that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (will satisfy customer demands, as well as to create additional ef) Tj ET Q q 0 0 0 rg BT 303.96 178.25 Td (ficiencies in the Company's operations. Many of the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (competitors have substantially greater resources to invest in technological improvements. ) Tj ET Q q 0 0 0 rg BT 409.50 166.25 Td (The Company may not be able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 154.25 Td (fectively implement new technology-driven products and services or be successful in marketing these products and services to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (its customers. Failure to successfully keep pace with technological change af) Tj ET Q q 0 0 0 rg BT 356.72 142.25 Td (fecting the financial services industry could have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (material adverse impact on the Company's business and, in turn, the Company's financial condition and results of operations.) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (The business operations that ar) Tj ET Q q 0 0 0 rg BT 183.23 742.25 Td (e conducted outside of the United States subject the Company to unique risks and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td (potential loss.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 712.25 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 712.25 Td (o the extent the Company conducts business outside the United States, it is subject to risks including, without limitation, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 700.25 Td (risk that it will be unable to provide ef) Tj ET Q q 0 0 0 rg BT 202.62 700.25 Td (fective operational support to these business activities, the risk of non-compliance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 688.25 Td (foreign laws and regulations, the general economic and political conditions in countries where it conducts business and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 676.25 Td (currency fluctuations. ) Tj ET Q q 0 0 0 rg BT 139.01 676.25 Td (The Company operates in Israel, the United Kingdom, the Isle of Jersey) Tj ET Q q 0 0 0 rg BT 425.78 676.25 Td (, Switzerland and Hong Kong. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 664.25 Td (the Company is unable to manage these risks relating to its foreign operations ef) Tj ET Q q 0 0 0 rg BT 370.63 664.25 Td (fectively) Tj ET Q q 0 0 0 rg BT 404.96 664.25 Td (, its reputation and results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.25 Td (operations could be harmed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 628.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.95 628.25 Td (e may face exposur) Tj ET Q q 0 0 0 rg BT 140.13 628.25 Td (e for) Tj ET Q q 0 0 0 rg BT 159.66 628.25 Td ( envir) Tj ET Q q 0 0 0 rg BT 184.20 628.25 Td (onmental liabilities in British Columbia, Canada.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (The Company has received two notices, the latter of which was a claim filed in court in British Columbia, Canada, from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (current owners of two separate rural mountainous properties in Canada claiming that the Company may be liable for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (environmental claims with respect to such properties and designating the Company a potentially responsible party in remedial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (activities for the cleanup of waste sites under applicable statutes. ) Tj ET Q q 0 0 0 rg BT 310.62 574.25 Td (The Company is believed to have held title to and also to have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (operated various properties in British Columbia, Canada from October 1942 through ) Tj ET Q q 0 0 0 rg BT 389.98 562.25 Td (August 1969 and to have engaged in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (mining and milling operations for some part of that period. ) Tj ET Q q 0 0 0 rg BT 287.33 550.25 Td (The Company was originally incorporated in British Columbia, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (Canada in 1933, under the name Sheep Creek Gold Mines Limited.) Tj ET Q q 0 0 0 rg BT 321.20 538.25 Td (The Company underwent a series of name changes and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (continuances, including from British Columbia to Ontario, from Ontario to Canadian federal jurisdiction and then, in May ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (2009, from Canada to Delaware.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (The Company currently believes that future environmental claims, if any) Tj ET Q q 0 0 0 rg BT 340.42 490.25 Td (, that may be asserted will not be material and that its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (potential liability for known environmental matters is not material, however) Tj ET Q q 0 0 0 rg BT 352.91 478.25 Td (, there can be no guarantee that this is the case. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (Environmental and related remediation costs are dif) Tj ET Q q 0 0 0 rg BT 256.46 466.25 Td (ficult to quantify) Tj ET Q q 0 0 0 rg BT 323.02 466.25 Td (. ) Tj ET Q q 0 0 0 rg BT 327.47 466.25 Td (Applicable law may impose joint and several liabilities on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (each potentially responsible party for the cleanup. See "Legal Proceedings" in Item 3.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (Sever) Tj ET Q q 0 0 0 rg BT 73.20 430.25 Td (e weather) Tj ET Q q 0 0 0 rg BT 113.65 430.25 Td (, natural disasters, acts of war) Tj ET Q q 0 0 0 rg BT 241.51 430.25 Td ( or) Tj ET Q q 0 0 0 rg BT 253.26 430.25 Td ( terr) Tj ET Q q 0 0 0 rg BT 272.23 430.25 Td (orism and other) Tj ET Q q 0 0 0 rg BT 340.38 430.25 Td ( external events could significantly impact the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (Company's business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.25 Td (Severe weather) Tj ET Q q 0 0 0 rg BT 110.45 400.25 Td (, natural disasters, acts of war or terrorism and other adverse external events could have a significant impact on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (the Company's ability to conduct business. ) Tj ET Q q 0 0 0 rg BT 222.12 388.25 Td (Although, management has established a disaster recovery plan, there is no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.25 Td (guarantee that such plan will allow the Company to operate without disruption if such an event was to occur and the occurrence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.25 Td (of any such event could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 251.17 364.25 Td (fect on the Company's business, which, in turn, could have a material adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 352.25 Td (fect on the Company's financial condition and results of operations. ) Tj ET Q q 0 0 0 rg BT 329.48 352.25 Td (The Company maintains disaster recovery sites to aid it in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.25 Td (reacting to circumstances such as those described above. ) Tj ET Q q 0 0 0 rg BT 278.40 340.25 Td (The fourth quarter of 2012 was impacted by Superstorm Sandy which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.25 Td (occurred on October29th causing the Company to vacate its two principal of) Tj ET Q q 0 0 0 rg BT 357.56 328.25 Td (fices in downtown Manhattan and displaced 800 of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.25 Td (the Company's employees including substantially all of its capital markets, operations and headquarters staf) Tj ET Q q 0 0 0 rg BT 479.90 316.25 Td (f for in excess of 30 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.25 Td (days. During the displacement period the Company successfully implemented its business continuity plan by relocating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.25 Td (personnel from both of its downtown Manhattan locations into other branch of) Tj ET Q q 0 0 0 rg BT 363.42 292.25 Td (fices and back-up facilities in the region. Other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.25 Td (than the closure of the financial markets for two business days, the Company was able to successfully clear and settle open ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.25 Td (trades that took place prior to the storm and to get its trading, operations, technology) Tj ET Q q 0 0 0 rg BT 387.10 268.25 Td (, and other support functions mobilized to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.25 Td (process business once the financial markets reopened. ) Tj ET Q q 0 0 0 rg BT 267.58 256.25 Td (The plans and preparations for such eventualities, including the sites ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.25 Td (themselves, may not be adequate or ef) Tj ET Q q 0 0 0 rg BT 202.32 244.25 Td (fective for their intended purpose. Recent weather) Tj ET Q q 0 0 0 rg BT 402.31 244.25 Td (-related incidents in Florida and ) Tj ET Q q 0 0 0 rg BT 532.37 244.25 Td (T) Tj ET Q q 0 0 0 rg BT 537.78 244.25 Td (exas ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.25 Td (have resulted in the need to close those branch of) Tj ET Q q 0 0 0 rg BT 246.19 232.25 Td (fices for short periods of time but have not af) Tj ET Q q 0 0 0 rg BT 426.79 232.25 Td (fected our ability to service our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.25 Td (clients in those parts of the country) Tj ET Q q 0 0 0 rg BT 189.37 220.25 Td (. ) Tj ET Q q 0 0 0 rg BT 194.19 220.25 Td (These experiences lead us to believe that such occurrences will increase in number and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.25 Td (severity in the future due to changing weather patterns.) Tj ET Q endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Our) Tj ET Q q 0 0 0 rg BT 67.10 742.25 Td ( risk management and conflicts of inter) Tj ET Q q 0 0 0 rg BT 234.12 742.25 Td (est policies and pr) Tj ET Q q 0 0 0 rg BT 310.89 742.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 340.15 742.25 Td (es may leave us exposed to unidentified or) Tj ET Q q 0 0 0 rg BT 518.58 742.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td (unanticipated risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 712.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 712.25 Td (e seek to manage, monitor and control our operational, legal and regulatory risk through operational and compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 700.25 Td (reporting systems, internal controls, management review processes and other mechanisms; however) Tj ET Q q 0 0 0 rg BT 448.43 700.25 Td (, there can be no assurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 688.25 Td (that our procedures will be ef) Tj ET Q q 0 0 0 rg BT 166.78 688.25 Td (fective. Our banking and trading processes seek to balance our ability to profit from banking and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 676.25 Td (trading positions with our exposure to potential losses. ) Tj ET Q q 0 0 0 rg BT 270.13 676.25 Td (While we use limits and other risk mitigation techniques, those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 664.25 Td (techniques and the judgments that accompany their application cannot anticipate unforeseen economic and financial outcomes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.25 Td (or the specifics and timing of such outcomes. Our risk management methods may not predict future risk exposures ef) Tj ET Q q 0 0 0 rg BT 517.81 652.25 Td (fectively) Tj ET Q q 0 0 0 rg BT 552.14 652.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.25 Td (In addition, some of our risk management methods are based on an evaluation of information regarding markets, clients and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.25 Td (other matters that are based on assumptions that may no longer be accurate. ) Tj ET Q q 0 0 0 rg BT 353.85 628.25 Td (A) Tj ET Q q 0 0 0 rg BT 360.52 628.25 Td ( failure to manage our growth adequately) Tj ET Q q 0 0 0 rg BT 524.80 628.25 Td (, or to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.25 Td (manage our risk ef) Tj ET Q q 0 0 0 rg BT 124.01 616.25 Td (fectively) Tj ET Q q 0 0 0 rg BT 158.34 616.25 Td (, could materially and adversely af) Tj ET Q q 0 0 0 rg BT 296.44 616.25 Td (fect our business and financial condition. Financial services firms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.25 Td (are subject to numerous actual or perceived conflicts of interest, which are under growing scrutiny by U.S. federal and state ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.25 Td (regulators. Our risk management processes include addressing potential conflicts of interest that arise in our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.25 Td (Management of potential conflicts of interest has become increasingly complex as we expand our business activities. ) Tj ET Q q 0 0 0 rg BT 519.08 580.25 Td (A) Tj ET Q q 0 0 0 rg BT 525.75 580.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.25 Td (perceived or actual failure to address conflicts of interest adequately could af) Tj ET Q q 0 0 0 rg BT 357.24 568.25 Td (fect our reputation, the willingness of clients to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.25 Td (transact business with us or give rise to litigation or regulatory actions. ) Tj ET Q q 0 0 0 rg BT 335.10 556.25 Td (Therefore, there can be no assurance that conflicts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.25 Td (interest will not arise in the future that could result in material harm to our business and financial condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 520.25 Td (The effect of climate changes on the Company cannot be pr) Tj ET Q q 0 0 0 rg BT 302.07 520.25 Td (edicted with certainty) Tj ET Q q 0 0 0 rg BT 394.27 520.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (The Company is not directly af) Tj ET Q q 0 0 0 rg BT 174.01 502.25 Td (fected by changes in environmental legislation, regulation or international treaties and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (Company is not involved in an industry which is significantly impacted by climate changes except as such changes may af) Tj ET Q q 0 0 0 rg BT 539.48 490.25 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (the general economy of the United States and the rest of the world. In addition, severe weather conditions such as storms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (snowfall, and other climatic events may af) Tj ET Q q 0 0 0 rg BT 218.98 466.25 Td (fect one or more of) Tj ET Q q 0 0 0 rg BT 295.43 466.25 Td (fices of the Company) Tj ET Q q 0 0 0 rg BT 380.59 466.25 Td (. In October 2012, Superstorm Sandy caused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (dislocation and disruption of the Company's operations. ) Tj ET Q q 0 0 0 rg BT 274.61 454.25 Td (Any such event may materially impact the operations or finances of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (Company) Tj ET Q q 0 0 0 rg BT 87.74 442.25 Td (. ) Tj ET Q q 0 0 0 rg BT 92.56 442.25 Td (The Company maintains disaster recovery plans and property insurance for such emer) Tj ET Q q 0 0 0 rg BT 436.43 442.25 Td (gencies. Recent incidents in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (Florida and ) Tj ET Q q 0 0 0 rg BT 97.64 430.25 Td (T) Tj ET Q q 0 0 0 rg BT 103.05 430.25 Td (exas have resulted in the need to close those branch of) Tj ET Q q 0 0 0 rg BT 320.02 430.25 Td (fices for short periods of time but have not af) Tj ET Q q 0 0 0 rg BT 500.62 430.25 Td (fected our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (ability to service our clients in those parts of the country) Tj ET Q q 0 0 0 rg BT 274.35 418.25 Td (. ) Tj ET Q q 0 0 0 rg BT 279.17 418.25 Td (These experiences lead us to believe that such occurrences will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (increase in number and severity in the future due to changing weather patterns. ) Tj ET Q q 0 0 0 rg BT 367.17 406.25 Td (A) Tj ET Q q 0 0 0 rg BT 373.84 406.25 Td ( significant change in the climate of the world ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (could af) Tj ET Q q 0 0 0 rg BT 81.80 394.25 Td (fect the general growth in the economy) Tj ET Q q 0 0 0 rg BT 237.76 394.25 Td (, and population growth and create other issues which will over time af) Tj ET Q q 0 0 0 rg BT 521.67 394.25 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (returns on financial instruments and thus the financial markets in general. It is impossible to predict such ef) Tj ET Q q 0 0 0 rg BT 478.65 382.25 Td (fects on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (Company's business and operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (The downgrade of U.S. long term sover) Tj ET Q q 0 0 0 rg BT 216.53 346.25 Td (eign debt obligations and issues affecting the sover) Tj ET Q q 0 0 0 rg BT 431.08 346.25 Td (eign debt of Eur) Tj ET Q q 0 0 0 rg BT 500.07 346.25 Td (opean nations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (may adversely affect markets and other) Tj ET Q q 0 0 0 rg BT 218.45 334.25 Td ( business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.25 Td (On ) Tj ET Q q 0 0 0 rg BT 63.67 316.25 Td (August5, 201) Tj ET Q q 0 0 0 rg BT 119.69 316.25 Td (1, S&P) Tj ET Q q 0 0 0 rg BT 148.22 316.25 Td ( lowered its long term sovereign credit rating on the United States of ) Tj ET Q q 0 0 0 rg BT 424.54 316.25 Td (America from ) Tj ET Q q 0 0 0 rg BT 482.85 316.25 Td (AAA) Tj ET Q q 0 0 0 rg BT 503.97 316.25 Td ( to ) Tj ET Q q 0 0 0 rg BT 516.19 316.25 Td (AA+. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.25 Td (Credit agencies have also reduced the credit ratings of various sovereign nations, including Greece, Italy) Tj ET Q q 0 0 0 rg BT 467.03 304.25 Td (, France and China. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.25 Td (While the ultimate impact of such actions is inherently unpredictable, these downgrades could have a material adverse impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.25 Td (on financial markets and economic conditions throughout the world, including, specifically) Tj ET Q q 0 0 0 rg BT 413.76 280.25 Td (, the United States. Moreover) Tj ET Q q 0 0 0 rg BT 531.11 280.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.25 Td (market's anticipation of these impacts could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 331.56 268.25 Td (fect on our business, financial condition and liquidity) Tj ET Q q 0 0 0 rg BT 544.20 268.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.25 Td (V) Tj ET Q q 0 0 0 rg BT 55.61 256.25 Td (arious types of financial markets, including, but not limited to, money markets, long-term or short-term fixed income markets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.25 Td (foreign exchange markets, commodities markets and equity markets may be adversely af) Tj ET Q q 0 0 0 rg BT 404.75 244.25 Td (fected by these impacts. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.25 Td (the cost and availability of funding and certain impacts, such as increased spreads in money market and other short term rates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.25 Td (have been experienced already as the market anticipated the downgrade.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.25 Td (The negative impact that may result from this downgrade or any future downgrade could adversely af) Tj ET Q q 0 0 0 rg BT 455.57 196.25 Td (fect our credit ratings, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.25 Td (well as those of our clients and/or counterparties, and could require us to post additional collateral on loans collateralized by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 69.60 172.25 Td (T) Tj ET Q q 0 0 0 rg BT 75.36 172.25 Td (reasury securities. ) Tj ET Q q 0 0 0 rg BT 149.87 172.25 Td (The unprecedented nature of this and any future negative credit rating actions with respect to U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.25 Td (government obligations will make any impact on our business, financial condition and liquidity unpredictable. In addition, any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.25 Td (such impact may not be immediately apparent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.25 Td (In addition, global markets and economic conditions have been negatively impacted by the ability of certain EU member states ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.25 Td (to service their sovereign debt obligations. ) Tj ET Q q 0 0 0 rg BT 221.78 112.25 Td (The continued uncertainty over the outcome of the EU governments' financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.25 Td (support programs and the possibility that other EU member states may experience similar financial troubles could further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.25 Td (disrupt global markets and may negatively impact our business, financial condition and liquidity) Tj ET Q q 0 0 0 rg BT 434.60 88.25 Td (.) Tj ET Q endstream endobj 69 0 obj <>] /Rotate 0 /Contents 70 0 R>> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (The Company's stock price can be volatile.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 724.25 Td (Stock price volatility may make it dif) Tj ET Q q 0 0 0 rg BT 198.73 724.25 Td (ficult for an investor to resell shares of the Company's Class) Tj ET Q q 0 0 0 rg BT 441.32 724.25 Td (A) Tj ET Q q 0 0 0 rg BT 447.99 724.25 Td ( non-voting common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 712.25 Td (\(the "Class ) Tj ET Q q 0 0 0 rg BT 95.25 712.25 Td (A) Tj ET Q q 0 0 0 rg BT 101.92 712.25 Td ( Stock"\) at the times and at the prices desired. ) Tj ET Q q 0 0 0 rg BT 287.15 712.25 Td (The price of the Class) Tj ET Q q 0 0 0 rg BT 376.85 712.25 Td (A) Tj ET Q q 0 0 0 rg BT 383.52 712.25 Td ( Stock can fluctuate significantly in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 700.25 Td (response to a variety of factors including, among other things:) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 297.77 700.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 676.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 676.25 Td (actual or anticipated variations in quarterly results of operations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 658.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 658.25 Td (operating and stock price performance of other companies that investors deem comparable to the Company;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 640.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 640.25 Td (news reports relating to trends, concerns and other issues in the financial services industry;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 622.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 622.25 Td (perceptions in the marketplace regarding the Company and/or its competitors;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 604.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 604.25 Td (new technology used, or services of) Tj ET Q q 0 0 0 rg BT 246.61 604.25 Td (fered, by competitors;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 586.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 586.25 Td (regulatory issues involving the Company or its competitors;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 568.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 568.25 Td (significant acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 556.25 Td (or involving the Company or its competitors;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 538.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 538.25 Td (a downturn in the overall economy or the equity markets in particular;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 520.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 520.25 Td (failure to ef) Tj ET Q q 0 0 0 rg BT 149.96 520.25 Td (fectively integrate acquisitions or realize anticipated benefits from acquisitions; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 502.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 502.25 Td (the occurrence of any of the other events described in these Risk Factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (General market fluctuations, industry factors and general economic and political conditions and events, such as economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (slowdowns or recessions, interest rate changes or credit loss trends, could also cause the Company's stock price to decrease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (regardless of operating results.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (The trading volume in the Company's Class) Tj ET Q q 0 0 0 rg BT 238.69 430.25 Td (A) Tj ET Q q 0 0 0 rg BT 245.36 430.25 Td ( Stock is less than that of larger) Tj ET Q q 0 0 0 rg BT 379.34 430.25 Td ( financial services companies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.25 Td (Although the Company's Class) Tj ET Q q 0 0 0 rg BT 175.19 412.25 Td (A) Tj ET Q q 0 0 0 rg BT 181.86 412.25 Td ( Stock is listed for trading on the NYSE, the trading volume in its Class) Tj ET Q q 0 0 0 rg BT 470.17 412.25 Td (A) Tj ET Q q 0 0 0 rg BT 476.84 412.25 Td ( Stock is less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.25 Td (that of lar) Tj ET Q q 0 0 0 rg BT 88.19 400.25 Td (ger financial services companies. ) Tj ET Q q 0 0 0 rg BT 222.86 400.25 Td (A) Tj ET Q q 0 0 0 rg BT 229.53 400.25 Td ( public trading market having the desired characteristics of depth, liquidity and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (orderliness depends on the presence in the marketplace of willing buyers and sellers of the Company's Class) Tj ET Q q 0 0 0 rg BT 484.25 388.25 Td (A) Tj ET Q q 0 0 0 rg BT 490.92 388.25 Td ( Stock at any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.25 Td (given time. ) Tj ET Q q 0 0 0 rg BT 96.81 376.25 Td (This presence depends on the individual decisions of investors and general economic and market conditions over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.25 Td (which the Company has no control. Given the lower trading volume of the Company's Class) Tj ET Q q 0 0 0 rg BT 420.69 364.25 Td (A) Tj ET Q q 0 0 0 rg BT 427.36 364.25 Td ( Stock, significant sales of shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.25 Td (of the Company's Class) Tj ET Q q 0 0 0 rg BT 145.75 352.25 Td (A) Tj ET Q q 0 0 0 rg BT 152.42 352.25 Td ( Stock, or the expectation of these sales, could cause the Company's stock price to fall and increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.25 Td (the volatility of the Class) Tj ET Q q 0 0 0 rg BT 151.99 340.25 Td (A) Tj ET Q q 0 0 0 rg BT 158.66 340.25 Td ( Stock generally) Tj ET Q q 0 0 0 rg BT 222.99 340.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 316.25 Td (The holders of Class) Tj ET Q q 0 0 0 rg BT 138.40 316.25 Td (A) Tj ET Q q 0 0 0 rg BT 145.07 316.25 Td ( Stock do not have the ability to vote on most corporate matters which limits the influence that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 304.25 Td (these holders have over) Tj ET Q q 0 0 0 rg BT 149.03 304.25 Td ( the Company) Tj ET Q q 0 0 0 rg BT 208.48 304.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (The Company issues two classes of shares, Class) Tj ET Q q 0 0 0 rg BT 247.53 286.25 Td (A) Tj ET Q q 0 0 0 rg BT 254.20 286.25 Td ( Stock and Class B voting common stock \(the "Class B Stock"\). ) Tj ET Q q 0 0 0 rg BT 511.53 286.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 274.25 Td (, there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.50 274.25 Td (99,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.00 274.25 Td ( shares of Class B Stock outstanding compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.80 274.25 Td (13,139,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 274.25 Td ( shares of Class) Tj ET Q q 0 0 0 rg BT 515.24 274.25 Td (A) Tj ET Q q 0 0 0 rg BT 521.91 274.25 Td ( Stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (The voting power associated with the Class B Stock allows holders of Class B Stock to ef) Tj ET Q q 0 0 0 rg BT 408.16 262.25 Td (fectively exercise control over all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (matters requiring stockholder approval, including the election of all directors and approval of significant corporate transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (and other matters af) Tj ET Q q 0 0 0 rg BT 129.01 238.25 Td (fecting the Company) Tj ET Q q 0 0 0 rg BT 212.22 238.25 Td (. Over 96% of the Class B voting shares are held by an entity controlled by Mr) Tj ET Q q 0 0 0 rg BT 526.33 238.25 Td (.) Tj ET Q q 0 0 0 rg BT 530.77 238.25 Td (Albert ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (Lowenthal, the Chairman and CEO of the Company) Tj ET Q q 0 0 0 rg BT 257.14 226.25 Td (. Due to the lack of voting power) Tj ET Q q 0 0 0 rg BT 388.92 226.25 Td (, the Class) Tj ET Q q 0 0 0 rg BT 432.26 226.25 Td (A) Tj ET Q q 0 0 0 rg BT 438.93 226.25 Td ( Stockholders have limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (influence on corporate matters.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (The Company's Chairman and CEO owns a significant portion of the Company's Class B Stock and ther) Tj ET Q q 0 0 0 rg BT 496.05 190.25 Td (efor) Tj ET Q q 0 0 0 rg BT 513.08 190.25 Td (e can ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (exer) Tj ET Q q 0 0 0 rg BT 67.63 178.25 Td (cise significant contr) Tj ET Q q 0 0 0 rg BT 155.22 178.25 Td (ol over) Tj ET Q q 0 0 0 rg BT 184.19 178.25 Td ( the corporate governance and affairs of the Company) Tj ET Q q 0 0 0 rg BT 414.72 178.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.25 Td (An entity controlled by the Company's Chairman and CEO, Mr) Tj ET Q q 0 0 0 rg BT 302.38 160.25 Td (.) Tj ET Q q 0 0 0 rg BT 306.82 160.25 Td (Albert Lowenthal, owns over 96% of the Class B voting shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.25 Td (As a result, Mr) Tj ET Q q 0 0 0 rg BT 108.94 148.25 Td (.Lowenthal can exercise substantial influence over the outcome of most, if not of all corporate actions requiring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.25 Td (approval of our stockholders, including the election of directors and approval of significant corporate transactions, which may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.25 Td (result in corporate action with which other stockholders do not agree. ) Tj ET Q q 0 0 0 rg BT 329.24 124.25 Td (This Class B voting power may have the ef) Tj ET Q q 0 0 0 rg BT 501.80 124.25 Td (fect of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.25 Td (delaying or preventing a change in control of the Company or may result in the receipt of a "control premium" by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.25 Td (controlling stockholder which premium would not be received by the holders of the Class) Tj ET Q q 0 0 0 rg BT 409.98 100.25 Td (A) Tj ET Q q 0 0 0 rg BT 416.65 100.25 Td ( Stock. ) Tj ET Q q 0 0 0 rg BT 446.75 100.25 Td (The controlling stockholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.25 Td (may have potential conflicts of interest with other stockholders including the ability to determine the impact of "say on pay" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.25 Td (provisions at the Company) Tj ET Q q 0 0 0 rg BT 156.34 76.25 Td (.) Tj ET Q endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Possible additional issuances of the Company's stock will cause dilution.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 724.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 724.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.58 724.25 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.63 724.25 Td (13,139,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.63 724.25 Td ( shares of Class) Tj ET Q q 0 0 0 rg BT 328.06 724.25 Td (A) Tj ET Q q 0 0 0 rg BT 334.73 724.25 Td ( Stock outstanding, outstanding employee stock options ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 712.25 Td (to purchase a total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.86 712.25 Td (14,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.36 712.25 Td ( shares of Class) Tj ET Q q 0 0 0 rg BT 227.80 712.25 Td (A) Tj ET Q q 0 0 0 rg BT 234.47 712.25 Td ( Stock, as well as outstanding unvested restricted stock awards granted for an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 700.25 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.99 700.25 Td (1,067,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.99 700.25 Td ( shares of Class) Tj ET Q q 0 0 0 rg BT 196.43 700.25 Td (A) Tj ET Q q 0 0 0 rg BT 203.10 700.25 Td ( Stock. ) Tj ET Q q 0 0 0 rg BT 233.20 700.25 Td (The Company is further authorized to issue up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.77 700.25 Td (1,143,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.77 700.25 Td ( shares of Class) Tj ET Q q 0 0 0 rg BT 536.20 700.25 Td (A) Tj ET Q q 0 0 0 rg BT 542.87 700.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 688.25 Td (Stock under share-based compensation plans for which stockholder approval has already been obtained. ) Tj ET Q q 0 0 0 rg BT 467.15 688.25 Td (As the Company issues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 676.25 Td (additional shares, stockholders' holdings will be diluted, perhaps significantly) Tj ET Q q 0 0 0 rg BT 359.49 676.25 Td (. ) Tj ET Q q 0 0 0 rg BT 364.30 676.25 Td (The issuance of any additional shares of Class) Tj ET Q q 0 0 0 rg BT 550.93 676.25 Td (A) Tj ET Q q 0 0 0 rg BT 557.60 676.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 664.25 Td (Stock or securities convertible into or exchangeable for Class) Tj ET Q q 0 0 0 rg BT 296.93 664.25 Td (A) Tj ET Q q 0 0 0 rg BT 303.60 664.25 Td ( Stock or that represent the right to receive Class) Tj ET Q q 0 0 0 rg BT 500.21 664.25 Td (A) Tj ET Q q 0 0 0 rg BT 506.88 664.25 Td ( Stock, or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.25 Td (exercise of such securities, could be substantially dilutive to holders of our Class) Tj ET Q q 0 0 0 rg BT 374.43 652.25 Td (A) Tj ET Q q 0 0 0 rg BT 381.10 652.25 Td ( Stock. Holders of our Class) Tj ET Q q 0 0 0 rg BT 495.82 652.25 Td (A) Tj ET Q q 0 0 0 rg BT 502.49 652.25 Td ( Stock have no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.25 Td (preemptive rights that entitle holders to purchase their pro rata share of any of) Tj ET Q q 0 0 0 rg BT 361.16 640.25 Td (fering of shares of any class or series and, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.25 Td (therefore, such sales or of) Tj ET Q q 0 0 0 rg BT 152.33 628.25 Td (ferings could result in increased dilution to the Company's stockholders. ) Tj ET Q q 0 0 0 rg BT 443.62 628.25 Td (The market price of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.25 Td (Company's Class) Tj ET Q q 0 0 0 rg BT 120.20 616.25 Td (A) Tj ET Q q 0 0 0 rg BT 126.87 616.25 Td ( Stock could decline as a result of sales or issuance of shares of Class) Tj ET Q q 0 0 0 rg BT 405.96 616.25 Td (A) Tj ET Q q 0 0 0 rg BT 412.63 616.25 Td ( Stock or securities convertible into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.25 Td (or exchangeable for Class) Tj ET Q q 0 0 0 rg BT 155.02 604.25 Td (A) Tj ET Q q 0 0 0 rg BT 161.69 604.25 Td ( Stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 580.85 Td (The ) Tj ET Q q 0 0 0 rg BT 68.49 580.85 Td (T) Tj ET Q q 0 0 0 rg BT 74.24 580.85 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 149.27 580.85 Td (Act may impact our) Tj ET Q q 0 0 0 rg BT 234.35 580.85 Td ( business in unfor) Tj ET Q q 0 0 0 rg BT 309.48 580.85 Td (eseen ways.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.85 Td (The enactment of the ) Tj ET Q q 0 0 0 rg BT 136.50 562.85 Td (T) Tj ET Q q 0 0 0 rg BT 141.91 562.85 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 211.36 562.85 Td (Act \(the "TCJA"\) on December 22, 2017 will significantly impact the manner in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.85 Td (we determine our federal income tax and may have unforeseen consequences. ) Tj ET Q q 0 0 0 rg BT 363.07 550.85 Td (The ) Tj ET Q q 0 0 0 rg BT 380.94 550.85 Td (TCJA) Tj ET Q q 0 0 0 rg BT 404.28 550.85 Td ( is the first major overhaul of U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.85 Td (corporate taxation in almost 20 years with both positive and negative impacts on our business.) Tj ET Q q 0 0 0 rg BT 428.68 538.85 Td (The positive impacts include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.85 Td (reducing the federal corporate income tax rate from 35% to 21% and accelerating the recovery period of the Company) Tj ET Q q 0 0 0 rg BT 525.41 526.85 Td (s fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.85 Td (assets.) Tj ET Q q 0 0 0 rg BT 77.65 514.85 Td (These positive impacts are of) Tj ET Q q 0 0 0 rg BT 194.65 514.85 Td (fset by new tax provisions intended to expand the federal tax base by disallowing certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.85 Td (expenses that were previously deductible \(i.e. 50% of entertainment expenses, deductions for certain senior management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.85 Td (compensation, etc.\). It is dif) Tj ET Q q 0 0 0 rg BT 161.23 490.85 Td (ficult to determine the overall impact on our business, but it appears that the Company will have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.85 Td (net savings in its federal income tax liability) Tj ET Q q 0 0 0 rg BT 226.31 478.85 Td (. Changes in taxation on non-U.S earned income may impact our operation of those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.85 Td (businesses and our employment practices may need to change in view of the new law) Tj ET Q q 0 0 0 rg BT 390.41 466.85 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.85 Td (The impact of the ) Tj ET Q q 0 0 0 rg BT 122.63 442.85 Td (TCJA) Tj ET Q q 0 0 0 rg BT 145.96 442.85 Td ( may also have significant impact on our clients and their future behavior in light of the new tax rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.85 Td (applicable to individuals, trusts and unincorporated businesses. ) Tj ET Q q 0 0 0 rg BT 303.99 430.85 Td (The limitation on the deductibility of state and local taxes and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.85 Td (real estate taxes for individuals may result in clients moving to lower tax states where we do not have operations. ) Tj ET Q endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item1B. UNRESOL) Tj ET Q q 0 0 0 rg BT 136.59 742.25 Td (VED ST) Tj ET Q q 0 0 0 rg BT 171.69 742.25 Td (AFF) Tj ET Q q 0 0 0 rg BT 190.76 742.25 Td ( COMMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Item2. PROPER) Tj ET Q q 0 0 0 rg BT 123.25 694.25 Td (TIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (The Company and Oppenheimer maintain of) Tj ET Q q 0 0 0 rg BT 228.94 670.25 Td (fices at their headquarters at 85 Broad Street, New ) Tj ET Q q 0 0 0 rg BT 432.93 670.25 Td (Y) Tj ET Q q 0 0 0 rg BT 439.15 670.25 Td (ork, New ) Tj ET Q q 0 0 0 rg BT 478.49 670.25 Td (Y) Tj ET Q q 0 0 0 rg BT 484.71 670.25 Td (ork which houses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (their executive management team and many administrative functions for the firm as well as their research, trading, investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (banking, and asset management divisions. Generally) Tj ET Q q 0 0 0 rg BT 259.58 646.25 Td (, the of) Tj ET Q q 0 0 0 rg BT 287.44 646.25 Td (fices outside of 85 Broad Street serve as bases for sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (representatives who process trades and provide other brokerage services in co-operation with Oppenheimer) Tj ET Q q 0 0 0 rg BT 479.66 634.25 Td () Tj ET Q q 0 0 0 rg BT 482.44 634.25 Td (s New ) Tj ET Q q 0 0 0 rg BT 509.84 634.25 Td (Y) Tj ET Q q 0 0 0 rg BT 516.06 634.25 Td (ork of) Tj ET Q q 0 0 0 rg BT 540.04 634.25 Td (fices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (using the data processing facilities located there. ) Tj ET Q q 0 0 0 rg BT 246.42 622.25 Td (The Company maintains an of) Tj ET Q q 0 0 0 rg BT 367.32 622.25 Td (fice in ) Tj ET Q q 0 0 0 rg BT 394.90 622.25 Td (T) Tj ET Q q 0 0 0 rg BT 400.66 622.25 Td (roy) Tj ET Q q 0 0 0 rg BT 413.34 622.25 Td (, Michigan, which among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (things, houses its payroll and human resources departments. Oppenheimer ) Tj ET Q q 0 0 0 rg BT 349.47 610.25 Td (T) Tj ET Q q 0 0 0 rg BT 355.23 610.25 Td (rust is based in ) Tj ET Q q 0 0 0 rg BT 417.27 610.25 Td (W) Tj ET Q q 0 0 0 rg BT 426.30 610.25 Td (ilmington, Delaware. Freedom ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (conducts its business from its of) Tj ET Q q 0 0 0 rg BT 178.42 598.25 Td (fices located in Edison, New Jersey) Tj ET Q q 0 0 0 rg BT 319.95 598.25 Td (. Management believes that its present facilities are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (adequate for the purposes for which they are used and have adequate capacity to provide for presently contemplated future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (uses. In addition, the Company has of) Tj ET Q q 0 0 0 rg BT 200.91 574.25 Td (fices in London, England, St. Helier) Tj ET Q q 0 0 0 rg BT 344.92 574.25 Td (, Jersey) Tj ET Q q 0 0 0 rg BT 374.26 574.25 Td (, Geneva, Switzerland, ) Tj ET Q q 0 0 0 rg BT 467.38 574.25 Td (T) Tj ET Q q 0 0 0 rg BT 472.79 574.25 Td (el ) Tj ET Q q 0 0 0 rg BT 481.96 574.25 Td (A) Tj ET Q q 0 0 0 rg BT 488.44 574.25 Td (viv) Tj ET Q q 0 0 0 rg BT 500.57 574.25 Td (, Israel and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (Hong Kong, China.) Tj ET Q endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item3. LEGAL) Tj ET Q q 0 0 0 rg BT 116.95 742.25 Td ( PROCEEDINGS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Many aspects of the Company's business involve substantial risks of liability) Tj ET Q q 0 0 0 rg BT 356.67 718.25 Td (. In the normal course of business, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (has been the subject of customer complaints and has been named as a defendant or co-defendant in various lawsuits or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (arbitrations creating substantial exposure. ) Tj ET Q q 0 0 0 rg BT 218.94 694.25 Td (The incidences of these types of claims have increased since the onset of the credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (crisis in 2008 and the resulting market disruptions. ) Tj ET Q q 0 0 0 rg BT 255.07 682.25 Td (The Company is also involved from time to time in certain governmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (and self-regulatory agency investigations and proceedings. ) Tj ET Q q 0 0 0 rg BT 287.24 670.25 Td (These proceedings arise primarily from securities brokerage, asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (management and investment banking activities. ) Tj ET Q q 0 0 0 rg BT 242.54 658.25 Td (There has been an increased incidence of regulatory investigations in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (financial services industry in recent years, including investigations by multiple regulators of matters involving the same or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (similar underlying facts, which seek substantial penalties, fines or other monetary relief. ) Tj ET Q q 0 0 0 rg BT 404.99 634.25 Td (The SEC, amongst other regulators, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (has announced its intention to bring more regulatory cases seeking substantial penalties in the future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (While the ultimate resolution of routine pending litigation, regulatory and other matters cannot be currently determined, in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (opinion of management, after consultation with legal counsel, the Company does not believe that the resolution of these matters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (will have a material adverse ef) Tj ET Q q 0 0 0 rg BT 172.26 574.25 Td (fect on its consolidated financial condition and statement of cash flow) Tj ET Q q 0 0 0 rg BT 451.52 574.25 Td (. However) Tj ET Q q 0 0 0 rg BT 492.77 574.25 Td (, the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (results of operations could be materially af) Tj ET Q q 0 0 0 rg BT 220.87 562.25 Td (fected during any period if liabilities in that period dif) Tj ET Q q 0 0 0 rg BT 436.46 562.25 Td (fer from prior estimates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (Notwithstanding the foregoing, an adverse result in any of the matters set forth below or multiple adverse results in arbitrations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (litigations or regulatory proceedings currently filed or to be filed against the Company) Tj ET Q q 0 0 0 rg BT 394.81 526.25 Td (, could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 528.73 526.25 Td (fect on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (the Company's results of operations and financial condition, including its cash position.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (The materiality of legal and regulatory matters to the Company's future operating results depends on the level of future results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (of operations as well as the timing and ultimate outcome of such legal and regulatory matters. See "Risk Factors ) Tj ET Q q 0 0 0 rg BT 513.51 478.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (Company may continue to be adversely af) Tj ET Q q 0 0 0 rg BT 218.66 466.25 Td (fected by the failure of the ) Tj ET Q q 0 0 0 rg BT 326.39 466.25 Td (Auction Rate Securities Market" in Item1A) Tj ET Q q 0 0 0 rg BT 502.09 466.25 Td ( as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td ("Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 177.26 454.25 Td (Analysis of Financial Condition and Results of Operations Regulatory and Legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (Environment Other Regulatory Matters" and "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 370.74 442.25 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (Operations Factors ) Tj ET Q q 0 0 0 rg BT 140.26 430.25 Td (Af) Tj ET Q q 0 0 0 rg BT 150.63 430.25 Td (fecting 'Forward-Looking Statements'" in Item 7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (In accordance with applicable accounting guidance, the Company establishes reserves for litigation and regulatory matters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (when those matters present loss contingencies that are both probable and reasonably estimable. ) Tj ET Q q 0 0 0 rg BT 432.48 394.25 Td (When loss contingencies are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (both probable and reasonably estimable, the Company does not establish reserves. In some of the matters described below) Tj ET Q q 0 0 0 rg BT 537.83 382.25 Td (, loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (contingencies are not probable and reasonably estimable in the view of management and, accordingly) Tj ET Q q 0 0 0 rg BT 455.87 370.25 Td (, reserves have not been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (established for those matters. For legal or regulatory proceedings where there is at least a reasonable possibility that a loss or an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (additional loss may be incurred, the Company estimates a range of aggregate loss in excess of amounts accrued of $0 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 334.25 Td ($37.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.15 334.25 Td (. ) Tj ET Q q 0 0 0 rg BT 168.97 334.25 Td (This estimated aggregate range is based upon currently available information for those legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (proceedings in which the Company is involved, where an estimate for such losses can be made. For certain cases, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (does not believe that an estimate can currently be made. ) Tj ET Q q 0 0 0 rg BT 276.12 310.25 Td (The foregoing estimate is based on various factors, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (varying stages of the proceedings \(including the fact that many are currently in preliminary stages\), the numerous yet-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (unresolved issues in many of the proceedings and the attendant uncertainty of the various potential outcomes of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 102.76 274.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 152.10 274.25 Td (, the Company's estimate will change from time to time, and actual losses may be more than the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (current estimate.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (Auction Rate Securities Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (For a number of years, the Company of) Tj ET Q q 0 0 0 rg BT 207.56 220.25 Td (fered auction rate securities \("ARS"\) to its clients. ) Tj ET Q q 0 0 0 rg BT 409.83 220.25 Td (A) Tj ET Q q 0 0 0 rg BT 416.50 220.25 Td ( significant portion of the market in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (ARS 'failed' in February 2008 due to credit market conditions, and dealers were no longer willing or able to purchase the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (imbalance between supply and demand for ) Tj ET Q q 0 0 0 rg BT 223.28 196.25 Td (ARS. See "Risk Factors ) Tj ET Q q 0 0 0 rg BT 333.85 196.25 Td (The Company may continue to be adversely af) Tj ET Q q 0 0 0 rg BT 520.55 196.25 Td (fected by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (the failure of the ) Tj ET Q q 0 0 0 rg BT 118.31 184.25 Td (Auction Rate Securities Market" in Item 1A) Tj ET Q q 0 0 0 rg BT 294.01 184.25 Td ( as well as "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 465.15 184.25 Td (Analysis of Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (Condition and Results of Operations Regulatory and Legal Environment Other Regulatory Matters" in Item 7 for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (additional details.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (As previously disclosed, Oppenheimer) Tj ET Q q 0 0 0 rg BT 204.57 136.25 Td (, without admitting or denying liability) Tj ET Q q 0 0 0 rg BT 359.46 136.25 Td (, entered into a Consent Order \(the "Order"\) with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (the Massachusetts Securities Division \(the "MSD"\) on February26, 2010 and an ) Tj ET Q q 0 0 0 rg BT 374.51 124.25 Td (Assurance of Discontinuance \("AOD"\) with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (the New ) Tj ET Q q 0 0 0 rg BT 85.73 112.25 Td (Y) Tj ET Q q 0 0 0 rg BT 91.95 112.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 107.23 112.25 Td (Attorney General \("NY) Tj ET Q q 0 0 0 rg BT 200.17 112.25 Td (AG" and together with the MSD, the "Regulators"\) on February 23, 2010, each in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (connection with Oppenheimer's sales of ) Tj ET Q q 0 0 0 rg BT 211.48 100.25 Td (ARS to retail and other investors in the Commonwealth of Massachusetts and the State ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (of New ) Tj ET Q q 0 0 0 rg BT 81.84 88.25 Td (Y) Tj ET Q q 0 0 0 rg BT 88.06 88.25 Td (ork.) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Pursuant to the terms of the Order and ) Tj ET Q q 0 0 0 rg BT 204.97 742.10 Td (AOD, Oppenheimer commenced and closed seventeen of) Tj ET Q q 0 0 0 rg BT 434.42 742.10 Td (fers to purchase ) Tj ET Q q 0 0 0 rg BT 499.68 742.10 Td (ARS from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (customer accounts with the Company's latest of) Tj ET Q q 0 0 0 rg BT 240.47 730.10 Td (fer to purchase expired on February 12, 2018. ) Tj ET Q q 0 0 0 rg BT 425.79 730.10 Td (The Company's purchases of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (ARS from clients have continued and will, subject to the terms and conditions of the ) Tj ET Q q 0 0 0 rg BT 389.94 718.10 Td (AOD, continue on a periodic basis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Accounts were, and will continue to be, aggregated on a "household" basis for purposes of these of) Tj ET Q q 0 0 0 rg BT 445.65 706.10 Td (fers. ) Tj ET Q q 0 0 0 rg BT 465.09 706.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.54 706.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 694.10 Td (, the Company had purchased and holds \(net of redemptions\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.33 694.10 Td ($1) Tj ET Q q 0 0 0 rg BT 325.96 694.10 Td (13.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.85 694.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 387.63 694.10 Td (ARS pursuant to the settlements with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Regulators and legal settlements and awards.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Oppenheimer has agreed with the NY) Tj ET Q q 0 0 0 rg BT 200.23 658.10 Td (AG that it will of) Tj ET Q q 0 0 0 rg BT 268.93 658.10 Td (fer to purchase Eligible ) Tj ET Q q 0 0 0 rg BT 364.45 658.10 Td (ARS from Eligible Investors who did not receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (an initial purchase of) Tj ET Q q 0 0 0 rg BT 133.96 646.10 Td (fer) Tj ET Q q 0 0 0 rg BT 144.65 646.10 Td (, periodically) Tj ET Q q 0 0 0 rg BT 196.76 646.10 Td (, as excess funds become available to Oppenheimer after giving ef) Tj ET Q q 0 0 0 rg BT 461.76 646.10 Td (fect to the financial and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (regulatory capital constraints applicable to Oppenheimer) Tj ET Q q 0 0 0 rg BT 276.46 634.10 Td (, until Oppenheimer has extended a purchase of) Tj ET Q q 0 0 0 rg BT 466.77 634.10 Td (fer to all Eligible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Investors. Such of) Tj ET Q q 0 0 0 rg BT 122.31 622.10 Td (fers will remain open for a period of 75 days from the date on which each such of) Tj ET Q q 0 0 0 rg BT 448.41 622.10 Td (fer to purchase is sent. ) Tj ET Q q 0 0 0 rg BT 540.42 622.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (ultimate amount of ) Tj ET Q q 0 0 0 rg BT 128.04 610.10 Td (ARS to be repurchased by the Company cannot be predicted with any certainty and will be impacted by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (redemptions by issuers and client actions during the period, which also cannot be predicted.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (In addition, pursuant to the Order) Tj ET Q q 0 0 0 rg BT 183.46 574.10 Td (, Oppenheimer agreed to of) Tj ET Q q 0 0 0 rg BT 292.95 574.10 Td (fer mar) Tj ET Q q 0 0 0 rg BT 321.92 574.10 Td (gin loans against eligible collateral for other Massachusetts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (clients not covered by the of) Tj ET Q q 0 0 0 rg BT 163.39 562.10 Td (fers to purchase. ) Tj ET Q q 0 0 0 rg BT 231.15 562.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.59 562.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.17 562.10 Td (, Oppenheimer had extended mar) Tj ET Q q 0 0 0 rg BT 467.00 562.10 Td (gin loans to five ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (holders of Eligible ) Tj ET Q q 0 0 0 rg BT 126.38 550.10 Td (ARS from Massachusetts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Further) Tj ET Q q 0 0 0 rg BT 79.04 526.10 Td (, Oppenheimer has agreed to \(1\)no later than 75 days after Oppenheimer has completed extending a purchase of) Tj ET Q q 0 0 0 rg BT 528.96 526.10 Td (fer to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (all Eligible Investors \(as defined in the ) Tj ET Q q 0 0 0 rg BT 206.90 514.10 Td (AOD\), use its best ef) Tj ET Q q 0 0 0 rg BT 290.87 514.10 Td (forts to identify any Eligible Investor who purchased Eligible ) Tj ET Q q 0 0 0 rg BT 538.32 514.10 Td (ARS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (\(as defined in the ) Tj ET Q q 0 0 0 rg BT 121.09 502.10 Td (AOD\) and subsequently sold those securities below par between February13, 2008 and February23, 2010 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (and pay the investor the dif) Tj ET Q q 0 0 0 rg BT 158.96 490.10 Td (ference between par and the price at which the Eligible Investor sold the Eligible ) Tj ET Q q 0 0 0 rg BT 484.39 490.10 Td (ARS, plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (reasonable interest thereon; \(2\)no later than 75 days after Oppenheimer has completed extending a Purchase Of) Tj ET Q q 0 0 0 rg BT 497.98 478.10 Td (fer to all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (Eligible Investors, use its best ef) Tj ET Q q 0 0 0 rg BT 179.79 466.10 Td (forts to identify Eligible Investors who took out loans from Oppenheimer after February13, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (2008 that were secured by Eligible ) Tj ET Q q 0 0 0 rg BT 191.07 454.10 Td (ARS that were not successfully auctioning at the time the loan was taken out from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Oppenheimer and who paid interest associated with the ) Tj ET Q q 0 0 0 rg BT 273.27 442.10 Td (ARS-based portion of those loans in excess of the total interest and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (dividends received on the Eligible ) Tj ET Q q 0 0 0 rg BT 188.57 430.10 Td (ARS during the duration of the loan \(the "Loan Cost Excess"\) and reimburse such investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (for the Loan Cost Excess plus reasonable interest thereon; \(3\)upon providing liquidity to all Eligible Investors, participate in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (special arbitration process for the exclusive purpose of arbitrating any Eligible Investor's claim for consequential damages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (against Oppenheimer related to the investor's inability to sell Eligible ) Tj ET Q q 0 0 0 rg BT 328.96 394.10 Td (ARS; and \(4\)work with issuers and other interested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (parties, including regulatory and governmental entities, to expeditiously provide liquidity solutions for institutional investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (not within the definition of Small Businesses and Institutions \(as defined in the ) Tj ET Q q 0 0 0 rg BT 368.02 370.10 Td (AOD\) that held ) Tj ET Q q 0 0 0 rg BT 432.18 370.10 Td (ARS in Oppenheimer brokerage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (accounts on February13, 2008. Oppenheimer believes that because Items \(1\)through \(3\)above will occur only after it has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (provided liquidity to all Eligible Investors, it will take an extended period of time before the requirements of Items \(1\)through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (\(3\)will take ef) Tj ET Q q 0 0 0 rg BT 108.96 334.10 Td (fect.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (If Oppenheimer fails to comply with any of the terms set forth in the Order) Tj ET Q q 0 0 0 rg BT 349.52 310.10 Td (, the MSD may institute an action to have the Order ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (declared null and void and reinstitute the previously pending administrative proceedings. If Oppenheimer defaults on any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (obligation under the ) Tj ET Q q 0 0 0 rg BT 132.49 286.10 Td (AOD, the NY) Tj ET Q q 0 0 0 rg BT 187.20 286.10 Td (AG may terminate the ) Tj ET Q q 0 0 0 rg BT 278.29 286.10 Td (AOD, at his sole discretion, upon 10 days written notice to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (Oppenheimer) Tj ET Q q 0 0 0 rg BT 103.87 274.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Reference is made to the Order and the ) Tj ET Q q 0 0 0 rg BT 208.27 250.10 Td (AOD, each as described in Item3 of the Company's ) Tj ET Q q 0 0 0 rg BT 418.07 250.10 Td (Annual Report on Form 10-K for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (the year ended December31, 2009 and attached thereto as Exhibits 10.24 and 10.22 respectively) Tj ET Q q 0 0 0 rg BT 436.16 238.10 Td (, as well as the subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (disclosures related thereto in the Company's Quarterly Reports on Form 10-Q for the quarters ended March31, 2010 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (September 30, 2017 and in the Company's ) Tj ET Q q 0 0 0 rg BT 221.23 214.10 Td (Annual Reports on Form 10-K for the years ended December31, 2010 through and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (including 2016, for additional details of the agreements with the MSD and NY) Tj ET Q q 0 0 0 rg BT 363.55 202.10 Td (AG. ) Tj ET Q q 0 0 0 rg BT 382.81 202.10 Td (The Company is continuing to cooperate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (with investigating entities from states other than Massachusetts and New ) Tj ET Q q 0 0 0 rg BT 343.46 190.10 Td (Y) Tj ET Q q 0 0 0 rg BT 349.68 190.10 Td (ork.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.44 166.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.03 166.10 Td (, there were no pending ) Tj ET Q q 0 0 0 rg BT 249.11 166.10 Td (ARS-related cases against Oppenheimer) Tj ET Q q 0 0 0 rg BT 409.89 166.10 Td (. ) Tj ET Q q 0 0 0 rg BT 414.34 166.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.78 166.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.36 166.10 Td (, eleven ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (ARS matters were concluded in either court or arbitration with Oppenheimer prevailing in four of those matters and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (claimants prevailing in seven of those matters. ) Tj ET Q q 0 0 0 rg BT 238.10 142.10 Td (The Company has purchased approximately $7.6 million in ) Tj ET Q q 0 0 0 rg BT 477.78 142.10 Td (ARS from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (prevailing claimants in those seven actions. In addition, the Company has made cash payments of approximately $12.7 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (as a result of legal settlements with clients. It is possible, however) Tj ET Q q 0 0 0 rg BT 313.71 118.10 Td (, that other individuals or entities that purchased ) Tj ET Q q 0 0 0 rg BT 508.38 118.10 Td (ARS from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (Oppenheimer may bring additional claims against Oppenheimer in the future for repurchase or rescission.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (See "Risk Factors ) Tj ET Q q 0 0 0 rg BT 136.12 82.10 Td (The Company may continue to be adversely af) Tj ET Q q 0 0 0 rg BT 322.82 82.10 Td (fected by the failure of the ) Tj ET Q q 0 0 0 rg BT 430.55 82.10 Td (Auction Rate Securities Market" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (in Item1A) Tj ET Q q 0 0 0 rg BT 92.77 70.10 Td ( and "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 239.47 70.10 Td (Analysis of Financial Condition and Results of Operations Regulatory and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (Legal Environment Other Regulatory Matters" and "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 396.00 58.10 Td (Analysis of Financial Condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (Results of Operations Of) Tj ET Q q 0 0 0 rg BT 162.03 46.10 Td (f-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 227.55 46.10 Td (Arrangements" in Item 7.) Tj ET Q endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (37) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Other Pending Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 724.10 Td (On or about March13, 2008, Oppenheimer was served in a matter pending in the United States Bankruptcy Court, Northern ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.10 Td (District of Geor) Tj ET Q q 0 0 0 rg BT 113.13 712.10 Td (gia, captioned ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 171.72 712.10 Td (W) Tj ET Q q 0 0 0 rg BT 179.50 712.10 Td (illiam Perkins, T) Tj ET Q q 0 0 0 rg BT 245.89 712.10 Td (rustee for International Management ) Tj ET Q q 0 0 0 rg BT 396.80 712.10 Td (Associates v) Tj ET Q q 0 0 0 rg BT 445.21 712.10 Td (. Lehman Br) Tj ET Q q 0 0 0 rg BT 494.57 712.10 Td (others, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 700.10 Td (Oppenheimer& Co. Inc., JB Oxfor) Tj ET Q q 0 0 0 rg BT 190.15 700.10 Td (d& Co., Bank of ) Tj ET Q q 0 0 0 rg BT 260.24 700.10 Td (America Securities LLC and TD ) Tj ET Q q 0 0 0 rg BT 391.45 700.10 Td (Ameritrade Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.77 700.10 Td ( ) Tj ET Q q 0 0 0 rg BT 457.08 700.10 Td (The ) Tj ET Q q 0 0 0 rg BT 474.95 700.10 Td (T) Tj ET Q q 0 0 0 rg BT 480.71 700.10 Td (rustee seeks to set ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.10 Td (aside as fraudulent transfers in excess of $25.0 million in funds embezzled by the sole portfolio manager for International ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 104.15 676.10 Td (Associates, a hedge fund. ) Tj ET Q q 0 0 0 rg BT 208.38 676.10 Td (The portfolio manager purportedly used the broker) Tj ET Q q 0 0 0 rg BT 411.45 676.10 Td (-dealer defendants, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (Oppenheimer) Tj ET Q q 0 0 0 rg BT 104.02 664.10 Td (, as conduits for his embezzlement. Oppenheimer filed its answer to the complaint on June18, 2010. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (Oppenheimer filed a motion for summary judgment, which was ar) Tj ET Q q 0 0 0 rg BT 314.75 652.10 Td (gued on March31, 201) Tj ET Q q 0 0 0 rg BT 407.42 652.10 Td (1. Immediately thereafter) Tj ET Q q 0 0 0 rg BT 508.35 652.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (Bankruptcy Court dismissed all of the ) Tj ET Q q 0 0 0 rg BT 204.24 640.10 Td (T) Tj ET Q q 0 0 0 rg BT 210.00 640.10 Td (rustee's claims against all defendants including Oppenheimer) Tj ET Q q 0 0 0 rg BT 453.96 640.10 Td (. In June 201) Tj ET Q q 0 0 0 rg BT 505.24 640.10 Td (1, the ) Tj ET Q q 0 0 0 rg BT 529.78 640.10 Td (T) Tj ET Q q 0 0 0 rg BT 535.54 640.10 Td (rustee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (filed an appeal with the United States District Court for the Northern District of Geor) Tj ET Q q 0 0 0 rg BT 390.84 628.10 Td (gia \("U.S.N.D. GA"\). In addition, on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (June10, 201) Tj ET Q q 0 0 0 rg BT 100.46 616.10 Td (1, the ) Tj ET Q q 0 0 0 rg BT 125.00 616.10 Td (T) Tj ET Q q 0 0 0 rg BT 130.75 616.10 Td (rustee filed a petition for permission to appeal the dismissal to the United States Court of ) Tj ET Q q 0 0 0 rg BT 488.46 616.10 Td (Appeals for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (Eleventh Circuit \(the "Court of ) Tj ET Q q 0 0 0 rg BT 176.00 604.10 Td (Appeals"\). On July27, 201) Tj ET Q q 0 0 0 rg BT 284.70 604.10 Td (1, the Court of ) Tj ET Q q 0 0 0 rg BT 344.98 604.10 Td (Appeals denied the ) Tj ET Q q 0 0 0 rg BT 423.94 604.10 Td (T) Tj ET Q q 0 0 0 rg BT 429.69 604.10 Td (rustee's Petition. ) Tj ET Q q 0 0 0 rg BT 497.70 604.10 Td (The ) Tj ET Q q 0 0 0 rg BT 515.56 604.10 Td (T) Tj ET Q q 0 0 0 rg BT 521.32 604.10 Td (rustee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (then appealed to the U.S.N.D. GA. On March30, 2012, the U.S.N.D. GA) Tj ET Q q 0 0 0 rg BT 343.57 592.10 Td ( af) Tj ET Q q 0 0 0 rg BT 353.66 592.10 Td (firmed in part and reversed in part the ruling from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (the Bankruptcy Court and remanded the matter to the Bankruptcy Court. Discovery has closed and Oppenheimer filed a motion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (for summary judgment at the end of February 2014. On January 10, 2017, Oppenheimer's motion for summary judgment was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (granted in full, and judgment was entered in Oppenheimer's favor and the court dismissed the case. On January 24, 2017, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 544.10 Td (rustee appealed the summary judgment order to the U.S.N.D. GA. ) Tj ET Q q 0 0 0 rg BT 322.46 544.10 Td (The ) Tj ET Q q 0 0 0 rg BT 340.32 544.10 Td (T) Tj ET Q q 0 0 0 rg BT 346.08 544.10 Td (rustee requested oral ar) Tj ET Q q 0 0 0 rg BT 438.91 544.10 Td (gument on the appeal which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (was granted by the U.S.N.D. GA. ) Tj ET Q q 0 0 0 rg BT 186.74 532.10 Td (The oral ar) Tj ET Q q 0 0 0 rg BT 230.42 532.10 Td (gument was heard on February 5, 2018. On February 12, 2018, the U.S.N.D. GA) Tj ET Q q 0 0 0 rg BT 553.43 532.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (issued an order \(the "District Court Order"\) reversing the Bankruptcy Court's summary judgment order and remanding the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (proceedings to the Bankruptcy Court. Oppenheimer intends to appeal the District Court Order to the Court of ) Tj ET Q q 0 0 0 rg BT 488.79 508.10 Td (Appeals. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (Oppenheimer believes it has meritorious defenses and expects to defend the claims vigorously) Tj ET Q q 0 0 0 rg BT 426.46 496.10 Td (, including pursuing dismissal of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (the claims against it.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (On June24, 201) Tj ET Q q 0 0 0 rg BT 115.18 460.10 Td (1, Oppenheimer was served with a petition in a matter pending in state court in Collin County) Tj ET Q q 0 0 0 rg BT 489.73 460.10 Td (, ) Tj ET Q q 0 0 0 rg BT 494.55 460.10 Td (T) Tj ET Q q 0 0 0 rg BT 499.96 460.10 Td (exas captioned ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (Jerry Lancaster) Tj ET Q q 0 0 0 rg BT 112.49 448.10 Td (, Pr) Tj ET Q q 0 0 0 rg BT 127.12 448.10 Td (ovidence Holdings, Inc., Falcon Holdings, LLC and Der) Tj ET Q q 0 0 0 rg BT 352.56 448.10 Td (ek Lancaster v) Tj ET Q q 0 0 0 rg BT 410.13 448.10 Td (. Oppenheimer& Co., Inc., ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (Oppenheimer T) Tj ET Q q 0 0 0 rg BT 111.94 436.10 Td (rust Company) Tj ET Q q 0 0 0 rg BT 167.78 436.10 Td (, Charles ) Tj ET Q q 0 0 0 rg BT 206.77 436.10 Td (Antonuicci, ) Tj ET Q q 0 0 0 rg BT 254.91 436.10 Td (Alan Reichman, John Carley) Tj ET Q q 0 0 0 rg BT 369.88 436.10 Td (, Park ) Tj ET Q q 0 0 0 rg BT 396.64 436.10 Td (A) Tj ET Q q 0 0 0 rg BT 402.20 436.10 Td (venue Insurance, LLC and Park ) Tj ET Q q 0 0 0 rg BT 532.55 436.10 Td (A) Tj ET Q q 0 0 0 rg BT 538.11 436.10 Td (venue ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (Bank) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.55 424.10 Td (.) Tj ET Q q 0 0 0 rg BT 75.37 424.10 Td (The action requests unspecified damages, including exemplary damages, for Oppenheimer's alleged breach of fiduciary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (duty) Tj ET Q q 0 0 0 rg BT 67.13 412.10 Td (, negligent hiring, fraud, conversion, conspiracy) Tj ET Q q 0 0 0 rg BT 258.37 412.10 Td (, breach of contract, unjust enrichment and violation of the ) Tj ET Q q 0 0 0 rg BT 495.33 412.10 Td (T) Tj ET Q q 0 0 0 rg BT 500.74 412.10 Td (exas Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (and Commerce Code.) Tj ET Q q 0 0 0 rg BT 139.24 400.10 Td (The first amended petition alleges that Oppenheimer held itself out as having expertise in the insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (industry generally and managing insurance companies' investment portfolios but inappropriately allowed plaintif) Tj ET Q q 0 0 0 rg BT 501.23 388.10 Td (fs' bond ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (portfolios to be used by Park ) Tj ET Q q 0 0 0 rg BT 167.21 376.10 Td (A) Tj ET Q q 0 0 0 rg BT 173.69 376.10 Td (venue Insurance Company to secure the sale of Providence Property and Casualty Insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (Company to Park ) Tj ET Q q 0 0 0 rg BT 121.94 364.10 Td (A) Tj ET Q q 0 0 0 rg BT 128.42 364.10 Td (venue Insurance Company) Tj ET Q q 0 0 0 rg BT 234.40 364.10 Td (. Following removal to the United States District Court for the Eastern District of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 352.10 Td (exas, Sherman Division, Providence Holdings, Inc. filed a new action in that court against Oppenheimer) Tj ET Q q 0 0 0 rg BT 472.12 352.10 Td (, Oppenheimer ) Tj ET Q q 0 0 0 rg BT 533.87 352.10 Td (T) Tj ET Q q 0 0 0 rg BT 539.62 352.10 Td (rust ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 340.10 Td (, and two individuals, re-asserting basically the same claims as above.On March18, 2013, the ) Tj ET Q q 0 0 0 rg BT 468.24 340.10 Td (T) Tj ET Q q 0 0 0 rg BT 473.65 340.10 Td (exas court approved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (the parties' stipulation to stay the action pending resolution of all claims among the parties in the action pending in Oklahoma ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (styled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.39 316.10 Td (State of Oklahoma ex r) Tj ET Q q 0 0 0 rg BT 168.22 316.10 Td (el. Holland v) Tj ET Q q 0 0 0 rg BT 219.41 316.10 Td (. Pr) Tj ET Q q 0 0 0 rg BT 234.04 316.10 Td (ovidence Holdings, Inc., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.01 316.10 Td (described below) Tj ET Q q 0 0 0 rg BT 398.61 316.10 Td (. On ) Tj ET Q q 0 0 0 rg BT 417.78 316.10 Td (April 15, 201) Tj ET Q q 0 0 0 rg BT 471.02 316.10 Td (1, in an action styled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (State of Oklahoma ex r) Tj ET Q q 0 0 0 rg BT 141.83 304.10 Td (el. Holland v) Tj ET Q q 0 0 0 rg BT 193.02 304.10 Td (. Pr) Tj ET Q q 0 0 0 rg BT 207.65 304.10 Td (ovidence Holdings, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.62 304.10 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 307.62 304.10 Td (et al.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.62 304.10 Td ( in the Oklahoma County District Court, Providence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (Holdings, Inc. and Jerry Lancaster asserted cross-claims against Oppenheimer Holdings Inc., Oppenheimer ) Tj ET Q q 0 0 0 rg BT 480.98 292.10 Td (Asset Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (Inc., Oppenheimer Investment Management LLC, and Oppenheimer ) Tj ET Q q 0 0 0 rg BT 326.40 280.10 Td (T) Tj ET Q q 0 0 0 rg BT 332.15 280.10 Td (rust Company Inc. related to the same facts at issue in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.54 268.10 Td (T) Tj ET Q q 0 0 0 rg BT 69.95 268.10 Td (exas litigation discussed above. ) Tj ET Q q 0 0 0 rg BT 198.35 268.10 Td (These cross-claims included claims for breach of fiduciary duty) Tj ET Q q 0 0 0 rg BT 452.61 268.10 Td (, various theories of fraud, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (violation of ) Tj ET Q q 0 0 0 rg BT 98.70 256.10 Td (T) Tj ET Q q 0 0 0 rg BT 104.11 256.10 Td (exas commercial statutes, breach of contract, interference with prospective business advantage, and loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (business opportunity and sought undisclosed damages. ) Tj ET Q q 0 0 0 rg BT 271.19 244.10 Td (That case is in fact discovery) Tj ET Q q 0 0 0 rg BT 386.88 244.10 Td (. Oppenheimer believes it has meritorious ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (defenses to the claims raised and intends to defend against these claims vigorously) Tj ET Q q 0 0 0 rg BT 379.82 232.10 Td (, including pursuing dismissal of the claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (against it.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (On March15, 2013, the Company filed in the Supreme Court of the State of New ) Tj ET Q q 0 0 0 rg BT 378.45 196.10 Td (Y) Tj ET Q q 0 0 0 rg BT 384.67 196.10 Td (ork, County of New ) Tj ET Q q 0 0 0 rg BT 466.79 196.10 Td (Y) Tj ET Q q 0 0 0 rg BT 473.01 196.10 Td (ork \("New ) Tj ET Q q 0 0 0 rg BT 517.27 196.10 Td (Y) Tj ET Q q 0 0 0 rg BT 523.49 196.10 Td (ork ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (Court"\), a breach of contract action against Canadian Imperial Bank of Commerce \("CIBC"\) in connection with the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (acquisition of CIBC's U.S. capital markets businesses for an amount of damages to be proven at trial. On January31, 2014, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (Company filed an amended complaint. On March13, 2014, CIBC filed a motion to dismiss portions of the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (amended complaint. In October 2014, the motion to dismiss was granted in part and denied in part by the New ) Tj ET Q q 0 0 0 rg BT 493.97 148.10 Td (Y) Tj ET Q q 0 0 0 rg BT 500.19 148.10 Td (ork Court and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (the parties proceeded to discovery) Tj ET Q q 0 0 0 rg BT 185.96 136.10 Td (.On November 3, 2017, CIBC filed a motion for summary judgment. Fact discovery in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (case has concluded and the parties await the Court's ruling on CIBC's motion for summary judgment.) Tj ET Q endstream endobj 81 0 obj <>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (In October 2013, JPMor) Tj ET Q q 0 0 0 rg BT 147.03 742.10 Td (gan Chase Clearing Corp. \("JPMCC"\), a division of JPMor) Tj ET Q q 0 0 0 rg BT 383.34 742.10 Td (gan Chase, filed a FINRA) Tj ET Q q 0 0 0 rg BT 486.93 742.10 Td ( arbitration claim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (against Oppenheimer \("JPMCC ) Tj ET Q q 0 0 0 rg BT 178.79 730.10 Td (Arbitration"\) seeking a declaration from the panel ordering that Oppenheimer indemnify it for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (all damages and costs, including but not limited to attorneys' fees, for litigation in Germany that had begun in 201) Tj ET Q q 0 0 0 rg BT 504.95 718.10 Td (1 \("German ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Litigation"\). Multiple investors in Germany sought redress from JPMCC for losses associated with a Swiss investment advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (firm, Salomon Investment ) Tj ET Q q 0 0 0 rg BT 156.66 694.10 Td (AG, later renamed SAL) Tj ET Q q 0 0 0 rg BT 251.81 694.10 Td ( Investment ) Tj ET Q q 0 0 0 rg BT 300.69 694.10 Td (AG, that had solicited their business by phone and pooled their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (funds in an omnibus account at the German of) Tj ET Q q 0 0 0 rg BT 234.77 682.10 Td (fices of Josephthal L) Tj ET Q q 0 0 0 rg BT 317.25 682.10 Td (yon & Ross GmbH \("Josephthal GmbH"\), and had invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (those funds unsuitably and char) Tj ET Q q 0 0 0 rg BT 176.46 670.10 Td (ged the investors excessive commissions and fees from about 1995 to 1998. Josephthal L) Tj ET Q q 0 0 0 rg BT 532.51 670.10 Td (yon & ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Ross Inc. \("Josephthal"\) was acquired by what is now Oppenheimer in 2001. Bear Stearns, acquired by JPMor) Tj ET Q q 0 0 0 rg BT 491.50 658.10 Td (gan Chase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (2008, cleared trades for the aforementioned omnibus account. JPMCC based its indemnification claim on clearing agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (executed in 1991 and 2000. In ) Tj ET Q q 0 0 0 rg BT 173.03 634.10 Td (August 2014, judgments \("Judgments"\) in favor of seven German plaintif) Tj ET Q q 0 0 0 rg BT 467.07 634.10 Td (fs grouped in three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (separate cases were finalized in the German court in Dusseldorf against JPMCC. ) Tj ET Q q 0 0 0 rg BT 375.00 622.10 Td (The German court found that JPMCC was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (liable to the plaintif) Tj ET Q q 0 0 0 rg BT 128.41 610.10 Td (fs for damages in amounts totaling \(including interest\) approximately 1.25 million \(approximately U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td ($1.33 million\). ) Tj ET Q q 0 0 0 rg BT 112.04 598.10 Td (These judgments were af) Tj ET Q q 0 0 0 rg BT 212.10 598.10 Td (firmed by an intermediate level appellate court, and JPMCC and Oppenheimer) Tj ET Q q 0 0 0 rg BT 526.32 598.10 Td (, as an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (intervening party) Tj ET Q q 0 0 0 rg BT 117.94 586.10 Td (, requested leave to appeal those decisions to Germany's highest appellate court. In addition, eighteen other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (plaintif) Tj ET Q q 0 0 0 rg BT 78.70 574.10 Td (fs have filed statements of claim against JPMCC in Dusseldorf with claimed aggregate damages \(excluding claims for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (interest and attorneys' fees\) of approximately 3.2 million \(approximately U.S. $3.4 million\). In an agreement executed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (JPMCC on October 7, 2016, JPMCC settled the claims asserted by the plaintif) Tj ET Q q 0 0 0 rg BT 363.13 550.10 Td (fs in the above referenced matters then pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (in Germany for 3.9 million \(approximately U.S. $4.14 million\). In an agreement executed in January 2018, Oppenheimer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (settled all of the claims asserted by JPMCC in the JPMCC ) Tj ET Q q 0 0 0 rg BT 285.27 526.10 Td (Arbitration by paying JPMCC an amount equal to U.S. $1.8 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (in return for the dismissal of all claims.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (In June 2012, a claim was filed in the Circuit Court, 1) Tj ET Q q 0 0 0 rg BT 264.86 490.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 269.86 494.63 Td (th) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.92 490.10 Td ( Judicial Circuit in Miami-Dade County Florida, Probate Division) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (\(which was subsequently transferred in 2014 to the Civil Division \("T) Tj ET Q q 0 0 0 rg BT 329.24 478.10 Td (rial Court"\) where it remains\), in a matter captioned ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (Estate of Idelle Stern, by and thr) Tj ET Q q 0 0 0 rg BT 179.88 466.10 Td (ough the court or) Tj ET Q q 0 0 0 rg BT 249.23 466.10 Td (der) Tj ET Q q 0 0 0 rg BT 262.19 466.10 Td (ed limited ad litem, Rochelle Kevelson, T) Tj ET Q q 0 0 0 rg BT 426.04 466.10 Td (ikvah L) Tj ET Q q 0 0 0 rg BT 455.46 466.10 Td (yons, and Joyce Genauer ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (v) Tj ET Q q 0 0 0 rg BT 53.70 454.10 Td (. Oppenheimer T) Tj ET Q q 0 0 0 rg BT 120.63 454.10 Td (rust Company) Tj ET Q q 0 0 0 rg BT 176.47 454.10 Td (, Oppenheimer & Co. Inc., Oppenheimer ) Tj ET Q q 0 0 0 rg BT 342.37 454.10 Td (Asset Management Inc., Eli Molallen, James P) Tj ET Q q 0 0 0 rg BT 528.53 454.10 Td (. Carley ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Jr) Tj ET Q q 0 0 0 rg BT 57.22 442.10 Td (., and Ther) Tj ET Q q 0 0 0 rg BT 100.74 442.10 Td (on Hunting W) Tj ET Q q 0 0 0 rg BT 155.93 442.10 Td (orth Defendants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.65 442.10 Td (. ) Tj ET Q q 0 0 0 rg BT 225.47 442.10 Td (The plaintif) Tj ET Q q 0 0 0 rg BT 272.22 442.10 Td (fs' pleading has been dismissed multiple times pursuant to defendants' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (motions to dismiss. Plaintif) Tj ET Q q 0 0 0 rg BT 159.28 430.10 Td (fs are now on their sixth amended complaint. Plaintif) Tj ET Q q 0 0 0 rg BT 371.55 430.10 Td (fs allege that defendants failed to properly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (communicate with certain beneficiaries of the Stern Survivors ) Tj ET Q q 0 0 0 rg BT 300.29 418.10 Td (T) Tj ET Q q 0 0 0 rg BT 306.05 418.10 Td (rust, Stern Marital ) Tj ET Q q 0 0 0 rg BT 381.41 418.10 Td (T) Tj ET Q q 0 0 0 rg BT 387.17 418.10 Td (rust, and Stern Credit Shelter ) Tj ET Q q 0 0 0 rg BT 505.85 418.10 Td (T) Tj ET Q q 0 0 0 rg BT 511.61 418.10 Td (rust ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 99.33 406.10 Td (, the "Stern ) Tj ET Q q 0 0 0 rg BT 146.55 406.10 Td (T) Tj ET Q q 0 0 0 rg BT 152.31 406.10 Td (rusts"\) established by Idelle Stern prior to her death; that defendants failed to adequately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (communicate with Ms. Stern, who was the co-trustee of the Stern ) Tj ET Q q 0 0 0 rg BT 313.93 394.10 Td (T) Tj ET Q q 0 0 0 rg BT 319.68 394.10 Td (rusts, during her lifetime; and that the defendants failed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (provide trust accountings to all qualified beneficiaries. ) Tj ET Q q 0 0 0 rg BT 270.30 382.10 Td (There are other causes of action based on alleged Florida Blue Sky ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (violations, elder abuse, breach of trust, constructive fraud and conspiracy) Tj ET Q q 0 0 0 rg BT 342.03 370.10 Td (. Plaintif) Tj ET Q q 0 0 0 rg BT 376.29 370.10 Td (fs seek damages of approximately $8 million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (as well as treble damages under the applicable Florida elder abuse statute. On November 30, 2016, the defendants filed a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (motion for summary judgment seeking to dismiss all of the plaintif) Tj ET Q q 0 0 0 rg BT 317.56 346.10 Td (fs' claims. On May 16, 2017, the ) Tj ET Q q 0 0 0 rg BT 450.28 346.10 Td (T) Tj ET Q q 0 0 0 rg BT 456.04 346.10 Td (rial Court denied each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (the plaintif) Tj ET Q q 0 0 0 rg BT 93.42 334.10 Td (fs' and defendants' motion for summary judgment. On November 21, 2016, the plaintif) Tj ET Q q 0 0 0 rg BT 439.83 334.10 Td (fs filed a motion for Leave to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (Seek Punitive Damages against the defendants. On March 24, 2017, the ) Tj ET Q q 0 0 0 rg BT 339.19 322.10 Td (T) Tj ET Q q 0 0 0 rg BT 344.95 322.10 Td (rial Court granted the plaintif) Tj ET Q q 0 0 0 rg BT 461.96 322.10 Td (fs' motion. On ) Tj ET Q q 0 0 0 rg BT 520.99 322.10 Td (April 24, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (2017, the defendants appealed the Court's ruling to the District Court of ) Tj ET Q q 0 0 0 rg BT 338.69 310.10 Td (Appeals of the Florida-Third District \("Appellate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (Court"\). Oral ar) Tj ET Q q 0 0 0 rg BT 113.05 298.10 Td (gument on the appeal was heard on January 22, 2018. On May 8, 2017, the plaintif) Tj ET Q q 0 0 0 rg BT 444.18 298.10 Td (fs filed a motion in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Appellate Court to dismiss the defendants' appeal. On May 24, 2017, the ) Tj ET Q q 0 0 0 rg BT 342.58 286.10 Td (Appellate Court denied the plaintif) Tj ET Q q 0 0 0 rg BT 481.81 286.10 Td (fs' motion. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (February 7, 2018, the ) Tj ET Q q 0 0 0 rg BT 137.76 274.10 Td (Appellate Court dismissed the defendants' appeal. On February 12, 2018, the ) Tj ET Q q 0 0 0 rg BT 447.65 274.10 Td (T) Tj ET Q q 0 0 0 rg BT 453.40 274.10 Td (rial Court entered an order ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (setting June 25, 2018 as the date for the trial to commence. Defendants believe they have meritorious defenses and intend to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (defend themselves vigorously) Tj ET Q q 0 0 0 rg BT 168.77 250.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.28 226.10 Td (August 2016, claimant James Batsmasian filed a FINRA) Tj ET Q q 0 0 0 rg BT 286.36 226.10 Td ( arbitration claim against Oppenheimer seeking damages in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (amount of $6.75 million, plus punitive damages in the amount of $500,000 and interest, and asserting a variety of claims, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (including claims for fraud, gross negligence, negligent misrepresentation, breach of contract and failure to supervise, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (connection with his alleged purchase of securities in OneScreen, Inc. in 2013 and ) Tj ET Q q 0 0 0 rg BT 377.40 190.10 Td (Adaptive Medias, Inc. in 2014 and 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (which purchases were not made through claimant's account at Oppenheimer) Tj ET Q q 0 0 0 rg BT 353.64 178.10 Td (. ) Tj ET Q q 0 0 0 rg BT 358.09 178.10 Td (Although claimant did not purchase these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (securities in his Oppenheimer account, he alleges that he was induced to purchase these securities as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (misrepresentations made by one or more former Oppenheimer employees. Oppenheimer has filed an answer denying the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (claims, as well as a third-party claim against a former Oppenheimer employee. ) Tj ET Q q 0 0 0 rg BT 367.48 142.10 Td (The arbitration hearing was scheduled to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (commence in October 2017 but has been adjourned with no new hearing date. Oppenheimer believes it has meritorious ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (defenses to the claims and intends to defend itself vigorously) Tj ET Q q 0 0 0 rg BT 293.46 118.10 Td (.) Tj ET Q endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (In January 2017, Oppenheimer received a Notice of Civil Claim in the Supreme Court of British Columbia, Canada by ) Tj ET Q q 0 0 0 rg BT 527.21 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 532.62 742.10 Td (eck ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Metals Ltd. against Oppenheimer Holdings Inc. as well as co-defendants ) Tj ET Q q 0 0 0 rg BT 343.07 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 351.71 730.10 Td (estern Forest Products Inc., Xylem Canada ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Company/Societe Xylem Canada, JRM Financial Services Ltd. and Glencore Corporation Canada. ) Tj ET Q q 0 0 0 rg BT 446.94 718.10 Td (The civil claim seeks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (damages and/or the cost of environmental clean-up for property purportedly managed during the period 1965-66 by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (predecessor company of Oppenheimer Holdings Inc. ) Tj ET Q q 0 0 0 rg BT 263.36 694.10 Td (The underlying claim involves alleged adverse environmental impact at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (the Sunro Mine, located in British Columbia, which properties are now owned by plaintif) Tj ET Q q 0 0 0 rg BT 407.25 682.10 Td (f and seeks unspecified damages from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (defendants. ) Tj ET Q q 0 0 0 rg BT 98.13 670.10 Td (The claim has not been actively prosecuted to date by plaintif) Tj ET Q q 0 0 0 rg BT 343.98 670.10 Td (f. ) Tj ET Q q 0 0 0 rg BT 352.13 670.10 Td (The other defendants have various alleged historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (connections to the property) Tj ET Q q 0 0 0 rg BT 158.49 658.10 Td (, which plaintif) Tj ET Q q 0 0 0 rg BT 219.13 658.10 Td (f contends allows plaintif) Tj ET Q q 0 0 0 rg BT 320.31 658.10 Td (f to assert claims against those defendants, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Oppenheimer Holdings Inc. Oppenheimer believes it has meritorious defenses to the claims and intends to defend itself ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (vigorously) Tj ET Q q 0 0 0 rg BT 92.13 634.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (See also "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 212.80 610.10 Td (Analysis of Financial Condition and Results of Operations Regulatory and Legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Environment Other Regulatory Matters" in Item 7.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Item4. MINE SAFETY) Tj ET Q q 0 0 0 rg BT 151.29 574.10 Td ( DISCLOSURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (Not applicable.) Tj ET Q endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 55.37 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 69.46 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 75.95 742.25 Td ( II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Item5. MARKET) Tj ET Q q 0 0 0 rg BT 127.31 718.25 Td ( FOR ) Tj ET Q q 0 0 0 rg BT 153.24 718.25 Td (THE REGISTRANT'S COMMON EQUITY) Tj ET Q q 0 0 0 rg BT 343.74 718.25 Td (, RELA) Tj ET Q q 0 0 0 rg BT 375.78 718.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 410.89 718.25 Td (OCKHOLDER MA) Tj ET Q q 0 0 0 rg BT 495.42 718.25 Td (TTERS ) Tj ET Q q 0 0 0 rg BT 530.17 718.25 Td (AND ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (ISSUER PURCHASES OF) Tj ET Q q 0 0 0 rg BT 165.21 706.25 Td ( EQUITY) Tj ET Q q 0 0 0 rg BT 206.79 706.25 Td ( SECURITIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.66 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 63.98 682.25 Td (The Company's Class) Tj ET Q q 0 0 0 rg BT 152.72 682.25 Td (A) Tj ET Q q 0 0 0 rg BT 159.39 682.25 Td ( Stock is listed and traded on the NYSE \(trading symbol "OPY"\). ) Tj ET Q q 0 0 0 rg BT 423.18 682.25 Td (The Class B Stock is not traded on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (any stock exchange and, as a consequence, there is only limited trading in the Class B Stock. ) Tj ET Q q 0 0 0 rg BT 423.61 670.25 Td (The Company does not presently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (contemplate listing the Class B Stock in the United States on any national or regional stock exchange or on NASDAQ.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (The following tables set forth the high and low sales prices of the Class) Tj ET Q q 0 0 0 rg BT 337.72 634.25 Td (A) Tj ET Q q 0 0 0 rg BT 344.39 634.25 Td ( Stock on the NYSE for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.88 634.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.88 634.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.31 634.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.31 634.25 Td ( fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (years. Prices provided are based on data provided by the NYSE.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 579.75 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 78.50 579.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 579.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 579.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 579.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 549.75 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 78.50 549.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 549.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 549.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 549.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 519.75 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 78.50 519.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 519.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 519.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 519.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 489.75 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 78.50 489.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 489.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 489.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 489.75 70.00 -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 418.5 592.75 m 488.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 592.75 m 492.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 592.75 m 562.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 579.75 m 488.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 579.75 m 562.5 579.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 597.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 81.00 597.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.55 597.00 Td (NYSE) Tj ET Q BT /F1 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 53 582.93671875 m 97.453125 582.93671875 l s q 0 0 0 rg BT 53.00 584.00 Td (Class ) Tj ET Q q 0 0 0 rg BT 71.89 584.00 Td (A) Tj ET Q q 0 0 0 rg BT 77.23 584.00 Td ( Stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.00 584.00 Td (High) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.65 584.00 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 570.32 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 569.42 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 86.00 569.42 Td (st) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 569.42 Td ( Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 569.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 569.42 Td (19.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 569.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 569.42 Td (15.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 554.42 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 86.00 554.42 Td (nd) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 554.42 Td ( Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 554.42 Td (18.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 554.42 Td (15.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 539.42 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 86.00 539.42 Td (rd) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.50 539.42 Td ( Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 539.42 Td (17.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 539.42 Td (15.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 524.42 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 86.00 524.42 Td (th) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 524.42 Td ( Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 524.42 Td (29.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 524.42 Td (17.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 510.32 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 509.42 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 86.00 509.42 Td (st) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 509.42 Td ( Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 509.42 Td (16.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 509.42 Td (13.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 494.42 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 86.00 494.42 Td (nd) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 494.42 Td ( Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 494.42 Td (16.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 494.42 Td (13.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 479.42 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 86.00 479.42 Td (rd) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.50 479.42 Td ( Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 479.42 Td (16.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 479.42 Td (13.74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 464.42 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 86.00 464.42 Td (th) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 464.42 Td ( Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 464.42 Td (19.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 464.42 Td (13.65) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.44 436.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.03 436.25 Td (, there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.44 436.25 Td (1,081,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.44 436.25 Td ( shares of Class) Tj ET Q q 0 0 0 rg BT 306.88 436.25 Td (A) Tj ET Q q 0 0 0 rg BT 313.55 436.25 Td ( Stock underlying outstanding options and restricted share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.25 Td (awards. Class) Tj ET Q q 0 0 0 rg BT 106.94 424.25 Td (A) Tj ET Q q 0 0 0 rg BT 113.61 424.25 Td ( Stock underlying all vested options, if exercised, and restricted shares could be sold pursuant to Rule 144 or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 412.25 Td (fective registration statements on Form S-8.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.22 388.25 Td ( ) Tj ET Q q 0 0 0 rg BT 64.54 388.25 Td (The following table sets forth information about the stockholders of the Company as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.13 388.25 Td (February28, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.73 388.25 Td ( as set forth in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (records of the Company's transfer agent and registrar:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 338.75 353.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 338.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 338.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 338.75 85.00 -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 403.5 338.75 m 473.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 338.75 m 562.5 338.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.85 343.00 Td (NumberofShares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.15 351.00 Td (NumberofStockholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.60 343.00 Td (ofRecord) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 329.32 Td (Class) Tj ET Q q 0 0 0 rg BT 76.89 329.32 Td (A) Tj ET Q q 0 0 0 rg BT 83.56 329.32 Td ( Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 328.42 Td (13,141,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 328.42 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 314.32 Td (Class B Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 313.42 Td (99,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 313.42 Td (40) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 285.25 Td (\(c\) Dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 267.25 Td (The following table sets forth the frequency and amount of any cash dividends declared on the Company's Class) Tj ET Q q 0 0 0 rg BT 501.13 267.25 Td (A) Tj ET Q q 0 0 0 rg BT 507.80 267.25 Td ( Stock and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 255.25 Td (Class B Stock for the fiscal years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.63 255.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.21 255.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 255.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 255.25 Td ( and the first quarter of 2017:) Tj ET Q 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 217.75 173.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 223.50 217.75 84.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 307.50 217.75 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 311.50 217.75 86.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 397.50 217.75 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 401.50 217.75 86.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 487.50 217.75 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 491.50 217.75 71.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 187.75 173.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 223.50 187.75 84.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 307.50 187.75 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 311.50 187.75 86.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 397.50 187.75 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 401.50 187.75 86.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 487.50 187.75 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 491.50 187.75 71.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 157.75 173.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 223.50 157.75 84.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 307.50 157.75 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 311.50 157.75 86.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 397.50 157.75 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 401.50 157.75 86.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 487.50 157.75 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 491.50 157.75 71.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 127.75 173.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 223.50 127.75 84.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 307.50 127.75 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 311.50 127.75 86.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 397.50 127.75 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 401.50 127.75 86.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 487.50 127.75 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 491.50 127.75 71.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 97.75 173.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 223.50 97.75 84.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 307.50 97.75 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 311.50 97.75 86.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 397.50 97.75 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 401.50 97.75 86.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 487.50 97.75 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 491.50 97.75 71.00 -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 223.5 217.75 m 307.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 217.75 m 397.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 217.75 m 487.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 217.75 m 562.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 217.75 m 562.5 217.75 l s BT /F1 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 53 220.93671874999995 m 68.87890625 220.93671874999995 l s q 0 0 0 rg BT 53.00 222.00 Td (T) Tj ET Q q 0 0 0 rg BT 57.33 222.00 Td (ype) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.75 222.00 Td (DeclarationDate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.85 222.00 Td (Record Date) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.45 222.00 Td (PaymentDate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.35 230.00 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.05 222.00 Td (PerShare) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 208.32 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.00 207.42 Td (February 1, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 207.42 Td (February 12, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 207.42 Td (February 26, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 207.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 207.42 Td (0.1) Tj ET Q q 0 0 0 rg BT 553.65 207.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 193.32 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.00 192.42 Td (October 27, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 192.42 Td (November10, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 192.42 Td (November24, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 192.42 Td (0.1) Tj ET Q q 0 0 0 rg BT 553.65 192.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 178.32 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.00 177.42 Td (July 28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 177.42 Td (August1) Tj ET Q q 0 0 0 rg BT 350.21 177.42 Td (1, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 177.42 Td (August25, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 177.42 Td (0.1) Tj ET Q q 0 0 0 rg BT 553.65 177.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 163.32 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.00 162.42 Td (April 28, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 162.42 Td (May12, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 162.42 Td (May26, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 162.42 Td (0.1) Tj ET Q q 0 0 0 rg BT 553.65 162.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 148.32 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.00 147.42 Td (January 27, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 147.42 Td (February 10, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 147.42 Td (February 24, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 147.42 Td (0.1) Tj ET Q q 0 0 0 rg BT 553.65 147.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 133.32 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.00 132.42 Td (October 28, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 132.42 Td (November 1) Tj ET Q q 0 0 0 rg BT 363.52 132.42 Td (1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 132.42 Td (November 25, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 132.42 Td (0.1) Tj ET Q q 0 0 0 rg BT 553.65 132.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 118.32 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.00 117.42 Td (July 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 117.42 Td (August 12, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 117.42 Td (August 26, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 117.42 Td (0.1) Tj ET Q q 0 0 0 rg BT 553.65 117.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 103.32 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.00 102.42 Td (April 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 102.42 Td (May 13, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 102.42 Td (May 27, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 102.42 Td (0.1) Tj ET Q q 0 0 0 rg BT 553.65 102.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 88.32 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.00 87.42 Td (January 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 87.42 Td (February 12, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 87.42 Td (February 26, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 87.42 Td (0.1) Tj ET Q q 0 0 0 rg BT 553.65 87.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 87 0 obj <>] /Rotate 0 /Contents 88 0 R>> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Future dividend policy will depend upon the earnings and financial condition of the Operating Subsidiaries, the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (need for funds and other factors. Dividends may be paid to holders of Class) Tj ET Q q 0 0 0 rg BT 354.10 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 360.77 730.10 Td ( Stock and Class B Stock \(pari passu\), as and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (when declared by the Company's Board of Directors, from funds legally available therefore.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (\(d\) Shar) Tj ET Q q 0 0 0 rg BT 85.10 694.10 Td (e-Based Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (The Company has a 2006 Equity Incentive Plan, adopted December1) Tj ET Q q 0 0 0 rg BT 328.72 676.10 Td (1, 2006 and amended in December 201) Tj ET Q q 0 0 0 rg BT 485.24 676.10 Td (1, and had a 1996 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (Equity Incentive Plan, as amended March10, 2005, which expired on ) Tj ET Q q 0 0 0 rg BT 331.04 664.10 Td (April18, 2006 \(together "EIP"\), under which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (Compensation Committee of the Board of Directors of the Company has granted options to purchase Class) Tj ET Q q 0 0 0 rg BT 479.37 652.10 Td (A) Tj ET Q q 0 0 0 rg BT 486.04 652.10 Td ( Stock, restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (Class) Tj ET Q q 0 0 0 rg BT 73.62 640.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.29 640.10 Td ( Stock awards and Class) Tj ET Q q 0 0 0 rg BT 179.44 640.10 Td (A) Tj ET Q q 0 0 0 rg BT 186.11 640.10 Td ( Stock awards to of) Tj ET Q q 0 0 0 rg BT 263.14 640.10 Td (ficers and key employees of the Company and its subsidiaries. From 201) Tj ET Q q 0 0 0 rg BT 553.82 640.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (through 2013, restricted Class) Tj ET Q q 0 0 0 rg BT 171.93 628.10 Td (A) Tj ET Q q 0 0 0 rg BT 178.60 628.10 Td ( Stock awards were granted to the Company's non-employee directors as approved by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (committee formed for that purpose. ) Tj ET Q q 0 0 0 rg BT 194.22 616.10 Td (W) Tj ET Q q 0 0 0 rg BT 203.26 616.10 Td (ith the adoption of the OIP) Tj ET Q q 0 0 0 rg BT 309.81 616.10 Td ( \(as defined below\), the amount and terms of such grants are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (determined by the Compensation Committee of the Company's Board of Directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (Oppenheimer has an Employee Share Plan \("ESP"\) under which the Compensation Committee of the Board of Directors of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (Company has granted stock awards and restricted stock awards to key management employees of the Company and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (subsidiaries.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (On February26, 2014, the Company adopted the Oppenheimer Holdings Inc. 2014 Incentive Plan \(the "OIP"\) which pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (to its terms amends and restates each of the EIP) Tj ET Q q 0 0 0 rg BT 240.41 520.10 Td ( and ESP) Tj ET Q q 0 0 0 rg BT 276.70 520.10 Td ( and incorporates each of the EIP) Tj ET Q q 0 0 0 rg BT 409.06 520.10 Td ( and ESP) Tj ET Q q 0 0 0 rg BT 445.36 520.10 Td ( into the OIP) Tj ET Q q 0 0 0 rg BT 495.63 520.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (The Company's share-based compensation plans are described in note 14 to the consolidated financial statements appearing in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (Item8.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (\(e\) Shar) Tj ET Q q 0 0 0 rg BT 83.98 460.10 Td (e Performance Graph) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (The following graph shows changes over the past five year period of U.S. $100 invested in \(1\)the Company's Class) Tj ET Q q 0 0 0 rg BT 515.60 442.10 Td (A) Tj ET Q q 0 0 0 rg BT 522.27 442.10 Td ( Stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (\(2\)the Standard& Poor's 500 Index \(S&P) Tj ET Q q 0 0 0 rg BT 218.92 430.10 Td ( 500\), and \(3\)the Standard& Poor's 500 Diversified Financial Index \(S&P) Tj ET Q q 0 0 0 rg BT 517.80 430.10 Td ( 500 / ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Diversified Financials S5DIVF\):) Tj ET Q /GS0 gs q 505.00 0 0 356.00 53.50 51.10 cm /I20 Do Q BT /F1 10.00 Tf ET endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 736.50 310.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 736.50 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 736.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 736.50 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 736.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 736.50 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 736.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 736.50 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 736.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 736.50 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 736.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.50 736.50 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 706.50 310.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 706.50 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 706.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 706.50 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 706.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 706.50 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 706.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 706.50 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 706.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 706.50 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 706.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.50 706.50 30.00 -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 360.5 736.5 m 390.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 736.5 m 424.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 736.5 m 458.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 736.5 m 492.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 736.5 m 526.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 736.5 m 560.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 736.5 m 424.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 736.5 m 458.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 736.5 m 492.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 736.5 m 526.5 736.5 l s BT /F1 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 53 739.38671875 m 117.421875 739.38671875 l s q 0 0 0 rg BT 53.00 740.45 Td (As of December31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.00 740.58 Td (2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.00 740.58 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.00 740.58 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.00 740.58 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.00 740.58 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.00 740.58 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 727.07 Td (Oppenheimer Class) Tj ET Q q 0 0 0 rg BT 133.82 727.07 Td (A) Tj ET Q q 0 0 0 rg BT 140.49 727.07 Td ( Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.60 726.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.60 726.17 Td (146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.60 726.17 Td (137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.60 726.17 Td (103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.60 726.17 Td (1) Tj ET Q q 0 0 0 rg BT 512.60 726.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.60 726.17 Td (158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 712.07 Td (S&P) Tj ET Q q 0 0 0 rg BT 71.72 712.07 Td ( 500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.60 711.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.60 711.17 Td (130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.60 711.17 Td (144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.60 711.17 Td (143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.60 711.17 Td (157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.60 711.17 Td (187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 697.07 Td (S&P) Tj ET Q q 0 0 0 rg BT 71.53 697.07 Td ( 500 / Diversified Financials) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.60 696.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.60 696.17 Td (139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.60 696.17 Td (161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.60 696.17 Td (144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.60 696.17 Td (171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.60 696.17 Td (21) Tj ET Q q 0 0 0 rg BT 551.60 696.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.00 Td (Stock Buy-Back) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.00 Td (On May 5, 2017, the Company announced that its board of directors approved a share repurchase program that authorizes the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.00 Td (Company to purchase up to 650,000 shares of the Company's Class ) Tj ET Q q 0 0 0 rg BT 321.22 638.00 Td (A) Tj ET Q q 0 0 0 rg BT 327.89 638.00 Td ( Stock, representing approximately 5% of its 13,178,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.00 Td (then issued and outstanding shares of Class ) Tj ET Q q 0 0 0 rg BT 225.26 626.00 Td (A) Tj ET Q q 0 0 0 rg BT 231.93 626.00 Td ( Stock. ) Tj ET Q q 0 0 0 rg BT 262.03 626.00 Td (This authorization supplemented the 40,734 shares that remained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.00 Td (authorized and available under the Company's previous share repurchase program covering up to 665,000 shares of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.00 Td (Company's Class ) Tj ET Q q 0 0 0 rg BT 120.70 602.00 Td (A) Tj ET Q q 0 0 0 rg BT 127.37 602.00 Td ( Stock, which was announced on September 15, 2015, for a total of 690,734 shares authorized and available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.00 Td (for repurchase.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.00 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.63 566.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.21 566.00 Td (, the Company purchased and canceled an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.90 566.00 Td (450,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.40 566.00 Td ( shares of Class ) Tj ET Q q 0 0 0 rg BT 539.83 566.00 Td (A) Tj ET Q q 0 0 0 rg BT 546.50 566.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.00 Td (Stock for a total consideration of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.85 554.00 Td ($7.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.74 554.00 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.57 554.00 Td ($16.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.07 554.00 Td ( per share\). ) Tj ET Q q 0 0 0 rg BT 312.72 554.00 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.16 554.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.75 554.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.75 554.00 Td (508,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.25 554.00 Td ( shares were available to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.00 Td (be purchased under this program.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.00 Td (Any such share purchases will be made by the Company from time to time in the open market at the prevailing open market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.00 Td (price using cash on hand, in compliance with the applicable rules and regulations of the New ) Tj ET Q q 0 0 0 rg BT 423.68 506.00 Td (Y) Tj ET Q q 0 0 0 rg BT 429.90 506.00 Td (ork Stock Exchange and federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.00 Td (and state securities laws and the terms of the Company's senior secured debt. ) Tj ET Q q 0 0 0 rg BT 359.50 494.00 Td (All shares purchased will be canceled. ) Tj ET Q q 0 0 0 rg BT 515.09 494.00 Td (The share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.00 Td (repurchase program is expected to continue indefinitely) Tj ET Q q 0 0 0 rg BT 272.05 482.00 Td (. ) Tj ET Q q 0 0 0 rg BT 276.87 482.00 Td (The timing and amounts of any purchases will be based on market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.00 Td (conditions and other factors including price, regulatory requirements and capital availability) Tj ET Q q 0 0 0 rg BT 417.84 470.00 Td (. ) Tj ET Q q 0 0 0 rg BT 422.66 470.00 Td (The share repurchase program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.00 Td (does not obligate the Company to repurchase any dollar amount or number of shares of Class ) Tj ET Q q 0 0 0 rg BT 424.91 458.00 Td (A) Tj ET Q q 0 0 0 rg BT 431.58 458.00 Td ( Stock. Depending on market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.00 Td (conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.) Tj ET Q endstream endobj 91 0 obj <>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Item6. SELECTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 193.96 742.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 210.16 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 216.09 742.25 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (The following table presents selected financial information derived from the consolidated financial statements of the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (for each of the five years in the period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.09 706.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.67 706.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 661.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 661.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 661.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 661.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 661.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 661.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 661.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 661.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 661.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 661.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 633.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 633.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 633.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 633.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 633.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 633.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 633.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 633.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 633.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 633.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 605.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 605.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 605.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 605.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 605.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 605.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 605.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 605.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 605.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 605.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 577.75 236.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 577.75 52.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 577.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 577.75 52.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 577.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 577.75 52.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 577.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 577.75 52.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 577.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 577.75 52.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 540.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 540.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 540.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 540.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 540.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 540.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 540.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 540.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 540.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 540.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 512.75 236.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 512.75 52.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 512.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 512.75 52.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 512.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 512.75 52.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 512.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 512.75 52.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 512.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 512.75 52.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 475.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 475.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 475.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 475.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 475.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 475.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 475.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 447.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 447.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 447.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 447.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 447.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 447.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 447.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 447.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 447.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 447.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 419.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 419.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 419.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 419.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 419.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 419.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 419.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 419.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 419.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 419.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 391.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 391.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 391.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 391.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 391.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 391.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 391.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 391.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 391.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 391.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 354.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 354.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 354.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 354.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 354.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 354.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 354.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 354.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 354.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 354.75 52.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 661.75 m 338 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 661.75 m 394 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 661.75 m 450 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 661.75 m 506 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 661.75 m 562 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 661.75 m 338 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 661.75 m 394 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 661.75 m 450 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 661.75 m 562 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 619.75 m 338 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 619.75 m 394 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 619.75 m 450 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 619.75 m 506 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 619.75 m 562 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 591.75 m 338 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 591.75 m 338 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 578.75 m 338 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 576.75 m 338 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 591.75 m 394 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 578.75 m 394 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 576.75 m 394 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 591.75 m 450 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 578.75 m 450 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 576.75 m 450 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 591.75 m 506 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 578.75 m 506 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 576.75 m 506 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 591.75 m 562 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 578.75 m 562 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 576.75 m 562 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 526.75 m 338 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 526.75 m 506 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 526.75 m 338 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 513.75 m 338 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 511.75 m 338 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 526.75 m 394 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 513.75 m 394 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 511.75 m 394 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 526.75 m 450 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 513.75 m 450 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 511.75 m 450 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 526.75 m 506 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 513.75 m 506 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 511.75 m 506 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 526.75 m 562 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 513.75 m 562 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 511.75 m 562 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 461.75 m 338 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 461.75 m 394 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 461.75 m 450 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 461.75 m 506 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 461.75 m 338 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 448.75 m 338 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 446.75 m 338 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 461.75 m 394 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 448.75 m 394 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 446.75 m 394 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 461.75 m 450 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 448.75 m 450 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 446.75 m 450 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 461.75 m 506 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 448.75 m 506 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 446.75 m 506 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 461.75 m 562 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 448.75 m 562 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 446.75 m 562 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 446.75 m 394 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 448.75 m 394 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 446.75 m 450 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 448.75 m 450 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 446.75 m 506 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 448.75 m 506 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 446.75 m 562 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 448.75 m 562 448.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 680.00 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 680.00 Td (essed in thousands, except number of shar) Tj ET Q q 0 0 0 rg BT 205.44 680.00 Td (es and per shar) Tj ET Q q 0 0 0 rg BT 254.70 680.00 Td (e amounts\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 666.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.50 666.00 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.50 666.00 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.50 666.00 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 471.50 666.00 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.50 666.00 Td (2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 653.01 Td (Revenue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.50 652.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.25 652.21 Td (920,338) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.50 652.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.25 652.21 Td (857,779) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 652.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.25 652.21 Td (897,801) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 652.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.25 652.21 Td (981,135) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 652.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 652.21 Td (985,568) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 639.01 Td (Net income \(loss\) from continuing operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.75 638.21 Td (21,870) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.25 638.21 Td (\(9,630) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.50 638.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.25 638.21 Td (\(2,834) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 638.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.25 638.21 Td (5,056) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 638.21 Td (19,462) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 625.01 Td (Net income from discontinued operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.25 624.21 Td (1,130) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.75 624.21 Td (10,121) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.25 624.21 Td (5,732) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.25 624.21 Td (4,505) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 624.21 Td (6,691) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 611.01 Td (Net income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.75 610.21 Td (23,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.00 610.21 Td (491) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.25 610.21 Td (2,898) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.25 610.21 Td (9,561) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 610.21 Td (26,153) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 597.01 Td (Net income attributable to noncontrolling interest, net of tax) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.00 596.21 Td (184) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.25 596.21 Td (1,652) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.00 596.21 Td (936) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.00 596.21 Td (735) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 596.21 Td (1,092) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 583.01 Td (Net income \(loss\) attributable to Oppenheimer Holdings Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.50 582.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.75 582.21 Td (22,816) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.50 582.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.25 582.21 Td (\(1,161) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.50 582.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 582.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.25 582.21 Td (1,962) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 582.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.25 582.21 Td (8,826) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 582.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 582.21 Td (25,061) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 569.01 Td (Basic net income \(loss\) per share attributable to Oppenheimer ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 560.01 Td (Holdings Inc. ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 103.74 564.09 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 546.01 Td (Continuing operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.50 545.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 545.21 Td (1.65) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.50 545.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.75 545.21 Td (\(0.72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.50 545.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 545.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.75 545.21 Td (\(0.21) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 545.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 545.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.75 545.21 Td (0.37) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 545.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 545.21 Td (1.44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 532.01 Td (Discontinued operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 531.21 Td (0.07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.75 531.21 Td (0.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.75 531.21 Td (0.35) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.75 531.21 Td (0.28) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 531.21 Td (0.41) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 518.01 Td (Net income \(loss\) per share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.50 517.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 517.21 Td (1.72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.50 517.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.75 517.21 Td (\(0.09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.50 517.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 517.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.75 517.21 Td (0.14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 517.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.75 517.21 Td (0.65) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 517.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 517.21 Td (1.85) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 504.01 Td (Diluted net income \(loss\) per share attributable to Oppenheimer ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 495.01 Td (Holdings Inc. ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 103.74 499.09 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 481.01 Td (Continuing operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.50 480.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 480.21 Td (1.60) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.50 480.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.75 480.21 Td (\(0.72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.50 480.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 480.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.75 480.21 Td (\(0.21) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 480.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 480.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.75 480.21 Td (0.36) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 480.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 480.21 Td (1.38) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 467.01 Td (Discontinued operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 466.21 Td (0.07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.75 466.21 Td (0.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.75 466.21 Td (0.35) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.75 466.21 Td (0.26) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 466.21 Td (0.39) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 453.01 Td (Net income \(loss\) per share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.50 452.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 452.21 Td (1.67) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.50 452.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.75 452.21 Td (\(0.09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.50 452.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 452.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.75 452.21 Td (0.14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 452.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.75 452.21 Td (0.62) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 452.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 452.21 Td (1.77) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 439.01 Td (T) Tj ET Q q 0 0 0 rg BT 57.68 439.01 Td (otal assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.50 438.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.50 438.21 Td (2,438,517) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.50 438.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.50 438.21 Td (2,236,930) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 438.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.50 438.21 Td (2,698,004) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 438.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.50 438.21 Td (2,791,479) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 438.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.50 438.21 Td (2,961,197) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 425.01 Td (Long term debt) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.50 424.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.25 424.21 Td (198,837) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.50 424.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.25 424.21 Td (149,352) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 424.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.25 424.21 Td (148,868) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 424.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.25 424.21 Td (148,383) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 424.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 424.21 Td (192,265) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 411.01 Td (T) Tj ET Q q 0 0 0 rg BT 57.68 411.01 Td (otal liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.50 410.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.50 410.21 Td (1,914,606) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.50 410.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.50 410.21 Td (1,723,596) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 410.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.50 410.21 Td (2,172,922) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 410.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.50 410.21 Td (2,257,747) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 410.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.50 410.21 Td (2,433,326) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 397.01 Td (Cash dividends per share of Class) Tj ET Q q 0 0 0 rg BT 175.98 397.01 Td (A) Tj ET Q q 0 0 0 rg BT 181.98 397.01 Td ( and Class B Stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.50 396.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.75 396.21 Td (0.44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.50 396.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.75 396.21 Td (0.44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 396.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.75 396.21 Td (0.44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 396.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.75 396.21 Td (0.44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 396.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 396.21 Td (0.44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 383.01 Td (T) Tj ET Q q 0 0 0 rg BT 57.37 383.01 Td (otal Oppenheimer Holdings Inc. stockholders' equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.50 382.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.25 382.21 Td (523,550) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.50 382.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.25 382.21 Td (510,703) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 382.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.25 382.21 Td (518,058) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 382.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.25 382.21 Td (527,644) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 382.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 382.21 Td (522,518) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 368.21 Td (Book value per share attributable to Oppenheimer Holdings ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 359.21 Td (Inc. ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 68.49 363.29 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.50 359.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.25 359.21 Td (39.55) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.50 359.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.25 359.21 Td (38.22) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.50 359.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.25 359.21 Td (38.84) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.50 359.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.25 359.21 Td (38.71) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.50 359.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 359.21 Td (38.77) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 345.21 Td (Number of shares of capital stock outstanding ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 220.21 349.29 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.00 345.21 Td (13,238,868) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.00 345.21 Td (13,360,760) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.00 345.21 Td (13,338,166) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 345.21 Td (13,630,368) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 345.21 Td (13,477,647) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 563.50 341.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 323.25 Td (The Class) Tj ET Q q 0 0 0 rg BT 127.17 323.25 Td (A) Tj ET Q q 0 0 0 rg BT 133.83 323.25 Td ( Stock and Class B Stock are combined because they are of equal rank for purposes of dividends and in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 311.25 Td (event of a distribution of assets upon liquidation, dissolution or winding up.) Tj ET Q endstream endobj 93 0 obj <>] /Rotate 0 /Contents 94 0 R>> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item7. MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0 0 rg BT 231.96 742.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 255.58 742.25 Td (ANAL) Tj ET Q q 0 0 0 rg BT 282.99 742.25 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 321.25 742.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.86 742.25 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 443.21 742.25 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 499.80 742.25 Td (TS OF) Tj ET Q q 0 0 0 rg BT 528.05 742.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (OPERA) Tj ET Q q 0 0 0 rg BT 84.26 730.25 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (The Company's consolidated financial statements have been prepared in accordance with accounting principles generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 178.85 694.25 Td (America. ) Tj ET Q q 0 0 0 rg BT 218.09 694.25 Td (The following discussion should be read in conjunction with the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (financial statements and notes thereto which appear elsewhere in this annual report.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (The Company engages in a broad range of activities in the securities industry) Tj ET Q q 0 0 0 rg BT 358.15 658.25 Td (, including retail securities brokerage, institutional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (sales and trading, investment banking \(both corporate and public finance\), research, market-making, trust services and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (investment advisory and asset management services. Its principal subsidiaries are Oppenheimer& Co. Inc. \("Oppenheimer"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (and Oppenheimer ) Tj ET Q q 0 0 0 rg BT 123.31 622.25 Td (Asset Management Inc. \("OAM"\). ) Tj ET Q q 0 0 0 rg BT 263.11 622.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.55 622.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.14 622.25 Td (, the Company provided its services from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.88 622.25 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.88 622.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 610.25 Td (fices in 24 states located throughout the United States, of) Tj ET Q q 0 0 0 rg BT 286.25 610.25 Td (fices in ) Tj ET Q q 0 0 0 rg BT 317.72 610.25 Td (T) Tj ET Q q 0 0 0 rg BT 323.13 610.25 Td (el ) Tj ET Q q 0 0 0 rg BT 332.30 610.25 Td (A) Tj ET Q q 0 0 0 rg BT 338.78 610.25 Td (viv) Tj ET Q q 0 0 0 rg BT 350.91 610.25 Td (, Israel, Hong Kong, China, London, England, St. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (Helier) Tj ET Q q 0 0 0 rg BT 74.58 598.25 Td (, Isle of Jersey and Geneva, Switzerland. Client assets administered by the Company as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.27 598.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.85 598.25 Td ( total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.63 598.25 Td ($86.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.11 586.25 Td (. ) Tj ET Q q 0 0 0 rg BT 80.93 586.25 Td (The Company provides investment advisory services through OAM and Oppenheimer Investment Management LLC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (\("OIM"\) and Oppenheimer's Fahnestock ) Tj ET Q q 0 0 0 rg BT 213.82 574.25 Td (Asset Management, ) Tj ET Q q 0 0 0 rg BT 295.19 574.25 Td (Alpha and OMEGA) Tj ET Q q 0 0 0 rg BT 375.18 574.25 Td ( Group divisions. ) Tj ET Q q 0 0 0 rg BT 446.30 574.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 574.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.38 574.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (client assets under management totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.11 562.25 Td ($28.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.22 562.25 Td (. ) Tj ET Q q 0 0 0 rg BT 265.04 562.25 Td (The Company provides trust services and products through Oppenheimer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 550.25 Td (rust Company of Delaware. ) Tj ET Q q 0 0 0 rg BT 168.60 550.25 Td (The Company provides discount brokerage services through Freedom Investments, Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (\("Freedom"\). ) Tj ET Q q 0 0 0 rg BT 105.19 538.25 Td (Through OPY) Tj ET Q q 0 0 0 rg BT 161.76 538.25 Td ( Credit Corp., the Company of) Tj ET Q q 0 0 0 rg BT 283.51 538.25 Td (fers syndication as well as trading of issued syndicated corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (loans. ) Tj ET Q q 0 0 0 rg BT 75.56 526.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.06 526.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.64 526.25 Td (, the Company employed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.68 526.25 Td (2,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.18 526.25 Td ( employees \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.27 526.25 Td (2,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.77 526.25 Td ( full-time and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.70 526.25 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.70 526.25 Td ( part-time\), of whom ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.51 526.25 Td (1,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.01 526.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (were financial advisers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 490.25 Td (Accounting Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (The Company's accounting policies are essential to understanding and interpreting the financial results reported on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 187.55 460.25 Td (The significant accounting policies used in the preparation of the Company's consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (financial statements are summarized in note 2 to those statements. Certain of those policies are considered to be particularly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (important to the presentation of the Company's financial results because they require management to make dif) Tj ET Q q 0 0 0 rg BT 490.09 436.25 Td (ficult, complex or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.25 Td (subjective judgments, often as a result of matters that are inherently uncertain. ) Tj ET Q q 0 0 0 rg BT 365.27 424.25 Td (The following is a discussion of these policies:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (Fair V) Tj ET Q q 0 0 0 rg BT 76.40 400.25 Td (alue Measurements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (The accounting guidance for the fair value measurement of financial assets, which defines fair value, establishes a framework ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (for measuring fair value, establishes a fair value measurement hierarchy) Tj ET Q q 0 0 0 rg BT 337.56 370.25 Td (, and expands fair value measurement disclosures. Fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (value, as defined by the accounting guidance, is the price that would be received in the sale of an asset or paid to transfer a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (liability in an orderly transaction between market participants at the measurement date. ) Tj ET Q q 0 0 0 rg BT 400.52 346.25 Td (The fair value hierarchy established by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (this accounting guidance prioritizes the inputs used in valuation techniques into the following three categories \(highest to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (lowest priority\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 298.25 Td (Level 1: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 298.25 Td (Observable inputs that reflect quoted prices \(unadjusted\) for identical assets or liabilities in active markets;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 280.25 Td (Level 2: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 280.25 Td (Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 268.25 Td (directly or indirectly; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 250.25 Td (Level 3: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 250.25 Td (Unobservable inputs that are significant to the overall fair value measurement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (The Company's financial instruments that are recorded at fair value generally are classified within Level 1 or Level 2 within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (fair value hierarchy using quoted market prices or quotes from market makers or broker) Tj ET Q q 0 0 0 rg BT 401.06 214.25 Td (-dealers. Financial instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (classified within Level 1 are valued based on quoted market prices in active markets and consist of U.S. ) Tj ET Q q 0 0 0 rg BT 468.03 202.25 Td (T) Tj ET Q q 0 0 0 rg BT 473.78 202.25 Td (reasury and ) Tj ET Q q 0 0 0 rg BT 522.10 202.25 Td (Agency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (securities, corporate equities, and certain money market instruments. Level 2 financial instruments primarily consist of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (investment grade and high-yield corporate debt, convertible bonds, mortgage and asset-backed securities, and municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (obligations. Financial instruments classified as Level 2 are valued based on quoted prices for similar assets and liabilities in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (active markets and quoted prices for identical or similar assets and liabilities in markets that are not active. Some financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (instruments are classified within Level 3 within the fair value hierarchy as observable pricing inputs are not available due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (limited market activity for the asset or liability) Tj ET Q q 0 0 0 rg BT 235.69 130.25 Td (. Such financial instruments include investments in hedge funds and private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (equity funds where the Company) Tj ET Q q 0 0 0 rg BT 182.10 118.25 Td (, through its subsidiaries, is general partner) Tj ET Q q 0 0 0 rg BT 353.88 118.25 Td (, certain distressed municipal securities, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (auction rate securities. ) Tj ET Q endstream endobj 95 0 obj <>] /Rotate 0 /Contents 96 0 R>> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (45) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Legal and Regulatory Reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (TheCompany records reservesrelatedto legaland regulatory proceedingsinaccounts payable and other liabilities. ) Tj ET Q q 0 0 0 rg BT 513.26 724.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (determination of the amounts ofthese reserves requires significant judgment onthe partofmanagement. In accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (applicable accounting guidance, the Company establishes reserves for litigation and regulatory matters where available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (information indicates that it is probable a liability had been incurred at the date of the consolidated financial statements and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (Company can reasonably estimate the amount of that loss. ) Tj ET Q q 0 0 0 rg BT 285.32 676.25 Td (When loss contingencies are not probable and cannot be reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (estimated, the Company does not establish reserves.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (When determining whether to record a reserve, managementconsiders many factors including, butnot limited to, the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (the claim; the stage and forum of the proceeding, the sophistication of the claimant, the amount of the loss, if any) Tj ET Q q 0 0 0 rg BT 502.28 628.25 Td (, in theclient's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (account and the possibility of wrongdoing, if any) Tj ET Q q 0 0 0 rg BT 245.98 616.25 Td (, onthe part of an employee of the Company; thebasis andvalidity of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (claim; previous results in similarcases; and applicable legal precedents and case law) Tj ET Q q 0 0 0 rg BT 388.12 604.25 Td (. Each legal and regulatory proceeding is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (reviewed with counsel in each accounting period and the reserve is adjusted as deemed appropriate by management. ) Tj ET Q q 0 0 0 rg BT 516.49 592.25 Td (Any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (change in the reserve amount is recorded in the resultsof that period. ) Tj ET Q q 0 0 0 rg BT 328.61 580.25 Td (The assumptions of management in determining the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (estimates of reserves may be incorrect and the actual disposition of a legal or regulatory proceeding could be greater or less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (than the reserve amount.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (The Company defines a reporting unit as an operating segment. ) Tj ET Q q 0 0 0 rg BT 306.14 514.25 Td (The Company's goodwill resides in its Private Client Division ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (\("PCD"\) reporting unit. Goodwill of a reporting unit is subject to at least an annual test for impairment to determine if the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (estimated fair value of a reporting unit is less than its carrying amount. Goodwill of a reporting unit is required to be tested for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (value of a reporting unit below its carrying amount. Due to the volatility in the financial services sector and equity markets in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (general, determining whether an impairment of goodwill has occurred is increasingly dif) Tj ET Q q 0 0 0 rg BT 404.15 454.25 Td (ficult and requires management to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (exercise significant judgment. ) Tj ET Q q 0 0 0 rg BT 172.56 442.25 Td (The Company's annual goodwill impairment analysis performed at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.08 442.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.66 442.25 Td ( applied ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (the same valuation methodologies with consistent inputs as that performed at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.77 430.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.35 430.25 Td (, as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (In estimating the fair value of the PCD reporting unit, the Company uses traditional standard valuation methods, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (market comparable approach and income approach. ) Tj ET Q q 0 0 0 rg BT 258.89 394.25 Td (The market comparable approach is based on comparisons of the subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (company to public companies whose stocks are actively traded \("Price Multiples"\) or to similar companies engaged in an actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (mer) Tj ET Q q 0 0 0 rg BT 65.37 370.25 Td (ger or acquisition \("Precedent ) Tj ET Q q 0 0 0 rg BT 187.00 370.25 Td (T) Tj ET Q q 0 0 0 rg BT 192.76 370.25 Td (ransactions"\). ) Tj ET Q q 0 0 0 rg BT 249.60 370.25 Td (As part of this process, multiples of value relative to financial variables, such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (as earnings or stockholders' equity) Tj ET Q q 0 0 0 rg BT 187.23 358.25 Td (, are developed and applied to the appropriate financial variables of the subject company to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (indicate its value. ) Tj ET Q q 0 0 0 rg BT 122.57 346.25 Td (The income approach involves estimating the present value of the subject company's future cash flows by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (using projections of the cash flows that the business is expected to generate, and discounting these cash flows at a given rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (return \("Discounted Cash Flow" or "DCF"\). Each of these standard valuation methodologies requires the use of management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (estimates and assumptions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (In its Price Multiples valuation analysis, the Company uses various operating metrics of comparable companies, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (revenues, after) Tj ET Q q 0 0 0 rg BT 108.65 274.25 Td (-tax earnings, EBITDA) Tj ET Q q 0 0 0 rg BT 201.68 274.25 Td ( as well as price-to-book value ratios at a point in time. ) Tj ET Q q 0 0 0 rg BT 423.94 274.25 Td (The Company analyzes prices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (paid in Precedent ) Tj ET Q q 0 0 0 rg BT 121.74 262.25 Td (T) Tj ET Q q 0 0 0 rg BT 127.50 262.25 Td (ransactions that are comparable to the business conducted in the PCD. ) Tj ET Q q 0 0 0 rg BT 410.57 262.25 Td (The DCF analysis includes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (Company's assumptions regarding discount rate, growth rates of the PCD's revenues, expenses, EBITDA, and capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (expenditures, adjusted for current economic conditions and expectations. ) Tj ET Q q 0 0 0 rg BT 344.17 238.25 Td (The Company weighs each of the three valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (methods equally in its overall valuation. Given the subjectivity involved in selecting which valuation method to use, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (corresponding weightings, and the input variables for use in the analyses, it is possible that a dif) Tj ET Q q 0 0 0 rg BT 433.63 214.25 Td (ferent valuation model and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (selection of dif) Tj ET Q q 0 0 0 rg BT 109.80 202.25 Td (ferent input variables could produce a materially dif) Tj ET Q q 0 0 0 rg BT 317.59 202.25 Td (ferent estimate of the fair value of the PCD reporting unit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (At each annual goodwill impairment testing date, the PCD reporting unit had a fair value that was substantially in excess of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (carrying value. See note 17 to the consolidated financial statements appearing in Item8 for further discussion.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 94.92 142.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (Indefinite intangible assets are comprised of trademarks and trade names. ) Tj ET Q q 0 0 0 rg BT 346.10 124.25 Td (T) Tj ET Q q 0 0 0 rg BT 351.86 124.25 Td (rademarks and trade names, carried at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.94 124.25 Td ($31.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 112.25 Td (, which are not amortized, are subject to at least an annual test for impairment to determine if the estimated fair value is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (less than their carrying amount. ) Tj ET Q q 0 0 0 rg BT 178.67 100.25 Td (The fair value of the trademarks and trade names was substantially in excess of its carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (value at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.87 88.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.46 88.25 Td (. See note 17 to the consolidated financial statements appearing in Item8 for further discussion.) Tj ET Q endstream endobj 97 0 obj <>] /Rotate 0 /Contents 98 0 R>> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (46) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Income T) Tj ET Q q 0 0 0 rg BT 88.80 742.25 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (Under this method, deferred tax assets and liabilities are determined on the basis of the dif) Tj ET Q q 0 0 0 rg BT 410.82 700.25 Td (ferences between the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (statement and tax bases of assets and liabilities using enacted tax rates in ef) Tj ET Q q 0 0 0 rg BT 351.11 688.25 Td (fect for the year in which the dif) Tj ET Q q 0 0 0 rg BT 480.04 688.25 Td (ferences are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (expected to reverse. ) Tj ET Q q 0 0 0 rg BT 132.00 676.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 157.63 676.25 Td (fect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (period that includes the enactment date. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (The Company recognizes deferred tax assets to the extent it believes these assets are more likely than not to be realized. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (making such a determination, the Company considers all available positive and negative evidence, including future reversals of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (existing taxable temporary dif) Tj ET Q q 0 0 0 rg BT 170.06 616.25 Td (ferences, projected future taxable income, tax planning strategies, and the results of recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (The Company records uncertain tax positions in accordance with the F) Tj ET Q q 0 0 0 rg BT 331.95 580.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 353.35 580.25 Td (Accounting Standards Codification \("ASC"\) 740, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td ("Income ) Tj ET Q q 0 0 0 rg BT 86.39 568.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.80 568.25 Td (axes" on the basis of a two-step process whereby it determines whether it is more likely than not that the tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (positions will be sustained on the basis of the technical merits of the position and, for those tax positions that meet the more-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (likely-than-not recognition threshold, the Company recognizes the lar) Tj ET Q q 0 0 0 rg BT 328.63 544.25 Td (gest amount of tax benefit that is more than 50 percent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (likely to be realized upon ultimate settlement with the related tax authority) Tj ET Q q 0 0 0 rg BT 347.87 532.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (The Company records interest and penalties accruing on unrecognized tax benefits in income \(loss\) before income taxes as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (interest expense and other expense, respectively) Tj ET Q q 0 0 0 rg BT 241.49 496.25 Td (, in its consolidated statement of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (The Company permanently reinvests eligible earnings of its foreign subsidiaries and, accordingly) Tj ET Q q 0 0 0 rg BT 438.69 472.25 Td (, does not accrue any U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (income taxes that would arise if such earnings were repatriated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the ) Tj ET Q q 0 0 0 rg BT 503.56 436.25 Td (T) Tj ET Q q 0 0 0 rg BT 508.97 436.25 Td (ax Cuts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.25 Td (Jobs ) Tj ET Q q 0 0 0 rg BT 69.73 424.25 Td (Act \(the "TCJA"\). ) Tj ET Q q 0 0 0 rg BT 144.92 424.25 Td (The ) Tj ET Q q 0 0 0 rg BT 162.79 424.25 Td (TCJA) Tj ET Q q 0 0 0 rg BT 186.13 424.25 Td ( makes broad and complex changes to the U.S. tax code. On the same date, the SEC staf) Tj ET Q q 0 0 0 rg BT 538.35 424.25 Td (f ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (issued Staf) Tj ET Q q 0 0 0 rg BT 93.43 412.25 Td (f ) Tj ET Q q 0 0 0 rg BT 98.71 412.25 Td (Accounting Bulletin \("SAB"\) 1) Tj ET Q q 0 0 0 rg BT 223.99 412.25 Td (18 which provides guidance on accounting for the tax ef) Tj ET Q q 0 0 0 rg BT 449.01 412.25 Td (fects of the ) Tj ET Q q 0 0 0 rg BT 495.76 412.25 Td (TCJA. SAB 1) Tj ET Q q 0 0 0 rg BT 551.23 412.25 Td (18 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (provides a measurement period that should not extend beyond one year from the ) Tj ET Q q 0 0 0 rg BT 373.89 400.25 Td (TCJA) Tj ET Q q 0 0 0 rg BT 397.23 400.25 Td ( enactment date for companies to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (complete the accounting under ) Tj ET Q q 0 0 0 rg BT 174.96 388.25 Td (ASC 740. In accordance with SAB 1) Tj ET Q q 0 0 0 rg BT 322.06 388.25 Td (18, a company must reflect the income tax ef) Tj ET Q q 0 0 0 rg BT 502.09 388.25 Td (fects of those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (aspects of the ) Tj ET Q q 0 0 0 rg BT 106.74 376.25 Td (TCJA) Tj ET Q q 0 0 0 rg BT 130.08 376.25 Td ( for which the accounting under ) Tj ET Q q 0 0 0 rg BT 259.49 376.25 Td (ASC 740 is complete. ) Tj ET Q q 0 0 0 rg BT 349.58 376.25 Td (T) Tj ET Q q 0 0 0 rg BT 354.99 376.25 Td (o the extent that a company's accounting for certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (income tax ef) Tj ET Q q 0 0 0 rg BT 104.24 364.25 Td (fects of the ) Tj ET Q q 0 0 0 rg BT 150.98 364.25 Td (TCJA) Tj ET Q q 0 0 0 rg BT 174.32 364.25 Td ( is incomplete but the company is able to determine a reasonable estimate, it must record a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (financial statements, it should continue to apply ) Tj ET Q q 0 0 0 rg BT 243.30 340.25 Td (ASC 740 on the basis of the provisions of the tax laws that were in ef) Tj ET Q q 0 0 0 rg BT 520.57 340.25 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (immediately before the enactment of the ) Tj ET Q q 0 0 0 rg BT 214.19 328.25 Td (TCJA.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (The Company has not completed its accounting for the income tax ef) Tj ET Q q 0 0 0 rg BT 326.13 304.25 Td (fects of certain elements of the ) Tj ET Q q 0 0 0 rg BT 451.45 304.25 Td (TCJA. However) Tj ET Q q 0 0 0 rg BT 516.59 304.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (Company was able to make reasonable estimates of the ef) Tj ET Q q 0 0 0 rg BT 281.13 292.25 Td (fects of certain elements and recorded a provisional estimate in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 187.55 280.25 Td (The estimated enactment net discrete after) Tj ET Q q 0 0 0 rg BT 356.44 280.25 Td (-tax benefit incorporates assumptions made based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (upon the Company's current interpretations of the ) Tj ET Q q 0 0 0 rg BT 250.74 268.25 Td (TCJA, and may change as it receives additional clarification and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (implementation guidance and as the interpretation of the ) Tj ET Q q 0 0 0 rg BT 278.08 256.25 Td (TCJA) Tj ET Q q 0 0 0 rg BT 301.42 256.25 Td ( evolves over time. See note 13, Income taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (New ) Tj ET Q q 0 0 0 rg BT 70.83 232.25 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 132.59 232.25 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (Recently issued accounting pronouncements are described in note 2 to the consolidated financial statements appearing in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (Item8.) Tj ET Q endstream endobj 99 0 obj <>] /Rotate 0 /Contents 100 0 R>> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Business Envir) Tj ET Q q 0 0 0 rg BT 113.45 742.25 Td (onment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (The securities industry is directly af) Tj ET Q q 0 0 0 rg BT 193.39 724.25 Td (fected by general economic and market conditions, including fluctuations in volume and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (price levels of securities and changes in interest rates, inflation, political events, investor confidence, investor participation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (levels, legal and regulatory) Tj ET Q q 0 0 0 rg BT 157.64 700.25 Td (, accounting, tax and compliance requirements and competition, all of which have an impact on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (commissions, firm trading, fees from accounts under investment management as well as fees for investment banking services, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (and investment and interest income as well as on liquidity) Tj ET Q q 0 0 0 rg BT 281.25 676.25 Td (. Substantial fluctuations can occur in revenue and net income due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (these and other factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (The Company is focused on growing its private client and asset management businesses through strategic additions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (experienced financial advisers in its existing branch system and employment of experienced money management personnel in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (its asset management business. In addition, the Company is committed to the improvement of its technology capability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (support client service and the expansion of its capital markets capabilities while addressing the issue of managing its expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.85 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 96.75 580.85 Td (T) Tj ET Q q 0 0 0 rg BT 102.50 580.85 Td (ax Reform) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.85 Td (On December 22, 2017, the ) Tj ET Q q 0 0 0 rg BT 162.84 562.85 Td (TCJA) Tj ET Q q 0 0 0 rg BT 186.18 562.85 Td ( was enacted. ) Tj ET Q q 0 0 0 rg BT 242.08 562.85 Td (The ) Tj ET Q q 0 0 0 rg BT 259.95 562.85 Td (TCJA) Tj ET Q q 0 0 0 rg BT 283.29 562.85 Td ( will significantly impact the manner in which we determine our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.85 Td (federal income tax and may have unforeseen consequences. ) Tj ET Q q 0 0 0 rg BT 291.10 550.85 Td (The ) Tj ET Q q 0 0 0 rg BT 308.96 550.85 Td (TCJA) Tj ET Q q 0 0 0 rg BT 332.30 550.85 Td ( is the first major overhaul of U.S. corporate taxation in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.85 Td (almost 20 years with both positive and negative impacts on our business.) Tj ET Q q 0 0 0 rg BT 343.94 538.85 Td (The positive impacts include reducing the federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.85 Td (corporate income tax rate from 35% to 21% and accelerating the recovery period of the Company) Tj ET Q q 0 0 0 rg BT 443.45 526.85 Td (s fixed assets.) Tj ET Q q 0 0 0 rg BT 501.04 526.85 Td (These positive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.85 Td (impacts are of) Tj ET Q q 0 0 0 rg BT 106.46 514.85 Td (fset by new tax provisions intended to expand the federal tax base by disallowing certain expenses that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.85 Td (previously deductible \(i.e. 50% of entertainment expenses, deductions for certain senior management compensation, etc.\). It is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.85 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 490.85 Td (ficult to determine the overall impact on our business, but it appears that the Company will have a net savings in its federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.85 Td (income tax liability) Tj ET Q q 0 0 0 rg BT 127.11 478.85 Td (. Changes in taxation on non-U.S earned income may impact our operation of those businesses and our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.85 Td (employment practices may need to change in view of the new law) Tj ET Q q 0 0 0 rg BT 313.42 466.85 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.85 Td (Regulatory and Legal Envir) Tj ET Q q 0 0 0 rg BT 169.55 442.85 Td (onment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.85 Td (The brokerage business is subject to regulation by) Tj ET Q q 0 0 0 rg BT 249.58 424.85 Td (, among others, the SEC, CFTC, NF) Tj ET Q q 0 0 0 rg BT 393.84 424.85 Td (A, MSRB and FINRA) Tj ET Q q 0 0 0 rg BT 482.75 424.85 Td ( in the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.85 Td (States, the FCA) Tj ET Q q 0 0 0 rg BT 112.50 412.85 Td ( in the United Kingdom, the JFSC in the Isle of Jersey) Tj ET Q q 0 0 0 rg BT 328.50 412.85 Td (, the SFC in Hong Kong, and various state securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.85 Td (regulators in the United States. In addition, Oppenheimer Israel \(OPCO\) Ltd. operates under the supervision of the Israeli ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.85 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.38 388.85 Td (Authority) Tj ET Q q 0 0 0 rg BT 129.62 388.85 Td (. Past events surrounding corporate accounting and other activities leading to investor losses resulted in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.85 Td (enactment of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 184.95 376.85 Td (Act of 2002 and caused increased regulation of public companies. ) Tj ET Q q 0 0 0 rg BT 451.07 376.85 Td (The financial crisis of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.85 Td (2008-9 accelerated this trend. New regulations and new interpretations and enforcement of existing regulations have created ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.85 Td (increased costs of compliance and increased investment in systems and procedures to comply with these more complex and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.85 Td (onerous requirements. ) Tj ET Q q 0 0 0 rg BT 141.18 340.85 Td (The SEC and FINRA) Tj ET Q q 0 0 0 rg BT 226.46 340.85 Td ( have increased their enforcement activities with the intent to bring more actions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.85 Td (against firms and individuals with increased fines and sanctions for violations of existing rules as well as for conduct that stems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.85 Td (from violations of new interpretations of existing rules. ) Tj ET Q q 0 0 0 rg BT 273.38 316.85 Td (V) Tj ET Q q 0 0 0 rg BT 279.50 316.85 Td (arious states are imposing their own regulations that make compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.85 Td (more dif) Tj ET Q q 0 0 0 rg BT 83.97 304.85 Td (ficult and more expensive to monitor) Tj ET Q q 0 0 0 rg BT 231.44 304.85 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.85 Td (In July 2010, Congress enacted extensive legislation entitled the ) Tj ET Q q 0 0 0 rg BT 309.20 280.85 Td (W) Tj ET Q q 0 0 0 rg BT 317.84 280.85 Td (all Street Reform and Consumer Protection ) Tj ET Q q 0 0 0 rg BT 492.81 280.85 Td (Act \(the "Dodd-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.85 Td (Frank ) Tj ET Q q 0 0 0 rg BT 75.28 268.85 Td (Act"\) in which it mandated that the SEC and other regulators conduct comprehensive studies and issue new regulations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.85 Td (based on their findings to control the activities of financial institutions in order to protect the financial system, the investing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.85 Td (public and consumers from issues and failures that occurred in the 2008-9 financial crisis. ) Tj ET Q q 0 0 0 rg BT 411.66 244.85 Td (This ef) Tj ET Q q 0 0 0 rg BT 439.53 244.85 Td (fort has extensively impacted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.85 Td (the regulation and practices of financial institutions including the Company) Tj ET Q q 0 0 0 rg BT 351.22 232.85 Td (. ) Tj ET Q q 0 0 0 rg BT 356.04 232.85 Td (The changes have significantly reduced leverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.85 Td (available to financial institutions and increased transparency to regulators and investors of risks taken by such institutions. New ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.85 Td (rules have been adopted to regulate and/or prohibit proprietary trading for certain deposit taking institutions, control the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.85 Td (and timing of compensation to "highly paid" employees, create new regulations around financial transactions with retirement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.85 Td (plans due to the adoption of a uniform fiduciary standard of care of broker) Tj ET Q q 0 0 0 rg BT 347.20 184.85 Td (-dealers and investment advisers providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.85 Td (personalized investment advice about securities to such plans and increased the disclosures provided to clients. Some European ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.85 Td (jurisdictions have created a tax on securities transactions. ) Tj ET Q q 0 0 0 rg BT 281.68 160.85 Td (The Consumer Financial Protection Bureau has stated its intention to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.85 Td (implement new rules af) Tj ET Q q 0 0 0 rg BT 143.96 148.85 Td (fecting the interaction between financial institutions and consumers. Other rules may be enacted which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.85 Td (may impact the Company) Tj ET Q q 0 0 0 rg BT 152.38 136.85 Td (. Recent announcements make it appear increasingly likely that the rules surrounding financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.85 Td (institutions may change in the U.S., including changes to the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 346.07 124.85 Td (Act. ) Tj ET Q endstream endobj 101 0 obj <>] /Rotate 0 /Contents 102 0 R>> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.28 742.10 Td (April 2016, the U.S. Department of Labor \("DOL"\) finalized its definition of fiduciary under the Employee Retirement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Income Security ) Tj ET Q q 0 0 0 rg BT 117.76 730.10 Td (Act through the release of new rules and changes to interpretations of six prohibited transaction exemptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (which together set a new standard for the treatment and ef) Tj ET Q q 0 0 0 rg BT 281.95 718.10 Td (fects of advice given to retirement investors. Under this new rule, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (investment advice given to an employee benefit plan or an individual retirement account \("IRA"\) is considered fiduciary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (advice. ) Tj ET Q q 0 0 0 rg BT 80.54 694.10 Td (As a result, financial service providers and advisers who provide investment advice will be required to meet "conflict of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (interest" standards which is likely to limit commission-based compensation in favor of fee-based compensation plans. ) Tj ET Q q 0 0 0 rg BT 523.79 682.10 Td (The rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (will also in all likelihood discourage the transfer of retirement assets from 401\(k\) and similar plans as well as pension plans to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (rollover IRA) Tj ET Q q 0 0 0 rg BT 100.83 658.10 Td ( plans sponsored by financial service providers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (The DOL) Tj ET Q q 0 0 0 rg BT 88.23 634.10 Td ( rules provide for a Best Interest Contract \("BIC"\) exemption, which would, under certain circumstances, allow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (advisers to continue to receive commissions under a contract with a retirement investor) Tj ET Q q 0 0 0 rg BT 398.23 622.10 Td (.However) Tj ET Q q 0 0 0 rg BT 439.48 622.10 Td (, there is no exemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (available for sophisticated investors and a financial institution's failure to maintain and comply with the required anti-conflict ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (of interest ruleswill result in a loss of the relief af) Tj ET Q q 0 0 0 rg BT 249.48 598.10 Td (forded by the BIC exemption and potential legal and regulatory sanctions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (The Company presently expects to continue to of) Tj ET Q q 0 0 0 rg BT 246.71 586.10 Td (fer commission-based activity to retirement accounts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (The new fiduciary standard definitions for investment advice were ef) Tj ET Q q 0 0 0 rg BT 326.10 562.10 Td (fective on June 9, 2016 with an applicable date for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (compliance that was originally scheduled for ) Tj ET Q q 0 0 0 rg BT 231.61 550.10 Td (April 10, 2017. On ) Tj ET Q q 0 0 0 rg BT 309.39 550.10 Td (April 7, 2017, the DOL) Tj ET Q q 0 0 0 rg BT 402.90 550.10 Td ( delayed compliance with the new rule ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (until June 9, 2017. ) Tj ET Q q 0 0 0 rg BT 126.48 538.10 Td (The rules became applicable on that date. Full compliance with the BIC and other exemptions was initially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (delayed until January 1, 2018 and then further delayed until July 1, 2019.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Some forms of compensation traditionally associated with the recruiting of financial advisers and the ability of financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (advisers to have clients transfer their IRA) Tj ET Q q 0 0 0 rg BT 216.06 490.10 Td ( and retirement accounts have been impacted by the DOL) Tj ET Q q 0 0 0 rg BT 445.87 490.10 Td ( Rules. Under the new rules, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (fiduciaries are subject to personal liability for losses resulting from a breach of their duties. ) Tj ET Q q 0 0 0 rg BT 416.93 478.10 Td (The fiduciary rule also has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (implications for long term incentive programs designed to reward financial advisers for increasing their business and their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (assets under management and administration. ) Tj ET Q q 0 0 0 rg BT 234.21 454.10 Td (The Company has reviewed itsbusiness and operating models in light of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (new rules as they have brought significant structural and operational changes to the Company and are likely to have an impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (on revenues derived from retirement accounts and the desirability of servicing such accounts except when they are participating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (in fixed fee based programs. ) Tj ET Q q 0 0 0 rg BT 165.89 418.10 Td (The SEC has announced its intention to adopt a fiduciary standard and accompanying rules for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (securities accounts. ) Tj ET Q q 0 0 0 rg BT 130.07 406.10 Td (V) Tj ET Q q 0 0 0 rg BT 136.18 406.10 Td (arious sections of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 274.21 406.10 Td (Act and DOL) Tj ET Q q 0 0 0 rg BT 328.27 406.10 Td ( rules are currently under review by the ) Tj ET Q q 0 0 0 rg BT 488.02 406.10 Td (T) Tj ET Q q 0 0 0 rg BT 493.78 406.10 Td (rump ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (administration. ) Tj ET Q q 0 0 0 rg BT 112.59 394.10 Td (These rules may be subject to proposed changes and/or elimination.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (Prohibitions and Restrictions on Proprietary ) Tj ET Q q 0 0 0 rg BT 228.41 370.10 Td (T) Tj ET Q q 0 0 0 rg BT 234.17 370.10 Td (rading and Certain Interests in, and Relationships with, Hedge Funds and Private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Equity Funds \(the "V) Tj ET Q q 0 0 0 rg BT 134.18 358.10 Td (olcker Rule"\) was published by the U.S. Federal Reserve Board as required by the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 516.23 358.10 Td (Act in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 346.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 74.45 346.10 Td (The ) Tj ET Q q 0 0 0 rg BT 92.31 346.10 Td (V) Tj ET Q q 0 0 0 rg BT 98.25 346.10 Td (olcker Rule is intended to restrict U.S. banks and other financial institutions that accept deposits from conducting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (proprietary trading activities, as well as investing in hedge funds and private equity funds for their own account. ) Tj ET Q q 0 0 0 rg BT 500.81 334.10 Td (The intent of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.54 322.10 Td (V) Tj ET Q q 0 0 0 rg BT 70.47 322.10 Td (olcker Rule is to reduce risk to the capital of such institutions through reducing speculation and risk-taking with bank ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (capital. ) Tj ET Q q 0 0 0 rg BT 81.47 310.10 Td (The ) Tj ET Q q 0 0 0 rg BT 99.34 310.10 Td (V) Tj ET Q q 0 0 0 rg BT 105.27 310.10 Td (olcker Rule became ef) Tj ET Q q 0 0 0 rg BT 194.76 310.10 Td (fective on July21, 2015. ) Tj ET Q q 0 0 0 rg BT 295.95 310.10 Td (The U.S. ) Tj ET Q q 0 0 0 rg BT 334.10 310.10 Td (T) Tj ET Q q 0 0 0 rg BT 339.86 310.10 Td (reasury Department has proposed that it will announce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (changes to the requirements of the ) Tj ET Q q 0 0 0 rg BT 189.77 298.10 Td (V) Tj ET Q q 0 0 0 rg BT 195.70 298.10 Td (olcker Rule. No details on proposed changes have been issued. ) Tj ET Q q 0 0 0 rg BT 449.34 298.10 Td (The Company believes that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.54 286.10 Td (V) Tj ET Q q 0 0 0 rg BT 70.47 286.10 Td (olcker Rule will not directly af) Tj ET Q q 0 0 0 rg BT 193.31 286.10 Td (fect its operations, but indirect ef) Tj ET Q q 0 0 0 rg BT 325.30 286.10 Td (fects cannot be predicted with any certainty) Tj ET Q q 0 0 0 rg BT 499.02 286.10 Td (. ) Tj ET Q q 0 0 0 rg BT 503.47 286.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 553.37 286.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (the Federal Reserve in conjunction with other U.S. regulatory or) Tj ET Q q 0 0 0 rg BT 307.25 274.10 Td (ganizations has analyzed the U.S. financial system and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (impact that might result from the failure of one or more "Strategically Important Financial Institutions" \("SIFI"\). ) Tj ET Q q 0 0 0 rg BT 502.43 262.10 Td (T) Tj ET Q q 0 0 0 rg BT 507.84 262.10 Td (o date, less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (than 50 such institutions have been identified and will be made subject to special regulations including the requirement to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (create a plan for their orderly demise in the event of a failure. Oppenheimer has not been identified as a SIFI. ) Tj ET Q q 0 0 0 rg BT 488.82 238.10 Td (There can be no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (assurance that this list will not grow to include more SIFI institutions. ) Tj ET Q q 0 0 0 rg BT 331.74 226.10 Td (The Company has no reason to believe that it will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (identified as a SIFI. But, this requirement may have broader implications for the capital markets as capital becomes less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (available in various markets and markets become increasingly volatile.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (The adoption of rules under Basel II have resulted in a number of lar) Tj ET Q q 0 0 0 rg BT 324.45 178.10 Td (ge international banks adopting new business models ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (which have included the abandonment of a variety of securities related businesses deemed to present excessive risks and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (requiring substantial capital that was not justified by the related returns. In addition, the European Commission recently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (adopted several acts under the revised Markets in Financial Instruments Directive \(known as "MiFID II"\) that would prevent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (broker) Tj ET Q q 0 0 0 rg BT 75.90 130.10 Td (-dealers from "bundling" the cost of research together with trading commissions. ) Tj ET Q q 0 0 0 rg BT 401.58 130.10 Td (These rules became ef) Tj ET Q q 0 0 0 rg BT 490.51 130.10 Td (fective on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (January 3, 2018. ) Tj ET Q q 0 0 0 rg BT 118.42 118.10 Td (The long term ef) Tj ET Q q 0 0 0 rg BT 185.16 118.10 Td (fects of these changes on the markets and on competition are impossible to predict. MiFID II ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (is already having an impact on the manner in which business is being conducted in the United Kingdom and in Europe. ) Tj ET Q q 0 0 0 rg BT 529.16 106.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (ability to be compensated for equity research activities has been reduced and institutional clients are required to make payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (for research through cash payments rather than transaction based commissions.) Tj ET Q endstream endobj 103 0 obj <>] /Rotate 0 /Contents 104 0 R>> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (In June 2016, in a referendum to consider the United Kingdom's continued participation in the European Common Market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (\("EC"\), the United Kingdom voted in favor of withdrawing from the EC \("Brexit"\). ) Tj ET Q q 0 0 0 rg BT 386.36 730.10 Td (The British government instituted Rule 50 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (on March 30, 2017 thereby beginning a two-year period during which Great Britain will define its status ef) Tj ET Q q 0 0 0 rg BT 477.49 718.10 Td (fective with its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (departure from the EC. Brexit has created significant uncertainty in both the United Kingdom and in the other member states ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (around its economic impact and the operating requirements for businesses located in the United Kingdom after the ef) Tj ET Q q 0 0 0 rg BT 518.29 694.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (date which has led to fluctuations in the value of the British Pound based on news surrounding Brexit. ) Tj ET Q q 0 0 0 rg BT 460.58 682.10 Td (The Company has a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (London-based business and the ability for it to passport its employees into the EU, post-Brexit is in considerable doubt. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (addition, a number of its London-based employees do not hold British passports and their continued employment in London is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (also in doubt. Given the lack of clarity on the ultimate impact of the Brexit vote, the Company cannot determine what, if any) Tj ET Q q 0 0 0 rg BT 548.38 646.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (impact this change may make on its operations, both inside and outside the United Kingdom.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (The rules and requirements that were created by the passage of the Patriot ) Tj ET Q q 0 0 0 rg BT 347.39 610.10 Td (Act and the anti-money laundering regulations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (\(AML\) in the U.S. and similar laws in other countries that are related, have created significant costs of compliance and can be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (expected to continue to do so. FinCEN \("Financial Crimes Enforcement Network"\) has heightened their review of activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (broker) Tj ET Q q 0 0 0 rg BT 75.90 574.10 Td (-dealers where heretofore their focus had been on commercial banks. ) Tj ET Q q 0 0 0 rg BT 354.20 574.10 Td (This increased focus is likely to lead to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (significantly higher levels of enforcement and higher fines and penalties on broker) Tj ET Q q 0 0 0 rg BT 379.97 562.10 Td (-dealers. Regulators have expanded their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (views of the requirements of the Patriot ) Tj ET Q q 0 0 0 rg BT 210.24 550.10 Td (Act, as well as their views of the enforcement of the provisions of the Bank Secrecy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (Act and the Foreign Corrupt Practices ) Tj ET Q q 0 0 0 rg BT 203.85 538.10 Td (Act with respect to the amount of diligence and on-going monitoring required by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (financial institutions of both their foreign and domestic clients and their activities. ) Tj ET Q q 0 0 0 rg BT 380.20 526.10 Td (As a result, the Company has significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (increased its ) Tj ET Q q 0 0 0 rg BT 101.65 514.10 Td (AML) Tj ET Q q 0 0 0 rg BT 123.50 514.10 Td ( staf) Tj ET Q q 0 0 0 rg BT 140.26 514.10 Td (fing, made additional investments in its due diligence systems, upgraded its monitoring systems and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (significantly revised its ) Tj ET Q q 0 0 0 rg BT 145.26 502.10 Td (AML) Tj ET Q q 0 0 0 rg BT 167.11 502.10 Td ( policies and procedures. In May 2016, FinCEN's proposed rule on customer due diligence was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (finalized with an ef) Tj ET Q q 0 0 0 rg BT 127.29 490.10 Td (fective date of May 1) Tj ET Q q 0 0 0 rg BT 212.43 490.10 Td (1, 2018. FINRA) Tj ET Q q 0 0 0 rg BT 276.88 490.10 Td ( has recently announced the expansion of the ) Tj ET Q q 0 0 0 rg BT 458.49 490.10 Td (AML) Tj ET Q q 0 0 0 rg BT 480.34 490.10 Td ( regulations to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (include the collection and analysis of other types of client activity) Tj ET Q q 0 0 0 rg BT 312.60 478.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.87 454.10 Td (T) Tj ET Q q 0 0 0 rg BT 73.62 454.10 Td (rump ) Tj ET Q q 0 0 0 rg BT 96.68 454.10 Td (Administration has announced its intention to ease the regulatory burden on businesses. ) Tj ET Q q 0 0 0 rg BT 449.48 454.10 Td (There can be no assurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (that such easing will in fact take place or that it will have a favorable impact on financial service providers such as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 430.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (Pursuant to FINRA) Tj ET Q q 0 0 0 rg BT 127.23 406.10 Td ( Rule 3130, the chief executive of) Tj ET Q q 0 0 0 rg BT 262.28 406.10 Td (ficers \("CEOs"\) of regulated broker) Tj ET Q q 0 0 0 rg BT 404.63 406.10 Td (-dealers \(including the CEO of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Oppenheimer\) are required to certify that their companies have processes in place to establish and test supervisory policies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (procedures reasonably designed to achieve compliance with federal securities laws and regulations, including applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (regulations of self-regulatory or) Tj ET Q q 0 0 0 rg BT 177.28 370.10 Td (ganizations. ) Tj ET Q q 0 0 0 rg BT 227.64 370.10 Td (The CEO of the Company is required to make such a certification on an annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (basis and did so in March 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (In September 2015, FINRA) Tj ET Q q 0 0 0 rg BT 160.55 334.10 Td ( released Regulatory Notice 15-33 which provides guidance on ef) Tj ET Q q 0 0 0 rg BT 422.78 334.10 Td (fective liquidity risk management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (strategies.Based on the guidelines, broker) Tj ET Q q 0 0 0 rg BT 218.92 322.10 Td (-dealers are expected to rigorously evaluate their liquidity needs related to both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (market wide stress and idiosyncratic stresses, devote suf) Tj ET Q q 0 0 0 rg BT 274.76 310.10 Td (ficient resources to measuring risks applicable to its business and report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (the results of measurement to senior management.) Tj ET Q q 0 0 0 rg BT 253.09 298.10 Td (This includes a review of whether those risks might be based on historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (events that have af) Tj ET Q q 0 0 0 rg BT 124.51 286.10 Td (fected the firm or other firms and stresses that could occur but have not yet been observed.) Tj ET Q q 0 0 0 rg BT 488.83 286.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 538.74 286.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (based on the guidelines, every broker) Tj ET Q q 0 0 0 rg BT 199.19 274.10 Td (-dealer needs to consider developing contingency plans for addressing those risks so that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (the firm will have suf) Tj ET Q q 0 0 0 rg BT 135.91 262.10 Td (ficient liquidity to operate after the stress occurs while continuing to protect all customer assets, conduct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (stress tests and other reviews to evaluate the ef) Tj ET Q q 0 0 0 rg BT 236.98 250.10 Td (fectiveness of the contingency plans, have a training plan for its staf) Tj ET Q q 0 0 0 rg BT 508.93 250.10 Td (f and have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (tested the processes on which it intends to rely if such stresses occur) Tj ET Q q 0 0 0 rg BT 322.71 238.10 Td (.) Tj ET Q q 0 0 0 rg BT 327.53 238.10 Td (The Company has reviewed these guidelines and has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (enhanced its liquidity risk management practices to better align with the guidance provided in Regulatory Notice 15-33.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (On January 8, 2018, FINRA) Tj ET Q q 0 0 0 rg BT 162.77 202.10 Td ( released for comment Regulatory Notice 18-02 "Liquidity Reporting and Notification" which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (would require member firms to notify FINRA) Tj ET Q q 0 0 0 rg BT 233.31 190.10 Td ( no more than 48 hours after specified events that may signal an adverse change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (in liquidity risk. ) Tj ET Q q 0 0 0 rg BT 116.49 178.10 Td (This notice would also require members to file a new Supplemental Liquidity Schedule \("SLS"\) detailing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (lar) Tj ET Q q 0 0 0 rg BT 60.37 166.10 Td (gest customer and counterparty exposures as a supplement to the FOCUS Report. On the new SLS, member firms would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (report information related to specified financing transactions and other sources or uses of liquidity) Tj ET Q q 0 0 0 rg BT 442.29 154.10 Td (. ) Tj ET Q q 0 0 0 rg BT 447.11 154.10 Td (The information would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (include among other things financing term, collateral types and lar) Tj ET Q q 0 0 0 rg BT 315.84 142.10 Td (ge counterparties.) Tj ET Q endstream endobj 105 0 obj <>] /Rotate 0 /Contents 106 0 R>> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (50) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Other Regulatory Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (On January 27, 2015, the SEC approved an Of) Tj ET Q q 0 0 0 rg BT 235.89 724.25 Td (fer of Settlement from Oppenheimer and issued an Order Instituting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (Administrative and Cease and Desist Proceedings \(the "SEC Order"\). Pursuant to the SEC Order) Tj ET Q q 0 0 0 rg BT 436.58 712.25 Td (, Oppenheimer was ordered to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (\(i\) cease and desist from committing or causing any violations of the relevant provisions of the federal securities laws; \(ii\) be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (censured; \(iii\) pay to the SEC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.08 688.25 Td ($10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.98 688.25 Td ( comprised of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.46 688.25 Td ($4.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.35 688.25 Td ( in disgor) Tj ET Q q 0 0 0 rg BT 368.95 688.25 Td (gement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.38 688.25 Td ($753,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.88 688.25 Td ( in prejudgment interest and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td ($5.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 676.25 Td ( in civil penalties; and \(iv\) retain an independent consultant to review Oppenheimer's policies and procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (relating to anti-money laundering and Section 5 of the Securities ) Tj ET Q q 0 0 0 rg BT 310.49 664.25 Td (Act of 1933.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (Pursuant to the SEC Order) Tj ET Q q 0 0 0 rg BT 156.25 640.25 Td (, Oppenheimer made a payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.04 640.25 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.93 640.25 Td ( to the SEC on February 17, 2015 and made a second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.76 628.25 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.66 628.25 Td ( to the SEC on January 26, 2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (On February 19, 2015, the board of directors formed a Special Committee in order to engage an independent law firm to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (conduct a review of Oppenheimer and OAM's broker) Tj ET Q q 0 0 0 rg BT 262.92 592.25 Td (-dealer and investment adviser compliance processes and related internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (controls and governance processes and provide recommendations to the Special Committee. On February 19, 2015, the Special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (Committee agreed to engage an independent law firm to conduct the aforementioned review) Tj ET Q q 0 0 0 rg BT 418.10 568.25 Td (. On ) Tj ET Q q 0 0 0 rg BT 437.27 568.25 Td (April 22, 2015, the Special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (Committee agreed to retain Kalorama Partners, LLC \("Kalorama"\) to act as the independent law firm. In July 2015, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (Company created a Compliance Committee made up of independent directors to oversee the Company's compliance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (applicable rules and regulations. In May 2017, the Board approved the assumption of the duties of the Special Committee by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (the Compliance Committee and the dissolution of the Special Committee. ) Tj ET Q q 0 0 0 rg BT 346.89 520.25 Td (As part of its engagement of Kalorama, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (agreed that the recommendations of Kalorama would be shared with the SEC. Moreover) Tj ET Q q 0 0 0 rg BT 403.10 508.25 Td (, Oppenheimer and OAM agreed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (adopt the recommendations made by Kalorama for the FINRA) Tj ET Q q 0 0 0 rg BT 299.93 496.25 Td ( IC and ) Tj ET Q q 0 0 0 rg BT 331.32 496.25 Td (Additional IC Reports discussed below) Tj ET Q q 0 0 0 rg BT 487.32 496.25 Td (, subject to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (process for any recommendations found by the Company to be impractical or overly burdensome. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.28 460.25 Td (August 2015, Kalorama delivered a report as a result of a settlement reached by Oppenheimer with FINRA) Tj ET Q q 0 0 0 rg BT 488.20 460.25 Td ( in a matter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (unrelated to the SEC matter discussed above \(the "FINRA) Tj ET Q q 0 0 0 rg BT 282.37 448.25 Td ( IC Report"\). ) Tj ET Q q 0 0 0 rg BT 336.82 448.25 Td (The FINRA) Tj ET Q q 0 0 0 rg BT 384.32 448.25 Td ( IC Report was critical of the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (governance practices, its management and its compliance program at the time of the review in 2015. ) Tj ET Q q 0 0 0 rg BT 453.56 436.25 Td (The Company adopted and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.25 Td (has implemented all of the recommendations made by Kalorama except for several technology projects that the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (expects to complete in the near future. ) Tj ET Q q 0 0 0 rg BT 205.31 412.25 Td (The Company believes the changes made were responsive to the criticisms and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (recommendations made by Kalorama.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (On December15, 2016, the Company's agreement with Kalorama expired by its terms, and as of the current date has not been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (renewed, although Kalorama had not yet delivered the reports required by the SEC. In May and June 2017, Kalorama delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (five additional reports. ) Tj ET Q q 0 0 0 rg BT 143.13 352.25 Td (T) Tj ET Q q 0 0 0 rg BT 148.54 352.25 Td (wo of those reports were rendered in connection with the January 2015 SEC Order) Tj ET Q q 0 0 0 rg BT 478.87 352.25 Td (, while another ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (report was rendered in connection with Oppenheimer's 2015 settlement with the SEC in connection with the SEC's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (Municipalities Continuing Disclosure Cooperation \("MCDC", collectively the "Required Reports"\) initiative and two additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (reports not arising out of any regulatory order \(the "Additional IC Reports"\). Each of the reports has been reviewed by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 304.25 Td (, including the Compliance Committee. ) Tj ET Q q 0 0 0 rg BT 248.31 304.25 Td (The Required Reports and the ) Tj ET Q q 0 0 0 rg BT 370.22 304.25 Td (Additional IC Reports repeat a number of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (criticisms regarding the Company's governance practices, its management and its compliance programs and include a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (substantial number of recommendations, a number of which appear in the FINRA) Tj ET Q q 0 0 0 rg BT 376.59 280.25 Td ( IC Report. ) Tj ET Q q 0 0 0 rg BT 423.62 280.25 Td (The Company believes it has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (already adopted and implemented a significant number of the recommendations made in the Required Reports and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (Additional IC Reports and expects that it will adopt and implement most of the remaining recommendations. However) Tj ET Q q 0 0 0 rg BT 524.21 256.25 Td (, there ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (can be no assurances that the Company will be able to implement all of the recommendations as set forth in the Required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (Reports and ) Tj ET Q q 0 0 0 rg BT 100.00 232.25 Td (Additional IC Reports and, to the extent the Company does not implement or provide a satisfactory alternative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (method of implementation, the Company may be exposed to further SEC or other regulatory enforcement action. Furthermore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (implementation of the remaining recommendations included in the Required Reports and ) Tj ET Q q 0 0 0 rg BT 408.52 208.25 Td (Additional IC Reports or any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (recommendations made in any additional reports may be costly and time consuming, may divert management's attention from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (operating the Company's business and may have an adverse ef) Tj ET Q q 0 0 0 rg BT 299.05 184.25 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 381.99 184.25 Td (. ) Tj ET Q q 0 0 0 rg BT 386.81 184.25 Td (The Company has incurred a significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (amount of expenses in connection with the preparation of the FINRA) Tj ET Q q 0 0 0 rg BT 326.60 172.25 Td ( IC Report, the Required Reports and the ) Tj ET Q q 0 0 0 rg BT 492.40 172.25 Td (Additional IC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (Reports and may continue to incur additional expenses related thereto.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (Since ) Tj ET Q q 0 0 0 rg BT 74.17 136.25 Td (August 2014, Oppenheimer has been responding to information requests from the SEC regarding the supervision of one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (of its former financial advisers who was indicted by the United States ) Tj ET Q q 0 0 0 rg BT 330.49 124.25 Td (Attorney's Of) Tj ET Q q 0 0 0 rg BT 384.60 124.25 Td (fice for the District of New Jersey in March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (2014 on allegations of insider trading. ) Tj ET Q q 0 0 0 rg BT 204.14 112.25 Td (A) Tj ET Q q 0 0 0 rg BT 210.81 112.25 Td ( number of Oppenheimer employees have provided on-the-record testimony in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (connection with the SEC inquiry) Tj ET Q q 0 0 0 rg BT 180.44 100.25 Td (. Oppenheimer is continuing to cooperate with the SEC inquiry) Tj ET Q q 0 0 0 rg BT 432.52 100.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (Since September 2016, Oppenheimer has been responding to information requests from FINRA) Tj ET Q q 0 0 0 rg BT 432.70 76.25 Td ( regarding the supervision of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.25 Td (Oppenheimer) Tj ET Q q 0 0 0 rg BT 104.79 64.25 Td () Tj ET Q q 0 0 0 rg BT 107.57 64.25 Td (s sale of unit investment trusts from 201) Tj ET Q q 0 0 0 rg BT 268.02 64.25 Td (1 to 2015. ) Tj ET Q q 0 0 0 rg BT 310.62 64.25 Td (The inquiry is part of a lar) Tj ET Q q 0 0 0 rg BT 415.40 64.25 Td (ger tar) Tj ET Q q 0 0 0 rg BT 441.04 64.25 Td (geted examination or "sweep" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.25 Td (examination involving many other brokerage firms. Oppenheimer is continuing to cooperate with the FINRA) Tj ET Q q 0 0 0 rg BT 486.57 52.25 Td ( inquiry) Tj ET Q q 0 0 0 rg BT 517.30 52.25 Td (.) Tj ET Q endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (For a number of years, the Company of) Tj ET Q q 0 0 0 rg BT 207.56 742.10 Td (fered auction rate securities \("ARS"\) to its clients. ) Tj ET Q q 0 0 0 rg BT 409.83 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 416.50 742.10 Td ( significant portion of the market in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (ARS 'failed' because, in the tight credit market in and subsequent to 2008, dealers were no longer willing or able to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (the imbalance between supply and demand for ) Tj ET Q q 0 0 0 rg BT 237.99 718.10 Td (ARS. ) Tj ET Q q 0 0 0 rg BT 262.27 718.10 Td (These securities have auctions scheduled on either a 7, 28 or 35 day cycle. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Beginning in February 2008, uncertainties in the credit markets resulted in substantially all of the ) Tj ET Q q 0 0 0 rg BT 441.02 706.10 Td (ARS market experiencing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (failed auctions. Certain clients of the Company continue to hold ) Tj ET Q q 0 0 0 rg BT 308.00 694.10 Td (ARS in their individual or corporate accounts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Once the auctions failed, the ) Tj ET Q q 0 0 0 rg BT 166.07 670.10 Td (ARS could no longer be valued using observable prices set in the auctions.) Tj ET Q q 0 0 0 rg BT 467.49 670.10 Td (The Company has also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (developed an internal methodology to discount for the lack of liquidity and non-performance risk of the failed auctions. Due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (liquidity problems associated with the ) Tj ET Q q 0 0 0 rg BT 204.15 646.10 Td (ARS market, ) Tj ET Q q 0 0 0 rg BT 258.31 646.10 Td (ARS that lack liquidity are setting their interest rates according to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (maximum rate formula defined in their registration statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (The Company has sought financing from a number of sources, with limited success, in order to try to find a means for all its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (clients to find liquidity from their ) Tj ET Q q 0 0 0 rg BT 186.09 598.10 Td (ARS holdings. It seems likely that liquidity will ultimately come from issuer redemptions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (tender of) Tj ET Q q 0 0 0 rg BT 85.63 586.10 Td (fers which, to date, combined with purchases by the Company have reduced client holdings by approximately 97%. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (There can be no assurance that the Company will be successful in finding a liquidity solution for all its clients' ) Tj ET Q q 0 0 0 rg BT 493.37 574.10 Td (ARS. See "Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (Factors ) Tj ET Q q 0 0 0 rg BT 94.26 562.10 Td (The Company may continue to be adversely af) Tj ET Q q 0 0 0 rg BT 280.96 562.10 Td (fected by the failure of the ) Tj ET Q q 0 0 0 rg BT 388.69 562.10 Td (Auction Rate Securities Market" appearing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (in Item1A) Tj ET Q q 0 0 0 rg BT 92.77 550.10 Td ( and "Factors ) Tj ET Q q 0 0 0 rg BT 147.68 550.10 Td (Af) Tj ET Q q 0 0 0 rg BT 158.05 550.10 Td (fecting 'Forward-Looking Statements'" herein.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (In February 2010, Oppenheimer finalized settlements with the Regulators concluding investigations and administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (proceedings by the Regulators concerning Oppenheimer's marketing and sale of ) Tj ET Q q 0 0 0 rg BT 371.70 514.10 Td (ARS. Pursuant to the settlements with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Regulators, Oppenheimer agreed to extend of) Tj ET Q q 0 0 0 rg BT 231.98 502.10 Td (fers to repurchase ) Tj ET Q q 0 0 0 rg BT 305.00 502.10 Td (ARS from certain of its clients subject to certain terms and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (conditions. In addition to the settlements with the Regulators, Oppenheimer has also reached settlements of and received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (adverse awards in legal proceedings with various clients where the Company is obligated to purchase ) Tj ET Q q 0 0 0 rg BT 457.38 478.10 Td (ARS. Pursuant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (completed Purchase Of) Tj ET Q q 0 0 0 rg BT 143.12 466.10 Td (fers \(as defined\) under the settlements with the Regulators and client related legal settlements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (awards to purchase ) Tj ET Q q 0 0 0 rg BT 128.58 454.10 Td (ARS, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.70 454.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.28 454.10 Td (, the Company purchased and holds \(net of redemptions\) approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td ($1) Tj ET Q q 0 0 0 rg BT 59.63 442.10 Td (13.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.52 442.10 Td ( in ) Tj ET Q q 0 0 0 rg BT 120.75 442.10 Td (ARS from its clients. ) Tj ET Q q 0 0 0 rg BT 207.14 442.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.58 442.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.17 442.10 Td (, the Company had no outstanding ) Tj ET Q q 0 0 0 rg BT 449.32 442.10 Td (ARS purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (commitments related to the settlements with the Regulators. In addition, the Company is committed to purchase another ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.39 430.10 Td ($1) Tj ET Q q 0 0 0 rg BT 542.02 430.10 Td (1.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 418.10 Td ( from clients through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.54 418.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.54 418.10 Td ( under legal settlements and awards.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.50 394.10 Td (ARS positions that the Company owns and is committed to purchase primarily represent auction rate preferred securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (issued by closed-end funds and, to a lesser extent, municipal auction rate securities which are municipal bonds wrapped by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (municipal bond insurance and student loan auction rate securities which are asset-backed securities backed by student loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (The Company's clients held at Oppenheimer approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.35 346.10 Td ($49.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.24 346.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 357.02 346.10 Td (ARS at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.69 346.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.27 346.10 Td ( exclusive of amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (that 1\) were owned by Qualified Institutional Buyers \("QIBs"\), 2\) were transferred to the Company after February 2008, 3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (were purchased by clients after February 2008, or 4\) were transferred from the Company to other securities firms after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (February 2008. See "Of) Tj ET Q q 0 0 0 rg BT 144.99 310.10 Td (f-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 210.52 310.10 Td (Arrangements" herein for additional details.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Other Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (The Company operates in all state jurisdictions in the United States and is thus subject to regulation and enforcement under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (laws and regulations of each of these jurisdictions. ) Tj ET Q q 0 0 0 rg BT 254.49 256.10 Td (The Company has been and expects that it will continue to be subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (investigations and some or all of these may result in enforcement proceedings as a result of its business conducted in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (various states. In particular) Tj ET Q q 0 0 0 rg BT 157.90 232.10 Td (, many states have become more aggressive and have imposed lar) Tj ET Q q 0 0 0 rg BT 420.12 232.10 Td (ger fines in connection with state ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (registration violations than was heretofore the case.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (As part of its ongoing business, the Company records reserves for legal expenses, judgments, fines and/or awards attributable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (to litigation and regulatory matters. In connection therewith, the Company has maintained its legal reserves at levels it believes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (will resolve outstanding matters, but may increase or decrease such reserves as matters warrant.In accordance with applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (accounting guidance, the Company establishes reserves for litigation and regulatory matters when those matters present loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (contingencies that are both probable and reasonably estimable. ) Tj ET Q q 0 0 0 rg BT 303.34 148.10 Td (When loss contingencies are not both probable and reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (estimable, the Company does not establish reserves. See "Legal Proceedings" in Item 3 and note 15 to the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (financial statements appearing in Item8.) Tj ET Q endstream endobj 109 0 obj <>] /Rotate 0 /Contents 110 0 R>> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Business Continuity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (The Company is committed to an on-going investment in its technology and communications infrastructure including extensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (business continuity planning and investment. ) Tj ET Q q 0 0 0 rg BT 232.58 712.25 Td (These costs are on-going and the Company believes that current and future costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (will exceed historic levels due to business and regulatory requirements. ) Tj ET Q q 0 0 0 rg BT 337.79 700.25 Td (The Company maintains a data center which is housed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (in a location dif) Tj ET Q q 0 0 0 rg BT 112.86 688.25 Td (ferent from its headquarters. ) Tj ET Q q 0 0 0 rg BT 228.46 688.25 Td (The move to new headquarters in 2012 required additional outlays for business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (continuity purposes although considerable savings have begun to be realized by the availability of independent electric ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (generating capacity for the entire building which will support the Company's infrastructure and occupancy) Tj ET Q q 0 0 0 rg BT 475.19 664.25 Td (. ) Tj ET Q q 0 0 0 rg BT 480.00 664.25 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (continues to review the adequacy of its remote data center and anticipates that, over the next few years, it may make a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (determination to move the center to a more remote location than where it currently resides. ) Tj ET Q q 0 0 0 rg BT 415.80 640.25 Td (There is no guarantee that in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (event of a significant business disruption that the Company's business continuity plans will be successful in restoring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (operations in a timely manner) Tj ET Q q 0 0 0 rg BT 168.86 616.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (Cybersecurity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (The Company has been focused for many years on the issues of maintaining the security of its clients' data, access to its data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (processing environment, and its data processing facilities. See "Risk Factors ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 357.35 562.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.24 562.25 Td ( ) Tj ET Q q 0 0 0 rg BT 368.56 562.25 Td (The Company may be exposed to damage to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (business or its reputation by cybersecurity incidents" in Item 1A. Recent examples of vulnerabilities by other companies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (the government which have resulted in loss of client data and fraudulent activities by both domestic and foreign actors have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (caused the Company to continually review its security policies and procedures and to take additional actions to protect its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (network and its information. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (Given the importance of protection of client data, regulators have developed increased oversight of cybersecurity planning and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (protections which have been put in place by broker) Tj ET Q q 0 0 0 rg BT 254.17 478.25 Td (-dealers and other financial service providers. Such planning and protection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (are subject to oversight and examination on a periodic or tar) Tj ET Q q 0 0 0 rg BT 290.29 466.25 Td (geted basis by the SEC and FINRA. Such oversight is expected to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (intensify) Tj ET Q q 0 0 0 rg BT 84.35 454.25 Td (, given recent data breaches by other or) Tj ET Q q 0 0 0 rg BT 241.31 454.25 Td (ganizations that have been announced involving tens of millions of individuals' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (personally identifiable information. ) Tj ET Q q 0 0 0 rg BT 194.22 442.25 Td (The Company continues to adopt procedures to address the risks posed by the current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (environment. ) Tj ET Q q 0 0 0 rg BT 105.36 430.25 Td (The Company has significantly increased the resources dedicated to this ef) Tj ET Q q 0 0 0 rg BT 403.97 430.25 Td (fort and believes that further increases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (will be required in the future, as the sophistication and persistency of such attacks increase.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (Outlook) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (The Company recognizes the increased focus on compliance with the regulatory requirements of our industry) Tj ET Q q 0 0 0 rg BT 486.99 376.25 Td (, and we must ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (continue to perform a rigorous and ongoing assessment of our compliance and risk management ef) Tj ET Q q 0 0 0 rg BT 444.71 364.25 Td (forts, invest in people and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (programs, all while continuing to provide a platform with first class investment ideas and services. ) Tj ET Q q 0 0 0 rg BT 446.67 352.25 Td (The Company is committed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (to continuing to improve its technology capabilities to ensure compliance with industry regulations, support client service and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (expand its wealth management and capital markets capabilities. ) Tj ET Q q 0 0 0 rg BT 306.67 328.25 Td (The Company's long-term growth plan is to continue to expand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (existing of) Tj ET Q q 0 0 0 rg BT 92.31 316.25 Td (fices by hiring experienced professionals as well as expand through the purchase of operating branch of) Tj ET Q q 0 0 0 rg BT 506.71 316.25 Td (fices from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (other broker) Tj ET Q q 0 0 0 rg BT 98.95 304.25 Td (-dealers or the opening of new branch of) Tj ET Q q 0 0 0 rg BT 261.20 304.25 Td (fices in attractive locations, and to continue to develop the existing trading, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (investment banking, investment advisory and other divisions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (The Company is also reviewing its full service business model to determine the opportunities available for closely related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (business models in areas where competitors have shown some success. Equally important is the search for viable acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (candidates. ) Tj ET Q q 0 0 0 rg BT 96.65 244.25 Td (As opportunities are presented, it is the long-term intention of the Company to pursue growth by acquisition where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (a comfortable match can be found in terms of corporate goals and personnel at a price that would provide the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (stockholders with incremental value. ) Tj ET Q q 0 0 0 rg BT 199.50 220.25 Td (The Company may review potential acquisition opportunities and will continue to focus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (its attention on the management of its existing business and has disposed and may continue, from time to time, to dispose of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (businesses that are no longer strategic to its business operations or which have limited opportunities for growth. In June 2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (the Company refinanced its outstanding indebtedness and may under some circumstances utilize a portion of the money raised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (in excess of the pay-down of its previous bond issue for the acquisition of related businesses.) Tj ET Q endstream endobj 111 0 obj <>] /Rotate 0 /Contents 112 0 R>> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (The Company reported net income attributable to Oppenheimer Holdings Inc. of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.91 724.25 Td ($22.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.80 724.25 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.13 724.25 Td ($1.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.63 724.25 Td ( basic net income per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (share for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.56 712.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.14 712.25 Td ( compared with a net loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.39 712.25 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.28 712.25 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.61 712.25 Td ($0.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.11 712.25 Td ( basic net loss per share for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.08 700.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.67 700.25 Td (. Income before income taxes from continuing operations for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.50 700.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.08 700.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.05 688.25 Td ($19.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.94 688.25 Td ( compared with a loss before income taxes from continuing operations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.86 688.25 Td ($21.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.75 688.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 676.25 Td (. Net income from discontinued operations was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.21 676.25 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.10 676.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.56 676.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.14 676.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (compared with net income from discontinued operations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.38 664.25 Td ($10.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.27 664.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.73 664.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.32 664.25 Td (. Revenue from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (continuing operations for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.39 652.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.97 652.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.53 652.25 Td ($920.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.42 652.25 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.44 652.25 Td (7.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.94 652.25 Td (% compared with revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (from continuing operations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.20 640.25 Td ($857.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.09 640.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.55 640.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.13 640.25 Td (. Revenue from discontinued operations for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.80 628.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.38 628.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.94 628.25 Td ($2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.83 628.25 Td ( compared with revenue from discontinued operations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.20 628.25 Td ($25.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.09 628.25 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.80 616.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.38 616.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (The following table sets forth the amount and percentage of the Company's revenue from each principal source for each of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (following years ended December31:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 524.75 186.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 524.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 524.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 524.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 524.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 524.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 524.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 494.75 186.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 494.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 494.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 494.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 494.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 494.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 494.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 464.75 186.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 464.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 464.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 464.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 464.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 464.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 464.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 434.75 186.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 434.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 434.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 434.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 434.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 434.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 434.75 48.00 -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 236.5 537.75 m 290.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 537.75 m 294.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 537.75 m 342.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 537.75 m 400.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 537.75 m 404.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 537.75 m 452.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 537.75 m 510.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 537.75 m 514.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 537.75 m 562.5 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 524.75 m 290.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 524.75 m 342.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 524.75 m 400.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 524.75 m 452.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 524.75 m 510.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 524.75 m 562.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 524.75 m 290.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 524.75 m 342.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 524.75 m 400.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 524.75 m 452.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 524.75 m 510.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 524.75 m 562.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 434.75 m 290.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 434.75 m 342.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 434.75 m 400.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 434.75 m 452.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 434.75 m 510.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 434.75 m 562.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 420.75 m 290.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 418.75 m 290.5 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 434.75 m 342.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 420.75 m 342.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 418.75 m 342.5 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 420.75 m 400.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 418.75 m 400.5 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 420.75 m 452.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 418.75 m 452.5 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 420.75 m 510.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 418.75 m 510.5 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 420.75 m 562.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 418.75 m 562.5 418.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 555.00 Td (Expr) Tj ET Q q 0 0 0 rg BT 68.25 555.00 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 542.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.00 542.00 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 542.00 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.00 542.00 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 529.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.85 529.00 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.45 529.00 Td (Percentage) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.85 529.00 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.45 529.00 Td (Percentage) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.85 529.00 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.45 529.00 Td (Percentage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 515.32 Td (Commissions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.00 514.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 514.42 Td (336,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 514.42 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 514.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.00 514.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 514.42 Td (377,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 514.42 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 514.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 514.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 514.42 Td (417,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 514.42 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 514.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 500.32 Td (Advisory fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 499.42 Td (320,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 499.42 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 499.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 499.42 Td (269,1) Tj ET Q q 0 0 0 rg BT 386.65 499.42 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 499.42 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 499.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 499.42 Td (280,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 499.42 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 499.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 485.32 Td (Investment banking) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 484.42 Td (78,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 484.42 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 484.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 484.42 Td (81,01) Tj ET Q q 0 0 0 rg BT 391.65 484.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 484.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 484.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 484.42 Td (102,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 484.42 Td (1) Tj ET Q q 0 0 0 rg BT 548.65 484.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 484.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 470.32 Td (Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 469.42 Td (48,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 469.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 469.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 469.42 Td (47,649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 469.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 469.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 469.42 Td (49,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 469.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 469.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 455.32 Td (Principal transactions, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 454.42 Td (23,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 454.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 454.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 454.42 Td (20,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 454.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 454.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 454.42 Td (15,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 454.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 454.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 440.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 439.42 Td (1) Tj ET Q q 0 0 0 rg BT 259.15 439.42 Td (12,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 439.42 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 439.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 439.42 Td (62,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 439.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 439.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 439.42 Td (33,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 439.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 439.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 425.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 425.32 Td (otal revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.00 424.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 424.42 Td (920,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 424.42 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 424.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.00 424.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 424.42 Td (857,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 424.42 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 424.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 424.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 424.42 Td (897,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 424.42 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 424.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.25 Td (The Company derives most of its revenue from the operations of its principal subsidiaries, Oppenheimer and OAM. ) Tj ET Q q 0 0 0 rg BT 515.18 396.25 Td (Although ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.25 Td (maintained as separate entities, the operations of the Company's brokerage subsidiaries both in the U.S. and other countries are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.25 Td (closely related because Oppenheimer acts as clearing broker in transactions initiated by these subsidiaries.) Tj ET Q endstream endobj 113 0 obj <>] /Rotate 0 /Contents 114 0 R>> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The following table and discussion summarizes the changes in the major revenue and expense categories for the past two years:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 686.60 260.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 686.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 686.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 686.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 686.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 686.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 686.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 686.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 657.60 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 657.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 657.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 657.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 657.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 657.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 657.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 657.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 627.60 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 627.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 627.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 627.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 627.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 627.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 627.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 627.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 597.60 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 597.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 597.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 597.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 597.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 597.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 597.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 597.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 567.60 260.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 567.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 567.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 567.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 567.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 567.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 567.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 567.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 538.60 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 538.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 538.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 538.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 538.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 538.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 538.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 538.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 508.60 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 508.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 508.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 508.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 508.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 508.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 508.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 508.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 478.60 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 478.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 478.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 478.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 478.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 478.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 478.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 478.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 448.60 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 448.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 448.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 448.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 448.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 448.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 448.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 448.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 418.60 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 418.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 418.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 418.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 418.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 418.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 418.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 418.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 388.60 260.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 388.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 388.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 388.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 388.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 388.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 388.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 388.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 359.60 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 359.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 359.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 359.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 359.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 359.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 359.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 359.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 329.60 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 329.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 329.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 329.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 329.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 329.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 329.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 329.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 299.60 260.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 299.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 299.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 299.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 299.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 299.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 299.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 299.60 60.00 -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 310.5 699.6 m 370.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 699.6 m 374.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 699.6 m 434.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 699.6 m 498.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 699.6 m 502.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 699.6 m 562.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 686.6 m 370.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 686.6 m 434.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 686.6 m 498.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 686.6 m 562.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 582.6 m 370.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 582.6 m 434.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 582.6 m 498.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 582.6 m 562.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 567.6 m 370.5 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 567.6 m 434.5 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 582.6 m 498.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 567.6 m 498.5 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 567.6 m 562.5 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 463.6 m 370.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 463.6 m 434.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 463.6 m 498.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 463.6 m 562.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 448.6 m 370.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 448.6 m 434.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 463.6 m 498.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 448.6 m 498.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 448.6 m 562.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 448.6 m 370.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 448.6 m 434.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 448.6 m 498.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 448.6 m 562.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 418.6 m 370.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 418.6 m 434.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 418.6 m 498.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 418.6 m 562.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 403.6 m 370.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 418.6 m 434.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 403.6 m 434.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 418.6 m 498.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 403.6 m 498.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 418.6 m 562.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 403.6 m 562.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 344.6 m 370.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 329.6 m 370.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 344.6 m 434.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 329.6 m 434.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 344.6 m 498.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 329.6 m 498.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 344.6 m 562.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 329.6 m 562.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 274.6 m 370.5 274.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 274.6 m 434.5 274.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 274.6 m 498.5 274.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 274.6 m 562.5 274.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 251.60000000000002 m 370.5 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 249.60000000000002 m 370.5 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 274.6 m 434.5 274.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 251.60000000000002 m 434.5 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 249.60000000000002 m 434.5 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 274.6 m 498.5 274.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 251.60000000000002 m 498.5 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 249.60000000000002 m 498.5 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 274.6 m 562.5 274.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 251.60000000000002 m 562.5 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 249.60000000000002 m 562.5 249.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 716.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.92 716.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 703.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.75 703.85 Td (2017 versus 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 471.75 703.85 Td (2016 versus 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 690.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.65 690.85 Td (AmountChange) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.40 690.85 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.65 690.85 Td (AmountChange) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.40 690.85 Td (%Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 677.33 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 663.17 Td (Commissions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 662.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.80 662.32 Td (\(40,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 662.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 662.32 Td (\(10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 662.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 662.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 662.32 Td (\(40,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 662.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.80 662.32 Td (\(9.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 662.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 648.17 Td (Advisory fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 647.27 Td (51,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 647.27 Td (19.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 647.32 Td (\(1) Tj ET Q q 0 0 0 rg BT 472.13 647.32 Td (1,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 647.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.80 647.32 Td (\(4.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 647.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 633.17 Td (Investment banking) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.80 632.32 Td (\(2,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 632.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.80 632.32 Td (\(3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 632.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 632.32 Td (\(21,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 632.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 632.32 Td (\(21.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 632.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 618.17 Td (Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 617.27 Td (849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 617.27 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 617.32 Td (\(1,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 617.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.80 617.32 Td (\(2.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 617.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 603.17 Td (Principal transactions, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 602.27 Td (2,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 602.27 Td (13.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 602.27 Td (5,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 602.27 Td (34.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 588.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 587.27 Td (50,784) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 587.27 Td (81.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 587.27 Td (28,959) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 587.27 Td (87.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 573.17 Td (T) Tj ET Q q 0 0 0 rg BT 76.76 573.17 Td (otal revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 572.27 Td (62,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 572.27 Td (7.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 572.32 Td (\(40,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 572.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.80 572.32 Td (\(4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 572.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 558.33 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 544.17 Td (Compensation and related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 543.27 Td (17,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 543.27 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 543.32 Td (\(26,1) Tj ET Q q 0 0 0 rg BT 484.63 543.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 543.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.80 543.32 Td (\(4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 543.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 529.17 Td (Communications and technology) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 528.27 Td (1,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 528.27 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 528.27 Td (3,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 528.27 Td (5.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 514.17 Td (Occupancy and equipment costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 513.27 Td (373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 513.27 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 513.32 Td (\(2,051) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 513.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.80 513.32 Td (\(3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 513.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 499.17 Td (Clearing and exchange fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.80 498.32 Td (\(1,581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 498.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.80 498.32 Td (\(6.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 498.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 498.32 Td (\(896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 498.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.80 498.32 Td (\(3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 498.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 484.17 Td (Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 483.27 Td (8,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 483.27 Td (45.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 483.27 Td (3,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 483.27 Td (19.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 469.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.80 468.32 Td (\(5,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 468.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.80 468.32 Td (\(4.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 468.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 468.27 Td (1,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 468.27 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 454.17 Td (T) Tj ET Q q 0 0 0 rg BT 76.41 454.17 Td (otal expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 453.27 Td (20,931) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 453.27 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 453.32 Td (\(20,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 453.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.80 453.32 Td (\(2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 453.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 439.17 Td (Income \(loss\) before income taxes from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 438.27 Td (41,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 438.27 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 438.32 Td (\(19,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 438.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 438.27 Td (801.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 424.17 Td (Income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 423.27 Td (10,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 423.32 Td (\(82.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 423.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 423.32 Td (\(12,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 423.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.00 423.27 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 409.33 Td (Net income \(loss\) fr) Tj ET Q q 0 0 0 rg BT 135.94 409.33 Td (om continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 408.27 Td (31,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 408.27 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 408.32 Td (\(6,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 408.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 408.27 Td (239.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 379.33 Td (Discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 365.17 Td (Income from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.80 364.32 Td (\(15,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 364.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 364.32 Td (\(88.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 364.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 364.27 Td (8,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 364.27 Td (89.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 350.17 Td (Income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.80 349.32 Td (\(6,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 349.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 349.32 Td (\(87.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 349.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 349.27 Td (3,81) Tj ET Q q 0 0 0 rg BT 489.65 349.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 349.27 Td (1) Tj ET Q q 0 0 0 rg BT 541.15 349.27 Td (1) Tj ET Q q 0 0 0 rg BT 546.15 349.27 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 335.33 Td (Net income fr) Tj ET Q q 0 0 0 rg BT 111.22 335.33 Td (om discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.80 334.32 Td (\(8,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 334.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 334.32 Td (\(88.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 334.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 334.27 Td (4,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 334.27 Td (76.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 305.33 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 304.27 Td (22,509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 304.27 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 304.32 Td (\(2,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 304.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 304.32 Td (\(83.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 304.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 290.17 Td (Less net income attributable to noncontrolling interest, net of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 280.17 Td (tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.80 279.32 Td (\(1,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 279.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 279.32 Td (\(88.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 279.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 279.27 Td (716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 279.27 Td (76.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 265.33 Td (Net income \(loss\) attributable to Oppenheimer) Tj ET Q q 0 0 0 rg BT 251.40 265.33 Td ( Holdings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 255.33 Td (Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 255.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 255.27 Td (23,977) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 255.27 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 255.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 255.32 Td (\(3,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 255.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.00 255.27 Td (*) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 235.50 Td (* Percentage not meaningful.) Tj ET Q endstream endobj 115 0 obj <>] /Rotate 0 /Contents 116 0 R>> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Fiscal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.50 742.25 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.50 742.25 Td ( compar) Tj ET Q q 0 0 0 rg BT 132.58 742.25 Td (ed to Fiscal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.41 742.25 Td (2016) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Commission revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.26 706.25 Td ($336.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.16 706.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.62 706.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.20 706.25 Td (, a decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.88 706.25 Td (10.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.71 706.25 Td ( compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.42 706.25 Td ($377.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 694.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.35 694.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.94 694.25 Td ( due to reduced transaction volumes from retail and institutional investors as well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (as lower financial adviser headcount during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.88 682.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.88 682.25 Td ( year) Tj ET Q q 0 0 0 rg BT 281.03 682.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Advisory fees were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.25 658.25 Td ($320.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.14 658.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.60 658.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.19 658.25 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.21 658.25 Td (19.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.04 658.25 Td ( compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.74 658.25 Td ($269.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.63 658.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.96 646.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.54 646.25 Td ( due to increases in advisory fees on traditional managed products and incentive fees on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (alternative managed products.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (Investment banking revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.85 610.25 Td ($78.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.74 610.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.20 610.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.78 610.25 Td (, a decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.47 610.25 Td (3.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.30 610.25 Td ( compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.00 610.25 Td ($81.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 598.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.35 598.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.94 598.25 Td ( due to lower fees from mer) Tj ET Q q 0 0 0 rg BT 345.83 598.25 Td (gers and acquisition activity and debt capital market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (transactions partially of) Tj ET Q q 0 0 0 rg BT 144.23 586.25 Td (fset by higher fees from equities underwriting transactions during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.60 586.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.60 586.25 Td ( year) Tj ET Q q 0 0 0 rg BT 462.76 586.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (Interest revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.68 562.25 Td ($48.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.57 562.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.04 562.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.62 562.25 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.64 562.25 Td (1.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.47 562.25 Td ( compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.17 562.25 Td ($47.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.07 562.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 550.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (Principal transactions revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.06 526.25 Td ($23.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.96 526.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.42 526.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 526.25 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.02 526.25 Td (13.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.85 526.25 Td ( compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td ($20.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 514.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.35 514.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.94 514.25 Td ( due primarily to increases in the valuation of firm investments during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 502.25 Td ( year) Tj ET Q q 0 0 0 rg BT 89.16 502.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (Other revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.47 478.25 Td ($1) Tj ET Q q 0 0 0 rg BT 137.09 478.25 Td (13.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.99 478.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.45 478.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.03 478.25 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.05 478.25 Td (81.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.88 478.25 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.59 478.25 Td ($62.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.48 478.25 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.38 466.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.38 466.25 Td ( due to higher fees earned on client deposits in the FDIC-insured bank deposit program, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (positive changes in the cash surrender value of Company-owned life insurance and a favorable arbitration award during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 442.25 Td ( year) Tj ET Q q 0 0 0 rg BT 89.16 442.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (Compensation and related expenses \(including salaries, production and incentive compensation, share-based compensation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (deferred compensation, and other benefit-related items\) totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.34 388.25 Td ($602.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.23 388.25 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.14 388.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.72 388.25 Td (, an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.08 376.25 Td (3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.91 376.25 Td ( compared with the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.42 376.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 376.25 Td (. ) Tj ET Q q 0 0 0 rg BT 325.82 376.25 Td (The increase was due to higher producer) Tj ET Q q 0 0 0 rg BT 487.57 376.25 Td (, incentive, share-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (based, and deferred compensation expenses partially of) Tj ET Q q 0 0 0 rg BT 271.12 364.25 Td (fset by lower salary and healthcare expenses during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 352.25 Td (. Compensation and related expenses as a percentage of revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.69 352.25 Td (65.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.52 352.25 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 340.25 Td ( compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.29 340.25 Td (68.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.12 340.25 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.03 340.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.61 340.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (Non-compensation expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.12 316.25 Td ($298.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.01 316.25 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.92 316.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.51 316.25 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.53 316.25 Td (1.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.36 316.25 Td ( compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.28 304.25 Td ($295.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.17 304.25 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.08 304.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.66 304.25 Td ( due primarily to higher interest costs and the char) Tj ET Q q 0 0 0 rg BT 500.25 304.25 Td (ge of $6.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (million associated with the settlement with the Israeli ) Tj ET Q q 0 0 0 rg BT 265.88 292.25 Td (V) Tj ET Q q 0 0 0 rg BT 271.81 292.25 Td (A) Tj ET Q q 0 0 0 rg BT 277.92 292.25 Td (T) Tj ET Q q 0 0 0 rg BT 283.85 292.25 Td ( ) Tj ET Q q 0 0 0 rg BT 285.80 292.25 Td (Authority in the first quarter of 2017 partially of) Tj ET Q q 0 0 0 rg BT 478.91 292.25 Td (fset by lower legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (and regulatory costs during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.44 280.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.03 280.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 75.63 256.25 Td (fective income tax rate from continuing operations for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.80 256.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.38 256.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.94 256.25 Td (10.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.77 256.25 Td ( \(benefit\) compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.28 244.25 Td (56.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.11 244.25 Td ( \(benefit\) for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.49 244.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.08 244.25 Td (. ) Tj ET Q q 0 0 0 rg BT 293.90 244.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 319.53 244.25 Td (fective income tax rate for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.33 244.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 232.25 Td ( was positively impacted by the estimated impact of the ) Tj ET Q q 0 0 0 rg BT 294.76 232.25 Td (TCJA) Tj ET Q q 0 0 0 rg BT 318.10 232.25 Td ( which resulted in a net discrete after) Tj ET Q q 0 0 0 rg BT 465.34 232.25 Td (-tax benefit of $9.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (million in the fourth quarter of 2017. ) Tj ET Q q 0 0 0 rg BT 199.79 220.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 225.42 220.25 Td (fective income tax rate for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.22 220.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.81 220.25 Td ( was positively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (impacted by income tax provision to tax return true-ups and higher nontaxable benefits received with respect to Company-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (owned life insurance partially of) Tj ET Q q 0 0 0 rg BT 179.77 196.25 Td (fset by the valuation allowance established on deferred tax assets related to net operating losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (of a foreign subsidiary) Tj ET Q q 0 0 0 rg BT 139.60 184.25 Td (.) Tj ET Q endstream endobj 117 0 obj <>] /Rotate 0 /Contents 118 0 R>> endobj 118 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (56) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Fiscal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.50 742.25 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.50 742.25 Td ( compar) Tj ET Q q 0 0 0 rg BT 132.58 742.25 Td (ed to Fiscal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.41 742.25 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.41 742.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Commission revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.26 706.25 Td ($377.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.16 706.25 Td ( for the year ended December31, 2016, a decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.88 706.25 Td (9.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.71 706.25 Td ( compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.42 706.25 Td ($417.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 694.25 Td ( for the year ended December 31, 2015 due to reduced transaction volumes from retail and institutional investors as well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (as lower financial adviser headcount during the 2016 year) Tj ET Q q 0 0 0 rg BT 281.03 682.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Advisory fees were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.25 658.25 Td ($269.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.14 658.25 Td ( for the year ended December31, 2016, a decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.87 658.25 Td (4.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.70 658.25 Td ( compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.40 658.25 Td ($280.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.29 658.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (for the year ended December31, 2015 due to decreases in advisory and incentive fees on traditional and alternative managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (products.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (Investment banking revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.85 610.25 Td ($81.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.74 610.25 Td ( for the year ended December31, 2016, a decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.47 610.25 Td (21.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.30 610.25 Td ( compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td ($102.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 598.25 Td ( for the year ended December31, 2015 due to lower fees from equities underwriting transactions during the 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (year) Tj ET Q q 0 0 0 rg BT 66.66 586.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (Interest revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.68 562.25 Td ($47.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.57 562.25 Td ( for the year ended December31, 2016, a decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.30 562.25 Td (2.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.13 562.25 Td ( compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.83 562.25 Td ($49.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.73 562.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (Principal transactions revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.06 526.25 Td ($20.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.96 526.25 Td ( for the year ended December31, 2016, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.02 526.25 Td (34.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.85 526.25 Td ( compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td ($15.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 514.25 Td ( for the year ended December31, 2015 due primarily to higher trading profits in equities and fixed income during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (the 2016 year) Tj ET Q q 0 0 0 rg BT 103.87 502.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (Other revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.47 478.25 Td ($62.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.36 478.25 Td ( for the year ended December31, 2016, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.42 478.25 Td (87.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.25 478.25 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.96 478.25 Td ($33.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.85 478.25 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (the year ended December 31, 2015 due to increases in interest earned on FDIC-insured bank deposits, cash surrender value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (Company-owned life insurance and nontaxable benefits received with respect to Company-owned life insurance during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (2016 year) Tj ET Q q 0 0 0 rg BT 89.16 442.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (Compensation and related expenses \(including salaries, production and incentive compensation, share-based compensation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (deferred compensation, and other benefit-related items\) totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.34 388.25 Td ($584.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.23 388.25 Td ( during the year ended December31, 2016, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.74 376.25 Td (4.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.57 376.25 Td ( compared with the year ended December31, 2015. ) Tj ET Q q 0 0 0 rg BT 327.48 376.25 Td (The decrease was due to lower salaries, production and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (incentive compensation expenses partially of) Tj ET Q q 0 0 0 rg BT 229.76 364.25 Td (fset by higher share-based and deferred compensation expenses during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (ended December 31, 2016. Compensation and related expenses as a percentage of revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.07 352.25 Td (68.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.90 352.25 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (December31, 2016 compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.29 340.25 Td (68.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.12 340.25 Td ( during the year ended December31, 2015, reflecting the inelasticity of some forms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (of compensation spread over a lower revenue base for the year ended December 31, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (Non-compensation expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.12 304.25 Td ($295.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.01 304.25 Td ( during the year ended December31, 2016, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.53 304.25 Td (1.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.36 304.25 Td ( compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.28 292.25 Td ($289.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.17 292.25 Td ( during the year ended December31, 2015 due primarily to elevated legal and compliance costs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (increased communications and technology expenses during the year ended December 31, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 75.63 256.25 Td (fective income tax rate from continuing operations for the year ended December 31, 2016 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.94 256.25 Td (56.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.77 256.25 Td ( \(benefit\) compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.28 244.25 Td (16.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.11 244.25 Td ( for the year ended December 31, 2015. ) Tj ET Q q 0 0 0 rg BT 256.97 244.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 282.61 244.25 Td (fective income tax rate for the year ended December 31, 2016 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (positively impacted by income tax provision to tax return true-ups and higher nontaxable benefits received with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (Company-owned life insurance partially of) Tj ET Q q 0 0 0 rg BT 221.99 220.25 Td (fset by the valuation allowance established on deferred tax assets related to net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (operating losses of a foreign subsidiary) Tj ET Q q 0 0 0 rg BT 206.26 208.25 Td (. ) Tj ET Q q 0 0 0 rg BT 211.08 208.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 236.71 208.25 Td (fective income tax rate for the year ended December 31, 2015 was negatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (impacted by increases in provisions related to positions taken on state income tax returns as well as income tax provision to tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (return true-ups that were recorded during the year) Tj ET Q q 0 0 0 rg BT 248.53 184.25 Td (.) Tj ET Q endstream endobj 119 0 obj <>] /Rotate 0 /Contents 120 0 R>> endobj 120 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The table below presents information about the reported revenue and income \(loss\) before income taxes from continuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (operations of the Company's reportable business segments for the years ended December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.36 730.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.36 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 730.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.80 730.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 660.60 294.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 660.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 660.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 660.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 660.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 660.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 630.60 294.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 630.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 630.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 630.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 630.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 630.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 600.60 294.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 600.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 600.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 600.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 600.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 600.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 571.60 294.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 571.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 571.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 571.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 541.60 294.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 541.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 541.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 541.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 511.60 294.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 511.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 511.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 511.60 70.00 -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 344.5 687.6 m 414.5 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 687.6 m 418.5 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 687.6 m 488.5 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 687.6 m 492.5 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 687.6 m 562.5 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 674.6 m 414.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 674.6 m 488.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 674.6 m 562.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 600.6 m 414.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 600.6 m 488.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 600.6 m 562.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 586.6 m 414.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 584.6 m 414.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 586.6 m 488.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 584.6 m 488.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 600.6 m 562.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 586.6 m 562.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 584.6 m 562.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 511.6 m 414.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 511.6 m 488.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 497.6 m 414.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 495.6 m 414.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 497.6 m 488.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 495.6 m 488.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 511.6 m 562.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 497.6 m 562.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 495.6 m 562.5 495.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 705.55 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.92 705.55 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 691.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.65 691.85 Td (For the ) Tj ET Q q 0 0 0 rg BT 423.39 691.85 Td (Y) Tj ET Q q 0 0 0 rg BT 428.62 691.85 Td (ear Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 678.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.00 678.85 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.00 678.85 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.40 678.85 Td (%Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 665.33 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 651.17 Td (Private Client) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 650.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 650.27 Td (592,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 650.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 650.27 Td (504,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 650.27 Td (17.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 636.17 Td (Asset Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 635.27 Td (89,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 635.27 Td (92,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.80 635.32 Td (\(3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 635.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 621.17 Td (Capital Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 620.27 Td (231,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 620.27 Td (254,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.80 620.32 Td (\(9.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 620.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 606.17 Td (Corporate/Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 605.27 Td (6,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 605.27 Td (5,802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 605.27 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 590.27 Td (920,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 590.27 Td (857,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 590.27 Td (7.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 576.33 Td (Income \(Loss\) befor) Tj ET Q q 0 0 0 rg BT 138.36 576.33 Td (e income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 562.17 Td (Private Client) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 561.27 Td (128,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 561.27 Td (66,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 561.27 Td (95.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 547.17 Td (Asset Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 546.27 Td (26,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 546.27 Td (31,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 546.32 Td (\(15.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 546.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 532.17 Td (Capital Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.80 531.32 Td (\(39,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 531.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 531.32 Td (\(17,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 531.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 531.27 Td (125.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 517.17 Td (Corporate/Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.80 516.32 Td (\(95,81) Tj ET Q q 0 0 0 rg BT 405.63 516.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 516.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.80 516.32 Td (\(101,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 516.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.80 516.32 Td (\(5.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 516.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 501.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 501.27 Td (19,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 501.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 501.32 Td (\(21,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 501.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 501.32 Td (\(190.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 501.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 471.53505859375 m 109.7021484375 471.53505859375 l s q 0 0 0 rg BT 50.00 473.10 Td (Private Client) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (Private Client reported revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.56 455.10 Td ($592.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.45 455.10 Td ( for the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.50 455.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.50 455.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 455.10 Td (17.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.33 455.10 Td ( higher than the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.58 443.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 443.10 Td ( due to higher management and incentive fees, fees earned on the FDIC-insured bank deposit program, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (mar) Tj ET Q q 0 0 0 rg BT 65.37 431.10 Td (gin interest as well as the increase in the cash surrender value of Company-owned life insurance partially of) Tj ET Q q 0 0 0 rg BT 496.42 431.10 Td (fset by lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (commissions during the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.72 419.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.72 419.10 Td (. Income before income taxes was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.27 419.10 Td ($128.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.17 419.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.58 407.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 407.10 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.61 407.10 Td (95.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.44 407.10 Td ( compared with the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.52 407.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.52 407.10 Td ( due to the foregoing partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 395.10 Td (fset by increases in share-based and deferred compensation expenses during the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.09 395.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.09 395.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 371.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 371.10 Td (Retail commissions were $203.2 million for the year ended December 31, 2017, a decrease of 8.0% from the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 359.10 Td (ended December 31, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 341.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 341.10 Td (Advisory fee revenue on traditional and alternative managed products was $232.2 million for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 329.10 Td (December 31, 2017, an increase of 28.3% from the year ended December 31, 2016. ) Tj ET Q q 0 0 0 rg BT 422.08 329.10 Td (The increase in advisory fees was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 317.10 Td (due to the increase in the value of ) Tj ET Q q 0 0 0 rg BT 222.62 317.10 Td (AUM, a change in the allocation of advisory fees between the Private Client and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 305.10 Td (Asset Management segments, ef) Tj ET Q q 0 0 0 rg BT 215.23 305.10 Td (fective January 1, 2017, which resulted in an increase of $22.2 million in revenue, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 293.10 Td (an increase in incentive fees generated from hedge funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 275.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 275.10 Td (Fees earned on client cash deposits in the FDIC-insured bank deposit program were $76.7 million for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 263.10 Td (December 31, 2017 versus $36.4 million for the year ended December 31, 2016. ) Tj ET Q q 0 0 0 rg BT 409.89 263.10 Td (The increase was due primarily to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 251.10 Td (higher short-term interest rates during the year ended December 31, 2017.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 225.53505859375002 m 131.3720703125 225.53505859375002 l s q 0 0 0 rg BT 50.00 227.10 Td (Asset Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.10 Td (Asset Management reported revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.21 209.10 Td ($89.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.11 209.10 Td ( for the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 209.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 209.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.15 209.10 Td (3.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.98 209.10 Td ( lower than the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.10 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.58 197.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 197.10 Td ( due to the change in the allocation of advisory fees between the Private Client and ) Tj ET Q q 0 0 0 rg BT 461.81 197.10 Td (Asset Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.10 Td (segments which became ef) Tj ET Q q 0 0 0 rg BT 157.28 185.10 Td (fective January 1, 2017 partially of) Tj ET Q q 0 0 0 rg BT 297.05 185.10 Td (fset by higher management and incentive fees. Income before ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td (income taxes was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.03 173.10 Td ($26.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.92 173.10 Td ( for the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.97 173.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.97 173.10 Td (, a decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 173.10 Td (15.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.48 173.10 Td ( compared with the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.10 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.58 161.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 161.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 137.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 137.10 Td (Advisory fee revenue on traditional and alternative managed products was $88.3 million for the year ended December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 125.10 Td (31, 2017, relatively flat compared with the year ended December 31, 2016 due to the increase in the value of ) Tj ET Q q 0 0 0 rg BT 522.79 125.10 Td (AUM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 113.10 Td (and incentive fees generated from the hedge funds of) Tj ET Q q 0 0 0 rg BT 297.95 113.10 Td (fset by the change in the allocation of advisory fees between the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 101.10 Td (Private Client and ) Tj ET Q q 0 0 0 rg BT 160.16 101.10 Td (Asset Management segments, ef) Tj ET Q q 0 0 0 rg BT 289.38 101.10 Td (fective January 1, 2017, which resulted in a decrease of $22.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 89.10 Td (million in revenue in the ) Tj ET Q q 0 0 0 rg BT 186.26 89.10 Td (Asset Management segment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 71.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 71.10 Td (AUM increased 14.1% to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.70 71.10 Td ($28.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.81 71.10 Td ( at December 31, 2017, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.81 71.10 Td ($24.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.93 71.10 Td ( at December 31, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 59.10 Td (which is the basis for advisory fee billings for the first quarter of 2018. ) Tj ET Q q 0 0 0 rg BT 371.59 59.10 Td (The increase in ) Tj ET Q q 0 0 0 rg BT 434.61 59.10 Td (AUM was comprised of asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 47.10 Td (appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.75 47.10 Td ($2.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.86 47.10 Td ( and net contribution of assets of $1.0 billion.) Tj ET Q endstream endobj 121 0 obj <>] /Rotate 0 /Contents 122 0 R>> endobj 122 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The following table provides a breakdown of the change in assets under management for the year ended December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.05 742.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.05 742.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 673.60 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 673.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 673.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 673.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 673.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 673.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 673.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 673.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 673.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 673.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 673.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 643.60 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 643.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 643.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 643.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 643.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 643.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 613.60 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 613.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 613.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 613.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 613.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 613.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 613.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 613.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 613.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 613.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 613.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 583.60 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 583.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 583.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 583.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 583.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 583.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 583.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 583.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 583.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 583.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 583.60 55.00 -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 271.5 699.6 m 326.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 699.6 m 330.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 699.6 m 385.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 699.6 m 389.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 699.6 m 444.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 699.6 m 448.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 699.6 m 503.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 699.6 m 507.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 699.6 m 562.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 673.6 m 267.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 673.6 m 326.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 673.6 m 385.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 673.6 m 444.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 673.6 m 503.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 673.6 m 562.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 583.6 m 326.5 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 569.6 m 326.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 567.6 m 326.5 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 583.6 m 385.5 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 569.6 m 385.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 567.6 m 385.5 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 583.6 m 444.5 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 569.6 m 444.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 567.6 m 444.5 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 583.6 m 503.5 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 569.6 m 503.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 567.6 m 503.5 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 583.6 m 562.5 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 569.6 m 562.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 567.6 m 562.5 567.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 716.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.92 716.85 Td (essed in millions\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 716.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 716.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 716.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 716.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 716.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 703.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.15 703.85 Td (For the ) Tj ET Q q 0 0 0 rg BT 377.89 703.85 Td (Y) Tj ET Q q 0 0 0 rg BT 383.12 703.85 Td (ear Ended December31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 690.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.80 685.85 Td (Beginning) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.60 677.85 Td (Balance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 690.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 690.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.60 685.85 Td (Appreciation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.15 677.85 Td (\(Depreciation\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.90 685.85 Td (Ending) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.60 677.85 Td (Balance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 677.85 Td (Fund ) Tj ET Q q 0 0 0 rg BT 73.30 677.85 Td (T) Tj ET Q q 0 0 0 rg BT 77.63 677.85 Td (ype) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.45 677.85 Td (Contributions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.35 677.85 Td (Redemptions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 663.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 663.27 Td (raditional ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 99.58 667.34 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 663.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 663.27 Td (20,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 663.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 663.27 Td (3,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 663.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.80 663.32 Td (\(1,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 663.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 663.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 663.27 Td (1,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 663.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 663.27 Td (24,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 648.27 Td (Institutional Fixed Income ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 161.59 652.34 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 648.27 Td (1,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.65 648.27 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.30 648.32 Td (\(596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 648.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.30 648.32 Td (\(73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 648.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 648.27 Td (695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 634.17 Td (Alternative Investments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 618.27 Td (Hedge funds ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 126.32 622.34 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 618.27 Td (2,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 618.27 Td (217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.30 618.32 Td (\(585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 618.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 618.27 Td (614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 618.27 Td (2,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 603.27 Td (Private Equity Funds ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 159.94 607.34 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 603.27 Td (186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.30 603.32 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 603.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 603.27 Td (185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 588.27 Td (Portfolio Enhancement Program ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 204.91 592.80 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 588.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 588.27 Td (540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.30 588.32 Td (\(19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 588.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 588.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 588.27 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 573.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 573.27 Td (24,774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 573.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 573.27 Td (4,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 573.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.80 573.32 Td (\(3,082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 573.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 573.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 573.27 Td (2,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 573.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 573.27 Td (28,281) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.00 569.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 551.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.76 551.10 Td (raditional investments include third party advisory programs, Oppenheimer financial adviser managed and advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 539.10 Td (programs, and Oppenheimer ) Tj ET Q q 0 0 0 rg BT 202.08 539.10 Td (Asset Management taxable and tax-exempt portfolio management strategies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 527.10 Td (Institutional fixed income provides solutions to institutional investors including: ) Tj ET Q q 0 0 0 rg BT 409.40 527.10 Td (T) Tj ET Q q 0 0 0 rg BT 414.81 527.10 Td (aft-Hartley Funds, Public Pension ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 515.10 Td (Funds, Corporate Pension Funds, and Foundations and Endowments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 503.10 Td (Hedge funds represent single manager hedge fund strategies in areas including hedged equity) Tj ET Q q 0 0 0 rg BT 458.56 503.10 Td (, technology and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 491.10 Td (financial services, and multi-manager and multi-strategy fund of funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 479.10 Td (Private equity funds represent private equity fund of funds including portfolios focused on natural resources and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 467.10 Td (related assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 455.10 Td (Portfolio enhancement program sells uncovered, far out-of-money puts and calls on the $&P) Tj ET Q q 0 0 0 rg BT 455.81 455.10 Td ( 500 Index. ) Tj ET Q q 0 0 0 rg BT 505.90 455.10 Td (The program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 443.10 Td (is market neutral and uncorrelated to the index.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 417.53505859375 m 120.2685546875 417.53505859375 l s q 0 0 0 rg BT 50.00 419.10 Td (Capital Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.10 Td (Capital Markets reported revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.44 401.10 Td ($231.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.33 401.10 Td ( for the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.38 401.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.38 401.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.38 401.10 Td (9.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.21 401.10 Td ( lower than the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.58 389.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 389.10 Td ( due to lower commissions, fees from mer) Tj ET Q q 0 0 0 rg BT 296.70 389.10 Td (gers and acquisition activity and debt capital market transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.97 377.10 Td (fset by higher fees from equities underwriting transactions during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.42 377.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.01 377.10 Td (. Loss before ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.10 Td (income taxes was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.03 365.10 Td ($40.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.92 365.10 Td ( for the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.97 365.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.97 365.10 Td ( compared with a loss before income taxes of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.52 365.10 Td ($17.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 353.10 Td ( for the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.94 353.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.94 353.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 329.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 329.10 Td (Institutional equities commissions decreased 1) Tj ET Q q 0 0 0 rg BT 271.70 329.10 Td (1.3% to $95.0 million for the year ended December 31, 2017 compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 317.10 Td (with the year ended December 31, 2016 due to lower volatility and trading volumes in the equity markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 299.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 299.10 Td (Advisory fees earned from investment banking activities decreased 28.0% to $29.5 million for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 287.10 Td (December 31, 2017 compared with the year ended December 31, 2016 due to a decrease in mer) Tj ET Q q 0 0 0 rg BT 467.88 287.10 Td (gers and acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 275.10 Td (activity during the year ended December 31, 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 257.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 257.10 Td (Equities underwriting fees increased 98.5% to $27.0 million for the year ended December 31, 2017 compared with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 245.10 Td (year ended December 31, 2016 due to increased capital raising activity during the year ended December 31, 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 227.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 227.10 Td (Revenue from ) Tj ET Q q 0 0 0 rg BT 145.24 227.10 Td (T) Tj ET Q q 0 0 0 rg BT 150.65 227.10 Td (axable Fixed Income decreased 24.9% to $53.1 million for the year ended December 31, 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 215.10 Td (compared with the year ended December 31, 2016 due to low volatility and client activity leading to a reduction in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 203.10 Td (commission and debt capital markets revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 185.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 185.10 Td (Public Finance and Municipal ) Tj ET Q q 0 0 0 rg BT 208.57 185.10 Td (T) Tj ET Q q 0 0 0 rg BT 214.33 185.10 Td (rading revenue increased 20.3% to $20.7 million for the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 173.10 Td (2017 compared with the year ended December 31, 2016.) Tj ET Q endstream endobj 123 0 obj <>] /Rotate 0 /Contents 124 0 R>> endobj 124 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (59) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 742.25 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 724.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.08 724.25 Td (, total assets increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.94 724.25 Td (9.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.77 724.25 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.21 724.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.79 724.25 Td (. ) Tj ET Q q 0 0 0 rg BT 373.61 724.25 Td (The Company satisfies its need for short-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (financing from internally generated funds and collateralized and uncollateralized borrowings, consisting primarily of bank call ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (loans, stock loans, and uncommitted lines of credit. ) Tj ET Q q 0 0 0 rg BT 257.83 700.25 Td (The Company finances its trading in government securities through the use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (of securities sold under agreements to repurchase \("repurchase agreements"\). ) Tj ET Q q 0 0 0 rg BT 360.63 688.25 Td (The Company's longer) Tj ET Q q 0 0 0 rg BT 451.10 688.25 Td (-term capital needs have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (been met through the issuance of the 6.75% Senior Secured Notes due 2022 \(see "Refinancing" below\). ) Tj ET Q q 0 0 0 rg BT 466.76 676.25 Td (The amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (Oppenheimer's bank borrowings fluctuates in response to changes in the level of the Company's securities inventories and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (customer mar) Tj ET Q q 0 0 0 rg BT 104.52 652.25 Td (gin debt, changes in notes receivable from employees, investment in furniture, equipment and leasehold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (improvements, and changes in stock loan balances and financing through repurchase agreements. Oppenheimer has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (arrangements with banks for borrowings on a fully-collateralized basis. ) Tj ET Q q 0 0 0 rg BT 337.14 628.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.64 628.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.22 628.25 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.26 628.25 Td ($1) Tj ET Q q 0 0 0 rg BT 515.89 628.25 Td (18.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 616.25 Td ( of such borrowings outstanding compared to outstanding borrowings of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.52 616.25 Td ($145.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.41 616.25 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.63 616.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.21 616.25 Td (. ) Tj ET Q q 0 0 0 rg BT 525.03 616.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (Company also has some availability of short-term bank financing on an unsecured basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (V) Tj ET Q q 0 0 0 rg BT 55.93 580.25 Td (olatility in the financial markets and ongoing concerns about the speed and degree of economic recovery has had an adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 568.25 Td (fect on the availability of credit through traditional sources. ) Tj ET Q q 0 0 0 rg BT 297.51 568.25 Td (As a result of concerns around financial markets generally and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (the strength of counterparties specifically) Tj ET Q q 0 0 0 rg BT 214.84 556.25 Td (, lenders have reduced and, in some cases, ceased to provide funding on both a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (secured and unsecured basis to financial service providers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (The Company's overseas subsidiaries, Oppenheimer Europe Ltd. and Oppenheimer Investments ) Tj ET Q q 0 0 0 rg BT 435.60 520.25 Td (Asia Limited, are subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (local regulatory capital requirements which restrict the Company's ability to utilize this capital for other purposes. ) Tj ET Q q 0 0 0 rg BT 507.88 508.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (regulatory capital requirements for Oppenheimer Europe Ltd. and Oppenheimer Investments ) Tj ET Q q 0 0 0 rg BT 422.93 496.25 Td (Asia Limited were $3.8 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 484.25 Td ($387,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.44 484.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 157.10 484.25 Td (, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.82 484.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.40 484.25 Td (. See note 16 to the consolidated financial statements appearing in Item8 for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (further details. ) Tj ET Q q 0 0 0 rg BT 110.63 472.25 Td (The liquid assets at Oppenheimer Europe Ltd. are primarily comprised of cash deposits in bank accounts. ) Tj ET Q q 0 0 0 rg BT 534.22 472.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (liquid assets at Oppenheimer Investments ) Tj ET Q q 0 0 0 rg BT 218.58 460.25 Td (Asia Limited are primarily comprised of investments in U.S. ) Tj ET Q q 0 0 0 rg BT 463.63 460.25 Td (T) Tj ET Q q 0 0 0 rg BT 469.38 460.25 Td (reasuries and cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (deposits in bank accounts. ) Tj ET Q q 0 0 0 rg BT 156.93 448.25 Td (Any restrictions on transfer of these liquid assets from Oppenheimer Europe Ltd. and Oppenheimer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 100.27 436.25 Td (Asia Limited to the Company or its other subsidiaries would be limited by the regulatory capital requirements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (The Company permanently reinvests eligible earnings of its foreign subsidiaries in such subsidiaries and, accordingly) Tj ET Q q 0 0 0 rg BT 519.52 412.25 Td (, does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (accrue any U.S. income taxes that would arise if these earnings were repatriated. ) Tj ET Q q 0 0 0 rg BT 374.69 400.25 Td (The unrecognized deferred tax liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (associated with earnings of foreign subsidiaries is estimated at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.88 388.25 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.77 388.25 Td ( for those subsidiaries with respect to which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (Company would be subject to residual U.S. tax on cumulative earnings through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.50 376.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 376.25 Td ( were those earnings to be repatriated. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (note 13 to the consolidated financial statements appearing in Item8. ) Tj ET Q q 0 0 0 rg BT 325.29 364.25 Td (The Company intends to continue to reinvest permanently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (the excess earnings of Oppenheimer Israel \(OPCO\) Ltd. in its own business and in the businesses in Europe and ) Tj ET Q q 0 0 0 rg BT 499.91 352.25 Td (Asia to support ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (business initiatives in those regions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (In February 2010, Oppenheimer finalized settlements with the Regulators concluding investigations and administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (proceedings concerning Oppenheimer's marketing and sale of ) Tj ET Q q 0 0 0 rg BT 298.66 304.25 Td (ARS. Pursuant to those settlements and legal settlements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (awards, the Company has purchased and will, subject to the terms and conditions of the settlements, continue to purchase ) Tj ET Q q 0 0 0 rg BT 537.66 292.25 Td (ARS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (on a periodic basis. ) Tj ET Q q 0 0 0 rg BT 129.52 280.25 Td (The ultimate amount of ) Tj ET Q q 0 0 0 rg BT 225.61 280.25 Td (ARS to be repurchased by the Company cannot be predicted with any certainty and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (will be impacted by redemptions by issuers and legal and other actions by clients during the relevant period which cannot be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (predicted. See "Of) Tj ET Q q 0 0 0 rg BT 123.59 256.25 Td (f-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 189.12 256.25 Td (Arrangements" herein.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (Additional settlements of regulatory matters could have an adverse ef) Tj ET Q q 0 0 0 rg BT 327.78 232.25 Td (fect on the Company's liquidity depending on the size and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (composition of any such settlement.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (Refinancing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (On June23, 2017, the Parent issued in a private of) Tj ET Q q 0 0 0 rg BT 251.45 178.25 Td (fering $200.0 million aggregate principal amount of 6.75% Senior Secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (Notes due 2022 \(the "Unregistered Notes"\) under an indenture at an issue price of 100% of the principal amount. On September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (19, 2017, the Parent completed an exchange of) Tj ET Q q 0 0 0 rg BT 237.26 154.25 Td (fer in which the Parent exchanged 99.8% of its Unregistered Notes for a like ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (principal amount of notes with identical terms except that such new notes have been registered under the Securities ) Tj ET Q q 0 0 0 rg BT 512.63 142.25 Td (Act of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (1933, as amended \(the "Notes"\). ) Tj ET Q q 0 0 0 rg BT 182.11 130.25 Td (The Parent did not receive any proceeds in the exchange of) Tj ET Q q 0 0 0 rg BT 418.50 130.25 Td (fer) Tj ET Q q 0 0 0 rg BT 429.05 130.25 Td (. ) Tj ET Q q 0 0 0 rg BT 433.87 130.25 Td (The interest on the Notes is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (payable semi-annually on January 1st and July 1st, beginning January 1, 2018. ) Tj ET Q q 0 0 0 rg BT 366.70 118.25 Td (The Parent used a portion of the net proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (from the of) Tj ET Q q 0 0 0 rg BT 94.80 106.25 Td (fering of the Notes to redeem in full its 8.75% Senior Secured Notes due ) Tj ET Q q 0 0 0 rg BT 387.24 106.25 Td (April 15, 2018 in the principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td ($120.0 million, and pay all related fees and expenses related thereto. See note 10 to the consolidated financial statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (appearing in Item 8 for further discussion.) Tj ET Q endstream endobj 125 0 obj <>] /Rotate 0 /Contents 126 0 R>> endobj 126 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (On June 15, 2017, S&P) Tj ET Q q 0 0 0 rg BT 144.08 742.10 Td ( upgraded the Company's 'B' Corporate Family rating and 'B' rating on the Notes to 'B+' with a stable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (outlook. On December 18, 2017, Moody's Corporation af) Tj ET Q q 0 0 0 rg BT 279.36 730.10 Td (firmed the Company's 'B2' Corporate Family rating and 'B1' rating on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (the Notes and af) Tj ET Q q 0 0 0 rg BT 115.07 718.10 Td (firmed its stable outlook.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Liquidity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (For the most part, the Company's assets consist of cash and cash equivalents and assets which can be readily converted into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (cash. Receivable from brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 267.22 664.10 Td (ganizations represents deposits for securities borrowed transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (mar) Tj ET Q q 0 0 0 rg BT 65.37 652.10 Td (gin deposits or current transactions awaiting settlement. Receivable from customers represents mar) Tj ET Q q 0 0 0 rg BT 461.17 652.10 Td (gin balances and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (amounts due on transactions awaiting settlement. ) Tj ET Q q 0 0 0 rg BT 248.94 640.10 Td (The Company's receivables are, for the most part, collateralized by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (marketable securities. ) Tj ET Q q 0 0 0 rg BT 139.50 628.10 Td (The Company's collateral maintenance policies and procedures are designed to limit the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (exposure to credit risk. Securities owned, with the exception of the ) Tj ET Q q 0 0 0 rg BT 319.10 616.10 Td (ARS, are mainly comprised of actively trading, readily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (marketable securities. ) Tj ET Q q 0 0 0 rg BT 139.50 604.10 Td (The Company advanced $23.2 million in for) Tj ET Q q 0 0 0 rg BT 317.34 604.10 Td (givable notes to employees \(which are inherently illiquid\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.96 592.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.54 592.10 Td ( \($1) Tj ET Q q 0 0 0 rg BT 219.00 592.10 Td (1.5 million for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.36 592.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.94 592.10 Td (\) as upfront or backend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (inducements. ) Tj ET Q q 0 0 0 rg BT 105.36 580.10 Td (The amount of funds allocated to such inducements will vary with hiring activity) Tj ET Q q 0 0 0 rg BT 428.53 580.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (The Company satisfies its need for short-term liquidity from internally generated funds, collateralized and uncollateralized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (bank borrowings, stock loans and repurchase agreements. Bank borrowings are collateralized by firm and customer securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (The Company does not repatriate the earnings of its foreign subsidiaries. Foreign earnings are permanently reinvested for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (use of the foreign subsidiaries and therefore these foreign earnings are not available to satisfy the domestic liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (requirements of the Company) Tj ET Q q 0 0 0 rg BT 168.49 496.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (The Company obtains short-term borrowings primarily through bank call loans. Bank call loans are generally payable on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (demand and bear interest at various rates not exceeding the broker call rate. ) Tj ET Q q 0 0 0 rg BT 353.76 460.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.26 460.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.84 460.10 Td (, bank call loans were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.25 460.10 Td ($1) Tj ET Q q 0 0 0 rg BT 543.88 460.10 Td (18.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 448.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.72 448.10 Td ($145.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.61 448.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.83 448.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.41 448.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 242.56 448.10 Td (The average daily bank loan outstanding for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.47 448.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.05 448.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.05 436.10 Td ($123.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.94 436.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.77 436.10 Td ($106.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.67 436.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.13 436.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.71 436.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 355.86 436.10 Td (The lar) Tj ET Q q 0 0 0 rg BT 384.27 436.10 Td (gest daily bank loan outstanding for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.08 424.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.67 424.10 Td ( was $247.6 million \($229.2 million for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.29 424.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.88 424.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 483.03 424.10 Td (The average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (weighted interest rate on bank call loans applicable on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.64 412.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.23 412.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.78 412.10 Td (2.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.61 412.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 388.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.08 388.10 Td (, securities loan balances totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.70 388.10 Td ($180.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.59 388.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.42 388.10 Td ($179.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.31 388.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.53 388.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.11 388.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 495.26 388.10 Td (The average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (daily securities loan balance for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.47 376.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.05 376.10 Td ( was $179.4 million \($167.7 million for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 364.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 136.73 364.10 Td (The lar) Tj ET Q q 0 0 0 rg BT 165.15 364.10 Td (gest daily stock loan balance for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.57 364.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 364.10 Td ( was $279.5 million \($241.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (million for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.35 352.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.94 352.10 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (The Company finances its government trading operations through the use of securities purchased under agreements to resell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (\("reverse repurchase agreements"\) and repurchase agreements. Except as described below) Tj ET Q q 0 0 0 rg BT 409.00 316.10 Td (, repurchase and reverse repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (agreements, principally involving government and agency securities, are carried at amounts at which securities subsequently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (will be resold or reacquired as specified in the respective agreements and include accrued interest. Repurchase and reverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (repurchase agreements are presented on a net-by-counterparty basis, when the repurchase and reverse repurchase agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (are executed with the same counterparty) Tj ET Q q 0 0 0 rg BT 210.66 268.10 Td (, have the same explicit settlement date, are executed in accordance with a master ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (netting arrangement, the securities underlying the repurchase and reverse repurchase agreements exist in "book entry" form and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (certain other requirements are met.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (Certain of the Company's repurchase agreements and reverse repurchase agreements are carried at fair value as a result of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (Company's fair value option election. ) Tj ET Q q 0 0 0 rg BT 202.14 208.10 Td (The Company elected the fair value option for those repurchase agreements and reverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (repurchase agreements that do not settle overnight or have an open settlement date. ) Tj ET Q q 0 0 0 rg BT 384.70 196.10 Td (The Company has elected the fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (option for these instruments to more accurately reflect market and economic events in its earnings and to mitigate a potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (imbalance in earnings caused by using dif) Tj ET Q q 0 0 0 rg BT 217.55 172.10 Td (ferent measurement attributes \(i.e. fair value versus carrying value\) for certain assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (and liabilities. ) Tj ET Q q 0 0 0 rg BT 108.60 160.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.10 160.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.69 160.10 Td (, the Company did not have any reverse repurchase agreements and repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (agreements for which the fair value option was elected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 124.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.08 124.10 Td (, the gross balances of reverse repurchase agreements and repurchase agreements were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.08 124.10 Td ($200.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.97 124.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 112.10 Td ($786.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.83 112.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 178.49 112.10 Td (. ) Tj ET Q q 0 0 0 rg BT 183.31 112.10 Td (The average daily balance of reverse repurchase agreements and repurchase agreements on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (gross basis for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.07 100.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.66 100.10 Td ( was $267.1 million and $708.5 million, respectively \($351.9 million and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td ($845.6 million, respectively) Tj ET Q q 0 0 0 rg BT 161.55 88.10 Td (, for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.51 88.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.10 88.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 328.25 88.10 Td (The lar) Tj ET Q q 0 0 0 rg BT 356.66 88.10 Td (gest amount of reverse repurchase agreements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (repurchase agreements outstanding on a gross basis during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.96 76.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.55 76.10 Td ( was $661.4 million and $1.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (billion, respectively \($920.3 million and $1.5 billion, respectively) Tj ET Q q 0 0 0 rg BT 312.36 64.10 Td (, for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.32 64.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.90 64.10 Td (\).) Tj ET Q endstream endobj 127 0 obj <>] /Rotate 0 /Contents 128 0 R>> endobj 128 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td () Tj ET Q q 0 0 0 rg BT 51.95 742.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.45 742.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.03 742.10 Td (, the gross leverage ratio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.60 742.10 Td (4.7) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Liquidity Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.10 Td (The Company manages its need for liquidity on a daily basis to ensure compliance with regulatory requirements. ) Tj ET Q q 0 0 0 rg BT 503.59 700.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.10 Td (Company's liquidity needs may be af) Tj ET Q q 0 0 0 rg BT 197.98 688.10 Td (fected by market conditions, increased inventory positions, business expansion and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (unanticipated occurrences. In the event that existing financial resources do not satisfy the Company's needs, the Company may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (have to seek additional external financing. ) Tj ET Q q 0 0 0 rg BT 221.70 664.10 Td (The availability of such additional external financing may depend on market factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (outside the Company's control.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (The Company regularly reviews its sources of liquidity and financing and conducts internal stress analysis to determine the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (impact on the Company of events that could remove sources of liquidity or financing and to plan actions the Company could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (take in the case of such an eventuality) Tj ET Q q 0 0 0 rg BT 201.24 604.10 Td (. ) Tj ET Q q 0 0 0 rg BT 206.05 604.10 Td (The Company's reviews have resulted in plans that the Company believes would result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (in a reduction of assets through liquidation that would significantly reduce the Company's need for external financing.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (Funding Risk) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 512.60 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 512.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 512.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 512.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 482.60 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 482.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 482.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 482.60 70.00 -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 418.5 525.6 m 488.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 512.6 m 488.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 525.6 m 562.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 512.6 m 562.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 512.6 m 488.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 512.6 m 562.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 467.6 m 562.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 467.6 m 488.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 453.6 m 488.5 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 451.6 m 488.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 453.6 m 562.5 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 451.6 m 562.5 451.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 542.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.92 542.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.00 542.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.00 542.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 529.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.65 529.85 Td (For the ) Tj ET Q q 0 0 0 rg BT 460.39 529.85 Td (Y) Tj ET Q q 0 0 0 rg BT 465.62 529.85 Td (ear Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 516.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.00 516.85 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.00 516.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 503.17 Td (Cash used in operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 502.32 Td (\(16,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 502.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 502.32 Td (\(66,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 502.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 488.17 Td (Cash \(used in\) provided by investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 487.32 Td (\(3,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 487.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 487.27 Td (39,717) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 473.17 Td (Cash provided by financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 472.27 Td (3,244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 472.27 Td (28,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 458.17 Td (Net \(decrease\) increase in cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 457.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 457.32 Td (\(16,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 457.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 457.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 457.27 Td (1,549) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.10 Td (Management believes that funds from operations, combined with the Company's capital base and available credit facilities, are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.10 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 417.10 Td (ficient for the Company's liquidity needs in the foreseeable future. Changes in capital requirements under international ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td (standards that will impact the costs and relative returns on loans may cause banks including those with whom the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td (relies to back away from providing funding to the securities industry) Tj ET Q q 0 0 0 rg BT 323.73 393.10 Td (. Such a development might impact the Company's ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (to finance its day to day activities or increase the costs to acquire funding. ) Tj ET Q q 0 0 0 rg BT 348.33 381.10 Td (The Company may or may not be able to pass such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (increased funding costs on to its clients. See "Factors ) Tj ET Q q 0 0 0 rg BT 264.60 369.10 Td (Af) Tj ET Q q 0 0 0 rg BT 274.97 369.10 Td (fecting 'Forward-Looking Statements'" herein. In June 2017, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (Company refinanced its outstanding indebtedness. See "Refinancing" herein.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (Other) Tj ET Q q 0 0 0 rg BT 75.37 333.10 Td ( Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 315.10 Td (On November24, 2017, the Company paid cash dividends of $0.1) Tj ET Q q 0 0 0 rg BT 314.86 315.10 Td (1 per share of Class) Tj ET Q q 0 0 0 rg BT 395.68 315.10 Td (A) Tj ET Q q 0 0 0 rg BT 402.35 315.10 Td ( and Class B Stock totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 303.10 Td (approximately $1.4 million from available cash on hand.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 279.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.72 279.10 Td (February26, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.32 279.10 Td (, the Company paid cash dividends of $0.1) Tj ET Q q 0 0 0 rg BT 308.75 279.10 Td (1 per share of Class) Tj ET Q q 0 0 0 rg BT 389.57 279.10 Td (A) Tj ET Q q 0 0 0 rg BT 396.24 279.10 Td ( and Class B Stock totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 267.10 Td (approximately $1.5 million from available cash on hand.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 243.10 Td (The book value of the Company's Class) Tj ET Q q 0 0 0 rg BT 210.95 243.10 Td (A) Tj ET Q q 0 0 0 rg BT 217.62 243.10 Td ( and Class B Stock was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.73 243.10 Td ($39.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.23 243.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.44 243.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.03 243.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.73 243.10 Td ($38.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.23 243.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 231.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 231.10 Td (, based on total outstanding shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.11 231.10 Td (13,238,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.11 231.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.55 231.10 Td (13,360,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.55 231.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 441.21 231.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 207.10 Td (The diluted weighted average number of shares of Class) Tj ET Q q 0 0 0 rg BT 276.88 207.10 Td (A) Tj ET Q q 0 0 0 rg BT 283.54 207.10 Td ( and Class B Stock outstanding for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.73 207.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 195.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.55 195.10 Td (13,673,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.55 195.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.25 195.10 Td (13,368,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.25 195.10 Td ( outstanding on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.42 195.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.00 195.10 Td (.) Tj ET Q endstream endobj 129 0 obj <>] /Rotate 0 /Contents 130 0 R>> endobj 130 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 742.25 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (In February 2010, Oppenheimer finalized settlements with the Regulators concluding investigations and administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (proceedings by the Regulators concerning Oppenheimer's marketing and sale of ) Tj ET Q q 0 0 0 rg BT 371.70 712.25 Td (ARS. Pursuant to the settlements with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (Regulators, Oppenheimer agreed to extend of) Tj ET Q q 0 0 0 rg BT 231.98 700.25 Td (fers to repurchase ) Tj ET Q q 0 0 0 rg BT 305.00 700.25 Td (ARS from certain of its clients subject to certain terms and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (conditions more fully described below) Tj ET Q q 0 0 0 rg BT 203.20 688.25 Td (. ) Tj ET Q q 0 0 0 rg BT 207.65 688.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.09 688.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.68 688.25 Td (, the Company had no outstanding ) Tj ET Q q 0 0 0 rg BT 449.83 688.25 Td (ARS purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (commitments related to the settlements with the Regulators. In addition to the settlements with the Regulators, Oppenheimer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (has also reached settlements of and received adverse awards in legal proceedings with various clients where the Company is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (obligated to purchase ) Tj ET Q q 0 0 0 rg BT 137.48 652.25 Td (ARS. Pursuant to completed Purchase Of) Tj ET Q q 0 0 0 rg BT 302.83 652.25 Td (fers \(as defined\) under the settlements with the Regulators and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (client related legal settlements and awards to purchase ) Tj ET Q q 0 0 0 rg BT 269.36 640.25 Td (ARS, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.47 640.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.06 640.25 Td (, the Company purchased and holds \(net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (of redemptions\) approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.35 628.25 Td ($1) Tj ET Q q 0 0 0 rg BT 185.98 628.25 Td (13.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.87 628.25 Td ( in ) Tj ET Q q 0 0 0 rg BT 247.10 628.25 Td (ARS from its clients. In addition, the Company is committed to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (another ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 616.25 Td ($1) Tj ET Q q 0 0 0 rg BT 92.11 616.25 Td (1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.01 616.25 Td ( in ) Tj ET Q q 0 0 0 rg BT 148.23 616.25 Td (ARS from clients through 2020 under legal settlements and awards.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (The Company's purchases of ) Tj ET Q q 0 0 0 rg BT 167.33 592.25 Td (ARS from its clients holding ) Tj ET Q q 0 0 0 rg BT 284.28 592.25 Td (ARS eligible for repurchase will, subject to the terms and conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (of the settlements with the Regulators, continue on a periodic basis. Pursuant to these terms and conditions, the Company is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (required to conduct a financial review every six months, until the Company has extended Purchase Of) Tj ET Q q 0 0 0 rg BT 458.03 568.25 Td (fers to all Eligible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (Investors \(as defined\), to determine whether it has funds available, after giving ef) Tj ET Q q 0 0 0 rg BT 375.26 556.25 Td (fect to the financial and regulatory capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (constraints applicable to the Company) Tj ET Q q 0 0 0 rg BT 202.65 544.25 Td (, to extend additional Purchase Of) Tj ET Q q 0 0 0 rg BT 338.54 544.25 Td (fers. ) Tj ET Q q 0 0 0 rg BT 358.35 544.25 Td (The financial review is based on the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (operating results, regulatory net capital, liquidity) Tj ET Q q 0 0 0 rg BT 244.58 532.25 Td (, and other ) Tj ET Q q 0 0 0 rg BT 289.01 532.25 Td (ARS purchase commitments outstanding under legal settlements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (and awards \(described below\). ) Tj ET Q q 0 0 0 rg BT 174.49 520.25 Td (There are no predetermined quantitative thresholds or formulas used for determining the final ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (agreed upon amount for the Purchase Of) Tj ET Q q 0 0 0 rg BT 211.99 508.25 Td (fers. Upon completion of the financial review) Tj ET Q q 0 0 0 rg BT 393.77 508.25 Td (, the Company first meets with its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (primary regulator) Tj ET Q q 0 0 0 rg BT 119.85 496.25 Td (, FINRA, and then with representatives of the NY) Tj ET Q q 0 0 0 rg BT 318.14 496.25 Td (AG and other regulators to present the results of the review ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (and to finalize the amount of the next Purchase Of) Tj ET Q q 0 0 0 rg BT 251.14 484.25 Td (fer) Tj ET Q q 0 0 0 rg BT 261.69 484.25 Td (. ) Tj ET Q q 0 0 0 rg BT 266.51 484.25 Td (V) Tj ET Q q 0 0 0 rg BT 272.62 484.25 Td (arious of) Tj ET Q q 0 0 0 rg BT 307.71 484.25 Td (fer scenarios are discussed in terms of which Eligible Investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (should receive a Purchase Of) Tj ET Q q 0 0 0 rg BT 166.44 472.25 Td (fer) Tj ET Q q 0 0 0 rg BT 176.99 472.25 Td (. ) Tj ET Q q 0 0 0 rg BT 181.81 472.25 Td (The primary criteria to date in terms of determining which Eligible Investors should receive a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (Purchase Of) Tj ET Q q 0 0 0 rg BT 98.97 460.25 Td (fer has been the amount of household account equity each Eligible Investor had with the Company in February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (2008. Once various Purchase Of) Tj ET Q q 0 0 0 rg BT 179.51 448.25 Td (fer scenarios have been discussed, the Regulators, not the Company) Tj ET Q q 0 0 0 rg BT 450.17 448.25 Td (, make the final ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (determination of which Purchase Of) Tj ET Q q 0 0 0 rg BT 194.78 436.25 Td (fer scenario to implement. ) Tj ET Q q 0 0 0 rg BT 302.06 436.25 Td (The terms of settlements provide that the amount of ) Tj ET Q q 0 0 0 rg BT 511.17 436.25 Td (ARS to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.25 Td (purchased during any period shall not risk placing the Company in violation of regulatory requirements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (Outside of the settlements with the Regulators, the Company has also reached various legal settlements with clients and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (received unfavorable legal awards requiring it to purchase ) Tj ET Q q 0 0 0 rg BT 284.35 388.25 Td (ARS. ) Tj ET Q q 0 0 0 rg BT 308.62 388.25 Td (The terms and conditions including the ) Tj ET Q q 0 0 0 rg BT 466.92 388.25 Td (ARS amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (committed to be purchased under legal settlements are based on the specific facts and circumstances of each legal proceeding. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (In most instances, the purchase commitments are in increments and extend over a period of time. ) Tj ET Q q 0 0 0 rg BT 439.88 364.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.38 364.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.97 364.25 Td (, no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (ARS purchase commitments related to legal settlements extended past 2020. ) Tj ET Q q 0 0 0 rg BT 358.35 352.25 Td (T) Tj ET Q q 0 0 0 rg BT 363.76 352.25 Td (o the extent the Company receives an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (unfavorable award, the Company usually must purchase the ) Tj ET Q q 0 0 0 rg BT 291.32 340.25 Td (ARS provided for by the award within 30 days of the rendering of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (the award. ) Tj ET Q q 0 0 0 rg BT 93.96 328.25 Td (The ultimate amount of ) Tj ET Q q 0 0 0 rg BT 190.05 328.25 Td (ARS to be repurchased by the Company under both the settlements with the Regulators and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (the legal settlements and awards cannot be predicted with any certainty and will be impacted by redemptions by issuers, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (Company's financial and regulatory constraints, and legal and other actions by clients during the relevant period, which also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (cannot be predicted.) Tj ET Q endstream endobj 131 0 obj <>] /Rotate 0 /Contents 132 0 R>> endobj 132 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.50 742.10 Td (ARS positions that the Company owns and are committed to purchase primarily represent auction rate preferred securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (issued by closed-end funds and, to a lesser extent, municipal auction rate securities which are municipal bonds wrapped by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (municipal bond insurance and student loan auction rate securities which are asset-backed securities backed by student loans. ) Tj ET Q q 0 0 0 rg BT 549.28 718.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 706.10 Td (, the amount of ) Tj ET Q q 0 0 0 rg BT 191.07 706.10 Td (ARS held by the Company that was below investment grade was $25,000 and the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (ARS that was unrated was $25,000.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 627.60 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 627.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 627.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 627.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 627.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 627.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 599.60 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 599.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 599.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 599.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 599.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 599.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 571.60 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 571.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 571.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 571.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 571.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 571.60 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 653.6 m 374.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 653.6 m 434.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 653.6 m 438.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 653.6 m 498.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 653.6 m 502.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 653.6 m 562.5 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 627.6 m 434.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 627.6 m 498.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 627.6 m 562.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 627.6 m 434.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 627.6 m 498.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 627.6 m 562.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 571.6 m 434.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 571.6 m 498.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 571.6 m 562.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 558.6 m 434.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 556.6 m 434.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 558.6 m 498.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 556.6 m 498.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 558.6 m 562.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 556.6 m 562.5 556.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 669.55 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.92 669.55 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.00 669.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.00 669.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.00 669.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 173.80 657.55 Td (Auction Rate Securities Owned and Committed to Purchase at December31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 644.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.00 644.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.65 639.85 Td (V) Tj ET Q q 0 0 0 rg BT 457.54 639.85 Td (aluation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.30 631.85 Td (Adjustment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.00 644.85 Td () Tj ET Q BT /F1 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 53 630.78671875 m 77.88671875 630.78671875 l s q 0 0 0 rg BT 53.00 631.85 Td (Product) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.55 631.85 Td (Principal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.50 631.85 Td (Fair ) Tj ET Q q 0 0 0 rg BT 530.24 631.85 Td (V) Tj ET Q q 0 0 0 rg BT 535.13 631.85 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 618.17 Td (Auction Rate Securities \("ARS"\) Owned ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 218.63 622.24 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 618.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 618.17 Td (1) Tj ET Q q 0 0 0 rg BT 403.15 618.17 Td (13,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 618.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 618.17 Td (2,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 618.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 618.17 Td (1) Tj ET Q q 0 0 0 rg BT 531.15 618.17 Td (1) Tj ET Q q 0 0 0 rg BT 536.15 618.17 Td (1,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 604.17 Td (ARS Commitments to Purchase Pursuant to: ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 233.56 608.24 Td (\(2\)\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 590.17 Td (Settlements with the Regulators ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 202.98 594.24 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 590.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 590.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 590.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 576.17 Td (Legal Settlements and ) Tj ET Q q 0 0 0 rg BT 163.81 576.17 Td (A) Tj ET Q q 0 0 0 rg BT 170.11 576.17 Td (wards ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 196.50 580.24 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 576.17 Td (10,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 576.17 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 576.17 Td (10,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 562.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 562.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 562.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 562.17 Td (124,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 562.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 562.17 Td (2,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 562.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 562.17 Td (122,837) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.00 558.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 540.10 Td (Principal amount represents the par value of the ) Tj ET Q q 0 0 0 rg BT 279.27 540.10 Td (ARS and is included in securities owned on the consolidated balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 528.10 Td (sheet at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.76 528.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.35 528.10 Td (. ) Tj ET Q q 0 0 0 rg BT 202.17 528.10 Td (The valuation adjustment amount is included as a reduction to securities owned on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 516.10 Td (consolidated balance sheet at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.84 516.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.42 516.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 504.10 Td (Principal amount represents the present value of the ) Tj ET Q q 0 0 0 rg BT 295.38 504.10 Td (ARS par value that the Company is committed to purchase at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 492.10 Td (future date. ) Tj ET Q q 0 0 0 rg BT 133.85 492.10 Td (This principal amount is presented as an of) Tj ET Q q 0 0 0 rg BT 305.57 492.10 Td (f-balance sheet item. ) Tj ET Q q 0 0 0 rg BT 390.90 492.10 Td (The valuation adjustment is included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 480.10 Td (accounts payable and other liabilities on the consolidated balance sheet at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.84 480.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.42 480.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 468.10 Td (Specific ) Tj ET Q q 0 0 0 rg BT 120.71 468.10 Td (ARS to be purchased under ) Tj ET Q q 0 0 0 rg BT 232.64 468.10 Td (ARS Purchase Commitments are unknown until the beneficial owner selects the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 456.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 128.50 456.10 Td (ARS to be purchased.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 444.10 Td (Commitments to purchase under settlements with the Regulators at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.78 444.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.37 444.10 Td (. Eligible Investors for future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 432.10 Td (buybacks under the settlements with the Regulators held approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.54 432.10 Td ($25.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.43 432.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 441.21 432.10 Td (ARS as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.82 432.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 420.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 420.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 408.10 Td (Commitments to purchase under various legal settlements and awards with clients through 2020.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (Per the above table, the Company has recorded a valuation adjustment on its ) Tj ET Q q 0 0 0 rg BT 357.70 384.10 Td (ARS owned and ) Tj ET Q q 0 0 0 rg BT 425.20 384.10 Td (ARS purchase commitments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 372.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.05 372.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.64 372.10 Td (. ) Tj ET Q q 0 0 0 rg BT 206.46 372.10 Td (The valuation adjustment is comprised of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.75 372.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.64 372.10 Td ( which represents the dif) Tj ET Q q 0 0 0 rg BT 521.76 372.10 Td (ference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (between the principal value and the fair value of the ) Tj ET Q q 0 0 0 rg BT 259.91 360.10 Td (ARS the Company owned as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.79 360.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.37 360.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.81 360.10 Td ($8,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.31 360.10 Td ( which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (represents the dif) Tj ET Q q 0 0 0 rg BT 118.68 348.10 Td (ference between the principal value and the fair value of the ) Tj ET Q q 0 0 0 rg BT 360.51 348.10 Td (ARS the Company is committed to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (under legal settlements and awards. ) Tj ET Q q 0 0 0 rg BT 194.40 336.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.84 336.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.43 336.10 Td (, the Company had no outstanding ) Tj ET Q q 0 0 0 rg BT 436.58 336.10 Td (ARS purchase commitments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (related to the settlements with the Regulators. Eligible Investors for future buybacks under the settlements with the Regulators ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (held approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.98 312.10 Td ($25.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.87 312.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 196.65 312.10 Td (ARS as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.26 312.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.84 312.10 Td (. Since the Company was not committed to purchase this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (amount as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.16 300.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.74 300.10 Td (, there were no valuation adjustments booked to recognize the dif) Tj ET Q q 0 0 0 rg BT 443.86 300.10 Td (ference between the principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (value and the fair value for this remaining amount.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (Additional information concerning the Company's of) Tj ET Q q 0 0 0 rg BT 261.86 264.10 Td (f-balance sheet arrangements is included in note 5 to the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (financial statements appearing in Item8. Such information is hereby incorporated by reference. ) Tj ET Q q 0 0 0 rg BT 433.47 252.10 Td (Also, see "Risk Factors ) Tj ET Q q 0 0 0 rg BT 536.81 252.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (Company may continue to be adversely af) Tj ET Q q 0 0 0 rg BT 218.66 240.10 Td (fected by the failure of the ) Tj ET Q q 0 0 0 rg BT 326.39 240.10 Td (Auction Rate Securities Market" in Item 1A) Tj ET Q q 0 0 0 rg BT 502.09 240.10 Td ( as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td ("Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 177.26 228.10 Td (Analysis of Financial Condition and Results of Operations Business Environment Other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (Regulatory Matters" in Item 7 for additional details.) Tj ET Q endstream endobj 133 0 obj <>] /Rotate 0 /Contents 134 0 R>> endobj 134 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Contractual Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (The following table sets forth the Company's contractual obligations as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.13 724.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.71 724.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 670.75 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 670.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 670.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 670.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 670.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 670.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 670.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 670.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 670.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 670.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 642.75 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 642.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 642.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 642.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 642.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 642.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 642.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 642.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 642.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 642.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 614.75 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 614.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 614.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 614.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 614.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 614.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 614.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 614.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 614.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 614.75 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 670.75 m 306.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 670.75 m 370.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 670.75 m 434.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 670.75 m 498.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 670.75 m 562.5 670.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 614.75 m 306.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 614.75 m 370.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 614.75 m 434.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 614.75 m 498.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 614.75 m 562.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 601.75 m 306.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 599.75 m 306.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 601.75 m 370.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 599.75 m 370.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 601.75 m 434.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 599.75 m 434.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 601.75 m 498.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 599.75 m 498.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 601.75 m 562.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 599.75 m 562.5 599.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 699.00 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.92 699.00 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.00 699.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.00 699.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.00 699.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.00 699.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.00 699.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 686.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.00 686.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.75 683.00 Td (Lessthan1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.60 675.00 Td (Y) Tj ET Q q 0 0 0 rg BT 337.58 675.00 Td (ear) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.00 686.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.00 686.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.40 683.00 Td (Morethan5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.05 675.00 Td (Y) Tj ET Q q 0 0 0 rg BT 528.03 675.00 Td (ears) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 674.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 267.80 674.70 Td (T) Tj ET Q q 0 0 0 rg BT 272.41 674.70 Td (otal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.85 674.70 Td (1-3) Tj ET Q q 0 0 0 rg BT 401.37 674.70 Td (Y) Tj ET Q q 0 0 0 rg BT 406.59 674.70 Td (ears) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.85 674.70 Td (3-5) Tj ET Q q 0 0 0 rg BT 465.22 674.70 Td (Y) Tj ET Q q 0 0 0 rg BT 470.19 674.70 Td (ears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.32 Td (Operating Lease Obligations ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 170.47 665.85 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 661.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 661.32 Td (250,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 661.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 661.32 Td (43,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 661.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 661.32 Td (69,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 661.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 661.32 Td (49,051) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 661.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 661.32 Td (87,729) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 647.32 Td (Committed Capital ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 131.88 651.85 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 647.32 Td (1,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 647.32 Td (1,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 647.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 647.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 647.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 633.32 Td (Senior Secured Notes ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 142.15 637.39 Td (\(2\)\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 633.32 Td (267,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 633.32 Td (19,988) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 633.32 Td (27,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 633.32 Td (220,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 633.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.32 Td (ARS Purchase Commitments ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 172.72 623.39 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 619.32 Td (10,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 619.32 Td (4,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 619.32 Td (6,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 619.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 619.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 605.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 605.32 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 605.32 Td (530,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 605.32 Td (69,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 605.32 Td (103,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 605.32 Td (269,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 605.32 Td (87,729) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.00 601.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 583.25 Td (See note 15 to the consolidated financial statements appearing in Item 8 for additional information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 571.25 Td (See note 10 to the consolidated financial statements appearing in Item 8 for additional information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 559.25 Td (Includes interest payable of $67.8 million through maturity) Tj ET Q q 0 0 0 rg BT 321.97 559.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (Inflation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.25 Td (Because the assets of the Company's brokerage subsidiaries are highly liquid, and because securities inventories are carried at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.25 Td (current market values, the impact of inflation generally is reflected in the financial statements. However) Tj ET Q q 0 0 0 rg BT 465.55 505.25 Td (, the rate of inflation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 493.25 Td (fects the Company's costs relating to employee compensation, rent, communications and certain other operating costs, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.25 Td (such costs may not be recoverable in the level of commissions or fees char) Tj ET Q q 0 0 0 rg BT 348.33 481.25 Td (ged. ) Tj ET Q q 0 0 0 rg BT 367.59 481.25 Td (T) Tj ET Q q 0 0 0 rg BT 373.00 481.25 Td (o the extent inflation results in rising interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.25 Td (rates and has other adverse ef) Tj ET Q q 0 0 0 rg BT 167.82 469.25 Td (fects upon the securities markets, it may adversely af) Tj ET Q q 0 0 0 rg BT 379.51 469.25 Td (fect the Company's financial position and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.25 Td (results of operations.) Tj ET Q endstream endobj 135 0 obj <>] /Rotate 0 /Contents 136 0 R>> endobj 136 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 84.16 742.25 Td (Affecting "Forward-Looking Statements") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (From time to time, the Company may publish "Forward-looking statements" within the meaning of Section27A) Tj ET Q q 0 0 0 rg BT 498.11 724.25 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.38 712.25 Td (Act and Section21E of the Exchange ) Tj ET Q q 0 0 0 rg BT 243.28 712.25 Td (Act or make oral statements that constitute forward-looking statements. ) Tj ET Q q 0 0 0 rg BT 531.91 712.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (forward-looking statements may relate to such matters as anticipated financial performance, future revenues or earnings, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (business prospects, projected ventures, new products, anticipated market performance, and similar matters. ) Tj ET Q q 0 0 0 rg BT 479.96 688.25 Td (The Private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (Securities Litigation Reform ) Tj ET Q q 0 0 0 rg BT 166.37 676.25 Td (Act of 1995 provides a safe harbor for forward-looking statements. In order to comply with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (terms of the safe harbor) Tj ET Q q 0 0 0 rg BT 144.56 664.25 Td (, the Company cautions readers that a variety of factors could cause the Company's actual results to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 652.25 Td (fer materially from the anticipated results or other expectations expressed in the Company's forward-looking statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (These risks and uncertainties, many of which are beyond the Company's control, include, but are not limited to: \(i\)transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (volume in the securities markets, \(ii\)the volatility of the securities markets, \(iii\)fluctuations in interest rates, \(iv\)changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (regulatory requirements which could af) Tj ET Q q 0 0 0 rg BT 207.54 616.25 Td (fect the cost and method of doing business and reduce returns, \(v\)fluctuations in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (currency rates, \(vi\)general economic conditions, both domestic and international, including fluctuating oil prices, \(vii\)changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (in the rate of inflation and the related impact on the securities markets, \(viii\)competition from existing financial institutions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (and other participants in the securities markets, \(ix\)legal developments af) Tj ET Q q 0 0 0 rg BT 345.55 580.25 Td (fecting the litigation experience of the securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (industry and the Company) Tj ET Q q 0 0 0 rg BT 155.17 568.25 Td (, including developments arising from the failure of the ) Tj ET Q q 0 0 0 rg BT 378.45 568.25 Td (Auction Rate Securities markets, the trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (of low-priced securities, stepped up enforcement ef) Tj ET Q q 0 0 0 rg BT 255.01 556.25 Td (forts by the SEC, FinCEN, FINRA) Tj ET Q q 0 0 0 rg BT 394.19 556.25 Td ( and other regulators and the results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (pending litigation and regulatory proceedings involving the Company) Tj ET Q q 0 0 0 rg BT 328.46 544.25 Td (, \(x\)changes in foreign, federal and state tax laws which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (could af) Tj ET Q q 0 0 0 rg BT 82.30 532.25 Td (fect the popularity of products sold by the Company or impose taxes on securities transactions, \(xi\)applications and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (enforcement of the DOL) Tj ET Q q 0 0 0 rg BT 148.20 520.25 Td ( retirement rules and regulations, \(xii\)the ef) Tj ET Q q 0 0 0 rg BT 324.62 520.25 Td (fectiveness of ef) Tj ET Q q 0 0 0 rg BT 389.96 520.25 Td (forts to reduce costs and eliminate overlap, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (\(xiii\)war and nuclear confrontation as well as political unrest and regime changes, health epidemics and economic crisis in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (foreign countries, \(xiv\)the Company's ability to achieve its business plan, \(xv\)corporate governance issues, \(xvi\)the impact of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (the credit crisis and tight credit markets on business operations, \(xvii\)the ef) Tj ET Q q 0 0 0 rg BT 353.35 484.25 Td (fect of bailout, financial reform and related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (legislation including, without limitation, the ) Tj ET Q q 0 0 0 rg BT 228.41 472.25 Td (W) Tj ET Q q 0 0 0 rg BT 237.05 472.25 Td (all Street Reform and the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 390.90 472.25 Td (Act, the ) Tj ET Q q 0 0 0 rg BT 424.88 472.25 Td (V) Tj ET Q q 0 0 0 rg BT 430.81 472.25 Td (olcker Rule and the rules and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (regulations thereunder and the new DOL) Tj ET Q q 0 0 0 rg BT 213.18 460.25 Td ( rule \(see "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 379.58 460.25 Td (Analysis of Financial Condition and Results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (of Operations Regulatory and Legal Environment" herein\), \(xviii\)the consolidation of the banking and financial services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (industry) Tj ET Q q 0 0 0 rg BT 82.13 436.25 Td (, \(xix\)the ef) Tj ET Q q 0 0 0 rg BT 131.37 436.25 Td (fects of the economy on the Company's ability to find and maintain financing options and liquidity) Tj ET Q q 0 0 0 rg BT 525.51 436.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.25 Td (\(xx\)credit, operations, legal and regulatory risks, \(xxi\)risks related to foreign operations, including those in the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (Kingdom which may be af) Tj ET Q q 0 0 0 rg BT 156.46 412.25 Td (fected by Britain's June 23, 2016 referendum to exit the EU \("Brexit"\), \(xxii\)risks related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (downgrade of U.S. long-term sovereign debt obligations and the sovereign debt of European nations, \(xxiii\)risks related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (manipulation of the London Interbank Of) Tj ET Q q 0 0 0 rg BT 215.61 388.25 Td (fered Rate \("LIBOR"\) and concerns over high speed trading, \(xxiv\)potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (cybersecurity threats, \(xxv\) the ef) Tj ET Q q 0 0 0 rg BT 184.48 376.25 Td (fect of technological innovation on our industry and business, \(xxvi\)risks related to changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (by S&P) Tj ET Q q 0 0 0 rg BT 81.03 364.25 Td ( Global Ratings \("S&P"\) or Moody's Investor Service, Inc. \("Moody's"\) of its rating on the Company and on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (Company's long-term debt, and \(xxvii\)risks related to elections results, Congressional gridlock, government shutdowns and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (investigations, changes in or uncertainty surrounding regulations and threats of default by the federal government. ) Tj ET Q q 0 0 0 rg BT 508.85 340.25 Td (There can be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (no assurance that the Company has correctly or completely identified and assessed all of the factors af) Tj ET Q q 0 0 0 rg BT 458.56 328.25 Td (fecting the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 88.71 316.25 Td (The Company does not undertake any obligation to publicly update or revise any forward-looking statements. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td ("Risk Factors" in Item 1A.) Tj ET Q endstream endobj 137 0 obj <>] /Rotate 0 /Contents 138 0 R>> endobj 138 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item7A. QUANTIT) Tj ET Q q 0 0 0 rg BT 135.64 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 142.12 742.25 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 168.53 742.25 Td (AND QUALIT) Tj ET Q q 0 0 0 rg BT 231.40 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 237.88 742.25 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 337.36 742.25 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 372.74 742.25 Td ( MARKET) Tj ET Q q 0 0 0 rg BT 420.06 742.25 Td ( RISK) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Risk Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (The Company's principal business activities by their nature involve significant market, credit and other risks. ) Tj ET Q q 0 0 0 rg BT 487.90 700.25 Td (The Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 688.25 Td (fectiveness in managing these risks is critical to its success and stability) Tj ET Q q 0 0 0 rg BT 343.82 688.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (As part of its normal business operations, the Company engages in the trading of both fixed income and equity securities in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (both a proprietary and market-making capacity) Tj ET Q q 0 0 0 rg BT 237.33 652.25 Td (. ) Tj ET Q q 0 0 0 rg BT 242.15 652.25 Td (The Company makes markets in over) Tj ET Q q 0 0 0 rg BT 391.63 652.25 Td (-the-counter equities in order to facilitate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (order flow and accommodate its institutional and retail customers. ) Tj ET Q q 0 0 0 rg BT 316.97 640.25 Td (The Company also makes markets in municipal bonds, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (mortgage-backed securities, government bonds and high yield bonds and short term fixed income securities and loans issued by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (various corporations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.59 592.25 Td (. Market risk generally means the risk of loss that may result from the potential change in the value of a financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (instrument as a result of fluctuations in interest and currency exchange rates and in equity and commodity prices. Market risk is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (inherent in all types of financial instruments, including both derivatives and non-derivatives. ) Tj ET Q q 0 0 0 rg BT 422.50 568.25 Td (The Company's exposure to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (market risk arises from its role as a financial intermediary for its customers' transactions and from its proprietary trading and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (arbitrage activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (Oppenheimer monitors market risks through daily profit and loss statements and position reports. Each trading department ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (adheres to internal position limits determined by senior management and regularly reviews the age and composition of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (proprietary accounts. Positions and profits and losses for each trading department are reported to senior management on a daily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (In its market-making activities, Oppenheimer must provide liquidity in the equities for which it makes markets. ) Tj ET Q q 0 0 0 rg BT 497.68 460.25 Td (As a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (this, Oppenheimer has risk containment policies in place, which limit position size and monitor transactions on a minute-to-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (minute basis.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (Cr) Tj ET Q q 0 0 0 rg BT 60.19 412.25 Td (edit Risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.40 412.25 Td ( Credit risk represents the loss that the Company would incur if a client, counterparty or issuer of securities or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (instruments held by the Company fails to perform its contractual obligations. Given the recent issues in the credit markets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (there has been an increased focus in the industry about credit risk. ) Tj ET Q q 0 0 0 rg BT 316.12 388.25 Td (The Company follows industry practice to reduce credit risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (related to various investing and financing activities by obtaining and maintaining collateral wherever possible. ) Tj ET Q q 0 0 0 rg BT 493.86 376.25 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (adjusts mar) Tj ET Q q 0 0 0 rg BT 95.64 364.25 Td (gin requirements if it believes the risk exposure is not appropriate based on market conditions. ) Tj ET Q q 0 0 0 rg BT 475.37 364.25 Td (When Oppenheimer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (advances funds or securities to a counterparty in a principal transaction or to a customer in a brokered transaction, it is subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (to the risk that the counterparty or customer will not repay such advances. If the market price of the securities purchased or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (loaned has declined or increased, respectively) Tj ET Q q 0 0 0 rg BT 232.60 328.25 Td (, Oppenheimer may be unable to recover some or all of the value of the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (advanced. ) Tj ET Q q 0 0 0 rg BT 92.20 316.25 Td (A) Tj ET Q q 0 0 0 rg BT 98.87 316.25 Td ( similar risk is also present where a customer is unable to respond to a mar) Tj ET Q q 0 0 0 rg BT 396.67 316.25 Td (gin call and the market price of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (collateral has dropped. In addition, Oppenheimer's securities positions are subject to fluctuations in market value and liquidity) Tj ET Q q 0 0 0 rg BT 553.80 304.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (In addition to monitoring the credit-worthiness of its customers, Oppenheimer imposes more conservative mar) Tj ET Q q 0 0 0 rg BT 491.94 280.25 Td (gin requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (than those of the FINRA) Tj ET Q q 0 0 0 rg BT 148.33 268.25 Td ( Rule 4210. Generally) Tj ET Q q 0 0 0 rg BT 235.99 268.25 Td (, Oppenheimer limits customer loans to an amount not greater than 65% of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (value of the securities \(or lower if the securities in the account are concentrated in a limited number of issues\). Particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (attention and more restrictive requirements are placed on more highly volatile securities traded in the NASDAQ market. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (comparison, the FINRA) Tj ET Q q 0 0 0 rg BT 145.83 232.25 Td ( Rule 4210 permits loans of up to 75% of the value of the equity securities in a customer's account. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (Further discussion of credit risk appears in note 6 to the Company's consolidated financial statements appearing in Item8.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (Operational Risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.10 196.25 Td ( Operational risk generally refers to the risk of loss resulting from the Company's operations, including, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (not limited to, improper or unauthorized execution and processing of transactions, deficiencies in its operating systems, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (business disruptions and inadequacies or breaches in its internal control processes. ) Tj ET Q q 0 0 0 rg BT 381.96 172.25 Td (The Company operates in diverse markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (and it is reliant on the ability of its employees and systems to process high numbers of transactions often within short time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (frames. In the event of a breakdown or improper operation of systems, human error or improper action by employees, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (Company could suf) Tj ET Q q 0 0 0 rg BT 128.14 136.25 Td (fer financial loss, regulatory sanctions or damage to its reputation. In order to mitigate and control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (operational risk, the Company has developed and continues to enhance policies and procedures \(including the maintenance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (disaster recovery facilities and procedures related thereto\) that are designed to identify and manage operational risk at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (appropriate levels. ) Tj ET Q q 0 0 0 rg BT 126.18 100.25 Td (W) Tj ET Q q 0 0 0 rg BT 135.21 100.25 Td (ith respect to its trading activities, the Company has procedures designed to ensure that all transactions are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (accurately recorded and properly reflected on the Company's books on a timely basis. ) Tj ET Q q 0 0 0 rg BT 394.84 88.25 Td (W) Tj ET Q q 0 0 0 rg BT 403.88 88.25 Td (ith respect to client activities, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (Company operates a system of internal controls designed to ensure that transactions and other account activity \(new account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.25 Td (solicitation, transaction authorization, transaction processing, billing and collection\) are properly approved, processed, recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.25 Td (and reconciled. ) Tj ET Q q 0 0 0 rg BT 113.40 52.25 Td (The Company has procedures designed to assess and monitor counterparty risk.) Tj ET Q endstream endobj 139 0 obj <>] /Rotate 0 /Contents 140 0 R>> endobj 140 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (67) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Legal and Regulatory Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.93 742.10 Td (. Legal and regulatory risk includes the risk of non-compliance with applicable legal and regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (requirements, client claims and the possibility of sizeable adverse legal judgments. ) Tj ET Q q 0 0 0 rg BT 383.33 730.10 Td (The Company is subject to extensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (regulation in the dif) Tj ET Q q 0 0 0 rg BT 128.96 718.10 Td (ferent jurisdictions in which it conducts its activities. Regulatory oversight of the securities industry has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (become increasingly intense over the past few years and the Company) Tj ET Q q 0 0 0 rg BT 330.37 706.10 Td (, as well as others in the industry) Tj ET Q q 0 0 0 rg BT 460.81 706.10 Td (, has been directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 694.10 Td (fected by this increased regulatory scrutiny) Tj ET Q q 0 0 0 rg BT 229.38 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 234.19 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 239.95 694.10 Td (imely and accurate compliance with the increased volume of regulatory requests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (has become increasingly problematic within the industry) Tj ET Q q 0 0 0 rg BT 275.96 682.10 Td (, and regulators have tended to bring enforcement proceedings in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (relation to such matters. See further discussion of these risks in "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 432.20 670.10 Td (Analysis of Financial Condition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (and Results of Operations Regulatory and Legal Environment" in Item 7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (The Company has comprehensive procedures for addressing issues such as regulatory capital requirements, sales and trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (practices, use of and safekeeping of customer funds and securities, granting of credit, collection activities, money laundering, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (and record keeping. ) Tj ET Q q 0 0 0 rg BT 131.45 610.10 Td (The Company has designated ) Tj ET Q q 0 0 0 rg BT 251.43 610.10 Td (Anti-Money Laundering Compliance Of) Tj ET Q q 0 0 0 rg BT 413.15 610.10 Td (ficers who monitor compliance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (regulations under the U.S. Patriot ) Tj ET Q q 0 0 0 rg BT 185.82 598.10 Td (Act. See further discussion of the Company's reserve policy in "Management's Discussion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.39 586.10 Td (Analysis of Financial Condition and Results of Operations Critical ) Tj ET Q q 0 0 0 rg BT 347.47 586.10 Td (Accounting Policies" in Item 7, "Legal Proceedings" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (in Item 3 and "Business Regulation" in Item 1.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 125.35 550.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.01 550.10 Td (. In certain limited instances, the Company utilizes of) Tj ET Q q 0 0 0 rg BT 395.66 550.10 Td (f-balance sheet arrangements to manage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (risk. See further discussion in note 5 to the consolidated financial statements appearing in Item8.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (V) Tj ET Q q 0 0 0 rg BT 55.00 514.10 Td (alue-at-Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.87 514.10 Td (. ) Tj ET Q q 0 0 0 rg BT 108.69 514.10 Td (V) Tj ET Q q 0 0 0 rg BT 114.80 514.10 Td (alue-at-risk is a statistical measure of the potential loss in the fair value of a portfolio due to adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (movements in underlying risk factors. In response to the SEC's market risk disclosure requirements, the Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (performed a value-at-risk analysis of its trading of financial instruments and derivatives. ) Tj ET Q q 0 0 0 rg BT 405.54 490.10 Td (The value-at-risk calculation uses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (standard statistical techniques to measure the potential loss in fair value based upon a one-day holding period and a 95% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (confidence level. ) Tj ET Q q 0 0 0 rg BT 120.62 466.10 Td (The calculation is based upon a variance-covariance methodology) Tj ET Q q 0 0 0 rg BT 384.02 466.10 Td (, which assumes a normal distribution of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (changes in portfolio value. ) Tj ET Q q 0 0 0 rg BT 158.96 454.10 Td (The forecasts of variances and co-variances used to construct the model for the market factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (relevant to the portfolio were generated from historical data. ) Tj ET Q q 0 0 0 rg BT 293.24 442.10 Td (Although value-at-risk models are sophisticated tools, their use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (can be limited as historical data is not always an accurate predictor of future conditions. ) Tj ET Q q 0 0 0 rg BT 403.58 430.10 Td (The Company attempts to manage its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (market exposure using other methods, including trading authorization limits and concentration limits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 394.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.08 394.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.52 394.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.52 394.10 Td (, the Company's value-at-risk for each component of market risk was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 338.60 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 338.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 338.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 338.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 338.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 338.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 338.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 338.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 338.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 338.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 338.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 338.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 308.60 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 308.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 308.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 308.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 308.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 308.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 308.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 308.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 308.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 308.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 308.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 308.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 278.60 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 278.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 278.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 278.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 278.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 278.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 278.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 278.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 278.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 278.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 278.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 278.60 55.00 -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 212.5 351.6 m 267.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 351.6 m 271.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 351.6 m 326.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 351.6 m 330.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 351.6 m 385.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 351.6 m 444.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 351.6 m 448.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 351.6 m 503.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 351.6 m 507.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 351.6 m 562.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 338.6 m 267.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 338.6 m 326.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 338.6 m 385.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 338.6 m 444.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 338.6 m 503.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 338.6 m 562.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 338.6 m 326.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 338.6 m 444.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 338.6 m 503.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 338.6 m 562.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 278.6 m 267.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 278.6 m 326.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 278.6 m 385.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 278.6 m 444.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 278.6 m 503.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 278.6 m 562.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 264.6 m 267.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 262.6 m 267.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 264.6 m 326.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 262.6 m 326.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 264.6 m 385.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 262.6 m 385.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 264.6 m 444.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 262.6 m 444.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 264.6 m 503.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 262.6 m 503.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 264.6 m 562.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 262.6 m 562.5 262.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 368.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.92 368.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 368.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 368.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 368.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 368.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 368.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 368.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 355.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.35 355.85 Td (V) Tj ET Q q 0 0 0 rg BT 270.61 355.85 Td (AR for Fiscal 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.35 355.85 Td (V) Tj ET Q q 0 0 0 rg BT 447.61 355.85 Td (AR for Fiscal 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 342.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.50 342.85 Td (High) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.15 342.85 Td (Low) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.25 342.85 Td (A) Tj ET Q q 0 0 0 rg BT 349.73 342.85 Td (verage) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 342.85 Td (High) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.15 342.85 Td (Low) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.25 342.85 Td (A) Tj ET Q q 0 0 0 rg BT 526.43 342.85 Td (verage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 329.17 Td (Equity price risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 328.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.65 328.27 Td (554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 328.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 328.27 Td (152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 328.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 328.27 Td (410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 328.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 328.27 Td (410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 328.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 328.27 Td (176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 328.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 328.27 Td (31) Tj ET Q q 0 0 0 rg BT 553.65 328.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 314.17 Td (Interest rate risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.15 313.27 Td (1,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 313.27 Td (1,1) Tj ET Q q 0 0 0 rg BT 312.65 313.27 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 313.27 Td (1,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 313.27 Td (1,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 313.27 Td (1,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 313.27 Td (1,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 299.17 Td (Commodity price risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.65 298.27 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 298.27 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.65 298.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 298.27 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 298.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 298.27 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 284.17 Td (Diversification benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.30 283.27 Td (\(951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.65 283.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.80 283.32 Td (\(1,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 283.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.80 283.32 Td (\(1,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 283.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.80 283.32 Td (\(1,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 283.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.80 283.32 Td (\(1,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 283.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 283.32 Td (\(1,1) Tj ET Q q 0 0 0 rg BT 548.63 283.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 283.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 269.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 269.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 268.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.15 268.27 Td (1,321) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 268.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 268.27 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 268.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 268.27 Td (735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 268.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 268.27 Td (1,439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 268.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 268.27 Td (227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 268.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 268.27 Td (885) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.00 264.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 208.60 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 208.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 208.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 208.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 178.60 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 178.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 178.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 178.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 148.60 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 148.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 148.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 148.60 70.00 -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 418.5 221.60000000000002 m 488.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 221.60000000000002 m 492.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 221.60000000000002 m 562.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 221.60000000000002 m 488.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 208.60000000000002 m 488.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 221.60000000000002 m 562.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 208.60000000000002 m 562.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 208.60000000000002 m 562.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 148.60000000000002 m 488.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 148.60000000000002 m 562.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 134.60000000000002 m 488.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 132.60000000000002 m 488.5 132.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 134.60000000000002 m 562.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 132.60000000000002 m 562.5 132.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 238.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.92 238.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.00 238.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.00 238.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 225.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.75 225.85 Td (V) Tj ET Q q 0 0 0 rg BT 460.01 225.85 Td (ARatDecember31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 212.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.00 212.85 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.00 212.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 199.17 Td (Equity price risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 198.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 198.27 Td (554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 198.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 198.27 Td (410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 184.17 Td (Interest rate risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 183.27 Td (1,1) Tj ET Q q 0 0 0 rg BT 474.65 183.27 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 183.27 Td (1,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 169.17 Td (Commodity price risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 168.27 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 168.27 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 154.17 Td (Diversification benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 153.32 Td (\(1,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 153.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 153.32 Td (\(1,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 153.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 139.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 139.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 138.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 138.27 Td (502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 138.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 138.27 Td (962) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 141 0 obj <>] /Rotate 0 /Contents 142 0 R>> endobj 142 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The potential future loss presented by the total value-at-risk generally falls within predetermined levels of loss that should not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (be material to the Company's results of operations, financial condition or cash flows. ) Tj ET Q q 0 0 0 rg BT 391.26 730.10 Td (The changes in the value-at-risk amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (reported in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.09 718.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.09 718.10 Td ( from those reported in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.23 718.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.23 718.10 Td ( reflect changes in the size and composition of the Company's trading portfolio at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 706.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.29 706.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.87 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 266.69 706.10 Td (The Company's portfolio as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.97 706.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.56 706.10 Td ( includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (approximately $16.2 million \($14.3 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 694.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.65 694.10 Td (\) in corporate equities, which are related to deferred compensation liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (and which do not bear any value-at-risk to the Company) Tj ET Q q 0 0 0 rg BT 274.57 682.10 Td (. Further discussion of risk management appears in Item7, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td ("Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 177.26 670.10 Td (Analysis of Financial Condition and the Results of Operations" and Item1A, "Risk Factors.") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (The value-at-risk estimate has limitations that should be considered in evaluating the Company's potential future losses based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (on the year) Tj ET Q q 0 0 0 rg BT 94.22 634.10 Td (-end portfolio positions. Recent market conditions, including increased volatility) Tj ET Q q 0 0 0 rg BT 416.28 634.10 Td (, may result in statistical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (relationships that result in higher value-at-risk than would be estimated from the same portfolio under dif) Tj ET Q q 0 0 0 rg BT 470.54 622.10 Td (ferent market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (conditions. Likewise, the converse may be true. Critical risk management strategy involves the active management of portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (levels to reduce market risk. ) Tj ET Q q 0 0 0 rg BT 165.33 598.10 Td (The Company's market risk exposure is continuously monitored as the portfolio risks and market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (conditions change.) Tj ET Q endstream endobj 143 0 obj <><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 144 0 R>> endobj 144 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (69) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item8. FINANCIAL) Tj ET Q q 0 0 0 rg BT 138.61 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 152.60 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 159.08 742.25 Td (TEMENTS ) Tj ET Q q 0 0 0 rg BT 209.93 742.25 Td (AND SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 301.69 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 315.78 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 322.63 742.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 338.83 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 344.76 742.25 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.60 718.25 Td (INDEX ) Tj ET Q q 0 0 0 rg BT 216.02 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 221.95 718.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.34 718.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 363.80 718.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 377.17 718.25 Td (A) Tj ET Q q 0 0 0 rg BT 383.28 718.25 Td (TEMENTS) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 703.85 Td () Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 682.5833984375 m 322.23828125 682.5833984375 l s q 0 0 1 rg BT 53.00 683.92 Td (Management's Report on Internal Control over Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 667.5833984375 m 286.8427734375 667.5833984375 l s q 0 0 1 rg BT 53.00 668.92 Td (Report of Independent Registered Public ) Tj ET Q q 0 0 1 rg BT 218.24 668.92 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 652.5833984375 m 286.8427734375 652.5833984375 l s q 0 0 1 rg BT 53.00 653.92 Td (Report of Independent Registered Public ) Tj ET Q q 0 0 1 rg BT 218.24 653.92 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 637.5833984375 m 311.2666015625 637.5833984375 l s q 0 0 1 rg BT 53.00 638.92 Td (Consolidated Balance Sheets as of December31, 2017 and 2016) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 622.5833984375 m 456.22265625 622.5833984375 l s q 0 0 1 rg BT 53.00 623.92 Td (Consolidated Statements of Operations for the three years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 607.5833984375 m 453.7080078125 607.5833984375 l s q 0 0 1 rg BT 53.00 608.92 Td (Consolidated Statements of Comprehensive Income \(Loss\) for the three years ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 597.5833984375 m 137.4384765625 597.5833984375 l s q 0 0 1 rg BT 53.00 598.92 Td (2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 582.5833984375 m 461.59375 582.5833984375 l s q 0 0 1 rg BT 53.00 583.92 Td (Consolidated Statements of Changes in Stockholders) Tj ET Q q 0 0 1 rg BT 267.51 583.92 Td ( Equity for the three years ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 572.5833984375 m 137.4384765625 572.5833984375 l s q 0 0 1 rg BT 53.00 573.92 Td (2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 557.5833984375 m 459.298828125 557.5833984375 l s q 0 0 1 rg BT 53.00 558.92 Td (Consolidated Statements of Cash Flows for the three years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 542.5833984375 m 227.9755859375 542.5833984375 l s q 0 0 1 rg BT 53.00 543.92 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 681.6833984375 m 559 681.6833984375 l s q 0 0 1 rg BT 549.00 683.02 Td (70) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 666.6833984375 m 559 666.6833984375 l s q 0 0 1 rg BT 549.00 668.02 Td (71) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 651.6833984375 m 559 651.6833984375 l s q 0 0 1 rg BT 549.00 653.02 Td (72) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 636.6833984375 m 559 636.6833984375 l s q 0 0 1 rg BT 549.00 638.02 Td (73) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 621.6833984375 m 559 621.6833984375 l s q 0 0 1 rg BT 549.00 623.02 Td (74) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 596.6833984375 m 559 596.6833984375 l s q 0 0 1 rg BT 549.00 598.02 Td (75) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 571.6833984375 m 559 571.6833984375 l s q 0 0 1 rg BT 549.00 573.02 Td (76) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 556.6833984375 m 559 556.6833984375 l s q 0 0 1 rg BT 549.00 558.02 Td (77) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 541.6833984375 m 559 541.6833984375 l s q 0 0 1 rg BT 549.00 543.02 Td (79) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 145 0 obj <>] /Rotate 0 /Contents 146 0 R>> endobj 146 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (MANAGEMENT'S REPOR) Tj ET Q q 0 0 0 rg BT 163.71 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 169.64 742.10 Td ( ON INTERNAL) Tj ET Q q 0 0 0 rg BT 238.70 742.10 Td ( CONTROL) Tj ET Q q 0 0 0 rg BT 288.05 742.10 Td ( OVER FINANCIAL) Tj ET Q q 0 0 0 rg BT 373.79 742.10 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 407.92 742.10 Td (TING) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Management of Oppenheimer Holdings Inc. is responsible for establishing and maintaining adequate internal control over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (financial reporting. ) Tj ET Q q 0 0 0 rg BT 128.96 706.10 Td (The Company's internal control over financial reporting is a process designed under the supervision of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Company's principal executive and principal financial of) Tj ET Q q 0 0 0 rg BT 276.54 694.10 Td (ficers to provide reasonable assurance regarding the reliability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (financial reporting and the preparation of the Company's financial statements for external reporting purposes in accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (with U.S. generally accepted accounting principles.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.44 646.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.03 646.10 Td (, management conducted an assessment of the ef) Tj ET Q q 0 0 0 rg BT 347.22 646.10 Td (fectiveness of the Company's internal control over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (financial reporting based on the framework established in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.70 634.10 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 340.39 634.10 Td (ol Integrated Framework) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.98 634.10 Td ( issued by the Committee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Sponsoring Or) Tj ET Q q 0 0 0 rg BT 108.43 622.10 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 181.84 622.10 Td (T) Tj ET Q q 0 0 0 rg BT 187.60 622.10 Td (readway Commission \(COSO\) in 2013. Based on this assessment, management has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (concluded that the Company's internal control over financial reporting as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.32 610.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.90 610.10 Td ( was ef) Tj ET Q q 0 0 0 rg BT 462.04 610.10 Td (fective.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (The Company's internal control over financial reporting includes policies and procedures that pertain to the maintenance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets and provide reasonable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (assurances that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (authorizations of management and the directors of the Company; and provide reasonable assurance regarding prevention or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 516.50 526.10 Td (fect on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Company's financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (The Company's internal control over financial reporting as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.56 490.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.14 490.10 Td ( has been audited by Deloitte& ) Tj ET Q q 0 0 0 rg BT 505.09 490.10 Td (T) Tj ET Q q 0 0 0 rg BT 510.50 490.10 Td (ouche LLP) Tj ET Q q 0 0 0 rg BT 553.55 490.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (an independent registered public accounting firm, as stated in their report included herein, which expresses an unqualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (opinion on the ef) Tj ET Q q 0 0 0 rg BT 117.86 466.10 Td (fectiveness of the Company's internal control over financial reporting as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.84 466.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.43 466.10 Td (.) Tj ET Q endstream endobj 147 0 obj <>] /Rotate 0 /Contents 148 0 R>> endobj 148 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (REPOR) Tj ET Q q 0 0 0 rg BT 81.63 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 87.56 742.10 Td ( OF INDEPENDENT) Tj ET Q q 0 0 0 rg BT 174.59 742.10 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 278.21 742.10 Td (ACCOUNTING FIRM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 718.10 Td (o the shareholders and Board of Directors of Oppenheimer Holdings Inc. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Opinion on Internal Contr) Tj ET Q q 0 0 0 rg BT 163.45 694.10 Td (ol over) Tj ET Q q 0 0 0 rg BT 192.43 694.10 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 674.10 Td (e have audited the internal control over financial reporting of Oppenheimer Holdings Inc. and subsidiaries \(the "Company"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework \(2013\) issued by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 166.20 650.10 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 239.61 650.10 Td (T) Tj ET Q q 0 0 0 rg BT 245.37 650.10 Td (readway Commission \(COSO\). In our opinion, the Company maintained, in all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (material respects, ef) Tj ET Q q 0 0 0 rg BT 130.05 638.10 Td (fective internal control over financial reporting as of December 31, 2017, based on criteria established in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (Internal Control - Integrated Framework \(2013\) issued by COSO. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 606.10 Td (e have also audited, in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 367.44 606.10 Td (Accounting Oversight Board \(United States\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (\(PCAOB\), the consolidated financial statements as of and for the year ended December 31, 2017 of the Company and our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (report dated March 2, 2018, expressed an unqualified opinion on those consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (Basis for) Tj ET Q q 0 0 0 rg BT 87.32 558.10 Td ( Opinion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (The Company's management is responsible for maintaining ef) Tj ET Q q 0 0 0 rg BT 297.95 538.10 Td (fective internal control over financial reporting and for its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (assessment of the ef) Tj ET Q q 0 0 0 rg BT 130.07 526.10 Td (fectiveness of internal control over financial reporting, included in the accompanying Management's Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (financial reporting based on our audit. ) Tj ET Q q 0 0 0 rg BT 205.05 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 213.69 502.10 Td (e are a public accounting firm registered with the PCAOB and are required to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (regulations of the Securities and Exchange Commission and the PCAOB.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 458.10 Td (e conducted our audit in accordance with the standards of the PCAOB. ) Tj ET Q q 0 0 0 rg BT 344.21 458.10 Td (Those standards require that we plan and perform the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (audit to obtain reasonable assurance about whether ef) Tj ET Q q 0 0 0 rg BT 263.90 446.10 Td (fective internal control over financial reporting was maintained in all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (that a material weakness exists, testing and evaluating the design and operating ef) Tj ET Q q 0 0 0 rg BT 376.66 422.10 Td (fectiveness of internal control based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (assessed risk, and performing such other procedures as we considered necessary in the circumstances. ) Tj ET Q q 0 0 0 rg BT 459.68 410.10 Td (W) Tj ET Q q 0 0 0 rg BT 468.32 410.10 Td (e believe that our audit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (provides a reasonable basis for our opinion.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (Definition and Limitations of Internal Contr) Tj ET Q q 0 0 0 rg BT 239.55 374.10 Td (ol over) Tj ET Q q 0 0 0 rg BT 268.53 374.10 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 354.10 Td ( company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (accepted accounting principles. ) Tj ET Q q 0 0 0 rg BT 177.72 330.10 Td (A) Tj ET Q q 0 0 0 rg BT 184.39 330.10 Td ( company's internal control over financial reporting includes those policies and procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (that \(1\) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (dispositions of the assets of the company; \(2\) provide reasonable assurance that transactions are recorded as necessary to permit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (expenditures of the company are being made only in accordance with authorizations of management and directors of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (company; and \(3\) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (disposition of the company's assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 306.00 258.10 Td (fect on the financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. ) Tj ET Q q 0 0 0 rg BT 518.20 238.10 Td (Also, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (projections of any evaluation of ef) Tj ET Q q 0 0 0 rg BT 187.27 226.10 Td (fectiveness to future periods are subject to the risk that controls may become inadequate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (/s/ Deloitte& ) Tj ET Q q 0 0 0 rg BT 106.76 170.10 Td (T) Tj ET Q q 0 0 0 rg BT 112.17 170.10 Td (ouche LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 158.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 158.10 Td (ork, NY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (March2, 2018) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td ( ) Tj ET Q endstream endobj 149 0 obj <>] /Rotate 0 /Contents 150 0 R>> endobj 150 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (REPOR) Tj ET Q q 0 0 0 rg BT 81.63 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 87.56 742.10 Td ( OF INDEPENDENT) Tj ET Q q 0 0 0 rg BT 174.59 742.10 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 278.21 742.10 Td (ACCOUNTING FIRM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 718.10 Td (o the Board of Directors and Stockholders of Oppenheimer Holdings Inc.:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Opinion on the Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 670.10 Td (e have audited the accompanying consolidated balance sheets of Oppenheimer Holdings Inc. and subsidiaries \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td ("Company"\) as of December 31, 2017 and 2016, and the related consolidated statements of operations, comprehensive income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (\(loss\), changes in stockholders' equity) Tj ET Q q 0 0 0 rg BT 201.40 646.10 Td (, and cash flows for each of the three years in the period ended December 31, 2017, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (the related notes \(collectively referred to as the "financial statements"\). In our opinion, the financial statements present fairly) Tj ET Q q 0 0 0 rg BT 548.16 634.10 Td (, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (all material respects, the financial position of the Company as of December 31, 2017 and 2016, and the results of its operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (and its cash flows for each of the three years in the period ended December 31, 2017, in conformity with accounting principles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 218.55 598.10 Td (America.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 574.10 Td (e have also audited, in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 367.44 574.10 Td (Accounting Oversight Board \(United States\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (\(PCAOB\), the Company's internal control over financial reporting as of December 31, 2017, based on criteria established in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 107.69 550.10 Td (ol - Integrated Framework \(2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.77 550.10 Td ( issued by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 417.19 550.10 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 490.60 550.10 Td (T) Tj ET Q q 0 0 0 rg BT 496.35 550.10 Td (readway ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (Commission and our report dated March 2, 2018, expressed an unqualified opinion on the Company's internal control over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (financial reporting.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Basis for) Tj ET Q q 0 0 0 rg BT 87.32 502.10 Td ( Opinion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (the Company's financial statements based on our audits. ) Tj ET Q q 0 0 0 rg BT 276.29 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 284.93 466.10 Td (e are a public accounting firm registered with the PCAOB and are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (rules and regulations of the Securities and Exchange Commission and the PCAOB.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 418.10 Td (e conducted our audits in accordance with the standards of the PCAOB. ) Tj ET Q q 0 0 0 rg BT 348.10 418.10 Td (Those standards require that we plan and perform the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (presentation of the financial statements. ) Tj ET Q q 0 0 0 rg BT 211.43 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 220.07 346.10 Td (e believe that our audits provide a reasonable basis for our opinion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (/s/ Deloitte& ) Tj ET Q q 0 0 0 rg BT 106.76 298.10 Td (T) Tj ET Q q 0 0 0 rg BT 112.17 298.10 Td (ouche LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 286.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 286.10 Td (ork, NY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (March2, 2018) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 250.10 Td (e have served as the Company's auditor since 2013.) Tj ET Q endstream endobj 151 0 obj <>] /Rotate 0 /Contents 152 0 R>> endobj 152 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.05 742.10 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.50 730.10 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 280.17 730.10 Td (TED BALANCE SHEETS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.95 718.10 Td (AS OF DECEMBER 31,) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 694.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 694.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 694.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 694.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 666.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 666.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 666.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 666.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 638.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 638.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 638.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 638.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 610.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 610.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 610.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 610.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 582.60 368.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 582.60 70.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 582.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 582.60 70.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 536.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 536.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 536.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 536.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 508.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 508.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 508.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 508.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 480.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 480.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 480.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 480.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 452.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 452.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 452.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 452.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 424.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 424.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 424.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 424.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 396.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 396.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 396.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 396.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 368.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 368.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 368.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 368.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 340.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 340.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 340.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 340.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 312.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 312.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 312.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 312.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 284.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 284.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 284.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 284.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 256.60 368.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 256.60 70.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 256.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 256.60 70.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 201.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 201.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 201.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 201.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 173.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 173.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 173.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 173.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 145.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 145.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 145.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 145.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 117.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 117.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 117.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 117.60 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 694.6 m 488.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 694.6 m 562.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 494.6 m 488.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 494.6 m 562.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 481.6 m 488.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 479.6 m 488.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 481.6 m 562.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 479.6 m 562.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 312.6 m 488.5 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 312.6 m 562.5 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 298.6 m 488.5 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 298.6 m 562.5 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 201.60000000000002 m 488.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 201.60000000000002 m 562.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 201.60000000000002 m 488.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 201.60000000000002 m 562.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 145.60000000000002 m 488.5 145.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 145.60000000000002 m 562.5 145.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 117.60000000000002 m 488.5 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 117.60000000000002 m 562.5 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 103.60000000000002 m 488.5 103.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 103.60000000000002 m 562.5 103.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 90.60000000000002 m 488.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 88.60000000000002 m 488.5 88.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 90.60000000000002 m 562.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 88.60000000000002 m 562.5 88.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 698.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.92 698.85 Td (essed in thousands, except number of shar) Tj ET Q q 0 0 0 rg BT 205.94 698.85 Td (es and per shar) Tj ET Q q 0 0 0 rg BT 255.20 698.85 Td (e amounts\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.00 698.85 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.00 698.85 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 686.00 Td (ASSETS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 671.86 Td (Cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.00 671.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 671.06 Td (48,154) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 671.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 671.06 Td (64,913) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 657.86 Td (Deposits with clearing or) Tj ET Q q 0 0 0 rg BT 161.65 657.86 Td (ganizations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 657.06 Td (42,222) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 657.06 Td (38,185) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 643.86 Td (Receivable from brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 246.09 643.86 Td (ganizations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 643.06 Td (187,1) Tj ET Q q 0 0 0 rg BT 476.00 643.06 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 643.06 Td (214,934) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 629.86 Td (Receivable from customers, net of allowance for credit losses of $769 \($794 in 2016\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 629.06 Td (848,226) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 629.06 Td (847,386) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 615.86 Td (Income tax receivable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 615.06 Td (2,939) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 615.06 Td (5,816) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 601.86 Td (Securities purchased under agreements to resell) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 601.06 Td (658) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 601.06 Td (24,006) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 587.86 Td (Securities owned, including amounts pledged of $655,683 \($438,385 in 2016\), at fair value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 587.06 Td (926,597) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 587.06 Td (707,108) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 573.86 Td (Notes receivable, net of accumulated amortization and allowance for uncollectibles of $24,705) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 564.86 Td (and $7,975, respectively \($24,826 and $6,784, respectively) Tj ET Q q 0 0 0 rg BT 283.40 564.86 Td (, in 2016\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 564.06 Td (40,520) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 564.06 Td (30,099) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 550.86 Td (Furniture, equipment and leasehold improvements, net of accumulated depreciation of $82,826) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 541.86 Td (\($84,073 in 2016\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 541.06 Td (27,187) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 541.06 Td (27,233) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 527.86 Td (Intangible assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 527.06 Td (31,700) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 527.06 Td (31,700) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 513.86 Td (Goodwill) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 513.06 Td (137,889) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 513.06 Td (137,889) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 499.86 Td (Other assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 499.06 Td (145,310) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 499.06 Td (107,661) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 485.86 Td (T) Tj ET Q q 0 0 0 rg BT 76.18 485.86 Td (otal assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.00 485.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 485.06 Td (2,438,517) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 485.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 485.06 Td (2,236,930) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 472.00 Td (LIABILITIES ) Tj ET Q q 0 0 0 rg BT 110.53 472.00 Td (AND ST) Tj ET Q q 0 0 0 rg BT 142.96 472.00 Td (OCKHOLDERS' EQUITY) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 458.00 Td (Liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 443.86 Td (Drafts payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.00 443.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 443.06 Td (42,412) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 443.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 443.06 Td (39,228) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 429.86 Td (Bank call loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 429.06 Td (1) Tj ET Q q 0 0 0 rg BT 460.25 429.06 Td (18,300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 429.06 Td (145,800) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 415.86 Td (Payable to brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 224.11 415.86 Td (ganizations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 415.06 Td (21) Tj ET Q q 0 0 0 rg BT 464.75 415.06 Td (1,483) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 415.06 Td (221,389) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 401.86 Td (Payable to customers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 401.06 Td (385,907) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 401.06 Td (449,946) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 387.86 Td (Securities sold under agreements to repurchase) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 387.06 Td (586,478) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 387.06 Td (378,084) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 373.86 Td (Securities sold but not yet purchased, at fair value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 373.06 Td (94,486) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 373.06 Td (85,050) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 359.86 Td (Accrued compensation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 359.06 Td (173,1) Tj ET Q q 0 0 0 rg BT 476.00 359.06 Td (16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 359.06 Td (145,053) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 345.86 Td (Accounts payable and other liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 345.06 Td (92,495) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 345.06 Td (96,557) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 331.86 Td (Senior secured notes, net of debt issuance costs of $1,163 \($648 in 2016\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 331.06 Td (198,837) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 331.06 Td (149,352) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 317.86 Td (Deferred tax liabilities, net of deferred tax assets of $47,597 \($59,062 in 2016\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 317.06 Td (1) Tj ET Q q 0 0 0 rg BT 464.75 317.06 Td (1,092) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 317.06 Td (13,137) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 303.86 Td (T) Tj ET Q q 0 0 0 rg BT 76.18 303.86 Td (otal liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 303.06 Td (1,914,606) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 303.06 Td (1,723,596) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 289.86 Td (Commitments and contingencies \(note 15\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 276.00 Td (Stockholders' equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 261.86 Td (Share capital) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.00 247.86 Td (Class) Tj ET Q q 0 0 0 rg BT 110.50 247.86 Td (A) Tj ET Q q 0 0 0 rg BT 116.51 247.86 Td ( non-voting common stock, par value $0.001 per share, 50,000,000 shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.00 238.86 Td (authorized, 13,139,203 and 13,261,095 shares issued and outstanding as of December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.00 229.86 Td (2017 and 2016, respectively) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 229.06 Td (58,359) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 229.06 Td (59,228) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.00 215.86 Td (Class B voting common stock, par value $0.001 per share, 99,665 shares authorized,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.00 206.86 Td (issued and outstanding) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 206.06 Td (133) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 206.06 Td (133) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 192.06 Td (58,492) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 192.06 Td (59,361) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 178.86 Td (Contributed capital) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 178.06 Td (36,546) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 178.06 Td (41,765) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 164.86 Td (Retained earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 164.06 Td (426,930) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 164.06 Td (410,258) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 150.86 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 150.06 Td (1,582) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 150.06 Td (\(681) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 150.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 136.86 Td (T) Tj ET Q q 0 0 0 rg BT 76.18 136.86 Td (otal Oppenheimer Holdings Inc. stockholders' equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 136.06 Td (523,550) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 136.06 Td (510,703) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 122.86 Td (Noncontrolling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 122.06 Td (361) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 122.06 Td (2,631) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 108.86 Td (T) Tj ET Q q 0 0 0 rg BT 76.18 108.86 Td (otal stockholders' equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 108.06 Td (523,91) Tj ET Q q 0 0 0 rg BT 480.50 108.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 108.06 Td (513,334) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 94.86 Td (T) Tj ET Q q 0 0 0 rg BT 75.87 94.86 Td (otal liabilities and stockholders' equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.00 94.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 94.06 Td (2,438,517) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 94.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 94.06 Td (2,236,930) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.30 66.10 Td (The accompanying notes are an integral part of these consolidated financial statements.) Tj ET Q endstream endobj 153 0 obj <>] /Rotate 0 /Contents 154 0 R>> endobj 154 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.05 742.10 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.65 730.10 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 252.32 730.10 Td (TED ST) Tj ET Q q 0 0 0 rg BT 285.13 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 291.24 730.10 Td (TEMENTS OF OPERA) Tj ET Q q 0 0 0 rg BT 386.81 730.10 Td (TIONS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.50 718.10 Td (FOR ) Tj ET Q q 0 0 0 rg BT 218.27 718.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 240.03 718.10 Td (THREE ) Tj ET Q q 0 0 0 rg BT 274.38 718.10 Td (YEARS ENDED DECEMBER 31,) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 694.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 694.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 694.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 694.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 694.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 694.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 666.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 666.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 666.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 666.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 666.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 666.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 638.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 638.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 638.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 638.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 638.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 638.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 610.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 610.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 610.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 610.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 610.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 610.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 582.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 582.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 582.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 582.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 582.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 582.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 554.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 554.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 554.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 554.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 554.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 554.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 526.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 526.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 526.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 526.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 526.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 526.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 498.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 498.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 498.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 498.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 498.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 498.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 470.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 470.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 470.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 470.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 470.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 470.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 442.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 442.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 442.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 442.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 442.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 442.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 414.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 414.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 414.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 414.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 414.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 414.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 386.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 386.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 386.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 386.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 386.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 386.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 358.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 358.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 358.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 358.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 358.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 358.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 330.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 330.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 330.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 330.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 330.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 330.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 302.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 302.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 302.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 302.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 302.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 302.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 274.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 274.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 274.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 274.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 274.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 274.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 246.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 246.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 246.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 246.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 246.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 246.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 218.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 218.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 218.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 218.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 218.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 218.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 190.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 190.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 190.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 190.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 190.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 190.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 162.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 162.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 162.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 162.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 162.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 162.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 134.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 134.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 134.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 134.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 134.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 134.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 106.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 106.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 106.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 106.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 106.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 106.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 694.6 m 424.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 694.6 m 493.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 694.6 m 562.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 596.6 m 424.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 596.6 m 493.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 596.6 m 562.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 596.6 m 424.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 582.6 m 424.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 596.6 m 493.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 582.6 m 493.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 596.6 m 562.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 582.6 m 562.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 484.6 m 424.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 484.6 m 493.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 484.6 m 562.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 484.6 m 424.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 470.6 m 424.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 484.6 m 493.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 470.6 m 493.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 484.6 m 562.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 470.6 m 562.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 470.6 m 424.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 470.6 m 493.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 470.6 m 562.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 442.6 m 424.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 442.6 m 493.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 442.6 m 562.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 442.6 m 424.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 428.6 m 424.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 428.6 m 493.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 442.6 m 562.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 428.6 m 562.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 372.6 m 424.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 372.6 m 493.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 372.6 m 562.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 372.6 m 424.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 358.6 m 424.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 372.6 m 493.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 358.6 m 493.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 372.6 m 562.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 358.6 m 562.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 316.6 m 424.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 316.6 m 493.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 316.6 m 562.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 303.6 m 424.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 301.6 m 424.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 316.6 m 493.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 303.6 m 493.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 301.6 m 493.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 316.6 m 562.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 303.6 m 562.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 301.6 m 562.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 246.60000000000002 m 424.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 233.60000000000002 m 424.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 231.60000000000002 m 424.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 246.60000000000002 m 493.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 233.60000000000002 m 493.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 231.60000000000002 m 493.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 246.60000000000002 m 562.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 233.60000000000002 m 562.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 231.60000000000002 m 562.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 176.60000000000002 m 424.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 176.60000000000002 m 493.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 176.60000000000002 m 562.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 176.60000000000002 m 424.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 163.60000000000002 m 424.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 161.60000000000002 m 424.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 176.60000000000002 m 493.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 163.60000000000002 m 493.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 161.60000000000002 m 493.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 176.60000000000002 m 562.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 163.60000000000002 m 562.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 161.60000000000002 m 562.5 161.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 698.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.92 698.85 Td (essed in thousands, except number of shar) Tj ET Q q 0 0 0 rg BT 205.94 698.85 Td (es and per shar) Tj ET Q q 0 0 0 rg BT 255.20 698.85 Td (e amounts\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.50 698.85 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 698.85 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 698.85 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 686.00 Td (REVENUE) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 671.86 Td (Commissions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 671.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.75 671.06 Td (336,620) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 671.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 671.06 Td (377,317) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 671.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 671.06 Td (417,559) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 657.86 Td (Advisory fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.75 657.06 Td (320,746) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 657.06 Td (269,1) Tj ET Q q 0 0 0 rg BT 481.00 657.06 Td (19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 657.06 Td (280,247) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 643.86 Td (Investment banking) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.25 643.06 Td (78,215) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 643.06 Td (81,01) Tj ET Q q 0 0 0 rg BT 485.50 643.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 643.06 Td (102,540) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 629.86 Td (Interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.25 629.06 Td (48,498) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 629.06 Td (47,649) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 629.06 Td (49,032) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 615.86 Td (Principal transactions, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.25 615.06 Td (23,273) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 615.06 Td (20,481) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 615.06 Td (15,180) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 601.86 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.75 601.06 Td (1) Tj ET Q q 0 0 0 rg BT 396.25 601.06 Td (12,986) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 601.06 Td (62,202) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 601.06 Td (33,243) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 587.86 Td (T) Tj ET Q q 0 0 0 rg BT 76.18 587.86 Td (otal revenue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.75 587.06 Td (920,338) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 587.06 Td (857,779) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 587.06 Td (897,801) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 574.00 Td (EXPENSES) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 559.86 Td (Compensation and related expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.75 559.06 Td (602,138) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 559.06 Td (584,710) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 559.06 Td (610,820) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 545.86 Td (Communications and technology) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.25 545.06 Td (71,978) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 545.06 Td (70,390) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 545.06 Td (66,549) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 531.86 Td (Occupancy and equipment costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.25 531.06 Td (61,164) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 531.06 Td (60,791) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 531.06 Td (62,842) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 517.86 Td (Clearing and exchange fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.25 517.06 Td (23,545) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 517.06 Td (25,126) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 517.06 Td (26,022) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 503.86 Td (Interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.25 503.06 Td (28,354) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 503.06 Td (19,437) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 503.06 Td (16,329) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 489.86 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.75 489.06 Td (1) Tj ET Q q 0 0 0 rg BT 396.25 489.06 Td (13,423) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 489.06 Td (1) Tj ET Q q 0 0 0 rg BT 465.25 489.06 Td (19,217) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 489.06 Td (1) Tj ET Q q 0 0 0 rg BT 534.25 489.06 Td (17,667) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 475.86 Td (T) Tj ET Q q 0 0 0 rg BT 76.18 475.86 Td (otal expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.75 475.06 Td (900,602) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 475.06 Td (879,671) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 475.06 Td (900,229) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 461.86 Td (Income \(Loss\) before income taxes from continuing operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.25 461.06 Td (19,736) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.25 461.06 Td (\(21,892) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 461.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 461.06 Td (\(2,428) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 461.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 447.86 Td (Income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.75 447.06 Td (\(2,134) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.00 447.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.25 447.06 Td (\(12,262) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 447.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 447.06 Td (406) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 434.00 Td (Net income \(loss\) fr) Tj ET Q q 0 0 0 rg BT 127.64 434.00 Td (om continuing operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.25 433.06 Td (21,870) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 433.06 Td (\(9,630) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 433.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 433.06 Td (\(2,834) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 433.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 406.00 Td (Discontinued operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 391.86 Td (Income from discontinued operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.75 391.06 Td (2,071) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 391.06 Td (17,339) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 391.06 Td (9,139) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 377.86 Td (Income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.50 377.06 Td (941) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 377.06 Td (7,218) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 377.06 Td (3,407) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 364.00 Td (Net income fr) Tj ET Q q 0 0 0 rg BT 105.39 364.00 Td (om discontinued operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.75 363.06 Td (1,130) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 363.06 Td (10,121) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 363.06 Td (5,732) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 336.00 Td (Net income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.25 335.06 Td (23,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.50 335.06 Td (491) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 335.06 Td (2,898) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 321.86 Td (Less net income attributable to noncontrolling interest, net of tax) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.50 321.06 Td (184) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 321.06 Td (1,652) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 321.06 Td (936) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 308.00 Td (Net income \(loss\) attributable to Oppenheimer) Tj ET Q q 0 0 0 rg BT 231.64 308.00 Td ( Holdings Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 307.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.25 307.06 Td (22,816) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 307.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 307.06 Td (\(1,161) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 307.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 307.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 307.06 Td (1,962) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 280.00 Td (Basic net income \(loss\) per) Tj ET Q q 0 0 0 rg BT 154.90 280.00 Td ( shar) Tj ET Q q 0 0 0 rg BT 173.99 280.00 Td (e attributable to Oppenheimer) Tj ET Q q 0 0 0 rg BT 291.07 280.00 Td ( Holdings Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 265.86 Td (Continuing operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 265.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.25 265.06 Td (1.65) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 265.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.25 265.06 Td (\(0.72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 265.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 265.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.25 265.06 Td (\(0.21) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 265.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 251.86 Td (Discontinued operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.25 251.06 Td (0.07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 251.06 Td (0.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.25 251.06 Td (0.35) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 237.86 Td (Net income \(loss\) per share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 237.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.25 237.06 Td (1.72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 237.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.25 237.06 Td (\(0.09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 237.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 237.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.25 237.06 Td (0.14) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 210.00 Td (Diluted net income \(loss\) per) Tj ET Q q 0 0 0 rg BT 162.90 210.00 Td ( shar) Tj ET Q q 0 0 0 rg BT 181.99 210.00 Td (e attributable to Oppenheimer) Tj ET Q q 0 0 0 rg BT 299.07 210.00 Td ( Holdings Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 195.86 Td (Continuing operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 195.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.25 195.06 Td (1.60) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 195.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.25 195.06 Td (\(0.72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 195.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 195.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.25 195.06 Td (\(0.21) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 195.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 181.86 Td (Discontinued operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.25 181.06 Td (0.07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 181.06 Td (0.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.25 181.06 Td (0.35) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 167.86 Td (Net income \(loss\) per share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 167.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.25 167.06 Td (1.67) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 167.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.25 167.06 Td (\(0.09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 167.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 167.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.25 167.06 Td (0.14) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 140.00 Td (Dividends declar) Tj ET Q q 0 0 0 rg BT 117.67 140.00 Td (ed per) Tj ET Q q 0 0 0 rg BT 141.75 140.00 Td ( shar) Tj ET Q q 0 0 0 rg BT 160.84 140.00 Td (e) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 139.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.25 139.06 Td (0.44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 139.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 139.06 Td (0.44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 139.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.25 139.06 Td (0.44) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 112.00 Td (W) Tj ET Q q 0 0 0 rg BT 61.50 112.00 Td (eighted average shar) Tj ET Q q 0 0 0 rg BT 140.82 112.00 Td (es) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 97.86 Td (Basic) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.50 97.06 Td (13,246,423) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.50 97.06 Td (13,368,768) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.50 97.06 Td (13,640,610) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 83.86 Td (Diluted) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.50 83.06 Td (13,673,361) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.50 83.06 Td (13,368,768) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.50 83.06 Td (13,640,610) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.30 55.10 Td (The accompanying notes are an integral part of these consolidated financial statements.) Tj ET Q endstream endobj 155 0 obj <>] /Rotate 0 /Contents 156 0 R>> endobj 156 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.05 742.10 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.50 730.10 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 203.17 730.10 Td (TED ST) Tj ET Q q 0 0 0 rg BT 235.98 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 242.09 730.10 Td (TEMENTS OF COMPREHENSIVE INCOME \(LOSS\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.50 718.10 Td (FOR ) Tj ET Q q 0 0 0 rg BT 218.27 718.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 240.03 718.10 Td (THREE ) Tj ET Q q 0 0 0 rg BT 274.38 718.10 Td (YEARS ENDED DECEMBER 31,) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 694.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 694.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 694.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 694.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 694.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 694.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 666.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 666.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 666.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 666.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 666.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 666.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 638.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 638.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 638.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 638.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 638.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 638.60 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 694.6 m 414.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 694.6 m 488.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 694.6 m 562.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 652.6 m 414.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 652.6 m 488.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 652.6 m 562.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 652.6 m 414.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 652.6 m 488.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 652.6 m 562.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 624.6 m 414.5 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 611.6 m 414.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 609.6 m 414.5 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 624.6 m 488.5 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 611.6 m 488.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 609.6 m 488.5 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 624.6 m 562.5 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 611.6 m 562.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 609.6 m 562.5 609.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 698.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.92 698.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.00 698.85 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.00 698.85 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.00 698.85 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 685.86 Td (Net income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 685.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 685.06 Td (23,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.00 685.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 685.06 Td (491) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 685.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 685.06 Td (2,898) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 671.86 Td (Other comprehensive income, net of tax ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 199.70 675.94 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 657.86 Td (Currency translation adjustment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 657.06 Td (2,263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 657.06 Td (220) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 657.06 Td (17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 643.86 Td (Comprehensive income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 643.06 Td (25,263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 643.06 Td (71) Tj ET Q q 0 0 0 rg BT 480.50 643.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 643.06 Td (2,915) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 71.00 629.86 Td (Net income attributable to noncontrolling interest, net of tax) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 629.06 Td (184) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 629.06 Td (1,652) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 629.06 Td (936) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 615.86 Td (Comprehensive income \(loss\) attributable to Oppenheimer Holdings Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 615.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 615.06 Td (25,079) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.00 615.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.50 615.06 Td (\(941) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 615.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 615.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 615.06 Td (1,979) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.00 611.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 593.10 Td (No other comprehensive income is attributable to noncontrolling interests.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.30 569.10 Td (The accompanying notes are an integral part of these consolidated financial statements.) Tj ET Q endstream endobj 157 0 obj <>] /Rotate 0 /Contents 158 0 R>> endobj 158 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.05 742.10 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.90 730.10 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 191.57 730.10 Td (TED ST) Tj ET Q q 0 0 0 rg BT 224.38 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 230.49 730.10 Td (TEMENTS OF CHANGES IN ST) Tj ET Q q 0 0 0 rg BT 368.65 730.10 Td (OCKHOLDERS' EQUITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.50 718.10 Td (FOR ) Tj ET Q q 0 0 0 rg BT 218.27 718.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 240.03 718.10 Td (THREE ) Tj ET Q q 0 0 0 rg BT 274.38 718.10 Td (YEARS ENDED DECEMBER 31,) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 694.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 694.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 694.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 694.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 694.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 694.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 666.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 666.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 666.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 666.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 666.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 666.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 638.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 638.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 638.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 638.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 638.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 638.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 610.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 610.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 610.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 610.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 610.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 610.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 582.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 582.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 582.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 582.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 582.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 582.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 554.60 294.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 554.60 70.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 554.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 554.60 70.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 554.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 554.60 70.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 517.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 517.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 517.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 517.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 517.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 517.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 489.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 489.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 489.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 489.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 489.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 489.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 461.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 461.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 461.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 461.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 461.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 461.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 424.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 424.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 424.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 424.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 424.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 424.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 396.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 396.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 396.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 396.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 396.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 396.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 368.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 368.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 368.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 368.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 368.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 368.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 340.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 340.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 340.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 340.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 340.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 340.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 312.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 312.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 312.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 312.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 312.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 312.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 284.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 284.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 284.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 284.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 284.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 284.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 256.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 256.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 256.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 256.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 256.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 256.60 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 694.6 m 413.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 694.6 m 487.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 694.6 m 561.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 638.6 m 413.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 638.6 m 487.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 638.6 m 561.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 638.6 m 413.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 624.6 m 413.5 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 638.6 m 487.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 624.6 m 487.5 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 638.6 m 561.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 624.6 m 561.5 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 531.6 m 413.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 531.6 m 487.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 531.6 m 561.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 531.6 m 413.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 517.6 m 413.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 531.6 m 487.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 517.6 m 487.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 531.6 m 561.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 517.6 m 561.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 424.6 m 413.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 424.6 m 487.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 424.6 m 561.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 424.6 m 413.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 410.6 m 413.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 424.6 m 487.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 410.6 m 487.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 424.6 m 561.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 410.6 m 561.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 368.6 m 413.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 368.6 m 487.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 368.6 m 561.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 368.6 m 413.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 354.6 m 413.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 368.6 m 487.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 354.6 m 487.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 368.6 m 561.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 354.6 m 561.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 340.6 m 413.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 340.6 m 487.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 340.6 m 561.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 270.6 m 413.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 270.6 m 487.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 270.6 m 561.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 270.6 m 413.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 256.6 m 413.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 270.6 m 487.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 256.6 m 487.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 270.6 m 561.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 256.6 m 561.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 243.60000000000002 m 413.5 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 241.60000000000002 m 413.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 243.60000000000002 m 487.5 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 241.60000000000002 m 487.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 243.60000000000002 m 561.5 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 241.60000000000002 m 561.5 241.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 698.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 69.92 698.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.00 698.85 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.00 698.85 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.00 698.85 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 686.00 Td (Shar) Tj ET Q q 0 0 0 rg BT 70.42 686.00 Td (e capital) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 671.86 Td (Balance at beginning of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.00 671.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 671.06 Td (59,361) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 671.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.25 671.06 Td (57,520) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.00 671.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 671.06 Td (62,397) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 657.86 Td (Issuance of Class) Tj ET Q q 0 0 0 rg BT 134.49 657.86 Td (A) Tj ET Q q 0 0 0 rg BT 140.49 657.86 Td ( non-voting common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.75 657.06 Td (6,595) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.75 657.06 Td (5,776) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 657.06 Td (3,373) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 643.86 Td (Repurchase of Class) Tj ET Q q 0 0 0 rg BT 145.48 643.86 Td (A) Tj ET Q q 0 0 0 rg BT 151.49 643.86 Td ( non-voting common stock for cancellation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 643.06 Td (\(7,464) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.00 643.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 643.06 Td (\(3,935) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 643.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 643.06 Td (\(8,250) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 643.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 629.86 Td (Balance at end of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 629.06 Td (58,492) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.25 629.06 Td (59,361) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 629.06 Td (57,520) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 616.00 Td (Contributed capital) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 601.86 Td (Balance at beginning of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 601.06 Td (41,765) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.25 601.06 Td (44,438) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 601.06 Td (45,1) Tj ET Q q 0 0 0 rg BT 549.00 601.06 Td (18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 587.86 Td (T) Tj ET Q q 0 0 0 rg BT 75.18 587.86 Td (ax deficiency from share-based awards) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 587.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.50 587.06 Td (\(740) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 587.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 587.06 Td (\(277) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 587.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 573.86 Td (Share-based expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.75 573.06 Td (5,583) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.75 573.06 Td (5,184) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 573.06 Td (4,653) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 559.86 Td (V) Tj ET Q q 0 0 0 rg BT 76.00 559.86 Td (ested employee share plan awards) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.25 559.06 Td (\(1) Tj ET Q q 0 0 0 rg BT 389.75 559.06 Td (1,227) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.00 559.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 559.06 Td (\(7,1) Tj ET Q q 0 0 0 rg BT 475.00 559.06 Td (17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 559.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 559.06 Td (\(5,056) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 559.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 545.86 Td (Cumulative-ef) Tj ET Q q 0 0 0 rg BT 121.90 545.86 Td (fect adjustment from adoption of new accounting update of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 536.86 Td (employee share-based accounting) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 536.06 Td (425) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 536.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 536.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 522.86 Td (Balance at end of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 522.06 Td (36,546) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.25 522.06 Td (41,765) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 522.06 Td (44,438) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 509.00 Td (Retained earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 494.86 Td (Balance at beginning of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 494.06 Td (410,258) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 494.06 Td (417,001) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 494.06 Td (421,047) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 480.86 Td (Net income \(loss\) attributable to Oppenheimer Holdings Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 480.06 Td (22,816) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 480.06 Td (\(1,161) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 480.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 480.06 Td (1,962) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 466.86 Td (Dividends paid \($0.44 per share\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 466.06 Td (\(5,836) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.00 466.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 466.06 Td (\(5,887) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 466.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 466.06 Td (\(6,008) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 466.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 452.86 Td (Dividends received from noncontrolling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.50 452.06 Td (6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.50 452.06 Td (305) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 452.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 438.86 Td (Cumulative-ef) Tj ET Q q 0 0 0 rg BT 121.90 438.86 Td (fect adjustment from adoption of new accounting update of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 429.86 Td (employee share-based accounting) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.50 429.06 Td (\(314) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.00 429.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 429.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 429.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 415.86 Td (Balance at end of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 415.06 Td (426,930) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 415.06 Td (410,258) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 415.06 Td (417,001) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 402.00 Td (Accumulated other) Tj ET Q q 0 0 0 rg BT 125.65 402.00 Td ( compr) Tj ET Q q 0 0 0 rg BT 152.73 402.00 Td (ehensive income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 387.86 Td (Balance at beginning of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.50 387.06 Td (\(681) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.00 387.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.50 387.06 Td (\(901) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 387.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 387.06 Td (\(918) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 387.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 373.86 Td (Currency translation adjustment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.75 373.06 Td (2,263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.50 373.06 Td (220) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 373.06 Td (17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 359.86 Td (Balance at end of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.75 359.06 Td (1,582) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.50 359.06 Td (\(681) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 359.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 359.06 Td (\(901) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 359.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 346.00 Td (T) Tj ET Q q 0 0 0 rg BT 57.59 346.00 Td (otal Oppenheimer) Tj ET Q q 0 0 0 rg BT 126.84 346.00 Td ( Holdings Inc. stockholders' equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 345.06 Td (523,550) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 345.06 Td (510,703) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 345.06 Td (518,058) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 332.00 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 88.42 332.00 Td (olling inter) Tj ET Q q 0 0 0 rg BT 130.50 332.00 Td (est) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 317.86 Td (Balance at beginning of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.75 317.06 Td (2,631) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.75 317.06 Td (7,024) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 317.06 Td (6,088) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 303.86 Td (Net income attributable to noncontrolling interest, net of tax) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 303.06 Td (184) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.75 303.06 Td (1,652) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 303.06 Td (936) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 289.86 Td (Dividends paid to noncontrolling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 289.06 Td (\(2,448) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.00 289.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 289.06 Td (\(5,740) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 289.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 289.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 275.86 Td (Dividends paid to parent) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 275.06 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.00 275.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.50 275.06 Td (\(305) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 275.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 275.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.00 261.86 Td (Balance at end of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 261.06 Td (361) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.75 261.06 Td (2,631) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 261.06 Td (7,024) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 248.00 Td (T) Tj ET Q q 0 0 0 rg BT 57.18 248.00 Td (otal stockholders' equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.00 247.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 247.06 Td (523,91) Tj ET Q q 0 0 0 rg BT 405.50 247.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 247.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 247.06 Td (513,334) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.00 247.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 247.06 Td (525,082) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.30 219.10 Td (The accompanying notes are an integral part of these consolidated financial statements.) Tj ET Q endstream endobj 159 0 obj <>] /Rotate 0 /Contents 160 0 R>> endobj 160 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.05 742.10 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.70 730.10 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 251.37 730.10 Td (TED ST) Tj ET Q q 0 0 0 rg BT 284.18 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 290.29 730.10 Td (TEMENTS OF CASH FLOWS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.50 718.10 Td (FOR ) Tj ET Q q 0 0 0 rg BT 218.27 718.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 240.03 718.10 Td (THREE ) Tj ET Q q 0 0 0 rg BT 274.38 718.10 Td (YEARS ENDED DECEMBER 31,) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 694.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 694.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 694.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 694.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 694.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 694.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 666.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 666.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 666.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 666.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 666.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 666.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 638.60 294.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 638.60 70.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 638.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 638.60 70.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 638.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 638.60 70.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 601.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 601.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 601.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 601.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 601.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 601.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 573.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 573.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 573.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 573.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 573.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 573.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 545.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 545.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 545.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 545.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 545.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 545.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 517.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 517.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 517.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 517.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 517.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 517.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 489.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 489.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 489.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 489.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 489.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 489.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 461.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 461.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 461.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 461.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 461.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 461.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 433.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 433.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 433.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 433.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 433.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 433.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 405.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 405.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 405.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 405.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 405.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 405.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 377.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 377.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 377.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 377.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 377.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 377.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 349.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 349.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 349.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 349.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 349.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 349.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 321.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 321.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 321.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 321.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 321.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 321.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 293.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 293.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 293.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 293.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 293.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 293.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 265.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 265.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 265.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 265.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 265.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 265.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 237.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 237.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 237.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 237.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 237.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 237.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 209.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 209.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 209.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 209.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 209.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 209.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 181.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 181.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 181.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 181.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 181.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 181.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 153.60 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 153.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 153.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 153.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 153.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 153.60 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 694.6 m 414.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 694.6 m 488.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 694.6 m 562.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 209.60000000000002 m 414.5 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 209.60000000000002 m 488.5 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 209.60000000000002 m 562.5 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 195.60000000000002 m 414.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 195.60000000000002 m 488.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 195.60000000000002 m 562.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 139.60000000000002 m 414.5 139.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 139.60000000000002 m 488.5 139.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 139.60000000000002 m 562.5 139.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 125.60000000000002 m 414.5 125.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 125.60000000000002 m 488.5 125.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 125.60000000000002 m 562.5 125.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 698.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.92 698.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.00 698.85 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.00 698.85 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.00 698.85 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 686.00 Td (Cash flows fr) Tj ET Q q 0 0 0 rg BT 103.92 686.00 Td (om operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 671.86 Td (Net income for the year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 671.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 671.06 Td (23,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.00 671.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 671.06 Td (491) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 671.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 671.06 Td (2,898) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 657.86 Td (Adjustments to reconcile net income to net cash used in operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.00 643.86 Td (Non-cash items included in net income:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 629.86 Td (Depreciation and amortization of furniture, equipment and leasehold) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 620.86 Td (improvements) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 620.06 Td (5,657) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 620.06 Td (6,788) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 620.06 Td (7,188) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 606.86 Td (Deferred income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 606.06 Td (\(2,045) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 606.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 606.06 Td (\(2,941) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 606.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 606.06 Td (4,538) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 592.86 Td (Amortization of notes receivable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 592.06 Td (1) Tj ET Q q 0 0 0 rg BT 390.75 592.06 Td (1,791) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 592.06 Td (12,960) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 592.06 Td (12,708) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 578.86 Td (Amortization of debt issuance costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 578.06 Td (353) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 578.06 Td (484) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 578.06 Td (485) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 564.86 Td (W) Tj ET Q q 0 0 0 rg BT 85.31 564.86 Td (rite-of) Tj ET Q q 0 0 0 rg BT 107.54 564.86 Td (f of debt issuance costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 564.06 Td (430) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 564.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 564.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 550.86 Td (Amortization of mortgage servicing rights) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 550.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 550.06 Td (1,286) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 550.06 Td (727) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 536.86 Td (\(Reversal of\) provision for credit losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.00 536.06 Td (\(25) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 536.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 536.06 Td (\(1,751) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 536.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 536.06 Td (1) Tj ET Q q 0 0 0 rg BT 550.00 536.06 Td (18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 522.86 Td (Share-based compensation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 522.06 Td (12,573) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 522.06 Td (6,203) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 522.06 Td (2,860) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 508.86 Td (T) Tj ET Q q 0 0 0 rg BT 82.18 508.86 Td (ax deficiency from share-based awards) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 508.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.50 508.06 Td (\(740) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 508.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 508.06 Td (\(277) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 508.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 494.86 Td (Gain on sale of assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 494.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.25 494.06 Td (\(16,475) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 494.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 494.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.00 480.86 Td (Decrease \(increase\) in operating assets:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 466.86 Td (Cash and securities segregated for regulatory and other purposes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 466.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 466.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 466.06 Td (18,594) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 452.86 Td (Deposits with clearing or) Tj ET Q q 0 0 0 rg BT 167.65 452.86 Td (ganizations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 452.06 Td (\(4,037) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 452.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 452.06 Td (1) Tj ET Q q 0 0 0 rg BT 464.75 452.06 Td (1,305) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 452.06 Td (\(12,980) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 452.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 438.86 Td (Receivable from brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 252.09 438.86 Td (ganizations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 438.06 Td (27,819) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 438.06 Td (145,882) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 438.06 Td (\(46,438) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 438.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 424.86 Td (Receivable from customers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.50 424.06 Td (\(815) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 424.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 424.06 Td (\(5,280) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 424.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 424.06 Td (23,716) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 410.86 Td (Income tax receivable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 410.06 Td (2,877) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 410.06 Td (5,104) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 410.06 Td (\(6,697) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 410.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 396.86 Td (Securities purchased under agreements to resell) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 396.06 Td (23,348) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.75 396.06 Td (182,493) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 396.06 Td (45,107) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 382.86 Td (Securities owned) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.75 382.06 Td (\(219,489) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 382.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 382.06 Td (24,725) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 382.06 Td (107,762) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 368.86 Td (Notes receivable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.25 368.06 Td (\(22,212) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 368.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.25 368.06 Td (\(10,210) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 368.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 368.06 Td (\(10,625) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 368.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 354.86 Td (Loans held for sale) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 354.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 354.06 Td (60,234) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 354.06 Td (\(40,991) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 354.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 340.86 Td (Mortgage servicing rights) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 340.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 340.06 Td (\(1,300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 340.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 340.06 Td (1,245) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 326.86 Td (Other assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.25 326.06 Td (\(37,130) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 326.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 326.06 Td (2,368) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 326.06 Td (35) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.00 312.86 Td (Increase \(decrease\) in operating liabilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 298.86 Td (Drafts payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 298.06 Td (3,184) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 298.06 Td (\(8,783) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 298.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 298.06 Td (12,638) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 284.86 Td (Payable to brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 230.11 284.86 Td (ganizations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 284.06 Td (\(9,906) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 284.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 284.06 Td (56,843) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 284.06 Td (\(92,615) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 284.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 270.86 Td (Payable to customers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.25 270.06 Td (\(64,039) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 270.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.75 270.06 Td (\(144,887) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 270.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 270.06 Td (\(57,423) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 270.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 256.86 Td (Securities sold under agreements to repurchase) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.75 256.06 Td (208,394) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.75 256.06 Td (\(273,361) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 256.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 256.06 Td (\(35,995) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 256.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 242.86 Td (Securities sold but not yet purchased) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 242.06 Td (9,436) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.25 242.06 Td (\(41,443) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 242.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 242.06 Td (33,983) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 228.86 Td (Accrued compensation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 228.06 Td (21,184) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 228.06 Td (\(6,864) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 228.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 228.06 Td (\(12,443) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 228.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.00 214.86 Td (Accounts payable and other liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 214.06 Td (\(6,484) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 214.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.25 214.06 Td (\(69,996) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 214.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 214.06 Td (22,469) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.00 200.86 Td (Cash used in operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.25 200.06 Td (\(16,136) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 200.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.25 200.06 Td (\(66,865) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 200.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 200.06 Td (\(19,413) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 200.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 187.00 Td (Cash flows fr) Tj ET Q q 0 0 0 rg BT 103.84 187.00 Td (om investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 172.86 Td (Purchase of furniture, equipment and leasehold improvements) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 172.06 Td (\(5,61) Tj ET Q q 0 0 0 rg BT 406.50 172.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 172.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 172.06 Td (\(5,731) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 172.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 172.06 Td (\(5,889) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 172.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 158.86 Td (Proceeds from sale of assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 158.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 158.06 Td (45,448) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 158.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 144.86 Td (Proceeds from the settlement of Company-owned life insurance) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 144.06 Td (1,744) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 144.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 144.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.00 130.86 Td (Cash \(used in\) provided by investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 130.06 Td (\(3,867) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 130.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 130.06 Td (39,717) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 130.06 Td (\(5,889) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 130.06 Td (\)) Tj ET Q endstream endobj 161 0 obj <>] /Rotate 0 /Contents 162 0 R>> endobj 162 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (78) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 734.5 m 414.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 734.5 m 488.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 734.5 m 562.5 734.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 738.75 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.92 738.75 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.00 738.75 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.00 738.75 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.00 738.75 Td (2015) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 734.50 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 734.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 734.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 734.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 734.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 734.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 706.50 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 706.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 706.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 706.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 706.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 706.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 678.50 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 678.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 678.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 678.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 678.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 678.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 650.50 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 650.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 650.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 650.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 650.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 650.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 622.50 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 622.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 622.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 622.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 622.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 622.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 594.50 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 594.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 594.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 594.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 594.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 594.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 566.50 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 566.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 566.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 566.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 566.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 566.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 538.50 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 538.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 538.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 538.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 538.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 538.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 510.50 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 510.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 510.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 510.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 510.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 510.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 482.50 294.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 482.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 482.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 482.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 482.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 482.50 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 734.5 m 414.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 734.5 m 488.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 734.5 m 562.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 594.5 m 414.5 594.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 594.5 m 488.5 594.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 594.5 m 562.5 594.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 580.5 m 414.5 580.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 580.5 m 488.5 580.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 580.5 m 562.5 580.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 580.5 m 414.5 580.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 580.5 m 488.5 580.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 580.5 m 562.5 580.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 552.5 m 414.5 552.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 552.5 m 488.5 552.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 552.5 m 562.5 552.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 552.5 m 414.5 552.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 539.5 m 414.5 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 537.5 m 414.5 537.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 539.5 m 488.5 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 537.5 m 488.5 537.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 539.5 m 562.5 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 537.5 m 562.5 537.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 725.90 Td (Cash flows fr) Tj ET Q q 0 0 0 rg BT 103.92 725.90 Td (om financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 711.76 Td (Cash dividends paid on Class) Tj ET Q q 0 0 0 rg BT 161.00 711.76 Td (A) Tj ET Q q 0 0 0 rg BT 167.00 711.76 Td ( non-voting and Class B voting common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 710.96 Td (\(5,836) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 710.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 710.96 Td (\(5,887) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 710.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 710.96 Td (\(6,008) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 710.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 697.76 Td (Cash dividends paid to noncontrolling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 696.96 Td (\(2,448) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 696.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 696.96 Td (\(5,740) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 696.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 696.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 683.76 Td (Issuance of Class) Tj ET Q q 0 0 0 rg BT 117.49 683.76 Td (A) Tj ET Q q 0 0 0 rg BT 123.49 683.76 Td ( non-voting common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 682.96 Td (26) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 682.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 682.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 669.76 Td (Repurchase of Class) Tj ET Q q 0 0 0 rg BT 128.48 669.76 Td (A) Tj ET Q q 0 0 0 rg BT 134.49 669.76 Td ( non-voting common stock for cancellation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 668.96 Td (\(7,464) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 668.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 668.96 Td (\(3,935) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 668.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 668.96 Td (\(8,250) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 668.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 655.76 Td (Payments for employee taxes withheld related to vested share-based awards) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 654.96 Td (\(2,237) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 654.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 654.96 Td (\(1,341) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 654.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 654.96 Td (\(1,683) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 654.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 641.76 Td (Issuance of senior secured notes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.75 640.96 Td (200,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 640.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 640.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 627.76 Td (Redemption of senior secured notes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.75 626.96 Td (\(150,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 626.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 626.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 626.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 613.76 Td (Debt issuance costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 612.96 Td (\(1,297) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 612.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 612.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 612.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 599.76 Td (\(Decrease\) increase in bank call loans, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.25 598.96 Td (\(27,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 598.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 598.96 Td (45,600) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 598.96 Td (40,800) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.00 585.76 Td (Cash provided by financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 584.96 Td (3,244) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 584.96 Td (28,697) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 584.96 Td (24,859) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 95.00 571.76 Td (Net \(decrease\) increase in cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.25 570.96 Td (\(16,759) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 570.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 570.96 Td (1,549) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 570.96 Td (\(443) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 570.96 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 557.90 Td (Cash and cash equivalents, beginning of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 556.96 Td (64,913) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 556.96 Td (63,364) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 556.96 Td (63,807) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 543.90 Td (Cash and cash equivalents, end of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 542.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 542.96 Td (48,154) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.00 542.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 542.96 Td (64,913) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 542.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 542.96 Td (63,364) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 529.90 Td (Schedule of non-cash financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 515.76 Td (Employee share plan issuance) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 514.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 514.96 Td (6,569) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.00 514.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 514.96 Td (5,776) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 514.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 514.96 Td (3,373) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 501.90 Td (Supplemental disclosur) Tj ET Q q 0 0 0 rg BT 142.60 501.90 Td (e of cash flow information) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 487.76 Td (Cash paid during the year for interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 486.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.25 486.96 Td (23,899) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.00 486.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 486.96 Td (19,705) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 486.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 486.96 Td (17,273) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 473.76 Td (Cash \(received\) paid during the year for income taxes, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.00 472.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 472.96 Td (\(2,378) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 472.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.00 472.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 472.96 Td (\(5,009) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 472.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 472.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 472.96 Td (6,088) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.30 451.00 Td (The accompanying notes are an integral part of these consolidated financial statements.) Tj ET Q endstream endobj 163 0 obj <>] /Rotate 0 /Contents 164 0 R>> endobj 164 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (79) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 85.50 683.10 Td (Organization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (Oppenheimer Holdings Inc. \(the "Parent"\) is incorporated under the laws of the State of Delaware. ) Tj ET Q q 0 0 0 rg BT 445.96 659.10 Td (The consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (statements include the accounts of OPY) Tj ET Q q 0 0 0 rg BT 208.81 647.10 Td ( and its subsidiaries \(together) Tj ET Q q 0 0 0 rg BT 325.61 647.10 Td (, the "Company"\). ) Tj ET Q q 0 0 0 rg BT 400.53 647.10 Td (The Company engages in a broad range ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (of activities in the financial services industry) Tj ET Q q 0 0 0 rg BT 228.24 635.10 Td (, including retail securities brokerage, institutional sales and trading, investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (banking \(both corporate and public finance\), research, market-making, trust services, and investment advisory and asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (management services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (The Company provides its services from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.47 587.10 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.47 587.10 Td ( of) Tj ET Q q 0 0 0 rg BT 235.12 587.10 Td (fices in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.77 587.10 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.77 587.10 Td ( states located throughout the United States and in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.78 587.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.78 587.10 Td ( foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 103.76 575.10 Td (The principal subsidiaries of OPY) Tj ET Q q 0 0 0 rg BT 240.03 575.10 Td ( are Oppenheimer& Co. Inc. \("Oppenheimer"\), a registered broker) Tj ET Q q 0 0 0 rg BT 507.89 575.10 Td (-dealer in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (securities and investment adviser under the Investment ) Tj ET Q q 0 0 0 rg BT 270.83 563.10 Td (Advisers ) Tj ET Q q 0 0 0 rg BT 308.33 563.10 Td (Act of 1940; Oppenheimer ) Tj ET Q q 0 0 0 rg BT 417.75 563.10 Td (Asset Management Inc. \("OAM"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (and its wholly-owned subsidiary) Tj ET Q q 0 0 0 rg BT 179.11 551.10 Td (, Oppenheimer Investment Management LLC, both registered investment advisers under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 95.88 539.10 Td (Advisers ) Tj ET Q q 0 0 0 rg BT 133.38 539.10 Td (Act of 1940; Oppenheimer ) Tj ET Q q 0 0 0 rg BT 243.17 539.10 Td (T) Tj ET Q q 0 0 0 rg BT 248.93 539.10 Td (rust Company of Delaware \("Oppenheimer ) Tj ET Q q 0 0 0 rg BT 423.61 539.10 Td (T) Tj ET Q q 0 0 0 rg BT 429.36 539.10 Td (rust"\), a limited purpose trust ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (company that provides fiduciary services such as trust and estate administration and investment management; OPY) Tj ET Q q 0 0 0 rg BT 510.12 527.10 Td ( Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (Corp., which of) Tj ET Q q 0 0 0 rg BT 112.09 515.10 Td (fers syndication as well as trading of issued corporate loans; Oppenheimer Europe Ltd., based in the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (Kingdom, with of) Tj ET Q q 0 0 0 rg BT 120.71 503.10 Td (fices in the Isle of Jersey and Switzerland, which provides institutional equities and fixed income brokerage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (and corporate financial services and is regulated by the Financial Conduct ) Tj ET Q q 0 0 0 rg BT 347.45 491.10 Td (Authority; Oppenheimer Investments ) Tj ET Q q 0 0 0 rg BT 498.82 491.10 Td (Asia Limited, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (based in Hong Kong, China, which provides fixed income and equities brokerage services to institutional investors and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (regulated by the Securities and Futures Commission; and Oppenheimer Multifamily Housing& Healthcare Finance, Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (\("OMHHF"\) was formerly engaged in Federal Housing ) Tj ET Q q 0 0 0 rg BT 272.90 455.10 Td (Administration \("FHA"\)-insured commercial mortgage origination and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (servicing. During 2016, the Company sold substantially all of the assets of OMHHF and ceased its operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (Oppenheimer owns Freedom Investments, Inc. \("Freedom"\), a registered broker dealer in securities, which provides discount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (brokerage services, and Oppenheimer Israel \(OPCO\) Ltd., which is engaged in of) Tj ET Q q 0 0 0 rg BT 375.33 407.10 Td (fering investment services in the State of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (Israel. Oppenheimer holds a trading permit on the New ) Tj ET Q q 0 0 0 rg BT 272.40 395.10 Td (Y) Tj ET Q q 0 0 0 rg BT 278.62 395.10 Td (ork Stock Exchange and is a member of several other regional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (exchanges in the United States.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (2. ) Tj ET Q q 0 0 0 rg BT 85.50 359.10 Td (Summary of significant accounting policies and estimates) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (Basis of Presentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (United States of ) Tj ET Q q 0 0 0 rg BT 115.88 305.10 Td (America. Intercompany transactions and balances have been eliminated in the preparation of the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (Accounting standards require the Company to present noncontrolling interests as a separate component of stockholders' equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (on the Company's consolidated balance sheet. ) Tj ET Q q 0 0 0 rg BT 234.87 257.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.31 257.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.89 257.10 Td (, the Company owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.16 257.10 Td (83.68%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.99 257.10 Td ( of OMHHF and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (noncontrolling interest recorded on the consolidated balance sheet was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.68 245.10 Td ($361,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.18 245.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (Use of Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (management to make estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 271.20 191.10 Td (fect the reported amounts of assets and liabilities and disclosures of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.10 Td (contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (expenses during the reporting periods.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (In presenting the consolidated financial statements, management makes estimates regarding valuations of financial instruments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (loans and allowances for credit losses, the outcome of legal and regulatory matters, goodwill and other intangible assets, stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (based compensation plans, mortgage servicing rights, and income taxes. Estimates, by their nature, are based on judgment and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (available information. ) Tj ET Q q 0 0 0 rg BT 140.12 107.10 Td (Therefore, actual results could be materially dif) Tj ET Q q 0 0 0 rg BT 330.13 107.10 Td (ferent from these estimates. ) Tj ET Q q 0 0 0 rg BT 442.60 107.10 Td (A) Tj ET Q q 0 0 0 rg BT 449.27 107.10 Td ( discussion of certain areas ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (in which estimates are a significant component of the amounts reported on the consolidated financial statements follows.) Tj ET Q endstream endobj 165 0 obj <>] /Rotate 0 /Contents 166 0 R>> endobj 166 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (80) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (Financial Instruments and Fair V) Tj ET Q q 0 0 0 rg BT 189.55 695.25 Td (alue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (Securities owned, securities sold but not yet purchased, investments and derivative contracts are carried at fair value with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.25 Td (changes in fair value recognized in earnings each period. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 623.25 Td (Fair V) Tj ET Q q 0 0 0 rg BT 74.78 623.25 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 124.68 623.25 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (Accounting guidance for the fair value measurement of financial assets, which defines fair value, establishes a framework for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (measuring fair value, establishes a fair value measurement hierarchy) Tj ET Q q 0 0 0 rg BT 322.90 593.25 Td (, and expands fair value measurement disclosures. Fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (value, as defined by the accounting guidance, is the price that would be received in the sale of an asset or paid to transfer a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (liability in an orderly transaction between market participants at the measurement date. ) Tj ET Q q 0 0 0 rg BT 400.02 569.25 Td (The fair value hierarchy established by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (this accounting guidance prioritizes the inputs used in valuation techniques into the following three categories \(highest to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (lowest priority\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 521.25 Td (Level 1: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 521.25 Td (Observable inputs that reflect quoted prices \(unadjusted\) for identical assets or liabilities in active markets;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 503.25 Td (Level 2: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 503.25 Td (Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 491.25 Td (directly or indirectly; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 473.25 Td (Level 3: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 473.25 Td (Unobservable inputs that are significant to the overall fair value measurement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.25 Td (The Company's financial instruments that are recorded at fair value generally are classified within Level 1 or Level 2 within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.25 Td (fair value hierarchy using quoted market prices or quotes from market makers or broker) Tj ET Q q 0 0 0 rg BT 400.56 437.25 Td (-dealers. Financial instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.25 Td (classified within Level 1 are valued based on quoted market prices in active markets and consist of U.S. ) Tj ET Q q 0 0 0 rg BT 467.53 425.25 Td (T) Tj ET Q q 0 0 0 rg BT 473.28 425.25 Td (reasury and ) Tj ET Q q 0 0 0 rg BT 521.60 425.25 Td (Agency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.25 Td (securities, corporate equities, and certain money market instruments. Level 2 financial instruments primarily consist of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.25 Td (investment grade and high-yield corporate debt, convertible bonds, mortgage and asset-backed securities, and municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.25 Td (obligations. Financial instruments classified as Level 2 are valued based on quoted prices for similar assets and liabilities in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.25 Td (active markets and quoted prices for identical or similar assets and liabilities in markets that are not active. Some financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.25 Td (instruments are classified within Level 3 within the fair value hierarchy as observable pricing inputs are not available due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.25 Td (limited market activity for the asset or liability) Tj ET Q q 0 0 0 rg BT 235.19 353.25 Td (. Such financial instruments include certain distressed municipal securities, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.25 Td (auction rate securities \("ARS"\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 317.25 Td (Fair V) Tj ET Q q 0 0 0 rg BT 74.78 317.25 Td (alue Option) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.25 Td (The Company has the option to measure certain financial assets and financial liabilities at fair value with changes in fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.25 Td (recognized in earnings each period. ) Tj ET Q q 0 0 0 rg BT 193.70 287.25 Td (The Company may make a fair value option election on an instrument-by-instrument basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.25 Td (at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 251.25 Td (Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.25 Td (The Company consolidates all subsidiaries in which it has a controlling financial interest, as well as any variable interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.25 Td (entities \("VIEs"\) where the Company is deemed to be the primary beneficiary) Tj ET Q q 0 0 0 rg BT 359.96 221.25 Td (, when it has the power to make the decisions that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.25 Td (most significantly af) Tj ET Q q 0 0 0 rg BT 131.53 209.25 Td (fect the economic performance of the ) Tj ET Q q 0 0 0 rg BT 283.49 209.25 Td (VIE and has the obligation to absorb significant losses or the right to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.25 Td (receive benefits that could potentially be significant to the ) Tj ET Q q 0 0 0 rg BT 283.96 197.25 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 305.44 197.25 Td (The Company reviews factors, including the rights of the equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.25 Td (holders at risk and obligations of equity holders to absorb losses or receive expected residual returns, to determine if the entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.25 Td (is a ) Tj ET Q q 0 0 0 rg BT 65.43 173.25 Td (VIE. In evaluating whether the Company is the primary beneficiary) Tj ET Q q 0 0 0 rg BT 335.24 173.25 Td (, the Company evaluates its economic interests in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.25 Td (entity held either directly or indirectly by the Company) Tj ET Q q 0 0 0 rg BT 269.90 161.25 Td (. Under ) Tj ET Q q 0 0 0 rg BT 301.84 161.25 Td (Accounting Standards Update \("ASU"\) 2015-02, a general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.25 Td (partner will not consolidate a partnership or similar entity under the voting interest model. See note 7 for further details.) Tj ET Q endstream endobj 167 0 obj <>] /Rotate 0 /Contents 168 0 R>> endobj 168 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (81) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (Financing Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (The Company's financing receivables include customer mar) Tj ET Q q 0 0 0 rg BT 288.82 677.25 Td (gin loans, securities purchased under agreements to resell \("reverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (repurchase agreements"\), and securities borrowed transactions. ) Tj ET Q q 0 0 0 rg BT 303.86 665.25 Td (The Company uses financing receivables to extend mar) Tj ET Q q 0 0 0 rg BT 525.54 665.25 Td (gin loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (to customers, meet trade settlement requirements, and facilitate its matched-book arrangements and inventory requirements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (The Company's financing receivables are secured by collateral received from clients and counterparties. In many cases, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (Company is permitted to sell or re-pledge securities held as collateral. ) Tj ET Q q 0 0 0 rg BT 331.45 617.25 Td (These securities may be used to collateralize repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (agreements, to enter into securities lending agreements, to cover short positions or fulfill the obligation of securities fails to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (deliver) Tj ET Q q 0 0 0 rg BT 76.71 593.25 Td (. ) Tj ET Q q 0 0 0 rg BT 81.53 593.25 Td (The Company monitors the market value of the collateral received on a daily basis and may require clients and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (counterparties to deposit additional collateral or return collateral pledged, when appropriate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (Customer receivables, primarily consisting of customer mar) Tj ET Q q 0 0 0 rg BT 288.98 557.25 Td (gin loans collateralized by customer) Tj ET Q q 0 0 0 rg BT 433.17 557.25 Td (-owned securities, are stated net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (of allowance for credit losses. ) Tj ET Q q 0 0 0 rg BT 171.50 545.25 Td (The Company reviews lar) Tj ET Q q 0 0 0 rg BT 274.90 545.25 Td (ge customer accounts that do not comply with the Company's mar) Tj ET Q q 0 0 0 rg BT 538.68 545.25 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (requirements on a case-by-case basis to determine the likelihood of collection and records an allowance for credit loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (following that process. For small customer accounts that do not comply with the Company's mar) Tj ET Q q 0 0 0 rg BT 435.78 521.25 Td (gin requirements, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (allowance for credit loss is generally recorded as the amount of unsecured or partially secured receivables.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.25 Td (The Company also makes loans to financial advisers as part of its hiring process. ) Tj ET Q q 0 0 0 rg BT 375.08 485.25 Td (These loans are recorded as notes receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.25 Td (on its consolidated balance sheet. ) Tj ET Q q 0 0 0 rg BT 185.02 473.25 Td (Allowancesare established on these loansif the financial adviser is no longer associated with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.25 Td (the Company and the loan has not been promptly repaid.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 437.25 Td (Legal and Regulatory Reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.25 Td (TheCompany records reservesrelatedto legaland regulatory proceedingsinaccounts payable and other liabilities. ) Tj ET Q q 0 0 0 rg BT 512.76 419.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.25 Td (determination of the amounts ofthese reserves requires significant judgment onthe partofmanagement. In accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.25 Td (applicable accounting guidance, the Company establishes reserves for litigation and regulatory matters where available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.25 Td (information indicates that it is probable a liability had been incurred and the Company can reasonably estimate the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.25 Td (that loss. ) Tj ET Q q 0 0 0 rg BT 87.38 371.25 Td (When loss contingencies are not probable or cannot be reasonably estimated, the Company does not establish ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.25 Td (reserves.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.25 Td (When determining whether to record a reserve, managementconsiders many factors including, butnot limited to, the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.25 Td (the claim; the stage and forum of the proceeding, the sophistication of the claimant, the amount of the loss, if any) Tj ET Q q 0 0 0 rg BT 501.78 323.25 Td (, in theclient's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.25 Td (account and the possibility of wrongdoing, if any) Tj ET Q q 0 0 0 rg BT 245.48 311.25 Td (, onthe part of an employee of the Company; thebasis andvalidity of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.25 Td (claim; previous results in similarcases; and applicable legal precedents and case law) Tj ET Q q 0 0 0 rg BT 387.62 299.25 Td (. Each legal and regulatory proceeding is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.25 Td (reviewed with counsel in each accounting period and the reserve is adjusted as deemed appropriate by management. ) Tj ET Q q 0 0 0 rg BT 515.99 287.25 Td (Any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.25 Td (change in the reserve amount is recorded in the resultsof that period. ) Tj ET Q q 0 0 0 rg BT 328.11 275.25 Td (The assumptions of management in determining the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.25 Td (estimates of reserves may be incorrect and the actual disposition of a legal or regulatory proceeding could be greater or less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.25 Td (than the reserve amount.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 227.25 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.25 Td (The Company defines a reporting unit as an operating segment. ) Tj ET Q q 0 0 0 rg BT 305.64 209.25 Td (The Company's goodwill resides in its Private Client Division ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.25 Td (\("PCD"\) reporting unit. Goodwill of a reporting unit is subject to at least an annual test for impairment to determine if the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.25 Td (estimated fair value of a reporting unit is less than its carrying amount. Goodwill of a reporting unit is required to be tested for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.25 Td (impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.25 Td (value of a reporting unit below its carrying amount. Due to the volatility in the financial services sector and equity markets in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.25 Td (general, determining whether an impairment of goodwill has occurred is increasingly dif) Tj ET Q q 0 0 0 rg BT 403.65 149.25 Td (ficult and requires management to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.25 Td (exercise significant judgment. ) Tj ET Q q 0 0 0 rg BT 172.06 137.25 Td (The Company's annual goodwill impairment analysis performed as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.52 137.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.10 137.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.25 Td (applied the same valuation methodologies with consistent inputs as that performed as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.14 125.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.73 125.25 Td (, as follows:) Tj ET Q endstream endobj 169 0 obj <>] /Rotate 0 /Contents 170 0 R>> endobj 170 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (In estimating the fair value of the PCD, the Company uses traditional standard valuation methods, including the market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (comparable approach and income approach. ) Tj ET Q q 0 0 0 rg BT 228.12 683.10 Td (The market comparable approach is based on comparisons of the subject company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (to public companies whose stocks are actively traded \("Price Multiples"\) or to similar companies engaged in an actual mer) Tj ET Q q 0 0 0 rg BT 539.55 671.10 Td (ger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (or acquisition \("Precedent ) Tj ET Q q 0 0 0 rg BT 155.87 659.10 Td (T) Tj ET Q q 0 0 0 rg BT 161.62 659.10 Td (ransactions"\). ) Tj ET Q q 0 0 0 rg BT 218.47 659.10 Td (As part of this process, multiples of value relative to financial variables, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (earnings or stockholders' equity) Tj ET Q q 0 0 0 rg BT 175.90 647.10 Td (, are developed and applied to the appropriate financial variables of the subject company to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (indicate its value. ) Tj ET Q q 0 0 0 rg BT 122.07 635.10 Td (The income approach involves estimating the present value of the subject company's future cash flows by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (using projections of the cash flows that the business is expected to generate, and discounting these cash flows at a given rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (return \("Discounted Cash Flow" or "DCF"\). Each of these standard valuation methodologies requires the use of management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (estimates and assumptions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (In its Price Multiples valuation analysis, the Company uses various operating metrics of comparable companies, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (revenues, after) Tj ET Q q 0 0 0 rg BT 108.15 563.10 Td (-tax earnings, and EBITDA) Tj ET Q q 0 0 0 rg BT 218.12 563.10 Td ( as well as price-to-book value ratios at a point in time. ) Tj ET Q q 0 0 0 rg BT 440.38 563.10 Td (The Company analyzes prices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (paid in Precedent ) Tj ET Q q 0 0 0 rg BT 121.24 551.10 Td (T) Tj ET Q q 0 0 0 rg BT 127.00 551.10 Td (ransactions that are comparable to the business conducted in the PCD. ) Tj ET Q q 0 0 0 rg BT 410.07 551.10 Td (The DCF analysis includes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (Company's assumptions regarding discount rate, growth rates of the PCD's revenues, expenses, EBITDA, and capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (expenditures, adjusted for current economic conditions and expectations. ) Tj ET Q q 0 0 0 rg BT 343.67 527.10 Td (The Company weighs each of the three valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (methods equally in its overall valuation. Given the subjectivity involved in selecting which valuation method to use, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (corresponding weightings, and the input variables for use in the analyses, it is possible that a dif) Tj ET Q q 0 0 0 rg BT 433.13 503.10 Td (ferent valuation model and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (selection of dif) Tj ET Q q 0 0 0 rg BT 109.30 491.10 Td (ferent input variables could produce a materially dif) Tj ET Q q 0 0 0 rg BT 317.09 491.10 Td (ferent estimate of the fair value of the PCD reporting unit.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 94.42 467.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (Indefinite intangible assets are comprised of trademarks and trade names. ) Tj ET Q q 0 0 0 rg BT 345.60 449.10 Td (T) Tj ET Q q 0 0 0 rg BT 351.36 449.10 Td (rademarks and trade names, carried at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.44 449.10 Td ($31.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.33 449.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (which are not amortized, are subject to at least an annual test for impairment to determine if the estimated fair value is less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (their carrying amount. ) Tj ET Q q 0 0 0 rg BT 140.96 425.10 Td (The fair value of the trademarks and trade names was substantially in excess of its carrying value as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 413.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (Share-Based Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (As part of the compensation to employees and directors, the Company uses stock-based compensation, consisting of restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (stock, stock options and stock appreciation rights. In accordance with ) Tj ET Q q 0 0 0 rg BT 329.43 359.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 351.20 359.10 Td (T) Tj ET Q q 0 0 0 rg BT 356.61 359.10 Td (opic 718, "Compensation - Stock Compensation," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (the Company classifies the stock options and restricted stock awards as equity awards, which requires the compensation cost to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (be recognized in the consolidated statement of operations over the requisite service period of the award at grant date fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (and adjust for actual forfeitures. ) Tj ET Q q 0 0 0 rg BT 179.82 323.10 Td (The fair value of restricted stock awards is determined based on the grant date closing price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (the Company's Class ) Tj ET Q q 0 0 0 rg BT 134.92 311.10 Td (A) Tj ET Q q 0 0 0 rg BT 141.58 311.10 Td ( non-voting common stock \("Class ) Tj ET Q q 0 0 0 rg BT 282.61 311.10 Td (A) Tj ET Q q 0 0 0 rg BT 289.28 311.10 Td ( Stock"\) adjusted for the present value of the dividend to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (received upon vesting. ) Tj ET Q q 0 0 0 rg BT 142.07 299.10 Td (The fair value of stock options is determined using the Black-Scholes model. Key assumptions used to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (estimate the fair value include the expected term and the expected volatility of the Company's Class) Tj ET Q q 0 0 0 rg BT 450.62 287.10 Td (A) Tj ET Q q 0 0 0 rg BT 457.29 287.10 Td ( Stock over the term of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (the award, the risk-free interest rate over the expected term, and the Company's expected annual dividend yield. ) Tj ET Q q 0 0 0 rg BT 498.72 275.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (classifies stock appreciation rights \("OARs"\) as liability awards, which requires the fair value to be remeasured at each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (reporting period until the award vests. ) Tj ET Q q 0 0 0 rg BT 204.00 251.10 Td (The fair value of OARs is also determined using the Black-Scholes model at the end of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (each reporting period. ) Tj ET Q q 0 0 0 rg BT 139.84 239.10 Td (The compensation cost is adjusted each reporting period for changes in fair value prorated for the portion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (of the requisite service period rendered.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (Revenue Recognition) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (Br) Tj ET Q q 0 0 0 rg BT 59.13 185.10 Td (okerage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (Customers' securities and commodities transactions are reported on a settlement date basis, which is generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.73 167.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.73 167.10 Td ( business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (days after trade date for securities transactions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.41 155.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.85 155.10 Td ( day for commodities transactions. Related commission income and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (expense is recorded on a trade date basis.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (Principal T) Tj ET Q q 0 0 0 rg BT 94.78 119.10 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 101.10 Td (ransactions in proprietary securities and related revenue and expenses are recorded on a trade date basis. Securities owned and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (securities sold but not yet purchased, are reported at fair value generally based upon quoted prices. Realized and unrealized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (changes in fair value are recognized in principal transactions, net in the period in which the change occurs.) Tj ET Q endstream endobj 171 0 obj <>] /Rotate 0 /Contents 172 0 R>> endobj 172 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (83) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (Investment Banking Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (Advisory fees from mer) Tj ET Q q 0 0 0 rg BT 145.13 677.10 Td (gers, acquisitions and restructuring transactions are recorded when services for the transactions are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (completed and income is reasonably determinable, generally as set forth under the terms of the engagement. Retainer fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (engagement fees are recognized ratably over the service period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (Underwriting fees are recorded when the transactions are completed.) Tj ET Q q 0 0 0 rg BT 326.98 629.10 Td (T) Tj ET Q q 0 0 0 rg BT 332.73 629.10 Td (ransaction-related expenses, primarily consisting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (legal, travel and other costs directly associated with the transaction, are deferred and recognized in the same period as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (related investment banking transaction revenue. Underwriting revenues are presented net of related expenses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 68.57 581.10 Td (est) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (Interest revenue represents interest earned on mar) Tj ET Q q 0 0 0 rg BT 248.11 563.10 Td (gin debit balances, securities borrowed transactions, reverse repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (agreements, fixed income securities, firm investments, and cash and cash equivalents. Interest revenue is recognized in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (period earned based upon average or daily asset balances, contractual cash flows, and interest rates.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (Asset Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (Asset management fees are generally recognized over the period the related service is provided based on the account value at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (the valuation date per the respective asset management agreements. In certain circumstances, OAM is entitled to receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (performance \(or incentive\) fees when the return on assets under management \("AUM"\) exceeds certain benchmark returns or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (other performance tar) Tj ET Q q 0 0 0 rg BT 135.94 461.10 Td (gets. Performance fees are generally based on investment performance over a 12-month period and are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (subject to adjustment once the measurement period ends. Such fees are computed as of the fund's year) Tj ET Q q 0 0 0 rg BT 457.91 449.10 Td (-end when the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (measurement period ends and generally are recorded as earned in the fourth quarter of the Company's fiscal year) Tj ET Q q 0 0 0 rg BT 499.17 437.10 Td (. ) Tj ET Q q 0 0 0 rg BT 503.62 437.10 Td (Asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (management fees and performance fees are included in advisory fees in the consolidated statement of operations. ) Tj ET Q q 0 0 0 rg BT 503.49 425.10 Td (Assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (management are not included as assets of the Company) Tj ET Q q 0 0 0 rg BT 270.45 413.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (Cash Sweep Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (Cash sweep income consists of revenues earned from the ) Tj ET Q q 0 0 0 rg BT 279.71 371.10 Td (Advantage Bank Deposit Program.Under this program, client funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (are swept into deposit accounts at participating banks and are eligible for FDIC deposit insurance up to FDIC standard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (maximum deposit insurance amounts. ) Tj ET Q q 0 0 0 rg BT 203.46 347.10 Td (The Company earns the fee paid on these deposits after administrative fees are paid to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (administrator of the program.) Tj ET Q q 0 0 0 rg BT 169.56 335.10 Td (The fee earned in the period is recorded in other revenue and the portion of interest credit to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (clients is recorded in interest expense in the consolidated statement of operations. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (Balance Sheet) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (The Company defines cash equivalents as highly liquid investments with original maturities of less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.04 263.10 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.04 263.10 Td ( days that are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (held for sale in the ordinary course of business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (Receivables fr) Tj ET Q q 0 0 0 rg BT 106.05 227.10 Td (om / Payables to Br) Tj ET Q q 0 0 0 rg BT 185.11 227.10 Td (okers, Dealers and Clearing Or) Tj ET Q q 0 0 0 rg BT 312.23 227.10 Td (ganizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (Securities borrowed and securities loaned are carried at the amounts of cash collateral advanced or received. Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (borrowed transactions require the Company to deposit cash or other collateral with the lender) Tj ET Q q 0 0 0 rg BT 422.44 197.10 Td (. ) Tj ET Q q 0 0 0 rg BT 427.26 197.10 Td (The Company receives cash or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (collateral in an amount generally in excess of the market value of securities loaned. ) Tj ET Q q 0 0 0 rg BT 385.02 185.10 Td (The Company monitors the market value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (securities borrowed and loaned on a daily basis and may require counterparties to deposit additional collateral or return ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (collateral pledged, when appropriate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (Securities failed to deliver and receive represent the contract value of securities which have not been delivered or received, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 125.10 Td (, by settlement date.) Tj ET Q endstream endobj 173 0 obj <>] /Rotate 0 /Contents 174 0 R>> endobj 174 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (84) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (Securities Pur) Tj ET Q q 0 0 0 rg BT 106.06 695.10 Td (chased under ) Tj ET Q q 0 0 0 rg BT 161.98 695.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 176.61 695.10 Td (eements to Resell and Securities Sold under ) Tj ET Q q 0 0 0 rg BT 353.89 695.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 368.52 695.10 Td (eements to Repur) Tj ET Q q 0 0 0 rg BT 437.57 695.10 Td (chase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (Reverse repurchase agreements and securities sold under agreements to repurchase \("repurchase agreements"\) are treated as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (collateralized financing transactions and are recorded at their contractual amounts plus accrued interest. ) Tj ET Q q 0 0 0 rg BT 466.36 665.10 Td (The resulting interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (income and expense for these arrangements are included in interest income and interest expense in the consolidated statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (of operations. ) Tj ET Q q 0 0 0 rg BT 106.43 641.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 156.34 641.10 Td (, the Company elected the fair value option for repurchase agreements and reverse repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (agreements that do not settle overnight or have an open settlement date. ) Tj ET Q q 0 0 0 rg BT 338.39 629.10 Td (The Company can present the reverse repurchase and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (repurchase transactions on a net-by-counterparty basis when the specific of) Tj ET Q q 0 0 0 rg BT 350.04 617.10 Td (fsetting requirements are satisfied.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (Notes Receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (Notes receivable represent recruiting and retention payments generally in the form of upfront loans to financial advisers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (key revenue producers as part of the Company's overall growth strategy) Tj ET Q q 0 0 0 rg BT 336.12 563.10 Td (. ) Tj ET Q q 0 0 0 rg BT 340.94 563.10 Td (These notes amortize over a service period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.30 563.10 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.30 563.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.08 563.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.08 563.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (years from the initial date of the note or based on productivity levels of employees. ) Tj ET Q q 0 0 0 rg BT 383.85 551.10 Td (All such notes are contingent on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (employees' continued employment with the Company) Tj ET Q q 0 0 0 rg BT 264.22 539.10 Td (. ) Tj ET Q q 0 0 0 rg BT 269.04 539.10 Td (The unfor) Tj ET Q q 0 0 0 rg BT 308.57 539.10 Td (given portion of the notes becomes due on demand in the event ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (the employee departs during the service period. ) Tj ET Q q 0 0 0 rg BT 241.10 527.10 Td (Amortization of notes receivable is included in the consolidated statement of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (operations in compensation and related expenses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (Furnitur) Tj ET Q q 0 0 0 rg BT 83.58 491.10 Td (e, Equipment and Leasehold Impr) Tj ET Q q 0 0 0 rg BT 219.02 491.10 Td (ovements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (Furniture, equipment and leasehold improvements are stated at cost less accumulated depreciation. Depreciation of furniture, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (fixtures, and equipment is provided on a straight-line basis generally over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.64 461.10 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.64 461.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.97 461.10 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.97 461.10 Td ( years. Leasehold improvements are amortized on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (a straight-line basis over the shorter of the life of the improvement or the remaining term of the lease. Leases with escalating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (rents are expensed on a straight-line basis over the life of the lease. Landlord incentives are recorded as deferred rent and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (amortized, as reductions to lease expense, on a straight-line basis over the life of the applicable lease. Deferred rent is included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (in accounts payable and other liabilities on the consolidated balance sheet.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (Drafts Payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (Drafts payable represent amounts drawn by the Company against a bank.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (For) Tj ET Q q 0 0 0 rg BT 64.13 347.10 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 102.93 347.10 Td (ency T) Tj ET Q q 0 0 0 rg BT 128.75 347.10 Td (ranslations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (Foreign currency balances have been translated into U.S. dollars as follows: monetary assets and liabilities at exchange rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (prevailing at period end; revenue and expenses at average rates for the period; and non-monetary assets and stockholders' equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (at historical rates. ) Tj ET Q q 0 0 0 rg BT 122.63 305.10 Td (The functional currency of the overseas operations is the local currency in each location except for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (Oppenheimer Europe Ltd. and Oppenheimer Investments ) Tj ET Q q 0 0 0 rg BT 280.82 293.10 Td (Asia Limited which have the U.S. dollar as their functional currency) Tj ET Q q 0 0 0 rg BT 553.98 293.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 86.07 269.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (Under this method, deferred tax assets and liabilities are determined on the basis of the dif) Tj ET Q q 0 0 0 rg BT 410.32 227.10 Td (ferences between the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (statement and tax bases of assets and liabilities using enacted tax rates in ef) Tj ET Q q 0 0 0 rg BT 350.61 215.10 Td (fect for the year in which the dif) Tj ET Q q 0 0 0 rg BT 479.54 215.10 Td (ferences are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (expected to reverse. ) Tj ET Q q 0 0 0 rg BT 131.50 203.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 157.13 203.10 Td (fect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (period that includes the enactment date. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (The Company recognizes deferred tax assets to the extent it believes these assets are more likely than not to be realized. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (making such a determination, the Company considers all available positive and negative evidence, including future reversals of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (existing taxable temporary dif) Tj ET Q q 0 0 0 rg BT 169.56 143.10 Td (ferences, projected future taxable income, tax planning strategies, and the results of recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (The Company records uncertain tax positions in accordance with the Financial ) Tj ET Q q 0 0 0 rg BT 365.79 107.10 Td (Accounting Standards Board \("F) Tj ET Q q 0 0 0 rg BT 496.06 107.10 Td (ASB"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (Accounting Standards Codification \("ASC"\) 740, "Income ) Tj ET Q q 0 0 0 rg BT 286.25 95.10 Td (T) Tj ET Q q 0 0 0 rg BT 291.66 95.10 Td (axes" on the basis of a two-step process whereby it determines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.10 Td (whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.10 Td (for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the lar) Tj ET Q q 0 0 0 rg BT 497.25 71.10 Td (gest amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.10 Td (tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority) Tj ET Q q 0 0 0 rg BT 506.20 59.10 Td (.) Tj ET Q endstream endobj 175 0 obj <>] /Rotate 0 /Contents 176 0 R>> endobj 176 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (The Company records interest and penalties accruing on unrecognized tax benefits in income \(loss\) before income taxes as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (interest expense and other expense, respectively) Tj ET Q q 0 0 0 rg BT 240.99 683.10 Td (, in its consolidated statement of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (The Company permanently reinvests eligible earnings of its foreign subsidiaries and, accordingly) Tj ET Q q 0 0 0 rg BT 438.19 659.10 Td (, does not accrue any U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (income taxes that would arise if such earnings were repatriated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the ) Tj ET Q q 0 0 0 rg BT 503.06 623.10 Td (T) Tj ET Q q 0 0 0 rg BT 508.47 623.10 Td (ax Cuts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (Jobs ) Tj ET Q q 0 0 0 rg BT 69.23 611.10 Td (Act \(the "TCJA"\). ) Tj ET Q q 0 0 0 rg BT 144.42 611.10 Td (The ) Tj ET Q q 0 0 0 rg BT 162.29 611.10 Td (TCJA) Tj ET Q q 0 0 0 rg BT 185.63 611.10 Td ( makes broad and complex changes to the U.S. tax code. On the same date, the SEC staf) Tj ET Q q 0 0 0 rg BT 537.85 611.10 Td (f ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (issued Staf) Tj ET Q q 0 0 0 rg BT 92.93 599.10 Td (f ) Tj ET Q q 0 0 0 rg BT 98.21 599.10 Td (Accounting Bulletin \("SAB"\) 1) Tj ET Q q 0 0 0 rg BT 223.49 599.10 Td (18 which provides guidance on accounting for the tax ef) Tj ET Q q 0 0 0 rg BT 448.51 599.10 Td (fects of the ) Tj ET Q q 0 0 0 rg BT 495.26 599.10 Td (TCJA. SAB 1) Tj ET Q q 0 0 0 rg BT 550.73 599.10 Td (18 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (provides a measurement period that should not extend beyond one year from the ) Tj ET Q q 0 0 0 rg BT 373.39 587.10 Td (TCJA) Tj ET Q q 0 0 0 rg BT 396.73 587.10 Td ( enactment date for companies to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (complete the accounting under ) Tj ET Q q 0 0 0 rg BT 174.46 575.10 Td (ASC 740. In accordance with SAB 1) Tj ET Q q 0 0 0 rg BT 321.56 575.10 Td (18, a company must reflect the income tax ef) Tj ET Q q 0 0 0 rg BT 501.59 575.10 Td (fects of those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (aspects of the ) Tj ET Q q 0 0 0 rg BT 106.24 563.10 Td (TCJA) Tj ET Q q 0 0 0 rg BT 129.58 563.10 Td ( for which the accounting under ) Tj ET Q q 0 0 0 rg BT 258.99 563.10 Td (ASC 740 is complete. ) Tj ET Q q 0 0 0 rg BT 349.08 563.10 Td (T) Tj ET Q q 0 0 0 rg BT 354.49 563.10 Td (o the extent that a company's accounting for certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (income tax ef) Tj ET Q q 0 0 0 rg BT 103.74 551.10 Td (fects of the ) Tj ET Q q 0 0 0 rg BT 150.48 551.10 Td (TCJA) Tj ET Q q 0 0 0 rg BT 173.82 551.10 Td ( is incomplete but the company is able to determine a reasonable estimate, it must record a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (financial statements, it should continue to apply ) Tj ET Q q 0 0 0 rg BT 242.80 527.10 Td (ASC 740 on the basis of the provisions of the tax laws that were in ef) Tj ET Q q 0 0 0 rg BT 520.07 527.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (immediately before the enactment of the ) Tj ET Q q 0 0 0 rg BT 213.69 515.10 Td (TCJA.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (The Company has not completed its accounting for the income tax ef) Tj ET Q q 0 0 0 rg BT 325.63 491.10 Td (fects of certain elements of the ) Tj ET Q q 0 0 0 rg BT 450.95 491.10 Td (TCJA. However) Tj ET Q q 0 0 0 rg BT 516.09 491.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (Company was able to make reasonable estimates of the ef) Tj ET Q q 0 0 0 rg BT 280.63 479.10 Td (fects of certain elements and recorded a provisional estimate in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 187.05 467.10 Td (The estimated enactment net discrete after) Tj ET Q q 0 0 0 rg BT 355.94 467.10 Td (-tax benefit incorporates assumptions made based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (upon the Company's current interpretations of the ) Tj ET Q q 0 0 0 rg BT 250.24 455.10 Td (TCJA, and may change as it receives additional clarification and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (implementation guidance and as the interpretation of the ) Tj ET Q q 0 0 0 rg BT 277.58 443.10 Td (TCJA) Tj ET Q q 0 0 0 rg BT 300.92 443.10 Td ( evolves over time. ) Tj ET Q q 0 0 0 rg BT 379.32 443.10 Td (The Company is expected to complete its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (analysis within the measurement period in accordance with SAB 1) Tj ET Q q 0 0 0 rg BT 315.45 431.10 Td (18. See note 13, Income taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (New ) Tj ET Q q 0 0 0 rg BT 70.33 407.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 132.09 407.10 Td (onouncements) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (Recently Issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (In May 2014, the F) Tj ET Q q 0 0 0 rg BT 125.70 371.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 174.60 371.10 Td (ASU 2014-09, "Revenue from Contracts with Customers." ) Tj ET Q q 0 0 0 rg BT 411.72 371.10 Td (The ) Tj ET Q q 0 0 0 rg BT 429.22 371.10 Td (ASU outlines a single ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ) Tj ET Q q 0 0 0 rg BT 472.16 359.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 522.06 359.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 541.22 359.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (expands the disclosure requirements for revenue recognition. In 2016, the F) Tj ET Q q 0 0 0 rg BT 351.45 347.10 Td (ASB additionally issued ) Tj ET Q q 0 0 0 rg BT 450.62 347.10 Td (ASU 2016-08, ) Tj ET Q q 0 0 0 rg BT 510.90 347.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (2016-10, and ) Tj ET Q q 0 0 0 rg BT 104.22 335.10 Td (ASU 2016-12, which provide further revenue recognition guidance related to principal versus agent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (considerations, performance obligations and licensing, and narrow-scope improvements and practical expedients. ) Tj ET Q q 0 0 0 rg BT 504.91 323.10 Td (All of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (standards are ef) Tj ET Q q 0 0 0 rg BT 112.06 311.10 Td (fective either retrospectively to each prior reporting period presented, or as a cumulative-ef) Tj ET Q q 0 0 0 rg BT 476.44 311.10 Td (fect adjustment as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (the date of adoption, during interim and annual periods beginning after December 15, 2017. ) Tj ET Q q 0 0 0 rg BT 418.93 299.10 Td (The Company has elected the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (modified retrospective method and will include any cumulative-ef) Tj ET Q q 0 0 0 rg BT 313.95 287.10 Td (fect adjustment as of the date of the adoption. ) Tj ET Q q 0 0 0 rg BT 498.71 287.10 Td (The Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (implementation team performed an in-depth review of the Company's revenue streams and evaluated the impact of the adoption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (of these updates on the Company's financial condition, results of operations, cash flows, and disclosures. ) Tj ET Q q 0 0 0 rg BT 470.75 263.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (completed the assessment and determined that the adoption of the new guidance will not have a material impact on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (Company's consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 234.13 239.10 Td (The Company concluded that it will continue to recognize the upfront banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (advisory fees \(e.g., retainer and engagement fees\) ratably over the service period. ) Tj ET Q q 0 0 0 rg BT 376.95 227.10 Td (The new guidance will require underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (expenses to be recorded on a gross basis while the current guidance requires recognizing underwriting revenues net of related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (underwriting expenses. In addition, the new guidance will require enhanced disclosures, including revenue recognition policies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (to identify performance obligations to customers and significant judgments in measurement and recognition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (In January 2016, the F) Tj ET Q q 0 0 0 rg BT 138.46 167.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 187.37 167.10 Td (ASU 2016-01, "Recognition and Measurement of Financial ) Tj ET Q q 0 0 0 rg BT 427.52 167.10 Td (Assets and Financial Liabilities," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (which revises an entity's accounting related to the classification and measurement of investments in equity securities, changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (the presentation of certain fair value changes relating to instrument specific credit risk for financial liabilities and amends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (certain disclosure requirements associated with the fair value of financial instruments.) Tj ET Q q 0 0 0 rg BT 395.87 131.10 Td (The ) Tj ET Q q 0 0 0 rg BT 413.36 131.10 Td (ASU is ef) Tj ET Q q 0 0 0 rg BT 452.63 131.10 Td (fective for fiscal years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (beginning after December 15, 2017. ) Tj ET Q q 0 0 0 rg BT 196.21 119.10 Td (The adoption of the ) Tj ET Q q 0 0 0 rg BT 276.75 119.10 Td (ASU will not have a material impact on the Company's consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (financial statements.) Tj ET Q endstream endobj 177 0 obj <>] /Rotate 0 /Contents 178 0 R>> endobj 178 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 143.46 695.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 192.37 695.10 Td (ASU 2016-02, "Leases." ) Tj ET Q q 0 0 0 rg BT 293.39 695.10 Td (The ) Tj ET Q q 0 0 0 rg BT 310.89 695.10 Td (ASU requires the recognition of a right-of use asset and lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (liability on the balance sheet by lessees for those leases classified as operating leases under previous guidance. ) Tj ET Q q 0 0 0 rg BT 494.17 683.10 Td (The ) Tj ET Q q 0 0 0 rg BT 511.67 683.10 Td (ASU is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 671.10 Td (fective for fiscal years beginning after December 15, 2018. ) Tj ET Q q 0 0 0 rg BT 295.42 671.10 Td (The Company is currently evaluating the impact of adopting this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (ASU which it expects will have a material impact on its consolidated financial statements. Since the Company has operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (leases in over 100 locations, the Company expects to recognize a significant right-of use asset and lease liability on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (consolidated balance sheet upon adoption of this ) Tj ET Q q 0 0 0 rg BT 245.84 635.10 Td (ASU. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (In June 2016, the F) Tj ET Q q 0 0 0 rg BT 125.70 611.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 174.60 611.10 Td (ASU 2016-13, "Measurement of Credit Losses on Financial Instruments," which amends the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (F) Tj ET Q q 0 0 0 rg BT 54.32 599.10 Td (ASB's guidance on the impairment of financial instruments. ) Tj ET Q q 0 0 0 rg BT 296.17 599.10 Td (The ) Tj ET Q q 0 0 0 rg BT 313.67 599.10 Td (ASU adds to U.S. GAAP) Tj ET Q q 0 0 0 rg BT 414.42 599.10 Td ( an impairment model \("current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (expected credit loss model"\). Under this new guidance, an entity recognizes as an allowance its estimate of expected credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 78.21 575.10 Td (The ) Tj ET Q q 0 0 0 rg BT 95.71 575.10 Td (ASU is ef) Tj ET Q q 0 0 0 rg BT 134.97 575.10 Td (fective for the fiscal year beginning after December 15, 2019. ) Tj ET Q q 0 0 0 rg BT 384.12 575.10 Td (The Company will not early adopt this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (ASU. ) Tj ET Q q 0 0 0 rg BT 74.32 563.10 Td (The Company is currently evaluating the impact of the ) Tj ET Q q 0 0 0 rg BT 295.10 563.10 Td (ASU, but the adoption of the ) Tj ET Q q 0 0 0 rg BT 412.59 563.10 Td (ASU is not expected to have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (material impact on its consolidated financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.78 527.10 Td (August 2016, the F) Tj ET Q q 0 0 0 rg BT 135.71 527.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 184.61 527.10 Td (ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments," which amends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (the guidance on the classification of certain cash receipts and payments in the statement of cash flow) Tj ET Q q 0 0 0 rg BT 452.04 515.10 Td (. ) Tj ET Q q 0 0 0 rg BT 456.86 515.10 Td (The ) Tj ET Q q 0 0 0 rg BT 474.35 515.10 Td (ASU is ef) Tj ET Q q 0 0 0 rg BT 513.62 515.10 Td (fective for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (the fiscal year beginning after December15, 2017 and early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 381.70 503.10 Td (The Company did not early adopt this ) Tj ET Q q 0 0 0 rg BT 535.29 503.10 Td (ASU. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (The Company has evaluated the impact of the ) Tj ET Q q 0 0 0 rg BT 235.00 491.10 Td (ASU and the adoption of the ) Tj ET Q q 0 0 0 rg BT 351.65 491.10 Td (ASU is not expected to have a material impact on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (consolidated financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (In November 2016, the F) Tj ET Q q 0 0 0 rg BT 149.57 455.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 198.47 455.10 Td (ASU 2016-18, "Statement of Cash Flow - Restricted Cash," which adds or clarifies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (guidance on the classification and presentation of restricted cash in the statement of cash flows. ) Tj ET Q q 0 0 0 rg BT 433.64 443.10 Td (The ) Tj ET Q q 0 0 0 rg BT 451.13 443.10 Td (ASU is ef) Tj ET Q q 0 0 0 rg BT 490.39 443.10 Td (fective for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (fiscal year beginning after December15, 2017 and early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 366.99 431.10 Td (The Company did not early adopt this ) Tj ET Q q 0 0 0 rg BT 520.57 431.10 Td (ASU. ) Tj ET Q q 0 0 0 rg BT 545.40 431.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (Company has evaluated the impact of the ) Tj ET Q q 0 0 0 rg BT 216.95 419.10 Td (ASU and the adoption of the ) Tj ET Q q 0 0 0 rg BT 333.60 419.10 Td (ASU is not expected to have a material impact on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (consolidated financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (In January 2017, the F) Tj ET Q q 0 0 0 rg BT 138.46 383.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 187.37 383.10 Td (ASU 2017-04, "Intangibles - Goodwill and Other) Tj ET Q q 0 0 0 rg BT 384.63 383.10 Td (, Simplifying the ) Tj ET Q q 0 0 0 rg BT 454.45 383.10 Td (T) Tj ET Q q 0 0 0 rg BT 459.86 383.10 Td (est for Goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (Impairment," which simplifies the subsequent measurement of goodwill. Under this ) Tj ET Q q 0 0 0 rg BT 386.85 371.10 Td (ASU, the Company will no longer be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (required to perform its Step 2 goodwill impairment test; instead, the Company should perform its annual or interim goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (impairment test by comparing the fair value of a reporting unit with its carrying amount. ) Tj ET Q q 0 0 0 rg BT 405.33 347.10 Td (The ) Tj ET Q q 0 0 0 rg BT 422.83 347.10 Td (ASU is ef) Tj ET Q q 0 0 0 rg BT 462.09 347.10 Td (fective for the fiscal year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (beginning after December15, 2019 and early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 323.12 335.10 Td (The Company will not early adopt this ) Tj ET Q q 0 0 0 rg BT 479.49 335.10 Td (ASU. ) Tj ET Q q 0 0 0 rg BT 504.31 335.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (is currently evaluating the impact of the ) Tj ET Q q 0 0 0 rg BT 210.84 323.10 Td (ASU, but the adoption of the ) Tj ET Q q 0 0 0 rg BT 328.33 323.10 Td (ASU is not expected to have a material impact on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.78 287.10 Td (August 2017, the F) Tj ET Q q 0 0 0 rg BT 135.71 287.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 184.61 287.10 Td (ASU 2017-12, "T) Tj ET Q q 0 0 0 rg BT 254.93 287.10 Td (ar) Tj ET Q q 0 0 0 rg BT 262.52 287.10 Td (geted Improvements to ) Tj ET Q q 0 0 0 rg BT 356.67 287.10 Td (Accounting for Hedging ) Tj ET Q q 0 0 0 rg BT 456.37 287.10 Td (Activities," which amends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (the hedge accounting recognition and presentation requirements. ) Tj ET Q q 0 0 0 rg BT 310.34 275.10 Td (The ) Tj ET Q q 0 0 0 rg BT 327.83 275.10 Td (ASU improves the transparency and understandability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (information conveyed to financial statement users by better aligning companies' hedging relationship to their existing risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (management strategies, simplifies the application of hedge accounting and increases transparency regarding the scope and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (results of the hedging program. ) Tj ET Q q 0 0 0 rg BT 177.07 239.10 Td (The ) Tj ET Q q 0 0 0 rg BT 194.56 239.10 Td (ASU is ef) Tj ET Q q 0 0 0 rg BT 233.83 239.10 Td (fective for the fiscal year beginning after December15, 2019 and early adoption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (is permitted. ) Tj ET Q q 0 0 0 rg BT 101.81 227.10 Td (The Company will not early adopt this ) Tj ET Q q 0 0 0 rg BT 258.18 227.10 Td (ASU. ) Tj ET Q q 0 0 0 rg BT 283.00 227.10 Td (The Company is currently evaluating the impact of the ) Tj ET Q q 0 0 0 rg BT 503.77 227.10 Td (ASU, but the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (adoption of the ) Tj ET Q q 0 0 0 rg BT 111.99 215.10 Td (ASU is not expected to have a material impact on its consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td ( ) Tj ET Q endstream endobj 179 0 obj <>] /Rotate 0 /Contents 180 0 R>> endobj 180 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (87) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (3. ) Tj ET Q q 0 0 0 rg BT 85.50 695.25 Td (Discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.25 Td (OMHHF historically was engaged in the business of originating and servicing FHA-insured multifamily and healthcare facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (loans and securitizing these loans into GNMA) Tj ET Q q 0 0 0 rg BT 233.91 659.25 Td ( mortgage backed securities. OMHHF of) Tj ET Q q 0 0 0 rg BT 397.02 659.25 Td (fered mortgage services to developers of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.25 Td (commercial properties including apartments, elderly housing and nursing homes that satisfy FHA) Tj ET Q q 0 0 0 rg BT 438.87 647.25 Td ( criteria. OMHHF maintained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.25 Td (a mortgage servicing portfolio for which it provided a full array of services, including the collection of mortgage payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.25 Td (from mortgagors which were passed on to the mortgage holders, construction loan management and asset management.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.25 Td (The Company owns an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.49 599.25 Td (83.68%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.32 599.25 Td ( controlling interest in OMHHF) Tj ET Q q 0 0 0 rg BT 301.73 599.25 Td (. ) Tj ET Q q 0 0 0 rg BT 306.55 599.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.59 599.25 Td (16.32%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.42 599.25 Td ( noncontrolling interest belongs to one related party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.25 Td (who was the President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 236.21 587.25 Td (ficer of OMHHF) Tj ET Q q 0 0 0 rg BT 303.18 587.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.25 Td (On June 2, 2016, OMHHF entered into a definitive agreement to sell OMHHF's entire portfolio of permanent mortgage loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.25 Td (\(consisting of over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.99 551.25 Td (480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.99 551.25 Td ( permanent loans insured by the U.S. Department of Housing and Urban Development\), including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.25 Td (associated mortgage servicing rights. On June 20, 2016, OMHHF completed the transaction for cash consideration of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.76 527.25 Td ($45.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.65 527.25 Td (. ) Tj ET Q q 0 0 0 rg BT 168.10 527.25 Td (An amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.75 527.25 Td ($1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.64 527.25 Td ( was withheld from the purchase price until such time as one loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.25 Td (in the mortgage loan portfolio became current or was modified. ) Tj ET Q q 0 0 0 rg BT 305.62 515.25 Td (The Company recorded a net gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.73 515.25 Td ($14.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.63 515.25 Td ( related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.25 Td (this transaction which was included in discontinued operations in the consolidated statement of operations during the second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.25 Td (quarter of 2016. During the second quarter of 2016, OMHHF also sold its business pipeline of mortgage loans for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.05 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.76 478.05 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.65 478.05 Td (. During the third quarter of 2016, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 297.23 478.05 Td (th) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.79 478.05 Td (e Company recognized the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.19 478.05 Td ($1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.08 478.05 Td ( that was withheld from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.05 Td (the purchase price of the permanent mortgage loans as a result of the loan being modified as a gain. ) Tj ET Q q 0 0 0 rg BT 449.36 466.05 Td (Also, OMHHF sold its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.05 Td (construction loan portfolio and the associated mortgage servicing rights for approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.01 454.05 Td ($3.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.90 454.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.05 Td (OMHHF made dividend distributions to the noncontrolling interest in the amounts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.80 430.05 Td ($2.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.69 430.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.13 430.05 Td ($5.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.02 430.05 Td ( in the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.05 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.88 418.05 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.46 418.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.90 418.05 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.90 418.05 Td (, respectively) Tj ET Q q 0 0 0 rg BT 246.56 418.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.05 Td (The Company determined that the sale of the assets of OMHHF met the criteria to be classified within discontinued operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.05 Td (and the results of OMHHF are reported as discontinued operations in the consolidated statements of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.05 Td (The following is a summary of revenue and expenses of OMHHF for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.57 358.05 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.16 358.05 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.16 358.05 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.16 358.05 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.59 358.05 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.59 358.05 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 308.55 295.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 308.55 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 308.55 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 308.55 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 308.55 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 308.55 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 279.55 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 279.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 279.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 279.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 279.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 279.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 249.55 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 249.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 249.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 249.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 249.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 249.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 219.55 295.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 219.55 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 219.55 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 219.55 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 219.55 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 219.55 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 190.55 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 190.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 190.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 190.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 190.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 190.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 160.55 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 160.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 160.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 160.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 160.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 160.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 130.55 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 130.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 130.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 130.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 130.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 130.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 100.55 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 100.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 100.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 100.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 100.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 100.55 70.00 -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 344 321.54999999999995 m 414 321.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 321.54999999999995 m 418 321.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 321.54999999999995 m 488 321.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 321.54999999999995 m 492 321.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 321.54999999999995 m 562 321.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 308.54999999999995 m 414 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 308.54999999999995 m 488 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 308.54999999999995 m 562 308.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 234.54999999999995 m 414 234.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 219.54999999999995 m 414 219.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 234.54999999999995 m 488 234.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 219.54999999999995 m 488 219.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 234.54999999999995 m 562 234.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 219.54999999999995 m 562 219.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 130.54999999999995 m 414 130.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 130.54999999999995 m 488 130.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 130.54999999999995 m 562 130.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 115.54999999999995 m 414 115.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 101.54999999999995 m 414 101.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 99.54999999999995 m 414 99.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 115.54999999999995 m 488 115.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 101.54999999999995 m 488 101.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 99.54999999999995 m 488 99.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 115.54999999999995 m 562 115.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 101.54999999999995 m 562 101.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 99.54999999999995 m 562 99.54999999999995 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 338.80 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 69.42 338.80 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.60 325.80 Td (For the ) Tj ET Q q 0 0 0 rg BT 421.34 325.80 Td (Y) Tj ET Q q 0 0 0 rg BT 426.57 325.80 Td (ears Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.50 312.80 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.50 312.80 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 312.80 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 299.28 Td (REVENUE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 285.12 Td (Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.50 284.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 284.22 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 284.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 284.22 Td (943) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 284.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 284.22 Td (1,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 270.12 Td (Principal transactions, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 269.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 269.27 Td (\(9,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 269.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 269.22 Td (5,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 255.12 Td (Gain on sale of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 254.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 254.22 Td (16,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 254.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 240.12 Td (Other ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 94.77 244.65 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 239.22 Td (2,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 239.22 Td (16,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 239.22 Td (23,262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 225.12 Td (T) Tj ET Q q 0 0 0 rg BT 75.26 225.12 Td (otal revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 224.22 Td (2,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 224.22 Td (25,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 224.22 Td (30,584) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 210.28 Td (EXPENSES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 196.12 Td (Compensation and related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 195.22 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 195.22 Td (4,31) Tj ET Q q 0 0 0 rg BT 479.15 195.22 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 195.22 Td (12,406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 181.12 Td (Communications and technology) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 180.22 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 180.22 Td (221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 180.22 Td (361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 166.12 Td (Occupancy and equipment costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 165.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 165.22 Td (415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 165.22 Td (302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 151.12 Td (Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 150.22 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 150.22 Td (408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 150.22 Td (994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 136.12 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 135.22 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 135.22 Td (2,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 135.22 Td (7,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 121.12 Td (T) Tj ET Q q 0 0 0 rg BT 74.91 121.12 Td (otal expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 120.22 Td (102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 120.22 Td (7,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 120.22 Td (21,445) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 106.28 Td (Income befor) Tj ET Q q 0 0 0 rg BT 108.25 106.28 Td (e income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.50 105.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 105.22 Td (2,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 105.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 105.22 Td (17,339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 105.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 105.22 Td (9,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 91.12 Td (Income attributable to noncontrolling interest before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.50 90.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 90.22 Td (338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 90.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 90.22 Td (2,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 90.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 90.22 Td (1,491) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.05 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 85.50 68.05 Td (Other revenue for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.88 68.05 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.46 68.05 Td ( was primarily due to an earn-out from the sale of OMHHF's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 56.05 Td (pipeline business in 2016.) Tj ET Q endstream endobj 181 0 obj <>] /Rotate 0 /Contents 182 0 R>> endobj 182 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (The following is a summary of cash flows of OMHHF for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.88 695.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.46 695.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.46 695.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.46 695.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.90 695.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.90 695.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 633.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 633.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 633.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 633.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 633.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 633.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 603.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 603.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 603.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 603.60 70.00 -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 345 648.6 m 415 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 648.6 m 419 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 648.6 m 489 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 648.6 m 493 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 648.6 m 563 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 633.6 m 415 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 633.6 m 489 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 633.6 m 563 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 633.6 m 563 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 588.6 m 415 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 588.6 m 563 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 574.6 m 415 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 572.6 m 415 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 588.6 m 489 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 574.6 m 489 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 572.6 m 489 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 588.6 m 563 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 574.6 m 563 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 572.6 m 563 572.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 667.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 667.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.60 652.85 Td (For the ) Tj ET Q q 0 0 0 rg BT 422.34 652.85 Td (Y) Tj ET Q q 0 0 0 rg BT 427.57 652.85 Td (ears Ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 638.27 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.50 637.85 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.50 637.85 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 637.85 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 624.17 Td (Cash provided by \(used in\) operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 623.27 Td (5,721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 623.32 Td (\(14,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 623.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 623.27 Td (3,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 609.17 Td (Cash provided by investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 608.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 608.27 Td (45,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 608.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 594.17 Td (Cash used in financing activities ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 184.97 598.70 Td (\(1\) \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.30 593.32 Td (\(20,035) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 593.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 593.32 Td (\(35,421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 593.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 593.32 Td (\(249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 593.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 579.17 Td (Net \(decrease\) increase in cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 578.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.30 578.32 Td (\(14,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 578.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 578.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 578.32 Td (\(4,070) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 578.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 578.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 578.27 Td (3,073) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 85.50 556.10 Td (Includes cash dividends paid to OMHHF's parent \(E.A. ) Tj ET Q q 0 0 0 rg BT 309.30 556.10 Td (V) Tj ET Q q 0 0 0 rg BT 315.92 556.10 Td (iner International Co.\) and noncontrolling interest of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.64 556.10 Td ($12.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 544.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.39 544.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.83 544.10 Td ($2.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.72 544.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 235.38 544.10 Td (, for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.34 544.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.93 544.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.76 544.10 Td ($29.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 544.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.09 544.10 Td ($5.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.98 544.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 532.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 133.16 532.10 Td (, for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.12 532.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.71 532.10 Td (.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 85.50 520.10 Td (Includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.88 520.10 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.77 520.10 Td ( paid to OMHHF's parent due to redemption of the parent's outstanding preferred stock for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 508.10 Td (year ended December 31, 2017.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (4. ) Tj ET Q q 0 0 0 rg BT 85.50 484.10 Td (Receivable fr) Tj ET Q q 0 0 0 rg BT 141.68 484.10 Td (om and payable to br) Tj ET Q q 0 0 0 rg BT 232.62 484.10 Td (okers, dealers and clearing organizations) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 428.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 428.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 428.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 428.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 398.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 398.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 398.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 398.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 368.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 368.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 368.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 368.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 338.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 338.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 338.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 338.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 308.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 308.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 308.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 308.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 278.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 278.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 278.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 278.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 248.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 248.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 248.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 248.60 70.00 -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 419 441.6 m 489 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 441.6 m 493 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 441.6 m 563 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 441.6 m 489 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 428.6 m 489 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 441.6 m 563 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 428.6 m 563 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 338.6 m 489 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 338.6 m 563 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 324.6 m 489 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 322.6 m 489 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 324.6 m 563 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 322.6 m 563 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 248.60000000000002 m 489 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 248.60000000000002 m 563 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 234.60000000000002 m 489 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 232.60000000000002 m 489 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 234.60000000000002 m 563 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 232.60000000000002 m 563 232.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 458.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 458.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 458.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 458.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 445.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.25 445.85 Td (As of December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 432.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.50 432.85 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 432.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 419.17 Td (Receivable from brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 247.04 419.17 Td (ganizations consists of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 404.17 Td (Securities borrowed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 403.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 403.27 Td (132,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 403.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 403.27 Td (154,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 389.17 Td (Receivable from brokers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 388.27 Td (19,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 388.27 Td (25,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 374.17 Td (Securities failed to deliver) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 373.27 Td (9,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 373.27 Td (6,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 359.17 Td (Clearing or) Tj ET Q q 0 0 0 rg BT 115.67 359.17 Td (ganizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 358.27 Td (24,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 358.27 Td (26,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 344.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 343.27 Td (1,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 343.27 Td (2,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 329.17 Td (T) Tj ET Q q 0 0 0 rg BT 76.26 329.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 328.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 328.27 Td (187,1) Tj ET Q q 0 0 0 rg BT 475.15 328.27 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 328.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 328.27 Td (214,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 314.17 Td (Payable to brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 222.53 314.17 Td (ganizations consists of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 299.17 Td (Securities loaned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 298.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 298.27 Td (180,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 298.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 298.27 Td (179,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 284.17 Td (Payable to brokers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 283.27 Td (1,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 283.27 Td (610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 269.17 Td (Securities failed to receive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 268.27 Td (17,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 268.27 Td (1) Tj ET Q q 0 0 0 rg BT 536.65 268.27 Td (1,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 254.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 253.27 Td (12,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 253.27 Td (29,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 239.17 Td (T) Tj ET Q q 0 0 0 rg BT 75.91 239.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 238.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 238.27 Td (21) Tj ET Q q 0 0 0 rg BT 462.65 238.27 Td (1,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 238.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 238.27 Td (221,389) Tj ET Q BT /F1 18.00 Tf ET q 0 0 0 rg BT 564.50 234.10 Td () Tj ET Q endstream endobj 183 0 obj <>] /Rotate 0 /Contents 184 0 R>> endobj 184 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (89) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (5. ) Tj ET Q q 0 0 0 rg BT 85.50 695.25 Td (Fair) Tj ET Q q 0 0 0 rg BT 103.64 695.25 Td ( value measur) Tj ET Q q 0 0 0 rg BT 162.90 695.25 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.25 Td (Securities owned, securities sold but not yet purchased, investments and derivative contracts are carried at fair value with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (changes in fair value recognized in earnings each period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 635.25 Td (V) Tj ET Q q 0 0 0 rg BT 55.80 635.25 Td (aluation ) Tj ET Q q 0 0 0 rg BT 93.13 635.25 Td (T) Tj ET Q q 0 0 0 rg BT 98.88 635.25 Td (echniques) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 617.25 Td ( description of the valuation techniques applied and inputs used in measuring the fair value of the Company's financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (instruments is as follows:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (U.S. Government Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 69.60 563.25 Td (T) Tj ET Q q 0 0 0 rg BT 75.36 563.25 Td (reasury securities are valued using quoted market prices obtained from active market makers and inter) Tj ET Q q 0 0 0 rg BT 483.89 563.25 Td (-dealer brokers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 539.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 69.04 539.25 Td (Agency Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (U.S. agency securities consist of agency issued debt securities and mortgage pass-through securities. Non-callable agency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (issued debt securities are generally valued using quoted market prices. Callable agency issued debt securities are valued by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.25 Td (benchmarking model-derived prices to quoted market prices and trade data for identical or comparable securities. ) Tj ET Q q 0 0 0 rg BT 505.25 497.25 Td (The fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.25 Td (of mortgage pass-through securities are model driven with respect to spreads of the comparable to-be-announced \("TBA"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.25 Td (security) Tj ET Q q 0 0 0 rg BT 80.51 473.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 449.25 Td (Sover) Tj ET Q q 0 0 0 rg BT 71.90 449.25 Td (eign Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.25 Td (The fair value of sovereign obligations is determined based on quoted market prices when available or a valuation model that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.25 Td (generally utilizes interest rate yield curves and credit spreads as inputs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 395.25 Td (Corporate Debt and Other Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.25 Td (The fair value of corporate bonds is estimated using recent transactions, broker quotations and bond spread information.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 353.25 Td (Mortgage and Other ) Tj ET Q q 0 0 0 rg BT 134.59 353.25 Td (Asset-Backed Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.25 Td (The Company holds non-agency securities collateralized by home equity and various other types of collateral which are valued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.25 Td (based on external pricing and spread data provided by independent pricing services. ) Tj ET Q q 0 0 0 rg BT 387.26 323.25 Td (When specific external pricing is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.25 Td (observable, the valuation is based on yields and spreads for comparable bonds.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 287.25 Td (Municipal Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.25 Td (The fair value of municipal obligations is estimated using recently executed transactions, broker quotations, and bond spread ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.25 Td (information.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 233.25 Td (Convertible Bonds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.25 Td (The fair value of convertible bonds is estimated using recently executed transactions and dollar) Tj ET Q q 0 0 0 rg BT 430.00 215.25 Td (-neutral price quotations, where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.25 Td (observable. ) Tj ET Q q 0 0 0 rg BT 97.63 203.25 Td (When observable price quotations are not available, fair value is determined based on cash flow models using yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.25 Td (curves and bond spreads as key inputs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 167.25 Td (Corporate Equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.25 Td (Equity securities and options are generally valued based on quoted prices from the exchange or market where traded. ) Tj ET Q q 0 0 0 rg BT 519.98 149.25 Td (T) Tj ET Q q 0 0 0 rg BT 525.39 149.25 Td (o the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.25 Td (extent quoted prices are not available, fair values are generally derived using bid/ask spreads.) Tj ET Q endstream endobj 185 0 obj <>] /Rotate 0 /Contents 186 0 R>> endobj 186 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (90) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (Auction Rate Securities \("ARS"\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (In February 2010, Oppenheimer finalized settlements with each of the New ) Tj ET Q q 0 0 0 rg BT 353.47 677.10 Td (Y) Tj ET Q q 0 0 0 rg BT 359.70 677.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 374.97 677.10 Td (Attorney General's of) Tj ET Q q 0 0 0 rg BT 461.01 677.10 Td (fice \("NY) Tj ET Q q 0 0 0 rg BT 499.24 677.10 Td (AG"\) and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (Massachusetts Securities Division \("MSD" and, together with the NY) Tj ET Q q 0 0 0 rg BT 327.35 665.10 Td (AG, the "Regulators"\) concluding investigations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (administrative proceedings by the Regulators concerning Oppenheimer's marketing and sale of ) Tj ET Q q 0 0 0 rg BT 430.91 653.10 Td (ARS. Pursuant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (settlements with the Regulators, Oppenheimer agreed to extend of) Tj ET Q q 0 0 0 rg BT 313.96 641.10 Td (fers to repurchase ) Tj ET Q q 0 0 0 rg BT 386.99 641.10 Td (ARS from certain of its clients subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (certain terms and conditions more fully described below) Tj ET Q q 0 0 0 rg BT 274.06 629.10 Td (. ) Tj ET Q q 0 0 0 rg BT 278.51 629.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.95 629.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.54 629.10 Td (, the Company had no outstanding ) Tj ET Q q 0 0 0 rg BT 520.69 629.10 Td (ARS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (purchase commitments related to the settlements with the Regulators. In addition to the settlements with the Regulators, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (Oppenheimer has also reached settlements of and received adverse awards in legal proceedings with various clients where the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (Company is obligated to purchase ) Tj ET Q q 0 0 0 rg BT 187.53 593.10 Td (ARS. Pursuant to completed Purchase Of) Tj ET Q q 0 0 0 rg BT 352.88 593.10 Td (fers \(as defined\) under the settlements with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (Regulators and client-related legal settlements and awards to purchase ) Tj ET Q q 0 0 0 rg BT 332.45 581.10 Td (ARS, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.57 581.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 581.10 Td (, the Company purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (and holds \(net of redemptions\) approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.01 569.10 Td ($1) Tj ET Q q 0 0 0 rg BT 244.64 569.10 Td (13.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.53 569.10 Td ( in ) Tj ET Q q 0 0 0 rg BT 305.75 569.10 Td (ARS from its clients. In addition, the Company is committed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (purchase another ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.02 557.10 Td ($1) Tj ET Q q 0 0 0 rg BT 129.65 557.10 Td (1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.54 557.10 Td ( in ) Tj ET Q q 0 0 0 rg BT 185.77 557.10 Td (ARS from clients through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.87 557.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.87 557.10 Td ( under legal settlements and awards.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.00 533.10 Td (ARS positions that the Company owns and is committed to purchase primarily represent auction rate preferred securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (issued by closed-end funds and, to a lesser extent, municipal auction rate securities which are municipal bonds wrapped by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (municipal bond insurance and student loan auction rate securities which are asset-backed securities backed by student loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (Interest rates on ) Tj ET Q q 0 0 0 rg BT 115.31 485.10 Td (ARS typically reset through periodic auctions. Due to the auction mechanism and generally liquid markets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (ARS have historically been categorized as Level 1 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 357.05 473.10 Td (.Beginning in February 2008, uncertainties in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (credit markets resulted in substantially all of the ) Tj ET Q q 0 0 0 rg BT 243.89 461.10 Td (ARS market experiencing failed auctions.Once the auctions failed, the ) Tj ET Q q 0 0 0 rg BT 529.91 461.10 Td (ARS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (could no longer be valued using observable prices set in the auctions.) Tj ET Q q 0 0 0 rg BT 328.97 449.10 Td (The Company has used less observable determinants of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (the fair value of ) Tj ET Q q 0 0 0 rg BT 115.03 437.10 Td (ARS, including the strength in the underlying credits, announced issuer redemptions, completed issuer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (redemptions, and announcements from issuers regarding their intentions with respect to their outstanding ) Tj ET Q q 0 0 0 rg BT 471.63 425.10 Td (ARS. ) Tj ET Q q 0 0 0 rg BT 495.90 425.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (has also developed an internal methodology to discount for the lack of liquidity and non-performance risk of the failed auctions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (Due to liquidity problems associated with the ) Tj ET Q q 0 0 0 rg BT 233.08 401.10 Td (ARS market, ) Tj ET Q q 0 0 0 rg BT 287.25 401.10 Td (ARS that lack liquidity are setting their interest rates according to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (maximum rate formula. For example, an auction rate preferred security maximum rate may be set at 200% of a short-term index ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (such as LIBOR or U.S. ) Tj ET Q q 0 0 0 rg BT 144.59 377.10 Td (T) Tj ET Q q 0 0 0 rg BT 150.35 377.10 Td (reasury yield. For fair value purposes, the Company has determined that the maximum spread would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (be an adequate risk premium to account for illiquidity in the market. ) Tj ET Q q 0 0 0 rg BT 324.70 365.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 374.04 365.10 Td (, the Company applies a spread to the short-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (term index for each asset class to derive the discount rate. ) Tj ET Q q 0 0 0 rg BT 282.57 353.10 Td (The Company uses short-term U.S. ) Tj ET Q q 0 0 0 rg BT 425.98 353.10 Td (T) Tj ET Q q 0 0 0 rg BT 431.74 353.10 Td (reasury yields as its benchmark ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (short-term index. ) Tj ET Q q 0 0 0 rg BT 120.69 341.10 Td (The risk of non-performance is typically reflected in the prices of ) Tj ET Q q 0 0 0 rg BT 384.20 341.10 Td (ARS positions where the fair value is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (derived from recent trades in the secondary market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.00 305.10 Td (ARS purchase commitment, or derivative asset or liability) Tj ET Q q 0 0 0 rg BT 299.07 305.10 Td (, arises from both the settlements with the Regulators and legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (settlements and awards. ) Tj ET Q q 0 0 0 rg BT 147.07 293.10 Td (The ) Tj ET Q q 0 0 0 rg BT 164.56 293.10 Td (ARS purchase commitment represents the dif) Tj ET Q q 0 0 0 rg BT 346.28 293.10 Td (ference between the principal value and the fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (of the ) Tj ET Q q 0 0 0 rg BT 74.50 281.10 Td (ARS the Company is committed to purchase. ) Tj ET Q q 0 0 0 rg BT 257.63 281.10 Td (The Company utilizes the same valuation methodology for the ) Tj ET Q q 0 0 0 rg BT 509.51 281.10 Td (ARS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (purchase commitment as it does for the ) Tj ET Q q 0 0 0 rg BT 208.63 269.10 Td (ARS it owns. ) Tj ET Q q 0 0 0 rg BT 264.20 269.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 314.10 269.10 Td (, the present value of the future principal value of ) Tj ET Q q 0 0 0 rg BT 513.75 269.10 Td (ARS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (purchase commitments under legal settlements and awards is used in the discounted valuation model to reflect the time value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (money over the period of time that the commitments are outstanding. ) Tj ET Q q 0 0 0 rg BT 328.69 245.10 Td (The amount of the ) Tj ET Q q 0 0 0 rg BT 404.23 245.10 Td (ARS purchase commitment only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (becomes determinable once the Company has met with its primary regulator and the NY) Tj ET Q q 0 0 0 rg BT 402.45 233.10 Td (AG and agreed upon a buyback ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (amount, commenced the ) Tj ET Q q 0 0 0 rg BT 149.47 221.10 Td (ARS buyback of) Tj ET Q q 0 0 0 rg BT 215.95 221.10 Td (fer to clients, and received notice from its clients which ) Tj ET Q q 0 0 0 rg BT 440.04 221.10 Td (ARS they are tendering. ) Tj ET Q q 0 0 0 rg BT 538.63 221.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (result, it is not possible to observe the current yields actually paid on the ) Tj ET Q q 0 0 0 rg BT 340.83 209.10 Td (ARS until all of these events have happened which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (typically very close to the time that the Company actually purchases the ) Tj ET Q q 0 0 0 rg BT 339.42 197.10 Td (ARS. For ) Tj ET Q q 0 0 0 rg BT 379.71 197.10 Td (ARS purchase commitments pursuant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (legal settlements and awards, the criteria for purchasing ) Tj ET Q q 0 0 0 rg BT 274.70 185.10 Td (ARS from clients is based on the nature of the settlement or award ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (which will stipulate a time period and amount for each repurchase. ) Tj ET Q q 0 0 0 rg BT 318.67 173.10 Td (The Company will not know which ) Tj ET Q q 0 0 0 rg BT 462.55 173.10 Td (ARS will be tendered by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (the client until the stipulated time for repurchase is reached. ) Tj ET Q q 0 0 0 rg BT 291.17 161.10 Td (Therefore, the Company uses the current yields of ) Tj ET Q q 0 0 0 rg BT 493.61 161.10 Td (ARS owned in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (its discounted valuation model to determine a fair value of ) Tj ET Q q 0 0 0 rg BT 284.99 149.10 Td (ARS purchase commitments. ) Tj ET Q q 0 0 0 rg BT 404.24 149.10 Td (The Company also uses these current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (yields by asset class \(i.e., auction rate preferred securities, municipal auction rate securities, and student loan auction rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (securities\) in its discounted valuation model to determine the fair value of ) Tj ET Q q 0 0 0 rg BT 346.64 125.10 Td (ARS purchase commitments. In addition, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (Company uses the discount rate and duration of ) Tj ET Q q 0 0 0 rg BT 242.24 113.10 Td (ARS owned, by asset class, as a proxy for the duration of ) Tj ET Q q 0 0 0 rg BT 473.31 113.10 Td (ARS purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (commitments.) Tj ET Q endstream endobj 187 0 obj <>] /Rotate 0 /Contents 188 0 R>> endobj 188 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.70 Td (Additional information regarding the valuation technique and inputs for ) Tj ET Q q 0 0 0 rg BT 338.60 693.70 Td (ARS used is as follows:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 434.16 693.70 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 630.20 513.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 593.20 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.00 593.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 593.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.00 593.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.00 593.20 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.00 593.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 593.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 593.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 593.20 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 593.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 593.20 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 593.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 593.20 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 593.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 593.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 565.20 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.00 565.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 565.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.00 565.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.00 565.20 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.00 565.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 565.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 565.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 565.20 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 565.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 565.20 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 565.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 565.20 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 565.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 565.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 528.20 100.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.00 528.20 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 528.20 48.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.00 528.20 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.00 528.20 47.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.00 528.20 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 528.20 48.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 528.20 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 528.20 63.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 528.20 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 528.20 67.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 528.20 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 528.20 64.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 528.20 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 528.20 48.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 491.20 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.00 491.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 491.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.00 491.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.00 491.20 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.00 491.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 491.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 491.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 491.20 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 491.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 491.20 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 491.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 491.20 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 491.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 491.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 445.20 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.00 445.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 445.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.00 445.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.00 445.20 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.00 445.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 445.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 445.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 445.20 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 445.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 445.20 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 445.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 445.20 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 445.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 445.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 417.20 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.00 417.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 417.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.00 417.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.00 417.20 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.00 417.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 417.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 417.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 417.20 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 417.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 417.20 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 417.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 417.20 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 417.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 417.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 389.20 100.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.00 389.20 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 389.20 48.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.00 389.20 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.00 389.20 47.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.00 389.20 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 389.20 48.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 389.20 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 389.20 63.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 389.20 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 389.20 67.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 389.20 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 389.20 64.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 389.20 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 389.20 48.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 352.20 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.00 352.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 352.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.00 352.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.00 352.20 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.00 352.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 352.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 352.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 352.20 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 352.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 352.20 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 352.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 352.20 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 352.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 352.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 324.20 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.00 324.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 324.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.00 324.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.00 324.20 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.00 324.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 324.20 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 324.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 324.20 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 324.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 324.20 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 324.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 324.20 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 324.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 324.20 48.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 651.2 m 150 651.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 150 651.2 m 154 651.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154 651.2 m 202 651.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202 651.2 m 206 651.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 651.2 m 253 651.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253 651.2 m 257 651.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 651.2 m 305 651.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 651.2 m 309 651.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 651.2 m 372 651.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 651.2 m 376 651.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 651.2 m 443 651.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 651.2 m 447 651.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 651.2 m 511 651.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 651.2 m 515 651.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 651.2 m 563 651.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 630.2 m 150 630.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154 630.2 m 202 630.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 630.2 m 253 630.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 630.2 m 305 630.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 630.2 m 372 630.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 630.2 m 443 630.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 630.2 m 511 630.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 630.2 m 563 630.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154 417.2 m 202 417.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 417.2 m 253 417.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 417.2 m 305 417.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154 403.2 m 202 403.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 403.2 m 253 403.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 403.2 m 305 403.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154 338.2 m 202 338.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154 324.2 m 202 324.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 338.2 m 253 338.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 324.2 m 253 324.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 338.2 m 305 338.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 324.2 m 305 324.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154 311.2 m 202 311.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154 309.2 m 202 309.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 311.2 m 253 311.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 309.2 m 253 309.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 311.2 m 305 311.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 309.2 m 305 309.2 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 668.45 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 668.45 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.65 655.45 Td (Quantitative Information about ) Tj ET Q q 0 0 0 rg BT 252.96 655.45 Td (ARS Level 3 Fair ) Tj ET Q q 0 0 0 rg BT 311.32 655.45 Td (V) Tj ET Q q 0 0 0 rg BT 316.59 655.45 Td (alue Measurements as of December31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 87.05 634.45 Td (Product) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 163.05 634.45 Td (Principal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 213.65 642.45 Td (V) Tj ET Q q 0 0 0 rg BT 218.54 642.45 Td (aluation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.30 634.45 Td (Adjustment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.05 642.45 Td (Fair) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.35 634.45 Td (V) Tj ET Q q 0 0 0 rg BT 276.24 634.45 Td (alue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.65 642.45 Td (V) Tj ET Q q 0 0 0 rg BT 329.54 642.45 Td (aluation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.35 634.45 Td (T) Tj ET Q q 0 0 0 rg BT 327.68 634.45 Td (echnique) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.75 642.45 Td (Unobservable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.55 634.45 Td (Input) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.25 634.45 Td (Range) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.25 642.45 Td (W) Tj ET Q q 0 0 0 rg BT 530.16 642.45 Td (eighted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.25 634.45 Td (A) Tj ET Q q 0 0 0 rg BT 530.43 634.45 Td (verage) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 620.65 Td (Auction Rate Securities Owned ) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 170.51 624.73 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 607.46 Td (Auction Rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 598.46 Td (Preferred Securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 156.50 607.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 173.75 607.46 Td (88,025) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.50 607.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.25 607.46 Td (1,318) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.50 607.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.75 607.46 Td (86,707) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 607.46 Td (Discounted) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 598.46 Td (Cash Flow) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 607.46 Td (DiscountRate) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 431.99 611.54 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.50 607.46 Td (2.30% to 3.13%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.85 607.46 Td (2.74%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 584.46 Td (Duration) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.85 584.46 Td (4.0 ) Tj ET Q q 0 0 0 rg BT 475.18 584.46 Td (Y) Tj ET Q q 0 0 0 rg BT 481.06 584.46 Td (ears) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.85 584.46 Td (4.0 ) Tj ET Q q 0 0 0 rg BT 535.18 584.46 Td (Y) Tj ET Q q 0 0 0 rg BT 541.06 584.46 Td (ears) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 570.46 Td (Current ) Tj ET Q q 0 0 0 rg BT 407.91 570.46 Td (Y) Tj ET Q q 0 0 0 rg BT 413.91 570.46 Td (ield ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 429.66 574.54 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.50 570.46 Td (2.37% to 2.47%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.85 570.46 Td (2.41%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 173.75 556.46 Td (1) Tj ET Q q 0 0 0 rg BT 178.25 556.46 Td (1,725) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.50 556.46 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.75 556.46 Td (1) Tj ET Q q 0 0 0 rg BT 281.25 556.46 Td (1,725) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 556.46 Td (Par ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 325.75 560.54 Td (\(7\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 556.46 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.95 556.46 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.95 556.46 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 173.75 542.46 Td (13,400) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 542.46 Td (670) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.75 542.46 Td (12,730) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 542.46 Td (T) Tj ET Q q 0 0 0 rg BT 316.37 542.46 Td (ender Of) Tj ET Q q 0 0 0 rg BT 347.94 542.46 Td (fer ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 360.18 546.54 Td (\(8\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 542.46 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.95 542.46 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.95 542.46 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 519.46 Td (Municipal ) Tj ET Q q 0 0 0 rg BT 109.49 519.46 Td (Auction) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 510.46 Td (Rate Securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 185.00 519.46 Td (425) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.50 519.46 Td (23) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.00 519.46 Td (402) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 519.46 Td (Discounted) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 510.46 Td (Cash Flow) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 519.46 Td (DiscountRate) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 431.99 523.54 Td (\(4\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.85 519.46 Td (3.76%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.85 519.46 Td (3.76%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 496.46 Td (Duration) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.85 496.46 Td (4.5 ) Tj ET Q q 0 0 0 rg BT 475.18 496.46 Td (Y) Tj ET Q q 0 0 0 rg BT 481.06 496.46 Td (ears) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.85 496.46 Td (4.5 ) Tj ET Q q 0 0 0 rg BT 535.18 496.46 Td (Y) Tj ET Q q 0 0 0 rg BT 541.06 496.46 Td (ears) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 482.46 Td (Current ) Tj ET Q q 0 0 0 rg BT 407.91 482.46 Td (Y) Tj ET Q q 0 0 0 rg BT 413.91 482.46 Td (ield ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 429.66 486.54 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.85 482.46 Td (2.41%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.85 482.46 Td (2.41%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 468.46 Td (Student Loan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 459.46 Td (Auction Rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 450.46 Td (Securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 185.00 468.46 Td (300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.50 468.46 Td (1) Tj ET Q q 0 0 0 rg BT 245.00 468.46 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 288.00 468.46 Td (289) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 468.46 Td (Discounted) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 459.46 Td (Cash Flow) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 468.46 Td (Discount Rate ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 431.99 472.54 Td (\(5\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.85 468.46 Td (3.53%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.85 468.46 Td (3.53%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 436.46 Td (Duration) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.85 436.46 Td (7.0 ) Tj ET Q q 0 0 0 rg BT 475.18 436.46 Td (Y) Tj ET Q q 0 0 0 rg BT 481.06 436.46 Td (ears) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.85 436.46 Td (7.0 ) Tj ET Q q 0 0 0 rg BT 535.18 436.46 Td (Y) Tj ET Q q 0 0 0 rg BT 541.06 436.46 Td (ears) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 422.46 Td (Current ) Tj ET Q q 0 0 0 rg BT 407.91 422.46 Td (Y) Tj ET Q q 0 0 0 rg BT 413.91 422.46 Td (ield ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 429.66 426.54 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.85 422.46 Td (2.93%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.85 422.46 Td (2.93%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 156.50 407.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 169.25 407.66 Td (1) Tj ET Q q 0 0 0 rg BT 173.75 407.66 Td (13,875) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.50 407.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.25 407.66 Td (2,022) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.50 407.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.25 407.66 Td (1) Tj ET Q q 0 0 0 rg BT 276.75 407.66 Td (1) Tj ET Q q 0 0 0 rg BT 281.25 407.66 Td (1,853) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 393.65 Td (Auction Rate Securities Commitments to Purchase ) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 242.52 397.73 Td (\(6\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 380.46 Td (Auction Rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 371.46 Td (Preferred Securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 156.50 380.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 173.75 380.46 Td (10,992) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.50 380.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 245.00 380.46 Td (8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.50 380.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.75 380.46 Td (10,984) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 380.46 Td (Discounted) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.50 371.46 Td (Cash Flow) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 380.46 Td (Discount Rate ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 431.99 384.54 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.50 380.46 Td (2.30% to 3.13%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.85 380.46 Td (2.74%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 357.46 Td (Duration) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.85 357.46 Td (4.0 ) Tj ET Q q 0 0 0 rg BT 475.18 357.46 Td (Y) Tj ET Q q 0 0 0 rg BT 481.06 357.46 Td (ears) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.85 357.46 Td (4.0 ) Tj ET Q q 0 0 0 rg BT 535.18 357.46 Td (Y) Tj ET Q q 0 0 0 rg BT 541.06 357.46 Td (ears) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.50 343.46 Td (Current ) Tj ET Q q 0 0 0 rg BT 407.91 343.46 Td (Y) Tj ET Q q 0 0 0 rg BT 413.91 343.46 Td (ield ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 429.66 347.54 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.50 343.46 Td (2.37% to 2.47%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.85 343.46 Td (2.41%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 156.50 328.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 173.75 328.66 Td (10,992) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.50 328.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 245.00 328.66 Td (8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.50 328.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.75 328.66 Td (10,984) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 315.60 Td (T) Tj ET Q q 0 0 0 rg BT 57.68 315.60 Td (otal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 156.50 314.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 169.25 314.66 Td (124,867) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.50 314.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.25 314.66 Td (2,030) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.50 314.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.25 314.66 Td (122,837) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.50 310.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.70 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 292.70 Td (Principal amount represents the par value of the ) Tj ET Q q 0 0 0 rg BT 278.77 292.70 Td (ARS and is included in securities owned on the consolidated balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 280.70 Td (sheet as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.21 280.70 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.79 280.70 Td (. ) Tj ET Q q 0 0 0 rg BT 213.61 280.70 Td (The valuation adjustment amount is included as a reduction to securities owned on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 268.70 Td (consolidated balance sheet as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.28 268.70 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.87 268.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.70 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 256.70 Td (Derived by applying a multiple to the spread between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.38 256.70 Td (1) Tj ET Q q 0 0 0 rg BT 307.01 256.70 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.34 256.70 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.12 256.70 Td (150%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.45 256.70 Td ( to the U.S. ) Tj ET Q q 0 0 0 rg BT 409.04 256.70 Td (T) Tj ET Q q 0 0 0 rg BT 414.80 256.70 Td (reasury rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.05 256.70 Td (2.09%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.88 256.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.70 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 244.70 Td (Based on current yields for ) Tj ET Q q 0 0 0 rg BT 195.75 244.70 Td (ARS positions owned.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.70 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 232.70 Td (Derived by applying a multiple to the spread of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.39 232.70 Td (175%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.72 232.70 Td ( to the U.S. ) Tj ET Q q 0 0 0 rg BT 348.32 232.70 Td (T) Tj ET Q q 0 0 0 rg BT 354.08 232.70 Td (reasury rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.32 232.70 Td (2.15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 232.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.70 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 220.70 Td (Derived by applying the sum of the spread of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.06 220.70 Td (1.20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.89 220.70 Td ( to the U.S. ) Tj ET Q q 0 0 0 rg BT 342.49 220.70 Td (T) Tj ET Q q 0 0 0 rg BT 348.25 220.70 Td (reasury rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.49 220.70 Td (2.33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.32 220.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.70 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 208.70 Td (Principal amount represents the present value of the ) Tj ET Q q 0 0 0 rg BT 294.88 208.70 Td (ARS par value that the Company is committed to purchase at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 196.70 Td (future date. ) Tj ET Q q 0 0 0 rg BT 133.35 196.70 Td (This principal amount is presented as an of) Tj ET Q q 0 0 0 rg BT 305.07 196.70 Td (f-balance sheet item. ) Tj ET Q q 0 0 0 rg BT 390.40 196.70 Td (The valuation adjustment amount is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 184.70 Td (included in accounts payable and other liabilities on the consolidated balance sheet as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.49 184.70 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.08 184.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.70 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 172.70 Td (ARS issuer announced redemption at par to take place during the first quarter of 2018. Included in Level 2 of the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 160.70 Td (value hierarchy) Tj ET Q q 0 0 0 rg BT 146.76 160.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.70 Td (\(8\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 148.70 Td (ARS issuer announced tender of) Tj ET Q q 0 0 0 rg BT 214.73 148.70 Td (fer at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.05 148.70 Td (95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.38 148.70 Td ( of par) Tj ET Q q 0 0 0 rg BT 281.93 148.70 Td (. Included in Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 470.64 148.70 Td (.) Tj ET Q endstream endobj 189 0 obj <>] /Rotate 0 /Contents 190 0 R>> endobj 190 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (The fair value of ) Tj ET Q q 0 0 0 rg BT 118.36 695.10 Td (ARS and ) Tj ET Q q 0 0 0 rg BT 156.70 695.10 Td (ARS purchase commitments is particularly sensitive to movements in interest rates. Increases in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (short-term interest rates would increase the discount rate input used in the ) Tj ET Q q 0 0 0 rg BT 346.64 683.10 Td (ARS valuation and thus reduce the fair value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (ARS \(increase the valuation adjustment\). Conversely) Tj ET Q q 0 0 0 rg BT 261.58 671.10 Td (, decreases in short-term interest rates would decrease the discount rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (and thus increase the fair value of ) Tj ET Q q 0 0 0 rg BT 186.39 659.10 Td (ARS \(decrease the valuation adjustment\). However) Tj ET Q q 0 0 0 rg BT 391.48 659.10 Td (, an increase \(decrease\) in the discount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (rate input would be partially mitigated by an increase \(decrease\) in the current yield earned on the underlying ) Tj ET Q q 0 0 0 rg BT 488.78 647.10 Td (ARS asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (increasing the cash flows and thus the fair value. Furthermore, movements in short term interest rates would likely impact the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (ARS duration \(i.e., sensitivity of the price to a change in interest rates\), which would also have a mitigating ef) Tj ET Q q 0 0 0 rg BT 489.48 623.10 Td (fect on interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (rate movements. For example, as interest rates increase, issuers of ) Tj ET Q q 0 0 0 rg BT 315.25 611.10 Td (ARS have an incentive to redeem outstanding securities as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (servicing the interest payments gets prohibitively expensive which would lower the duration assumption thereby increasing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (ARS fair value. ) Tj ET Q q 0 0 0 rg BT 113.93 587.10 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 166.04 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 170.49 587.10 Td (ARS issuers are less likely to redeem ) Tj ET Q q 0 0 0 rg BT 321.30 587.10 Td (ARS in a lower interest rate environment as it is a relatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (inexpensive source of financing which would increase the duration assumption thereby decreasing the ) Tj ET Q q 0 0 0 rg BT 459.65 575.10 Td (ARS fair value. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (example, see the following sensitivities:) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 209.74 563.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 539.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 539.10 Td (The impact of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.03 539.10 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.03 539.10 Td ( basis point increase in the discount rate at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.92 539.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.51 539.10 Td ( would result in a decrease in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 527.10 Td (fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.86 527.10 Td ($430,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.36 527.10 Td ( \(does not consider a corresponding reduction in duration as discussed above\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 509.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 509.10 Td (The impact of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.03 509.10 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.03 509.10 Td ( basis point increase in the discount rate at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.92 509.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.51 509.10 Td ( would result in a decrease in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 497.10 Td (fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.86 497.10 Td ($856,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.36 497.10 Td ( \(does not consider a corresponding reduction in duration as discussed above\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (These sensitivities are hypothetical and are based on scenarios where they are "stressed" and should be used with caution. ) Tj ET Q q 0 0 0 rg BT 538.44 473.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (estimates do not include all of the interplay among assumptions and are estimated as a portfolio rather than as individual assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (Due to the less observable nature of these inputs, ) Tj ET Q q 0 0 0 rg BT 247.23 437.10 Td (ARS are primarily categorized in Level 3 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 518.41 437.10 Td (. ) Tj ET Q q 0 0 0 rg BT 522.85 437.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 425.10 Td (, the Company had a valuation adjustment \(unrealized loss\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.85 425.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.74 425.10 Td ( for ) Tj ET Q q 0 0 0 rg BT 443.85 425.10 Td (ARS owned which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (included as a reduction to securities owned on the consolidated balance sheet. ) Tj ET Q q 0 0 0 rg BT 362.45 413.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.90 413.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.48 413.10 Td (, the Company also had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (a valuation adjustment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.36 401.10 Td ($8,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.86 401.10 Td ( on ) Tj ET Q q 0 0 0 rg BT 195.31 401.10 Td (ARS purchase commitments from legal settlements and awards which is included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (accounts payable and other liabilities on the consolidated balance sheet. ) Tj ET Q q 0 0 0 rg BT 338.94 389.10 Td (The total valuation adjustment was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.40 389.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.30 389.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 377.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.90 377.10 Td (The valuation adjustment represents the dif) Tj ET Q q 0 0 0 rg BT 305.73 377.10 Td (ference between the principal value and the fair value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (ARS owned and ) Tj ET Q q 0 0 0 rg BT 117.00 365.10 Td (ARS purchase commitments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (In its role as general partner in certain hedge funds and private equity funds, the Company) Tj ET Q q 0 0 0 rg BT 409.85 323.10 Td (, through its subsidiaries, holds direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (investments in such funds. ) Tj ET Q q 0 0 0 rg BT 157.92 311.10 Td (The Company uses the net asset value of the underlying fund as a basis for estimating the fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (of its investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (The following table provides information about the Company's investments in Company-sponsored funds as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.23 275.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 263.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 206.60 191.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 206.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 206.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 206.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 206.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 206.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 206.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 206.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 176.60 191.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 176.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 176.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 176.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 176.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 176.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 176.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 176.60 70.00 -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 241 206.60000000000002 m 311 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 206.60000000000002 m 385 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 206.60000000000002 m 489 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 206.60000000000002 m 563 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 206.60000000000002 m 311 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 206.60000000000002 m 385 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 176.60000000000002 m 311 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 176.60000000000002 m 385 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 162.60000000000002 m 311 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 160.60000000000002 m 311 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 162.60000000000002 m 385 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 160.60000000000002 m 385 160.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 231.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 231.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.50 231.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.50 231.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.50 231.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 231.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 210.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 210.85 Td (Fair) Tj ET Q q 0 0 0 rg BT 273.74 210.85 Td (V) Tj ET Q q 0 0 0 rg BT 278.63 210.85 Td (alue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.50 218.85 Td (Unfunded) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.80 210.85 Td (Commitments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.90 218.85 Td (Redemption) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.60 210.85 Td (Frequency) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.90 218.85 Td (Redemption) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.35 210.85 Td (Notice Period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 196.27 Td (Hedge funds ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 105.82 200.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.50 196.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 196.27 Td (2,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 196.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 196.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.80 196.27 Td (Quarterly - ) Tj ET Q q 0 0 0 rg BT 443.17 196.27 Td (Annually) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.30 196.27 Td (30-120Days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 181.27 Td (Private equity funds ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 135.54 185.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 181.27 Td (4,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 181.27 Td (1,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 181.27 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 181.27 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.50 166.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 166.27 Td (7,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 166.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 166.27 Td (1,400) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 144.10 Td (Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven, and activist ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 132.10 Td (strategies. Each hedge fund has various restrictions regarding redemption; no investment is locked-up for a period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 120.10 Td (greater than one year) Tj ET Q q 0 0 0 rg BT 169.06 120.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 108.10 Td (Includes private equity funds and private equity fund of funds with a focus on diversified portfolios, real estate and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 96.10 Td (global natural resources. Due to the illiquid nature of these funds, investors are not permitted to make withdrawals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 84.10 Td (without the consent of the general partner) Tj ET Q q 0 0 0 rg BT 251.55 84.10 Td (. ) Tj ET Q q 0 0 0 rg BT 256.37 84.10 Td (The lock-up period of the private equity funds can extend to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.35 84.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.35 84.10 Td ( years.) Tj ET Q endstream endobj 191 0 obj <>] /Rotate 0 /Contents 192 0 R>> endobj 192 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (93) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (V) Tj ET Q q 0 0 0 rg BT 55.80 695.25 Td (aluation Pr) Tj ET Q q 0 0 0 rg BT 103.68 695.25 Td (ocess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (The Company's Finance& ) Tj ET Q q 0 0 0 rg BT 158.51 677.25 Td (Accounting \("F&A"\) group is responsible for the Company's fair value policies, processes and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (procedures. F&A) Tj ET Q q 0 0 0 rg BT 118.38 665.25 Td ( is independent from the business units and trading desks and is headed by the Company's Chief Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (Of) Tj ET Q q 0 0 0 rg BT 59.87 653.25 Td (ficer \("CFO"\), who has final authority over the valuation of the Company's financial instruments. ) Tj ET Q q 0 0 0 rg BT 451.23 653.25 Td (The Finance Control Group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (\("FCG"\) within F&A) Tj ET Q q 0 0 0 rg BT 134.34 641.25 Td ( is responsible for daily profit and loss reporting, front-end trading system position reconciliations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (monthly profit and loss reporting, and independent price verification procedures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (For financial instruments categorized in Levels 1 and 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 375.67 605.25 Td (, the FCG performs a monthly independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (price verification to determine the reasonableness of the prices provided by the Company's independent pricing vendor) Tj ET Q q 0 0 0 rg BT 524.21 593.25 Td (. ) Tj ET Q q 0 0 0 rg BT 529.03 593.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (FCG uses its third-party pricing vendor) Tj ET Q q 0 0 0 rg BT 206.58 581.25 Td (, executed transactions, and broker) Tj ET Q q 0 0 0 rg BT 345.21 581.25 Td (-dealer quotes for validating the fair values of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (financial instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (For financial instruments categorized in Level 3 of the fair value hierarchy measured on a recurring basis, primarily for ) Tj ET Q q 0 0 0 rg BT 528.21 545.25 Td (ARS, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (group comprised of the CFO, the Controller) Tj ET Q q 0 0 0 rg BT 224.91 533.25 Td (, and an Operations Director are responsible for the ) Tj ET Q q 0 0 0 rg BT 432.05 533.25 Td (ARS valuation model and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (resulting fair valuations. Procedures performed include aggregating all ) Tj ET Q q 0 0 0 rg BT 334.13 521.25 Td (ARS owned by type from firm inventory accounts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (ARS purchase commitments from regulatory and legal settlements and awards provided by the Legal Department. Observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.25 Td (and unobservable inputs are aggregated from various sources and entered into the ) Tj ET Q q 0 0 0 rg BT 377.72 497.25 Td (ARS valuation model. For unobservable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.25 Td (inputs, the group reviews the appropriateness of the inputs to ensure consistency with how a market participant would arrive at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.25 Td (the unobservable input. For example, for the duration assumption, the group would consider recent policy statements regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.25 Td (short-term interest rates by the Federal Reserve and recent ) Tj ET Q q 0 0 0 rg BT 284.69 461.25 Td (ARS issuer redemptions and announcements for future redemptions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.25 Td (The model output is reviewed for reasonableness and consistency) Tj ET Q q 0 0 0 rg BT 310.99 449.25 Td (. ) Tj ET Q q 0 0 0 rg BT 315.81 449.25 Td (Where available, comparisons are performed between ) Tj ET Q q 0 0 0 rg BT 533.21 449.25 Td (ARS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.25 Td (owned or committed to purchase to ) Tj ET Q q 0 0 0 rg BT 192.80 437.25 Td (ARS that are trading in the secondary market.) Tj ET Q endstream endobj 193 0 obj <>] /Rotate 0 /Contents 194 0 R>> endobj 194 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (Assets and Liabilities Measur) Tj ET Q q 0 0 0 rg BT 175.16 695.25 Td (ed at Fair) Tj ET Q q 0 0 0 rg BT 216.63 695.25 Td ( ) Tj ET Q q 0 0 0 rg BT 218.95 695.25 Td (V) Tj ET Q q 0 0 0 rg BT 225.26 695.25 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (The Company's assets and liabilities, recorded at fair value on a recurring basis as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.08 677.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.67 677.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.10 677.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.10 677.25 Td (, have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (categorized based upon the above fair value hierarchy as follows:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (Assets and liabilities measured at fair value on a recurring basis as of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 338.69 641.25 Td (December31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.84 641.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 585.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 585.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 585.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 585.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 585.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 585.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 585.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 585.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 559.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 559.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 559.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 559.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 559.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 559.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 559.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 559.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 533.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 533.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 533.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 533.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 533.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 533.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 533.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 533.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 507.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 507.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 507.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 507.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 507.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 507.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 507.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 507.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 481.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 481.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 481.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 481.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 481.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 481.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 481.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 481.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 455.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 455.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 455.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 455.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 455.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 455.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 455.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 455.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 429.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 429.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 429.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 429.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 429.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 429.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 429.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 429.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 403.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 403.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 403.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 403.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 403.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 377.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 377.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 377.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 377.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 377.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 377.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 377.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 377.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 351.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 351.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 351.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 351.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 351.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 351.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 351.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 351.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 325.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 325.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 325.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 325.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 325.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 299.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 299.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 299.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 299.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 299.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 299.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 299.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 299.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 273.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 273.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 273.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 273.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 273.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 273.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 273.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 273.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 247.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 247.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 247.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 247.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 247.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 247.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 247.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 247.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 221.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 221.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 221.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 221.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 221.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 221.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 221.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 221.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 195.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 195.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 195.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 195.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 195.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 195.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 195.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 195.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 169.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 169.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 169.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 169.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 169.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 169.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 169.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 169.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 143.75 281.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 143.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 143.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 143.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 143.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 143.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 143.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 143.75 55.00 -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 331 598.75 m 386 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 598.75 m 390 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 598.75 m 445 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 598.75 m 449 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 598.75 m 504 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 598.75 m 508 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 598.75 m 563 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 585.75 m 386 585.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 585.75 m 445 585.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 585.75 m 504 585.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 585.75 m 563 585.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 403.75 m 386 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 403.75 m 445 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 403.75 m 504 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 403.75 m 563 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 403.75 m 563 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 351.75 m 386 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 351.75 m 445 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 351.75 m 504 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 351.75 m 563 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 339.75 m 386 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 337.75 m 386 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 339.75 m 445 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 337.75 m 445 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 339.75 m 504 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 337.75 m 504 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 339.75 m 563 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 337.75 m 563 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 221.75 m 386 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 221.75 m 445 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 221.75 m 504 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 221.75 m 563 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 156.75 m 386 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 156.75 m 445 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 156.75 m 504 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 156.75 m 563 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 143.75 m 386 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 143.75 m 445 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 143.75 m 504 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 143.75 m 563 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 131.75 m 386 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 129.75 m 386 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 131.75 m 445 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 129.75 m 445 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 131.75 m 504 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 129.75 m 504 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 131.75 m 563 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 129.75 m 563 129.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 616.00 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 616.00 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.50 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.50 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.50 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.50 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 603.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.55 603.00 Td (Fair ) Tj ET Q q 0 0 0 rg BT 379.36 603.00 Td (V) Tj ET Q q 0 0 0 rg BT 384.63 603.00 Td (alue Measurements as of December31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.85 590.00 Td (Level 1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.85 590.00 Td (Level 2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.85 590.00 Td (Level 3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.80 590.00 Td (T) Tj ET Q q 0 0 0 rg BT 531.13 590.00 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 577.15 Td (Assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 564.01 Td (Cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.50 564.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.75 564.01 Td (10,490) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.50 564.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.50 564.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 564.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 564.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.50 564.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 564.01 Td (10,490) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 551.01 Td (Deposits with clearing or) Tj ET Q q 0 0 0 rg BT 143.15 551.01 Td (ganizations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.75 551.01 Td (34,293) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.50 551.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 551.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 551.01 Td (34,293) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 538.01 Td (Securities owned:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 525.01 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 88.67 525.01 Td (T) Tj ET Q q 0 0 0 rg BT 93.93 525.01 Td (reasury securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.25 525.01 Td (640,337) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.50 525.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 525.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 525.01 Td (640,337) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 512.01 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 88.51 512.01 Td (Agency securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.25 512.01 Td (3,01) Tj ET Q q 0 0 0 rg BT 378.00 512.01 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 512.01 Td (6,894) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 512.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 512.01 Td (9,905) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 499.01 Td (Sovereign obligations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.50 499.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.00 499.01 Td (608) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 499.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 499.01 Td (608) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 486.01 Td (Corporate debt and other obligations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.50 486.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 486.01 Td (12,538) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 486.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 486.01 Td (12,538) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 473.01 Td (Mortgage and other asset-backed securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.50 473.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 473.01 Td (4,037) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 473.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 473.01 Td (4,037) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 460.01 Td (Municipal obligations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.50 460.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 460.01 Td (89,618) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 460.01 Td (35) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 460.01 Td (89,653) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 447.01 Td (Convertible bonds) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.50 447.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 447.01 Td (23,216) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 447.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 447.01 Td (23,216) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 434.01 Td (Corporate equities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.75 434.01 Td (34,067) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.50 434.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 434.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 434.01 Td (34,067) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 421.01 Td (Money markets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 421.01 Td (383) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.50 421.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 421.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 421.01 Td (383) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 408.01 Td (Auction rate securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.50 408.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 408.01 Td (24,455) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.75 408.01 Td (87,398) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 408.01 Td (1) Tj ET Q q 0 0 0 rg BT 534.75 408.01 Td (1) Tj ET Q q 0 0 0 rg BT 539.25 408.01 Td (1,853) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 395.01 Td (Securities owned, at fair value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.25 395.01 Td (677,798) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 395.01 Td (161,366) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.75 395.01 Td (87,433) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 395.01 Td (926,597) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 382.01 Td (Investments ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 98.24 386.09 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.50 382.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.50 382.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.00 382.01 Td (169) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 382.01 Td (169) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 369.01 Td (Derivative contracts:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 356.01 Td (TBAs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.50 356.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.00 356.01 Td (716) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 356.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 356.01 Td (716) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 343.01 Td (T) Tj ET Q q 0 0 0 rg BT 57.68 343.01 Td (otal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.50 343.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.25 343.01 Td (722,581) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.50 343.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 343.01 Td (162,082) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 343.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.75 343.01 Td (87,602) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.50 343.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 343.01 Td (972,265) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 330.15 Td (Liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 317.01 Td (Securities sold but not yet purchased:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 304.01 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 88.67 304.01 Td (T) Tj ET Q q 0 0 0 rg BT 93.93 304.01 Td (reasury securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.50 304.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.75 304.01 Td (53,425) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.50 304.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.50 304.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 304.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 304.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.50 304.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 304.01 Td (53,425) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 291.01 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 88.51 291.01 Td (Agency securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.50 291.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.50 291.01 Td (13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 291.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 291.01 Td (13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 278.01 Td (Sovereign obligations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.50 278.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 278.01 Td (1,179) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 278.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 278.01 Td (1,179) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 265.01 Td (Corporate debt and other obligations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.50 265.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 265.01 Td (4,357) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 265.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 265.01 Td (4,357) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 252.01 Td (Mortgage and other asset-backed securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.50 252.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.50 252.01 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 252.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 252.01 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 239.01 Td (Convertible bonds) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.50 239.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 239.01 Td (10,109) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 239.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 239.01 Td (10,109) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 226.01 Td (Corporate equities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.75 226.01 Td (25,393) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.50 226.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 226.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 226.01 Td (25,393) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 213.01 Td (Securities sold but not yet purchased, at fair value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.75 213.01 Td (78,818) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 213.01 Td (15,668) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 213.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 213.01 Td (94,486) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 200.01 Td (Derivative contracts:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 187.01 Td (Futures) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 187.01 Td (766) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.50 187.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 187.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 187.01 Td (766) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 174.01 Td (TBAs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.50 174.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.00 174.01 Td (614) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.50 174.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 174.01 Td (614) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 161.01 Td (ARS purchase commitments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.50 161.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.50 161.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 161.01 Td (8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 161.01 Td (8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 148.01 Td (Derivative contracts, total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 148.01 Td (766) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.00 148.01 Td (614) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 148.01 Td (8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 148.01 Td (1,388) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 135.01 Td (T) Tj ET Q q 0 0 0 rg BT 57.37 135.01 Td (otal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.50 135.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.75 135.01 Td (79,584) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.50 135.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 135.01 Td (16,282) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 135.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 135.01 Td (8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.50 135.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 135.01 Td (95,874) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.50 131.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 113.25 Td (Included in other assets on the consolidated balance sheet.) Tj ET Q endstream endobj 195 0 obj <>] /Rotate 0 /Contents 196 0 R>> endobj 196 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (95) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (Assets and liabilities measured at fair value on a recurring basis as of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 338.69 695.25 Td (December31, 2016) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 417.84 695.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 639.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 639.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 639.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 639.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 639.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 639.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 639.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 639.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 613.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 613.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 613.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 613.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 613.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 613.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 613.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 613.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 587.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 587.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 587.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 587.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 587.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 587.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 587.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 587.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 561.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 561.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 561.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 561.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 561.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 561.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 561.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 561.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 535.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 535.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 535.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 535.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 535.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 535.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 535.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 535.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 509.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 509.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 509.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 509.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 509.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 509.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 509.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 509.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 483.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 483.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 483.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 483.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 483.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 483.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 483.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 483.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 457.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 457.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 457.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 457.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 457.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 457.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 457.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 457.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 431.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 431.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 431.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 431.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 431.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 431.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 431.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 431.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 405.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 405.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 405.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 405.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 405.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 405.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 405.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 405.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 379.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 379.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 379.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 379.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 379.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 379.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 379.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 379.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 353.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 353.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 353.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 353.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 353.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 353.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 353.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 353.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 327.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 327.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 327.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 327.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 327.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 327.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 327.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 327.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 301.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 301.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 301.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 301.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 301.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 301.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 301.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 301.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 275.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 275.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 275.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 275.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 275.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 275.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 275.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 275.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 249.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 249.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 249.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 249.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 249.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 249.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 249.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 249.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 223.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 223.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 223.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 223.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 223.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 223.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 223.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 223.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 197.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 197.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 197.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 197.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 197.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 197.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 197.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 197.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 171.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 171.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 171.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 171.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 171.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 171.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 171.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 171.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 145.75 285.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 145.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 145.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 145.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 145.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 145.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 145.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 145.75 54.00 -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 335 652.75 m 389 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 652.75 m 393 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 652.75 m 447 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 652.75 m 451 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 652.75 m 505 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 652.75 m 509 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 652.75 m 563 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 639.75 m 389 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 639.75 m 447 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 639.75 m 505 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 639.75 m 563 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 457.75 m 389 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 457.75 m 447 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 457.75 m 505 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 457.75 m 563 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 457.75 m 389 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 457.75 m 447 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 457.75 m 505 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 457.75 m 563 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 379.75 m 389 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 379.75 m 447 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 379.75 m 505 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 379.75 m 389 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 366.75 m 389 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 379.75 m 447 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 366.75 m 447 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 379.75 m 505 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 366.75 m 505 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 379.75 m 563 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 366.75 m 563 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 354.75 m 389 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 352.75 m 389 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 354.75 m 447 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 352.75 m 447 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 354.75 m 505 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 352.75 m 505 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 354.75 m 563 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 352.75 m 563 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 236.75 m 389 236.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 236.75 m 447 236.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 236.75 m 505 236.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 236.75 m 563 236.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 158.75 m 389 158.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 158.75 m 447 158.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 158.75 m 505 158.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 158.75 m 563 158.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 145.75 m 389 145.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 145.75 m 447 145.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 145.75 m 505 145.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 145.75 m 563 145.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 133.75 m 389 133.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 131.75 m 389 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 133.75 m 447 133.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 131.75 m 447 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 133.75 m 505 133.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 131.75 m 505 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 133.75 m 563 133.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 131.75 m 563 131.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 670.00 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 670.00 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.50 670.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.50 670.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.50 670.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 670.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 657.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.55 657.00 Td (Fair ) Tj ET Q q 0 0 0 rg BT 381.36 657.00 Td (V) Tj ET Q q 0 0 0 rg BT 386.63 657.00 Td (alue Measurements as of December31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 644.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.35 644.00 Td (Level 1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.35 644.00 Td (Level 2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.35 644.00 Td (Level 3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.30 644.00 Td (T) Tj ET Q q 0 0 0 rg BT 531.63 644.00 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 631.15 Td (Assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 618.01 Td (Cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.50 618.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.40 618.01 Td (16,242) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 618.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.15 618.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.50 618.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 618.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.50 618.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 618.01 Td (16,242) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 605.01 Td (Deposits with clearing or) Tj ET Q q 0 0 0 rg BT 143.15 605.01 Td (ganizations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.40 605.01 Td (26,437) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.15 605.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 605.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 605.01 Td (26,437) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 592.01 Td (Securities owned:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 579.01 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 88.59 579.01 Td (T) Tj ET Q q 0 0 0 rg BT 93.77 579.01 Td (reasury securities ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 158.75 583.09 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.90 579.01 Td (418,888) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.15 579.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 579.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 579.01 Td (418,888) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 566.01 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 88.51 566.01 Td (Agency securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.90 566.01 Td (5,878) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.40 566.01 Td (32,391) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 566.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 566.01 Td (38,269) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 553.01 Td (Sovereign obligations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 553.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.90 553.01 Td (1,894) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 553.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 553.01 Td (1,894) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 540.01 Td (Corporate debt and other obligations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 540.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.40 540.01 Td (17,074) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 540.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 540.01 Td (17,074) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 527.01 Td (Mortgage and other asset-backed securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 527.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.90 527.01 Td (5,024) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 527.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 527.01 Td (5,024) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 514.01 Td (Municipal obligations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 514.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.40 514.01 Td (56,706) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 514.01 Td (44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 514.01 Td (56,750) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 501.01 Td (Convertible bonds) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 501.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.40 501.01 Td (56,480) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 501.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 501.01 Td (56,480) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 488.01 Td (Corporate equities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.40 488.01 Td (31,174) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.15 488.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 488.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 488.01 Td (31,174) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 475.01 Td (Money markets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.65 475.01 Td (189) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.15 475.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 475.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 475.01 Td (189) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 462.01 Td (Auction rate securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 462.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.15 462.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.40 462.01 Td (84,926) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 462.01 Td (84,926) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 449.01 Td (Securities owned, at fair value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.90 449.01 Td (456,129) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.90 449.01 Td (169,569) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.40 449.01 Td (84,970) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 449.01 Td (710,668) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 436.01 Td (Investments ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 98.24 440.09 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 436.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.15 436.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.65 436.01 Td (158) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 436.01 Td (158) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 423.01 Td (Securities purchased under agreements to resell ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 225.93 427.09 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 423.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.40 423.01 Td (24,006) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 423.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 423.01 Td (24,006) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 410.01 Td (Derivative contracts:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 397.01 Td (TBAs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 397.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.65 397.01 Td (814) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 397.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 397.01 Td (814) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 384.01 Td (ARS purchase commitments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 384.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.15 384.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.65 384.01 Td (849) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 384.01 Td (849) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 371.01 Td (Derivative contracts, total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 371.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.65 371.01 Td (814) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.65 371.01 Td (849) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 371.01 Td (1,663) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 358.01 Td (T) Tj ET Q q 0 0 0 rg BT 57.68 358.01 Td (otal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.50 358.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.90 358.01 Td (498,808) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 358.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.90 358.01 Td (194,389) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.50 358.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.40 358.01 Td (85,977) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.50 358.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 358.01 Td (779,174) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 345.15 Td (Liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 332.01 Td (Securities sold but not yet purchased:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 319.01 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 88.67 319.01 Td (T) Tj ET Q q 0 0 0 rg BT 93.93 319.01 Td (reasury securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.50 319.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.40 319.01 Td (28,662) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 319.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.15 319.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.50 319.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 319.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.50 319.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 319.01 Td (28,662) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 306.01 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 88.51 306.01 Td (Agency securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 306.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.15 306.01 Td (12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 306.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 306.01 Td (12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 293.01 Td (Corporate debt and other obligations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 293.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.90 293.01 Td (2,536) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 293.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 293.01 Td (2,536) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 280.01 Td (Mortgage and other asset-backed securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 280.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.15 280.01 Td (31) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 280.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 280.01 Td (31) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 267.01 Td (Municipal obligations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 267.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.65 267.01 Td (516) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 267.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 267.01 Td (516) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 254.01 Td (Convertible bonds) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 254.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.40 254.01 Td (1) Tj ET Q q 0 0 0 rg BT 422.90 254.01 Td (1,604) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 254.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 254.01 Td (1) Tj ET Q q 0 0 0 rg BT 539.25 254.01 Td (1,604) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 241.01 Td (Corporate equities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.40 241.01 Td (41,689) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.15 241.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 241.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 241.01 Td (41,689) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 228.01 Td (Securities sold but not yet purchased, at fair value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.40 228.01 Td (70,351) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.40 228.01 Td (14,699) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 228.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 228.01 Td (85,050) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 215.01 Td (Derivative contracts:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 202.01 Td (Futures) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.65 202.01 Td (166) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.15 202.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 202.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 202.01 Td (166) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 189.01 Td (Foreign exchange forward contracts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.65 189.01 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.15 189.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 189.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.00 189.01 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 176.01 Td (TBAs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 176.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.90 176.01 Td (1,212) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.15 176.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 176.01 Td (1,212) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 163.01 Td (ARS purchase commitments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.15 163.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.15 163.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.65 163.01 Td (645) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 163.01 Td (645) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 150.01 Td (Derivative contracts, total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.65 150.01 Td (167) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.90 150.01 Td (1,212) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.65 150.01 Td (645) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 150.01 Td (2,024) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 137.01 Td (T) Tj ET Q q 0 0 0 rg BT 57.37 137.01 Td (otal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.50 137.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.40 137.01 Td (70,518) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 137.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.40 137.01 Td (15,91) Tj ET Q q 0 0 0 rg BT 438.65 137.01 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.50 137.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.65 137.01 Td (645) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.50 137.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 137.01 Td (87,074) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 115.25 Td ($3.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.39 115.25 Td ( is included in other assets on the consolidated balance sheet.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 103.25 Td (Included in other assets on the consolidated balance sheet.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.25 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 91.25 Td (Included in securities purchased under agreements to resell on the consolidated balance sheet where the Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 79.25 Td (elected fair value option treatment.) Tj ET Q endstream endobj 197 0 obj <>] /Rotate 0 /Contents 198 0 R>> endobj 198 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (During the year ended December 31, 2017, the Company transferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.62 695.10 Td ($24.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.52 695.10 Td ( in ) Tj ET Q q 0 0 0 rg BT 392.74 695.10 Td (ARS from Level 3 to Level 2 of the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (value hierarchy due to redemption and tender of) Tj ET Q q 0 0 0 rg BT 241.74 683.10 Td (fer announcements by issuers of auction rate preferred securities. ) Tj ET Q q 0 0 0 rg BT 504.23 683.10 Td (There were no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (transfers between any of the levels during the year ended December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.55 671.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.55 671.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.88 635.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.46 635.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.90 635.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.90 635.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 540.60 163.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 540.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 540.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 540.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 540.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 540.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 540.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 540.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 540.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 540.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 540.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 540.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 511.60 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 511.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 511.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 511.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 511.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 511.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 511.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 481.60 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 481.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 481.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 481.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 481.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 481.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 481.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 452.60 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 452.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 452.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 452.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 452.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 452.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 452.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 452.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 452.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 452.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 452.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 452.60 55.00 -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 213 579.6 m 268 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268 579.6 m 272 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 579.6 m 327 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 579.6 m 331 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 579.6 m 386 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 579.6 m 390 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 579.6 m 445 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 579.6 m 449 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 579.6 m 504 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 579.6 m 508 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 579.6 m 563 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 579.6 m 327 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 540.6 m 268 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 540.6 m 327 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 540.6 m 386 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 540.6 m 445 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 540.6 m 504 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 540.6 m 563 540.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 609.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 609.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 596.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.15 596.85 Td (Level 3 ) Tj ET Q q 0 0 0 rg BT 366.14 596.85 Td (Assets and Liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 583.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.15 583.85 Td (For the ) Tj ET Q q 0 0 0 rg BT 348.89 583.85 Td (Y) Tj ET Q q 0 0 0 rg BT 354.12 583.85 Td (ear Ended December31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 570.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.30 552.85 Td (Beginning) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.10 544.85 Td (Balance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.80 568.85 Td (T) Tj ET Q q 0 0 0 rg BT 280.13 568.85 Td (otal Realized) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.65 560.85 Td (and Unrealized) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.65 552.85 Td (Gains) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.35 544.85 Td (\(Losses\) ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 307.46 548.48 Td (\(3\)\(4\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.00 552.85 Td (Purchases) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.85 544.85 Td (and Issuances) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.75 552.85 Td (Sales and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.30 544.85 Td (Settlements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.00 552.85 Td (T) Tj ET Q q 0 0 0 rg BT 465.61 552.85 Td (ransfers) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.00 544.85 Td (In \(Out\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.40 552.85 Td (Ending) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.10 544.85 Td (Balance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 544.85 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 531.33 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 517.17 Td (Municipal obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 516.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 516.27 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.50 516.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.80 516.32 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 516.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 516.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 516.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.50 516.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 516.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 516.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 516.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 516.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 516.27 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 501.27 Td (Auction rate securities ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 144.97 505.34 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 501.27 Td (84,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 501.27 Td (1,177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 501.27 Td (27,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.30 501.32 Td (\(1,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 501.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 501.32 Td (\(24,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 501.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 501.27 Td (87,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 486.27 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.15 486.27 Td (158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 486.27 Td (1) Tj ET Q q 0 0 0 rg BT 318.15 486.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 486.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 486.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 486.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 486.27 Td (169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 472.17 Td (ARS purchase commitments ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 169.43 476.70 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.15 471.27 Td (849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.80 471.32 Td (\(849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 471.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 471.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 471.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 471.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 471.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 457.33 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 442.27 Td (ARS purchase commitments ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 169.43 446.34 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 176.25 442.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.15 442.27 Td (645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 442.27 Td (637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 442.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 442.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 442.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 442.27 Td (8) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.50 438.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 420.10 Td (Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 408.10 Td (that failed in the auction rate market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 396.10 Td (Represents the dif) Tj ET Q q 0 0 0 rg BT 157.52 396.10 Td (ference in principal and fair value for auction rate securities purchase commitments outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 384.10 Td (the end of the period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 372.10 Td (Included in principal transactions in the consolidated statement of operations, except for gains from investments which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 360.10 Td (are included in other income in the consolidated statement of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 348.10 Td (Unrealized gains \(losses\) are attributable to assets or liabilities that are still held at the reporting date.) Tj ET Q endstream endobj 199 0 obj <>] /Rotate 0 /Contents 200 0 R>> endobj 200 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (97) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 623.50 163.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 623.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 623.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 623.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 623.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 623.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 623.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 623.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 623.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 623.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 623.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 623.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 594.50 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 594.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 594.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 594.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 594.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 594.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 594.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 594.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 594.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 594.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 594.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 594.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 564.50 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 564.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 564.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 564.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 564.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 564.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 564.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 564.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 564.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 564.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 564.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 564.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 534.50 163.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 534.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 534.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 534.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 534.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 534.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 534.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 534.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 534.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 534.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 534.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 534.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 505.50 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 505.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 505.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 505.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 505.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 505.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 505.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 505.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 505.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 505.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 505.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 505.50 55.00 -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 213 662.5 m 268 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268 662.5 m 272 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 662.5 m 327 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 662.5 m 331 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 662.5 m 386 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 662.5 m 390 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 662.5 m 445 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 662.5 m 449 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 662.5 m 504 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 662.5 m 508 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 662.5 m 563 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 662.5 m 327 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 623.5 m 268 623.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 623.5 m 327 623.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 623.5 m 386 623.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 623.5 m 445 623.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 623.5 m 504 623.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 623.5 m 563 623.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 692.75 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 692.75 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 679.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.15 679.75 Td (Level 3 ) Tj ET Q q 0 0 0 rg BT 366.14 679.75 Td (Assets and Liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 666.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.15 666.75 Td (For the ) Tj ET Q q 0 0 0 rg BT 348.89 666.75 Td (Y) Tj ET Q q 0 0 0 rg BT 354.12 666.75 Td (ear Ended December31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 653.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.30 635.75 Td (Beginning) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.10 627.75 Td (Balance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.80 643.75 Td (T) Tj ET Q q 0 0 0 rg BT 280.13 643.75 Td (otal Realized) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.65 635.75 Td (and Unrealized) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.60 627.75 Td (Gains ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 303.26 631.38 Td (\(4\)\(5\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.00 635.75 Td (Purchases) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.85 627.75 Td (and Issuances) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.75 635.75 Td (Sales and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.30 627.75 Td (Settlements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.00 635.75 Td (T) Tj ET Q q 0 0 0 rg BT 465.61 635.75 Td (ransfers) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.00 627.75 Td (In \(Out\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.40 635.75 Td (Ending) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.10 627.75 Td (Balance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 627.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 614.23 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 600.07 Td (Municipal obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 599.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 599.17 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.50 599.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 599.17 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 599.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 599.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.50 599.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.80 599.22 Td (\(62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 599.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 599.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 599.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 599.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 599.17 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 584.17 Td (Auction rate securities ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 144.97 588.24 Td (\(1\)\(6\)\(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 584.17 Td (86,802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 584.17 Td (1,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 584.17 Td (13,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.30 584.22 Td (\(17,625) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 584.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 584.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 584.17 Td (84,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 570.07 Td (Interest rate lock commitments ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 179.13 574.60 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.65 569.17 Td (9,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 569.17 Td (4,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 569.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.30 569.22 Td (\(13,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 569.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 569.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 569.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 554.17 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.15 554.17 Td (157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 554.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 554.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 554.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 554.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 554.17 Td (158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 540.07 Td (ARS purchase commitments ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 171.93 544.60 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 539.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 539.17 Td (849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 539.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 539.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 539.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 539.17 Td (849) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 525.23 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 511.07 Td (Interest rate lock commitments ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 179.13 515.60 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.15 510.17 Td (923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 510.17 Td (923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 510.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 510.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 510.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 510.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 495.17 Td (ARS purchase commitments ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 169.43 499.70 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.65 495.17 Td (1,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 495.17 Td (724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 495.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 495.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 495.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 495.17 Td (645) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 473.00 Td (Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 461.00 Td (that failed in the auction rate market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.00 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 449.00 Td (Interest rate lock commitment assets and liabilities are recorded upon the commitment to originate a loan with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 437.00 Td (borrower and sell the loan to an investor) Tj ET Q q 0 0 0 rg BT 246.29 437.00 Td (. ) Tj ET Q q 0 0 0 rg BT 251.11 437.00 Td (The commitment assets and liabilities are recognized at fair value, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 425.00 Td (reflects the fair value of the contractual loan origination-related fees and sale premiums, net of co-broker fees, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 413.00 Td (estimated fair value of the expected net future cash flows associated with the servicing of the loan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.00 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 401.00 Td (Represents the dif) Tj ET Q q 0 0 0 rg BT 157.52 401.00 Td (ference in principal and fair value for auction rate securities purchase commitments outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 389.00 Td (the end of the period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.00 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 377.00 Td (Included in principal transactions in the consolidated statement of operations, except for gains from investments which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 365.00 Td (are included in other income in the consolidated statement of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.00 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 353.00 Td (Unrealized gains are attributable to assets or liabilities that are still held at the reporting date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.00 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 341.00 Td (Purchases and issuances in connection with ) Tj ET Q q 0 0 0 rg BT 261.57 341.00 Td (ARS purchase commitments represent instances in which the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 329.00 Td (purchased ) Tj ET Q q 0 0 0 rg BT 127.99 329.00 Td (ARS securities from clients during the period pursuant to regulatory and legal settlements and awards that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 317.00 Td (satisfy the outstanding commitment to purchase obligation. ) Tj ET Q q 0 0 0 rg BT 324.72 317.00 Td (This also includes instances where the ) Tj ET Q q 0 0 0 rg BT 479.68 317.00 Td (ARS issuer has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 305.00 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 126.31 305.00 Td (ARS where the Company had an outstanding purchase commitment prior to the Company purchasing those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 293.00 Td (ARS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.00 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 281.00 Td (Sales and settlements for the ) Tj ET Q q 0 0 0 rg BT 201.86 281.00 Td (ARS purchase commitments represent additional purchase commitments made during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 269.00 Td (period for regulatory and legal ) Tj ET Q q 0 0 0 rg BT 209.62 269.00 Td (ARS settlements and awards.) Tj ET Q endstream endobj 201 0 obj <>] /Rotate 0 /Contents 202 0 R>> endobj 202 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (98) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (Financial Instruments Not Measur) Tj ET Q q 0 0 0 rg BT 197.37 695.25 Td (ed at Fair) Tj ET Q q 0 0 0 rg BT 238.85 695.25 Td ( ) Tj ET Q q 0 0 0 rg BT 241.17 695.25 Td (V) Tj ET Q q 0 0 0 rg BT 247.47 695.25 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (not measured at fair value on the consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 298.39 665.25 Td (The table below excludes non-financial assets and liabilities \(e.g., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (furniture, equipment and leasehold improvements and accrued compensation\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (The carrying value of financial instruments not measured at fair value categorized in the fair value hierarchy as Level 1 or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (Level 2 \(e.g., cash and receivables from customers\) approximates fair value because of the relatively short term nature of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (underlying assets. ) Tj ET Q q 0 0 0 rg BT 123.47 605.25 Td (The fair value of the Company's Senior Secured Notes, categorized in Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 541.13 605.25 Td (, is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (based on quoted prices from the market in which the Notes trade.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (Assets and liabilities not measured at fair value as of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 268.96 569.25 Td (December31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.10 569.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 526.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 526.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 526.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 526.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 526.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 526.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 526.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 526.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 526.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 526.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 496.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 496.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 496.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 496.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 496.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 496.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 496.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 496.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 496.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 496.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 466.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 466.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 466.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 466.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 466.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 466.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 466.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 466.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 466.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 466.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 436.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 436.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 436.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 436.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 436.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 436.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 436.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 436.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 436.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 436.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 406.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 406.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 406.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 406.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 406.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 406.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 406.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 406.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 406.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 406.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 376.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 376.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 376.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 376.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 376.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 376.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 376.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 376.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 376.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 376.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 346.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 346.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 346.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 346.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 346.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 346.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 346.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 346.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 346.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 346.75 48.00 -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 359 539.75 m 407 539.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 539.75 m 411 539.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 539.75 m 459 539.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 539.75 m 463 539.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 539.75 m 511 539.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 539.75 m 515 539.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 539.75 m 563 539.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 526.75 m 355 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 526.75 m 407 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 526.75 m 459 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 526.75 m 511 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 526.75 m 563 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 526.75 m 355 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 526.75 m 407 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 526.75 m 459 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 526.75 m 511 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 391.75 m 355 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 391.75 m 407 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 391.75 m 459 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 391.75 m 511 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 391.75 m 563 391.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 544.00 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 544.00 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.50 544.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.90 544.00 Td (Fair ) Tj ET Q q 0 0 0 rg BT 423.71 544.00 Td (V) Tj ET Q q 0 0 0 rg BT 428.98 544.00 Td (alue Measurement: ) Tj ET Q q 0 0 0 rg BT 491.40 544.00 Td (Assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 531.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.70 531.00 Td (Carrying) Tj ET Q q 0 0 0 rg BT 333.07 531.00 Td (V) Tj ET Q q 0 0 0 rg BT 338.33 531.00 Td (alue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.35 531.00 Td (Level 1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.35 531.00 Td (Level 2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.35 531.00 Td (Level 3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.30 531.00 Td (T) Tj ET Q q 0 0 0 rg BT 534.63 531.00 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 517.32 Td (Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.50 516.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 516.42 Td (37,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 516.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.60 516.42 Td (37,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.50 516.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 516.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.50 516.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 516.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.50 516.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 516.42 Td (37,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 502.32 Td (Cash segregated for regulatory and other purposes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 501.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 501.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 501.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 501.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 501.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 487.32 Td (Deposits with clearing or) Tj ET Q q 0 0 0 rg BT 153.22 487.32 Td (ganization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 486.42 Td (7,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 486.42 Td (7,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 486.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 486.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 486.42 Td (7,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 472.32 Td (Receivable from brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 247.04 472.32 Td (ganizations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 457.32 Td (Securities borrowed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 456.42 Td (132,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 456.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 456.42 Td (132,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 456.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 456.42 Td (132,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 442.32 Td (Receivables from brokers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 441.42 Td (19,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 441.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.60 441.42 Td (19,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 441.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 441.42 Td (19,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 427.32 Td (Securities failed to deliver) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 426.42 Td (9,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 426.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 426.42 Td (9,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 426.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 426.42 Td (9,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 412.32 Td (Clearing or) Tj ET Q q 0 0 0 rg BT 115.67 412.32 Td (ganizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 411.42 Td (24,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 411.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.60 411.42 Td (24,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 411.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 411.42 Td (24,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 397.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 396.42 Td (930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 396.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 396.42 Td (930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 396.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 396.42 Td (930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 381.42 Td (186,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 381.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 381.42 Td (186,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 381.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 381.42 Td (186,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 367.32 Td (Receivable from customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 366.42 Td (848,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 366.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 366.42 Td (848,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 366.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 366.42 Td (848,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 352.32 Td (Securities purchased under agreements to resell) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 351.42 Td (658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 351.42 Td (658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 351.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 351.42 Td (658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 337.32 Td (Notes receivable, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 336.42 Td (40,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.60 336.42 Td (40,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 336.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 336.42 Td (40,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 322.32 Td (Investments ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 103.33 326.85 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 321.42 Td (65,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 321.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.60 321.42 Td (65,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 321.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 321.42 Td (65,404) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.50 317.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 299.25 Td (Included in other assets on the consolidated balance sheet.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 256.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 256.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 256.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 256.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 256.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 256.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 256.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 256.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 256.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 256.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 226.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 226.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 226.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 226.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 226.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 226.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 226.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 226.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 226.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 226.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 196.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 196.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 196.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 196.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 196.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 196.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 196.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 196.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 196.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 196.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 166.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 166.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 166.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 166.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 166.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 166.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 166.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 166.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 166.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 166.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 136.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 136.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 136.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 136.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 136.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 136.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 136.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 136.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 136.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 136.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 106.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 106.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 106.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 106.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 106.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 106.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 106.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 106.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 106.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 106.75 48.00 -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 359 269.75 m 407 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 269.75 m 411 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 269.75 m 459 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 269.75 m 463 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 269.75 m 511 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 269.75 m 515 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 269.75 m 563 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 256.75 m 355 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 256.75 m 407 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 256.75 m 459 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 256.75 m 511 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 256.75 m 563 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 256.75 m 355 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 256.75 m 407 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 256.75 m 459 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 256.75 m 511 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 151.75 m 355 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 151.75 m 407 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 151.75 m 459 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 151.75 m 511 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 151.75 m 563 151.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 274.00 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 274.00 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.50 274.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.90 274.00 Td (Fair ) Tj ET Q q 0 0 0 rg BT 417.71 274.00 Td (V) Tj ET Q q 0 0 0 rg BT 422.98 274.00 Td (alue Measurement: Liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 261.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.70 261.00 Td (Carrying) Tj ET Q q 0 0 0 rg BT 333.07 261.00 Td (V) Tj ET Q q 0 0 0 rg BT 338.33 261.00 Td (alue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.35 261.00 Td (Level 1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.35 261.00 Td (Level 2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.35 261.00 Td (Level3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.30 261.00 Td (T) Tj ET Q q 0 0 0 rg BT 534.63 261.00 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 247.32 Td (Drafts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.50 246.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 246.42 Td (42,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 246.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.60 246.42 Td (42,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.50 246.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 246.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.50 246.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 246.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.50 246.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 246.42 Td (42,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 232.32 Td (Bank call loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 231.42 Td (1) Tj ET Q q 0 0 0 rg BT 323.65 231.42 Td (18,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 231.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 231.42 Td (1) Tj ET Q q 0 0 0 rg BT 427.60 231.42 Td (18,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 231.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 231.42 Td (1) Tj ET Q q 0 0 0 rg BT 531.60 231.42 Td (18,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 217.32 Td (Payables to brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 226.51 217.32 Td (ganizations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 202.32 Td (Securities loaned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 201.42 Td (180,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 201.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 201.42 Td (180,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 201.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 201.42 Td (180,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 187.32 Td (Payable to brokers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 186.42 Td (1,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 186.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 186.42 Td (1,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 186.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 186.42 Td (1,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 172.32 Td (Securities failed to receive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 171.42 Td (17,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 171.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.60 171.42 Td (17,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 171.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 171.42 Td (17,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 157.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 156.42 Td (10,707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 156.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.60 156.42 Td (10,707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 156.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 156.42 Td (10,707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 141.42 Td (210,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 141.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 141.42 Td (210,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 141.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 141.42 Td (210,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 127.32 Td (Payables to customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 126.42 Td (385,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 126.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 126.42 Td (385,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 126.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 126.42 Td (385,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 112.32 Td (Securities sold under agreements to repurchase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 111.42 Td (586,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 111.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 111.42 Td (586,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 111.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 111.42 Td (586,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 97.32 Td (Senior secured notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 96.42 Td (200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 96.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 96.42 Td (206,380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 96.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 96.42 Td (206,380) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.50 92.25 Td () Tj ET Q endstream endobj 203 0 obj <>] /Rotate 0 /Contents 204 0 R>> endobj 204 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (99) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (Assets and liabilities not measured at fair value as of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 268.96 695.25 Td (December31, 2016) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 348.10 695.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 652.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 652.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 652.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 652.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 652.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 652.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 652.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 652.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 652.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 652.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 622.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 622.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 622.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 622.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 622.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 622.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 622.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 622.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 622.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 622.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 592.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 592.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 592.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 592.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 592.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 592.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 592.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 592.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 592.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 592.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 562.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 562.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 562.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 562.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 562.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 562.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 562.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 562.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 562.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 562.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 532.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 532.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 532.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 532.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 532.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 532.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 532.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 532.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 532.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 532.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 502.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 502.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 502.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 502.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 502.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 502.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 502.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 502.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 502.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 502.75 48.00 -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 359 665.75 m 407 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 665.75 m 411 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 665.75 m 459 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 665.75 m 463 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 665.75 m 511 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 665.75 m 515 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 665.75 m 563 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 652.75 m 355 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 652.75 m 407 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 652.75 m 459 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 652.75 m 511 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 652.75 m 563 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 652.75 m 355 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 652.75 m 407 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 652.75 m 459 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 652.75 m 511 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 532.75 m 355 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 532.75 m 407 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 532.75 m 459 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 532.75 m 511 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 532.75 m 563 532.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 670.00 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 670.00 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.50 670.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.90 670.00 Td (Fair ) Tj ET Q q 0 0 0 rg BT 423.71 670.00 Td (V) Tj ET Q q 0 0 0 rg BT 428.98 670.00 Td (alue Measurement: ) Tj ET Q q 0 0 0 rg BT 491.40 670.00 Td (Assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 657.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.70 657.00 Td (Carrying) Tj ET Q q 0 0 0 rg BT 333.07 657.00 Td (V) Tj ET Q q 0 0 0 rg BT 338.33 657.00 Td (alue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.35 657.00 Td (Level 1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.35 657.00 Td (Level 2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.35 657.00 Td (Level 3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.30 657.00 Td (T) Tj ET Q q 0 0 0 rg BT 534.63 657.00 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 643.32 Td (Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.50 642.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 642.42 Td (48,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 642.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.60 642.42 Td (48,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.50 642.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 642.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.50 642.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 642.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.50 642.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 642.42 Td (48,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 628.32 Td (Deposits with clearing or) Tj ET Q q 0 0 0 rg BT 153.22 628.32 Td (ganization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 627.42 Td (1) Tj ET Q q 0 0 0 rg BT 328.65 627.42 Td (1,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.60 627.42 Td (1) Tj ET Q q 0 0 0 rg BT 380.60 627.42 Td (1,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 627.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 627.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 627.42 Td (1) Tj ET Q q 0 0 0 rg BT 536.60 627.42 Td (1,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 613.32 Td (Receivable from brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 247.04 613.32 Td (ganizations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 598.32 Td (Securities borrowed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 597.42 Td (154,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 597.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 597.42 Td (154,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 597.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 597.42 Td (154,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 583.32 Td (Receivables from brokers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 582.42 Td (25,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 582.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.60 582.42 Td (25,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 582.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 582.42 Td (25,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 568.32 Td (Securities failed to deliver) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 567.42 Td (6,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 567.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 567.42 Td (6,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 567.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 567.42 Td (6,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 553.32 Td (Clearing or) Tj ET Q q 0 0 0 rg BT 115.67 553.32 Td (ganizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 552.42 Td (26,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 552.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.60 552.42 Td (26,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 552.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 552.42 Td (26,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 538.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 537.42 Td (2,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 537.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 537.42 Td (2,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 537.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 537.42 Td (2,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 522.42 Td (214,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 522.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 522.42 Td (214,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 522.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 522.42 Td (214,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 508.32 Td (Receivable from customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 507.42 Td (847,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 507.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 507.42 Td (847,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 507.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 507.42 Td (847,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 493.32 Td (Notes receivable, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 492.42 Td (30,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.60 492.42 Td (30,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 492.42 Td (30,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 478.32 Td (Investments ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 103.33 482.85 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 477.42 Td (56,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 477.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.60 477.42 Td (56,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 477.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 477.42 Td (56,300) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.50 473.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 455.25 Td (Included in other assets on the consolidated balance sheet.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 412.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 412.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 412.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 412.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 412.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 412.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 412.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 412.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 412.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 412.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 382.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 382.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 382.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 382.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 382.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 382.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 382.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 382.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 382.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 382.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 352.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 352.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 352.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 352.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 352.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 352.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 352.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 352.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 352.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 352.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 322.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 322.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 322.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 322.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 322.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 322.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 322.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 322.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 322.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 322.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 292.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 292.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 292.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 292.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 292.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 292.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 292.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 292.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 292.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 292.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 262.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 262.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 262.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 262.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 262.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 262.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 262.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 262.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 262.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 262.75 48.00 -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 359 425.75 m 407 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 425.75 m 411 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 425.75 m 459 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 425.75 m 463 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 425.75 m 511 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 425.75 m 515 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 425.75 m 563 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 412.75 m 355 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 412.75 m 407 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 412.75 m 459 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 412.75 m 511 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 412.75 m 563 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 412.75 m 355 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 412.75 m 407 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 412.75 m 459 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 412.75 m 511 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 307.75 m 355 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 307.75 m 407 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 307.75 m 459 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 307.75 m 511 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 307.75 m 563 307.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 430.00 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 430.00 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.50 430.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.90 430.00 Td (Fair ) Tj ET Q q 0 0 0 rg BT 417.71 430.00 Td (V) Tj ET Q q 0 0 0 rg BT 422.98 430.00 Td (alue Measurement: Liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 417.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.70 417.00 Td (Carrying) Tj ET Q q 0 0 0 rg BT 333.07 417.00 Td (V) Tj ET Q q 0 0 0 rg BT 338.33 417.00 Td (alue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.35 417.00 Td (Level 1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.35 417.00 Td (Level 2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.35 417.00 Td (Level3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.30 417.00 Td (T) Tj ET Q q 0 0 0 rg BT 534.63 417.00 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 403.32 Td (Drafts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.50 402.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 402.42 Td (39,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 402.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.60 402.42 Td (39,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.50 402.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 402.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.50 402.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 402.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.50 402.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 402.42 Td (39,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 388.32 Td (Bank call loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 387.42 Td (145,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 387.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 387.42 Td (145,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 387.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 387.42 Td (145,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 373.32 Td (Payables to brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 226.51 373.32 Td (ganizations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 358.32 Td (Securities loaned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 357.42 Td (179,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 357.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 357.42 Td (179,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 357.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 357.42 Td (179,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 343.32 Td (Payable to brokers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 342.42 Td (610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 342.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 342.42 Td (610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 342.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 342.42 Td (610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 328.32 Td (Securities failed to receive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 327.42 Td (1) Tj ET Q q 0 0 0 rg BT 328.65 327.42 Td (1,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 327.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.60 327.42 Td (1) Tj ET Q q 0 0 0 rg BT 432.60 327.42 Td (1,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 327.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 327.42 Td (1) Tj ET Q q 0 0 0 rg BT 536.60 327.42 Td (1,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 313.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 312.42 Td (29,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 312.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.60 312.42 Td (29,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 312.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 312.42 Td (29,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 297.42 Td (221,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 297.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 297.42 Td (221,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 297.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 297.42 Td (221,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 283.32 Td (Payables to customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 282.42 Td (449,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 282.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 282.42 Td (449,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 282.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 282.42 Td (449,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 268.32 Td (Securities sold under agreements to repurchase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 267.42 Td (378,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 267.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 267.42 Td (378,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 267.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 267.42 Td (378,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 253.32 Td (Senior secured notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 252.42 Td (150,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 252.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 252.42 Td (151,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 252.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 252.42 Td (151,782) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (Fair) Tj ET Q q 0 0 0 rg BT 67.64 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 69.96 224.25 Td (V) Tj ET Q q 0 0 0 rg BT 76.27 224.25 Td (alue Option) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (The Company elected the fair value option for repurchase agreements and reverse repurchase agreements that do not settle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (overnight or have an open settlement date. ) Tj ET Q q 0 0 0 rg BT 221.48 188.25 Td (The Company has elected the fair value option for these instruments to more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (accurately reflect market and economic events in its earnings and to mitigate a potential mismatch in earnings caused by using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 164.25 Td (ferent measurement attributes \(i.e. fair value versus carrying value\) for certain assets and liabilities. ) Tj ET Q q 0 0 0 rg BT 459.99 164.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.44 164.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 152.25 Td (, the Company did not have any reverse repurchase agreements and repurchase agreements for which the fair value option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (was elected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (Derivative Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 207.84 116.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.25 Td (The Company transacts, on a limited basis, in exchange traded and over) Tj ET Q q 0 0 0 rg BT 336.71 98.25 Td (-the-counter derivatives for both asset and liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.25 Td (management as well as for trading and investment purposes. Risks managed using derivative instruments include interest rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.25 Td (risk and, to a lesser extent, foreign exchange risk. ) Tj ET Q q 0 0 0 rg BT 249.44 74.25 Td (All derivative instruments are measured at fair value and are recognized as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.25 Td (either assets or liabilities on the consolidated balance sheet. ) Tj ET Q endstream endobj 205 0 obj <>] /Rotate 0 /Contents 206 0 R>> endobj 206 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (100) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (For) Tj ET Q q 0 0 0 rg BT 64.13 695.10 Td (eign exchange hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (From time to time, the Company also utilizes forward and options contracts to hedge the foreign currency risk associated with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (compensation obligations to Oppenheimer Israel \(OPCO\) Ltd. employees denominated in New Israeli Shekel \("NIS"\). Such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (hedges have not been designated as accounting hedges. Unrealized gains and losses on foreign exchange forward contracts are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (recorded in other assets on the consolidated balance sheet and other income in the consolidated statement of operations. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (Derivatives used for trading and investment purposes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (Futures contracts represent commitments to purchase or sell securities or other commodities at a future date and at a specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (price. Market risk exists with respect to these instruments. Notional or contractual amounts are used to express the volume of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (these transactions and do not represent the amounts potentially subject to market risk. ) Tj ET Q q 0 0 0 rg BT 394.23 575.10 Td (The futures contracts the Company used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (include U.S. ) Tj ET Q q 0 0 0 rg BT 101.54 563.10 Td (T) Tj ET Q q 0 0 0 rg BT 107.29 563.10 Td (reasury notes, Federal Funds, General Collateral futures and Eurodollar contracts which are used primarily as an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (economic hedge of interest rate risk associated with government trading activities. Unrealized gains and losses on futures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (contracts are recorded on the consolidated balance sheet in payable to brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 456.36 539.10 Td (ganizations and in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (consolidated statement of operations as principal transactions revenue, net.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.14 503.10 Td (o-be-announced securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (The Company also transacts in pass-through mortgage-backed securities eligible to be sold in the ) Tj ET Q q 0 0 0 rg BT 440.33 485.10 Td (TBA) Tj ET Q q 0 0 0 rg BT 459.78 485.10 Td ( market as economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (hedges against mortgage-backed securities that it owns or has sold but not yet purchased. ) Tj ET Q q 0 0 0 rg BT 408.39 473.10 Td (TBAs provide for the forward or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (delayed delivery of the underlying instrument with settlement up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.66 461.10 Td (180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.66 461.10 Td ( days. ) Tj ET Q q 0 0 0 rg BT 362.31 461.10 Td (The contractual or notional amounts related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (these financial instruments reflect the volume of activity and do not reflect the amounts at risk. Unrealized gains and losses on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (TBAs are recorded on the consolidated balance sheet in receivable from brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 465.80 437.10 Td (ganizations and payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (to brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 185.37 425.10 Td (ganizations, respectively) Tj ET Q q 0 0 0 rg BT 283.58 425.10 Td (, and in the consolidated statement of operations as principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (transactions revenue, net.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (The notional amounts and fair values of the Company's derivatives as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.23 389.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.81 389.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.25 389.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.25 389.10 Td ( by product were as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 321.60 231.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 321.60 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 321.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 321.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 321.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 321.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 292.60 231.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 292.60 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 292.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 292.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 292.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 292.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 264.60 231.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 264.60 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 264.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 264.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 264.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 264.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 236.60 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 236.60 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 236.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 236.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 236.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 236.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 207.60 231.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 207.60 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 207.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 207.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 207.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 207.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 179.60 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 179.60 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 179.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 179.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 179.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 179.60 60.00 -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 281 334.6 m 435 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 334.6 m 439 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 334.6 m 499 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 334.6 m 503 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 334.6 m 563 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 321.6 m 435 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 321.6 m 499 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 321.6 m 563 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 264.6 m 499 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 251.60000000000002 m 499 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 249.60000000000002 m 499 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 264.6 m 563 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 251.60000000000002 m 563 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 249.60000000000002 m 563 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 164.60000000000002 m 499 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 164.60000000000002 m 563 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 151.60000000000002 m 499 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 149.60000000000002 m 499 149.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 151.60000000000002 m 563 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 149.60000000000002 m 563 149.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 351.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 351.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.50 351.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.50 351.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.50 351.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 338.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.80 338.85 Td (Fair) Tj ET Q q 0 0 0 rg BT 336.61 338.85 Td (V) Tj ET Q q 0 0 0 rg BT 341.88 338.85 Td (alueofDerivativeInstrumentsas ofDecember31,2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 325.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 325.85 Td (Description) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.50 325.85 Td (Notional) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.00 325.85 Td (Fair) Tj ET Q q 0 0 0 rg BT 530.74 325.85 Td (V) Tj ET Q q 0 0 0 rg BT 535.63 325.85 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 312.33 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 297.27 Td (Derivatives not designated as hedging instruments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 253.85 301.80 Td ( ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 255.47 301.34 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 283.17 Td (Other contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 283.17 Td (TBAs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.50 283.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 283.17 Td (26,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 283.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 283.17 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 269.17 Td (Other ) Tj ET Q q 0 0 0 rg BT 308.59 269.17 Td (TBAs ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 334.98 273.24 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 269.17 Td (39,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 269.17 Td (694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.50 255.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 255.17 Td (65,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 255.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 255.17 Td (716) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 241.33 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 226.27 Td (Derivatives not designated as hedging instruments ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 256.35 230.34 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 212.17 Td (Commodity contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 212.17 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.50 212.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.10 212.17 Td (5,844,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 212.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 212.17 Td (766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 198.17 Td (Other contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 198.17 Td (TBAs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 198.17 Td (26,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 198.17 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 184.17 Td (Other ) Tj ET Q q 0 0 0 rg BT 308.59 184.17 Td (TBAs ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 334.98 188.24 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 184.17 Td (39,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 184.17 Td (592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 169.27 Td (ARSpurchasecommitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 169.27 Td (10,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 169.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.50 155.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.10 155.17 Td (5,920,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 155.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 155.17 Td (1,388) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 564.50 151.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 133.10 Td (See "Derivative Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 254.26 133.10 Td (Activities" above for a description of derivative financial instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 121.10 Td (Represents ) Tj ET Q q 0 0 0 rg BT 131.70 121.10 Td (TBA) Tj ET Q q 0 0 0 rg BT 151.14 121.10 Td ( purchase and sale contracts related to the legacy OMHHF business.) Tj ET Q endstream endobj 207 0 obj <>] /Rotate 0 /Contents 208 0 R>> endobj 208 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (101) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 662.50 231.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 662.50 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 662.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 662.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 662.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 662.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 633.50 231.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 633.50 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 633.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 633.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 633.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 633.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 605.50 231.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 605.50 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 605.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 605.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 605.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 605.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 577.50 231.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 577.50 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 577.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 577.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 577.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 577.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 548.50 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 548.50 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 548.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 548.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 548.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 548.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 518.50 231.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 518.50 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 518.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 518.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 518.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 518.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 490.50 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 490.50 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 490.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 490.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 490.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 490.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 460.50 231.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 460.50 154.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 460.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 460.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 460.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 460.50 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 675.5 m 435 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 675.5 m 439 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 675.5 m 499 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 675.5 m 503 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 675.5 m 563 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 662.5 m 435 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 662.5 m 499 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 662.5 m 563 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 591.5 m 499 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 591.5 m 563 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 578.5 m 499 578.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 576.5 m 499 576.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 578.5 m 563 578.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 576.5 m 563 576.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 460.5 m 499 460.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 460.5 m 563 460.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 447.5 m 499 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439 445.5 m 499 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 447.5 m 563 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 445.5 m 563 445.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 692.75 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 692.75 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.50 692.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.50 692.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.50 692.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 679.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.80 679.75 Td (Fair) Tj ET Q q 0 0 0 rg BT 336.61 679.75 Td (V) Tj ET Q q 0 0 0 rg BT 341.88 679.75 Td (alueofDerivativeInstrumentsas ofDecember31,2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 666.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 666.75 Td (Description) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.50 666.75 Td (Notional) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.00 666.75 Td (Fair) Tj ET Q q 0 0 0 rg BT 530.74 666.75 Td (V) Tj ET Q q 0 0 0 rg BT 535.63 666.75 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 653.23 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 638.17 Td (Derivatives not designated as hedging instruments ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 256.35 642.24 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 624.07 Td (Other contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 624.07 Td (TBAs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.50 624.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 624.07 Td (169,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 624.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 624.07 Td (332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 610.07 Td (Other ) Tj ET Q q 0 0 0 rg BT 308.59 610.07 Td (TBAs ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 334.98 614.14 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 610.07 Td (121,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 610.07 Td (482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 596.07 Td (ARS purchase commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 596.07 Td (6,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 596.07 Td (849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.50 582.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 582.07 Td (297,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 582.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 582.07 Td (1,663) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 568.23 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 553.17 Td (Derivatives not designated as hedging instruments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 253.85 557.70 Td ( ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 255.47 557.24 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 538.17 Td (Commodity contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 538.17 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.50 538.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.10 538.17 Td (4,059,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 538.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 538.17 Td (166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 524.07 Td (Other contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 523.17 Td (Foreign exchange forward contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 523.17 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 523.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 509.07 Td (TBAs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 509.07 Td (169,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 509.07 Td (289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 495.07 Td (Other ) Tj ET Q q 0 0 0 rg BT 308.59 495.07 Td (TBAs ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 334.98 499.14 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 495.07 Td (121,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 495.07 Td (923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 480.17 Td (Forwardstartrepurchaseagreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 480.17 Td (382,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 480.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 465.17 Td (ARSpurchasecommitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 465.17 Td (24,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 465.17 Td (645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.50 451.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.10 451.07 Td (4,756,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 451.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 451.07 Td (2,024) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.50 447.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 429.00 Td (See "Derivative Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 254.26 429.00 Td (Activities" above for a description of derivative financial instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.00 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 417.00 Td (Represents ) Tj ET Q q 0 0 0 rg BT 131.70 417.00 Td (TBA) Tj ET Q q 0 0 0 rg BT 151.14 417.00 Td ( purchase and sale contracts related to the legacy OMHHF business.) Tj ET Q endstream endobj 209 0 obj <>] /Rotate 0 /Contents 210 0 R>> endobj 210 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (The following table presents the location and fair value amounts of the Company's derivative instruments and their ef) Tj ET Q q 0 0 0 rg BT 519.05 695.10 Td (fect in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (consolidated statements of operations for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.09 683.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.68 683.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.11 683.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.11 683.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 593.60 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 593.60 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 593.60 130.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 593.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 563.60 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 563.60 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 563.60 130.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 563.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 533.60 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 533.60 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 533.60 130.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 533.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 415.60 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 415.60 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 415.60 130.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 415.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 385.60 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 385.60 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 385.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 385.60 130.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 385.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 385.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 355.60 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 355.60 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 355.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 355.60 130.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 355.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 355.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 325.60 153.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 325.60 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 325.60 130.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 325.60 70.00 -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 203 627.6 m 355 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 627.6 m 359 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 627.6 m 489 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 627.6 m 493 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 627.6 m 563 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 627.6 m 489 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 606.6 m 489 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 627.6 m 493 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 606.6 m 493 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 627.6 m 563 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 606.6 m 563 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203 593.6 m 355 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 593.6 m 489 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 593.6 m 563 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 593.6 m 563 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 518.6 m 563 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 504.6 m 563 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 502.6 m 563 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203 449.6 m 355 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 449.6 m 359 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 449.6 m 489 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 449.6 m 493 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 449.6 m 563 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 449.6 m 489 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 428.6 m 489 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 449.6 m 493 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 428.6 m 493 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 449.6 m 563 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 428.6 m 563 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203 415.6 m 355 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 415.6 m 489 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 415.6 m 563 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 415.6 m 563 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 325.6 m 563 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 311.6 m 563 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 309.6 m 563 309.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 657.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.57 657.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.50 657.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.50 657.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 657.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 644.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.60 644.85 Td (The Ef) Tj ET Q q 0 0 0 rg BT 295.52 644.85 Td (fect of Derivative Instruments in the Statement of Operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 631.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.15 631.85 Td (For the ) Tj ET Q q 0 0 0 rg BT 343.89 631.85 Td (Y) Tj ET Q q 0 0 0 rg BT 349.12 631.85 Td (ear Ended December31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 610.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.50 610.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.05 618.85 Td (Recognized in Income on Derivatives) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.50 610.85 Td (\(pre-tax\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 597.83 Td (T) Tj ET Q q 0 0 0 rg BT 57.54 597.83 Td (ypes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.80 597.85 Td (Description) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.25 597.85 Td (Location) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.70 597.85 Td (Net Gain\(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 584.17 Td (Commodity contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.50 583.27 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 583.27 Td (Principaltransactionsrevenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 583.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 583.27 Td (987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 569.17 Td (Other contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.50 568.27 Td (Foreign exchange forward contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 568.27 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 568.27 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.50 553.27 Td (TBAs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 553.27 Td (Principal transactions revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 553.32 Td (\(167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 553.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.50 538.27 Td (Other ) Tj ET Q q 0 0 0 rg BT 230.68 538.27 Td (TBAs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 538.27 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 538.32 Td (\(338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 538.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.50 523.27 Td (ARS purchase commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 523.27 Td (Principal transactions revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 523.32 Td (\(212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 523.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 508.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 508.27 Td (282) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 479.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 479.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.50 479.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.50 479.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 479.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 466.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.60 466.85 Td (The Ef) Tj ET Q q 0 0 0 rg BT 295.52 466.85 Td (fect of Derivative Instruments in the Statement of Operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 453.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.15 453.85 Td (For the ) Tj ET Q q 0 0 0 rg BT 343.89 453.85 Td (Y) Tj ET Q q 0 0 0 rg BT 349.12 453.85 Td (ear Ended December31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 432.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.50 432.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.05 440.85 Td (Recognized in Income on Derivatives) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.50 432.85 Td (\(pre-tax\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 419.83 Td (T) Tj ET Q q 0 0 0 rg BT 57.24 419.83 Td (ypes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.80 419.85 Td (Description) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.25 419.85 Td (Location) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.70 419.85 Td (Net Gain\(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 406.17 Td (Commodity contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.50 405.27 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 405.27 Td (Principaltransactionsrevenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 405.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 405.32 Td (\(702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 405.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 391.17 Td (Other contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.50 390.27 Td (Foreign exchange forward contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 390.27 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 390.27 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.50 375.27 Td (TBAs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 375.27 Td (Principal transactions revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 375.27 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.50 360.27 Td (Other ) Tj ET Q q 0 0 0 rg BT 230.68 360.27 Td (TBAs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 360.27 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 360.32 Td (\(7,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 360.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.50 345.27 Td (Interestratelockcommitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 345.27 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 345.27 Td (5,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.50 330.27 Td (ARS purchase commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 330.27 Td (Principal transactions revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 330.27 Td (1,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 315.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 315.32 Td (\(1,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 315.27 Td (\)) Tj ET Q BT /F1 18.00 Tf ET q 0 0 0 rg BT 564.50 311.10 Td () Tj ET Q endstream endobj 211 0 obj <>] /Rotate 0 /Contents 212 0 R>> endobj 212 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (103) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (6. ) Tj ET Q q 0 0 0 rg BT 85.50 695.25 Td (Collateralized transactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.25 Td (The Company enters into collateralized borrowing and lending transactions in order to meet customers' needs and earn residual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (interest rate spreads, obtain securities for settlement and finance trading inventory positions. Under these transactions, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.25 Td (Company either receives or provides collateral, including U.S. Government and ) Tj ET Q q 0 0 0 rg BT 370.80 647.25 Td (Agency) Tj ET Q q 0 0 0 rg BT 401.25 647.25 Td (, asset-backed, corporate debt, equity) Tj ET Q q 0 0 0 rg BT 549.15 647.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.25 Td (and non-U.S. Government and ) Tj ET Q q 0 0 0 rg BT 173.92 635.25 Td (Agency securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.25 Td (The Company obtains short-term borrowings primarily through bank call loans. Bank call loans are generally payable on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.25 Td (demand and bear interest at various rates but not exceeding the broker call rate. ) Tj ET Q q 0 0 0 rg BT 368.54 599.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.98 599.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.57 599.25 Td (, bank call loans were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.25 Td ($1) Tj ET Q q 0 0 0 rg BT 59.13 587.25 Td (18.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.02 587.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.85 587.25 Td ($145.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.74 587.25 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.90 587.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.49 587.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 283.26 587.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.71 587.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.29 587.25 Td (, such loans were collateralized by firm and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.25 Td (customer securities with market values of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.60 575.25 Td ($97.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.49 575.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.93 575.25 Td ($198.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.82 575.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 463.48 575.25 Td (, with commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.25 Td (banks.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 539.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.53 539.25 Td (, the Company had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.83 539.25 Td ($1.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.94 539.25 Td ( of customer securities under customer mar) Tj ET Q q 0 0 0 rg BT 509.48 539.25 Td (gin loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.25 Td (that are available to be pledged, of which the Company has re-pledged approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.38 527.25 Td ($139.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.27 527.25 Td ( under securities loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.25 Td (agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 491.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.53 491.25 Td (, the Company had pledged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.72 491.25 Td ($237.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.62 491.25 Td ( of customer securities directly with the Options Clearing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.25 Td (Corporation to secure obligations and mar) Tj ET Q q 0 0 0 rg BT 217.89 479.25 Td (gin requirements under option contracts written by customers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 455.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.53 455.25 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.57 455.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.57 455.25 Td ( outstanding letters of credit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.25 Td (The Company enters into reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.25 Td (transactions to, among other things, acquire securities to cover short positions and settle other securities obligations, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.25 Td (accommodate customers' needs and to finance the Company's inventory positions. Except as described below) Tj ET Q q 0 0 0 rg BT 486.22 407.25 Td (, repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.25 Td (agreements and reverse repurchase agreements, principally involving U.S. Government and ) Tj ET Q q 0 0 0 rg BT 417.99 395.25 Td (Agency securities, are carried at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.25 Td (amounts at which the securities subsequently will be resold or reacquired as specified in the respective agreements and include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.25 Td (accrued interest. Repurchase agreements and reverse repurchase agreements are presented on a net-by-counterparty basis, when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.25 Td (the repurchase agreements and reverse repurchase agreements are executed with the same counterparty) Tj ET Q q 0 0 0 rg BT 460.86 359.25 Td (, have the same explicit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.25 Td (settlement date, are executed in accordance with a master netting arrangement, the securities underlying the repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.25 Td (agreements and reverse repurchase agreements exist in "book entry" form and certain other requirements are met.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.25 Td (The following table presents a disaggregation of the gross obligation by the class of collateral pledged and the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.25 Td (contractual maturity of the repurchase agreements and securities loaned transactions as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.47 299.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.05 299.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 256.75 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 256.75 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 226.75 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 226.75 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 196.75 425.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 196.75 88.00 -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 475 256.75 m 563 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 196.75 m 563 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 182.75 m 563 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 180.75 m 563 180.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 274.00 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 274.00 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.80 261.00 Td (Overnight and Open) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 246.42 Td (Repurchase agreements:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 231.42 Td (U.S. Government and ) Tj ET Q q 0 0 0 rg BT 159.93 231.42 Td (Agency securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.50 231.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 231.42 Td (786,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 216.42 Td (Securities loaned:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 201.42 Td (Equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 201.42 Td (180,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 186.42 Td (Gross amount of recognized liabilities for repurchase agreements and securities loaned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.50 186.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 186.42 Td (966,802) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 213 0 obj <>] /Rotate 0 /Contents 214 0 R>> endobj 214 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (The following tables present the gross amounts and the of) Tj ET Q q 0 0 0 rg BT 280.66 695.10 Td (fsetting amounts of reverse repurchase agreements, repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (agreements, securities borrowed and securities loaned transactions as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.40 683.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.98 683.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.42 683.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.42 683.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 574.60 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 574.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 574.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 574.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 574.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 574.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 574.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 544.60 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 544.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 544.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 544.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 544.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 544.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 544.60 55.00 -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 50 653.6 m 213 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 653.6 m 268 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268 653.6 m 272 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 653.6 m 327 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 653.6 m 331 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 653.6 m 386 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 653.6 m 390 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 653.6 m 445 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 653.6 m 449 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 653.6 m 504 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 653.6 m 508 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 653.6 m 563 653.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 619.6 m 445 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 619.6 m 449 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 619.6 m 504 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 574.6 m 268 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 574.6 m 327 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 574.6 m 386 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 619.6 m 445 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 574.6 m 445 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 574.6 m 504 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 574.6 m 563 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 574.6 m 268 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 574.6 m 327 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 574.6 m 445 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 574.6 m 504 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 544.6 m 268 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 544.6 m 327 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 544.6 m 386 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 544.6 m 445 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 544.6 m 504 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 544.6 m 563 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 530.6 m 268 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 528.6 m 268 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 530.6 m 327 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 528.6 m 327 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 530.6 m 386 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 528.6 m 386 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 530.6 m 445 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 528.6 m 445 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 530.6 m 504 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 528.6 m 504 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 530.6 m 563 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 528.6 m 563 528.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.75 657.85 Td (As of December 31, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 644.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 644.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.50 644.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.50 644.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.50 644.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.50 644.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.50 644.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.50 644.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 623.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.50 623.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.50 623.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.50 623.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.75 631.85 Td (Gross) Tj ET Q q 0 0 0 rg BT 423.98 631.85 Td (AmountsNotOf) Tj ET Q q 0 0 0 rg BT 477.61 631.85 Td (fset) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 412.80 623.85 Td (on the Balance Sheet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.50 623.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 578.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.65 602.85 Td (Gross) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.00 594.85 Td (Amountsof) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.10 586.85 Td (Recognized) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.55 578.85 Td (Assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.65 602.85 Td (Gross) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.30 594.85 Td (Amounts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.15 586.85 Td (Of) Tj ET Q q 0 0 0 rg BT 286.45 586.85 Td (fsetonthe) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.20 578.85 Td (Balance Sheet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.75 610.85 Td (Net) Tj ET Q q 0 0 0 rg BT 349.86 610.85 Td (Amounts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.40 602.85 Td (of ) Tj ET Q q 0 0 0 rg BT 351.62 602.85 Td (Assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.40 594.85 Td (Presented on) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.20 586.85 Td (the Balance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.10 578.85 Td (Sheet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.10 586.85 Td (Financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.10 578.85 Td (Instruments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.00 594.85 Td (Cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 460.20 586.85 Td (Collateral) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.10 578.85 Td (Received) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.30 578.85 Td (Net) Tj ET Q q 0 0 0 rg BT 528.41 578.85 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 565.17 Td (Reverse repurchase agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 564.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 564.27 Td (200,712) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.50 564.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.30 564.32 Td (\(200,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 564.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 564.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 564.27 Td (658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.50 564.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 564.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 564.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 564.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 564.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 564.27 Td (658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 549.27 Td (Securities borrowed ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 135.25 553.34 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 549.27 Td (132,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 549.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 549.27 Td (132,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.30 549.32 Td (\(128,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 549.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 549.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 549.27 Td (3,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 535.17 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 535.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 534.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 534.27 Td (333,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.50 534.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.30 534.32 Td (\(200,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 534.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 534.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 534.27 Td (133,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.50 534.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.30 534.32 Td (\(128,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 534.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 534.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 534.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 534.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 534.27 Td (4,451) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 512.10 Td (Included in receivable from brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 324.38 512.10 Td (ganizations on the consolidated balance sheet.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 429.60 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 429.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 429.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 429.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 429.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 429.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 429.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 429.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 429.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 429.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 429.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 429.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 399.60 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 399.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 399.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 399.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 399.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 399.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 399.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 399.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 399.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 399.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 399.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 399.60 55.00 -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 390 474.6 m 445 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 474.6 m 449 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 474.6 m 504 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 429.6 m 268 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 429.6 m 327 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 429.6 m 386 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 429.6 m 445 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 429.6 m 504 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 429.6 m 563 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 429.6 m 268 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 429.6 m 327 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 429.6 m 445 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 429.6 m 504 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 429.6 m 563 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 399.6 m 268 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 399.6 m 327 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 399.6 m 386 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 399.6 m 445 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 399.6 m 504 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 399.6 m 563 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 385.6 m 268 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 383.6 m 268 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 385.6 m 327 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 383.6 m 327 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 385.6 m 386 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 383.6 m 386 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 385.6 m 445 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 383.6 m 445 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 385.6 m 504 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 383.6 m 504 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 385.6 m 563 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 383.6 m 563 383.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 478.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.50 478.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.50 478.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.50 478.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.75 486.85 Td (Gross) Tj ET Q q 0 0 0 rg BT 423.98 486.85 Td (AmountsNotOf) Tj ET Q q 0 0 0 rg BT 477.61 486.85 Td (fset) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 412.80 478.85 Td (on the Balance Sheet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.50 478.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 433.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.65 457.85 Td (Gross) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.00 449.85 Td (Amounts of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.10 441.85 Td (Recognized) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.75 433.85 Td (Liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.65 457.85 Td (Gross) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.30 449.85 Td (Amounts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.15 441.85 Td (Of) Tj ET Q q 0 0 0 rg BT 286.45 441.85 Td (fseton the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.20 433.85 Td (Balance Sheet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.75 465.85 Td (Net) Tj ET Q q 0 0 0 rg BT 349.86 465.85 Td (Amounts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.40 457.85 Td (of Liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.40 449.85 Td (Presented on) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.20 441.85 Td (the Balance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.10 433.85 Td (Sheet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.10 441.85 Td (Financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.10 433.85 Td (Instruments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.00 449.85 Td (Cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 460.20 441.85 Td (Collateral) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.10 433.85 Td (Pledged) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.30 433.85 Td (Net) Tj ET Q q 0 0 0 rg BT 528.41 433.85 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 420.17 Td (Repurchase agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 419.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 419.27 Td (786,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.50 419.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.30 419.32 Td (\(200,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 419.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 419.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 419.27 Td (586,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.50 419.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.30 419.32 Td (\(585,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 419.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 419.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 419.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 419.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 419.27 Td (1,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 404.27 Td (Securities loaned ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 123.59 408.34 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 404.27 Td (180,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 404.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 404.27 Td (180,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.30 404.32 Td (\(170,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 404.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 404.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 404.27 Td (10,094) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 390.17 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 390.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 389.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 389.27 Td (966,802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.50 389.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.30 389.32 Td (\(200,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 389.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 389.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 389.27 Td (766,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.50 389.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.30 389.32 Td (\(755,465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 389.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 389.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 389.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 389.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 389.27 Td (1) Tj ET Q q 0 0 0 rg BT 536.65 389.27 Td (1,283) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.50 385.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 367.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 367.10 Td (Included in payable to brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 302.73 367.10 Td (ganizations on the consolidated balance sheet.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 256.60 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 256.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 256.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 256.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 256.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 256.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 256.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 256.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 256.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 256.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 256.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 256.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 226.60 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 226.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 226.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 226.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 226.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 226.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 226.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 226.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 226.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 226.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 226.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 226.60 55.00 -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 50 335.6 m 213 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 335.6 m 268 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268 335.6 m 272 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 335.6 m 327 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 335.6 m 331 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 335.6 m 386 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 335.6 m 390 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 335.6 m 445 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 335.6 m 449 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 335.6 m 504 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 335.6 m 508 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 335.6 m 563 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 301.6 m 445 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 301.6 m 449 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 301.6 m 504 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 256.6 m 268 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 256.6 m 327 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 256.6 m 386 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 301.6 m 445 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 256.6 m 445 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 256.6 m 504 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 256.6 m 563 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 256.6 m 268 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 256.6 m 327 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 256.6 m 445 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 256.6 m 504 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 226.60000000000002 m 268 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 226.60000000000002 m 327 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 226.60000000000002 m 386 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 226.60000000000002 m 445 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 226.60000000000002 m 504 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 226.60000000000002 m 563 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 212.60000000000002 m 268 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 210.60000000000002 m 268 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 212.60000000000002 m 327 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 210.60000000000002 m 327 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 212.60000000000002 m 386 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 210.60000000000002 m 386 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 212.60000000000002 m 445 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 210.60000000000002 m 445 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 212.60000000000002 m 504 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 210.60000000000002 m 504 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 212.60000000000002 m 563 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 210.60000000000002 m 563 210.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.75 339.85 Td (As of December 31, 2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 326.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 326.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.50 326.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.50 326.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.50 326.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.50 326.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.50 326.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.50 326.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 305.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.50 305.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.50 305.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.50 305.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.75 313.85 Td (Gross) Tj ET Q q 0 0 0 rg BT 424.20 313.85 Td (AmountsNotOf) Tj ET Q q 0 0 0 rg BT 477.68 313.85 Td (fset) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 412.80 305.85 Td (on the Balance Sheet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.50 305.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 260.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.65 284.85 Td (Gross) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.00 276.85 Td (Amountsof) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.10 268.85 Td (Recognized) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.55 260.85 Td (Assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.65 284.85 Td (Gross) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.30 276.85 Td (Amounts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.15 268.85 Td (Of) Tj ET Q q 0 0 0 rg BT 286.52 268.85 Td (fseton the) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.20 260.85 Td (Balance Sheet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.75 292.85 Td (Net) Tj ET Q q 0 0 0 rg BT 350.08 292.85 Td (Amounts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.40 284.85 Td (of ) Tj ET Q q 0 0 0 rg BT 351.84 284.85 Td (Assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.40 276.85 Td (Presented on) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.20 268.85 Td (the Balance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.10 260.85 Td (Sheet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.10 268.85 Td (Financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.10 260.85 Td (Instruments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.00 276.85 Td (Cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 460.20 268.85 Td (Collateral) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.10 260.85 Td (Received) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.30 260.85 Td (Net) Tj ET Q q 0 0 0 rg BT 528.41 260.85 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 247.17 Td (Reverse repurchase agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 246.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 246.27 Td (24,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.50 246.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 246.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 246.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 246.27 Td (24,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.50 246.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.30 246.32 Td (\(23,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 246.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 246.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 246.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 246.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 246.27 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 231.27 Td (Securities borrowed ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 135.25 235.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 231.27 Td (154,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 231.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 231.27 Td (154,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.30 231.32 Td (\(150,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 231.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 231.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 231.27 Td (3,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 217.17 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 217.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 216.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 216.27 Td (178,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.50 216.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 216.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 216.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 216.27 Td (178,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.50 216.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.30 216.32 Td (\(174,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 216.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 216.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 216.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 216.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 216.27 Td (3,614) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.50 212.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 194.10 Td (Included in receivable from brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 324.38 194.10 Td (ganizations on the consolidated balance sheet.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 111.60 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 111.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 111.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 111.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 111.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 111.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 111.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 111.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 111.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 111.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 111.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 111.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 81.60 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 81.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 81.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 81.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 81.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 81.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 81.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 81.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 81.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 81.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 81.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 81.60 55.00 -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 390 156.60000000000002 m 445 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 156.60000000000002 m 449 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 156.60000000000002 m 504 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 111.60000000000002 m 268 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 111.60000000000002 m 327 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 111.60000000000002 m 386 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 111.60000000000002 m 445 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 111.60000000000002 m 504 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 111.60000000000002 m 563 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 111.60000000000002 m 268 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 111.60000000000002 m 327 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 111.60000000000002 m 445 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 111.60000000000002 m 504 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 81.60000000000002 m 268 81.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 81.60000000000002 m 327 81.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 81.60000000000002 m 386 81.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 81.60000000000002 m 445 81.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 81.60000000000002 m 504 81.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 81.60000000000002 m 563 81.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 67.60000000000002 m 268 67.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 65.60000000000002 m 268 65.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 67.60000000000002 m 327 67.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 65.60000000000002 m 327 65.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 67.60000000000002 m 386 67.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 65.60000000000002 m 386 65.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 67.60000000000002 m 445 67.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 65.60000000000002 m 445 65.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 67.60000000000002 m 504 67.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 65.60000000000002 m 504 65.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 67.60000000000002 m 563 67.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 65.60000000000002 m 563 65.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 160.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.50 160.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.50 160.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.50 160.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.75 168.85 Td (Gross) Tj ET Q q 0 0 0 rg BT 423.98 168.85 Td (AmountsNotOf) Tj ET Q q 0 0 0 rg BT 477.61 168.85 Td (fset) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 412.80 160.85 Td (on the Balance Sheet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.50 160.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 115.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.65 139.85 Td (Gross) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.00 131.85 Td (Amounts of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.10 123.85 Td (Recognized) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.75 115.85 Td (Liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.65 139.85 Td (Gross) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.30 131.85 Td (Amounts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.15 123.85 Td (Of) Tj ET Q q 0 0 0 rg BT 286.45 123.85 Td (fseton the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.20 115.85 Td (Balance Sheet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.75 147.85 Td (Net) Tj ET Q q 0 0 0 rg BT 349.86 147.85 Td (Amounts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.40 139.85 Td (of Liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.40 131.85 Td (Presented on) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.20 123.85 Td (the Balance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.10 115.85 Td (Sheet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.10 123.85 Td (Financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.10 115.85 Td (Instruments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.00 131.85 Td (Cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 460.20 123.85 Td (Collateral) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.10 115.85 Td (Pledged) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.30 115.85 Td (Net) Tj ET Q q 0 0 0 rg BT 528.41 115.85 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 102.17 Td (Repurchase agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 101.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 101.27 Td (378,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.50 101.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 101.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 101.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 101.27 Td (378,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.50 101.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.30 101.32 Td (\(376,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 101.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 101.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 101.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 101.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 101.27 Td (1,81) Tj ET Q q 0 0 0 rg BT 554.15 101.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 86.27 Td (Securities loaned ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 123.59 90.34 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 86.27 Td (179,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 86.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 86.27 Td (179,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.30 86.32 Td (\(171,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 86.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 86.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 86.27 Td (7,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 72.17 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 72.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 71.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 71.27 Td (557,959) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.50 71.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 71.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 71.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 71.27 Td (557,959) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.50 71.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.30 71.32 Td (\(548,264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 71.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 71.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 71.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 71.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 71.27 Td (9,695) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.50 67.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 49.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 49.10 Td (Included in payable to brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 302.73 49.10 Td (ganizations on the consolidated balance sheet.) Tj ET Q endstream endobj 215 0 obj <>] /Rotate 0 /Contents 216 0 R>> endobj 216 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (Certain of the Company's repurchase agreements and reverse repurchase agreements are carried at fair value as a result of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (Company's fair value option election. ) Tj ET Q q 0 0 0 rg BT 201.64 683.10 Td (The Company elected the fair value option for those repurchase agreements and reverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (repurchase agreements that do not settle overnight or have an open settlement date. ) Tj ET Q q 0 0 0 rg BT 383.83 671.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.27 671.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.85 671.10 Td (, the Company did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (not have any reverse repurchase agreements and repurchase agreements for which the fair value option was elected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (The Company receives collateral in connection with securities borrowed and reverse repurchase agreement transactions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (customer mar) Tj ET Q q 0 0 0 rg BT 104.02 623.10 Td (gin loans. Under many agreements, the Company is permitted to sell or re-pledge the securities received \(e.g., use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (the securities to enter into securities lending transactions, or deliver to counterparties to cover short positions\). ) Tj ET Q q 0 0 0 rg BT 492.72 611.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 599.10 Td (, the fair value of securities received as collateral under securities borrowed transactions and reverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (repurchase agreements was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.39 587.10 Td ($127.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.28 587.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.11 587.10 Td ($148.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.00 587.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.16 587.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.75 587.10 Td (\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.52 587.10 Td ($221.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.41 587.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.24 587.10 Td ($24.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.13 587.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 575.10 Td (\), respectively) Tj ET Q q 0 0 0 rg BT 184.08 575.10 Td (, of which the Company has sold and re-pledged approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.40 575.10 Td ($30.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.29 575.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.12 575.10 Td ($37.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.01 575.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.16 563.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.74 563.10 Td (\) under securities loaned transactions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.46 563.10 Td ($221.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.36 563.10 Td ( under repurchase agreements \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.29 563.10 Td ($24.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.18 563.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.16 551.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.74 551.10 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (The Company pledges certain of its securities owned for securities lending and repurchase agreements and to collateralize bank ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (call loan transactions. ) Tj ET Q q 0 0 0 rg BT 138.73 515.10 Td (The carrying value of pledged securities owned that can be sold or re-pledged by the counterparty was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td ($655.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.39 503.10 Td (, as presented on the face of the consolidated balance sheet as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.73 503.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.31 503.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.14 503.10 Td ($438.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.03 503.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 491.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 136.23 491.10 Td (The carrying value of securities owned by the Company that have been loaned or pledged to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (counterparties where those counterparties do not have the right to sell or re-pledge the collateral was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.79 479.10 Td ($97.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.68 479.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 467.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.91 467.10 Td ($138.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.81 467.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.97 467.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.55 467.10 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (The Company manages credit exposure arising from repurchase and reverse repurchase agreements by) Tj ET Q q 0 0 0 rg BT 459.24 443.10 Td (, in appropriate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (Company) Tj ET Q q 0 0 0 rg BT 87.74 419.10 Td (, in the event of a customer default, the right to liquidate securities and the right to of) Tj ET Q q 0 0 0 rg BT 427.18 419.10 Td (fset a counterparty's rights and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 98.76 407.10 Td (The Company manages market risk of repurchase agreements and securities loaned by monitoring the market value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (of collateral held and the market value of securities receivable from others. It is the Company's policy to request and obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (additional collateral when exposure to loss exists. In the event the counterparty is unable to meet its contractual obligation to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (return the securities, the Company may be exposed to of) Tj ET Q q 0 0 0 rg BT 274.81 371.10 Td (f-balance sheet risk of acquiring securities at prevailing market prices.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 60.98 347.10 Td (edit Concentrations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (Credit concentrations may arise from trading, investing, underwriting and financing activities and may be impacted by changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (in economic, industry or political factors. In the normal course of business, the Company may be exposed to risk in the event ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (customers, counterparties including other brokers and dealers, issuers, banks, depositories or clearing or) Tj ET Q q 0 0 0 rg BT 465.31 305.10 Td (ganizations are unable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (to fulfill their contractual obligations. ) Tj ET Q q 0 0 0 rg BT 202.06 293.10 Td (The Company seeks to mitigate these risks by actively monitoring exposures and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (obtaining collateral as deemed appropriate. Included in receivable from brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 463.30 281.10 Td (ganizations as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 269.10 Td ( are receivables from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.70 269.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.36 269.10 Td ( major U.S. broker) Tj ET Q q 0 0 0 rg BT 305.87 269.10 Td (-dealers totaling approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.32 269.10 Td ($94.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.21 269.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (The Company is obligated to settle transactions with brokers and other financial institutions even if its clients fail to meet their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (obligations to the Company) Tj ET Q q 0 0 0 rg BT 159.68 233.10 Td (. Clients are required to complete their transactions on the settlement date, generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.72 233.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.16 233.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.94 233.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.94 233.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (business days after the trade date. If clients do not fulfill their contractual obligations, the Company may incur losses. ) Tj ET Q q 0 0 0 rg BT 521.98 221.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (Company has clearing/participating arrangements with the National Securities Clearing Corporation, the Fixed Income Clearing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (Corporation \("FICC"\), R.J. O'Brien& ) Tj ET Q q 0 0 0 rg BT 203.91 197.10 Td (Associates \(commodities transactions\), Mortgage-Backed Securities Division \(a division ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (of FICC\) and others. ) Tj ET Q q 0 0 0 rg BT 134.59 185.10 Td (W) Tj ET Q q 0 0 0 rg BT 143.63 185.10 Td (ith respect to its business in reverse repurchase agreements and repurchase agreements, substantially all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (open contracts as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.69 173.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.28 173.10 Td ( are with the FICC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.71 173.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.21 173.10 Td ( In addition, the Company clears its non-U.S. international equities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (business carried on by Oppenheimer Europe Ltd. through BNP) Tj ET Q q 0 0 0 rg BT 301.02 161.10 Td ( Paribas Securities Services. ) Tj ET Q q 0 0 0 rg BT 416.09 161.10 Td (The clearing or) Tj ET Q q 0 0 0 rg BT 476.99 161.10 Td (ganizations have the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (right to char) Tj ET Q q 0 0 0 rg BT 98.19 149.10 Td (ge the Company for losses that result from a client's failure to fulfill its contractual obligations. ) Tj ET Q q 0 0 0 rg BT 480.18 149.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 529.52 149.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (Company has credit exposures with these clearing brokers. ) Tj ET Q q 0 0 0 rg BT 287.31 137.10 Td (The clearing brokers can re-hypothecate the securities held on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (behalf of the Company) Tj ET Q q 0 0 0 rg BT 140.77 125.10 Td (. ) Tj ET Q q 0 0 0 rg BT 145.22 125.10 Td (As the right to char) Tj ET Q q 0 0 0 rg BT 222.24 125.10 Td (ge the Company has no maximum amount and applies to all trades executed through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (the clearing brokers, the Company believes there is no maximum amount assignable to this right. ) Tj ET Q q 0 0 0 rg BT 439.70 113.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.14 113.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.72 113.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (Company had recorded no liabilities with regard to this right. ) Tj ET Q q 0 0 0 rg BT 296.77 101.10 Td (The Company's policy is to monitor the credit standing of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (clearing brokers and banks with which it conducts business.) Tj ET Q endstream endobj 217 0 obj <>] /Rotate 0 /Contents 218 0 R>> endobj 218 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (7. ) Tj ET Q q 0 0 0 rg BT 85.50 695.25 Td (V) Tj ET Q q 0 0 0 rg BT 91.80 695.25 Td (ariable inter) Tj ET Q q 0 0 0 rg BT 144.67 695.25 Td (est entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.25 Td (The Company's policy is to consolidate all subsidiaries in which it has a controlling financial interest, as well as any ) Tj ET Q q 0 0 0 rg BT 516.30 671.25 Td (VIEs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (where the Company is deemed to be the primary beneficiary) Tj ET Q q 0 0 0 rg BT 290.71 659.25 Td (, when it has the power to make the decisions that most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.25 Td (significantly af) Tj ET Q q 0 0 0 rg BT 109.58 647.25 Td (fect the economic performance of the ) Tj ET Q q 0 0 0 rg BT 261.54 647.25 Td (VIE and has the obligation to absorb significant losses or the right to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.25 Td (receive benefits that could potentially be significant to the ) Tj ET Q q 0 0 0 rg BT 283.96 635.25 Td (VIE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.25 Td (For funds that the Company has concluded are not ) Tj ET Q q 0 0 0 rg BT 253.44 611.25 Td (VIEs, the Company then evaluates whether the fund is a partnership or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.25 Td (similar entity) Tj ET Q q 0 0 0 rg BT 101.90 599.25 Td (. If the fund is a partnership or similar entity) Tj ET Q q 0 0 0 rg BT 278.43 599.25 Td (, the Company evaluates the fund under the partnership consolidation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.25 Td (guidance. Pursuant to that guidance, the Company consolidates funds in which it is the general partner) Tj ET Q q 0 0 0 rg BT 458.72 587.25 Td (, unless presumption of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.25 Td (control by the Company can be overcome. ) Tj ET Q q 0 0 0 rg BT 221.49 575.25 Td (This presumption is overcome only when unrelated investors in the fund have the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.25 Td (substantive ability to liquidate the fund or otherwise remove the Company as the general partner without cause, based on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.25 Td (simple majority vote of unaf) Tj ET Q q 0 0 0 rg BT 163.18 551.25 Td (filiated investors, or have other substantive participating rights. If the presumption of control can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.25 Td (be overcome, the Company accounts for its interest in the fund pursuant to the equity method of accounting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.25 Td (The Company serves as general partner of hedge funds and private equity funds that were established for the purpose of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.25 Td (providing investment alternatives to both its institutional and qualified retail clients. ) Tj ET Q q 0 0 0 rg BT 387.59 503.25 Td (The Company holds variable interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.25 Td (these funds as a result of its right to receive management and incentive fees. ) Tj ET Q q 0 0 0 rg BT 356.16 491.25 Td (The Company's investment in and additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.25 Td (capital commitments to these hedge funds and private equity funds are also considered variable interests. ) Tj ET Q q 0 0 0 rg BT 471.41 479.25 Td (The Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.25 Td (additional capital commitments are subject to call at a later date and are limited in amount.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.25 Td (The Company assesses whether it is the primary beneficiary of the hedge funds and private equity funds in which it holds a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.25 Td (variable interest in the form of general and limited partner interests. In each instance, the Company has determined that it is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.25 Td (the primary beneficiary and therefore need not consolidate the hedge funds or private equity funds. ) Tj ET Q q 0 0 0 rg BT 447.51 419.25 Td (The subsidiaries' general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.25 Td (and limited partnership interests, additional capital commitments, and management fees receivable represent its maximum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.25 Td (exposure to loss. ) Tj ET Q q 0 0 0 rg BT 118.76 395.25 Td (The subsidiaries' general partnership and limited partnership interests and management fees receivable are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.25 Td (included in other assets on the consolidated balance sheet.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.25 Td (The following tables set forth the total ) Tj ET Q q 0 0 0 rg BT 205.12 359.25 Td (VIE assets, the carrying value of the subsidiaries' variable interests, and the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.25 Td (maximum exposure to loss in Company-sponsored non-consolidated ) Tj ET Q q 0 0 0 rg BT 326.23 347.25 Td (VIEs in which the Company holds variable interests and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.25 Td (other non-consolidated ) Tj ET Q q 0 0 0 rg BT 143.74 335.25 Td (VIEs in which the Company holds variable interests as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.47 335.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.05 335.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.49 335.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.49 335.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 248.75 207.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 248.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 248.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 248.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 248.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 248.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 248.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 248.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 248.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 248.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 218.75 207.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 218.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 218.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 218.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 218.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 218.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 218.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 218.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 218.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 218.75 70.00 -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 257 292.75 m 312 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 292.75 m 316 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 292.75 m 371 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 292.75 m 375 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 292.75 m 430 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 292.75 m 434 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 292.75 m 493 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 292.75 m 563 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 292.75 m 312 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 292.75 m 371 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 261.75 m 371 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 261.75 m 375 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 261.75 m 430 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 292.75 m 489 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 292.75 m 563 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 248.75 m 312 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 248.75 m 371 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 248.75 m 430 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 248.75 m 489 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 248.75 m 563 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 248.75 m 312 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 248.75 m 371 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 248.75 m 430 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 248.75 m 489 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 218.75 m 312 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 218.75 m 371 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 218.75 m 430 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 218.75 m 489 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 218.75 m 563 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 204.75 m 312 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 202.75 m 312 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 204.75 m 371 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 202.75 m 371 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 204.75 m 430 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 202.75 m 430 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 204.75 m 489 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 202.75 m 489 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 204.75 m 563 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 202.75 m 563 202.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 310.00 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 310.00 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.50 310.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.50 310.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.50 310.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.50 310.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 310.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 297.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.25 297.00 Td (As of December 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 266.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.80 261.00 Td (T) Tj ET Q q 0 0 0 rg BT 280.13 261.00 Td (otal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.05 253.00 Td (VIE) Tj ET Q q 0 0 0 rg BT 276.94 253.00 Td (Assets) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 299.83 256.63 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.00 274.00 Td (Carrying) Tj ET Q q 0 0 0 rg BT 368.37 274.00 Td (V) Tj ET Q q 0 0 0 rg BT 373.63 274.00 Td (alueofthe) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.40 266.00 Td (Company's) Tj ET Q q 0 0 0 rg BT 364.99 266.00 Td (V) Tj ET Q q 0 0 0 rg BT 370.25 266.00 Td (ariableInterest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.40 261.00 Td (Capital) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 253.00 Td (Commitments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.80 284.70 Td (Maximum) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.35 276.70 Td (Exposure) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.70 268.70 Td (toLoss in) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.05 260.70 Td (Non-consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.25 252.70 Td (VIEs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 253.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.50 253.00 Td (Assets ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 351.39 256.63 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.75 253.00 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 239.32 Td (Hedge funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 238.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 238.42 Td (328,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.50 238.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 238.42 Td (713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 238.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 238.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.50 238.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 238.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 238.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 238.42 Td (713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 224.32 Td (Private equity funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.65 223.42 Td (15,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 223.42 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 223.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 223.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 223.42 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 209.32 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 209.32 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 208.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 208.42 Td (343,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.50 208.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 208.42 Td (725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 208.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 208.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.50 208.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 208.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 208.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 208.42 Td (727) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.50 204.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 186.25 Td (Represents the total assets of the ) Tj ET Q q 0 0 0 rg BT 218.06 186.25 Td (VIEs and does not represent the Company's interests in the ) Tj ET Q q 0 0 0 rg BT 455.74 186.25 Td (VIEs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 174.25 Td (Represents the Company's interests in the ) Tj ET Q q 0 0 0 rg BT 254.31 174.25 Td (VIEs and is included in other assets on the consolidated balance sheet.) Tj ET Q endstream endobj 219 0 obj <>] /Rotate 0 /Contents 220 0 R>> endobj 220 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (107) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 631.50 207.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 631.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 631.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 631.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 631.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 631.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 631.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 631.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 631.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 631.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 601.50 207.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.00 601.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 601.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 601.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 601.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 601.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 601.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 601.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 601.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 601.50 70.00 -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 257 675.5 m 312 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312 675.5 m 316 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 675.5 m 371 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 675.5 m 375 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 675.5 m 430 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 675.5 m 434 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 675.5 m 493 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 675.5 m 563 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 675.5 m 312 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 675.5 m 371 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 644.5 m 371 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 644.5 m 375 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 644.5 m 430 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 675.5 m 489 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 675.5 m 563 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 631.5 m 312 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 631.5 m 371 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 631.5 m 430 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 631.5 m 489 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 631.5 m 563 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 631.5 m 312 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 631.5 m 371 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 631.5 m 430 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 631.5 m 489 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 601.5 m 312 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 601.5 m 371 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 601.5 m 430 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 601.5 m 489 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 601.5 m 563 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 587.5 m 312 587.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257 585.5 m 312 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 587.5 m 371 587.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 585.5 m 371 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 587.5 m 430 587.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 585.5 m 430 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 587.5 m 489 587.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 585.5 m 489 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 587.5 m 563 587.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 585.5 m 563 585.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 692.75 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 692.75 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.50 692.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.50 692.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.50 692.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.50 692.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 692.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 679.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.25 679.75 Td (As of December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 648.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.80 643.75 Td (T) Tj ET Q q 0 0 0 rg BT 280.13 643.75 Td (otal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.05 635.75 Td (VIE) Tj ET Q q 0 0 0 rg BT 276.94 635.75 Td (Assets) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 299.83 639.38 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.00 656.75 Td (Carrying) Tj ET Q q 0 0 0 rg BT 368.37 656.75 Td (V) Tj ET Q q 0 0 0 rg BT 373.63 656.75 Td (alueofthe) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.40 648.75 Td (Company's) Tj ET Q q 0 0 0 rg BT 364.99 648.75 Td (V) Tj ET Q q 0 0 0 rg BT 370.25 648.75 Td (ariableInterest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.40 643.75 Td (Capital) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 635.75 Td (Commitments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.80 667.45 Td (Maximum) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.35 659.45 Td (Exposure) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.70 651.45 Td (toLoss in) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.05 643.45 Td (Non-consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.25 635.45 Td (VIEs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 635.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.50 635.75 Td (Assets ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 351.39 639.38 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.75 635.75 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 622.07 Td (Hedge funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 621.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 621.17 Td (296,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.50 621.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 621.17 Td (706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 621.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 621.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.50 621.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 621.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 621.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 621.17 Td (706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 607.07 Td (Private equity funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.65 606.17 Td (26,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 606.17 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 606.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 606.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 606.17 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 592.07 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 592.07 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 591.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 591.17 Td (323,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.50 591.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 591.17 Td (721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 591.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 591.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.50 591.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 591.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 591.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 591.17 Td (723) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.50 587.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 569.00 Td (Represents the total assets of the ) Tj ET Q q 0 0 0 rg BT 218.06 569.00 Td (VIEs and does not represent the Company's interests in the ) Tj ET Q q 0 0 0 rg BT 455.74 569.00 Td (VIEs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.00 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 557.00 Td (Represents the Company's interests in the ) Tj ET Q q 0 0 0 rg BT 254.31 557.00 Td (VIEs and is included in other assets on the consolidated balance sheet.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 533.00 Td (8. ) Tj ET Q q 0 0 0 rg BT 85.50 533.00 Td (Furnitur) Tj ET Q q 0 0 0 rg BT 123.10 533.00 Td (e, equipment and leasehold impr) Tj ET Q q 0 0 0 rg BT 262.10 533.00 Td (ovements) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 302.09 533.00 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 477.50 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 477.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 477.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 477.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 447.50 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 447.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 447.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 447.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 417.50 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 417.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 417.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 417.50 70.00 -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 419 490.5 m 489 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 490.5 m 493 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 490.5 m 563 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 477.5 m 489 477.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 477.5 m 563 477.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 477.5 m 489 477.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 477.5 m 563 477.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 447.5 m 489 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 447.5 m 563 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 417.5 m 489 417.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 417.5 m 563 417.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 403.5 m 489 403.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 401.5 m 489 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 403.5 m 563 403.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 401.5 m 563 401.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 507.75 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 507.75 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 507.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 507.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 494.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.60 494.75 Td (For the ) Tj ET Q q 0 0 0 rg BT 459.34 494.75 Td (Y) Tj ET Q q 0 0 0 rg BT 464.57 494.75 Td (ears Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 481.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.50 481.75 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 481.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 468.07 Td (Furniture, fixtures and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 467.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 467.17 Td (53,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 467.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 467.17 Td (55,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 453.07 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 452.17 Td (56,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 452.17 Td (56,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 438.07 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 438.07 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 437.17 Td (1) Tj ET Q q 0 0 0 rg BT 457.65 437.17 Td (10,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 437.17 Td (1) Tj ET Q q 0 0 0 rg BT 531.65 437.17 Td (1) Tj ET Q q 0 0 0 rg BT 536.65 437.17 Td (1,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 423.07 Td (Less accumulated depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 422.22 Td (\(82,826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 422.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 422.22 Td (\(84,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 422.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 408.07 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 408.07 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 407.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 407.17 Td (27,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 407.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 407.17 Td (27,233) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 379.00 Td (Depreciation and amortization expense, included in occupancy and equipment costs in the consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 367.00 Td (operations, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.21 367.00 Td ($5.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.10 367.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.10 367.00 Td ($6.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.99 367.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.43 367.00 Td ($7.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.32 367.00 Td ( in the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.79 367.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.38 367.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.38 367.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.38 367.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.81 367.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.81 367.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 558.47 367.00 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 343.00 Td (9. ) Tj ET Q q 0 0 0 rg BT 85.50 343.00 Td (Bank call loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.00 Td (Bank call loans, primarily payable on demand, bear interest at various rates but not exceeding the broker call rate, which was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.00 Td (3.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.33 307.00 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.55 307.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.13 307.00 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.96 307.00 Td (2.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.79 307.00 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.01 307.00 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.59 307.00 Td (\). Details of the bank call loans are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 264.50 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 264.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 264.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 264.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 234.50 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 234.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 234.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 234.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 204.50 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 204.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 204.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 204.50 70.00 -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 419 264.5 m 489 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 264.5 m 563 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 264.5 m 489 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 264.5 m 563 264.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 281.75 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 281.75 Td (essed in thousands, except per) Tj ET Q q 0 0 0 rg BT 167.21 281.75 Td (centages\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 281.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 281.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 268.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.50 268.75 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 268.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 255.07 Td (Y) Tj ET Q q 0 0 0 rg BT 59.22 255.07 Td (ear) Tj ET Q q 0 0 0 rg BT 70.83 255.07 Td (-end balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 254.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 254.17 Td (1) Tj ET Q q 0 0 0 rg BT 452.65 254.17 Td (18,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 254.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 254.17 Td (145,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 240.07 Td (W) Tj ET Q q 0 0 0 rg BT 61.54 240.07 Td (eighted interest rate \(at end of year\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 239.17 Td (2.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 239.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 239.17 Td (1.77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 239.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 225.07 Td (Maximum balance \(at any month-end\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 224.17 Td (230,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 224.17 Td (151,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 210.07 Td (A) Tj ET Q q 0 0 0 rg BT 59.35 210.07 Td (verage amount outstanding \(during the year\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 209.17 Td (123,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 209.17 Td (106,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 195.07 Td (A) Tj ET Q q 0 0 0 rg BT 58.98 195.07 Td (verage interest rate \(during the year\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 194.17 Td (2.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 194.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 194.17 Td (1.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 194.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.00 Td (Interest expense for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.65 166.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.24 166.00 Td ( on bank call loans was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.77 166.00 Td ($2.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.66 166.00 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.49 166.00 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.38 166.00 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.16 166.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.16 166.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.60 166.00 Td ($1.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 154.00 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.17 154.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.17 154.00 Td (\).) Tj ET Q endstream endobj 221 0 obj <>] /Rotate 0 /Contents 222 0 R>> endobj 222 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (108) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (10. ) Tj ET Q q 0 0 0 rg BT 85.50 695.25 Td (Long-term debt) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 49.50 688.05 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 651.55 291.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 651.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 651.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 651.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 651.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 651.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 651.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 621.55 291.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 621.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 621.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 621.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 621.55 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 621.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 621.55 70.00 -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 50 651.55 m 341 651.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 651.55 m 415 651.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 651.55 m 489 651.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 651.55 m 563 651.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 651.55 m 415 651.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 651.55 m 489 651.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 651.55 m 563 651.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 606.55 m 489 606.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 606.55 m 563 606.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 606.55 m 489 606.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 592.55 m 489 592.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 590.55 m 489 590.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 606.55 m 563 606.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 592.55 m 563 592.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 590.55 m 563 590.55 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 668.80 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 668.80 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.50 668.80 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 668.80 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 668.80 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 655.80 Td (Issued) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.95 655.80 Td (MaturityDate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.05 655.80 Td (December 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.05 655.80 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 642.12 Td (6.75% Senior Secured Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.90 641.22 Td (7/1/2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 641.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 641.22 Td (200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 641.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 641.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 627.12 Td (8.75% Senior Secured Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.90 626.22 Td (4/15/2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 626.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 626.22 Td (150,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 612.12 Td (Unamortized Debt Issuance Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 611.27 Td (\(1,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 611.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 611.27 Td (\(648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 611.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 596.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 596.22 Td (198,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 596.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 596.22 Td (149,352) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 568.05 Td (6.75% Senior Secured Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.05 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.22 550.05 Td (June23, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.05 550.05 Td (, the Parent issued in a private of) Tj ET Q q 0 0 0 rg BT 250.95 550.05 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.32 550.05 Td ($200.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.21 550.05 Td ( aggregate principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.44 550.05 Td (6.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.27 550.05 Td ( Senior Secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.05 Td (Notes due 2022 \(the "Unregistered Notes"\) under an indenture at an issue price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.23 538.05 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.56 538.05 Td ( of the principal amount. On September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.05 Td (19, 2017, the Parent completed an exchange of) Tj ET Q q 0 0 0 rg BT 236.76 526.05 Td (fer in which the Parent exchanged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.59 526.05 Td (99.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.42 526.05 Td ( of its Unregistered Notes for a like ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.05 Td (principal amount of notes with identical terms except that such new notes have been registered under the Securities ) Tj ET Q q 0 0 0 rg BT 512.13 514.05 Td (Act of 1933, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.05 Td (as amended \(the "Notes"\). ) Tj ET Q q 0 0 0 rg BT 156.61 502.05 Td (The Parent did not receive any proceeds in the exchange of) Tj ET Q q 0 0 0 rg BT 393.00 502.05 Td (fer) Tj ET Q q 0 0 0 rg BT 403.55 502.05 Td (. ) Tj ET Q q 0 0 0 rg BT 408.37 502.05 Td (The interest on the Notes is payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.05 Td (semi-annually) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.15 490.05 Td ( on January 1st and July 1st, beginning January 1, 2018. ) Tj ET Q q 0 0 0 rg BT 332.61 490.05 Td (The Parent used a portion of the net proceeds from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.05 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 478.05 Td (fering of the Notes to redeem in full its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.22 478.05 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.05 478.05 Td ( Senior Secured Notes due ) Tj ET Q q 0 0 0 rg BT 350.08 478.05 Td (April 15, 2018 \(the ") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.32 478.05 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 478.05 Td ( Notes"\) in the principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.05 Td (amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.83 466.05 Td ($120.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.72 466.05 Td (, and pay all related fees and expenses related thereto. ) Tj ET Q q 0 0 0 rg BT 369.21 466.05 Td (The cost to issue the Notes was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.24 466.05 Td ($4.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.14 466.05 Td (, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.05 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.44 454.05 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.33 454.05 Td ( was paid to its subsidiary) Tj ET Q q 0 0 0 rg BT 228.28 454.05 Td (, Oppenheimer) Tj ET Q q 0 0 0 rg BT 287.31 454.05 Td (, who served as the initial purchaser of the of) Tj ET Q q 0 0 0 rg BT 467.07 454.05 Td (fering, and was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.05 Td (eliminated in consolidation. ) Tj ET Q q 0 0 0 rg BT 163.19 442.05 Td (The remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.28 442.05 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.17 442.05 Td ( has been capitalized and is amortized over the term of the Notes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.05 Td (The indenture governing the Notes contains covenants which place restrictions on the incurrence of indebtedness, the payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.05 Td (of dividends, the repurchase of equity) Tj ET Q q 0 0 0 rg BT 199.92 406.05 Td (, the sale of assets, mer) Tj ET Q q 0 0 0 rg BT 292.21 406.05 Td (gers and acquisitions and the granting of liens. Pursuant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.05 Td (indenture governing the Notes, the Parent is restricted from paying any dividend or making any payment or distribution on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.05 Td (account of its equity interests unless, among other things, \(i\) the dividend, payment or distribution \(together with all other such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.05 Td (dividends, payments or distributions made since July 1, 2017\) is less than an amount calculated based in part on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.05 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 104.22 358.05 Td (Adjusted Net Income \(as defined in the indenture governing the Notes\) of the Parent and its restricted and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.05 Td (regulated subsidiaries since July 1, 2017, or \(ii\) the dividend, payment or distribution fits within one or more exceptions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.05 Td (including if: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 310.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 310.05 Td (it is less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.94 310.05 Td ($20 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.33 310.05 Td ( in any fiscal year; or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 292.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 292.05 Td (it, when combined with all other Restricted Payments \(as defined in the indenture governing the Notes\) that rely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 280.05 Td (upon this exception, does not exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.18 280.05 Td ($10 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.57 280.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.05 Td (The Notes provide for events of default including, among other things, nonpayment, breach of covenants and bankruptcy) Tj ET Q q 0 0 0 rg BT 532.88 256.05 Td (. ) Tj ET Q q 0 0 0 rg BT 537.70 256.05 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.05 Td (Parent's obligations under the Notes are guaranteed by certain of the Parent's subsidiaries and are secured by a first-priority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.05 Td (security interest in substantially all of the assets of the Parent and the subsidiary's guarantors. ) Tj ET Q q 0 0 0 rg BT 424.37 232.05 Td (These guarantees and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.05 Td (collateral may be shared, on a pari passu basis, under certain circumstances, with debt incurred. ) Tj ET Q q 0 0 0 rg BT 433.53 220.05 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.97 220.05 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.56 220.05 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.05 Td (Parent was in compliance with all of its covenants. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.05 Td (Interest expense for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.65 184.05 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.24 184.05 Td ( on the Notes was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.84 184.05 Td ($7.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.73 184.05 Td (.) Tj ET Q endstream endobj 223 0 obj <>] /Rotate 0 /Contents 224 0 R>> endobj 224 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (109) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (8.75% Senior Secured Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (On ) Tj ET Q q 0 0 0 rg BT 63.67 677.25 Td (April12, 201) Tj ET Q q 0 0 0 rg BT 116.91 677.25 Td (1, the Parent issued in a private of) Tj ET Q q 0 0 0 rg BT 252.80 677.25 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.18 677.25 Td ($200.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.07 677.25 Td ( in aggregate principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.58 677.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.41 677.25 Td ( Notes at an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (issue price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.32 665.25 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.65 665.25 Td ( of the principal amount. ) Tj ET Q q 0 0 0 rg BT 229.55 665.25 Td (The interest on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.75 665.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.58 665.25 Td (Notes was payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.05 665.25 Td (semi-annually) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.70 665.25 Td ( on ) Tj ET Q q 0 0 0 rg BT 481.15 665.25 Td (April15th and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (October15th. On ) Tj ET Q q 0 0 0 rg BT 121.16 653.25 Td (April15, 2014, the Parent retired early a total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 653.25 Td ($50.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.54 653.25 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.59 653.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.42 653.25 Td ( Notes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (The indenture for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.69 629.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.52 629.25 Td ( Notes contained covenants which placed restrictions on the incurrence of indebtedness, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (payment of dividends, sale of assets, mer) Tj ET Q q 0 0 0 rg BT 213.72 617.25 Td (gers and acquisitions and the granting of liens. ) Tj ET Q q 0 0 0 rg BT 402.11 617.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.16 617.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.99 617.25 Td ( Notes provided for events ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (of default including nonpayment, misrepresentation, breach of covenants and bankruptcy) Tj ET Q q 0 0 0 rg BT 405.13 605.25 Td (. ) Tj ET Q q 0 0 0 rg BT 409.94 605.25 Td (The Parent's obligations under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.33 593.25 Td ( Notes were guaranteed, subject to certain limitations. ) Tj ET Q q 0 0 0 rg BT 292.85 593.25 Td (These guarantees were able to be shared, on a senior basis, under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (certain circumstances, with newly incurred debt outstanding in the future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (On ) Tj ET Q q 0 0 0 rg BT 63.67 557.25 Td (April 15, 2017, the Parent redeemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.40 557.25 Td ($30.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.30 557.25 Td ( aggregate principal amount of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.24 557.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.07 557.25 Td ( Notes at a redemption price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.93 545.25 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.26 545.25 Td ( of the principal, plus accrued and unpaid interest.) Tj ET Q q 0 0 0 rg BT 309.51 545.25 Td (The Parent used the net proceeds from the asset sales of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (OMHHF to finance this redemption.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (On June23, 2017, the Parent issued a notice of redemption to redeem all of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.30 509.25 Td ($120.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.20 509.25 Td ( aggregate principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.25 Td (the outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.38 497.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.21 497.25 Td ( Notes and to satisfy and dischar) Tj ET Q q 0 0 0 rg BT 269.00 497.25 Td (ge all of its obligations under the indenture governing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.17 497.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.00 497.25 Td ( Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.25 Td (\(the ") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.63 485.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.46 485.25 Td ( Notes Indenture"\). In connection therewith, on June23, 2017, the Parent caused to be deposited with ) Tj ET Q q 0 0 0 rg BT 505.42 485.25 Td (The Bank of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.25 Td (New ) Tj ET Q q 0 0 0 rg BT 70.51 473.25 Td (Y) Tj ET Q q 0 0 0 rg BT 76.73 473.25 Td (ork Mellon ) Tj ET Q q 0 0 0 rg BT 123.77 473.25 Td (T) Tj ET Q q 0 0 0 rg BT 129.52 473.25 Td (rust Company) Tj ET Q q 0 0 0 rg BT 185.26 473.25 Td (, N.A., the trustee for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.45 473.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.28 473.25 Td ( Notes, funds suf) Tj ET Q q 0 0 0 rg BT 380.88 473.25 Td (ficient to redeem all outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.78 473.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.61 473.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.25 Td (Notes on July23, 2017 \(the "Redemption Date"\) and instructed the trustee to apply such funds to redeem the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.01 461.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.84 461.25 Td ( Notes on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.25 Td (the Redemption Date. ) Tj ET Q q 0 0 0 rg BT 139.29 449.25 Td (The redemption payment deposit was an amount equal to the redemption price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.70 449.25 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.03 449.25 Td ( of the aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.25 Td (principal amount of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.58 437.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.41 437.25 Td ( Notes, plus accrued and unpaid interest thereon to, but not including, the Redemption Date. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.25 Td (July 23, 2017, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.39 425.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.22 425.25 Td ( Notes were fully redeemed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.25 Td (In connection with the satisfaction and dischar) Tj ET Q q 0 0 0 rg BT 235.37 401.25 Td (ge of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.86 401.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.69 401.25 Td ( Notes Indenture, all of the obligations of the Parent and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.25 Td (subsidiary guarantors \(other than certain customary provisions of the Indenture, including those relating to the compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.25 Td (and indemnification of the trustee, that expressly survive pursuant to the terms of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.36 377.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.19 377.25 Td ( Notes Indenture\) were dischar) Tj ET Q q 0 0 0 rg BT 540.29 377.25 Td (ged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.25 Td (and the guarantees of the subsidiary guarantors and the liens on the collateral securing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.32 365.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 365.25 Td ( Notes were released on June ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.25 Td (23, 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.25 Td (Interest expense for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.65 329.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.24 329.25 Td ( on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.95 329.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.78 329.25 Td ( Notes was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.17 329.25 Td ($6.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.06 329.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.89 329.25 Td ($13.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.78 329.25 Td ( in both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.84 329.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.84 329.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 317.25 Td (\). Interest paid on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.25 317.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.08 317.25 Td ( Notes for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.37 317.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.95 317.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.51 317.25 Td ($9.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.40 317.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.23 317.25 Td ($13.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.12 317.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.90 317.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.90 317.25 Td (\).) Tj ET Q endstream endobj 225 0 obj <>] /Rotate 0 /Contents 226 0 R>> endobj 226 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 33.60 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (1) Tj ET Q q 0 0 0 rg BT 53.95 695.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 85.50 695.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 105.88 695.25 Td (e capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.25 Td (The Company's authorized share capital consists of \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.68 671.25 Td (50,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.68 671.25 Td ( shares of Preferred Stock, par value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.40 671.25 Td ($0.001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.90 671.25 Td ( per share; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.66 659.25 Td (50,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.66 659.25 Td ( shares of Class) Tj ET Q q 0 0 0 rg BT 173.10 659.25 Td (A) Tj ET Q q 0 0 0 rg BT 179.77 659.25 Td ( Stock, par value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.47 659.25 Td ($0.001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.97 659.25 Td ( per share; and \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 659.25 Td (99,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.15 659.25 Td ( shares of Class B voting common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.25 Td (\("Class B Stock"\), par value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.87 647.25 Td ($0.001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.37 647.25 Td ( per share. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.23 647.25 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.46 647.25 Td ( Preferred Stock has been issued. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.14 647.25 Td (99,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.64 647.25 Td ( shares of Class B Stock have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.25 Td (issued and are outstanding.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.25 Td (The Class) Tj ET Q q 0 0 0 rg BT 91.17 611.25 Td (A) Tj ET Q q 0 0 0 rg BT 97.83 611.25 Td ( Stock and the Class B Stock are equal in all respects except that the Class) Tj ET Q q 0 0 0 rg BT 396.65 611.25 Td (A) Tj ET Q q 0 0 0 rg BT 403.32 611.25 Td ( Stock is non-voting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.25 Td (The following table reflects changes in the number of shares of Class) Tj ET Q q 0 0 0 rg BT 328.31 587.25 Td (A) Tj ET Q q 0 0 0 rg BT 334.98 587.25 Td ( Stock outstanding for the periods indicated:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 558.75 369.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 558.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 558.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 558.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 530.75 369.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 530.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 530.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 530.75 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 558.75 m 489 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 558.75 m 563 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 558.75 m 489 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 558.75 m 563 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 516.75 m 489 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 516.75 m 563 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 503.75 m 489 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 501.75 m 489 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 503.75 m 563 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 501.75 m 563 501.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.50 562.70 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 562.70 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 549.32 Td (Class) Tj ET Q q 0 0 0 rg BT 76.39 549.32 Td (A) Tj ET Q q 0 0 0 rg BT 83.06 549.32 Td ( Stock outstanding, beginning of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 549.32 Td (13,261,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.15 549.32 Td (13,238,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 535.32 Td (Issued pursuant to shared-based compensation plans \(note 14\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 535.32 Td (328,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 535.32 Td (283,471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 521.32 Td (Repurchased and canceled pursuant to the stock buy-back) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 521.37 Td (\(450,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 521.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 521.37 Td (\(260,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 521.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 507.32 Td (Class) Tj ET Q q 0 0 0 rg BT 76.12 507.32 Td (A) Tj ET Q q 0 0 0 rg BT 82.79 507.32 Td ( Stock outstanding, end of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 507.32 Td (13,139,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.15 507.32 Td (13,261,095) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 479.25 Td (Stock buy-back) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 457.25 Td (On May 5, 2017, the Company announced that its board of directors approved a share repurchase program that authorizes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 445.25 Td (Company to purchase up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.98 445.25 Td (650,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.48 445.25 Td ( shares of the Company's Class ) Tj ET Q q 0 0 0 rg BT 320.72 445.25 Td (A) Tj ET Q q 0 0 0 rg BT 327.39 445.25 Td ( Stock, representing approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.85 445.25 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.18 445.25 Td ( of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.46 445.25 Td (13,178,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.46 445.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 433.25 Td (then issued and outstanding shares of Class ) Tj ET Q q 0 0 0 rg BT 224.76 433.25 Td (A) Tj ET Q q 0 0 0 rg BT 231.43 433.25 Td ( Stock. ) Tj ET Q q 0 0 0 rg BT 261.53 433.25 Td (This authorization supplemented the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.82 433.25 Td (40,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.32 433.25 Td ( shares that remained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 421.25 Td (authorized and available under the Company's previous share repurchase program covering up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.78 421.25 Td (665,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.28 421.25 Td ( shares of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 409.25 Td (Company's Class ) Tj ET Q q 0 0 0 rg BT 120.20 409.25 Td (A) Tj ET Q q 0 0 0 rg BT 126.87 409.25 Td ( Stock, which was announced on September 15, 2015, for a total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.92 409.25 Td (690,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.42 409.25 Td ( shares authorized and available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.25 Td (for repurchase.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 373.25 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.13 373.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.71 373.25 Td (, the Company purchased and canceled an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.40 373.25 Td (450,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.90 373.25 Td ( shares of Class ) Tj ET Q q 0 0 0 rg BT 539.33 373.25 Td (A) Tj ET Q q 0 0 0 rg BT 546.00 373.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 361.25 Td (Stock for a total consideration of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.35 361.25 Td ($7.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.24 361.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.07 361.25 Td ($16.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.57 361.25 Td ( per share\). ) Tj ET Q q 0 0 0 rg BT 312.22 361.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.66 361.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.25 361.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.25 361.25 Td (508,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.75 361.25 Td ( shares were available to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 349.25 Td (be purchased under this program.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 325.25 Td (Any such share purchases will be made by the Company from time to time in the open market at the prevailing open market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 313.25 Td (price using cash on hand, in compliance with the applicable rules and regulations of the New ) Tj ET Q q 0 0 0 rg BT 423.18 313.25 Td (Y) Tj ET Q q 0 0 0 rg BT 429.40 313.25 Td (ork Stock Exchange and federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 301.25 Td (and state securities laws and the terms of the Company's senior secured debt. ) Tj ET Q q 0 0 0 rg BT 359.00 301.25 Td (All shares purchased will be canceled. ) Tj ET Q q 0 0 0 rg BT 514.59 301.25 Td (The share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 289.25 Td (repurchase program is expected to continue indefinitely) Tj ET Q q 0 0 0 rg BT 271.55 289.25 Td (. ) Tj ET Q q 0 0 0 rg BT 276.37 289.25 Td (The timing and amounts of any purchases will be based on market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 277.25 Td (conditions and other factors including price, regulatory requirements and capital availability) Tj ET Q q 0 0 0 rg BT 417.34 277.25 Td (. ) Tj ET Q q 0 0 0 rg BT 422.16 277.25 Td (The share repurchase program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 265.25 Td (does not obligate the Company to repurchase any dollar amount or number of shares of Class ) Tj ET Q q 0 0 0 rg BT 424.41 265.25 Td (A) Tj ET Q q 0 0 0 rg BT 431.08 265.25 Td ( Stock. Depending on market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 253.25 Td (conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 229.25 Td (Dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.25 Td (The Company paid cash dividends of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.14 211.25 Td ($0.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.64 211.25 Td ( per share to holders of Class) Tj ET Q q 0 0 0 rg BT 341.67 211.25 Td (A) Tj ET Q q 0 0 0 rg BT 348.34 211.25 Td ( and Class B Stock in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.67 211.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.67 211.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.67 211.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.67 211.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.11 211.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.11 211.25 Td (.) Tj ET Q endstream endobj 227 0 obj <>] /Rotate 0 /Contents 228 0 R>> endobj 228 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.85 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.48 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 308.11 33.60 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (12. ) Tj ET Q q 0 0 0 rg BT 85.50 695.25 Td (Earnings per) Tj ET Q q 0 0 0 rg BT 141.16 695.25 Td ( shar) Tj ET Q q 0 0 0 rg BT 162.37 695.25 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.25 Td (Basic earnings per share is computed by dividing net income attributable to Oppenheimer Holdings Inc. by the weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (average number of shares of Class ) Tj ET Q q 0 0 0 rg BT 188.90 659.25 Td (A) Tj ET Q q 0 0 0 rg BT 195.57 659.25 Td ( Stock and Class B Stock outstanding. Diluted earnings per share includes the weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.25 Td (average number of shares of Class) Tj ET Q q 0 0 0 rg BT 188.90 647.25 Td (A) Tj ET Q q 0 0 0 rg BT 195.57 647.25 Td ( Stock and Class B Stock outstanding and options to purchase the Class) Tj ET Q q 0 0 0 rg BT 483.61 647.25 Td (A) Tj ET Q q 0 0 0 rg BT 490.28 647.25 Td ( Stock and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.25 Td (unvested restricted stock awards of Class) Tj ET Q q 0 0 0 rg BT 216.13 635.25 Td (A) Tj ET Q q 0 0 0 rg BT 222.80 635.25 Td ( Stock using the treasury stock method.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.25 Td (Earnings per share have been calculated as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 555.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 555.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 555.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 555.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 555.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 555.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 525.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 525.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 525.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 525.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 525.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 525.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 495.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 495.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 495.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 495.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 495.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 495.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 465.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 465.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 465.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 465.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 465.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 465.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 435.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 435.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 435.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 435.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 435.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 435.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 405.75 295.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 405.75 70.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 405.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 405.75 70.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 405.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 405.75 70.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 366.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 366.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 366.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 366.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 366.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 366.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 336.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 336.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 336.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 336.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 336.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 336.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 297.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 297.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 297.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 297.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 297.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 297.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 267.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 267.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 267.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 267.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 267.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 267.75 70.00 -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 345 568.75 m 415 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 568.75 m 419 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 568.75 m 489 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 568.75 m 493 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 568.75 m 563 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 568.75 m 415 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 555.75 m 415 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 568.75 m 489 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 555.75 m 489 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 568.75 m 563 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 555.75 m 563 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 555.75 m 415 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 555.75 m 489 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 555.75 m 563 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 525.75 m 415 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 525.75 m 489 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 525.75 m 563 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 525.75 m 415 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 511.75 m 415 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 509.75 m 415 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 511.75 m 489 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 509.75 m 489 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 511.75 m 563 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 509.75 m 563 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 509.75 m 415 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 511.75 m 415 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 509.75 m 489 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 511.75 m 489 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 509.75 m 563 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 511.75 m 563 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 465.75 m 415 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 465.75 m 489 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 465.75 m 563 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 465.75 m 489 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 465.75 m 563 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 435.75 m 415 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 435.75 m 489 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 435.75 m 563 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 421.75 m 415 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 419.75 m 415 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 435.75 m 489 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 421.75 m 489 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 419.75 m 489 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 435.75 m 563 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 421.75 m 563 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 419.75 m 563 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 351.75 m 415 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 337.75 m 415 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 335.75 m 415 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 351.75 m 489 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 337.75 m 489 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 335.75 m 489 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 351.75 m 563 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 337.75 m 563 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 335.75 m 563 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 267.75 m 415 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 253.75 m 415 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 251.75 m 415 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 267.75 m 489 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 253.75 m 489 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 251.75 m 489 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 267.75 m 563 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 253.75 m 563 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 251.75 m 563 251.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 586.00 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 586.00 Td (essed in thousands, except number of shar) Tj ET Q q 0 0 0 rg BT 205.44 586.00 Td (es and per shar) Tj ET Q q 0 0 0 rg BT 254.70 586.00 Td (e amounts\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.50 586.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 586.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 586.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 573.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.15 573.00 Td (For the ) Tj ET Q q 0 0 0 rg BT 423.89 573.00 Td (Y) Tj ET Q q 0 0 0 rg BT 429.12 573.00 Td (ear Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 560.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.50 560.00 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.50 560.00 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 560.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 546.32 Td (Basic weighted average number of shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 545.42 Td (13,246,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 545.42 Td (13,368,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.15 545.42 Td (13,640,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 530.42 Td (Net dilutive ef) Tj ET Q q 0 0 0 rg BT 110.08 530.42 Td (fect of share-based awards, treasury method ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 288.61 534.49 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 530.42 Td (426,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 530.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 530.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 516.32 Td (Diluted weighted average number of shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 515.42 Td (13,673,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 515.42 Td (13,368,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.15 515.42 Td (13,640,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 486.32 Td (Net income \(loss\) from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 485.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 485.42 Td (21,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 485.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 485.47 Td (\(9,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 485.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 485.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 485.47 Td (\(2,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 485.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 471.32 Td (Net income from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 470.42 Td (1,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 470.42 Td (10,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 470.42 Td (5,732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 456.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 455.42 Td (23,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 455.42 Td (491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 455.42 Td (2,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 441.32 Td (Net income attributable to noncontrolling interest, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 440.42 Td (184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 440.42 Td (1,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 440.42 Td (936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 426.32 Td (Net income \(loss\) attributable to Oppenheimer Holdings Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 425.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 425.42 Td (22,816) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 425.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 425.47 Td (\(1,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 425.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 425.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 425.42 Td (1,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 396.32 Td (Basic net income \(loss\) per share attributable to Oppenheimer Holdings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 386.32 Td (Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 372.32 Td (Continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 371.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 371.42 Td (1.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 371.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 371.47 Td (\(0.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 371.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 371.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 371.47 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 371.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 357.32 Td (Discontinued operations ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 170.48 361.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 356.42 Td (0.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 356.42 Td (0.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 356.42 Td (0.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 342.32 Td (Net income \(loss\) per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 341.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 341.42 Td (1.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 341.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 341.47 Td (\(0.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 341.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 341.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 341.42 Td (0.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 312.32 Td (Diluted net income \(loss\) per share attributable to Oppenheimer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 302.32 Td (Holdings Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 288.32 Td (Continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 287.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 287.42 Td (1.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 287.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 287.47 Td (\(0.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 287.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 287.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 287.47 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 287.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 273.32 Td (Discontinued operations ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 170.48 277.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 272.42 Td (0.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 272.42 Td (0.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 272.42 Td (0.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 258.32 Td (Net income \(loss\) per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 257.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 257.42 Td (1.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 257.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 257.47 Td (\(0.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 257.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 257.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 257.42 Td (0.14) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.50 253.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 235.25 Td (For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.69 235.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.28 235.25 Td (, the diluted earnings per share computation does not include the anti-dilutive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 223.25 Td (ef) Tj ET Q q 0 0 0 rg BT 93.09 223.25 Td (fect of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.40 223.25 Td (10,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.90 223.25 Td ( shares of Class) Tj ET Q q 0 0 0 rg BT 213.34 223.25 Td (A) Tj ET Q q 0 0 0 rg BT 220.01 223.25 Td ( Stock granted under share-based compensation arrangements \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.98 223.25 Td (1,237,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.98 223.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 211.25 Td (1,269,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 211.25 Td ( shares for the years ended December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.93 211.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.93 211.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.37 211.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.37 211.25 Td (, respectively\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 199.25 Td (Represents net income from discontinued operations less net income attributable to noncontrolling interest, net of tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 187.25 Td (divided by weighted average number of shares outstanding.) Tj ET Q endstream endobj 229 0 obj <>] /Rotate 0 /Contents 230 0 R>> endobj 230 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 33.60 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (13. ) Tj ET Q q 0 0 0 rg BT 85.50 695.25 Td (Income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.25 Td (Income taxes from continuing operations shown in the consolidated statements of operations are reconciled to amounts of tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (that would have been payable \(recoverable\) from the application of the federal tax rate to pre-tax profit, as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 590.75 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 590.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 590.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 590.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 590.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 590.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 590.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 590.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 590.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 590.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 590.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 590.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 550.75 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 550.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 550.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 550.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 550.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 550.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 550.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 550.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 550.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 550.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 550.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 550.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 520.75 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 520.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 520.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 520.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 520.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 520.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 520.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 520.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 520.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 520.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 520.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 520.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 490.75 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 490.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 490.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 490.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 490.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 490.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 490.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 490.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 490.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 490.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 490.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 490.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 460.75 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 460.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 460.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 460.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 460.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 460.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 460.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 460.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 460.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 460.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 460.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 460.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 430.75 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 430.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 430.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 430.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 430.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 430.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 430.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 430.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 430.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 430.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 430.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 430.75 45.00 -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 273 616.75 m 318 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 616.75 m 322 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 616.75 m 367 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 616.75 m 371 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 616.75 m 416 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 616.75 m 420 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 616.75 m 465 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465 616.75 m 469 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 616.75 m 514 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514 616.75 m 518 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 616.75 m 563 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 616.75 m 318 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 603.75 m 318 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 603.75 m 322 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 603.75 m 367 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 616.75 m 416 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 603.75 m 416 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 603.75 m 420 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 603.75 m 465 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 616.75 m 514 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 603.75 m 514 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514 603.75 m 518 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 603.75 m 563 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 590.75 m 318 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 590.75 m 367 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 590.75 m 416 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 590.75 m 465 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 590.75 m 514 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 590.75 m 563 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 590.75 m 318 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 590.75 m 367 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 590.75 m 416 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 590.75 m 465 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 590.75 m 514 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 590.75 m 563 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 415.75 m 318 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 415.75 m 367 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 415.75 m 416 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 415.75 m 465 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 415.75 m 514 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 415.75 m 563 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 415.75 m 318 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 401.75 m 318 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 399.75 m 318 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 415.75 m 367 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 401.75 m 367 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 399.75 m 367 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 415.75 m 416 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 401.75 m 416 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 399.75 m 416 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 415.75 m 465 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 401.75 m 465 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 399.75 m 465 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 415.75 m 514 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 401.75 m 514 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 399.75 m 514 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 415.75 m 563 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 401.75 m 563 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 399.75 m 563 399.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 634.00 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 634.00 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.50 634.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.50 634.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.50 634.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.50 634.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 471.50 634.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.50 634.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 621.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.60 621.00 Td (For the ) Tj ET Q q 0 0 0 rg BT 386.34 621.00 Td (Y) Tj ET Q q 0 0 0 rg BT 391.57 621.00 Td (ears Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 608.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.50 608.00 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.50 608.00 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.50 608.00 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 595.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.85 595.00 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.45 595.00 Td (Percentage) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.85 595.00 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.45 595.00 Td (Percentage) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.85 595.00 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.45 595.00 Td (Percentage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 581.32 Td (U.S. federal statutory income tax rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.50 580.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 580.42 Td (6,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 580.42 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 580.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.50 580.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.30 580.47 Td (\(7,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 580.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 580.42 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 580.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.50 580.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.80 580.47 Td (\(851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.15 580.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 580.42 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 580.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 566.32 Td (U.S. state and local income taxes, net of U.S. federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 556.32 Td (income tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 555.42 Td (1,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 555.42 Td (7.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 555.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.30 555.47 Td (\(1,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 555.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 555.42 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 555.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.80 555.47 Td (\(69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.15 555.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 555.42 Td (2.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 555.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 541.32 Td (Unrecognized tax benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.80 540.47 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 540.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 540.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 540.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.80 540.47 Td (\(603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 540.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 540.42 Td (2.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 540.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 540.42 Td (589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 540.47 Td (-24.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 540.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 526.32 Td (V) Tj ET Q q 0 0 0 rg BT 59.17 526.32 Td (aluation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 525.42 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 525.42 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 525.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 525.42 Td (1,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 525.47 Td (-5.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 525.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 525.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 525.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 525.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 511.32 Td (Non-taxable income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.30 510.47 Td (\(1,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 510.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.30 510.47 Td (-5.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 510.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.30 510.47 Td (\(1,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 510.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 510.42 Td (5.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 510.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.80 510.47 Td (\(696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.15 510.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 510.42 Td (28.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 510.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 496.32 Td (Provision to return adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.30 495.47 Td (\(1,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 495.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.30 495.47 Td (-6.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 495.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.30 495.47 Td (\(4,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 495.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 495.42 Td (19.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 495.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 495.42 Td (442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 495.47 Td (-18.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 495.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 481.32 Td (Impact of the ) Tj ET Q q 0 0 0 rg BT 108.22 481.32 Td (TCJA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.30 480.47 Td (\(9,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 480.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.30 480.47 Td (-45.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 480.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 480.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 480.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 480.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 480.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 480.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 480.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 466.32 Td (Change in state and foreign tax rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.80 465.47 Td (\(353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 465.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.30 465.47 Td (-1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 465.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 465.42 Td (264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 465.47 Td (-1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 465.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 465.42 Td (305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 465.47 Td (-12.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 465.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 451.32 Td (Foreign tax rate dif) Tj ET Q q 0 0 0 rg BT 129.33 451.32 Td (ferentials) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 450.42 Td (974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 450.42 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 450.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 450.42 Td (143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 450.47 Td (-0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 450.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 450.42 Td (145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 450.47 Td (-6.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 450.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 436.32 Td (Excess tax benefits from share-based awards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.80 435.47 Td (\(493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 435.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.30 435.47 Td (-2.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 435.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 435.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 435.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 435.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 435.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 435.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 435.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 421.32 Td (Other non-deductible expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 420.42 Td (666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 420.42 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 420.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 420.42 Td (897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 420.47 Td (-4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 420.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 420.42 Td (541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 420.47 Td (-22.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 420.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 406.32 Td (T) Tj ET Q q 0 0 0 rg BT 69.91 406.32 Td (otal income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.50 405.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.30 405.47 Td (\(2,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 405.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.30 405.47 Td (-10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 405.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.50 405.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.30 405.47 Td (\(12,262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 405.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 405.42 Td (56.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 405.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.50 405.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 405.42 Td (406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 405.47 Td (-16.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 405.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.25 Td (Income taxes from continuing operations included in the consolidated statements of operations represent the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 321.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 321.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 321.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 321.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 321.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 321.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 291.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 291.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 291.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 291.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 291.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 291.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 261.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 261.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 261.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 261.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 261.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 261.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 231.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 231.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 231.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 231.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 231.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 231.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 201.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 201.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 201.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 201.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 201.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 201.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 171.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 171.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 171.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 171.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 171.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 171.75 70.00 -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 345 334.75 m 415 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 334.75 m 419 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 334.75 m 489 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 334.75 m 493 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 334.75 m 563 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 334.75 m 415 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 321.75 m 415 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 334.75 m 489 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 321.75 m 489 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 334.75 m 563 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 321.75 m 563 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 261.75 m 415 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 261.75 m 489 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 261.75 m 563 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 246.75 m 415 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 246.75 m 489 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 246.75 m 563 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 186.75 m 415 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 186.75 m 489 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 186.75 m 563 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 171.75 m 415 171.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 171.75 m 489 171.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 171.75 m 563 171.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 157.75 m 415 157.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 155.75 m 415 155.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 157.75 m 489 157.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 155.75 m 489 155.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 157.75 m 563 157.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 155.75 m 563 155.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 352.00 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 352.00 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.50 352.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 352.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 352.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 339.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.60 339.00 Td (For the ) Tj ET Q q 0 0 0 rg BT 422.34 339.00 Td (Y) Tj ET Q q 0 0 0 rg BT 427.57 339.00 Td (ears Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 326.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.50 326.00 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.50 326.00 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 326.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 312.32 Td (Current:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 297.32 Td (U.S. federal tax \(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 296.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 296.42 Td (506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 296.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 296.47 Td (\(15,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 296.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 296.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 296.47 Td (\(5,751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 296.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 282.32 Td (State and local tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 281.47 Td (\(1,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 281.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 281.47 Td (\(4,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 281.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 281.47 Td (\(74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 281.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 267.32 Td (Non-U.S. operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 266.42 Td (144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 266.42 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 266.42 Td (181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 252.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 252.32 Td (otal Current) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.80 251.47 Td (\(676) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 251.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 251.47 Td (\(20,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 251.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 251.47 Td (\(5,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 251.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 237.32 Td (Deferred:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 222.32 Td (U.S. federal tax \(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 221.47 Td (\(1,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 221.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 221.42 Td (5,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 221.42 Td (4,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 207.32 Td (State and local tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 206.42 Td (1,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 206.42 Td (617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 206.42 Td (1,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 192.32 Td (Non-U.S. operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 191.47 Td (\(1,968) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 191.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 191.42 Td (1,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 191.42 Td (220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 177.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 177.32 Td (otal Deferred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 176.47 Td (\(1,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 176.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 176.42 Td (7,756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 176.42 Td (6,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 162.32 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 162.32 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 161.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 161.47 Td (\(2,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 161.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 161.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 161.47 Td (\(12,262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 161.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 161.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 161.42 Td (406) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.25 Td (Income \(loss\) before income taxes from continuing operations with respect to Non-U.S. operations was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.51 133.25 Td ($\(8.5\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.06 133.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.25 Td ($\(965,000\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.66 121.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 121.25 Td ($732,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.60 121.25 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.95 121.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.54 121.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.54 121.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.54 121.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.97 121.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.97 121.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 427.63 121.25 Td (.) Tj ET Q endstream endobj 231 0 obj <>] /Rotate 0 /Contents 232 0 R>> endobj 232 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 33.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the ) Tj ET Q q 0 0 0 rg BT 503.06 695.10 Td (TCJA. ) Tj ET Q q 0 0 0 rg BT 531.78 695.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (TCJA) Tj ET Q q 0 0 0 rg BT 72.84 683.10 Td ( makes broad and complex changes to the U.S. tax code, including, but not limited to: \(1\) reducing the U.S. federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (corporate tax rate from 35 percent to 21 percent; \(2\) requiring companies to pay a one-time transition tax on certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (unrepatriated earnings of foreign subsidiaries; \(3\) generally eliminating U.S. federal income taxes on dividends from foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (subsidiaries; \(4\) a new provision designed to tax global intangible low-taxed income \("GIL) Tj ET Q q 0 0 0 rg BT 413.13 647.10 Td (TI"\), which allows for the possibility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (of using foreign tax credits \("FTCs"\) and a deduction of up to 50 percent to of) Tj ET Q q 0 0 0 rg BT 361.58 635.10 Td (fset the income tax liability \(subject to some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (limitations\); \(5\) limitations on the use of FTCs to reduce the U.S. income tax liability; \(6\) eliminating the corporate alternative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (minimum tax \("AMT"\) and changing how existing ) Tj ET Q q 0 0 0 rg BT 254.58 611.10 Td (AMT) Tj ET Q q 0 0 0 rg BT 276.62 611.10 Td ( credits can be realized; \(7\) creating the base erosion anti-abuse tax, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (new minimum tax; \(8\) limitations on the deductibility of certain executive compensation; \(9\) creating a new limitation on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (deductible interest expense; \(10\) eliminating the deductibility of entertainment expenses; and \(1) Tj ET Q q 0 0 0 rg BT 432.62 587.10 Td (1\) changing rules related to uses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 75.13 551.10 Td (fective income tax rate from continuing operations for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.30 551.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.88 551.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.44 551.10 Td (10.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.27 551.10 Td ( \(benefit\) compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.78 539.10 Td (56.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.61 539.10 Td ( \(benefit\) for the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.58 539.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.58 539.10 Td (. ) Tj ET Q q 0 0 0 rg BT 293.40 539.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 319.03 539.10 Td (fective income tax rate for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.83 539.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 527.10 Td ( was positively impacted by the estimated impact of the ) Tj ET Q q 0 0 0 rg BT 294.26 527.10 Td (TCJA) Tj ET Q q 0 0 0 rg BT 317.60 527.10 Td ( which resulted in a net discrete after) Tj ET Q q 0 0 0 rg BT 464.84 527.10 Td (-tax benefit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.98 527.10 Td ($9.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 515.10 Td (. ) Tj ET Q q 0 0 0 rg BT 83.21 515.10 Td (The net discrete after) Tj ET Q q 0 0 0 rg BT 167.68 515.10 Td (-tax benefit was comprised of a benefit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.06 515.10 Td ($29.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.96 515.10 Td ( related to the re-measurement of deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (tax liabilities of) Tj ET Q q 0 0 0 rg BT 112.08 503.10 Td (fset by a detriment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.11 503.10 Td ($19.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.00 503.10 Td ( related to the re-measurement of deferred tax assets as well as a detriment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.33 491.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.22 491.10 Td ( related to miscellaneous non-deductible items. ) Tj ET Q q 0 0 0 rg BT 299.82 491.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 325.45 491.10 Td (fective income tax rate for the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 479.10 Td ( was positively impacted by income tax provision to tax return true-ups and higher nontaxable benefits received with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (respect to Company-owned life insurance partially of) Tj ET Q q 0 0 0 rg BT 262.58 467.10 Td (fset by the valuation allowance established on deferred tax assets related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (to net operating losses of a foreign subsidiary) Tj ET Q q 0 0 0 rg BT 230.75 455.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (On December 22, 2017, the SEC staf) Tj ET Q q 0 0 0 rg BT 197.62 431.10 Td (f issued SAB 1) Tj ET Q q 0 0 0 rg BT 257.53 431.10 Td (18 which provides guidance on accounting for the tax ef) Tj ET Q q 0 0 0 rg BT 482.56 431.10 Td (fects of the ) Tj ET Q q 0 0 0 rg BT 529.30 431.10 Td (TCJA. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (SAB 1) Tj ET Q q 0 0 0 rg BT 76.08 419.10 Td (18 provides a measurement period that should not extend beyond one year from the ) Tj ET Q q 0 0 0 rg BT 412.47 419.10 Td (TCJA) Tj ET Q q 0 0 0 rg BT 435.81 419.10 Td ( enactment date for companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (to complete the accounting under ) Tj ET Q q 0 0 0 rg BT 184.73 407.10 Td (ASC 740. ) Tj ET Q q 0 0 0 rg BT 226.51 407.10 Td (The Company has not completed its accounting for the income tax ef) Tj ET Q q 0 0 0 rg BT 502.63 407.10 Td (fects of certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (elements of the ) Tj ET Q q 0 0 0 rg BT 112.91 395.10 Td (TCJA. However) Tj ET Q q 0 0 0 rg BT 178.05 395.10 Td (, the Company was able to make reasonable estimates of the ef) Tj ET Q q 0 0 0 rg BT 428.89 395.10 Td (fects of certain elements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (recorded a provisional estimate in the consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 339.78 383.10 Td (The estimated enactment net discrete after) Tj ET Q q 0 0 0 rg BT 508.66 383.10 Td (-tax benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (incorporates assumptions made based upon the Company's current interpretations of the ) Tj ET Q q 0 0 0 rg BT 403.53 371.10 Td (TCJA, and may change as it receives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (additional clarification and implementation guidance and as the interpretation of the ) Tj ET Q q 0 0 0 rg BT 387.81 359.10 Td (TCJA) Tj ET Q q 0 0 0 rg BT 411.15 359.10 Td ( evolves over time. ) Tj ET Q q 0 0 0 rg BT 489.56 359.10 Td (The Company is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (expected to complete its analysis within the measurement period in accordance with SAB 1) Tj ET Q q 0 0 0 rg BT 414.86 347.10 Td (18. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (U.S. income and foreign withholding taxes have not been recognized on the excess of the amount for financial reporting over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (the tax basis of investments in foreign subsidiaries that is indefinitely reinvested outside the United States. ) Tj ET Q q 0 0 0 rg BT 477.29 311.10 Td (This amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (becomes taxable upon a repatriation of assets from the subsidiary or a sale or liquidation of the subsidiary) Tj ET Q q 0 0 0 rg BT 471.79 299.10 Td (. ) Tj ET Q q 0 0 0 rg BT 476.61 299.10 Td (The amount of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (taxable temporary dif) Tj ET Q q 0 0 0 rg BT 135.39 287.10 Td (ferences totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.91 287.10 Td ($1) Tj ET Q q 0 0 0 rg BT 210.54 287.10 Td (1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.43 287.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.59 287.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.18 287.10 Td (. ) Tj ET Q q 0 0 0 rg BT 362.00 287.10 Td (The unrecognized deferred tax liability associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (with earnings of foreign subsidiaries is estimated at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.79 275.10 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.68 275.10 Td ( for those subsidiaries with respect to which the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (would be subject to residual U.S. tax on cumulative earnings through 2017 were those earnings to be repatriated. ) Tj ET Q endstream endobj 233 0 obj <>] /Rotate 0 /Contents 234 0 R>> endobj 234 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 33.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (Deferred income taxes reflect the net tax ef) Tj ET Q q 0 0 0 rg BT 222.28 695.10 Td (fects of temporary dif) Tj ET Q q 0 0 0 rg BT 309.01 695.10 Td (ferences between the financial reporting and tax bases of assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (and liabilities and are measured using enacted tax rates and laws that will be in ef) Tj ET Q q 0 0 0 rg BT 375.04 683.10 Td (fect when such dif) Tj ET Q q 0 0 0 rg BT 448.44 683.10 Td (ferences are expected to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (reverse. Significant components of the Company's deferred tax assets and liabilities from continuing operations as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 659.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.52 659.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.52 659.10 Td ( were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 603.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 603.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 603.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 573.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 573.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 573.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 573.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 543.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 543.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 543.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 543.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 513.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 513.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 513.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 483.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 483.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 483.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 453.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 453.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 453.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 423.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 423.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 423.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 423.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 393.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 393.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 393.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 393.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 363.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 363.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 363.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 363.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 333.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 333.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 333.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 333.60 70.00 -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 419 616.6 m 489 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 616.6 m 493 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 616.6 m 563 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 616.6 m 489 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 603.6 m 489 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 616.6 m 563 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 603.6 m 563 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 453.6 m 489 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 453.6 m 563 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 423.6 m 489 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 408.6 m 489 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 423.6 m 563 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 408.6 m 563 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 333.6 m 489 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 333.6 m 563 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 318.6 m 489 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 318.6 m 563 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 304.6 m 489 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 302.6 m 489 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 304.6 m 563 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 302.6 m 563 302.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 633.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 633.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 633.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 633.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 620.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.25 620.85 Td (As ofDecember31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 607.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.50 607.85 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 607.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 594.17 Td (Deferred tax assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 579.17 Td (Deferred compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 578.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 578.27 Td (19,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 578.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 578.27 Td (26,271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 564.17 Td (Deferred rent and lease incentives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 563.27 Td (10,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 563.27 Td (15,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 549.17 Td (Net operating losses and credits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 548.27 Td (10,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 548.27 Td (4,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 534.17 Td (Receivable reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 533.27 Td (2,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 533.27 Td (3,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 519.17 Td (Accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 518.27 Td (1,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 518.27 Td (1,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 504.17 Td (Auction rate securities reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 503.27 Td (540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 503.27 Td (1,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 489.17 Td (Involuntary conversion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 488.27 Td (1,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 488.27 Td (2,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 474.17 Td (Depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 473.27 Td (500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 473.27 Td (1,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 459.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 458.27 Td (1,177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 458.27 Td (1,953) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 444.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 444.17 Td (otal deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 443.27 Td (47,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 443.27 Td (59,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 429.17 Td (V) Tj ET Q q 0 0 0 rg BT 59.17 429.17 Td (aluation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 428.27 Td (1,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 428.27 Td (1,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 414.17 Td (Deferred tax assets after valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 413.27 Td (46,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 413.27 Td (57,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 399.17 Td (Deferred tax liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 384.17 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 383.27 Td (40,534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 383.27 Td (57,1) Tj ET Q q 0 0 0 rg BT 549.15 383.27 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 369.17 Td (Partnership investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 368.27 Td (9,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 368.27 Td (6,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 354.17 Td (Company-owned life insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 353.27 Td (7,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 353.27 Td (7,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 339.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 338.27 Td (195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 338.27 Td (282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 324.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 324.17 Td (otal deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 323.27 Td (57,339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 323.27 Td (70,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 309.17 Td (Deferred tax liabilities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 308.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 308.32 Td (\(1) Tj ET Q q 0 0 0 rg BT 462.63 308.32 Td (1,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 308.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 308.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 308.32 Td (\(13,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 308.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (The Company has deferred tax assets at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.83 280.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.42 280.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.75 280.10 Td ($3.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.64 280.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.08 280.10 Td ($541,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.58 280.10 Td ( arising from net operating losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (incurred by Oppenheimer Israel \(OPCO\) Ltd. and Oppenheimer Europe Ltd., respectively) Tj ET Q q 0 0 0 rg BT 408.46 268.10 Td (. ) Tj ET Q q 0 0 0 rg BT 413.27 268.10 Td (The Company believes that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (realization of the deferred tax assets is more likely than not based on expectations of future taxable income in Israel and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (Europe. ) Tj ET Q q 0 0 0 rg BT 83.20 244.10 Td (These net operating losses carry forward indefinitely and are not subject to expiration, provided that these subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (and their underlying businesses continue operating normally \(as is anticipated\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (Goodwill arising from the acquisitions of Josephthal Group Inc. and the Oppenheimer Divisions is being amortized for tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (purposes on a straight-line basis over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.58 196.10 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.58 196.10 Td ( years. ) Tj ET Q q 0 0 0 rg BT 239.00 196.10 Td (The dif) Tj ET Q q 0 0 0 rg BT 267.97 196.10 Td (ference between book and tax is recorded as a deferred tax liability) Tj ET Q q 0 0 0 rg BT 535.25 196.10 Td (. ) Tj ET Q q 0 0 0 rg BT 539.70 196.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (December 31, 2017, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.80 184.10 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.80 184.10 Td ( year amortization period has ended.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.10 Td (The Company or one or more of its subsidiaries file income tax returns in the U.S. federal jurisdiction and in various states and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (foreign jurisdictions. ) Tj ET Q q 0 0 0 rg BT 135.14 148.10 Td (The Company has closed tax years through 2013 in the U.S. federal jurisdiction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.10 Td (The Company is under examination in various states in which the Company has significant business operations. ) Tj ET Q q 0 0 0 rg BT 498.96 124.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.10 Td (has closed tax years through 2010 for New ) Tj ET Q q 0 0 0 rg BT 222.97 112.10 Td (Y) Tj ET Q q 0 0 0 rg BT 229.19 112.10 Td (ork State and is currently under exam for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.52 112.10 Td (201) Tj ET Q q 0 0 0 rg BT 425.15 112.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 112.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.93 112.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.93 112.10 Td ( tax years. ) Tj ET Q q 0 0 0 rg BT 506.06 112.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.10 Td (Company also has closed tax years through 2008 with New ) Tj ET Q q 0 0 0 rg BT 289.08 100.10 Td (Y) Tj ET Q q 0 0 0 rg BT 295.31 100.10 Td (ork City and is currently under exam for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.87 100.10 Td (2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.87 100.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.64 100.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.64 100.10 Td ( tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 75.42 88.10 Td (W) Tj ET Q q 0 0 0 rg BT 84.46 88.10 Td (ith the exception of New ) Tj ET Q q 0 0 0 rg BT 185.44 88.10 Td (Y) Tj ET Q q 0 0 0 rg BT 191.66 88.10 Td (ork State and City) Tj ET Q q 0 0 0 rg BT 263.50 88.10 Td (, the Company is no longer subject to U.S. federal, state and local, or non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.10 Td (U.S. income tax examinations for years before 2013.) Tj ET Q endstream endobj 235 0 obj <>] /Rotate 0 /Contents 236 0 R>> endobj 236 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 33.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (The Company has unrecognized tax benefits of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.83 695.10 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.72 695.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.72 695.10 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.61 695.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.05 695.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.94 695.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.10 695.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.69 695.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.69 695.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.69 695.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 683.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.16 683.10 Td (, from continuing operations \(as shown on the table below\). Included in the balance of unrecognized tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (benefits as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.32 671.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.90 671.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.34 671.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.34 671.10 Td ( are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.54 671.10 Td ($853,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.04 671.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.48 671.10 Td ($710,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.98 671.10 Td ( of tax benefits for either year that, if recognized, would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 659.10 Td (fect the ef) Tj ET Q q 0 0 0 rg BT 96.88 659.10 Td (fective tax rate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.13 635.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.71 635.10 Td (, the Company reversed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.19 635.10 Td ($9,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.69 635.10 Td ( of unrecognized tax benefit when the related statute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (of limitation expired. ) Tj ET Q q 0 0 0 rg BT 136.52 623.10 Td (The Company does not believe any unrecognized tax benefit will significantly increase or decrease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (within twelve months. ) Tj ET Q q 0 0 0 rg BT 140.61 611.10 Td (A) Tj ET Q q 0 0 0 rg BT 147.28 611.10 Td ( reconciliation of the beginning and ending amount of unrecognized tax benefit follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 568.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 568.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 568.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 568.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 568.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 568.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 538.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 538.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 538.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 538.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 538.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 538.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 508.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 508.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 508.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 508.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 508.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 508.60 70.00 -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 345 568.6 m 415 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 568.6 m 489 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 568.6 m 563 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 568.6 m 415 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 568.6 m 489 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 568.6 m 563 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 508.6 m 415 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 508.6 m 489 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 508.6 m 563 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 494.6 m 415 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 492.6 m 415 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 494.6 m 489 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 492.6 m 489 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 494.6 m 563 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 492.6 m 563 492.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 585.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 585.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.50 585.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 585.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 585.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 572.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.50 572.85 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.50 572.85 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 572.85 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 559.17 Td (Balance at beginning of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 558.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 558.27 Td (1,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 558.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 558.27 Td (2,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 558.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 558.27 Td (1,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 544.17 Td (Additions for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 543.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 543.27 Td (98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 543.27 Td (907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 529.17 Td (Lapse in statute of limitations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.80 528.32 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 528.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 528.32 Td (\(652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 528.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 528.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 514.17 Td (Settlements with taxing authorities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 513.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 513.32 Td (\(848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 513.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 513.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 499.17 Td (Balance at end of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 498.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 498.27 Td (1,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 498.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 498.27 Td (1,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 498.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 498.27 Td (2,490) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.10 Td (In its consolidated statements of operations, the Company records interest and penalties accruing on unrecognized tax benefits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (in income \(loss\) before income taxes as interest expense and other expense, respectively) Tj ET Q q 0 0 0 rg BT 401.78 458.10 Td (. For the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.10 Td (2017, the Company recorded tax-related interest expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.80 446.10 Td ($231,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.30 446.10 Td ( in its consolidated statement of operations. For the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.10 Td (ended December 31, 2016, the Company reversed income tax interest payable of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.94 434.10 Td ($104,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.44 434.10 Td ( accrued on unrecognized tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.10 Td (benefits that were reversed during the year) Tj ET Q q 0 0 0 rg BT 219.43 422.10 Td (. ) Tj ET Q q 0 0 0 rg BT 223.88 422.10 Td (As of December 31, 2017 and 2016, the Company had an income tax-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.10 Td (interest payable of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.86 410.10 Td ($232,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.36 410.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.80 410.10 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.30 410.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 262.96 410.10 Td (, on its consolidated balance sheets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 386.10 Td (14. ) Tj ET Q q 0 0 0 rg BT 85.50 386.10 Td (Employee compensation plans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (The Company maintains various employee compensation plans for the benefits of its employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.67 362.10 Td (T) Tj ET Q q 0 0 0 rg BT 444.08 362.10 Td (wo) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 362.10 Td ( types of employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (compensation are granted under share-based compensation and cash-based compensation plans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 69.88 326.10 Td (e-based Compensation) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (Equity Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (Under the Company's 2006 Equity Incentive Plan, adopted December1) Tj ET Q q 0 0 0 rg BT 335.30 290.10 Td (1, 2006 and amended December 201) Tj ET Q q 0 0 0 rg BT 481.55 290.10 Td (1, and its 1996 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (Equity Incentive Plan, as amended March10, 2005 \(together "EIP"\), the Compensation Committee of the Board of Directors of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (the Company could grant options to purchase Class) Tj ET Q q 0 0 0 rg BT 257.25 266.10 Td (A) Tj ET Q q 0 0 0 rg BT 263.92 266.10 Td ( Stock, Class) Tj ET Q q 0 0 0 rg BT 317.82 266.10 Td (A) Tj ET Q q 0 0 0 rg BT 324.49 266.10 Td ( Stock awards and restricted Class) Tj ET Q q 0 0 0 rg BT 463.34 266.10 Td (A) Tj ET Q q 0 0 0 rg BT 470.01 266.10 Td ( Stock awards to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 254.10 Td (ficers and key employees of the Company and its subsidiaries. Options were generally granted for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.92 254.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.47 254.10 Td (-year term and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.10 Td (generally vest at the rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.56 242.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.89 242.10 Td ( of the amount granted on the second anniversary of the grant, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.64 242.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.97 242.10 Td ( on the third anniversary of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.10 Td (the grant, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.76 230.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.09 230.10 Td ( on the fourth anniversary of the grant and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.43 230.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.76 230.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.26 230.10 Td (six months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.88 230.10 Td ( before expiration. ) Tj ET Q q 0 0 0 rg BT 419.77 230.10 Td (The EIP) Tj ET Q q 0 0 0 rg BT 452.45 230.10 Td ( has been amended, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.10 Td (restated and replaced by the OIP) Tj ET Q q 0 0 0 rg BT 178.62 218.10 Td (, discussed below) Tj ET Q q 0 0 0 rg BT 248.24 218.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td (Employee Share Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (On March10, 2005, the Company approved the Oppenheimer& Co. Inc. Employee Share Plan \("ESP"\) for employees of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (Company and its subsidiaries to attract, retain and provide incentives to key management employees. ) Tj ET Q q 0 0 0 rg BT 456.43 164.10 Td (The Compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (Committee of the Board of Directors of the Company could grant Class ) Tj ET Q q 0 0 0 rg BT 337.78 152.10 Td (A) Tj ET Q q 0 0 0 rg BT 344.45 152.10 Td ( Stock awards and restricted Class ) Tj ET Q q 0 0 0 rg BT 483.30 152.10 Td (A) Tj ET Q q 0 0 0 rg BT 489.97 152.10 Td ( Stock awards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (pursuant to the ESP) Tj ET Q q 0 0 0 rg BT 127.56 140.10 Td (. ESP) Tj ET Q q 0 0 0 rg BT 149.42 140.10 Td ( awards were generally awarded for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.83 140.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.82 140.10 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 140.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.70 140.10 Td ( year term which fully vest at the end of the term. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (The ESP) Tj ET Q q 0 0 0 rg BT 84.41 128.10 Td ( has been amended, restated and replaced by the OIP) Tj ET Q q 0 0 0 rg BT 294.32 128.10 Td (, discussed below) Tj ET Q q 0 0 0 rg BT 363.94 128.10 Td (.) Tj ET Q endstream endobj 237 0 obj <>] /Rotate 0 /Contents 238 0 R>> endobj 238 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 33.60 Td (16) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (Oppenheimer Holdings Inc. 2014 Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (On February 26, 2014, the Company adopted the Oppenheimer Holdings Inc. 2014 Incentive Plan \(the "OIP"\). ) Tj ET Q q 0 0 0 rg BT 494.61 677.25 Td (The OIP) Tj ET Q q 0 0 0 rg BT 528.40 677.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (amends, restates and replaces ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.72 665.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.72 665.25 Td ( separate plans previously in place, the EIP) Tj ET Q q 0 0 0 rg BT 356.52 665.25 Td ( and ESP) Tj ET Q q 0 0 0 rg BT 392.82 665.25 Td ( \(the "Prior Plans"\), as described above.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 552.05 665.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 653.25 Td (The OIP) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 83.29 653.25 Td ( permits the Company to grant options to purchase Class ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 311.59 653.25 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 318.26 653.25 Td ( Stock, Class ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 372.16 653.25 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 378.83 653.25 Td ( Stock awards and restricted Class ) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 517.69 653.25 Td (A) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 524.36 653.25 Td ( Stock to ) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 641.25 Td (or for the benefit of employees and non-employee directors of the Company and its af) Tj ET Q q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 393.10 641.25 Td (filiates as part of their compensation. ) Tj ET Q BT /F1 10.00 Tf ET q 0.13725490196078433 0.12156862745098039 0.12549019607843137 rg BT 49.50 629.25 Td (After February 26, 2014, n) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 156.70 629.25 Td (o additional awards could be made under the Prior Plans, although outstanding awards previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (made under the Prior Plans continue to be governed by the terms of the applicable Prior Plan. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (Oppenheimer Holdings Inc. Stock ) Tj ET Q q 0 0 0 rg BT 192.20 593.25 Td (Appreciation Right Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.25 Td (Under the Oppenheimer Holdings Inc. Stock ) Tj ET Q q 0 0 0 rg BT 230.30 575.25 Td (Appreciation Right Plan, the Company awards stock appreciation rights \("OARs"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.25 Td (to certain employees as part of their compensation package based on a formula reflecting gross production and length of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.25 Td (service. ) Tj ET Q q 0 0 0 rg BT 82.63 551.25 Td (These awards are granted once per year in January with respect to the prior year's production. ) Tj ET Q q 0 0 0 rg BT 458.83 551.25 Td (The OARs vest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.99 551.25 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.53 551.25 Td ( years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.25 Td (from grant date and settle in cash at vesting. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 515.25 Td (Restricted stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.21 515.25 Td ( - ) Tj ET Q q 0 0 0 rg BT 122.36 515.25 Td (The Company has granted restricted stock awards pursuant to the EIP) Tj ET Q q 0 0 0 rg BT 400.07 515.25 Td (, ESP) Tj ET Q q 0 0 0 rg BT 421.93 515.25 Td ( and OIP) Tj ET Q q 0 0 0 rg BT 456.37 515.25 Td (. ) Tj ET Q q 0 0 0 rg BT 461.19 515.25 Td (The following table ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.25 Td (summarizes the status of the Company's non-vested restricted Class) Tj ET Q q 0 0 0 rg BT 322.08 503.25 Td (A) Tj ET Q q 0 0 0 rg BT 328.75 503.25 Td ( Stock awards under the EIP) Tj ET Q q 0 0 0 rg BT 441.23 503.25 Td (, ESP) Tj ET Q q 0 0 0 rg BT 463.09 503.25 Td ( and OIP) Tj ET Q q 0 0 0 rg BT 498.27 503.25 Td ( for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.88 491.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.46 491.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 429.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 429.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 429.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 429.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 429.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 429.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 399.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 399.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 399.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 399.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 399.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 399.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 369.75 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 369.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 369.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 369.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 369.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 369.75 70.00 -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 345 429.75 m 415 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 429.75 m 489 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 429.75 m 563 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 429.75 m 415 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 429.75 m 489 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 429.75 m 563 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 369.75 m 415 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 369.75 m 489 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 369.75 m 563 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 369.75 m 415 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 355.75 m 415 355.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 353.75 m 415 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 369.75 m 489 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 355.75 m 489 355.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 353.75 m 489 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 369.75 m 563 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 355.75 m 563 355.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 353.75 m 563 353.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.35 466.00 Td (NumberofClass) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.15 458.00 Td (A) Tj ET Q q 0 0 0 rg BT 370.49 458.00 Td ( Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.35 450.00 Td (Subject to) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.15 442.00 Td (Restricted Stock ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.60 434.00 Td () Tj ET Q q 0 0 0 rg BT 368.16 434.00 Td (A) Tj ET Q q 0 0 0 rg BT 373.20 434.00 Td (wards) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.25 450.00 Td (W) Tj ET Q q 0 0 0 rg BT 445.16 450.00 Td (eighted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.80 442.00 Td (A) Tj ET Q q 0 0 0 rg BT 437.98 442.00 Td (verageFair) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.35 434.00 Td (V) Tj ET Q q 0 0 0 rg BT 449.24 434.00 Td (alue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.90 450.00 Td (Remaining) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.80 442.00 Td (Contractual) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.80 434.00 Td (Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 420.32 Td (Nonvested at beginning of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 419.42 Td (1,223,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 419.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 419.42 Td (17.1) Tj ET Q q 0 0 0 rg BT 480.15 419.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.55 419.42 Td (2.1 ) Tj ET Q q 0 0 0 rg BT 537.36 419.42 Td (Y) Tj ET Q q 0 0 0 rg BT 543.90 419.42 Td (ears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 405.32 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 404.42 Td (464,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 404.42 Td (17.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.55 404.42 Td (1.9 ) Tj ET Q q 0 0 0 rg BT 537.36 404.42 Td (Y) Tj ET Q q 0 0 0 rg BT 543.90 404.42 Td (ears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 390.32 Td (V) Tj ET Q q 0 0 0 rg BT 59.17 390.32 Td (ested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.30 389.47 Td (\(548,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 389.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 389.42 Td (18.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 389.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 375.32 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.30 374.47 Td (\(72,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 374.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 374.42 Td (16.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 374.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 360.32 Td (Nonvested at end of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 359.42 Td (1,067,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 359.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 359.42 Td (16.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.55 359.42 Td (2.2 ) Tj ET Q q 0 0 0 rg BT 537.18 359.42 Td (Y) Tj ET Q q 0 0 0 rg BT 543.40 359.42 Td (ears) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 331.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.53 331.25 Td (, all outstanding restricted Class) Tj ET Q q 0 0 0 rg BT 282.51 331.25 Td (A) Tj ET Q q 0 0 0 rg BT 289.18 331.25 Td ( Stock awards were non-vested. ) Tj ET Q q 0 0 0 rg BT 418.40 331.25 Td (The aggregate intrinsic value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.25 Td (restricted Class) Tj ET Q q 0 0 0 rg BT 112.82 319.25 Td (A) Tj ET Q q 0 0 0 rg BT 119.49 319.25 Td ( Stock awards outstanding as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.91 319.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.50 319.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.05 319.25 Td ($28.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.94 319.25 Td (. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.57 319.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 307.25 Td (, the Company included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.54 307.25 Td ($5.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.43 307.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.26 307.25 Td ($5.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 307.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.93 307.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.93 307.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.37 307.25 Td ($4.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.26 307.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.04 307.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.04 307.25 Td (\) of compensation expense in its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.25 Td (consolidated statements of operations relating to restricted Class) Tj ET Q q 0 0 0 rg BT 308.88 295.25 Td (A) Tj ET Q q 0 0 0 rg BT 315.55 295.25 Td ( Stock awards.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 271.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 271.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.53 271.25 Td (, there was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.06 271.25 Td ($9.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.96 271.25 Td ( of total unrecognized compensation cost related to unvested restricted Class) Tj ET Q q 0 0 0 rg BT 554.92 271.25 Td (A) Tj ET Q q 0 0 0 rg BT 561.59 271.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.25 Td (Stock awards. ) Tj ET Q q 0 0 0 rg BT 107.92 259.25 Td (The cost is expected to be recognized over a weighted average period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.18 259.25 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.68 259.25 Td ( years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 235.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.53 235.25 Td (, the number of shares of Class) Tj ET Q q 0 0 0 rg BT 278.06 235.25 Td (A) Tj ET Q q 0 0 0 rg BT 284.73 235.25 Td ( Stock available under the share-based compensation plans, but not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.25 Td (yet awarded, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.14 223.25 Td (1,143,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.14 223.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.25 Td (On January 30, 2018, the Company awarded a total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.33 199.25 Td (281,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.83 199.25 Td ( restricted shares of Class) Tj ET Q q 0 0 0 rg BT 404.97 199.25 Td (A) Tj ET Q q 0 0 0 rg BT 411.64 199.25 Td ( Stock to current employees pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.25 Td (to the OIP) Tj ET Q q 0 0 0 rg BT 89.50 187.25 Td (. Of these restricted shares, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.29 187.25 Td (126,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.79 187.25 Td ( shares will clif) Tj ET Q q 0 0 0 rg BT 293.98 187.25 Td (f vest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.70 187.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.68 187.25 Td ( years and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.72 187.25 Td (155,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.22 187.25 Td ( shares will clif) Tj ET Q q 0 0 0 rg BT 485.41 187.25 Td (f vest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.13 187.25 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.68 187.25 Td ( years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.25 Td (These awards will be expensed over the applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.97 175.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.96 175.25 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.29 175.25 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.84 175.25 Td ( year vesting period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.25 Td (On ) Tj ET Q q 0 0 0 rg BT 65.00 151.25 Td (January ) Tj ET Q q 0 0 0 rg BT 99.37 151.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 115.14 151.25 Td (2018, ) Tj ET Q q 0 0 0 rg BT 140.92 151.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.41 151.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 198.57 151.25 Td (awarded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.71 151.25 Td (9,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.21 151.25 Td ( ) Tj ET Q q 0 0 0 rg BT 261.48 151.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 301.96 151.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 330.22 151.25 Td (of ) Tj ET Q q 0 0 0 rg BT 341.83 151.25 Td (Class) Tj ET Q q 0 0 0 rg BT 365.44 151.25 Td (A) Tj ET Q q 0 0 0 rg BT 372.11 151.25 Td ( ) Tj ET Q q 0 0 0 rg BT 375.39 151.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 401.44 151.25 Td (to ) Tj ET Q q 0 0 0 rg BT 412.49 151.25 Td (an ) Tj ET Q q 0 0 0 rg BT 425.21 151.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 466.79 151.25 Td (of) Tj ET Q q 0 0 0 rg BT 474.94 151.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 496.53 151.25 Td (of ) Tj ET Q q 0 0 0 rg BT 508.13 151.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 151.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 86.44 139.25 Td (to ) Tj ET Q q 0 0 0 rg BT 96.72 139.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.43 139.25 Td (OIP) Tj ET Q q 0 0 0 rg BT 126.44 139.25 Td (. ) Tj ET Q q 0 0 0 rg BT 131.26 139.25 Td (This ) Tj ET Q q 0 0 0 rg BT 151.54 139.25 Td (award ) Tj ET Q q 0 0 0 rg BT 178.46 139.25 Td (clif) Tj ET Q q 0 0 0 rg BT 191.61 139.25 Td (f ) Tj ET Q q 0 0 0 rg BT 197.44 139.25 Td (vests ) Tj ET Q q 0 0 0 rg BT 219.94 139.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.22 139.25 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.76 139.25 Td ( ) Tj ET Q q 0 0 0 rg BT 248.26 139.25 Td (years ) Tj ET Q q 0 0 0 rg BT 271.86 139.25 Td (and ) Tj ET Q q 0 0 0 rg BT 288.80 139.25 Td (will ) Tj ET Q q 0 0 0 rg BT 306.86 139.25 Td (be ) Tj ET Q q 0 0 0 rg BT 318.80 139.25 Td (expensed ) Tj ET Q q 0 0 0 rg BT 358.50 139.25 Td (over ) Tj ET Q q 0 0 0 rg BT 378.77 139.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.49 139.25 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.04 139.25 Td ( ) Tj ET Q q 0 0 0 rg BT 411.54 139.25 Td (year ) Tj ET Q q 0 0 0 rg BT 431.24 139.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 462.63 139.25 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.25 Td (On ) Tj ET Q q 0 0 0 rg BT 64.18 115.25 Td (March ) Tj ET Q q 0 0 0 rg BT 92.74 115.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 102.70 115.25 Td (2018, ) Tj ET Q q 0 0 0 rg BT 127.65 115.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.33 115.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 183.67 115.25 Td (awarded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.00 115.25 Td (17,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.50 115.25 Td ( ) Tj ET Q q 0 0 0 rg BT 249.96 115.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 289.62 115.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 317.07 115.25 Td (of ) Tj ET Q q 0 0 0 rg BT 327.86 115.25 Td (Class) Tj ET Q q 0 0 0 rg BT 351.48 115.25 Td (A) Tj ET Q q 0 0 0 rg BT 358.15 115.25 Td ( ) Tj ET Q q 0 0 0 rg BT 360.60 115.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 385.84 115.25 Td (to ) Tj ET Q q 0 0 0 rg BT 396.08 115.25 Td (its ) Tj ET Q q 0 0 0 rg BT 407.98 115.25 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 467.64 115.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 505.09 115.25 Td (under ) Tj ET Q q 0 0 0 rg BT 530.32 115.25 Td (the ) Tj ET Q q 0 0 0 rg BT 544.99 115.25 Td (OIP) Tj ET Q q 0 0 0 rg BT 560.00 115.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.25 Td (These ) Tj ET Q q 0 0 0 rg BT 75.88 103.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 103.37 103.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.20 103.25 Td (Class) Tj ET Q q 0 0 0 rg BT 137.82 103.25 Td (A) Tj ET Q q 0 0 0 rg BT 144.49 103.25 Td ( ) Tj ET Q q 0 0 0 rg BT 146.99 103.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 172.26 103.25 Td (will ) Tj ET Q q 0 0 0 rg BT 190.32 103.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 208.93 103.25 Td (as ) Tj ET Q q 0 0 0 rg BT 219.76 103.25 Td (follows: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.04 103.25 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.37 103.25 Td ( ) Tj ET Q q 0 0 0 rg BT 275.87 103.25 Td (on ) Tj ET Q q 0 0 0 rg BT 288.37 103.25 Td (September ) Tj ET Q q 0 0 0 rg BT 333.63 103.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 343.63 103.25 Td (2018, ) Tj ET Q q 0 0 0 rg BT 368.63 103.25 Td (2019, ) Tj ET Q q 0 0 0 rg BT 393.63 103.25 Td (2020 ) Tj ET Q q 0 0 0 rg BT 416.13 103.25 Td (and ) Tj ET Q q 0 0 0 rg BT 433.07 103.25 Td (2021.) Tj ET Q endstream endobj 239 0 obj <>] /Rotate 0 /Contents 240 0 R>> endobj 240 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 33.60 Td (17) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (Stock options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.79 695.25 Td ( - ) Tj ET Q q 0 0 0 rg BT 112.94 695.25 Td (The Company has granted stock options pursuant to the EIP) Tj ET Q q 0 0 0 rg BT 352.81 695.25 Td ( and OIP) Tj ET Q q 0 0 0 rg BT 387.25 695.25 Td (. ) Tj ET Q q 0 0 0 rg BT 392.07 695.25 Td (There were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.81 695.25 Td (14,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.31 695.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.75 695.25 Td (13,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.25 695.25 Td ( options ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.25 Td (outstanding as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.33 683.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.91 683.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.35 683.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.35 683.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 291.01 683.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (In the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.13 659.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.71 659.25 Td (, the Company included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.75 659.25 Td ($25,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.25 659.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.08 659.25 Td ($19,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.58 659.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.36 659.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.36 659.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.80 659.25 Td ($69,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.30 659.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.08 659.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.08 659.25 Td (\) of compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.25 Td (expense in its consolidated statement of operations relating to the expensing of stock options.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.25 Td (On January30, 2018, the Company awarded a total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.33 623.25 Td (4,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.83 623.25 Td ( options to purchase Class) Tj ET Q q 0 0 0 rg BT 397.21 623.25 Td (A) Tj ET Q q 0 0 0 rg BT 403.88 623.25 Td ( Stock to current employees pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.25 Td (to the OIP) Tj ET Q q 0 0 0 rg BT 89.50 611.25 Td (. ) Tj ET Q q 0 0 0 rg BT 94.32 611.25 Td (These options will be expensed over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.62 611.25 Td (4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.12 611.25 Td ( years \(the vesting period\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 587.25 Td (OARs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.95 587.25 Td ( - ) Tj ET Q q 0 0 0 rg BT 82.10 587.25 Td (The Company has awarded OARs pursuant to the Oppenheimer Holdings Inc. Stock ) Tj ET Q q 0 0 0 rg BT 421.76 587.25 Td (Appreciation Right Plan. ) Tj ET Q q 0 0 0 rg BT 523.79 587.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.25 Td (following table summarized the status of the Company's outstanding OARs awards as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.96 575.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.55 575.25 Td (: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 529.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 529.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 529.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 529.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 529.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 529.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 529.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 529.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 529.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 499.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 499.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 499.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 499.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 499.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 499.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 499.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 499.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 499.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 469.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 469.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 469.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 469.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 469.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 469.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 469.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 469.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 469.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 439.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 439.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 439.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 439.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 439.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 439.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 439.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 439.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 439.75 70.00 -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 50 529.75 m 267 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 529.75 m 341 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 529.75 m 415 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 529.75 m 489 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 529.75 m 563 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 529.75 m 341 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 529.75 m 415 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 529.75 m 489 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 529.75 m 563 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 454.75 m 341 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 454.75 m 341 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 440.75 m 341 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 438.75 m 341 438.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 534.00 Td (Grant Date) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.05 550.00 Td (Number of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.45 542.00 Td (OARs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.90 534.00 Td (Outstanding) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.70 534.00 Td (StrikePrice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.90 550.00 Td (Remaining) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.80 542.00 Td (Contractual) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 534.00 Td (Life) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.35 542.00 Td (Fair ) Tj ET Q q 0 0 0 rg BT 517.09 542.00 Td (V) Tj ET Q q 0 0 0 rg BT 521.98 542.00 Td (alue as of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.05 534.00 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 520.32 Td (January14, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.65 519.42 Td (31) Tj ET Q q 0 0 0 rg BT 314.65 519.42 Td (1,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 519.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 519.42 Td (15.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.40 519.42 Td (13 Days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 519.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 519.42 Td (10.86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 505.32 Td (January14, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.65 504.42 Td (391,730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 504.42 Td (23.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 504.42 Td (1 ) Tj ET Q q 0 0 0 rg BT 467.21 504.42 Td (Y) Tj ET Q q 0 0 0 rg BT 473.75 504.42 Td (ear) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 504.42 Td (4.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 490.32 Td (January9, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.65 489.42 Td (444,660) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 489.42 Td (21.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.05 489.42 Td (2 ) Tj ET Q q 0 0 0 rg BT 463.36 489.42 Td (Y) Tj ET Q q 0 0 0 rg BT 469.90 489.42 Td (ears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 489.42 Td (7.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 475.32 Td (January6, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.65 474.42 Td (439,120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 474.42 Td (15.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.05 474.42 Td (3 ) Tj ET Q q 0 0 0 rg BT 463.36 474.42 Td (Y) Tj ET Q q 0 0 0 rg BT 469.90 474.42 Td (ears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 474.42 Td (1) Tj ET Q q 0 0 0 rg BT 541.65 474.42 Td (1.77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 460.32 Td (January6, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.65 459.42 Td (421,660) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 459.42 Td (18.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.05 459.42 Td (4 ) Tj ET Q q 0 0 0 rg BT 463.36 459.42 Td (Y) Tj ET Q q 0 0 0 rg BT 469.90 459.42 Td (ears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 459.42 Td (10.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 444.42 Td (2,008,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 430.32 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 430.32 Td (otal weighted average values) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 429.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 429.42 Td (19.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.55 429.42 Td (2.2 ) Tj ET Q q 0 0 0 rg BT 463.18 429.42 Td (Y) Tj ET Q q 0 0 0 rg BT 469.40 429.42 Td (ears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 429.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 429.42 Td (8.93) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.25 Td (The fair value as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.74 401.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.32 401.25 Td ( for each of the OARs was estimated using the Black-Scholes model with the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.25 Td (assumptions:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 344.75 183.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 344.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 344.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 344.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 344.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.00 344.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 344.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 344.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 344.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 344.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 344.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 314.75 183.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 314.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 314.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 314.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 314.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.00 314.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 314.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 314.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 314.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 314.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 314.75 62.00 -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 237 358.75 m 299 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 358.75 m 303 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 358.75 m 365 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 358.75 m 369 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 358.75 m 431 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 358.75 m 435 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 358.75 m 497 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 358.75 m 501 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 358.75 m 563 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 344.75 m 299 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 344.75 m 365 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 344.75 m 431 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 344.75 m 497 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 358.75 m 563 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 344.75 m 563 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 344.75 m 299 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 344.75 m 365 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 344.75 m 431 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 344.75 m 497 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 344.75 m 563 344.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.80 363.00 Td (Grant Date) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.05 349.00 Td (January14, 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.05 349.00 Td (January14, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.05 349.00 Td (January9, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.05 349.00 Td (January6, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.05 349.00 Td (January6, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 334.42 Td (Expected term ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 113.03 338.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.40 334.42 Td (13 Days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.90 334.42 Td (1 ) Tj ET Q q 0 0 0 rg BT 343.21 334.42 Td (Y) Tj ET Q q 0 0 0 rg BT 349.75 334.42 Td (ear) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.05 334.42 Td (2 ) Tj ET Q q 0 0 0 rg BT 405.36 334.42 Td (Y) Tj ET Q q 0 0 0 rg BT 411.90 334.42 Td (ears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.05 334.42 Td (3 ) Tj ET Q q 0 0 0 rg BT 471.36 334.42 Td (Y) Tj ET Q q 0 0 0 rg BT 477.90 334.42 Td (ears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.05 334.42 Td (4 ) Tj ET Q q 0 0 0 rg BT 537.18 334.42 Td (Y) Tj ET Q q 0 0 0 rg BT 543.40 334.42 Td (ears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 319.42 Td (Expected volatility factor ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 156.63 323.95 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.65 319.42 Td (20.683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 319.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 319.42 Td (27.995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 319.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 319.42 Td (32.249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 319.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 319.42 Td (35.174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 319.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 319.42 Td (34.439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 319.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 304.42 Td (Risk-free interest rate ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 141.63 308.95 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.65 304.42 Td (0.613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 304.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 304.42 Td (1.738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 304.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 304.42 Td (1.887) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 304.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 304.42 Td (1.971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 304.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 304.42 Td (2.089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 304.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 289.42 Td (Actual dividends ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 123.04 293.95 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.50 289.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.65 289.42 Td (0.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.50 289.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 289.42 Td (0.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.50 289.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 289.42 Td (0.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.50 289.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 289.42 Td (0.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.50 289.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 289.42 Td (0.44) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 267.25 Td (The expected term was determined based on the remaining life of the actual awards.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 255.25 Td (The volatility factor was measured using the weighted average of historical daily price changes of the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 243.25 Td (Class ) Tj ET Q q 0 0 0 rg BT 109.12 243.25 Td (A) Tj ET Q q 0 0 0 rg BT 115.79 243.25 Td ( Stock over a historical period commensurate to the expected term of the awards.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 231.25 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 231.25 Td (The risk-free interest rate was based on periods equal to the expected term of the awards based on the U.S. ) Tj ET Q q 0 0 0 rg BT 514.05 231.25 Td (T) Tj ET Q q 0 0 0 rg BT 519.81 231.25 Td (reasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 219.25 Td (yield curve in ef) Tj ET Q q 0 0 0 rg BT 150.57 219.25 Td (fect at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.77 219.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.35 219.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.25 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 207.25 Td (Actual dividends were used to compute the expected annual dividend yield.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 183.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.53 183.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.53 183.25 Td (1,697,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.53 183.25 Td ( of outstanding OARs were unvested and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.44 183.25 Td (31) Tj ET Q q 0 0 0 rg BT 374.07 183.25 Td (1,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.57 183.25 Td ( of outstanding OARs were vested. ) Tj ET Q q 0 0 0 rg BT 538.49 183.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 171.25 Td (, the aggregate intrinsic value of OARs outstanding was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.14 171.25 Td ($15.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.04 171.25 Td (. In the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.67 171.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 159.25 Td (, the Company included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.54 159.25 Td ($6.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.43 159.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.26 159.25 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 159.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.93 159.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.93 159.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.37 159.25 Td ($1.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.26 159.25 Td ( of net credit in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.85 159.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.85 159.25 Td (\) in compensation expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.25 Td (in its consolidated statement of operations relating to OARs awards. ) Tj ET Q q 0 0 0 rg BT 324.54 147.25 Td (The liability related to the OARs was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.45 147.25 Td ($7.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.34 147.25 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 135.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 111.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 111.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.53 111.25 Td (, there was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.06 111.25 Td ($8.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.96 111.25 Td ( of total unrecognized compensation cost related to unvested OARs. ) Tj ET Q q 0 0 0 rg BT 521.42 111.25 Td (The cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 99.25 Td (is expected to be recognized over a weighted average period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.10 99.25 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.60 99.25 Td ( years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 75.25 Td (On January5, 2018, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.82 75.25 Td (497,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.32 75.25 Td ( OARs were awarded to Oppenheimer employees related to fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.22 75.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.22 75.25 Td ( performance. ) Tj ET Q q 0 0 0 rg BT 508.06 75.25 Td (These OARs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 63.25 Td (will be expensed over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.47 63.25 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.47 63.25 Td ( years \(the vesting period\).) Tj ET Q endstream endobj 241 0 obj <>] /Rotate 0 /Contents 242 0 R>> endobj 242 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 33.60 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (Cash-based Compensation Plan) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (Defined Contribution Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 105.78 659.25 Td (, through its subsidiaries, maintains a defined contribution plan covering substantially all full-time U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.25 Td (employees. ) Tj ET Q q 0 0 0 rg BT 97.08 647.25 Td (The Oppenheimer& Co. Inc. 401\(k\) Plan provides that Oppenheimer may make discretionary contributions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.25 Td (Eligible Oppenheimer employees could make voluntary contributions which could not exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.01 635.25 Td ($18,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.51 635.25 Td ( per annum in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.27 635.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.27 635.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 623.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.94 623.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.94 623.25 Td (. ) Tj ET Q q 0 0 0 rg BT 113.76 623.25 Td (The Company made contributions to the 401\(k\) Plan of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.88 623.25 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.78 623.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.78 623.25 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.67 623.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.11 623.25 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 623.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.78 623.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.78 623.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 611.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.94 611.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.94 611.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 161.60 611.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 587.25 Td (Deferred Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (The Company maintains an Executive Deferred Compensation Plan \("EDCP"\) and a Deferred Incentive Plan \("DIP"\) in order ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (to of) Tj ET Q q 0 0 0 rg BT 67.93 557.25 Td (fer certain qualified high-performing financial advisers a bonus based upon a formula reflecting years of service, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (production, net commissions and a valuation of their clients' assets. ) Tj ET Q q 0 0 0 rg BT 321.07 545.25 Td (The bonus amounts resulted in deferrals in fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.24 545.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.24 545.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td ($8.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 533.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.22 533.25 Td ($7.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.11 533.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.89 533.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.89 533.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.33 533.25 Td ($8.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.22 533.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.00 533.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 533.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 295.15 533.25 Td (These deferrals normally vest after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.03 533.25 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.58 533.25 Td ( years. ) Tj ET Q q 0 0 0 rg BT 480.99 533.25 Td (The liability is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (being recognized on a straight-line basis over the vesting period. ) Tj ET Q q 0 0 0 rg BT 310.08 521.25 Td (The EDCP) Tj ET Q q 0 0 0 rg BT 353.31 521.25 Td ( also includes voluntary deferrals by senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (executives that are not subject to vesting. ) Tj ET Q q 0 0 0 rg BT 216.49 509.25 Td (The Company maintains a Company-owned life insurance policy) Tj ET Q q 0 0 0 rg BT 476.61 509.25 Td (, which is designed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.25 Td (to of) Tj ET Q q 0 0 0 rg BT 67.93 497.25 Td (fset approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.13 497.25 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.46 497.25 Td ( of the EDCP) Tj ET Q q 0 0 0 rg BT 216.69 497.25 Td ( liability) Tj ET Q q 0 0 0 rg BT 249.65 497.25 Td (. ) Tj ET Q q 0 0 0 rg BT 254.47 497.25 Td (The EDCP) Tj ET Q q 0 0 0 rg BT 297.71 497.25 Td ( liability is being tracked against the value of a benchmark ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.25 Td (investment portfolio held for this purpose. ) Tj ET Q q 0 0 0 rg BT 220.31 485.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.75 485.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.34 485.25 Td (, the Company's liability with respect to the EDCP) Tj ET Q q 0 0 0 rg BT 525.02 485.25 Td ( and DIP) Tj ET Q q 0 0 0 rg BT 560.20 485.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.25 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.21 473.25 Td ($52.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.10 473.25 Td ( and is included in accrued compensation on the consolidated balance sheet as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.55 473.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.13 473.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.25 Td (In addition, the Company is maintaining a deferred compensation plan on behalf of certain employees who were formerly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.25 Td (employed by CIBC ) Tj ET Q q 0 0 0 rg BT 129.59 437.25 Td (W) Tj ET Q q 0 0 0 rg BT 138.23 437.25 Td (orld Markets. ) Tj ET Q q 0 0 0 rg BT 194.43 437.25 Td (The liability is being tracked against the value of an investment portfolio held by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.25 Td (Company for this purpose and, therefore, the liability fluctuates with the fair value of the underlying portfolio. ) Tj ET Q q 0 0 0 rg BT 492.72 425.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 413.25 Td (, the Company's liability with respect to this plan totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.24 413.25 Td ($17.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.13 413.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.25 Td (The total amount expensed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.30 389.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.30 389.25 Td ( for the Company's deferred compensation plans was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.27 389.25 Td ($17.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.16 389.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.99 389.25 Td ($1) Tj ET Q q 0 0 0 rg BT 473.62 389.25 Td (1.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.51 389.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.29 389.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.29 389.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 377.25 Td ($8.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.33 377.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.11 377.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.11 377.25 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 353.25 Td (15. ) Tj ET Q q 0 0 0 rg BT 85.50 353.25 Td (Commitments and contingencies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 329.25 Td (Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.25 Td (The Company and its subsidiaries have operating leases for of) Tj ET Q q 0 0 0 rg BT 297.86 311.25 Td (fice space, equipment and furniture and fixtures expiring at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.25 Td (various dates through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.09 299.25 Td (2028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.09 299.25 Td (. Future minimum rental commitments under such of) Tj ET Q q 0 0 0 rg BT 369.54 299.25 Td (fice and equipment leases as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.72 299.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 287.25 Td ( are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 257.75 443.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 257.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 227.75 443.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 227.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 197.75 443.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 197.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 167.75 443.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 167.75 70.00 -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 493 167.75 m 563 167.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 153.75 m 563 153.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 151.75 m 563 151.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 262.00 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 262.00 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 262.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 248.32 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 247.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 247.42 Td (43,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 233.32 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 232.42 Td (39,1) Tj ET Q q 0 0 0 rg BT 549.15 232.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 218.32 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 217.42 Td (30,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 203.32 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 202.42 Td (26,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 188.32 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 187.42 Td (22,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 173.32 Td (2023 and thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 172.42 Td (87,729) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 157.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 157.42 Td (250,069) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.25 Td (The above table includes operating leases which have been signed by the Company's subsidiary) Tj ET Q q 0 0 0 rg BT 431.38 129.25 Td (, ) Tj ET Q q 0 0 0 rg BT 436.20 129.25 Td (V) Tj ET Q q 0 0 0 rg BT 442.82 129.25 Td (iner Finance Inc., in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.25 Td (the Company is responsible for rent char) Tj ET Q q 0 0 0 rg BT 212.05 117.25 Td (ges associated with its occupancy) Tj ET Q q 0 0 0 rg BT 345.81 117.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 93.25 Td (Certain of the leases contain provisions for rent increases based on changes in costs incurred by the lessor) Tj ET Q q 0 0 0 rg BT 471.88 93.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 69.25 Td (The Company's rent expense for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.34 69.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.93 69.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.48 69.25 Td ($45.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.37 69.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.20 69.25 Td ($44.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.09 69.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.87 69.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.87 69.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.31 69.25 Td ($45.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.20 69.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 57.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.78 57.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.78 57.25 Td (\).) Tj ET Q endstream endobj 243 0 obj <>] /Rotate 0 /Contents 244 0 R>> endobj 244 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 33.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 695.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.53 695.10 Td (, the Company had capital commitments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.49 695.10 Td ($1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.38 695.10 Td ( with respect to unfunded obligations in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (private equity funds sponsored by the Company) Tj ET Q q 0 0 0 rg BT 240.49 683.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 659.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.53 659.10 Td (, the Company had no collateralized or uncollateralized letters of credit outstanding.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (Contingencies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (Many aspects of the Company's business involve substantial risks of liability) Tj ET Q q 0 0 0 rg BT 356.17 617.10 Td (. In the normal course of business, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (has been named as defendant or co-defendant in various legal actions, including arbitrations, class actions, and other litigation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (creating substantial exposure. Certain of the actual or threatened legal matters include claims for substantial compensatory and/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (or punitive damages or claims for indeterminate amounts of damages. ) Tj ET Q q 0 0 0 rg BT 331.18 581.10 Td (These proceedings arise primarily from securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (brokerage, asset management and investment banking activities. ) Tj ET Q q 0 0 0 rg BT 308.96 569.10 Td (The Company is also involved, from time to time, in other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (reviews, investigations and proceedings \(both formal and informal\) by governmental and self-regulatory agencies regarding the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (Company's business which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. ) Tj ET Q q 0 0 0 rg BT 516.03 545.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (investigations include, among other things, inquiries from the Securities and Exchange Commission \(the "SEC"\), the Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (Industry Regulatory ) Tj ET Q q 0 0 0 rg BT 131.71 521.10 Td (Authority \("FINRA"\) and various state regulators. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (The Company accrues for estimated loss contingencies related to legal and regulatory matters when available information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (indicates that it is probable a liability had been incurred and the Company can reasonably estimate the amount of that loss. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (many proceedings, however) Tj ET Q q 0 0 0 rg BT 161.56 473.10 Td (, it is inherently dif) Tj ET Q q 0 0 0 rg BT 237.76 473.10 Td (ficult to determine whether any loss is probable or even possible or to estimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (the amount of any loss. In addition, even where loss is possible or an exposure to loss exists in excess of the liability already ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (accrued with respect to a previously recognized loss contingency) Tj ET Q q 0 0 0 rg BT 308.76 449.10 Td (, it is often not possible to reasonably estimate the size of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (possible loss or range of loss or possible additional losses or range of additional losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (For certain legal and regulatory proceedings, the Company cannot reasonably estimate such losses, particularly for proceedings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (that are in their early stages of development or where plaintif) Tj ET Q q 0 0 0 rg BT 293.67 401.10 Td (fs seek substantial, indeterminate or special damages. Numerous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (issues may need to be reviewed, analyzed or resolved, including through potentially lengthy discovery and determination of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (important factual matters, and by addressing novel or unsettled legal questions relevant to the proceedings in question, before a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (loss or range of loss or additional loss can be reasonably estimated for any proceeding. Even after lengthy review and analysis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 102.45 353.10 Td (, in many legal and regulatory proceedings, may not be able to reasonably estimate possible losses or range of loss.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (For certain other legal and regulatory proceedings, the Company can estimate possible losses, or range of loss in excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (amounts accrued, but does not believe, based on current knowledge and after consultation with counsel, that such losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (individually) Tj ET Q q 0 0 0 rg BT 97.18 305.10 Td (, or in the aggregate, will have a material adverse ef) Tj ET Q q 0 0 0 rg BT 304.12 305.10 Td (fect on the Company's consolidated financial statements as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (whole.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (For legal and regulatory proceedings where there is at least a reasonable possibility that a loss or an additional loss may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (incurred, the Company estimates a range of aggregate loss in excess of amounts accrued of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.04 257.10 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.04 257.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.82 257.10 Td ($37.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.71 257.10 Td (. ) Tj ET Q q 0 0 0 rg BT 497.53 257.10 Td (This estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (aggregate range is based upon currently available information for those legal proceedings in which the Company is involved, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (where an estimate for such losses can be made. For certain cases, the Company does not believe that an estimate can currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (be made. ) Tj ET Q q 0 0 0 rg BT 87.91 221.10 Td (The foregoing estimate is based on various factors, including the varying stages of the proceedings \(including the fact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (that many are currently in preliminary stages\), the numerous yet-unresolved issues in many of the proceedings and the attendant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (uncertainty of the various potential outcomes of such proceedings. ) Tj ET Q q 0 0 0 rg BT 317.21 197.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 366.54 197.10 Td (, the Company's estimate will change from time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (to time, and actual losses may be more than the current estimate.) Tj ET Q endstream endobj 245 0 obj <>] /Rotate 0 /Contents 246 0 R>> endobj 246 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (In February 2010, Oppenheimer finalized settlements with the Regulators concluding investigations and administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (proceedings by the Regulators concerning Oppenheimer's marketing and sale of ) Tj ET Q q 0 0 0 rg BT 371.20 683.10 Td (ARS. Pursuant to the settlements with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (Regulators, Oppenheimer agreed to extend of) Tj ET Q q 0 0 0 rg BT 231.48 671.10 Td (fers to repurchase ) Tj ET Q q 0 0 0 rg BT 304.50 671.10 Td (ARS from certain of its clients subject to certain terms and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (conditions more fully described below) Tj ET Q q 0 0 0 rg BT 202.70 659.10 Td (. ) Tj ET Q q 0 0 0 rg BT 207.15 659.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.59 659.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.18 659.10 Td (, the Company had no outstanding ) Tj ET Q q 0 0 0 rg BT 449.33 659.10 Td (ARS purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (commitments related to the settlements with the Regulators. In addition to the settlements with the Regulators, Oppenheimer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (has also reached settlements of and received adverse awards in legal proceedings with various clients where the Company is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 623.10 Td (obligated to purchase ) Tj ET Q q 0 0 0 rg BT 136.98 623.10 Td (ARS. Pursuant to completed Purchase Of) Tj ET Q q 0 0 0 rg BT 302.33 623.10 Td (fers \(as defined\) under the settlements with the Regulators and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (client related legal settlements and awards to purchase ) Tj ET Q q 0 0 0 rg BT 268.86 611.10 Td (ARS, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.97 611.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.56 611.10 Td (, the Company purchased and holds \(net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (of redemptions\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.59 599.10 Td ($1) Tj ET Q q 0 0 0 rg BT 125.22 599.10 Td (13.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.11 599.10 Td ( in ) Tj ET Q q 0 0 0 rg BT 186.34 599.10 Td (ARS from its clients. In addition, the Company is committed to purchase another ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.23 599.10 Td ($1) Tj ET Q q 0 0 0 rg BT 522.86 599.10 Td (1.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 587.10 Td ( in ) Tj ET Q q 0 0 0 rg BT 90.62 587.10 Td (ARS from clients through 2020 under legal settlements and awards.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (The Company's purchases of ) Tj ET Q q 0 0 0 rg BT 166.83 563.10 Td (ARS from its clients holding ) Tj ET Q q 0 0 0 rg BT 283.78 563.10 Td (ARS eligible for repurchase will, subject to the terms and conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (of the settlements with the Regulators, continue on a periodic basis. Pursuant to these terms and conditions, the Company is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (required to conduct a financial review every ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.58 539.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.25 539.10 Td ( months, until the Company has extended Purchase Of) Tj ET Q q 0 0 0 rg BT 457.53 539.10 Td (fers to all Eligible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (Investors \(as defined\), to determine whether it has funds available, after giving ef) Tj ET Q q 0 0 0 rg BT 374.76 527.10 Td (fect to the financial and regulatory capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (constraints applicable to the Company) Tj ET Q q 0 0 0 rg BT 202.15 515.10 Td (, to extend additional Purchase Of) Tj ET Q q 0 0 0 rg BT 338.04 515.10 Td (fers. ) Tj ET Q q 0 0 0 rg BT 357.85 515.10 Td (The financial review is based on the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (operating results, regulatory net capital, liquidity) Tj ET Q q 0 0 0 rg BT 244.08 503.10 Td (, and other ) Tj ET Q q 0 0 0 rg BT 288.51 503.10 Td (ARS purchase commitments outstanding under legal settlements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (and awards \(described below\). ) Tj ET Q q 0 0 0 rg BT 173.99 491.10 Td (There are no predetermined quantitative thresholds or formulas used for determining the final ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (agreed upon amount for the Purchase Of) Tj ET Q q 0 0 0 rg BT 211.49 479.10 Td (fers. Upon completion of the financial review) Tj ET Q q 0 0 0 rg BT 393.27 479.10 Td (, the Company first meets with its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (primary regulator) Tj ET Q q 0 0 0 rg BT 119.35 467.10 Td (, FINRA, and then with representatives of the NY) Tj ET Q q 0 0 0 rg BT 317.64 467.10 Td (AG and other regulators to present the results of the review ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (and to finalize the amount of the next Purchase Of) Tj ET Q q 0 0 0 rg BT 250.64 455.10 Td (fer) Tj ET Q q 0 0 0 rg BT 261.19 455.10 Td (. ) Tj ET Q q 0 0 0 rg BT 266.01 455.10 Td (V) Tj ET Q q 0 0 0 rg BT 272.12 455.10 Td (arious of) Tj ET Q q 0 0 0 rg BT 307.21 455.10 Td (fer scenarios are discussed in terms of which Eligible Investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (should receive a Purchase Of) Tj ET Q q 0 0 0 rg BT 165.94 443.10 Td (fer) Tj ET Q q 0 0 0 rg BT 176.49 443.10 Td (. ) Tj ET Q q 0 0 0 rg BT 181.31 443.10 Td (The primary criteria to date in terms of determining which Eligible Investors should receive a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (Purchase Of) Tj ET Q q 0 0 0 rg BT 98.47 431.10 Td (fer has been the amount of household account equity each Eligible Investor had with the Company in February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (2008. Once various Purchase Of) Tj ET Q q 0 0 0 rg BT 179.01 419.10 Td (fer scenarios have been discussed, the regulators, not the Company) Tj ET Q q 0 0 0 rg BT 446.33 419.10 Td (, make the final ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (determination of which Purchase Of) Tj ET Q q 0 0 0 rg BT 194.28 407.10 Td (fer scenario to implement. ) Tj ET Q q 0 0 0 rg BT 301.56 407.10 Td (The terms of settlements provide that the amount of ) Tj ET Q q 0 0 0 rg BT 510.67 407.10 Td (ARS to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (purchased during any period shall not risk placing the Company in violation of regulatory requirements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (Eligible Investors for future buybacks continued to hold approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.38 371.10 Td ($25.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.27 371.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 403.04 371.10 Td (ARS principal value as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 359.10 Td (. It is reasonably possible that some ) Tj ET Q q 0 0 0 rg BT 272.51 359.10 Td (ARS Purchase Of) Tj ET Q q 0 0 0 rg BT 343.43 359.10 Td (fers will need to be extended to Eligible Investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 82.00 347.10 Td (ARS prior to redemptions \(or tender of) Tj ET Q q 0 0 0 rg BT 237.90 347.10 Td (fers\) by issuers of the full amount that remains outstanding. ) Tj ET Q q 0 0 0 rg BT 478.51 347.10 Td (The potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (additional losses that may result from entering into ) Tj ET Q q 0 0 0 rg BT 255.02 335.10 Td (ARS purchase commitments with Eligible Investors for future buybacks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (represents the estimated dif) Tj ET Q q 0 0 0 rg BT 159.00 323.10 Td (ference between the principal value and the fair value. It is possible that the Company could sustain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (a loss of all or substantially all of the principal value of ) Tj ET Q q 0 0 0 rg BT 272.22 311.10 Td (ARS still held by Eligible Investors but such an outcome is highly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (unlikely) Tj ET Q q 0 0 0 rg BT 81.62 299.10 Td (. ) Tj ET Q q 0 0 0 rg BT 86.44 299.10 Td (The amount of potential additional losses resulting from entering into these commitments cannot be reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (estimated due to the uncertainties surrounding the amounts and timing of future buybacks that result from the six-month ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (financial review and the amounts, scope, and timing of future issuer redemptions and tender of) Tj ET Q q 0 0 0 rg BT 428.09 275.10 Td (fers of ) Tj ET Q q 0 0 0 rg BT 455.86 275.10 Td (ARS held by Eligible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (Investors. ) Tj ET Q q 0 0 0 rg BT 90.98 263.10 Td (The range of potential additional losses related to valuation adjustments is between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.89 263.10 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.89 263.10 Td ( and the amount of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (estimated dif) Tj ET Q q 0 0 0 rg BT 101.25 251.10 Td (ferential between the principal value and the fair value of ) Tj ET Q q 0 0 0 rg BT 332.25 251.10 Td (ARS held by Eligible Investors for future buybacks that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (were not yet purchased or committed to be purchased by the Company at any point in time. ) Tj ET Q q 0 0 0 rg BT 417.00 239.10 Td (The range of potential additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (losses described here is not included in the estimated range of aggregate loss in excess of amounts accrued for legal and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (regulatory proceedings described above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (Outside of the settlements with the Regulators, the Company has also reached various legal settlements with clients and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.10 Td (received unfavorable legal awards requiring it to purchase ) Tj ET Q q 0 0 0 rg BT 283.85 179.10 Td (ARS. ) Tj ET Q q 0 0 0 rg BT 308.12 179.10 Td (The terms and conditions including the ) Tj ET Q q 0 0 0 rg BT 466.42 179.10 Td (ARS amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (committed to be purchased under legal settlements and awards are based on the specific facts and circumstances of each legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (proceeding. In most instances, the purchase commitments are in increments and extend over a period of time. ) Tj ET Q q 0 0 0 rg BT 488.81 155.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 143.10 Td (, there were no ) Tj ET Q q 0 0 0 rg BT 189.45 143.10 Td (ARS purchase commitments related to legal settlements extending past 2020.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.10 Td (The Company has sought, with limited success, financing from a number of sources to try to find a means for all its clients to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.10 Td (find liquidity from their ) Tj ET Q q 0 0 0 rg BT 146.71 107.10 Td (ARS holdings and will continue to do so. ) Tj ET Q q 0 0 0 rg BT 314.03 107.10 Td (There can be no assurance that the Company will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (successful in finding a liquidity solution for all its clients' ) Tj ET Q q 0 0 0 rg BT 281.28 95.10 Td (ARS.) Tj ET Q endstream endobj 247 0 obj <>] /Rotate 0 /Contents 248 0 R>> endobj 248 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (On January 27, 2015, the SEC approved an Of) Tj ET Q q 0 0 0 rg BT 235.39 695.10 Td (fer of Settlement from Oppenheimer and issued an Order Instituting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (Administrative and Cease and Desist Proceedings \(the "Order"\). Pursuant to the Order) Tj ET Q q 0 0 0 rg BT 396.90 683.10 Td (, Oppenheimer was ordered to \(i\) cease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (and desist from committing or causing any violations of the relevant provisions of the federal securities laws; \(ii\) be censured; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.10 Td (\(iii\) pay to the SEC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.77 659.10 Td ($10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.66 659.10 Td ( comprised of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.15 659.10 Td ($4.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.04 659.10 Td ( in disgor) Tj ET Q q 0 0 0 rg BT 327.63 659.10 Td (gement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.07 659.10 Td ($753,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.57 659.10 Td ( in prejudgment interest and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.26 659.10 Td ($5.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 647.10 Td ( in civil penalties; and \(iv\) retain an independent consultant to review Oppenheimer's policies and procedures relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 635.10 Td (anti-money laundering and Section 5 of the Securities ) Tj ET Q q 0 0 0 rg BT 266.67 635.10 Td (Act.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td (Oppenheimer made a payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.28 611.10 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.17 611.10 Td ( to the SEC on February 17, 2015 and agreed to make a second payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.59 611.10 Td ($5.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 599.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 599.10 Td ( to the SEC before January 27, 2017 which payment was made to the SEC on January 26, 2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (On the same date the Order was issued, a division of the United States Department of the ) Tj ET Q q 0 0 0 rg BT 408.11 575.10 Td (T) Tj ET Q q 0 0 0 rg BT 413.87 575.10 Td (reasury \("FinCEN"\) issued a Civil ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (Monetary ) Tj ET Q q 0 0 0 rg BT 90.33 563.10 Td (Assessment \(the "Assessment"\) against Oppenheimer relating to potential violations of the Bank Secrecy ) Tj ET Q q 0 0 0 rg BT 512.56 563.10 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (\("BSA"\) and the regulations promulgated thereunder related primarily to, in the Company's view) Tj ET Q q 0 0 0 rg BT 436.22 551.10 Td (, the SEC matter discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (immediately above. Pursuant to the terms of the ) Tj ET Q q 0 0 0 rg BT 243.07 539.10 Td (Assessment, Oppenheimer admitted that it violated the BSA) Tj ET Q q 0 0 0 rg BT 483.59 539.10 Td ( and consented to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (the payment of a civil money penalty) Tj ET Q q 0 0 0 rg BT 197.69 527.10 Td (, which, as a result of the payments to the SEC described above, obligates Oppenheimer to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (make an aggregate payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.72 515.10 Td ($10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.61 515.10 Td ( to FinCEN. On February 9, 2015, Oppenheimer made a payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.83 515.10 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.72 515.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (to FinCEN and agreed to make a second payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.11 503.10 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 503.10 Td ( before January 27, 2017 which payment was made to FinCEN ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (on January 26, 2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 73.67 467.10 Td (August of 2014, Oppenheimer has been responding to information requests from the SEC regarding the supervision of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (one of its former financial advisers who was indicted by the United States ) Tj ET Q q 0 0 0 rg BT 346.93 455.10 Td (Attorney's Of) Tj ET Q q 0 0 0 rg BT 401.04 455.10 Td (fice for the District of New Jersey in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td (March 2014 on allegations of insider trading. ) Tj ET Q q 0 0 0 rg BT 232.24 443.10 Td (A) Tj ET Q q 0 0 0 rg BT 238.91 443.10 Td ( number of Oppenheimer employees have provided on-the-record testimony in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.10 Td (connection with the SEC inquiry) Tj ET Q q 0 0 0 rg BT 179.94 431.10 Td (. Oppenheimer is continuing to cooperate with the SEC inquiry) Tj ET Q q 0 0 0 rg BT 432.02 431.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.10 Td (Since September 2016, Oppenheimer has been responding to information requests from FINRA) Tj ET Q q 0 0 0 rg BT 432.20 407.10 Td ( regarding the supervision of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.10 Td (Oppenheimer's sale of unit investment trusts from 201) Tj ET Q q 0 0 0 rg BT 266.17 395.10 Td (1 to 2015. ) Tj ET Q q 0 0 0 rg BT 308.77 395.10 Td (The inquiry is part of a lar) Tj ET Q q 0 0 0 rg BT 413.55 395.10 Td (ger tar) Tj ET Q q 0 0 0 rg BT 439.19 395.10 Td (geted examination or "sweep" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (examination involving many other brokerage firms. Oppenheimer is continuing to cooperate with the FINRA) Tj ET Q q 0 0 0 rg BT 486.07 383.10 Td ( inquiry) Tj ET Q q 0 0 0 rg BT 516.80 383.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (16. ) Tj ET Q q 0 0 0 rg BT 85.50 359.10 Td (Regulatory r) Tj ET Q q 0 0 0 rg BT 140.03 359.10 Td (equir) Tj ET Q q 0 0 0 rg BT 162.62 359.10 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.10 Td (The Company's U.S. broker dealer subsidiaries, Oppenheimer and Freedom, are subject to the uniform net capital requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (of the SEC under Rule 15c3-1 \(the "Rule"\) promulgated under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 400.07 323.10 Td (Act of 1934. Oppenheimer computes its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (net capital requirements under the alternative method provided for in the Rule which requires that Oppenheimer maintain net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (capital equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.08 299.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 299.10 Td ( percent of aggregate customer) Tj ET Q q 0 0 0 rg BT 251.16 299.10 Td (-related debit items, as defined in SEC Rule 15c3-3. ) Tj ET Q q 0 0 0 rg BT 461.38 299.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.83 299.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 287.10 Td (, the net capital of Oppenheimer as calculated under the Rule was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.12 287.10 Td ($142.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.01 287.10 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.34 287.10 Td (14.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.17 287.10 Td ( of Oppenheimer's aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (debit items. ) Tj ET Q q 0 0 0 rg BT 98.48 275.10 Td (This was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.81 275.10 Td ($121.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.70 275.10 Td ( in excess of the minimum required net capital at that date. Freedom computes its net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (capital requirement under the basic method provided for in the Rule, which requires that Freedom maintain net capital equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (the greater of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.30 251.10 Td ($100,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.80 251.10 Td ( or 6-2/3% of aggregate indebtedness, as defined. ) Tj ET Q q 0 0 0 rg BT 342.18 251.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.62 251.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.21 251.10 Td (, Freedom had net capital of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td ($5.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 239.10 Td (, which was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.38 239.10 Td ($5.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.27 239.10 Td ( in excess of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.20 239.10 Td ($100,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.70 239.10 Td ( required to be maintained at that date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (New Basel III requirements being implemented in the European Union have changed how capital adequacy is reported under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (the Capital Requirements Directive \(CRD IV\), ef) Tj ET Q q 0 0 0 rg BT 246.20 203.10 Td (fective January1, 2014, for Oppenheimer Europe Ltd. ) Tj ET Q q 0 0 0 rg BT 465.30 203.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.74 203.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 191.10 Td (, the capital required and held under CRD IV) Tj ET Q q 0 0 0 rg BT 249.54 191.10 Td ( was as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 173.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 173.10 Td (Common Equity ) Tj ET Q q 0 0 0 rg BT 172.21 173.10 Td (T) Tj ET Q q 0 0 0 rg BT 177.97 173.10 Td (ier 1 ratio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.34 173.10 Td (27.27%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.17 173.10 Td ( \(required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.82 173.10 Td (4.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 173.10 Td (\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 155.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 155.10 Td (T) Tj ET Q q 0 0 0 rg BT 109.26 155.10 Td (ier 1 Capital ratio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.01 155.10 Td (27.27%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.84 155.10 Td ( \(required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.49 155.10 Td (6.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.32 155.10 Td (\); and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 137.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 137.10 Td (T) Tj ET Q q 0 0 0 rg BT 108.91 137.10 Td (otal Capital ratio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.61 137.10 Td (28.79%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.44 137.10 Td ( \(required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.09 137.10 Td (8.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.92 137.10 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 113.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.53 113.10 Td (, the regulatory capital of Oppenheimer Investments ) Tj ET Q q 0 0 0 rg BT 363.02 113.10 Td (Asia Limited was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.06 113.10 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.95 113.10 Td (, which was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.94 113.10 Td ($1.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 101.10 Td ( in excess of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.32 101.10 Td ($387,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.82 101.10 Td ( required to be maintained on that date. Oppenheimer Investments ) Tj ET Q q 0 0 0 rg BT 449.12 101.10 Td (Asia Limited computes its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (regulatory capital pursuant to the requirements of the Securities and Futures Commission of Hong Kong.) Tj ET Q endstream endobj 249 0 obj <>] /Rotate 0 /Contents 250 0 R>> endobj 250 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (122) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (17. ) Tj ET Q q 0 0 0 rg BT 85.50 695.25 Td (Goodwill and intangibles) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 671.25 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (The Company's goodwill of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.51 653.25 Td ($137.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.41 653.25 Td ( resides in its PCD reporting unit. ) Tj ET Q q 0 0 0 rg BT 358.88 653.25 Td (The Company performed its annual test for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (goodwill impairment as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.82 641.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.40 641.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.84 641.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.84 641.25 Td (, which did not result in any impairment char) Tj ET Q q 0 0 0 rg BT 455.89 641.25 Td (ges for either period. ) Tj ET Q q 0 0 0 rg BT 541.14 641.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (each annual goodwill impairment testing date, the PCD reporting unit had a fair value that was substantially in excess of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (carrying value.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 92.92 593.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.25 Td (Indefinite intangible assets are comprised of trademarks and trade names. ) Tj ET Q q 0 0 0 rg BT 345.60 575.25 Td (T) Tj ET Q q 0 0 0 rg BT 351.36 575.25 Td (rademarks and trade names, carried at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.44 575.25 Td ($31.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.33 575.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.25 Td (which are not amortized, are subject to at least an annual test for impairment to determine if the estimated fair value is less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.25 Td (their carrying amount. ) Tj ET Q q 0 0 0 rg BT 140.96 551.25 Td (T) Tj ET Q q 0 0 0 rg BT 146.71 551.25 Td (rademarks and trade names recorded as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.46 551.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.05 551.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.49 551.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.49 551.25 Td ( have been tested for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.25 Td (impairment and it has been determined that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.28 539.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.28 539.25 Td ( impairment has occurred. ) Tj ET Q q 0 0 0 rg BT 341.63 539.25 Td (At each annual intangible assets impairment testing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.25 Td (date, the trademarks and trade names had a fair value that was substantially in excess of its carrying value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 503.25 Td (18. ) Tj ET Q q 0 0 0 rg BT 85.50 503.25 Td (Segment information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.25 Td (The Company has determined its reportable segments based on the Company's method of internal reporting, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.25 Td (disaggregates its retail business by branch and its proprietary and investment banking businesses by product. ) Tj ET Q q 0 0 0 rg BT 486.45 467.25 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.25 Td (evaluates the performance of its segments and allocates resources to them based upon profitability) Tj ET Q q 0 0 0 rg BT 441.78 455.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.25 Td (The Company's reportable segments are:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 413.25 Td (Private Client) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.44 413.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.94 413.25 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.27 413.25 Td ( includes commissions and a proportionate amount of fee income earned on ) Tj ET Q q 0 0 0 rg BT 416.63 413.25 Td (AUM, net interest earnings on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.25 Td (client mar) Tj ET Q q 0 0 0 rg BT 89.58 401.25 Td (gin loans and cash balances, fees from money market funds, net contributions from stock loan activities and financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.25 Td (activities, and direct expenses associated with this segment;) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 365.25 Td (Asset Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.12 365.25 Td ( - includes a proportionate amount of fee income earned on ) Tj ET Q q 0 0 0 rg BT 366.64 365.25 Td (AUM from investment management services of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.25 Td (Oppenheimer ) Tj ET Q q 0 0 0 rg BT 105.87 353.25 Td (Asset Management Inc. Oppenheimer's asset management divisions employ various programs to professionally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.25 Td (manage client assets either in individual accounts or in funds, and includes direct expenses associated with this segment;) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 317.25 Td (Capital Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.90 317.25 Td ( - includes investment banking, institutional equities sales, trading, and research, taxable fixed income sales, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.25 Td (trading, and research, public finance and municipal trading, as well as the Company's operations in the United Kingdom, Hong ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.25 Td (Kong and Israel, and direct expenses associated with this segment; and) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 269.25 Td (Corporate/Other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.34 269.25 Td (- the Company does not allocate costs associated with certain infrastructure support groups that are centrally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.25 Td (managed for its reportable segments. ) Tj ET Q q 0 0 0 rg BT 199.27 257.25 Td (These areas include, but are not limited to, legal, compliance, operations, accounting, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.25 Td (internal audit. Costs associated with these groups are separately reported in a Corporate/Other category and primarily include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.25 Td (compensation and benefits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.25 Td (The Commercial Mortgage Banking segment was discontinued during the second quarter of 2016. See note 3 for further details.) Tj ET Q endstream endobj 251 0 obj <>] /Rotate 0 /Contents 252 0 R>> endobj 252 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (The table below presents information about the reported revenue and income \(loss\) before income taxes from continuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (operations of the Company for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.44 683.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.03 683.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.03 683.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.03 683.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.46 683.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.46 683.10 Td (. ) Tj ET Q q 0 0 0 rg BT 386.91 683.10 Td (Asset information by reportable segment is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (not reported, since the Company does not produce such information for internal use by the chief operating decision maker) Tj ET Q q 0 0 0 rg BT 536.86 671.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 615.60 295.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 615.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 615.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 615.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 615.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 615.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 586.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 586.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 586.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 586.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 586.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 586.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 541.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 541.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 541.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 541.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 512.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 512.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 512.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 512.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 512.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 512.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 482.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 482.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 482.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 482.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 482.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 482.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 467.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 467.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 467.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 467.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 467.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 467.60 70.00 -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 345 628.6 m 415 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 628.6 m 419 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 628.6 m 489 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 628.6 m 493 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 628.6 m 563 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 628.6 m 415 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 615.6 m 415 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 628.6 m 489 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 615.6 m 489 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 628.6 m 563 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 615.6 m 563 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 541.6 m 415 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 541.6 m 489 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 541.6 m 563 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 541.6 m 415 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 527.6 m 415 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 525.6 m 415 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 527.6 m 489 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 525.6 m 489 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 527.6 m 563 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 525.6 m 563 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 452.6 m 415 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 452.6 m 489 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 452.6 m 563 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 438.6 m 415 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 436.6 m 415 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 438.6 m 489 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 436.6 m 489 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 438.6 m 563 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 436.6 m 563 436.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 645.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 645.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.50 645.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 645.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 645.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 632.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.15 632.85 Td (For the ) Tj ET Q q 0 0 0 rg BT 423.89 632.85 Td (Y) Tj ET Q q 0 0 0 rg BT 429.12 632.85 Td (ear Ended December31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 619.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.50 619.85 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.50 619.85 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 619.85 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 606.33 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 592.17 Td (Private client ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 126.04 596.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 591.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 591.27 Td (592,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 591.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 591.27 Td (504,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 591.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 591.27 Td (521,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 577.17 Td (Asset management ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 148.81 581.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 576.27 Td (89,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 576.27 Td (92,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 576.27 Td (97,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 562.17 Td (Capital markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 561.27 Td (231,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 561.27 Td (254,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 561.27 Td (279,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 547.17 Td (Corporate/Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 546.27 Td (6,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 546.27 Td (5,802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 546.32 Td (\(435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 546.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 532.17 Td (T) Tj ET Q q 0 0 0 rg BT 76.26 532.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 531.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 531.27 Td (920,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 531.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 531.27 Td (857,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 531.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 531.27 Td (897,801) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 517.33 Td (Income \(loss\) befor) Tj ET Q q 0 0 0 rg BT 133.97 517.33 Td (e income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 503.17 Td (Private client ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 126.04 507.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 502.27 Td (128,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 502.27 Td (66,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 502.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 502.27 Td (59,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 488.17 Td (Asset management ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 148.81 492.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 487.27 Td (26,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 487.27 Td (31,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 487.27 Td (33,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 473.17 Td (Capital markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.30 472.32 Td (\(39,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 472.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 472.32 Td (\(17,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 472.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 472.27 Td (5,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 458.17 Td (Corporate/Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.30 457.32 Td (\(95,81) Tj ET Q q 0 0 0 rg BT 406.13 457.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 457.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 457.32 Td (\(101,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 457.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 457.32 Td (\(99,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 457.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 443.17 Td (T) Tj ET Q q 0 0 0 rg BT 75.91 443.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 442.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 442.27 Td (19,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 442.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 442.32 Td (\(21,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 442.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 442.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 442.32 Td (\(2,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 442.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 420.10 Td (Clients investing in the OAM advisory program are char) Tj ET Q q 0 0 0 rg BT 311.38 420.10 Td (ged fees based on the value of assets under management. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 408.10 Td (Advisory fees were allocated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.34 408.10 Td (22.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.17 408.10 Td ( to the ) Tj ET Q q 0 0 0 rg BT 257.11 408.10 Td (Asset Management and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.47 408.10 Td (77.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.30 408.10 Td ( to the Private Client segments. Starting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 396.10 Td (January 1, 2017, the Company determined it was appropriate to change the allocation to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.84 396.10 Td (10.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.67 396.10 Td ( to the ) Tj ET Q q 0 0 0 rg BT 492.61 396.10 Td (Asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 384.10 Td (Management and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.14 384.10 Td (90.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.97 384.10 Td ( to the Private Client segments due to changes in the mix of the business over time and costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 372.10 Td (associated with it.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (Revenue, classified by the major geographic areas in which it was earned for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.08 348.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.66 348.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.66 348.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.66 348.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 336.10 Td ( was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 280.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 280.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 280.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 280.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 250.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 250.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 250.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 250.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 250.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 250.60 70.00 -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 345 293.6 m 415 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 293.6 m 419 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 293.6 m 489 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 293.6 m 493 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 293.6 m 563 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 293.6 m 415 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 280.6 m 415 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 293.6 m 419 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 293.6 m 489 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 280.6 m 489 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 293.6 m 493 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 293.6 m 563 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 280.6 m 563 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 280.6 m 415 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 280.6 m 489 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 280.6 m 563 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 235.60000000000002 m 415 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 235.60000000000002 m 489 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 235.60000000000002 m 563 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 221.60000000000002 m 415 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 219.60000000000002 m 415 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 221.60000000000002 m 489 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 219.60000000000002 m 489 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 221.60000000000002 m 563 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 219.60000000000002 m 563 219.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 310.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 310.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.50 310.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 310.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.50 310.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 297.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.45 297.85 Td (Y) Tj ET Q q 0 0 0 rg BT 416.83 297.85 Td (ear Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 284.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.50 284.85 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.50 284.85 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 284.85 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 271.17 Td (Americas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 270.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 270.27 Td (880,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 270.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 270.27 Td (815,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 270.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 270.27 Td (853,221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 256.17 Td (Europe/Middle East) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 255.27 Td (36,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 255.27 Td (39,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 255.27 Td (40,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 241.17 Td (Asia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 240.27 Td (3,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 240.27 Td (3,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 240.27 Td (3,977) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 226.17 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 226.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 225.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 225.27 Td (920,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 225.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 225.27 Td (857,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 225.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 225.27 Td (897,801) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (19. ) Tj ET Q q 0 0 0 rg BT 85.50 197.10 Td (Subsequent events) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.22 173.10 Td (February1, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.82 173.10 Td (, the Company announced a quarterly dividend in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.09 173.10 Td ($0.1) Tj ET Q q 0 0 0 rg BT 408.22 173.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.22 173.10 Td ( per share, paid on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.30 173.10 Td (February26, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 161.10 Td ( to holders of Class) Tj ET Q q 0 0 0 rg BT 148.67 161.10 Td (A) Tj ET Q q 0 0 0 rg BT 155.33 161.10 Td ( Stock and Class B Stock of record on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.04 161.10 Td (February12, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.64 161.10 Td (.) Tj ET Q endstream endobj 253 0 obj <>] /Rotate 0 /Contents 254 0 R>> endobj 254 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (124) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (20. ) Tj ET Q q 0 0 0 rg BT 85.50 695.25 Td (Quarterly information \(unaudited\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 639.75 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 639.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 639.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 639.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 639.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 639.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 639.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 639.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 639.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 639.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 639.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 609.75 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 609.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 609.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 609.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 609.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 609.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 609.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 609.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 609.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 609.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 609.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 579.75 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 579.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 579.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 579.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 579.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 579.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 579.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 579.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 579.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 579.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 579.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 549.75 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 549.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 549.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 549.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 549.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 549.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 549.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 549.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 549.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 549.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 549.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 509.75 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 509.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 509.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 509.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 509.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 509.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 509.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 509.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 509.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 509.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 509.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 479.75 263.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 479.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 479.75 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 479.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 479.75 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 479.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 479.75 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 479.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 479.75 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 479.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 479.75 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 439.75 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 439.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 439.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 439.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 439.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 439.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 439.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 439.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 439.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 439.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 439.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 409.75 263.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 409.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 409.75 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 409.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 409.75 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 409.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 409.75 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 409.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 409.75 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 409.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 409.75 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 369.75 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 369.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 369.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 369.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 369.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 369.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 369.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 369.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 369.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 369.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 369.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 339.75 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 339.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 339.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 339.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 339.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 339.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 339.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 339.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 339.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 339.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 339.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 309.75 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 309.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 309.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 309.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 309.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 309.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 309.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 309.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 309.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 309.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 309.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 279.75 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 279.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 279.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 279.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 279.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 279.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 279.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 279.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 279.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 279.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 279.75 46.00 -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 317 652.75 m 363 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 652.75 m 367 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 652.75 m 413 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 652.75 m 417 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 652.75 m 463 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 652.75 m 467 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 652.75 m 513 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 639.75 m 313 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 639.75 m 363 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 639.75 m 413 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 639.75 m 463 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 639.75 m 513 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 639.75 m 563 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 639.75 m 363 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 639.75 m 413 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 639.75 m 463 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 639.75 m 513 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 609.75 m 363 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 609.75 m 413 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 609.75 m 463 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 609.75 m 513 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 609.75 m 563 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 609.75 m 413 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 609.75 m 463 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 609.75 m 513 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 609.75 m 563 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 579.75 m 363 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 579.75 m 413 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 579.75 m 463 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 579.75 m 513 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 579.75 m 563 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 579.75 m 363 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 579.75 m 413 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 579.75 m 463 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 579.75 m 513 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 579.75 m 563 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 549.75 m 363 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 549.75 m 413 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 549.75 m 463 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 549.75 m 513 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 549.75 m 563 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 549.75 m 413 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 549.75 m 463 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 549.75 m 513 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 549.75 m 563 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 509.75 m 363 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 509.75 m 413 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 509.75 m 463 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 509.75 m 513 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 509.75 m 563 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 509.75 m 363 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 495.75 m 363 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 493.75 m 363 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 509.75 m 413 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 495.75 m 413 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 493.75 m 413 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 509.75 m 463 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 495.75 m 463 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 493.75 m 463 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 509.75 m 513 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 495.75 m 513 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 493.75 m 513 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 509.75 m 563 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 495.75 m 563 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 493.75 m 563 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 424.75 m 363 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 424.75 m 413 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 424.75 m 463 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 424.75 m 513 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 424.75 m 563 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 424.75 m 363 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 410.75 m 363 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 408.75 m 363 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 424.75 m 413 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 410.75 m 413 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 408.75 m 413 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 424.75 m 463 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 410.75 m 463 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 408.75 m 463 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 424.75 m 513 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 410.75 m 513 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 408.75 m 513 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 424.75 m 563 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 410.75 m 563 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 408.75 m 563 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 354.75 m 363 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 354.75 m 413 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 354.75 m 463 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 354.75 m 513 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 354.75 m 563 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 354.75 m 363 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 340.75 m 363 340.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 338.75 m 363 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 354.75 m 413 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 340.75 m 413 340.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 338.75 m 413 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 354.75 m 463 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 340.75 m 463 340.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 338.75 m 463 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 354.75 m 513 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 340.75 m 513 340.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 338.75 m 513 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 354.75 m 563 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 340.75 m 563 340.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 338.75 m 563 338.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 670.00 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 670.00 Td (essed in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 183.44 670.00 Td (e amounts\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.50 670.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.50 670.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 670.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 657.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.15 657.00 Td (Fiscal Quarters) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 657.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 644.00 Td (For the ) Tj ET Q q 0 0 0 rg BT 77.09 644.00 Td (Y) Tj ET Q q 0 0 0 rg BT 82.07 644.00 Td (ear Ended December31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.80 644.00 Td (Fourth) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.60 644.00 Td (Third) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.70 644.00 Td (Second) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.15 644.00 Td (First) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.10 644.00 Td (Y) Tj ET Q q 0 0 0 rg BT 537.08 644.00 Td (ear) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 630.32 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.60 629.42 Td (264,973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.60 629.42 Td (226,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.60 629.42 Td (215,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.60 629.42 Td (213,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 629.42 Td (920,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 615.32 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.60 614.42 Td (248,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.60 614.42 Td (214,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.60 614.42 Td (217,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.60 614.42 Td (220,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 614.42 Td (900,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 600.32 Td (Income \(Loss\) before income taxes from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.60 599.42 Td (16,570) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.60 599.42 Td (1) Tj ET Q q 0 0 0 rg BT 386.60 599.42 Td (1,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 599.47 Td (\(1,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 599.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 599.47 Td (\(7,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 599.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 599.42 Td (19,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 585.32 Td (Income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.30 584.47 Td (\(4,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 584.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 584.42 Td (4,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.80 584.47 Td (\(274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 584.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 584.47 Td (\(1,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 584.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 584.47 Td (\(2,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 584.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 570.32 Td (Net income \(loss\) from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.60 569.42 Td (21,168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 569.42 Td (7,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 569.47 Td (\(1,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 569.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 569.47 Td (\(5,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 569.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 569.42 Td (21,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 555.32 Td (Net income from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 554.42 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 554.42 Td (461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 554.42 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 554.42 Td (587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 554.42 Td (1,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 540.32 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.60 539.42 Td (21,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 539.42 Td (7,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 539.47 Td (\(1,310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 539.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 539.47 Td (\(4,751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 539.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 539.42 Td (23,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 525.32 Td (Less net income attributable to noncontrolling interest, net of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 515.32 Td (tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 514.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 514.42 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 514.42 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 514.42 Td (96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 514.42 Td (184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 500.32 Td (Net income \(loss\) attributable to Oppenheimer Holdings Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 499.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.60 499.42 Td (21,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 499.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 499.42 Td (7,789) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 499.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 499.47 Td (\(1,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 499.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 499.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 499.47 Td (\(4,847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 499.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 499.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 499.42 Td (22,816) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 470.32 Td (Basic net income \(loss\) per share attributable to Oppenheimer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 460.32 Td (Holdings Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 445.32 Td (Continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 444.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 444.42 Td (1.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 444.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 444.42 Td (0.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 444.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.30 444.47 Td (\(0.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 444.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 444.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 444.47 Td (\(0.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 444.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 444.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 444.42 Td (1.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 430.32 Td (Discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 429.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 429.42 Td (0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 429.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 429.42 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 429.42 Td (0.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 415.32 Td (Net income \(loss\) per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 414.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 414.42 Td (1.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 414.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 414.42 Td (0.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 414.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.30 414.47 Td (\(0.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 414.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 414.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 414.47 Td (\(0.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 414.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 414.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 414.42 Td (1.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 400.32 Td (Diluted net income \(loss\) per share attributable to Oppenheimer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 390.32 Td (Holdings Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 375.32 Td (Continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 374.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 374.42 Td (1.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 374.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 374.42 Td (0.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 374.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.30 374.47 Td (\(0.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 374.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 374.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 374.47 Td (\(0.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 374.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 374.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 374.42 Td (1.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 360.32 Td (Discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 359.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 359.42 Td (0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 359.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 359.42 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 359.42 Td (0.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 345.32 Td (Net income \(loss\) per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 344.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 344.42 Td (1.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 344.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 344.42 Td (0.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 344.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.30 344.47 Td (\(0.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 344.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 344.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 344.47 Td (\(0.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 344.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 344.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 344.42 Td (1.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 315.32 Td (Dividends per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 314.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 314.42 Td (0.1) Tj ET Q q 0 0 0 rg BT 354.15 314.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 314.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 314.42 Td (0.1) Tj ET Q q 0 0 0 rg BT 404.15 314.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 314.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 314.42 Td (0.1) Tj ET Q q 0 0 0 rg BT 454.15 314.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 314.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 314.42 Td (0.1) Tj ET Q q 0 0 0 rg BT 504.15 314.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 314.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 314.42 Td (0.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 299.42 Td (Market price of Class) Tj ET Q q 0 0 0 rg BT 140.81 299.42 Td (A) Tj ET Q q 0 0 0 rg BT 147.48 299.42 Td ( Stock ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 175.26 303.49 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 285.32 Td (High) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 284.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 284.42 Td (29.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 284.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 284.42 Td (17.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 284.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 284.42 Td (18.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 284.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 284.42 Td (19.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 284.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 284.42 Td (29.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 270.32 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 269.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 269.42 Td (17.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 269.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 269.42 Td (15.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 269.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 269.42 Td (15.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 269.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 269.42 Td (15.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 269.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 269.42 Td (15.10) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.50 265.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 247.25 Td (The price quotations above were obtained from the New ) Tj ET Q q 0 0 0 rg BT 313.10 247.25 Td (Y) Tj ET Q q 0 0 0 rg BT 319.32 247.25 Td (ork Stock Exchange website.) Tj ET Q endstream endobj 255 0 obj <>] /Rotate 0 /Contents 256 0 R>> endobj 256 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (125) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 662.50 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 662.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 662.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 662.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 662.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 662.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 662.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 662.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 662.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 662.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 662.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 632.50 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 632.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 632.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 632.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 632.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 632.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 632.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 632.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 632.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 632.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 632.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 602.50 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 602.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 602.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 602.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 602.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 602.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 602.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 602.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 602.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 602.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 602.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 572.50 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 572.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 572.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 572.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 572.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 572.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 572.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 572.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 572.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 572.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 572.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 532.50 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 532.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 532.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 532.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 532.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 532.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 532.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 532.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 532.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 532.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 532.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 502.50 263.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 502.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 502.50 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 502.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 502.50 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 502.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 502.50 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 502.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 502.50 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 502.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 502.50 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 462.50 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 462.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 462.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 462.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 462.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 462.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 462.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 462.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 462.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 462.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 462.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 432.50 263.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 432.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 432.50 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 432.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 432.50 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 432.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 432.50 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 432.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 432.50 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 432.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 432.50 46.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 392.50 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 392.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 392.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 392.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 392.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 392.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 392.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 392.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 392.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 392.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 392.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 362.50 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 362.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 362.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 362.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 362.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 362.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 362.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 362.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 362.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 362.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 362.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 332.50 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 332.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 332.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 332.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 332.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 332.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 332.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 332.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 332.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 332.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 332.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 302.50 263.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 302.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 302.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 302.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 302.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 302.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 302.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 302.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 302.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 302.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 302.50 46.00 -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 317 675.5 m 363 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 675.5 m 367 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 675.5 m 413 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 675.5 m 417 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 675.5 m 463 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 675.5 m 467 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 675.5 m 513 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 662.5 m 313 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 662.5 m 363 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 662.5 m 413 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 662.5 m 463 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 662.5 m 513 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 662.5 m 563 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 662.5 m 363 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 662.5 m 413 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 662.5 m 463 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 662.5 m 513 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 662.5 m 563 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 632.5 m 363 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 632.5 m 413 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 632.5 m 463 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 632.5 m 513 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 632.5 m 563 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 632.5 m 363 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 632.5 m 413 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 632.5 m 463 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 632.5 m 513 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 632.5 m 563 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 602.5 m 363 602.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 602.5 m 413 602.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 602.5 m 463 602.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 602.5 m 513 602.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 602.5 m 563 602.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 602.5 m 363 602.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 602.5 m 413 602.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 602.5 m 463 602.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 602.5 m 513 602.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 602.5 m 563 602.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 572.5 m 363 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 572.5 m 413 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 572.5 m 463 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 572.5 m 513 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 572.5 m 563 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 572.5 m 363 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 572.5 m 413 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 572.5 m 463 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 572.5 m 513 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 572.5 m 563 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 532.5 m 363 532.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 532.5 m 463 532.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 532.5 m 513 532.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 532.5 m 563 532.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 532.5 m 363 532.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 518.5 m 363 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 516.5 m 363 516.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 532.5 m 413 532.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 518.5 m 413 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 516.5 m 413 516.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 532.5 m 463 532.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 518.5 m 463 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 516.5 m 463 516.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 532.5 m 513 532.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 518.5 m 513 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 516.5 m 513 516.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 532.5 m 563 532.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 518.5 m 563 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 516.5 m 563 516.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 447.5 m 363 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 447.5 m 413 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 447.5 m 463 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 447.5 m 513 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 447.5 m 563 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 447.5 m 363 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 433.5 m 363 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 431.5 m 363 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 447.5 m 413 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 433.5 m 413 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 431.5 m 413 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 447.5 m 463 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 433.5 m 463 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 431.5 m 463 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 447.5 m 513 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 433.5 m 513 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 431.5 m 513 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 447.5 m 563 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 433.5 m 563 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 431.5 m 563 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 377.5 m 363 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 377.5 m 413 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 377.5 m 463 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 377.5 m 513 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 377.5 m 563 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 377.5 m 363 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 363.5 m 363 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 361.5 m 363 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 377.5 m 413 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 363.5 m 413 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 361.5 m 413 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 377.5 m 463 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 363.5 m 463 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 361.5 m 463 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 377.5 m 513 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 363.5 m 513 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 361.5 m 513 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 377.5 m 563 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 363.5 m 563 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 361.5 m 563 361.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 692.75 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 692.75 Td (essed in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 183.44 692.75 Td (e amounts\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.50 692.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.50 692.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 692.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 679.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.15 679.75 Td (Fiscal Quarters) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 679.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 666.75 Td (For the ) Tj ET Q q 0 0 0 rg BT 77.09 666.75 Td (Y) Tj ET Q q 0 0 0 rg BT 82.07 666.75 Td (ear Ended December31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.80 666.75 Td (Fourth) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.60 666.75 Td (Third) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.70 666.75 Td (Second) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.15 666.75 Td (First) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.10 666.75 Td (Y) Tj ET Q q 0 0 0 rg BT 537.08 666.75 Td (ear) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 653.07 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 652.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.60 652.17 Td (218,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 652.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.60 652.17 Td (21) Tj ET Q q 0 0 0 rg BT 386.60 652.17 Td (1,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 652.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.60 652.17 Td (212,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 652.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.60 652.17 Td (214,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 652.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 652.17 Td (857,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 638.07 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.60 637.17 Td (226,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.60 637.17 Td (213,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.60 637.17 Td (217,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.60 637.17 Td (222,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 637.17 Td (879,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 623.07 Td (Loss before income taxes from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.30 622.22 Td (\(7,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 622.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.30 622.22 Td (\(1,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 622.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 622.22 Td (\(5,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 622.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 622.22 Td (\(7,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 622.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 622.22 Td (\(21,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 622.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 608.07 Td (Income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.30 607.22 Td (\(5,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 607.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.80 607.22 Td (\(751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 607.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 607.22 Td (\(2,391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 607.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 607.22 Td (\(4,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 607.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 607.22 Td (\(12,262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 607.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 593.07 Td (Net loss from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.30 592.22 Td (\(2,424) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 592.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.30 592.22 Td (\(1,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 592.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 592.22 Td (\(2,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 592.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 592.22 Td (\(3,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 592.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 592.22 Td (\(9,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 592.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 578.07 Td (Net income \(loss\) from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 577.17 Td (759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 577.17 Td (413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 577.17 Td (9,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.80 577.22 Td (\(617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 577.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 577.17 Td (10,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 563.07 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.30 562.22 Td (\(1,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 562.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.80 562.22 Td (\(646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 562.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 562.17 Td (6,71) Tj ET Q q 0 0 0 rg BT 454.15 562.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 562.22 Td (\(3,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 562.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 562.17 Td (491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 548.07 Td (Less net income \(loss\) attributable to noncontrolling interest,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 538.07 Td (net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 537.17 Td (125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 537.17 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 537.17 Td (1,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.80 537.22 Td (\(62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 537.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 537.17 Td (1,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 523.07 Td (Net income \(loss\) attributable to Oppenheimer Holdings Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 522.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.30 522.22 Td (\(1,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 522.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 522.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.80 522.22 Td (\(712) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 522.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 522.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 522.17 Td (5,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 522.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 522.22 Td (\(3,847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 522.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 522.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 522.22 Td (\(1,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 522.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 493.07 Td (Basic net income \(loss\) per share attributable to Oppenheimer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 483.07 Td (Holdings Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 468.07 Td (Continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 467.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.30 467.22 Td (\(0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 467.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 467.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.30 467.22 Td (\(0.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 467.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 467.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.30 467.22 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 467.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 467.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 467.22 Td (\(0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 467.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 467.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 467.22 Td (\(0.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 467.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 453.07 Td (Discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 452.17 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 452.17 Td (0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 452.17 Td (0.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 452.22 Td (\(0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 452.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 452.17 Td (0.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 438.07 Td (Net income \(loss\) per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 437.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.30 437.22 Td (\(0.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 437.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 437.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.30 437.22 Td (\(0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 437.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 437.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 437.17 Td (0.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 437.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 437.22 Td (\(0.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 437.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 437.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 437.22 Td (\(0.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 437.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 423.07 Td (Diluted net income \(loss\) per share attributable to Oppenheimer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 413.07 Td (Holdings Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 398.07 Td (Continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 397.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.30 397.22 Td (\(0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 397.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 397.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.30 397.22 Td (\(0.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 397.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 397.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.30 397.22 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 397.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 397.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 397.22 Td (\(0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 397.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 397.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 397.22 Td (\(0.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 397.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 383.07 Td (Discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 382.17 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 382.17 Td (0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 382.17 Td (0.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 382.22 Td (\(0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 382.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 382.17 Td (0.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 368.07 Td (Net income \(loss\) per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 367.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.30 367.22 Td (\(0.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 367.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 367.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.30 367.22 Td (\(0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 367.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 367.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 367.17 Td (0.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 367.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 367.22 Td (\(0.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 367.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 367.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 367.22 Td (\(0.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 367.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 338.07 Td (Dividends per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 337.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 337.17 Td (0.1) Tj ET Q q 0 0 0 rg BT 354.15 337.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 337.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 337.17 Td (0.1) Tj ET Q q 0 0 0 rg BT 404.15 337.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 337.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 337.17 Td (0.1) Tj ET Q q 0 0 0 rg BT 454.15 337.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 337.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 337.17 Td (0.1) Tj ET Q q 0 0 0 rg BT 504.15 337.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 337.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 337.17 Td (0.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 322.17 Td (Market price of Class) Tj ET Q q 0 0 0 rg BT 140.81 322.17 Td (A) Tj ET Q q 0 0 0 rg BT 147.48 322.17 Td ( Stock ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 175.26 326.24 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 308.07 Td (High) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 307.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 307.17 Td (19.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 307.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 307.17 Td (16.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 307.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 307.17 Td (16.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 307.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 307.17 Td (16.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 307.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 307.17 Td (19.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 293.07 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 292.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 292.17 Td (13.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.50 292.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 292.17 Td (13.74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.50 292.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 292.17 Td (13.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 292.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 292.17 Td (13.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 292.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 292.17 Td (13.58) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 564.50 288.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 270.00 Td (The price quotations above were obtained from the New ) Tj ET Q q 0 0 0 rg BT 313.10 270.00 Td (Y) Tj ET Q q 0 0 0 rg BT 319.32 270.00 Td (ork Stock Exchange website.) Tj ET Q endstream endobj 257 0 obj <>] /Rotate 0 /Contents 258 0 R>> endobj 258 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 20.10 Td (126) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (21. ) Tj ET Q q 0 0 0 rg BT 85.50 695.25 Td (Condensed consolidating financial information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.25 Td (On June23, 2017, the Parent issued in a private of) Tj ET Q q 0 0 0 rg BT 250.95 671.25 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.32 671.25 Td ($200.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.21 671.25 Td ( aggregate principal amount of the Notes. ) Tj ET Q q 0 0 0 rg BT 504.31 671.25 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 659.25 Td (used a portion of the net proceeds from the of) Tj ET Q q 0 0 0 rg BT 231.76 659.25 Td (fering of the Notes to redeem in full its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.33 659.25 Td (8.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.16 659.25 Td ( Notes. See note 10 for further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 647.25 Td (details.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 625.25 Td (The Notes are jointly and severally and fully and unconditionally guaranteed on a senior basis by E.A. ) Tj ET Q q 0 0 0 rg BT 461.15 625.25 Td (V) Tj ET Q q 0 0 0 rg BT 467.77 625.25 Td (iner International Co. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 613.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.26 613.25 Td (V) Tj ET Q q 0 0 0 rg BT 72.88 613.25 Td (iner Finance Inc. \(together) Tj ET Q q 0 0 0 rg BT 178.54 613.25 Td (, the "Guarantors"\), unless released as described below) Tj ET Q q 0 0 0 rg BT 397.37 613.25 Td (. Each of the Guarantors is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 613.25 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.83 613.25 Td ( owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 601.25 Td (by the Parent. ) Tj ET Q q 0 0 0 rg BT 107.08 601.25 Td (The indenture for the Notes contains covenants with restrictions which are discussed in note 10. ) Tj ET Q q 0 0 0 rg BT 492.91 601.25 Td (The following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 589.25 Td (condensed consolidating financial information presents the financial position, results of operations and cash flows of the Parent, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 577.25 Td (the Guarantor subsidiaries, the Non-Guarantor subsidiaries and elimination entries necessary to consolidate the Company) Tj ET Q q 0 0 0 rg BT 534.28 577.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 553.25 Td (Each Guarantor will be automatically and unconditionally released and dischar) Tj ET Q q 0 0 0 rg BT 365.04 553.25 Td (ged upon: the sale, exchange or transfer of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 541.25 Td (capital stock of a Guarantor and the Guarantor ceasing to be a direct or indirect subsidiary of the Parent if such sale does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 529.25 Td (constitute an asset sale under the indenture for the Notes or does not constitute an asset sale ef) Tj ET Q q 0 0 0 rg BT 425.59 529.25 Td (fected in compliance with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 517.25 Td (asset sale and mer) Tj ET Q q 0 0 0 rg BT 121.79 517.25 Td (ger covenants of the indenture for the Notes; a Guarantor being dissolved or liquidated; a Guarantor being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 505.25 Td (designated unrestricted in compliance with the applicable provisions of the Notes; or the exercise by the Parent of its legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 493.25 Td (defeasance option or covenant defeasance option or the dischar) Tj ET Q q 0 0 0 rg BT 301.99 493.25 Td (ge of the Parent's obligations under the indenture for the Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 481.25 Td (in accordance with the terms of such indenture.) Tj ET Q endstream endobj 259 0 obj <>] /Rotate 0 /Contents 260 0 R>> endobj 260 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 20.10 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.05 695.10 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.60 683.10 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 312.33 683.10 Td (TING BALANCE SHEET) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.70 671.10 Td (AS OF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.27 671.10 Td (DECEMBER31, 2017) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 639.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 639.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 639.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 639.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 639.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 639.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 639.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 639.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 639.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 639.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 613.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 613.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 613.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 613.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 613.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 613.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 613.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 613.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 613.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 613.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 587.60 242.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 587.60 50.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 587.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 587.60 50.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 587.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 587.60 55.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 587.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 587.60 50.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 587.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 587.60 50.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 552.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 552.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 552.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 552.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 552.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 552.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 552.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 552.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 552.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 552.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 517.60 242.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 517.60 50.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 517.60 4.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 517.60 50.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 517.60 4.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 517.60 55.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 517.60 4.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 517.60 50.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 517.60 4.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 517.60 50.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 465.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 465.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 465.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 465.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 465.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 465.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 465.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 465.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 465.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 465.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 439.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 439.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 439.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 439.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 439.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 439.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 439.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 439.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 439.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 439.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 413.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 413.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 413.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 413.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 413.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 413.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 413.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 413.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 413.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 413.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 387.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 387.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 387.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 387.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 387.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 387.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 387.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 387.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 387.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 387.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 361.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 361.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 361.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 361.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 361.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 361.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 361.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 361.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 361.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 361.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 335.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 335.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 335.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 335.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 335.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 335.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 335.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 335.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 335.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 335.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 309.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 309.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 309.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 309.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 309.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 309.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 309.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 309.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 309.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 309.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 283.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 283.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 283.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 283.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 283.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 283.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 283.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 283.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 283.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 283.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 257.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 257.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 257.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 257.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 257.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 257.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 257.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 257.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 257.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 257.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 231.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 231.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 231.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 231.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 231.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 231.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 231.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 231.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 231.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 231.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 205.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 205.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 205.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 205.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 205.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 205.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 205.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 205.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 205.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 205.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 179.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 179.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 179.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 179.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 179.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 179.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 179.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 179.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 179.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 179.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 153.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 153.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 153.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 153.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 153.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 153.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 153.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 153.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 153.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 153.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 127.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 127.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 127.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 127.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 127.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 127.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 127.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 127.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 127.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 127.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 101.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 101.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 101.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 101.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 101.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 101.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 101.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 101.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 101.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 101.60 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 292 639.6 m 342 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 639.6 m 396 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 639.6 m 455 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 639.6 m 509 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 639.6 m 563 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 374.6 m 342 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 374.6 m 396 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 374.6 m 455 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 374.6 m 509 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 374.6 m 563 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 362.6 m 342 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 360.6 m 342 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 362.6 m 396 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 360.6 m 396 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 362.6 m 455 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 360.6 m 455 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 362.6 m 509 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 360.6 m 509 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 362.6 m 563 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 360.6 m 563 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 166.60000000000002 m 342 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 166.60000000000002 m 396 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 166.60000000000002 m 455 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 166.60000000000002 m 509 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 166.60000000000002 m 563 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 114.60000000000002 m 342 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 114.60000000000002 m 396 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 114.60000000000002 m 455 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 114.60000000000002 m 509 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 114.60000000000002 m 563 114.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 101.60000000000002 m 342 101.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 101.60000000000002 m 396 101.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 101.60000000000002 m 455 101.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 101.60000000000002 m 509 101.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 101.60000000000002 m 563 101.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 89.60000000000002 m 342 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 87.60000000000002 m 342 87.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 89.60000000000002 m 396 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 87.60000000000002 m 396 87.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 89.60000000000002 m 455 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 87.60000000000002 m 455 87.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 89.60000000000002 m 509 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 87.60000000000002 m 509 87.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 89.60000000000002 m 563 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 87.60000000000002 m 563 87.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 643.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 643.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.25 643.85 Td (Parent) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.25 651.85 Td (Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.60 643.85 Td (subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.45 651.85 Td (Non-guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.40 643.85 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.05 643.85 Td (Eliminations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.35 643.85 Td (Consolidated) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.50 631.34 Td (ASSETS) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 618.21 Td (Cash and cash equivalents) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 294.50 617.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 319.50 617.96 Td (7,442) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 348.50 617.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 373.50 617.96 Td (3,716) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 402.50 617.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 617.96 Td (36,996) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 461.50 617.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 617.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 515.50 617.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 617.96 Td (48,154) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 605.21 Td (Deposits with clearing or) Tj ET Q q 0 0 0 rg BT 156.12 605.21 Td (ganizations) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 604.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 604.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 604.96 Td (42,222) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 604.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 604.96 Td (42,222) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 592.21 Td (Receivable from brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 235.87 592.21 Td (ganizations) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 591.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 591.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 591.96 Td (187,1) Tj ET Q q 0 0 0 rg BT 443.13 591.96 Td (15) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 591.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 591.96 Td (187,1) Tj ET Q q 0 0 0 rg BT 551.13 591.96 Td (15) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 579.21 Td (Receivable from customers, net of allowance for credit losses) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 570.71 Td (of $769) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 569.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 569.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 569.96 Td (848,226) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 569.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 569.96 Td (848,226) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 557.21 Td (Income tax receivable) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 315.25 556.96 Td (45,998) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 369.25 556.96 Td (26,025) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 443.15 556.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 479.40 556.96 Td (\(69,084) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 556.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 540.50 556.96 Td (2,939) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 544.21 Td (Securities purchased under agreements to resell) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 543.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 543.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 438.90 543.96 Td (658) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 543.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 546.90 543.96 Td (658) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 531.21 Td (Securities owned, including amounts pledged of $655,683, at) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 522.71 Td (fair value) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 521.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 373.50 521.96 Td (1,386) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 521.96 Td (925,21) Tj ET Q q 0 0 0 rg BT 447.38 521.96 Td (1) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 521.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 521.96 Td (926,597) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 509.21 Td (Notes receivable, net of accumulated amortization and) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 500.71 Td (allowance for uncollectibles of $24,705 and $7,975,) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 492.21 Td (respectively) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 491.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 491.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 491.96 Td (40,520) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 491.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 491.96 Td (40,520) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 479.21 Td (Furniture, equipment and leasehold improvements, net of) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 470.71 Td (accumulated depreciation of $82,826) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 469.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 369.25 469.96 Td (20,221) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 432.50 469.96 Td (6,966) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 469.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 469.96 Td (27,187) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 457.21 Td (Subordinated loan receivable) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 456.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 365.00 456.96 Td (1) Tj ET Q q 0 0 0 rg BT 369.25 456.96 Td (12,558) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 443.15 456.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.15 456.96 Td (\(1) Tj ET Q q 0 0 0 rg BT 482.23 456.96 Td (12,558) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 456.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 551.15 456.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 444.21 Td (Intangible assets) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 443.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 443.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 443.96 Td (31,700) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 443.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 443.96 Td (31,700) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 431.21 Td (Goodwill) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 430.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 430.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 430.96 Td (137,889) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 430.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 430.96 Td (137,889) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 418.21 Td (Other assets) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 325.90 417.96 Td (133) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 373.50 417.96 Td (2,573) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 417.96 Td (142,604) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 417.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 417.96 Td (145,310) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 405.21 Td (Deferred tax assets) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 319.50 404.96 Td (3,502) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 404.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 404.96 Td (18,463) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 479.40 404.96 Td (\(21,965) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 404.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 551.15 404.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 392.21 Td (Investment in subsidiaries) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 311.00 391.96 Td (622,824) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 365.00 391.96 Td (507,747) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 443.15 391.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 468.80 392.01 Td (\(1,130,571) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 391.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 551.15 391.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 379.21 Td (Intercompany receivables) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 315.25 378.96 Td (52,149) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 369.25 378.96 Td (83,437) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 443.15 378.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.15 378.96 Td (\(135,586) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 378.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 551.15 378.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 366.21 Td (T) Tj ET Q q 0 0 0 rg BT 75.40 366.21 Td (otal assets) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 294.50 365.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 311.00 365.96 Td (732,048) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 348.50 365.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 365.00 365.96 Td (757,663) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 402.50 365.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 417.65 365.96 Td (2,418,570) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 461.50 365.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 468.80 366.01 Td (\(1,469,764) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 365.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 515.50 365.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 525.60 365.96 Td (2,438,517) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.50 353.34 Td (LIABILITIES ) Tj ET Q q 0 0 0 rg BT 106.84 353.34 Td (AND ST) Tj ET Q q 0 0 0 rg BT 137.46 353.34 Td (OCKHOLDERS' EQUITY) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.50 340.34 Td (Liabilities) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 327.21 Td (Drafts payable) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 294.50 326.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 326.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 348.50 326.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 326.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 402.50 326.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 326.96 Td (42,412) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 461.50 326.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 326.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 515.50 326.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 326.96 Td (42,412) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 314.21 Td (Bank call loans) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 313.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 313.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 313.96 Td (1) Tj ET Q q 0 0 0 rg BT 428.25 313.96 Td (18,300) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 313.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 313.96 Td (1) Tj ET Q q 0 0 0 rg BT 536.25 313.96 Td (18,300) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 301.21 Td (Payable to brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 215.11 301.21 Td (ganizations) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 300.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 300.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 300.96 Td (21) Tj ET Q q 0 0 0 rg BT 432.50 300.96 Td (1,483) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 300.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 300.96 Td (21) Tj ET Q q 0 0 0 rg BT 540.50 300.96 Td (1,483) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 288.21 Td (Payable to customers) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 287.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 287.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 287.96 Td (385,907) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 287.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 287.96 Td (385,907) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 275.21 Td (Securities sold under agreements to repurchase) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 274.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 274.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 274.96 Td (586,478) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 274.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 274.96 Td (586,478) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 262.21 Td (Securities sold but not yet purchased, at fair value) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 261.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 261.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 261.96 Td (94,486) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 261.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 261.96 Td (94,486) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 249.21 Td (Accrued compensation) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 248.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 248.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 248.96 Td (173,1) Tj ET Q q 0 0 0 rg BT 443.13 248.96 Td (16) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 248.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 248.96 Td (173,1) Tj ET Q q 0 0 0 rg BT 551.13 248.96 Td (16) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 236.21 Td (Accounts payable and other liabilities) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 319.50 235.96 Td (7,221) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 369.25 235.96 Td (33,994) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 235.96 Td (51,280) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 235.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 235.96 Td (92,495) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 223.21 Td (Income tax payable) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 319.50 222.96 Td (2,440) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 369.25 222.96 Td (22,189) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 222.96 Td (44,455) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 479.40 222.96 Td (\(69,084) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 222.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 551.15 222.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 210.21 Td (Senior secured notes, net of debt issuance cost of $1,163) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 311.00 209.96 Td (198,837) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 209.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 443.15 209.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 209.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 209.96 Td (198,837) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 197.21 Td (Subordinated indebtedness) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 196.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 196.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 196.96 Td (1) Tj ET Q q 0 0 0 rg BT 428.25 196.96 Td (12,558) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.15 196.96 Td (\(1) Tj ET Q q 0 0 0 rg BT 482.23 196.96 Td (12,558) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 196.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 551.15 196.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 184.21 Td (Deferred tax liabilities) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 183.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 183.96 Td (17) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 183.96 Td (33,040) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 479.40 183.96 Td (\(21,965) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 183.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 183.96 Td (1) Tj ET Q q 0 0 0 rg BT 540.50 183.96 Td (1,092) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 171.21 Td (Intercompany payables) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 170.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 369.25 170.96 Td (62,163) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 170.96 Td (73,423) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.15 170.96 Td (\(135,586) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 170.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 551.15 170.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 158.21 Td (T) Tj ET Q q 0 0 0 rg BT 75.40 158.21 Td (otal liabilities) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 311.00 157.96 Td (208,498) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 365.00 157.96 Td (1) Tj ET Q q 0 0 0 rg BT 369.25 157.96 Td (18,363) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 417.65 157.96 Td (1,926,938) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.15 157.96 Td (\(339,193) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 157.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 525.60 157.96 Td (1,914,606) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.50 145.34 Td (Stockholders' equity) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 132.21 Td (Stockholders' equity attributable to Oppenheimer Holdings Inc.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 311.00 131.96 Td (523,550) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 365.00 131.96 Td (639,300) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 131.96 Td (491,271) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 468.80 132.01 Td (\(1,130,571) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 131.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 131.96 Td (523,550) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 119.21 Td (Noncontrolling interest) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 118.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 118.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 438.90 118.96 Td (361) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 118.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 546.90 118.96 Td (361) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 106.21 Td (T) Tj ET Q q 0 0 0 rg BT 75.40 106.21 Td (otal stockholders' equity) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 311.00 105.96 Td (523,550) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 365.00 105.96 Td (639,300) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 105.96 Td (491,632) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 468.80 106.01 Td (\(1,130,571) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 105.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 105.96 Td (523,91) Tj ET Q q 0 0 0 rg BT 555.38 105.96 Td (1) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 93.21 Td (T) Tj ET Q q 0 0 0 rg BT 75.10 93.21 Td (otal liabilities and stockholders' equity) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 294.50 92.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 311.00 92.96 Td (732,048) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 348.50 92.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 365.00 92.96 Td (757,663) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 402.50 92.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 417.65 92.96 Td (2,418,570) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 461.50 92.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 468.80 93.01 Td (\(1,469,764) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 92.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 515.50 92.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 525.60 92.96 Td (2,438,517) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 261 0 obj <>] /Rotate 0 /Contents 262 0 R>> endobj 262 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 20.10 Td (128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.05 695.10 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.60 683.10 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 312.33 683.10 Td (TING BALANCE SHEET) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.70 671.10 Td (AS OF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.27 671.10 Td (DECEMBER31, 2016) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 633.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 633.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 633.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 633.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 633.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 633.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 633.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 633.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 633.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 633.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 607.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 607.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 607.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 607.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 607.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 607.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 607.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 607.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 607.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 607.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 581.60 242.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 581.60 50.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 581.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 581.60 50.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 581.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 581.60 55.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 581.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 581.60 50.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 581.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 581.60 50.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 546.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 546.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 546.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 546.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 546.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 546.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 546.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 546.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 546.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 546.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 511.60 242.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 511.60 50.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 511.60 4.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 511.60 50.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 511.60 4.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 511.60 55.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 511.60 4.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 511.60 50.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 511.60 4.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 511.60 50.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 459.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 459.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 459.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 459.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 459.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 459.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 459.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 459.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 459.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 459.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 433.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 433.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 433.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 433.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 433.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 433.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 433.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 433.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 433.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 433.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 407.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 407.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 407.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 407.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 407.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 407.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 407.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 407.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 407.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 407.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 381.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 381.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 381.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 381.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 381.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 381.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 381.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 381.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 381.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 381.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 355.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 355.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 355.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 355.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 355.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 355.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 355.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 355.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 355.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 355.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 329.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 329.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 329.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 329.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 329.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 329.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 329.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 329.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 329.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 329.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 303.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 303.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 303.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 303.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 303.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 303.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 303.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 303.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 303.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 303.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 277.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 277.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 277.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 277.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 277.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 277.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 277.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 277.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 277.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 277.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 251.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 251.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 251.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 251.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 251.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 251.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 251.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 251.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 251.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 251.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 225.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 225.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 225.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 225.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 225.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 225.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 225.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 225.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 225.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 225.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 199.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 199.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 199.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 199.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 199.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 199.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 199.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 199.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 199.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 199.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 173.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 173.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 173.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 173.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 173.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 173.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 173.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 173.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 173.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 173.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 147.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 147.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 147.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 147.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 147.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 147.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 147.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 147.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 147.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 147.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 121.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 121.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 121.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 121.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 121.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 121.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 121.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 121.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 121.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 121.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 95.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 95.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 95.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 95.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 95.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 95.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 95.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 95.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 95.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 95.60 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 292 633.6 m 342 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 633.6 m 396 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 633.6 m 455 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 633.6 m 509 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 633.6 m 563 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 368.6 m 342 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 368.6 m 396 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 368.6 m 455 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 368.6 m 509 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 368.6 m 563 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 356.6 m 342 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 354.6 m 342 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 356.6 m 396 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 354.6 m 396 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 356.6 m 455 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 354.6 m 455 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 356.6 m 509 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 354.6 m 509 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 356.6 m 563 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 354.6 m 563 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 160.60000000000002 m 342 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 160.60000000000002 m 396 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 160.60000000000002 m 455 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 160.60000000000002 m 509 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 160.60000000000002 m 563 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 108.60000000000002 m 342 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 108.60000000000002 m 396 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 108.60000000000002 m 455 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 108.60000000000002 m 509 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 108.60000000000002 m 563 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 95.60000000000002 m 342 95.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 95.60000000000002 m 396 95.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 95.60000000000002 m 455 95.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 95.60000000000002 m 509 95.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 95.60000000000002 m 563 95.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 83.60000000000002 m 342 83.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 81.60000000000002 m 342 81.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 83.60000000000002 m 396 83.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 81.60000000000002 m 396 81.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 83.60000000000002 m 455 83.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 81.60000000000002 m 455 81.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 83.60000000000002 m 509 83.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 81.60000000000002 m 509 81.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 83.60000000000002 m 563 83.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 81.60000000000002 m 563 81.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 637.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 637.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.25 637.85 Td (Parent) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.25 645.85 Td (Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.60 637.85 Td (subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.45 645.85 Td (Non-guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.40 637.85 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.05 637.85 Td (Eliminations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.35 637.85 Td (Consolidated) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.50 625.34 Td (ASSETS) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 612.21 Td (Cash and cash equivalents) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 294.50 611.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 325.90 611.96 Td (229) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 348.50 611.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 369.25 611.96 Td (10,284) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 402.50 611.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 611.96 Td (54,400) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 461.50 611.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 611.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 515.50 611.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 611.96 Td (64,913) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 599.21 Td (Deposits with clearing or) Tj ET Q q 0 0 0 rg BT 156.12 599.21 Td (ganizations) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 598.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 598.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 598.96 Td (38,185) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 598.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 598.96 Td (38,185) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 586.21 Td (Receivable from brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 235.87 586.21 Td (ganizations) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 585.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 585.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 585.96 Td (214,934) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 585.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 585.96 Td (214,934) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 573.21 Td (Receivable from customers, net of allowance for credit losses) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 564.71 Td (of $794) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 563.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 563.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 563.96 Td (847,386) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 563.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 563.96 Td (847,386) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 551.21 Td (Income tax receivable) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 315.25 550.96 Td (41,996) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 369.25 550.96 Td (28,289) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 443.15 550.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 479.40 550.96 Td (\(64,469) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 550.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 540.50 550.96 Td (5,816) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 538.21 Td (Securities purchased under agreements to resell) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 537.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 537.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 537.96 Td (24,006) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 537.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 537.96 Td (24,006) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 525.21 Td (Securities owned, including amounts pledged of $438,385, at) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 516.71 Td (fair value) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 515.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 369.25 515.96 Td (23,227) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 515.96 Td (683,881) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 515.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 515.96 Td (707,108) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 503.21 Td (Notes receivable, net of accumulated amortization and) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 494.71 Td (allowance for uncollectibles of $24,826 and $6,784,) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 486.21 Td (respectively) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 485.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 485.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 485.96 Td (30,099) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 485.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 485.96 Td (30,099) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 473.21 Td (Furniture, equipment and leasehold improvements, net of) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 464.71 Td (accumulated depreciation of $84,073) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 463.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 369.25 463.96 Td (21,963) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 432.50 463.96 Td (5,270) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 463.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 463.96 Td (27,233) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 451.21 Td (Subordinated loan receivable) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 450.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 365.00 450.96 Td (1) Tj ET Q q 0 0 0 rg BT 369.25 450.96 Td (12,558) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 443.15 450.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.15 450.96 Td (\(1) Tj ET Q q 0 0 0 rg BT 482.23 450.96 Td (12,558) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 450.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 551.15 450.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 438.21 Td (Intangible assets) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 437.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 437.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 437.96 Td (31,700) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 437.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 437.96 Td (31,700) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 425.21 Td (Goodwill) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 424.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 424.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 424.96 Td (137,889) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 424.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 424.96 Td (137,889) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 412.21 Td (Other assets) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 411.96 Td (71) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 373.50 411.96 Td (2,598) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 411.96 Td (104,992) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 411.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 411.96 Td (107,661) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 399.21 Td (Deferred tax assets) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 325.90 398.96 Td (394) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 379.90 398.96 Td (309) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 398.96 Td (37,961) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 479.40 398.96 Td (\(38,664) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 398.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 551.15 398.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 386.21 Td (Investment in subsidiaries) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 311.00 385.96 Td (584,767) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 365.00 385.96 Td (483,623) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 443.15 385.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 468.80 386.01 Td (\(1,068,390) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 385.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 551.15 385.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 373.21 Td (Intercompany receivables) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 315.25 372.96 Td (37,906) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 369.25 372.96 Td (37,914) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 443.15 372.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 479.40 372.96 Td (\(75,820) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 372.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 551.15 372.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 360.21 Td (T) Tj ET Q q 0 0 0 rg BT 75.40 360.21 Td (otal assets) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 294.50 359.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 311.00 359.96 Td (665,363) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 348.50 359.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 365.00 359.96 Td (720,765) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 402.50 359.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 417.65 359.96 Td (2,210,703) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 461.50 359.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 468.80 360.01 Td (\(1,359,901) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 359.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 515.50 359.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 525.60 359.96 Td (2,236,930) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.50 347.34 Td (LIABILITIES ) Tj ET Q q 0 0 0 rg BT 106.84 347.34 Td (AND ST) Tj ET Q q 0 0 0 rg BT 137.46 347.34 Td (OCKHOLDERS' EQUITY) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.50 334.34 Td (Liabilities) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 321.21 Td (Drafts payable) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 294.50 320.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 320.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 348.50 320.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 320.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 402.50 320.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 320.96 Td (39,228) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 461.50 320.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 320.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 515.50 320.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 320.96 Td (39,228) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 308.21 Td (Bank call loans) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 307.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 307.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 307.96 Td (145,800) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 307.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 307.96 Td (145,800) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 295.21 Td (Payable to brokers, dealers and clearing or) Tj ET Q q 0 0 0 rg BT 215.11 295.21 Td (ganizations) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 294.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 294.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 294.96 Td (221,389) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 294.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 294.96 Td (221,389) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 282.21 Td (Payable to customers) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 281.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 281.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 281.96 Td (449,946) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 281.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 281.96 Td (449,946) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 269.21 Td (Securities sold under agreements to repurchase) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 268.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 268.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 268.96 Td (378,084) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 268.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 268.96 Td (378,084) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 256.21 Td (Securities sold but not yet purchased, at fair value) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 255.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 255.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 255.96 Td (85,050) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 255.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 255.96 Td (85,050) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 243.21 Td (Accrued compensation) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 242.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 242.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 242.96 Td (145,053) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 242.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 242.96 Td (145,053) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 230.21 Td (Accounts payable and other liabilities) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 319.50 229.96 Td (2,868) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 369.25 229.96 Td (34,920) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 229.96 Td (58,769) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 229.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 229.96 Td (96,557) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 217.21 Td (Income tax payable) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 319.50 216.96 Td (2,440) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 369.25 216.96 Td (22,189) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 216.96 Td (39,840) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 479.40 216.96 Td (\(64,469) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 216.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 551.15 216.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 204.21 Td (Senior secured notes, net of debt issuance costs of $648) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 311.00 203.96 Td (149,352) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 203.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 443.15 203.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 203.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 203.96 Td (149,352) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 191.21 Td (Subordinated indebtedness) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 190.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 190.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 190.96 Td (1) Tj ET Q q 0 0 0 rg BT 428.25 190.96 Td (12,558) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.15 190.96 Td (\(1) Tj ET Q q 0 0 0 rg BT 482.23 190.96 Td (12,558) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 190.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 551.15 190.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 178.21 Td (Deferred tax liabilities) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 177.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 388.40 177.96 Td (7) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 177.96 Td (51,794) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 479.40 177.96 Td (\(38,664) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 177.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 536.25 177.96 Td (13,137) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 165.21 Td (Intercompany payables) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 164.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 369.25 164.96 Td (62,205) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 428.25 164.96 Td (13,615) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 479.40 164.96 Td (\(75,820) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 164.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 551.15 164.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 152.21 Td (T) Tj ET Q q 0 0 0 rg BT 75.40 152.21 Td (otal liabilities) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 311.00 151.96 Td (154,660) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 365.00 151.96 Td (1) Tj ET Q q 0 0 0 rg BT 369.25 151.96 Td (19,321) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 417.65 151.96 Td (1,741,126) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 475.15 151.96 Td (\(291,51) Tj ET Q q 0 0 0 rg BT 501.36 151.96 Td (1) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 151.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 525.60 151.96 Td (1,723,596) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 52.50 139.34 Td (Stockholders' equity) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 126.21 Td (Stockholders' equity attributable to Oppenheimer Holdings Inc.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 311.00 125.96 Td (510,703) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 365.00 125.96 Td (601,444) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 125.96 Td (466,946) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 468.80 126.01 Td (\(1,068,390) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 125.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 125.96 Td (510,703) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 113.21 Td (Noncontrolling interest) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 330.15 112.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 384.15 112.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 432.50 112.96 Td (2,631) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 497.15 112.96 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 540.50 112.96 Td (2,631) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 100.21 Td (T) Tj ET Q q 0 0 0 rg BT 75.40 100.21 Td (otal stockholders' equity) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 311.00 99.96 Td (510,703) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 365.00 99.96 Td (601,444) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 424.00 99.96 Td (469,577) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 468.80 100.01 Td (\(1,068,390) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 99.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 532.00 99.96 Td (513,334) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 70.50 87.21 Td (T) Tj ET Q q 0 0 0 rg BT 75.10 87.21 Td (otal liabilities and stockholders' equity) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 294.50 86.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 311.00 86.96 Td (665,363) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 348.50 86.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 365.00 86.96 Td (720,765) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 402.50 86.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 417.65 86.96 Td (2,210,703) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 461.50 86.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 468.80 87.01 Td (\(1,359,901) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 505.65 86.96 Td (\)) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 515.50 86.96 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 525.60 86.96 Td (2,236,930) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 263 0 obj <>] /Rotate 0 /Contents 264 0 R>> endobj 264 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 20.10 Td (129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.05 695.10 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.80 683.10 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 284.53 683.10 Td (TING ST) Tj ET Q q 0 0 0 rg BT 321.78 683.10 Td (A) Tj ET Q q 0 0 0 rg BT 327.89 683.10 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 368.26 683.10 Td ( OF OPERA) Tj ET Q q 0 0 0 rg BT 417.72 683.10 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.30 671.10 Td (FOR ) Tj ET Q q 0 0 0 rg BT 227.07 671.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 248.64 671.10 Td (YEAR ENDED ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.74 671.10 Td (DECEMBER31, 2017) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 639.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 639.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 611.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 611.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 583.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 583.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 555.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 555.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 527.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 527.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 527.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 527.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 527.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 527.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 527.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 527.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 527.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 527.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 499.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 499.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 499.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 499.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 499.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 499.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 499.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 499.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 499.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 499.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 471.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 471.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 471.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 471.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 471.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 471.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 471.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 471.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 471.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 471.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 443.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 443.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 443.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 443.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 443.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 443.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 443.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 443.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 443.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 443.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 415.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 415.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 415.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 415.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 415.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 415.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 415.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 415.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 415.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 415.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 387.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 387.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 387.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 387.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 387.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 387.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 387.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 387.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 387.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 387.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 359.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 359.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 359.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 359.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 359.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 359.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 331.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 331.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 331.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 331.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 331.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 331.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 331.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 331.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 331.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 331.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 303.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 303.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 303.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 303.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 303.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 303.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 303.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 303.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 303.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 303.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 275.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 275.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 275.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 275.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 275.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 275.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 275.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 275.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 275.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 275.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 247.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 247.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 247.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 247.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 247.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 247.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 247.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 247.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 247.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 247.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 219.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 219.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 219.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 219.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 219.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 219.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 219.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 219.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 219.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 219.60 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 639.6 m 342 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 639.6 m 396 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 639.6 m 455 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 639.6 m 509 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 639.6 m 563 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 541.6 m 342 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 541.6 m 396 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 541.6 m 455 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 541.6 m 509 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 541.6 m 563 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 527.6 m 342 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 527.6 m 396 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 527.6 m 455 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 527.6 m 509 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 527.6 m 563 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 429.6 m 342 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 429.6 m 396 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 429.6 m 455 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 429.6 m 509 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 429.6 m 563 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 415.6 m 342 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 415.6 m 396 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 415.6 m 455 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 415.6 m 509 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 415.6 m 563 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 415.6 m 342 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 415.6 m 396 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 415.6 m 455 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 415.6 m 509 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 387.6 m 342 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 387.6 m 396 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 387.6 m 455 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 387.6 m 509 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 387.6 m 563 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 373.6 m 342 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 373.6 m 396 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 373.6 m 455 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 373.6 m 509 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 373.6 m 563 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 317.6 m 342 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 317.6 m 396 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 317.6 m 455 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 317.6 m 509 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 317.6 m 563 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 317.6 m 342 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 303.6 m 342 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 317.6 m 396 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 303.6 m 396 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 317.6 m 455 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 303.6 m 455 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 317.6 m 509 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 303.6 m 509 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 317.6 m 563 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 303.6 m 563 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 303.6 m 342 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 275.6 m 342 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 275.6 m 396 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 275.6 m 455 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 275.6 m 509 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 275.6 m 563 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 275.6 m 396 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 275.6 m 455 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 275.6 m 509 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 275.6 m 563 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 247.60000000000002 m 342 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 247.60000000000002 m 396 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 247.60000000000002 m 455 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 247.60000000000002 m 509 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 247.60000000000002 m 563 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 247.60000000000002 m 396 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 247.60000000000002 m 455 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 247.60000000000002 m 509 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 247.60000000000002 m 563 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 219.60000000000002 m 342 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 219.60000000000002 m 396 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 219.60000000000002 m 455 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 219.60000000000002 m 509 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 219.60000000000002 m 563 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 206.60000000000002 m 342 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 204.60000000000002 m 342 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 206.60000000000002 m 396 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 204.60000000000002 m 396 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 206.60000000000002 m 455 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 204.60000000000002 m 455 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 206.60000000000002 m 509 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 204.60000000000002 m 509 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 206.60000000000002 m 563 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 204.60000000000002 m 563 204.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 643.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 643.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.25 643.85 Td (Parent) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.25 651.85 Td (Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.60 643.85 Td (subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.45 651.85 Td (Non-guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.40 643.85 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.05 643.85 Td (Eliminations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.35 643.85 Td (Consolidated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 631.00 Td (REVENUES) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 616.86 Td (Commissions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 616.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 616.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.25 616.06 Td (336,620) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 616.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 616.06 Td (336,620) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 602.86 Td (Advisory fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 602.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 602.06 Td (1,752) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.25 602.06 Td (323,1) Tj ET Q q 0 0 0 rg BT 442.50 602.06 Td (14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.25 602.06 Td (\(4,120) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 602.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 602.06 Td (320,746) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 588.86 Td (Investment banking) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 588.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 588.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 588.06 Td (81,215) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.25 588.06 Td (\(3,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 588.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 588.06 Td (78,215) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 574.86 Td (Interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 574.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 574.06 Td (9,589) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 574.06 Td (48,548) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.25 574.06 Td (\(9,639) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 574.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 574.06 Td (48,498) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 560.86 Td (Principal transactions, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 560.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 560.06 Td (17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 560.06 Td (23,256) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 560.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 560.06 Td (23,273) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 546.86 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 546.06 Td (22) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 546.06 Td (361) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.25 546.06 Td (1) Tj ET Q q 0 0 0 rg BT 426.75 546.06 Td (12,962) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.00 546.06 Td (\(359) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 546.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 546.06 Td (1) Tj ET Q q 0 0 0 rg BT 534.75 546.06 Td (12,986) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 532.86 Td (T) Tj ET Q q 0 0 0 rg BT 75.68 532.86 Td (otal revenue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 532.06 Td (22) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 532.06 Td (1) Tj ET Q q 0 0 0 rg BT 372.25 532.06 Td (1,719) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.25 532.06 Td (925,715) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.75 532.06 Td (\(17,1) Tj ET Q q 0 0 0 rg BT 496.50 532.06 Td (18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 532.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 532.06 Td (920,338) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 519.00 Td (EXPENSES) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 504.86 Td (Compensation and related expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.25 504.06 Td (1,237) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 504.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.25 504.06 Td (600,901) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 504.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 504.06 Td (602,138) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 490.86 Td (Communications and technology) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 490.06 Td (160) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 490.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 490.06 Td (71,818) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 490.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 490.06 Td (71,978) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 476.86 Td (Occupancy and equipment costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 476.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 476.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 476.06 Td (61,523) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.00 476.06 Td (\(359) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 476.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 476.06 Td (61,164) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 462.86 Td (Clearing and exchange fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 462.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 462.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 462.06 Td (23,545) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 462.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 462.06 Td (23,545) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 448.86 Td (Interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.75 448.06 Td (13,740) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 448.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 448.06 Td (24,253) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.25 448.06 Td (\(9,639) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 448.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 448.06 Td (28,354) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 434.86 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.25 434.06 Td (4,969) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 434.06 Td (1,382) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.25 434.06 Td (1) Tj ET Q q 0 0 0 rg BT 426.75 434.06 Td (14,192) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.25 434.06 Td (\(7,120) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 434.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 434.06 Td (1) Tj ET Q q 0 0 0 rg BT 534.75 434.06 Td (13,423) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 420.86 Td (T) Tj ET Q q 0 0 0 rg BT 75.37 420.86 Td (otal expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.75 420.06 Td (20,106) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 420.06 Td (1,382) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.25 420.06 Td (896,232) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.75 420.06 Td (\(17,1) Tj ET Q q 0 0 0 rg BT 496.50 420.06 Td (18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 420.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 420.06 Td (900,602) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 406.86 Td (Income \(loss\) before income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.75 406.06 Td (\(20,084) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 406.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 406.06 Td (10,337) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 406.06 Td (29,483) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 406.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 406.06 Td (19,736) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 392.86 Td (Income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.25 392.06 Td (\(7,1) Tj ET Q q 0 0 0 rg BT 329.50 392.06 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 392.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.75 392.06 Td (\(12,655) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.50 392.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 392.06 Td (17,631) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 392.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 392.06 Td (\(2,134) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 392.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 378.86 Td (Net income \(loss\) from continuing operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.75 378.06 Td (\(12,974) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 378.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 378.06 Td (22,992) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 378.06 Td (1) Tj ET Q q 0 0 0 rg BT 431.25 378.06 Td (1,852) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 378.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 378.06 Td (21,870) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 351.00 Td (Discontinued operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 336.86 Td (Income from discontinued operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 336.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 336.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.25 336.06 Td (2,071) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 336.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 336.06 Td (2,071) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 322.86 Td (Income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 322.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 322.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.00 322.06 Td (941) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 322.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 322.06 Td (941) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 308.86 Td (Net income from discontinued operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 308.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 308.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.25 308.06 Td (1,130) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 308.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 308.06 Td (1,130) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 280.86 Td (Equity in earnings of subsidiaries) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.75 280.06 Td (35,790) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 280.06 Td (12,798) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.50 280.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.75 280.06 Td (\(48,588) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 280.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 280.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 266.86 Td (Net income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.75 266.06 Td (22,816) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 266.06 Td (35,790) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 266.06 Td (12,982) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.75 266.06 Td (\(48,588) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 266.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 266.06 Td (23,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 252.86 Td (Less net income attributable to noncontrolling interest, net of tax) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 252.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 252.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.00 252.06 Td (184) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 252.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 252.06 Td (184) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 238.86 Td (Net income attributable to Oppenheimer Holdings Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.75 238.06 Td (22,816) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 238.06 Td (35,790) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 238.06 Td (12,798) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.75 238.06 Td (\(48,588) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 238.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 238.06 Td (22,816) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 224.86 Td (Other comprehensive income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 224.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 224.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.25 224.06 Td (2,263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 224.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 224.06 Td (2,263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 210.86 Td (T) Tj ET Q q 0 0 0 rg BT 57.37 210.86 Td (otal comprehensive income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 210.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.75 210.06 Td (22,816) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.50 210.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 210.06 Td (35,790) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 210.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 210.06 Td (15,061) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 210.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.75 210.06 Td (\(48,588) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 210.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.50 210.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 210.06 Td (25,079) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 265 0 obj <>] /Rotate 0 /Contents 266 0 R>> endobj 266 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 20.10 Td (130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.05 695.10 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.80 683.10 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 284.53 683.10 Td (TING ST) Tj ET Q q 0 0 0 rg BT 321.78 683.10 Td (A) Tj ET Q q 0 0 0 rg BT 327.89 683.10 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 368.26 683.10 Td ( OF OPERA) Tj ET Q q 0 0 0 rg BT 417.72 683.10 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.30 671.10 Td (FOR ) Tj ET Q q 0 0 0 rg BT 227.07 671.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 248.64 671.10 Td (YEAR ENDED ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.74 671.10 Td (DECEMBER31, 2016) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 639.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 639.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 611.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 611.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 583.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 583.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 555.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 555.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 527.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 527.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 527.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 527.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 527.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 527.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 527.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 527.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 527.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 527.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 499.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 499.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 499.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 499.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 499.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 499.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 499.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 499.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 499.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 499.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 471.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 471.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 471.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 471.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 471.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 471.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 471.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 471.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 471.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 471.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 443.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 443.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 443.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 443.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 443.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 443.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 443.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 443.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 443.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 443.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 415.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 415.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 415.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 415.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 415.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 415.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 415.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 415.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 415.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 415.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 387.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 387.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 387.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 387.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 387.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 387.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 387.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 387.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 387.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 387.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 359.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 359.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 359.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 359.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 359.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 359.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 331.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 331.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 331.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 331.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 331.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 331.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 331.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 331.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 331.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 331.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 303.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 303.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 303.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 303.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 303.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 303.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 303.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 303.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 303.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 303.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 275.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 275.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 275.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 275.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 275.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 275.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 275.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 275.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 275.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 275.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 247.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 247.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 247.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 247.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 247.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 247.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 247.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 247.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 247.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 247.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 219.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 219.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 219.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 219.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 219.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 219.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 219.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 219.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 219.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 219.60 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 639.6 m 342 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 639.6 m 396 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 639.6 m 455 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 639.6 m 509 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 639.6 m 563 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 541.6 m 342 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 541.6 m 396 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 541.6 m 455 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 541.6 m 509 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 541.6 m 563 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 527.6 m 342 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 527.6 m 396 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 527.6 m 455 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 527.6 m 509 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 527.6 m 563 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 429.6 m 342 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 429.6 m 396 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 429.6 m 455 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 429.6 m 509 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 429.6 m 563 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 415.6 m 342 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 415.6 m 396 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 415.6 m 455 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 415.6 m 509 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 415.6 m 563 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 415.6 m 342 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 415.6 m 396 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 415.6 m 455 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 415.6 m 509 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 387.6 m 342 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 373.6 m 342 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 387.6 m 396 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 373.6 m 396 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 387.6 m 455 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 373.6 m 455 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 387.6 m 509 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 373.6 m 509 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 387.6 m 563 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 373.6 m 563 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 317.6 m 342 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 317.6 m 396 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 317.6 m 455 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 317.6 m 509 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 317.6 m 563 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 317.6 m 342 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 303.6 m 342 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 317.6 m 396 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 303.6 m 396 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 317.6 m 455 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 303.6 m 455 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 317.6 m 509 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 303.6 m 509 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 317.6 m 563 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 303.6 m 563 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 303.6 m 342 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 303.6 m 396 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 303.6 m 455 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 303.6 m 509 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 303.6 m 563 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 275.6 m 342 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 275.6 m 396 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 275.6 m 455 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 275.6 m 509 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 275.6 m 563 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 275.6 m 342 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 275.6 m 396 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 275.6 m 455 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 275.6 m 509 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 275.6 m 563 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 247.60000000000002 m 342 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 247.60000000000002 m 396 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 247.60000000000002 m 455 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 247.60000000000002 m 509 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 247.60000000000002 m 563 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 247.60000000000002 m 342 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 247.60000000000002 m 396 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 247.60000000000002 m 455 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 247.60000000000002 m 509 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 247.60000000000002 m 563 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 219.60000000000002 m 342 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 219.60000000000002 m 396 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 219.60000000000002 m 455 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 219.60000000000002 m 509 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 219.60000000000002 m 563 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 206.60000000000002 m 342 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 204.60000000000002 m 342 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 206.60000000000002 m 396 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 204.60000000000002 m 396 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 206.60000000000002 m 455 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 204.60000000000002 m 455 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 206.60000000000002 m 509 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 204.60000000000002 m 509 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 206.60000000000002 m 563 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 204.60000000000002 m 563 204.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 643.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 643.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.25 643.85 Td (Parent) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.25 651.85 Td (Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.60 643.85 Td (subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.45 651.85 Td (Non-guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.40 643.85 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.05 643.85 Td (Eliminations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.35 643.85 Td (Consolidated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 631.00 Td (REVENUES) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 616.86 Td (Commissions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 616.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 616.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.25 616.06 Td (377,317) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 616.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 616.06 Td (377,317) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 602.86 Td (Advisory fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 602.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 602.06 Td (1,571) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.25 602.06 Td (271,763) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.25 602.06 Td (\(4,215) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 602.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 602.06 Td (269,1) Tj ET Q q 0 0 0 rg BT 550.50 602.06 Td (19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 588.86 Td (Investment banking) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 588.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 588.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 588.06 Td (81,01) Tj ET Q q 0 0 0 rg BT 447.00 588.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 588.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 588.06 Td (81,01) Tj ET Q q 0 0 0 rg BT 555.00 588.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 574.86 Td (Interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 574.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 574.06 Td (10,242) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 574.06 Td (47,804) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.75 574.06 Td (\(10,397) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 574.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 574.06 Td (47,649) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 560.86 Td (Principal transactions, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 560.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 560.06 Td (16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 560.06 Td (20,465) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 560.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 560.06 Td (20,481) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 546.86 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 546.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 546.06 Td (326) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 546.06 Td (62,201) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.00 546.06 Td (\(325) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 546.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 546.06 Td (62,202) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 532.86 Td (T) Tj ET Q q 0 0 0 rg BT 75.68 532.86 Td (otal revenue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 532.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 532.06 Td (12,155) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.25 532.06 Td (860,561) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.75 532.06 Td (\(14,937) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 532.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 532.06 Td (857,779) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 519.00 Td (EXPENSES) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 504.86 Td (Compensation and related expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.25 504.06 Td (1,241) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 504.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.25 504.06 Td (583,469) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 504.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 504.06 Td (584,710) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 490.86 Td (Communications and technology) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 490.06 Td (124) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 490.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 490.06 Td (70,266) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 490.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 490.06 Td (70,390) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 476.86 Td (Occupancy and equipment costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 476.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 476.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 476.06 Td (61,1) Tj ET Q q 0 0 0 rg BT 442.50 476.06 Td (16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.00 476.06 Td (\(325) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 476.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 476.06 Td (60,791) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 462.86 Td (Clearing and exchange fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 462.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 462.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 462.06 Td (25,126) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 462.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 462.06 Td (25,126) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 448.86 Td (Interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.75 448.06 Td (13,125) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 448.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 448.06 Td (16,709) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.75 448.06 Td (\(10,397) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 448.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 448.06 Td (19,437) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 434.86 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.25 434.06 Td (1,887) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 434.06 Td (1,284) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.25 434.06 Td (120,261) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.25 434.06 Td (\(4,215) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 434.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 434.06 Td (1) Tj ET Q q 0 0 0 rg BT 534.75 434.06 Td (19,217) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 420.86 Td (T) Tj ET Q q 0 0 0 rg BT 75.37 420.86 Td (otal expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.75 420.06 Td (16,377) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 420.06 Td (1,284) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.25 420.06 Td (876,947) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.75 420.06 Td (\(14,937) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 420.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 420.06 Td (879,671) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 406.86 Td (Income \(loss\) before income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.75 406.06 Td (\(16,377) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 406.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 406.06 Td (10,871) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.75 406.06 Td (\(16,386) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 406.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 406.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 406.06 Td (\(21,892) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 406.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 392.86 Td (Income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.25 392.06 Td (\(8,296) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 392.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 392.06 Td (3,325) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.25 392.06 Td (\(7,291) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 392.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 392.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 392.06 Td (\(12,262) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 392.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 378.86 Td (Net income \(loss\) from continuing operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.25 378.06 Td (\(8,081) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 378.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 378.06 Td (7,546) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.25 378.06 Td (\(9,095) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 378.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 378.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 378.06 Td (\(9,630) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 378.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 351.00 Td (Discontinued operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 336.86 Td (Income from discontinued operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 336.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 336.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 336.06 Td (17,339) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 336.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 336.06 Td (17,339) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 322.86 Td (Income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 322.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 322.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.25 322.06 Td (7,218) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 322.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 322.06 Td (7,218) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 308.86 Td (Net income from discontinued operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 308.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 308.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 308.06 Td (10,121) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 308.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 308.06 Td (10,121) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 280.86 Td (Equity in earnings of subsidiaries) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.25 280.06 Td (6,920) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.00 280.06 Td (\(626) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.50 280.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.50 280.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.25 280.06 Td (\(6,294) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 280.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 280.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 266.86 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.25 266.06 Td (\(1,161) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 266.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 266.06 Td (6,920) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.25 266.06 Td (1,026) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.25 266.06 Td (\(6,294) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 266.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 266.06 Td (491) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 252.86 Td (Less net income attributable to noncontrolling interest, net of tax) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 252.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 252.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.25 252.06 Td (1,652) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 252.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 252.06 Td (1,652) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 238.86 Td (Net income \(loss\) attributable to Oppenheimer Holdings Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.25 238.06 Td (\(1,161) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 238.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 238.06 Td (6,920) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 238.06 Td (\(626) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 238.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.25 238.06 Td (\(6,294) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 238.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 238.06 Td (\(1,161) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 238.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 224.86 Td (Other comprehensive income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 224.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 224.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.00 224.06 Td (220) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 224.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 224.06 Td (220) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 210.86 Td (T) Tj ET Q q 0 0 0 rg BT 57.37 210.86 Td (otal comprehensive income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 210.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.25 210.06 Td (\(1,161) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 210.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.50 210.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 210.06 Td (6,920) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 210.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 210.06 Td (\(406) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 210.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 210.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.25 210.06 Td (\(6,294) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 210.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.50 210.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.00 210.06 Td (\(941) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 210.06 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 267 0 obj <>] /Rotate 0 /Contents 268 0 R>> endobj 268 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 20.10 Td (131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.05 695.10 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.80 683.10 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 284.53 683.10 Td (TING ST) Tj ET Q q 0 0 0 rg BT 321.78 683.10 Td (A) Tj ET Q q 0 0 0 rg BT 327.89 683.10 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 368.26 683.10 Td ( OF OPERA) Tj ET Q q 0 0 0 rg BT 417.72 683.10 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.30 671.10 Td (FOR ) Tj ET Q q 0 0 0 rg BT 227.07 671.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 248.64 671.10 Td (YEAR ENDED ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.74 671.10 Td (DECEMBER31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.69 671.10 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 639.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 639.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 611.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 611.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 583.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 583.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 555.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 555.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 527.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 527.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 527.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 527.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 527.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 527.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 527.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 527.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 527.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 527.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 499.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 499.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 499.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 499.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 499.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 499.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 499.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 499.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 499.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 499.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 471.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 471.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 471.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 471.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 471.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 471.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 471.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 471.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 471.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 471.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 443.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 443.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 443.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 443.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 443.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 443.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 443.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 443.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 443.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 443.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 415.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 415.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 415.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 415.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 415.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 415.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 415.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 415.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 415.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 415.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 387.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 387.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 387.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 387.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 387.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 387.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 387.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 387.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 387.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 387.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 359.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 359.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 359.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 359.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 359.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 359.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 331.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 331.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 331.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 331.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 331.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 331.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 331.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 331.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 331.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 331.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 303.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 303.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 303.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 303.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 303.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 303.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 303.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 303.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 303.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 303.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 275.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 275.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 275.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 275.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 275.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 275.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 275.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 275.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 275.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 275.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 247.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 247.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 247.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 247.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 247.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 247.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 247.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 247.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 247.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 247.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 219.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 219.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 219.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 219.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 219.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 219.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 219.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 219.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 219.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 219.60 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 639.6 m 341 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 639.6 m 395 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 639.6 m 454 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 639.6 m 508 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 639.6 m 562 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 541.6 m 341 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 541.6 m 395 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 541.6 m 454 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 541.6 m 508 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 541.6 m 562 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 527.6 m 341 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 527.6 m 395 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 527.6 m 454 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 527.6 m 508 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 527.6 m 562 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 429.6 m 341 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 429.6 m 395 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 429.6 m 454 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 429.6 m 508 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 429.6 m 562 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 415.6 m 341 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 415.6 m 395 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 415.6 m 454 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 415.6 m 508 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 415.6 m 562 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 415.6 m 341 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 415.6 m 395 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 415.6 m 454 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 415.6 m 508 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 387.6 m 341 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 373.6 m 341 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 387.6 m 395 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 373.6 m 395 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 387.6 m 454 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 373.6 m 454 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 387.6 m 508 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 373.6 m 508 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 387.6 m 562 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 373.6 m 562 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 317.6 m 341 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 317.6 m 395 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 317.6 m 454 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 317.6 m 508 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 317.6 m 562 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 317.6 m 341 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 303.6 m 341 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 317.6 m 395 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 303.6 m 395 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 317.6 m 454 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 303.6 m 454 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 317.6 m 508 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 303.6 m 508 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 317.6 m 562 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 303.6 m 562 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 303.6 m 341 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 303.6 m 395 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 303.6 m 454 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 303.6 m 508 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 303.6 m 562 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 275.6 m 341 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 275.6 m 395 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 275.6 m 454 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 275.6 m 508 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 275.6 m 562 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 275.6 m 341 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 275.6 m 395 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 275.6 m 454 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 275.6 m 508 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 275.6 m 562 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 247.60000000000002 m 341 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 247.60000000000002 m 395 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 247.60000000000002 m 454 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 247.60000000000002 m 508 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 247.60000000000002 m 562 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 219.60000000000002 m 341 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 219.60000000000002 m 395 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 219.60000000000002 m 454 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 219.60000000000002 m 508 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 219.60000000000002 m 562 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 206.60000000000002 m 341 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 204.60000000000002 m 341 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 206.60000000000002 m 395 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 204.60000000000002 m 395 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 206.60000000000002 m 454 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 204.60000000000002 m 454 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 206.60000000000002 m 508 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 204.60000000000002 m 508 204.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 206.60000000000002 m 562 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 204.60000000000002 m 562 204.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 643.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 69.42 643.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.25 643.85 Td (Parent) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.25 651.85 Td (Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 350.60 643.85 Td (subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.45 651.85 Td (Non-guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.40 643.85 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.05 643.85 Td (Eliminations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.35 643.85 Td (Consolidated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 631.00 Td (REVENUES) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 616.86 Td (Commissions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 616.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.50 616.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 616.06 Td (417,559) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.50 616.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 616.06 Td (417,559) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 602.86 Td (Advisory fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 602.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.25 602.06 Td (1,296) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 602.06 Td (282,633) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 602.06 Td (\(3,682) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 602.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 602.06 Td (280,247) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 588.86 Td (Investment banking) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 588.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.50 588.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 588.06 Td (102,540) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.50 588.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 588.06 Td (102,540) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 574.86 Td (Interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 574.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.75 574.06 Td (10,237) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 574.06 Td (49,056) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 574.06 Td (\(10,261) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 574.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 574.06 Td (49,032) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 560.86 Td (Principal transactions, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 560.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.50 560.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 560.06 Td (15,244) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 560.06 Td (\(64) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 560.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 560.06 Td (15,180) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 546.86 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 546.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.00 546.06 Td (370) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 546.06 Td (33,173) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.00 546.06 Td (\(300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 546.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 546.06 Td (33,243) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 532.86 Td (T) Tj ET Q q 0 0 0 rg BT 74.68 532.86 Td (otal revenue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 532.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.75 532.06 Td (1) Tj ET Q q 0 0 0 rg BT 371.25 532.06 Td (1,903) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 532.06 Td (900,205) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 532.06 Td (\(14,307) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 532.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 532.06 Td (897,801) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 519.00 Td (EXPENSES) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 504.86 Td (Compensation and related expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.25 504.06 Td (1,185) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.50 504.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 504.06 Td (609,635) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.50 504.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 504.06 Td (610,820) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 490.86 Td (Communications and technology) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 490.06 Td (142) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.50 490.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 490.06 Td (66,407) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.50 490.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 490.06 Td (66,549) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 476.86 Td (Occupancy and equipment costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 476.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.50 476.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 476.06 Td (63,142) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.00 476.06 Td (\(300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 476.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 476.06 Td (62,842) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 462.86 Td (Clearing and exchange fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 462.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.50 462.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 462.06 Td (26,022) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.50 462.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 462.06 Td (26,022) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 448.86 Td (Interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.75 448.06 Td (13,125) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.50 448.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 448.06 Td (13,465) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 448.06 Td (\(10,261) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 448.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.75 448.06 Td (16,329) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 434.86 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.25 434.06 Td (1,663) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.00 434.06 Td (892) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 434.06 Td (1) Tj ET Q q 0 0 0 rg BT 425.75 434.06 Td (18,858) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 434.06 Td (\(3,746) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 434.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 434.06 Td (1) Tj ET Q q 0 0 0 rg BT 533.75 434.06 Td (17,667) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.50 420.86 Td (T) Tj ET Q q 0 0 0 rg BT 74.37 420.86 Td (otal expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.75 420.06 Td (16,1) Tj ET Q q 0 0 0 rg BT 328.50 420.06 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.00 420.06 Td (892) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 420.06 Td (897,529) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 420.06 Td (\(14,307) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 420.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 420.06 Td (900,229) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 406.86 Td (Income \(loss\) before income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.75 406.06 Td (\(16,1) Tj ET Q q 0 0 0 rg BT 328.50 406.06 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.50 406.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.75 406.06 Td (1) Tj ET Q q 0 0 0 rg BT 371.25 406.06 Td (1,01) Tj ET Q q 0 0 0 rg BT 387.00 406.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.25 406.06 Td (2,676) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.50 406.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.25 406.06 Td (\(2,428) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.50 406.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 392.86 Td (Income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.25 392.06 Td (\(6,030) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.50 392.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.25 392.06 Td (5,553) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.00 392.06 Td (883) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.50 392.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 392.06 Td (406) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 378.86 Td (Net income \(loss\) from continuing operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.75 378.06 Td (\(10,085) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.50 378.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.25 378.06 Td (5,458) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.25 378.06 Td (1,793) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.50 378.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.25 378.06 Td (\(2,834) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.50 378.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 351.00 Td (Discontinued operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 336.86 Td (Income from discontinued operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 336.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.50 336.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.25 336.06 Td (9,139) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.50 336.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 336.06 Td (9,139) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 322.86 Td (Income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 322.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.50 322.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.25 322.06 Td (3,407) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.50 322.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 322.06 Td (3,407) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 308.86 Td (Net income from discontinued operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 308.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.50 308.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.25 308.06 Td (5,732) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.50 308.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 308.06 Td (5,732) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 280.86 Td (Equity in earnings of subsidiaries) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.75 280.06 Td (12,047) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.25 280.06 Td (6,589) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.50 280.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 280.06 Td (\(18,636) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 280.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 280.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 266.86 Td (Net income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.25 266.06 Td (1,962) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.75 266.06 Td (12,047) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.25 266.06 Td (7,525) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 266.06 Td (\(18,636) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 266.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 266.06 Td (2,898) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 252.86 Td (Less net income attributable to noncontrolling interest, net of tax) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 252.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.50 252.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.00 252.06 Td (936) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.50 252.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 252.06 Td (936) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 238.86 Td (Net income attributable to Oppenheimer Holdings Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.25 238.06 Td (1,962) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.75 238.06 Td (12,047) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.25 238.06 Td (6,589) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 238.06 Td (\(18,636) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 238.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 238.06 Td (1,962) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 224.86 Td (Other comprehensive income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 224.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.50 224.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 441.50 224.06 Td (17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.50 224.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 224.06 Td (17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 210.86 Td (T) Tj ET Q q 0 0 0 rg BT 56.37 210.86 Td (otal comprehensive income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 210.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.25 210.06 Td (1,962) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.50 210.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.75 210.06 Td (12,047) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.50 210.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.25 210.06 Td (6,606) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.50 210.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 210.06 Td (\(18,636) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 210.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.50 210.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 210.06 Td (1,979) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td ( ) Tj ET Q endstream endobj 269 0 obj <>] /Rotate 0 /Contents 270 0 R>> endobj 270 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 20.10 Td (132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.05 695.10 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.80 683.10 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 283.53 683.10 Td (TING ST) Tj ET Q q 0 0 0 rg BT 320.78 683.10 Td (A) Tj ET Q q 0 0 0 rg BT 326.89 683.10 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 367.26 683.10 Td ( OF CASH FLOWS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.30 671.10 Td (FOR ) Tj ET Q q 0 0 0 rg BT 227.07 671.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 248.64 671.10 Td (YEAR ENDED ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.74 671.10 Td (DECEMBER31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.69 671.10 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 639.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 639.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 611.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 611.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 583.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 583.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 555.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 555.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 518.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 518.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 518.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 518.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 518.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 518.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 518.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 518.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 518.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 518.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 490.60 242.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 490.60 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 490.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 490.60 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 490.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 490.60 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 490.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 490.60 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 490.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 490.60 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 444.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 444.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 444.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 444.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 444.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 444.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 444.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 444.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 444.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 444.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 416.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 416.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 416.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 416.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 416.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 416.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 416.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 416.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 416.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 416.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 388.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 388.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 388.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 388.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 388.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 388.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 388.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 388.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 388.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 388.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 360.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 360.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 360.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 360.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 360.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 360.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 360.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 360.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 360.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 360.60 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 639.6 m 342 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 639.6 m 396 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 639.6 m 455 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 639.6 m 509 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 639.6 m 563 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 611.6 m 342 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 611.6 m 396 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 611.6 m 455 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 611.6 m 509 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 611.6 m 563 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 569.6 m 342 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 569.6 m 396 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 569.6 m 455 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 569.6 m 509 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 569.6 m 563 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 555.6 m 342 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 569.6 m 396 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 555.6 m 396 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 569.6 m 455 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 555.6 m 455 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 569.6 m 509 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 555.6 m 509 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 569.6 m 563 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 555.6 m 563 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 388.6 m 342 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 388.6 m 396 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 388.6 m 455 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 388.6 m 509 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 374.6 m 342 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 374.6 m 396 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 374.6 m 455 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 374.6 m 509 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 388.6 m 563 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 374.6 m 563 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 374.6 m 396 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 374.6 m 455 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 374.6 m 509 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 346.6 m 342 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 346.6 m 396 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 346.6 m 455 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 346.6 m 509 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 346.6 m 563 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 333.6 m 342 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 331.6 m 342 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 333.6 m 396 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 331.6 m 396 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 333.6 m 455 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 331.6 m 455 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 333.6 m 509 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 331.6 m 509 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 333.6 m 563 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 331.6 m 563 331.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 643.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 643.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.25 643.85 Td (Parent) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.25 651.85 Td (Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.60 643.85 Td (subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.55 651.85 Td (Non-Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.40 643.85 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.05 643.85 Td (Eliminations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.35 643.85 Td (Consolidated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 631.00 Td (Cash flows fr) Tj ET Q q 0 0 0 rg BT 103.42 631.00 Td (om operating activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 616.86 Td (Cash provided by \(used in\) operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.75 616.06 Td (\(25,979) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 616.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.25 616.06 Td (\(6,568) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.50 616.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 616.06 Td (16,41) Tj ET Q q 0 0 0 rg BT 447.00 616.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 616.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 616.06 Td (\(16,136) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 616.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 603.00 Td (Cash flows fr) Tj ET Q q 0 0 0 rg BT 103.42 603.00 Td (om investing activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 588.86 Td (Purchase of furniture, equipment and leasehold improvements) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 588.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 588.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.25 588.06 Td (\(5,61) Tj ET Q q 0 0 0 rg BT 447.00 588.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 588.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 588.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 588.06 Td (\(5,61) Tj ET Q q 0 0 0 rg BT 555.00 588.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 588.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 574.86 Td (Proceeds from the settlement of Company-owned life insurance) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 574.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 574.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.25 574.06 Td (1,744) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 574.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 574.06 Td (1,744) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 560.86 Td (Cash used in investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 560.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 560.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.25 560.06 Td (\(3,867) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 560.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 560.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 560.06 Td (\(3,867) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 560.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 547.00 Td (Cash flows fr) Tj ET Q q 0 0 0 rg BT 103.42 547.00 Td (om financing activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 532.86 Td (Cash dividends paid on Class) Tj ET Q q 0 0 0 rg BT 160.50 532.86 Td (A) Tj ET Q q 0 0 0 rg BT 166.50 532.86 Td ( non-voting and Class B voting) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 523.86 Td (common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.25 523.06 Td (\(5,836) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 523.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 523.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.50 523.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 523.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 523.06 Td (\(5,836) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 523.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 509.86 Td (Cash dividends paid to noncontrolling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 509.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 509.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.25 509.06 Td (\(2,448) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 509.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 509.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 509.06 Td (\(2,448) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 509.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 495.86 Td (Issuance of Class) Tj ET Q q 0 0 0 rg BT 116.99 495.86 Td (A) Tj ET Q q 0 0 0 rg BT 122.99 495.86 Td ( non-voting common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 495.06 Td (26) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 495.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.50 495.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 495.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 495.06 Td (26) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 481.86 Td (Repurchase of Class) Tj ET Q q 0 0 0 rg BT 127.98 481.86 Td (A) Tj ET Q q 0 0 0 rg BT 133.99 481.86 Td ( non-voting common stock for) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 472.86 Td (cancellation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.25 472.06 Td (\(7,464) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 472.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 472.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.50 472.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 472.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 472.06 Td (\(7,464) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 472.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 458.86 Td (Payments of employee taxes withheld related to vested share-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 449.86 Td (based awards) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.25 449.06 Td (\(2,237) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 449.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 449.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.50 449.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 449.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 449.06 Td (\(2,237) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 449.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 435.86 Td (Issuance of senior secured notes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 435.06 Td (200,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 435.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.50 435.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 435.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 435.06 Td (200,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 421.86 Td (Redemption of senior secured notes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.25 421.06 Td (\(150,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 421.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 421.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.50 421.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 421.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.25 421.06 Td (\(150,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 421.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 407.86 Td (Debt issuance costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.25 407.06 Td (\(1,297) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 407.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 407.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.50 407.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 407.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 407.06 Td (\(1,297) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 407.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 393.86 Td (Decrease in bank call loans, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 393.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 393.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.75 393.06 Td (\(27,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 393.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 393.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 393.06 Td (\(27,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 393.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 379.86 Td (Cash provided by \(used in\) in financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.75 379.06 Td (33,192) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 379.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.75 379.06 Td (\(29,948) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 379.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 379.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 379.06 Td (3,244) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 365.86 Td (Net increase \(decrease\) in cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.25 365.06 Td (7,213) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.25 365.06 Td (\(6,568) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.50 365.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.75 365.06 Td (\(17,404) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 365.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 365.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 365.06 Td (\(16,759) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 365.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 352.00 Td (Cash and cash equivalents, beginning of the year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 351.06 Td (229) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 351.06 Td (10,284) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 351.06 Td (54,400) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 351.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 351.06 Td (64,913) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 338.00 Td (Cash and cash equivalents, end of the year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 337.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.25 337.06 Td (7,442) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.50 337.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 337.06 Td (3,716) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 337.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 337.06 Td (36,996) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 337.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 337.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.50 337.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 337.06 Td (48,154) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 271 0 obj <>] /Rotate 0 /Contents 272 0 R>> endobj 272 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 20.10 Td (133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.05 695.10 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.80 683.10 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 283.53 683.10 Td (TING ST) Tj ET Q q 0 0 0 rg BT 320.78 683.10 Td (A) Tj ET Q q 0 0 0 rg BT 326.89 683.10 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 367.26 683.10 Td ( OF CASH FLOWS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.30 671.10 Td (FOR ) Tj ET Q q 0 0 0 rg BT 227.07 671.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 248.64 671.10 Td (YEAR ENDED ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.74 671.10 Td (DECEMBER31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.69 671.10 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 639.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 639.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 611.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 611.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 583.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 583.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 555.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 555.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 555.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 555.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 518.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 518.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 518.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 518.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 518.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 518.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 518.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 518.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 518.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 518.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 481.60 242.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 481.60 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 481.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 481.60 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 481.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 481.60 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 481.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 481.60 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 481.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 481.60 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 444.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 444.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 444.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 444.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 444.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 444.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 444.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 444.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 444.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 444.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 416.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 416.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 416.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 416.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 416.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 416.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 416.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 416.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 416.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 416.60 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 639.6 m 342 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 639.6 m 396 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 639.6 m 455 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 639.6 m 509 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 639.6 m 563 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 611.6 m 342 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 611.6 m 396 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 611.6 m 455 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 611.6 m 509 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 611.6 m 563 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 569.6 m 342 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 569.6 m 396 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 569.6 m 455 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 569.6 m 509 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 555.6 m 342 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 555.6 m 396 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 555.6 m 455 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 555.6 m 509 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 569.6 m 563 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 555.6 m 563 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 444.6 m 342 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 444.6 m 396 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 444.6 m 455 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 444.6 m 509 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 444.6 m 563 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 430.6 m 342 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 430.6 m 396 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 430.6 m 455 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 430.6 m 509 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 430.6 m 563 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 430.6 m 342 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 430.6 m 396 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 430.6 m 455 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 430.6 m 509 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 402.6 m 342 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 402.6 m 396 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 402.6 m 455 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 402.6 m 509 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 402.6 m 563 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 389.6 m 342 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 387.6 m 342 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 389.6 m 396 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 387.6 m 396 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 389.6 m 455 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 387.6 m 455 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 389.6 m 509 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 387.6 m 509 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 389.6 m 563 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 387.6 m 563 387.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 643.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 643.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.25 643.85 Td (Parent) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.25 651.85 Td (Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.60 643.85 Td (subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.55 651.85 Td (Non-Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.40 643.85 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.05 643.85 Td (Eliminations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.35 643.85 Td (Consolidated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 631.00 Td (Cash flows fr) Tj ET Q q 0 0 0 rg BT 103.42 631.00 Td (om operating activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 88.50 616.86 Td (Cash provided by \(used in\) operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.75 616.06 Td (10,485) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 616.06 Td (7,698) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.75 616.06 Td (\(85,048) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 616.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 616.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 616.06 Td (\(66,865) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 616.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 603.00 Td (Cash flows fr) Tj ET Q q 0 0 0 rg BT 103.42 603.00 Td (om investing activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 588.86 Td (Purchase of furniture, equipment and leasehold improvements) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 588.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 588.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.25 588.06 Td (\(5,731) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 588.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 588.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 588.06 Td (\(5,731) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 588.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 574.86 Td (Proceeds from sale of assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 574.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 574.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 574.06 Td (45,448) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 574.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 574.06 Td (45,448) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 88.50 560.86 Td (Cash provided by investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 560.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 560.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 560.06 Td (39,717) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 560.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 560.06 Td (39,717) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 547.00 Td (Cash flows fr) Tj ET Q q 0 0 0 rg BT 103.42 547.00 Td (om financing activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 532.86 Td (Cash dividends paid on Class) Tj ET Q q 0 0 0 rg BT 160.50 532.86 Td (A) Tj ET Q q 0 0 0 rg BT 166.50 532.86 Td ( non-voting and Class B voting) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 523.86 Td (common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.25 523.06 Td (\(5,887) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 523.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 523.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.50 523.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 523.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 523.06 Td (\(5,887) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 523.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 509.86 Td (Cash dividends paid to noncontrolling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 509.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 509.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.25 509.06 Td (\(5,740) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 509.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 509.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 509.06 Td (\(5,740) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 509.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 495.86 Td (Repurchase of Class) Tj ET Q q 0 0 0 rg BT 127.98 495.86 Td (A) Tj ET Q q 0 0 0 rg BT 133.99 495.86 Td ( non-voting common stock for) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 486.86 Td (cancellation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.25 486.06 Td (\(3,935) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 486.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 486.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.50 486.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 486.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 486.06 Td (\(3,935) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 486.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 472.86 Td (Payments of employee taxes withheld related to vested share-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 463.86 Td (based awards) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.25 463.06 Td (\(1,341) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 463.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 463.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.50 463.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 463.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 463.06 Td (\(1,341) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 463.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 449.86 Td (Increase in bank call loans, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 449.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 449.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 449.06 Td (45,600) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 449.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 449.06 Td (45,600) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 88.50 435.86 Td (Cash provided by \(used in\) financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.75 435.06 Td (\(1) Tj ET Q q 0 0 0 rg BT 318.25 435.06 Td (1,163) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 435.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 435.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 435.06 Td (39,860) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 435.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 435.06 Td (28,697) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 421.86 Td (Net increase \(decrease\) in cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 322.00 421.06 Td (\(678) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 421.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 421.06 Td (7,698) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.25 421.06 Td (\(5,471) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 421.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 421.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 421.06 Td (1,549) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 408.00 Td (Cash and cash equivalents, beginning of the year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 407.06 Td (907) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 407.06 Td (2,586) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 407.06 Td (59,871) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 407.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 407.06 Td (63,364) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 394.00 Td (Cash and cash equivalents, end of the year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 393.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 393.06 Td (229) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.50 393.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.75 393.06 Td (10,284) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 393.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 393.06 Td (54,400) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 393.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 393.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.50 393.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 393.06 Td (64,913) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 273 0 obj <>] /Rotate 0 /Contents 274 0 R>> endobj 274 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 767.3333984375 m 123.9521484375 767.3333984375 l s q 0 0 1 rg BT 53.00 768.67 Td (T) Tj ET Q q 0 0 1 rg BT 58.41 768.67 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.05 728.67 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 718.67 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 20.10 Td (134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.05 695.10 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.80 683.10 Td (CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 283.53 683.10 Td (TING ST) Tj ET Q q 0 0 0 rg BT 320.78 683.10 Td (A) Tj ET Q q 0 0 0 rg BT 326.89 683.10 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 367.26 683.10 Td ( OF CASH FLOWS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.30 671.10 Td (FOR ) Tj ET Q q 0 0 0 rg BT 227.07 671.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 248.64 671.10 Td (YEAR ENDED ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.74 671.10 Td (DECEMBER31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.69 671.10 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 639.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 639.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 639.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 611.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 611.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 611.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 583.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 583.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 583.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 555.60 242.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 555.60 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 555.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 555.60 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 555.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 555.60 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 555.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 555.60 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 555.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 555.60 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 509.60 242.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 509.60 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 509.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 509.60 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 509.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 509.60 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 509.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 509.60 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 509.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 509.60 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 472.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 472.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 472.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 472.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 472.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 472.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 472.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 472.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 472.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 472.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 444.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 444.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 444.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 444.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 444.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 444.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 444.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 444.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 444.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 444.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 416.60 242.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 416.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 416.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 416.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 416.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 416.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 416.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 416.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 416.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 416.60 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 639.6 m 342 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 639.6 m 396 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 639.6 m 455 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 639.6 m 509 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 639.6 m 563 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 611.6 m 342 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 611.6 m 396 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 611.6 m 455 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 611.6 m 509 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 611.6 m 563 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 583.6 m 342 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 583.6 m 396 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 583.6 m 455 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 583.6 m 509 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 583.6 m 563 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 569.6 m 342 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 569.6 m 396 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 569.6 m 455 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 569.6 m 509 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 569.6 m 563 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 458.6 m 342 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 458.6 m 396 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 458.6 m 455 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 458.6 m 509 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 458.6 m 563 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 444.6 m 342 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 444.6 m 396 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 444.6 m 455 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 444.6 m 509 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 444.6 m 563 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 444.6 m 342 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 444.6 m 396 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 444.6 m 455 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 444.6 m 509 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 416.6 m 342 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 416.6 m 396 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 416.6 m 455 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 416.6 m 509 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 416.6 m 563 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 403.6 m 342 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 401.6 m 342 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 403.6 m 396 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 401.6 m 396 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 403.6 m 455 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 401.6 m 455 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 403.6 m 509 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 401.6 m 509 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 403.6 m 563 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 401.6 m 563 401.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 643.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.42 643.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.25 643.85 Td (Parent) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.25 651.85 Td (Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.60 643.85 Td (subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.55 651.85 Td (Non-Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.40 643.85 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.05 643.85 Td (Eliminations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.35 643.85 Td (Consolidated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 631.00 Td (Cash flows fr) Tj ET Q q 0 0 0 rg BT 103.42 631.00 Td (om operating activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 88.50 616.86 Td (Cash provided by \(used in\) operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.75 616.06 Td (16,409) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 616.06 Td (1,029) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.75 616.06 Td (\(36,851) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 616.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 616.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.50 616.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 616.06 Td (\(19,413) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 616.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 603.00 Td (Cash flows fr) Tj ET Q q 0 0 0 rg BT 103.42 603.00 Td (om investing activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 588.86 Td (Purchase of furniture, equipment and leasehold improvements) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 588.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 588.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.25 588.06 Td (\(5,889) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 588.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 588.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 588.06 Td (\(5,889) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 588.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 88.50 574.86 Td (Cash used in investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 574.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 574.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.25 574.06 Td (\(5,889) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 574.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 574.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 574.06 Td (\(5,889) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 574.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 561.00 Td (Cash flows fr) Tj ET Q q 0 0 0 rg BT 103.42 561.00 Td (om financing activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 546.86 Td (Cash dividends paid on Class) Tj ET Q q 0 0 0 rg BT 160.50 546.86 Td (A) Tj ET Q q 0 0 0 rg BT 166.50 546.86 Td ( non-voting and Class B voting) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 537.86 Td (common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.25 537.06 Td (\(6,008) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 537.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 537.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.50 537.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 537.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 537.06 Td (\(6,008) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 537.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 523.86 Td (Repurchase of Class) Tj ET Q q 0 0 0 rg BT 127.98 523.86 Td (A) Tj ET Q q 0 0 0 rg BT 133.99 523.86 Td ( non-voting common stock for) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 514.86 Td (cancellation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.25 514.06 Td (\(8,250) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 514.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 514.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.50 514.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 514.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 514.06 Td (\(8,250) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 514.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 500.86 Td (Payments of employee taxes withheld related to vested share-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 491.86 Td (based awards) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.25 491.06 Td (\(1,683) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 491.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 491.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.50 491.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 491.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.25 491.06 Td (\(1,683) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 491.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 477.86 Td (Redemption of senior secured notes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 477.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 477.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.50 477.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 477.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 477.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 463.86 Td (Decrease in bank call loans, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.50 463.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 463.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 463.06 Td (40,800) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 463.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 463.06 Td (40,800) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 88.50 449.86 Td (Cash provided by \(used in\) financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.75 449.06 Td (\(15,941) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.50 449.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.50 449.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 449.06 Td (40,800) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 449.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 449.06 Td (24,859) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 435.86 Td (Net increase \(decrease\) in cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 435.06 Td (468) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 435.06 Td (1,029) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.25 435.06 Td (\(1,940) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 435.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 435.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.00 435.06 Td (\(443) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 435.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 422.00 Td (Cash and cash equivalents, beginning of the year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 421.06 Td (439) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 421.06 Td (1,557) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 421.06 Td (61,81) Tj ET Q q 0 0 0 rg BT 447.00 421.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 421.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 421.06 Td (63,807) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 408.00 Td (Cash and cash equivalents, end of the year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 407.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 407.06 Td (907) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.50 407.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.25 407.06 Td (2,586) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 407.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 407.06 Td (59,871) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.50 407.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 407.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.50 407.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 407.06 Td (63,364) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 275 0 obj <>] /Rotate 0 /Contents 276 0 R>> endobj 276 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (135) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item9. CHANGES IN ) Tj ET Q q 0 0 0 rg BT 147.50 742.25 Td (AND DISAGREEMENTS ) Tj ET Q q 0 0 0 rg BT 261.79 742.25 Td (WITH ) Tj ET Q q 0 0 0 rg BT 292.08 742.25 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 341.89 742.25 Td (ANTS ON ) Tj ET Q q 0 0 0 rg BT 388.01 742.25 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 459.41 742.25 Td (AND FINANCIAL) Tj ET Q q 0 0 0 rg BT 539.69 742.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (DISCLOSURE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (Item9A. CONTROLS ) Tj ET Q q 0 0 0 rg BT 147.78 682.25 Td (AND PROCEDURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (The Company carried out an evaluation, under the supervision and with the participation of management, including the Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 646.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 646.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 233.32 646.25 Td (, of the ef) Tj ET Q q 0 0 0 rg BT 271.46 646.25 Td (fectiveness of the design and operation of its disclosure controls and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (procedures pursuant to Rule 13a15\(e\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 274.93 634.25 Td (Act. Based on this evaluation, the Company's Chief Executive Of) Tj ET Q q 0 0 0 rg BT 536.77 634.25 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 141.74 622.25 Td (ficer concluded that the Company's disclosure controls and procedures were ef) Tj ET Q q 0 0 0 rg BT 456.03 622.25 Td (fective as of the end of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (the period covered by this report.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (Management, including the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 239.76 586.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 352.31 586.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 370.23 586.25 Td (, does not expect that the Company's disclosure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (controls and procedures or its internal controls will prevent all error and all fraud. ) Tj ET Q q 0 0 0 rg BT 378.51 574.25 Td (A) Tj ET Q q 0 0 0 rg BT 385.18 574.25 Td ( control system, no matter how well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (Further) Tj ET Q q 0 0 0 rg BT 79.04 550.25 Td (, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (provide absolute assurance that all control issues and instances of fraud, if any) Tj ET Q q 0 0 0 rg BT 362.87 526.25 Td (, within the Company have been detected. ) Tj ET Q q 0 0 0 rg BT 532.91 526.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (inherent limitations include, but are not limited to, the realities that judgments in decisionmaking can be faulty and that break-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (downs can occur because of a simple error or omission. ) Tj ET Q q 0 0 0 rg BT 274.10 502.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 324.00 502.25 Td (, controls can be circumvented by the individual acts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (some persons, by collusion of two or more people, or by management override of the control. ) Tj ET Q q 0 0 0 rg BT 426.11 490.25 Td (The design of any system of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (controls also is based, in part, upon certain assumptions about the likelihood of future events and there can be no assurance that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (Because of the inherent limitations in a costef) Tj ET Q q 0 0 0 rg BT 237.82 442.25 Td (fective control system, misstatements due to error or fraud may occur and not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (detected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (The Company confirms that its management, including its Chief Executive Of) Tj ET Q q 0 0 0 rg BT 362.80 406.25 Td (ficer and its Chief Financial Of) Tj ET Q q 0 0 0 rg BT 487.30 406.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 505.22 406.25 Td (, concluded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (that the Company's disclosure controls and procedures are ef) Tj ET Q q 0 0 0 rg BT 292.66 394.25 Td (fective to ensure that the information required to be disclosed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (the Company in its reports filed under the Exchange ) Tj ET Q q 0 0 0 rg BT 260.78 382.25 Td (Act is recorded, processed, summarized and reported within the time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (periods specified in the rules and forms of the SEC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (Changes in Internal Contr) Tj ET Q q 0 0 0 rg BT 155.46 346.25 Td (ol over Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (There have been no changes in the Company's internal controls over financial reporting \(as defined in Rule 13a-15\(f\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 91.37 316.25 Td (Act\) that have materially af) Tj ET Q q 0 0 0 rg BT 201.14 316.25 Td (fected, or are reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 388.09 316.25 Td (fect, the Company's internal controls over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (financial reporting during the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 304.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.74 304.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (Management's Report on Internal Control over Financial Reporting and the Report of Independent Registered Public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (Accounting Firm are set forth in Part II, Item8 of this ) Tj ET Q q 0 0 0 rg BT 267.46 268.25 Td (Annual Report on Form 10-K.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 242.9169921875 m 203.8525390625 242.9169921875 l s q 0 0 0 rg BT 50.00 244.25 Td (Section303A.12\(a\) CEO Certification) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (The Company submitted a Section12\(a\) CEO Certification to the New ) Tj ET Q q 0 0 0 rg BT 335.95 226.25 Td (Y) Tj ET Q q 0 0 0 rg BT 342.17 226.25 Td (ork Stock Exchange on June6, 2017 with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.16 214.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.16 214.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 188.9169921875 m 298.5693359375 188.9169921875 l s q 0 0 0 rg BT 50.00 190.25 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 115.82 190.25 Td (Act Section302 CEO and CFO Certifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (The Company submitted the CEO and CFO Certifications required under Section302 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 486.86 172.25 Td (Act as exhibits to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (its ) Tj ET Q q 0 0 0 rg BT 61.40 160.25 Td (Annual Report on Form 10-K for the year ended December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.32 160.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.32 160.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (Item9B. OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 175.92 136.25 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (None.) Tj ET Q endstream endobj 277 0 obj <>] /Rotate 0 /Contents 278 0 R>> endobj 278 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (136) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 55.37 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 69.46 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 75.95 742.25 Td ( III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Item10. DIRECT) Tj ET Q q 0 0 0 rg BT 126.21 718.25 Td (ORS, EXECUTIVE OFFICERS ) Tj ET Q q 0 0 0 rg BT 266.24 718.25 Td (AND CORPORA) Tj ET Q q 0 0 0 rg BT 340.21 718.25 Td (TE GOVERNANCE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (The information required by this item will be contained under the caption "Election of Directors" in our definitive Proxy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (Statement for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.37 688.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.37 688.25 Td ( ) Tj ET Q q 0 0 0 rg BT 143.32 688.25 Td (Annual Meeting of Stockholders. Information about compliance with Section16\(a\) of the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 91.37 676.25 Td (Act of 1934 required by this form will be contained under the caption "Executive Compensation and Related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (Information - Section16\(a\) Beneficial Ownership Reporting Compliance" in that proxy statement. ) Tj ET Q q 0 0 0 rg BT 446.30 664.25 Td (That information is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (incorporated herein by reference.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (ST) Tj ET Q q 0 0 0 rg BT 60.87 628.25 Td (A) Tj ET Q q 0 0 0 rg BT 66.98 628.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 107.35 628.25 Td ( OF CORPORA) Tj ET Q q 0 0 0 rg BT 171.26 628.25 Td (TE GOVERNACE PRACTICES, ) Tj ET Q q 0 0 0 rg BT 308.86 628.25 Td (WHISTLEBLOWER POLICY) Tj ET Q q 0 0 0 rg BT 433.20 628.25 Td ( ) Tj ET Q q 0 0 0 rg BT 435.15 628.25 Td (AND COMMITTEE ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (CHAR) Tj ET Q q 0 0 0 rg BT 77.18 616.25 Td (TERS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 598.25 Td ( copy of the Company) Tj ET Q q 0 0 0 rg BT 148.32 598.25 Td (s Statement of Corporate Governance Practices and its ) Tj ET Q q 0 0 0 rg BT 368.62 598.25 Td (Whistleblower Policy) Tj ET Q q 0 0 0 rg BT 454.90 598.25 Td (, as well as copies of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (Charters of the ) Tj ET Q q 0 0 0 rg BT 111.37 586.25 Td (Audit Committee, Compensation Committee, Compliance Committee and Nominating/Corporate Governance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (Committee, are posted on the Company) Tj ET Q q 0 0 0 rg BT 211.64 574.25 Td (s website at ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 260.791015625 572.9169921875 m 323.4619140625 572.9169921875 l s q 0 0 0 rg BT 260.79 574.25 Td (www) Tj ET Q q 0 0 0 rg BT 281.81 574.25 Td (.opco.com) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.46 574.25 Td (. ) Tj ET Q q 0 0 0 rg BT 328.28 574.25 Td (These documents are available at no char) Tj ET Q q 0 0 0 rg BT 493.02 574.25 Td (ge and can be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (requested by writing to the Company at its head of) Tj ET Q q 0 0 0 rg BT 252.28 562.25 Td (fice or by making an email request to info@opco.com.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (CODE OF ETHICS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (The Company has adopted a Code of Conduct and Business Ethics for Directors, Of) Tj ET Q q 0 0 0 rg BT 386.42 520.25 Td (ficers and Employees, which can be found ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (on its website at ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117.2119140625 506.9169921875 m 179.8828125 506.9169921875 l s q 0 0 0 rg BT 117.21 508.25 Td (www) Tj ET Q q 0 0 0 rg BT 138.23 508.25 Td (.opco.com) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.88 508.25 Td (. ) Tj ET Q q 0 0 0 rg BT 184.70 508.25 Td (This document is available at no char) Tj ET Q q 0 0 0 rg BT 333.92 508.25 Td (ge and can be requested by writing to the Company at its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (head of) Tj ET Q q 0 0 0 rg BT 79.53 496.25 Td (fice or by making an email request to info@opco.com.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (Item1) Tj ET Q q 0 0 0 rg BT 76.94 472.25 Td (1. EXECUTIVE COMPENSA) Tj ET Q q 0 0 0 rg BT 205.38 472.25 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (The information required by this item will be contained under the caption "Executive Compensation and Related Information" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (in our definitive Proxy Statement for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.69 442.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.69 442.25 Td ( ) Tj ET Q q 0 0 0 rg BT 236.64 442.25 Td (Annual Meeting of Stockholders and is incorporated herein by reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (Item12. SECURITY) Tj ET Q q 0 0 0 rg BT 138.80 418.25 Td ( OWNERSHIP) Tj ET Q q 0 0 0 rg BT 202.98 418.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 218.99 418.25 Td ( CER) Tj ET Q q 0 0 0 rg BT 242.26 418.25 Td (T) Tj ET Q q 0 0 0 rg BT 248.18 418.25 Td (AIN BENEFICIAL) Tj ET Q q 0 0 0 rg BT 330.70 418.25 Td ( OWNERS ) Tj ET Q q 0 0 0 rg BT 379.60 418.25 Td (AND MANAGEMENT) Tj ET Q q 0 0 0 rg BT 479.14 418.25 Td ( ) Tj ET Q q 0 0 0 rg BT 481.09 418.25 Td (AND RELA) Tj ET Q q 0 0 0 rg BT 532.29 418.25 Td (TED ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (ST) Tj ET Q q 0 0 0 rg BT 62.05 406.25 Td (OCKHOLDER MA) Tj ET Q q 0 0 0 rg BT 146.59 406.25 Td (TTERS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (The information required by this item will be contained under the caption "Executive Compensation and Related Information - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (Security Ownership of Certain Beneficial Owners and Management" in our definitive Proxy Statement for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.57 376.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.57 376.25 Td ( ) Tj ET Q q 0 0 0 rg BT 514.52 376.25 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (Meeting of Stockholders and is incorporated herein by reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (Item13. CER) Tj ET Q q 0 0 0 rg BT 108.25 340.25 Td (T) Tj ET Q q 0 0 0 rg BT 114.18 340.25 Td (AIN RELA) Tj ET Q q 0 0 0 rg BT 162.06 340.25 Td (TIONSHIPS ) Tj ET Q q 0 0 0 rg BT 218.47 340.25 Td (AND RELA) Tj ET Q q 0 0 0 rg BT 269.67 340.25 Td (TED ) Tj ET Q q 0 0 0 rg BT 292.55 340.25 Td (TRANSACTIONS, ) Tj ET Q q 0 0 0 rg BT 376.46 340.25 Td (AND DIRECT) Tj ET Q q 0 0 0 rg BT 439.35 340.25 Td (OR INDEPENDENCE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (The information required by this item will be contained under the caption "Executive Compensation and Related Information - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (Certain Relationships and Related Party ) Tj ET Q q 0 0 0 rg BT 212.29 310.25 Td (T) Tj ET Q q 0 0 0 rg BT 218.04 310.25 Td (ransactions" under the sub-heading "Indebtedness of Directors and Executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 298.25 Td (ficers under \(1\)Securities Purchase and \(2\)Other Programs" in our definitive Proxy Statement for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.01 298.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.01 298.25 Td ( ) Tj ET Q q 0 0 0 rg BT 492.95 298.25 Td (Annual Meeting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (of Stockholders and is incorporated herein by reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (Item14. PRINCIP) Tj ET Q q 0 0 0 rg BT 128.41 262.25 Td (AL) Tj ET Q q 0 0 0 rg BT 141.75 262.25 Td ( ) Tj ET Q q 0 0 0 rg BT 143.70 262.25 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 193.52 262.25 Td (ANT) Tj ET Q q 0 0 0 rg BT 214.45 262.25 Td ( FEES ) Tj ET Q q 0 0 0 rg BT 243.91 262.25 Td (AND SER) Tj ET Q q 0 0 0 rg BT 287.17 262.25 Td (VICES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (The information required by this item will be contained under the caption "Appointment of Independent Registered Public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (Accounting Firm Principal ) Tj ET Q q 0 0 0 rg BT 166.66 232.25 Td (Accounting Fees and Services" in our definitive Proxy Statement for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.73 232.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.73 232.25 Td ( ) Tj ET Q q 0 0 0 rg BT 480.67 232.25 Td (Annual Meeting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (Stockholders and is incorporated herein by reference.) Tj ET Q endstream endobj 279 0 obj <>] /Rotate 0 /Contents 280 0 R>> endobj 280 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (137) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 55.37 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 69.46 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 75.95 742.25 Td ( IV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Item15. EXHIBITS ) Tj ET Q q 0 0 0 rg BT 137.79 718.25 Td (AND FINANCIAL) Tj ET Q q 0 0 0 rg BT 218.08 718.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 232.07 718.25 Td (A) Tj ET Q q 0 0 0 rg BT 238.54 718.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 281.70 718.25 Td ( SCHEDULES) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 50.00 711.05 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 693.05 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 693.05 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 104.00 693.05 Td (Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 681.05 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 681.05 Td (See Item 8 \(pages 69 to 134\)) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 50.00 673.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 661.85 Td (\(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 661.85 Td (Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.85 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 649.85 Td (Not ) Tj ET Q q 0 0 0 rg BT 138.95 649.85 Td (Applicable.) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 50.00 642.65 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 630.65 Td (\(iii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 630.65 Td (Listing of Exhibits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 618.65 Td (The exhibits which are filed with this Form 10-K or are incorporated herein by reference are set forth in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 606.65 Td (Exhibit Index \(pages 138 to 139\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 588.65 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 81.50 588.65 Td ( ) Tj ET Q q 0 0 0 rg BT 104.00 588.65 Td (Exhibits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.65 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 576.65 Td (See the Exhibit Index included hereinafter on pages 138 to 139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 558.65 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 81.50 558.65 Td ( ) Tj ET Q q 0 0 0 rg BT 104.00 558.65 Td (Financial Statement Schedules excluded from the annual report to stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.65 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 546.65 Td (None) Tj ET Q endstream endobj 281 0 obj <>] /Rotate 0 /Contents 282 0 R>> endobj 282 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.25 742.10 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 309.06 742.10 Td ( INDEX) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Unless there is a parenthetical indicating that such document has been filed herewith, the Exhibits listed below have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (heretofore filed by the Company pursuant to Section13 or 15\(d\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 377.13 706.10 Td (Act and are hereby incorporated herein by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (reference to the pertinent prior filing.) Tj ET Q BT /F1 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 57.35 667.78671875 m 83.56484375 667.78671875 l s q 0 0 0 rg BT 57.35 668.85 Td (Number) Tj ET Q BT /F1 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 290.8 667.78671875 m 328.12421875 667.78671875 l s q 0 0 0 rg BT 290.80 668.85 Td (Description) Tj ET Q BT /F1 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 535.2 667.78671875 m 550.75078125 667.78671875 l s q 0 0 0 rg BT 535.20 668.85 Td (Page) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 649.8333984375 m 65.5 649.8333984375 l s q 0 0 1 rg BT 53.00 651.17 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 649.8333984375 m 513.68359375 649.8333984375 l s q 0 0 1 rg BT 98.00 651.17 Td (Certificate of Incorporation of Oppenheimer Holdings Inc., a Delaware corporation \(previously filed as ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 639.8333984375 m 381.2666015625 639.8333984375 l s q 0 0 1 rg BT 98.00 641.17 Td (an exhibit to Form 10-Q for the quarterly period ended June 30, 2009\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 620.8333984375 m 65.5 620.8333984375 l s q 0 0 1 rg BT 53.00 622.17 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 620.8333984375 m 517.052734375 620.8333984375 l s q 0 0 1 rg BT 98.00 622.17 Td (By-Laws of Oppenheimer Holdings Inc., a Delaware corporation \(previously filed as an exhibit to Form ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 610.8333984375 m 304.6064453125 610.8333984375 l s q 0 0 1 rg BT 98.00 612.17 Td (10-Q for the quarterly period ended June 30, 2009\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 591.8333984375 m 70.5 591.8333984375 l s q 0 0 1 rg BT 53.00 593.17 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 591.8333984375 m 503.9814453125 591.8333984375 l s q 0 0 1 rg BT 98.00 593.17 Td (Assurance of Discontinuance, dated February 23, 2010, between the ) Tj ET Q q 0 0 1 rg BT 372.92 593.17 Td (Attorney General of the State of ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 581.8333984375 m 510.1484375 581.8333984375 l s q 0 0 1 rg BT 98.00 583.17 Td (New ) Tj ET Q q 0 0 1 rg BT 119.01 583.17 Td (Y) Tj ET Q q 0 0 1 rg BT 125.23 583.17 Td (ork and Oppenheimer & Co. Inc. \(previously filed as an Exhibit to Form 8-K filed February 26, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 571.8333984375 m 123.830078125 571.8333984375 l s q 0 0 1 rg BT 98.00 573.17 Td (2010\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 552.8333984375 m 70.5 552.8333984375 l s q 0 0 1 rg BT 53.00 554.17 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 552.8333984375 m 519.11328125 552.8333984375 l s q 0 0 1 rg BT 98.00 554.17 Td (Of) Tj ET Q q 0 0 1 rg BT 108.37 554.17 Td (fer of Settlement, dated February 22, 2010, between the Commonwealth of Massachusetts Division of ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 542.8333984375 m 477.43359375 542.8333984375 l s q 0 0 1 rg BT 98.00 544.17 Td (Securities and Oppenheimer & Co. Inc., ) Tj ET Q q 0 0 1 rg BT 260.46 544.17 Td (Albert Lowenthal, Robert Lowenthal and Greg ) Tj ET Q q 0 0 1 rg BT 450.50 544.17 Td (White ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 532.8333984375 m 374.337890625 532.8333984375 l s q 0 0 1 rg BT 98.00 534.17 Td (\(previously filed as an Exhibit to Form 8-K filed February 26, 2010\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 513.8333984375 m 75.5 513.8333984375 l s q 0 0 1 rg BT 53.00 515.17 Td (10.24) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 513.8333984375 m 523.2001953125 513.8333984375 l s q 0 0 1 rg BT 98.00 515.17 Td (Consent Order from the Commonwealth of Massachusetts Division of Securities dated February 26, 2010 ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 503.8333984375 m 436.7890625 503.8333984375 l s q 0 0 1 rg BT 98.00 505.17 Td (\(previously filed as an exhibit to Form 10-K for the year ended December 31, 2009\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 484.8333984375 m 70.5 484.8333984375 l s q 0 0 1 rg BT 53.00 486.17 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 484.8333984375 m 507.78515625 484.8333984375 l s q 0 0 1 rg BT 98.00 486.17 Td (Lease dated July 15, 201) Tj ET Q q 0 0 1 rg BT 196.77 486.17 Td (1 between 85 Broad Street LLC, Landlord and ) Tj ET Q q 0 0 1 rg BT 385.15 486.17 Td (V) Tj ET Q q 0 0 1 rg BT 391.77 486.17 Td (iner Finance Inc., ) Tj ET Q q 0 0 1 rg BT 464.06 486.17 Td (T) Tj ET Q q 0 0 1 rg BT 469.47 486.17 Td (enant for ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 474.8333984375 m 522.5458984375 474.8333984375 l s q 0 0 1 rg BT 98.00 476.17 Td (premises at 85 Broad Street, New ) Tj ET Q q 0 0 1 rg BT 234.54 476.17 Td (Y) Tj ET Q q 0 0 1 rg BT 240.76 476.17 Td (ork, NY) Tj ET Q q 0 0 1 rg BT 273.16 476.17 Td ( \(previously filed as an exhibit to Form 10-Q for the quarterly ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 464.8333984375 m 213.712890625 464.8333984375 l s q 0 0 1 rg BT 98.00 466.17 Td (period ended June 30, 201) Tj ET Q q 0 0 1 rg BT 202.88 466.17 Td (1\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 445.8333984375 m 75.5 445.8333984375 l s q 0 0 1 rg BT 53.00 447.17 Td (10.30) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 445.8333984375 m 522.892578125 445.8333984375 l s q 0 0 1 rg BT 98.00 447.17 Td (First ) Tj ET Q q 0 0 1 rg BT 118.29 447.17 Td (Amendment to ) Tj ET Q q 0 0 1 rg BT 179.95 447.17 Td (Agreement of Lease dated January 29, 2013 between 85 Broad Street LLC, Landlord ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 435.8333984375 m 506.6962890625 435.8333984375 l s q 0 0 1 rg BT 98.00 437.17 Td (and ) Tj ET Q q 0 0 1 rg BT 114.76 437.17 Td (V) Tj ET Q q 0 0 1 rg BT 121.38 437.17 Td (iner Finance Inc., ) Tj ET Q q 0 0 1 rg BT 193.67 437.17 Td (T) Tj ET Q q 0 0 1 rg BT 199.08 437.17 Td (enant for premises at 85 Broad Street, New ) Tj ET Q q 0 0 1 rg BT 373.93 437.17 Td (Y) Tj ET Q q 0 0 1 rg BT 380.15 437.17 Td (ork, NY) Tj ET Q q 0 0 1 rg BT 412.56 437.17 Td ( \(previously filed as an ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 425.8333984375 m 345.1484375 425.8333984375 l s q 0 0 1 rg BT 98.00 427.17 Td (exhibit to Form 10-K for the year ended December 31, 2012\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 406.8333984375 m 75.5 406.8333984375 l s q 0 0 1 rg BT 53.00 408.17 Td (10.31) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 406.8333984375 m 475.3876953125 406.8333984375 l s q 0 0 1 rg BT 98.00 408.17 Td (Form of Indemnification ) Tj ET Q q 0 0 1 rg BT 198.82 408.17 Td (Agreement between Oppenheimer Holdings Inc. and the directors of ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 396.8333984375 m 516.96484375 396.8333984375 l s q 0 0 1 rg BT 98.00 398.17 Td (Oppenheimer Holdings Inc., as the Indemnified Party) Tj ET Q q 0 0 1 rg BT 311.74 398.17 Td (, dated as of October 25, 2012. \(previously filed as ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 386.8333984375 m 357.0869140625 386.8333984375 l s q 0 0 1 rg BT 98.00 388.17 Td (an exhibit to Form 10-K for the year ended December 31, 2012\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 367.8333984375 m 75.5 367.8333984375 l s q 0 0 1 rg BT 53.00 369.17 Td (10.32) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 367.8333984375 m 470.7587890625 367.8333984375 l s q 0 0 1 rg BT 98.00 369.17 Td (Form of Indemnification ) Tj ET Q q 0 0 1 rg BT 198.82 369.17 Td (Agreement between Oppenheimer Holdings Inc. and the of) Tj ET Q q 0 0 1 rg BT 435.22 369.17 Td (ficers of ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 357.8333984375 m 516.96484375 357.8333984375 l s q 0 0 1 rg BT 98.00 359.17 Td (Oppenheimer Holdings Inc., as the Indemnified Party) Tj ET Q q 0 0 1 rg BT 311.74 359.17 Td (, dated as of October 25, 2012. \(previously filed as ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 347.8333984375 m 357.0869140625 347.8333984375 l s q 0 0 1 rg BT 98.00 349.17 Td (an exhibit to Form 10-K for the year ended December 31, 2012\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 328.8333984375 m 75.5 328.8333984375 l s q 0 0 1 rg BT 53.00 330.17 Td (10.33) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 328.8333984375 m 511.30078125 328.8333984375 l s q 0 0 1 rg BT 98.00 330.17 Td (Oppenheimer & Co. Inc. Executive Deferred Compensation Plan \(As ) Tj ET Q q 0 0 1 rg BT 377.09 330.17 Td (Amended and Restated Ef) Tj ET Q q 0 0 1 rg BT 481.60 330.17 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 318.8333984375 m 521.5791015625 318.8333984375 l s q 0 0 1 rg BT 98.00 320.17 Td (January 1, 2005\) \(As Further ) Tj ET Q q 0 0 1 rg BT 215.76 320.17 Td (Amended and Restated with respect to Specific Elective ) Tj ET Q q 0 0 1 rg BT 442.35 320.17 Td (Accounts Ef) Tj ET Q q 0 0 1 rg BT 491.88 320.17 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 308.8333984375 m 497.0478515625 308.8333984375 l s q 0 0 1 rg BT 98.00 310.17 Td (as of March 1, 2013\) \(previously filed as an exhibit to Form 10-K for the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 298.8333984375 m 123.830078125 298.8333984375 l s q 0 0 1 rg BT 98.00 300.17 Td (2012\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 279.8333984375 m 75.5 279.8333984375 l s q 0 0 1 rg BT 53.00 281.17 Td (10.34) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 279.8333984375 m 522.3408203125 279.8333984375 l s q 0 0 1 rg BT 98.00 281.17 Td (Oppenheimer Holdings Inc. 2014 Incentive Plan \(previously filed as an exhibit to Form 10-K for the year ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 269.8333984375 m 208.791015625 269.8333984375 l s q 0 0 1 rg BT 98.00 271.17 Td (ended December 31, 2013\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 250.83339843750002 m 65.5 250.83339843750002 l s q 0 0 1 rg BT 53.00 252.17 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 250.83339843750002 m 512.4384765625 250.83339843750002 l s q 0 0 1 rg BT 98.00 252.17 Td (Indenture dated as of June23, 2017 among Oppenheimer Holdings Inc., the subsidiary guarantors, ) Tj ET Q q 0 0 1 rg BT 494.39 252.17 Td (The ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 240.83339843750002 m 507.1943359375 240.83339843750002 l s q 0 0 1 rg BT 98.00 242.17 Td (Bank of New ) Tj ET Q q 0 0 1 rg BT 153.45 242.17 Td (Y) Tj ET Q q 0 0 1 rg BT 159.67 242.17 Td (ork Mellon ) Tj ET Q q 0 0 1 rg BT 206.71 242.17 Td (T) Tj ET Q q 0 0 1 rg BT 212.46 242.17 Td (rust Company) Tj ET Q q 0 0 1 rg BT 268.20 242.17 Td (, N.A., as ) Tj ET Q q 0 0 1 rg BT 308.29 242.17 Td (T) Tj ET Q q 0 0 1 rg BT 314.05 242.17 Td (rustee and ) Tj ET Q q 0 0 1 rg BT 357.18 242.17 Td (The Bank of New ) Tj ET Q q 0 0 1 rg BT 430.68 242.17 Td (Y) Tj ET Q q 0 0 1 rg BT 436.90 242.17 Td (ork Mellon ) Tj ET Q q 0 0 1 rg BT 483.94 242.17 Td (T) Tj ET Q q 0 0 1 rg BT 489.69 242.17 Td (rust ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 230.83339843750002 m 480.6123046875 230.83339843750002 l s q 0 0 1 rg BT 98.00 232.17 Td (Company) Tj ET Q q 0 0 1 rg BT 136.24 232.17 Td (, as Collateral ) Tj ET Q q 0 0 1 rg BT 193.44 232.17 Td (Agent \(previously filed as an exhibit to Form 8-K dated June 23, 2017\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 211.83339843750002 m 65.5 211.83339843750002 l s q 0 0 1 rg BT 53.00 213.17 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 211.83339843750002 m 489.3134765625 211.83339843750002 l s q 0 0 1 rg BT 98.00 213.17 Td (Registration Rights ) Tj ET Q q 0 0 1 rg BT 177.45 213.17 Td (Agreement dated June 23, 2017 by and among Oppenheimer Holdings Inc., a ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 201.83339843750002 m 492.6630859375 201.83339843750002 l s q 0 0 1 rg BT 98.00 203.17 Td (Delaware corporation, E.A. ) Tj ET Q q 0 0 1 rg BT 210.55 203.17 Td (V) Tj ET Q q 0 0 1 rg BT 217.17 203.17 Td (iner International Co., a Delaware corporation, ) Tj ET Q q 0 0 1 rg BT 406.63 203.17 Td (V) Tj ET Q q 0 0 1 rg BT 413.25 203.17 Td (iner Finance Inc., a ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 191.83339843750002 m 506.4521484375 191.83339843750002 l s q 0 0 1 rg BT 98.00 193.17 Td (Delaware corporation and Oppenheimer & Co. Inc., as representative of the several Initial Purchasers ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 181.83339843750002 m 358.2294921875 181.83339843750002 l s q 0 0 1 rg BT 98.00 183.17 Td (\(previously filed as an exhibit to Form 8-K dated June 23, 2017\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 162.83339843750002 m 70.5 162.83339843750002 l s q 0 0 1 rg BT 53.00 164.17 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 162.83339843750002 m 514.1376953125 162.83339843750002 l s q 0 0 1 rg BT 98.00 164.17 Td (Security ) Tj ET Q q 0 0 1 rg BT 133.27 164.17 Td (Agreement by and among Oppenheimer Holdings Inc., as grantor) Tj ET Q q 0 0 1 rg BT 395.02 164.17 Td (, and each other grantor from ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 152.83339843750002 m 512.580078125 152.83339843750002 l s q 0 0 1 rg BT 98.00 154.17 Td (time to time party thereto and the Bank of New ) Tj ET Q q 0 0 1 rg BT 289.24 154.17 Td (Y) Tj ET Q q 0 0 1 rg BT 295.46 154.17 Td (ork Mellon ) Tj ET Q q 0 0 1 rg BT 342.50 154.17 Td (T) Tj ET Q q 0 0 1 rg BT 348.25 154.17 Td (rust Company) Tj ET Q q 0 0 1 rg BT 403.99 154.17 Td (, N.A., as Collateral ) Tj ET Q q 0 0 1 rg BT 485.64 154.17 Td (Agent ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 142.83339843750002 m 462.375 142.83339843750002 l s q 0 0 1 rg BT 98.00 144.17 Td (dated as of June 23, 2017 \(previously filed as an exhibit to Form 8-K dated June 23, 2017\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 123.83339843750002 m 75.5 123.83339843750002 l s q 0 0 1 rg BT 53.00 125.17 Td (10.37) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 123.83339843750002 m 513.15625 123.83339843750002 l s q 0 0 1 rg BT 98.00 125.17 Td (Amended and Restated Performance-Based Compensation ) Tj ET Q q 0 0 1 rg BT 334.32 125.17 Td (Agreement between Oppenheimer Holdings ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 113.83339843750002 m 399.5673828125 113.83339843750002 l s q 0 0 1 rg BT 98.00 115.17 Td (Inc. and ) Tj ET Q q 0 0 1 rg BT 132.16 115.17 Td (Albert G. Lowenthal ef) Tj ET Q q 0 0 1 rg BT 225.28 115.17 Td (fective as of May 1) Tj ET Q q 0 0 1 rg BT 302.10 115.17 Td (1, 2015 \(filed herewith\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 94.83339843750002 m 63 94.83339843750002 l s q 0 0 1 rg BT 53.00 96.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 94.83339843750002 m 483.5712890625 94.83339843750002 l s q 0 0 1 rg BT 98.00 96.17 Td (Oppenheimer Holdings Inc. Computation of Ratio of Earnings to Fixed Char) Tj ET Q q 0 0 1 rg BT 405.27 96.17 Td (ges \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 483.57 96.17 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 75.83339843750002 m 70.5 75.83339843750002 l s q 0 0 1 rg BT 53.00 77.17 Td (23.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 75.83339843750002 m 310.1533203125 75.83339843750002 l s q 0 0 1 rg BT 98.00 77.17 Td (Consent of independent accountants \(filed herewith\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 56.83339843750002 m 70.5 56.83339843750002 l s q 0 0 1 rg BT 53.00 58.17 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 56.83339843750002 m 323.771484375 56.83339843750002 l s q 0 0 1 rg BT 98.00 58.17 Td (Certification signed by ) Tj ET Q q 0 0 1 rg BT 191.59 58.17 Td (A.G. Lowenthal \(filed herewith\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 283 0 obj <>] /Rotate 0 /Contents 284 0 R>> endobj 284 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (139) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 736.7333984375 m 70.5 736.7333984375 l s q 0 0 1 rg BT 53.00 738.07 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 736.7333984375 m 325.802734375 736.7333984375 l s q 0 0 1 rg BT 98.00 738.07 Td (Certification signed by Jef) Tj ET Q q 0 0 1 rg BT 203.63 738.07 Td (frey J. ) Tj ET Q q 0 0 1 rg BT 230.56 738.07 Td (Alfano \(filed herewith\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 717.7333984375 m 70.5 717.7333984375 l s q 0 0 1 rg BT 53.00 719.07 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 717.7333984375 m 467.9365234375 717.7333984375 l s q 0 0 1 rg BT 98.00 719.07 Td (Certification pursuant to 18 U.S.C. Section 1350 signed by ) Tj ET Q q 0 0 1 rg BT 335.76 719.07 Td (A.G. Lowenthal \(filed herewith\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 698.7333984375 m 70.5 698.7333984375 l s q 0 0 1 rg BT 53.00 700.07 Td (32.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98 698.7333984375 m 469.9677734375 698.7333984375 l s q 0 0 1 rg BT 98.00 700.07 Td (Certification pursuant to 18 U.S.C. Section 1350 signed by Jef) Tj ET Q q 0 0 1 rg BT 347.79 700.07 Td (frey J. ) Tj ET Q q 0 0 1 rg BT 374.73 700.07 Td (Alfano \(filed herewith\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 681.07 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 681.07 Td (Interactive data files pursuant to Rule 405 of Regulation S-T) Tj ET Q q 0 0 0 rg BT 339.94 681.07 Td (: \(i\) the Consolidated Balance Sheets as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 671.07 Td (December 31, 2017 and December 31, 2016, \(ii\) the Consolidated Statements of Operations for the three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 661.07 Td (years ended December 31, 2017, 2016 and 2015, \(iii\) the Consolidated Statements of Comprehensive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 651.07 Td (Income \(Loss\) for the three years ended December 31, 2017, 2016 and 2015, \(iv\) the Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 641.07 Td (Statements of Changes in Stockholders' Equity for the three years ended December 31, 2017, 2016 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 631.07 Td (2015, \(v\) the Consolidated Statements of Cash Flows for the three years ended December 31, 2017, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 621.07 Td (and 2015, and \(vi\) the notes to the Consolidated Financial Statements.*) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.00 Td (* ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.00 Td (This information is furnished and not filed for purposes of Sections 1) Tj ET Q q 0 0 0 rg BT 362.53 598.00 Td (1 and 12 of the Securities ) Tj ET Q q 0 0 0 rg BT 466.40 598.00 Td (Act of 1933 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.00 Td (Section 18 of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 239.85 586.00 Td (Act of 1934.) Tj ET Q endstream endobj 285 0 obj <> endobj 286 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (140) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 742.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 742.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Pursuant to the requirements of Section13 or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 366.87 718.25 Td (Act of 1934, the registrant has duly caused this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New ) Tj ET Q q 0 0 0 rg BT 444.54 706.25 Td (Y) Tj ET Q q 0 0 0 rg BT 450.76 706.25 Td (ork, State of New ) Tj ET Q q 0 0 0 rg BT 523.42 706.25 Td (Y) Tj ET Q q 0 0 0 rg BT 529.64 706.25 Td (ork, on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (the 2nd day of March, 2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 668.32 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 639.32 Td (BY) Tj ET Q q 0 0 0 rg BT 66.43 639.32 Td (: /s/ Jef) Tj ET Q q 0 0 0 rg BT 94.77 639.32 Td (frey J. ) Tj ET Q q 0 0 0 rg BT 121.89 639.32 Td (Alfano) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 625.32 Td (Jef) Tj ET Q q 0 0 0 rg BT 64.57 625.32 Td (frey J. ) Tj ET Q q 0 0 0 rg BT 91.69 625.32 Td (Alfano, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 199.08 625.32 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 611.32 Td (\(on behalf of the Registrant\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 276.05 583.25 Td (Act of 1934, this report has been signed below by the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.25 Td (persons on behalf of the registrant and in the capacities and on the dates indicated.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 512.75 m 203.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 470.75 m 203.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 428.75 m 203.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 386.75 m 203.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 344.75 m 203.5 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 302.75 m 203.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 260.75 m 203.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 218.75 m 203.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 176.75 m 203.5 176.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 134.75 m 203.5 134.75 l s BT /F1 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 53 543.93671875 m 83.66015625 543.93671875 l s q 0 0 0 rg BT 53.00 545.00 Td (Signature) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.00 545.00 Td () Tj ET Q BT /F1 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 210 543.93671875 m 224.82421875 543.93671875 l s q 0 0 0 rg BT 210.00 545.00 Td (T) Tj ET Q q 0 0 0 rg BT 214.75 545.00 Td (itle) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.00 545.00 Td () Tj ET Q BT /F1 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 464 543.93671875 m 479.1015625 543.93671875 l s q 0 0 0 rg BT 464.00 545.00 Td (Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 517.32 Td (/s/ J.J. ) Tj ET Q q 0 0 0 rg BT 79.96 517.32 Td (Alfano) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 517.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 517.32 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 284.89 517.32 Td (ficer \(Principal Financial and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 507.32 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 269.62 507.32 Td (ficer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 517.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 517.32 Td (March 2, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 503.32 Td (J.J. ) Tj ET Q q 0 0 0 rg BT 68.01 503.32 Td (Alfano) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 503.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 503.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 475.32 Td (/s/ E. Behrens) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 475.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 475.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 475.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 475.32 Td (March 2, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 461.32 Td (E. Behrens) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 461.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 461.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 433.32 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 64.86 433.32 Td (T) Tj ET Q q 0 0 0 rg BT 70.50 433.32 Td (. Dwyer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 433.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 433.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 433.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 433.32 Td (March 2, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 419.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.74 419.32 Td (. Dwyer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 419.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 419.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 391.32 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 64.86 391.32 Td (W) Tj ET Q q 0 0 0 rg BT 73.75 391.32 Td (. Ehrhardt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 391.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 391.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 391.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 391.32 Td (March 2, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 377.32 Td (W) Tj ET Q q 0 0 0 rg BT 61.98 377.32 Td (. Ehrhardt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 377.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 377.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 349.32 Td (/s/ P) Tj ET Q q 0 0 0 rg BT 69.96 349.32 Td (. Friedman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 349.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 349.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 349.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 349.32 Td (March 2, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 335.32 Td (P) Tj ET Q q 0 0 0 rg BT 58.01 335.32 Td (. Friedman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 335.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 335.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 307.32 Td (/s/ M.A.M. Keehner) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 307.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 307.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 307.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 307.32 Td (March 2, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 293.32 Td (M.A.M. Keehner) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 293.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 293.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 265.32 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 64.67 265.32 Td (A.G.Lowenthal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 265.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 265.32 Td (Chairman, Chief Executive Of) Tj ET Q q 0 0 0 rg BT 332.09 265.32 Td (ficer \(Principal Executive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 255.32 Td (Of) Tj ET Q q 0 0 0 rg BT 220.46 255.32 Td (ficer\), Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 265.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 265.32 Td (March 2, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 251.32 Td (A.G. Lowenthal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 251.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 251.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 223.32 Td (/s/ R.S. Lowenthal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 223.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 223.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 223.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 223.32 Td (March 2, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 209.32 Td (R.S. Lowenthal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 209.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 209.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 181.32 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 64.67 181.32 Td (A.W) Tj ET Q q 0 0 0 rg BT 83.10 181.32 Td (. Oughtred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 181.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 181.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 181.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 181.32 Td (March 2, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 167.32 Td (A.W) Tj ET Q q 0 0 0 rg BT 71.70 167.32 Td (. Oughtred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 167.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 167.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 139.32 Td (/s/ E.K. Roberts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 139.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 139.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 139.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 139.32 Td (March 2, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 125.32 Td (E.K. Roberts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 125.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 125.32 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 287 0 obj <> endobj 288 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 32.20 Td ( ) Tj ET Q q 0 0 0 rg BT 306.00 32.20 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 740.10 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 537.46 740.10 Td ( 10.37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.30 716.10 Td (AMENDED ) Tj ET Q q 0 0 0 rg BT 295.24 716.10 Td (AND REST) Tj ET Q q 0 0 0 rg BT 343.06 716.10 Td (A) Tj ET Q q 0 0 0 rg BT 349.17 716.10 Td (TED ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 306.00 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.40 692.10 Td (PERFORMANCE-BASED COMPENSA) Tj ET Q q 0 0 0 rg BT 345.27 692.10 Td (TION ) Tj ET Q q 0 0 0 rg BT 371.10 692.10 Td (AGREEMENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 668.10 Td (THIS ) Tj ET Q q 0 0 0 rg BT 110.00 668.10 Td (AMENDED ) Tj ET Q q 0 0 0 rg BT 162.26 668.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 186.85 668.10 Td (REST) Tj ET Q q 0 0 0 rg BT 210.49 668.10 Td (A) Tj ET Q q 0 0 0 rg BT 216.61 668.10 Td (TED ) Tj ET Q q 0 0 0 rg BT 238.32 668.10 Td (AGREEMENT) Tj ET Q q 0 0 0 rg BT 299.80 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 302.72 668.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 321.18 668.10 Td ("Agreement"\) ) Tj ET Q q 0 0 0 rg BT 380.02 668.10 Td (between ) Tj ET Q q 0 0 0 rg BT 416.25 668.10 Td (OPPENHEIMER ) Tj ET Q q 0 0 0 rg BT 489.17 668.10 Td (HOLDINGSINC. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (\("Holdings"\) ) Tj ET Q q 0 0 0 rg BT 103.72 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.27 656.10 Td (ALBER) Tj ET Q q 0 0 0 rg BT 152.45 656.10 Td (T) Tj ET Q q 0 0 0 rg BT 158.38 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 161.10 656.10 Td (G. ) Tj ET Q q 0 0 0 rg BT 173.54 656.10 Td (LOWENTHAL) Tj ET Q q 0 0 0 rg BT 235.93 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 238.65 656.10 Td (\("Lowenthal"\) ) Tj ET Q q 0 0 0 rg BT 298.96 656.10 Td (is ) Tj ET Q q 0 0 0 rg BT 308.35 656.10 Td (ef) Tj ET Q q 0 0 0 rg BT 315.94 656.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 345.86 656.10 Td (as ) Tj ET Q q 0 0 0 rg BT 356.92 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.97 656.10 Td (May1) Tj ET Q q 0 0 0 rg BT 393.43 656.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 403.65 656.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 428.87 656.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 459.91 656.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 472.91 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.07 656.10 Td (conditioned ) Tj ET Q q 0 0 0 rg BT 540.01 656.10 Td (upon, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 86.73 644.10 Td (by ) Tj ET Q q 0 0 0 rg BT 98.97 644.10 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 139.68 644.10 Td (ClassB ) Tj ET Q q 0 0 0 rg BT 172.76 644.10 Td (Stockholders ) Tj ET Q q 0 0 0 rg BT 227.21 644.10 Td (at ) Tj ET Q q 0 0 0 rg BT 236.67 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.13 644.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 273.37 644.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 302.26 644.10 Td (meeting. ) Tj ET Q q 0 0 0 rg BT 339.05 644.10 Td (This ) Tj ET Q q 0 0 0 rg BT 358.58 644.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 405.24 644.10 Td (is ) Tj ET Q q 0 0 0 rg BT 414.15 644.10 Td (an ) Tj ET Q q 0 0 0 rg BT 425.83 644.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 474.72 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 491.40 644.10 Td (restatement ) Tj ET Q q 0 0 0 rg BT 539.73 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 644.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 91.07 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.19 632.10 Td (Restated ) Tj ET Q q 0 0 0 rg BT 145.32 632.10 Td (Performance-Based ) Tj ET Q q 0 0 0 rg BT 226.86 632.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 286.73 632.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 336.34 632.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 360.69 632.10 Td (as ) Tj ET Q q 0 0 0 rg BT 371.71 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.73 632.10 Td (January1, ) Tj ET Q q 0 0 0 rg BT 426.51 632.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 451.70 632.10 Td (between ) Tj ET Q q 0 0 0 rg BT 487.71 632.10 Td (Lowenthal ) Tj ET Q q 0 0 0 rg BT 533.16 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 632.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.89 620.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 108.93 620.10 Td ("Prior ) Tj ET Q q 0 0 0 rg BT 134.96 620.10 Td (Agreement"\) ) Tj ET Q q 0 0 0 rg BT 189.30 620.10 Td (which ) Tj ET Q q 0 0 0 rg BT 216.24 620.10 Td (was ) Tj ET Q q 0 0 0 rg BT 234.29 620.10 Td (due ) Tj ET Q q 0 0 0 rg BT 251.23 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 261.51 620.10 Td (expire ) Tj ET Q q 0 0 0 rg BT 288.99 620.10 Td (on ) Tj ET Q q 0 0 0 rg BT 301.49 620.10 Td (May1) Tj ET Q q 0 0 0 rg BT 326.95 620.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 336.95 620.10 Td (2015. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 270.95 594.53505859375 m 340.9744140625 594.53505859375 l s q 0 0 0 rg BT 270.95 596.10 Td (WITNESSETH:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.97 596.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 572.10 Td (WHEREAS, ) Tj ET Q q 0 0 0 rg BT 141.95 572.10 Td (Lowenthal ) Tj ET Q q 0 0 0 rg BT 190.33 572.10 Td (is ) Tj ET Q q 0 0 0 rg BT 202.62 572.10 Td (employed ) Tj ET Q q 0 0 0 rg BT 247.67 572.10 Td (by ) Tj ET Q q 0 0 0 rg BT 263.29 572.10 Td (Oppenheimer&Co.Inc., ) Tj ET Q q 0 0 0 rg BT 370.55 572.10 Td (a ) Tj ET Q q 0 0 0 rg BT 380.60 572.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 443.99 572.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 490.72 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 504.67 572.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 546.95 572.10 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td ("Company"\), ) Tj ET Q q 0 0 0 rg BT 105.91 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.87 560.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 164.06 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 175.92 560.10 Td (their ) Tj ET Q q 0 0 0 rg BT 197.77 560.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 241.82 560.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 267.56 560.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 311.07 560.10 Td (Of) Tj ET Q q 0 0 0 rg BT 321.44 560.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 343.28 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.24 560.10 Td (serves ) Tj ET Q q 0 0 0 rg BT 389.76 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 401.61 560.10 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 444.57 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 456.42 560.10 Td (their ) Tj ET Q q 0 0 0 rg BT 478.27 560.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 522.33 560.10 Td (Boards ) Tj ET Q q 0 0 0 rg BT 554.19 560.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (Directors; ) Tj ET Q q 0 0 0 rg BT 91.99 548.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 524.10 Td (WHEREAS, ) Tj ET Q q 0 0 0 rg BT 138.99 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.87 524.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 214.31 524.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 261.41 524.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 279.62 524.10 Td ("Committee"\) ) Tj ET Q q 0 0 0 rg BT 338.21 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.21 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.09 524.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 391.19 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.18 524.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 442.05 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.04 524.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 492.37 524.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 510.58 524.10 Td ("Board"\) ) Tj ET Q q 0 0 0 rg BT 549.18 524.10 Td (has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 97.00 512.10 Td (that ) Tj ET Q q 0 0 0 rg BT 114.52 512.10 Td (it ) Tj ET Q q 0 0 0 rg BT 122.60 512.10 Td (is ) Tj ET Q q 0 0 0 rg BT 131.80 512.10 Td (in ) Tj ET Q q 0 0 0 rg BT 142.10 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.84 512.10 Td (best ) Tj ET Q q 0 0 0 rg BT 175.47 512.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 211.32 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.17 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.91 512.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 278.32 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.28 512.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 334.48 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.78 512.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 377.85 512.10 Td (a ) Tj ET Q q 0 0 0 rg BT 384.81 512.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 416.22 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.08 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.82 512.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 499.88 512.10 Td (for ) Tj ET Q q 0 0 0 rg BT 514.06 512.10 Td (Lowenthal's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (services ) Tj ET Q q 0 0 0 rg BT 83.80 500.10 Td (during ) Tj ET Q q 0 0 0 rg BT 112.00 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.15 500.10 Td (T) Tj ET Q q 0 0 0 rg BT 131.56 500.10 Td (erm ) Tj ET Q q 0 0 0 rg BT 149.20 500.10 Td (hereof ) Tj ET Q q 0 0 0 rg BT 176.82 500.10 Td (in ) Tj ET Q q 0 0 0 rg BT 186.69 500.10 Td (a ) Tj ET Q q 0 0 0 rg BT 193.22 500.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 225.30 500.10 Td (that ) Tj ET Q q 0 0 0 rg BT 242.38 500.10 Td (aligns ) Tj ET Q q 0 0 0 rg BT 268.36 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.66 500.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 340.30 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.72 500.10 Td (Lowenthal ) Tj ET Q q 0 0 0 rg BT 395.57 500.10 Td (with ) Tj ET Q q 0 0 0 rg BT 415.44 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.74 500.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 482.36 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.78 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.08 500.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 548.06 500.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 91.34 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.23 488.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 148.33 488.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 184.33 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.33 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.21 488.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 263.43 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.43 488.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 313.77 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.88 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.76 488.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 403.98 488.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 423.86 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 434.31 488.10 Td (other ) Tj ET Q q 0 0 0 rg BT 457.53 488.10 Td (chief ) Tj ET Q q 0 0 0 rg BT 480.18 488.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 521.16 488.10 Td (of) Tj ET Q q 0 0 0 rg BT 529.31 488.10 Td (ficers ) Tj ET Q q 0 0 0 rg BT 554.19 488.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 98.64 476.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 136.12 476.10 Td (service ) Tj ET Q q 0 0 0 rg BT 166.94 476.10 Td (companies; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 452.10 Td (NOW) Tj ET Q q 0 0 0 rg BT 108.46 452.10 Td (, ) Tj ET Q q 0 0 0 rg BT 115.13 452.10 Td (THEREFORE, ) Tj ET Q q 0 0 0 rg BT 179.90 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 192.17 452.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 250.53 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.35 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.05 452.10 Td (premises ) Tj ET Q q 0 0 0 rg BT 320.09 452.10 Td (set ) Tj ET Q q 0 0 0 rg BT 335.69 452.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 359.62 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 371.88 452.10 Td (this ) Tj ET Q q 0 0 0 rg BT 389.83 452.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 441.25 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 460.17 452.10 Td (other ) Tj ET Q q 0 0 0 rg BT 485.21 452.10 Td (good ) Tj ET Q q 0 0 0 rg BT 509.70 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.63 452.10 Td (valuable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 108.37 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.09 440.10 Td (receipt ) Tj ET Q q 0 0 0 rg BT 152.79 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 169.73 440.10 Td (suf) Tj ET Q q 0 0 0 rg BT 181.77 440.10 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 216.47 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.30 440.10 Td (which ) Tj ET Q q 0 0 0 rg BT 254.24 440.10 Td (are ) Tj ET Q q 0 0 0 rg BT 268.95 440.10 Td (hereby ) Tj ET Q q 0 0 0 rg BT 298.66 440.10 Td (acknowledged, ) Tj ET Q q 0 0 0 rg BT 361.41 440.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 400.58 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.52 440.10 Td (Lowenthal ) Tj ET Q q 0 0 0 rg BT 462.78 440.10 Td (agree ) Tj ET Q q 0 0 0 rg BT 486.93 440.10 Td (as ) Tj ET Q q 0 0 0 rg BT 497.76 440.10 Td (follows: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 416.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 95.50 416.10 Td (Definitions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 392.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 99.0986328125 390.7669921875 m 154.6650390625 390.7669921875 l s q 0 0 0 rg BT 99.10 392.10 Td (Class) Tj ET Q q 0 0 0 rg BT 122.72 392.10 Td (A) Tj ET Q q 0 0 0 rg BT 129.39 392.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.89 392.10 Td (Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.67 392.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.17 392.10 Td (means ) Tj ET Q q 0 0 0 rg BT 185.21 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.93 392.10 Td (Class) Tj ET Q q 0 0 0 rg BT 223.55 392.10 Td (A) Tj ET Q q 0 0 0 rg BT 230.22 392.10 Td ( ) Tj ET Q q 0 0 0 rg BT 232.72 392.10 Td (non-voting ) Tj ET Q q 0 0 0 rg BT 279.10 392.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 306.59 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.42 392.10 Td (Holdings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 374.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 99.81640625 372.7669921875 m 153.92626953125 372.7669921875 l s q 0 0 0 rg BT 99.82 374.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 131.16 374.10 Td (V) Tj ET Q q 0 0 0 rg BT 137.27 374.10 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.93 374.10 Td ( ) Tj ET Q q 0 0 0 rg BT 156.58 374.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.57 374.10 Td (a ) Tj ET Q q 0 0 0 rg BT 174.66 374.10 Td (share ) Tj ET Q q 0 0 0 rg BT 198.42 374.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.40 374.10 Td (Class) Tj ET Q q 0 0 0 rg BT 233.02 374.10 Td (A) Tj ET Q q 0 0 0 rg BT 239.69 374.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.35 374.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 267.78 374.10 Td (as ) Tj ET Q q 0 0 0 rg BT 278.77 374.10 Td (of ) Tj ET Q q 0 0 0 rg BT 289.76 374.10 Td (a ) Tj ET Q q 0 0 0 rg BT 296.85 374.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 355.04 374.10 Td (date ) Tj ET Q q 0 0 0 rg BT 374.36 374.10 Td (means ) Tj ET Q q 0 0 0 rg BT 402.56 374.10 Td (its ) Tj ET Q q 0 0 0 rg BT 414.66 374.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 446.21 374.10 Td (price ) Tj ET Q q 0 0 0 rg BT 468.85 374.10 Td (on ) Tj ET Q q 0 0 0 rg BT 481.50 374.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.38 374.10 Td (New ) Tj ET Q q 0 0 0 rg BT 517.52 374.10 Td (Y) Tj ET Q q 0 0 0 rg BT 523.74 374.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 539.73 374.10 Td (Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 362.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 127.42 362.10 Td (on ) Tj ET Q q 0 0 0 rg BT 139.92 362.10 Td (such ) Tj ET Q q 0 0 0 rg BT 160.75 362.10 Td (date ) Tj ET Q q 0 0 0 rg BT 179.91 362.10 Td (or) Tj ET Q q 0 0 0 rg BT 187.84 362.10 Td (, ) Tj ET Q q 0 0 0 rg BT 192.84 362.10 Td (if ) Tj ET Q q 0 0 0 rg BT 201.45 362.10 Td (such ) Tj ET Q q 0 0 0 rg BT 222.28 362.10 Td (date ) Tj ET Q q 0 0 0 rg BT 241.43 362.10 Td (is ) Tj ET Q q 0 0 0 rg BT 250.60 362.10 Td (not ) Tj ET Q q 0 0 0 rg BT 265.88 362.10 Td (a ) Tj ET Q q 0 0 0 rg BT 272.82 362.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 303.64 362.10 Td (day) Tj ET Q q 0 0 0 rg BT 317.43 362.10 Td (, ) Tj ET Q q 0 0 0 rg BT 322.43 362.10 Td (on ) Tj ET Q q 0 0 0 rg BT 334.93 362.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.65 362.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 380.48 362.10 Td (day ) Tj ET Q q 0 0 0 rg BT 397.41 362.10 Td (next ) Tj ET Q q 0 0 0 rg BT 417.13 362.10 Td (preceding ) Tj ET Q q 0 0 0 rg BT 459.05 362.10 Td (such ) Tj ET Q q 0 0 0 rg BT 479.88 362.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 537.92 362.10 Td (date. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 344.10 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 99.171875 342.7669921875 m 178.55517578125 342.7669921875 l s q 0 0 0 rg BT 99.17 344.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 152.26 344.10 Td (A) Tj ET Q q 0 0 0 rg BT 158.56 344.10 Td (ward) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.56 344.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.13 344.10 Td (means ) Tj ET Q q 0 0 0 rg BT 209.25 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.04 344.10 Td (written ) Tj ET Q q 0 0 0 rg BT 254.94 344.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 308.03 344.10 Td (goal ) Tj ET Q q 0 0 0 rg BT 327.82 344.10 Td (established ) Tj ET Q q 0 0 0 rg BT 374.83 344.10 Td (with ) Tj ET Q q 0 0 0 rg BT 395.18 344.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 426.07 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.42 344.10 Td (a ) Tj ET Q q 0 0 0 rg BT 443.43 344.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 496.71 344.10 Td (Y) Tj ET Q q 0 0 0 rg BT 502.93 344.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 517.71 344.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 554.72 344.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 332.10 Td (Section2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 314.10 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 99.02685546875 312.7669921875 m 212.09228515625 312.7669921875 l s q 0 0 0 rg BT 99.03 314.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 151.57 314.10 Td (A) Tj ET Q q 0 0 0 rg BT 157.87 314.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 179.31 314.10 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.09 314.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.96 314.10 Td (means ) Tj ET Q q 0 0 0 rg BT 241.37 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.46 314.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 287.32 314.10 Td (of ) Tj ET Q q 0 0 0 rg BT 297.51 314.10 Td (performance-based ) Tj ET Q q 0 0 0 rg BT 376.00 314.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 433.41 314.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 480.26 314.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 516.56 314.10 Td (to ) Tj ET Q q 0 0 0 rg BT 526.21 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.29 314.10 Td (terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.33 302.10 Td (a ) Tj ET Q q 0 0 0 rg BT 103.27 302.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 156.30 302.10 Td (A) Tj ET Q q 0 0 0 rg BT 162.60 302.10 Td (ward. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 284.10 Td (\(e\) ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 99.0986328125 282.7669921875 m 170.7392578125 282.7669921875 l s q 0 0 0 rg BT 99.10 284.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 152.31 284.10 Td (Y) Tj ET Q q 0 0 0 rg BT 158.53 284.10 Td (ear) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.74 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.24 284.10 Td (means ) Tj ET Q q 0 0 0 rg BT 201.29 284.10 Td (a ) Tj ET Q q 0 0 0 rg BT 208.22 284.10 Td (calendar ) Tj ET Q q 0 0 0 rg BT 244.59 284.10 Td (year ) Tj ET Q q 0 0 0 rg BT 264.29 284.10 Td (during ) Tj ET Q q 0 0 0 rg BT 292.90 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.44 284.10 Td (T) Tj ET Q q 0 0 0 rg BT 312.85 284.10 Td (erm. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 266.10 Td (\(f\) ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 98.37890625 264.7669921875 m 119.24560546875 264.7669921875 l s q 0 0 0 rg BT 98.29 266.10 Td (T) Tj ET Q q 0 0 0 rg BT 103.70 266.10 Td (erm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.25 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 122.26 266.10 Td (means ) Tj ET Q q 0 0 0 rg BT 150.83 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.06 266.10 Td (period ) Tj ET Q q 0 0 0 rg BT 194.62 266.10 Td (commencing ) Tj ET Q q 0 0 0 rg BT 249.29 266.10 Td (on ) Tj ET Q q 0 0 0 rg BT 262.31 266.10 Td (May1) Tj ET Q q 0 0 0 rg BT 287.77 266.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 298.28 266.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 321.30 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.75 266.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 368.99 266.10 Td (on ) Tj ET Q q 0 0 0 rg BT 382.00 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.24 266.10 Td (date ) Tj ET Q q 0 0 0 rg BT 416.91 266.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.26 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.49 266.10 Td (first ) Tj ET Q q 0 0 0 rg BT 462.61 266.10 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 512.29 266.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 547.51 266.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 254.10 Td (occurs ) Tj ET Q q 0 0 0 rg BT 113.82 254.10 Td (in ) Tj ET Q q 0 0 0 rg BT 123.81 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.25 254.10 Td (fifth ) Tj ET Q q 0 0 0 rg BT 157.68 254.10 Td (year ) Tj ET Q q 0 0 0 rg BT 177.11 254.10 Td (following ) Tj ET Q q 0 0 0 rg BT 218.21 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.65 254.10 Td (year ) Tj ET Q q 0 0 0 rg BT 252.07 254.10 Td (in ) Tj ET Q q 0 0 0 rg BT 262.07 254.10 Td (which ) Tj ET Q q 0 0 0 rg BT 288.73 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.16 254.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 325.38 254.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 354.25 254.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 388.68 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.23 254.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 452.00 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.55 254.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 501.43 254.10 Td (occurs ) Tj ET Q q 0 0 0 rg BT 529.75 254.10 Td (\(i.e.,the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 242.10 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 134.66 242.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 169.37 242.10 Td (occurring ) Tj ET Q q 0 0 0 rg BT 210.18 242.10 Td (in ) Tj ET Q q 0 0 0 rg BT 220.46 242.10 Td (2020\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 218.10 Td (2. ) Tj ET Q q 0 0 0 rg BT 95.50 218.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 152.97 218.10 Td (A) Tj ET Q q 0 0 0 rg BT 159.45 218.10 Td (wards. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 194.10 Td (On ) Tj ET Q q 0 0 0 rg BT 101.23 194.10 Td (or ) Tj ET Q q 0 0 0 rg BT 113.07 194.10 Td (before ) Tj ET Q q 0 0 0 rg BT 142.12 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.84 194.10 Td (90thday ) Tj ET Q q 0 0 0 rg BT 196.07 194.10 Td (of ) Tj ET Q q 0 0 0 rg BT 207.91 194.10 Td (each ) Tj ET Q q 0 0 0 rg BT 229.74 194.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 283.81 194.10 Td (Y) Tj ET Q q 0 0 0 rg BT 290.03 194.10 Td (ear) Tj ET Q q 0 0 0 rg BT 301.84 194.10 Td (, ) Tj ET Q q 0 0 0 rg BT 307.85 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.57 194.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 371.52 194.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 393.92 194.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 432.42 194.10 Td (a ) Tj ET Q q 0 0 0 rg BT 440.37 194.10 Td (written ) Tj ET Q q 0 0 0 rg BT 472.21 194.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 526.24 194.10 Td (goal ) Tj ET Q q 0 0 0 rg BT 546.96 194.10 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.10 Td (") Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53.58203125 180.76699218750002 m 132.7626953125 180.76699218750002 l s q 0 0 0 rg BT 53.58 182.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 106.47 182.10 Td (A) Tj ET Q q 0 0 0 rg BT 112.77 182.10 Td (ward) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.76 182.10 Td ("\) ) Tj ET Q q 0 0 0 rg BT 142.49 182.10 Td (with ) Tj ET Q q 0 0 0 rg BT 162.58 182.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 193.21 182.10 Td (to ) Tj ET Q q 0 0 0 rg BT 203.30 182.10 Td (such ) Tj ET Q q 0 0 0 rg BT 223.94 182.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 277.00 182.10 Td (Y) Tj ET Q q 0 0 0 rg BT 283.22 182.10 Td (ear) Tj ET Q q 0 0 0 rg BT 294.87 182.10 Td (. ) Tj ET Q q 0 0 0 rg BT 299.69 182.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 322.00 182.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 374.89 182.10 Td (A) Tj ET Q q 0 0 0 rg BT 381.19 182.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 403.50 182.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 424.70 182.10 Td (be ) Tj ET Q q 0 0 0 rg BT 436.45 182.10 Td (in ) Tj ET Q q 0 0 0 rg BT 446.54 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.07 182.10 Td (form ) Tj ET Q q 0 0 0 rg BT 482.82 182.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.46 182.10 Td (a ) Tj ET Q q 0 0 0 rg BT 500.22 182.10 Td (written ) Tj ET Q q 0 0 0 rg BT 530.86 182.10 Td (formula ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 86.29 170.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.42 170.10 Td (which ) Tj ET Q q 0 0 0 rg BT 123.21 170.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.78 170.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 190.70 170.10 Td (A) Tj ET Q q 0 0 0 rg BT 197.00 170.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 218.83 170.10 Td (Amount ) Tj ET Q q 0 0 0 rg BT 253.96 170.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 275.20 170.10 Td (be ) Tj ET Q q 0 0 0 rg BT 286.99 170.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 334.32 170.10 Td (based ) Tj ET Q q 0 0 0 rg BT 359.44 170.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 381.79 170.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.36 170.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 425.36 170.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.04 170.10 Td (attainment ) Tj ET Q q 0 0 0 rg BT 480.60 170.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.73 170.10 Td (such ) Tj ET Q q 0 0 0 rg BT 511.42 170.10 Td (Performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.10 Td (Y) Tj ET Q q 0 0 0 rg BT 55.72 158.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 70.14 158.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.69 158.10 Td (tar) Tj ET Q q 0 0 0 rg BT 91.06 158.10 Td (gets ) Tj ET Q q 0 0 0 rg BT 109.38 158.10 Td (expressed ) Tj ET Q q 0 0 0 rg BT 151.02 158.10 Td (in ) Tj ET Q q 0 0 0 rg BT 161.02 158.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 185.45 158.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.00 158.10 Td (one ) Tj ET Q q 0 0 0 rg BT 212.65 158.10 Td (or ) Tj ET Q q 0 0 0 rg BT 223.20 158.10 Td (more ) Tj ET Q q 0 0 0 rg BT 245.96 158.10 Td (of ) Tj ET Q q 0 0 0 rg BT 256.51 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.94 158.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 300.36 158.10 Td (set ) Tj ET Q q 0 0 0 rg BT 313.69 158.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 335.34 158.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 347.5556640625 156.76699218750002 m 385.89306640625 156.76699218750002 l s q 0 0 0 rg BT 347.56 158.10 Td (Exhibit) Tj ET Q q 0 0 0 rg BT 378.95 158.10 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.62 158.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.83 158.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.83 158.10 Td (this ) Tj ET Q q 0 0 0 rg BT 414.00 158.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 463.14 158.10 Td (as ) Tj ET Q q 0 0 0 rg BT 473.69 158.10 Td (may ) Tj ET Q q 0 0 0 rg BT 493.12 158.10 Td (be ) Tj ET Q q 0 0 0 rg BT 504.77 158.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 543.08 158.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.10 Td (time ) Tj ET Q q 0 0 0 rg BT 69.92 146.10 Td (to ) Tj ET Q q 0 0 0 rg BT 80.33 146.10 Td (time ) Tj ET Q q 0 0 0 rg BT 100.75 146.10 Td (by ) Tj ET Q q 0 0 0 rg BT 113.39 146.10 Td (Lowenthal ) Tj ET Q q 0 0 0 rg BT 158.80 146.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.88 146.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 215.19 146.10 Td (\(by ) Tj ET Q q 0 0 0 rg BT 231.16 146.10 Td (action ) Tj ET Q q 0 0 0 rg BT 258.24 146.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.21 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.07 146.10 Td (Committee\) ) Tj ET Q q 0 0 0 rg BT 334.48 146.10 Td (in ) Tj ET Q q 0 0 0 rg BT 344.90 146.10 Td (writing, ) Tj ET Q q 0 0 0 rg BT 378.92 146.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 409.89 146.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 422.81 146.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.89 146.10 Td (conditioned ) Tj ET Q q 0 0 0 rg BT 489.74 146.10 Td (upon, ) Tj ET Q q 0 0 0 rg BT 514.89 146.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 552.51 146.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.10 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 90.24 134.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 143.05 134.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.76 134.10 Td (such ) Tj ET Q q 0 0 0 rg BT 180.36 134.10 Td (other ) Tj ET Q q 0 0 0 rg BT 203.17 134.10 Td (approvals ) Tj ET Q q 0 0 0 rg BT 244.32 134.10 Td (as ) Tj ET Q q 0 0 0 rg BT 254.92 134.10 Td (may ) Tj ET Q q 0 0 0 rg BT 274.40 134.10 Td (be ) Tj ET Q q 0 0 0 rg BT 286.11 134.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 324.33 134.10 Td (. ) Tj ET Q q 0 0 0 rg BT 329.09 134.10 Td (Except ) Tj ET Q q 0 0 0 rg BT 359.13 134.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.17 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.66 134.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 410.36 134.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 451.50 134.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 489.32 134.10 Td (in ) Tj ET Q q 0 0 0 rg BT 499.37 134.10 Td (this ) Tj ET Q q 0 0 0 rg BT 515.58 134.10 Td (Agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.38 122.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 105.94 122.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 127.49 122.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 144.60 122.10 Td (Lowenthal ) Tj ET Q q 0 0 0 rg BT 190.03 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.91 122.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 258.08 122.10 Td (A) Tj ET Q q 0 0 0 rg BT 264.38 122.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 286.45 122.10 Td (Amount ) Tj ET Q q 0 0 0 rg BT 321.90 122.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.34 122.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 352.78 122.10 Td (or) Tj ET Q q 0 0 0 rg BT 360.71 122.10 Td (, ) Tj ET Q q 0 0 0 rg BT 365.87 122.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 402.98 122.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.43 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.31 122.10 Td (Oppenheimer ) Tj ET Q q 0 0 0 rg BT 485.40 122.10 Td (HoldingsInc. ) Tj ET Q q 0 0 0 rg BT 542.51 122.10 Td (2006 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 79.68 110.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 120.40 110.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 141.69 110.10 Td (or ) Tj ET Q q 0 0 0 rg BT 153.53 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.27 110.10 Td (Oppenheimer&Co.Inc. ) Tj ET Q q 0 0 0 rg BT 271.92 110.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 315.98 110.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 342.26 110.10 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 366.05 110.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 390.68 110.10 Td (within ) Tj ET Q q 0 0 0 rg BT 419.75 110.10 Td (five ) Tj ET Q q 0 0 0 rg BT 438.81 110.10 Td (\(5\)days ) Tj ET Q q 0 0 0 rg BT 474.81 110.10 Td (after ) Tj ET Q q 0 0 0 rg BT 496.64 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.38 110.10 Td (Committee's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (certification ) Tj ET Q q 0 0 0 rg BT 99.86 98.10 Td (for ) Tj ET Q q 0 0 0 rg BT 113.57 98.10 Td (each ) Tj ET Q q 0 0 0 rg BT 133.94 98.10 Td (award ) Tj ET Q q 0 0 0 rg BT 160.42 98.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.25 98.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 217.26 98.10 Td (with ) Tj ET Q q 0 0 0 rg BT 237.09 98.10 Td (Section3 ) Tj ET Q q 0 0 0 rg BT 276.64 98.10 Td (following ) Tj ET Q q 0 0 0 rg BT 317.58 98.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.85 98.10 Td (end ) Tj ET Q q 0 0 0 rg BT 348.34 98.10 Td (of ) Tj ET Q q 0 0 0 rg BT 358.72 98.10 Td (each ) Tj ET Q q 0 0 0 rg BT 379.09 98.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 431.92 98.10 Td (Y) Tj ET Q q 0 0 0 rg BT 438.14 98.10 Td (ear) Tj ET Q q 0 0 0 rg BT 449.95 98.10 Td (, ) Tj ET Q q 0 0 0 rg BT 454.50 98.10 Td (which ) Tj ET Q q 0 0 0 rg BT 480.99 98.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 501.93 98.10 Td (be ) Tj ET Q q 0 0 0 rg BT 513.42 98.10 Td (no ) Tj ET Q q 0 0 0 rg BT 525.47 98.10 Td (later ) Tj ET Q q 0 0 0 rg BT 545.29 98.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.10 Td (March15 ) Tj ET Q q 0 0 0 rg BT 90.60 86.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.43 86.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.15 86.10 Td (year ) Tj ET Q q 0 0 0 rg BT 135.85 86.10 Td (following ) Tj ET Q q 0 0 0 rg BT 177.24 86.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.96 86.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 245.17 86.10 Td (Y) Tj ET Q q 0 0 0 rg BT 251.39 86.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 266.10 86.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.38 86.10 Td (which ) Tj ET Q q 0 0 0 rg BT 303.31 86.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.03 86.10 Td (Committee's ) Tj ET Q q 0 0 0 rg BT 370.66 86.10 Td (certification ) Tj ET Q q 0 0 0 rg BT 421.47 86.10 Td (relates. ) Tj ET Q endstream endobj 289 0 obj <> endobj 290 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 32.20 Td ( ) Tj ET Q q 0 0 0 rg BT 303.00 32.20 Td (2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 716.10 Td (3. ) Tj ET Q q 0 0 0 rg BT 94.95 716.10 Td (Administration. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 692.10 Td (The ) Tj ET Q q 0 0 0 rg BT 102.98 692.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 148.77 692.10 Td (with ) Tj ET Q q 0 0 0 rg BT 168.48 692.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 198.73 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.44 692.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 261.02 692.10 Td (A) Tj ET Q q 0 0 0 rg BT 267.33 692.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 293.14 692.10 Td (made ) Tj ET Q q 0 0 0 rg BT 316.73 692.10 Td (under ) Tj ET Q q 0 0 0 rg BT 341.42 692.10 Td (this ) Tj ET Q q 0 0 0 rg BT 357.38 692.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 403.73 692.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 424.55 692.10 Td (be ) Tj ET Q q 0 0 0 rg BT 435.92 692.10 Td (administered ) Tj ET Q q 0 0 0 rg BT 489.50 692.10 Td (by ) Tj ET Q q 0 0 0 rg BT 501.43 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.57 692.10 Td (Committee. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.40 680.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 116.18 680.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 138.42 680.10 Td (at ) Tj ET Q q 0 0 0 rg BT 148.98 680.10 Td (all ) Tj ET Q q 0 0 0 rg BT 162.33 680.10 Td (times ) Tj ET Q q 0 0 0 rg BT 187.34 680.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 218.47 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.15 680.10 Td (two ) Tj ET Q q 0 0 0 rg BT 248.50 680.10 Td (or ) Tj ET Q q 0 0 0 rg BT 260.17 680.10 Td (more ) Tj ET Q q 0 0 0 rg BT 284.07 680.10 Td (members ) Tj ET Q q 0 0 0 rg BT 324.07 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.86 680.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 364.10 680.10 Td (be ) Tj ET Q q 0 0 0 rg BT 376.88 680.10 Td (constituted ) Tj ET Q q 0 0 0 rg BT 424.11 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 435.24 680.10 Td (such ) Tj ET Q q 0 0 0 rg BT 456.92 680.10 Td (a ) Tj ET Q q 0 0 0 rg BT 464.71 680.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 498.04 680.10 Td (as ) Tj ET Q q 0 0 0 rg BT 509.72 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 520.85 680.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 550.30 680.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 104.65 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.93 668.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 159.97 668.10 Td (law) Tj ET Q q 0 0 0 rg BT 173.75 668.10 Td (, ) Tj ET Q q 0 0 0 rg BT 179.20 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.37 668.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 238.99 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.26 668.10 Td (Rule16b-3 ) Tj ET Q q 0 0 0 rg BT 297.93 668.10 Td (under ) Tj ET Q q 0 0 0 rg BT 323.65 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.81 668.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 381.19 668.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 422.91 668.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 440.30 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.58 668.10 Td (1934 ) Tj ET Q q 0 0 0 rg BT 474.53 668.10 Td (or ) Tj ET Q q 0 0 0 rg BT 485.81 668.10 Td (any ) Tj ET Q q 0 0 0 rg BT 503.19 668.10 Td (successor ) Tj ET Q q 0 0 0 rg BT 544.46 668.10 Td (rule, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.68 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 81.63 656.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 126.04 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.11 656.10 Td (Section162\(m\)\(4\)\(C\)\(i\) ) Tj ET Q q 0 0 0 rg BT 236.21 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.28 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.24 656.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 296.07 656.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 333.80 656.10 Td (Code ) Tj ET Q q 0 0 0 rg BT 357.64 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.71 656.10 Td (1986, ) Tj ET Q q 0 0 0 rg BT 393.95 656.10 Td (as ) Tj ET Q q 0 0 0 rg BT 405.02 656.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 443.86 656.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 462.14 656.10 Td ("Code"\). ) Tj ET Q q 0 0 0 rg BT 499.79 656.10 Td (The ) Tj ET Q q 0 0 0 rg BT 518.07 656.10 Td (Committee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 71.16 644.10 Td (have ) Tj ET Q q 0 0 0 rg BT 92.81 644.10 Td (full ) Tj ET Q q 0 0 0 rg BT 109.47 644.10 Td (power ) Tj ET Q q 0 0 0 rg BT 137.23 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.44 644.10 Td (authority ) Tj ET Q q 0 0 0 rg BT 193.32 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 203.87 644.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 227.19 644.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 258.28 644.10 Td (hereunder ) Tj ET Q q 0 0 0 rg BT 301.03 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.24 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.79 644.10 Td (administer ) Tj ET Q q 0 0 0 rg BT 373.77 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.99 644.10 Td (interpret ) Tj ET Q q 0 0 0 rg BT 427.63 644.10 Td (this ) Tj ET Q q 0 0 0 rg BT 444.24 644.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 491.43 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.65 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 519.20 644.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 544.19 644.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (rules, ) Tj ET Q q 0 0 0 rg BT 73.39 632.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 119.78 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.17 632.10 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 179.22 632.10 Td (as ) Tj ET Q q 0 0 0 rg BT 189.50 632.10 Td (it ) Tj ET Q q 0 0 0 rg BT 197.01 632.10 Td (deems ) Tj ET Q q 0 0 0 rg BT 224.51 632.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 265.33 632.10 Td (or ) Tj ET Q q 0 0 0 rg BT 275.61 632.10 Td (advisable ) Tj ET Q q 0 0 0 rg BT 315.33 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 325.06 632.10 Td (give ) Tj ET Q q 0 0 0 rg BT 344.23 632.10 Td (ef) Tj ET Q q 0 0 0 rg BT 351.82 632.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 368.75 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.49 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.65 632.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 426.27 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 442.66 632.10 Td (intent ) Tj ET Q q 0 0 0 rg BT 467.38 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.67 632.10 Td (this ) Tj ET Q q 0 0 0 rg BT 493.63 632.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 542.51 632.10 Td (Prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.64 620.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 96.44 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.13 620.10 Td (any ) Tj ET Q q 0 0 0 rg BT 123.93 620.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 176.85 620.10 Td (A) Tj ET Q q 0 0 0 rg BT 183.16 620.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 205.51 620.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 238.97 620.10 Td (hereunder ) Tj ET Q q 0 0 0 rg BT 281.30 620.10 Td (with ) Tj ET Q q 0 0 0 rg BT 301.45 620.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 332.12 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 342.26 620.10 Td (any ) Tj ET Q q 0 0 0 rg BT 359.06 620.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 412.16 620.10 Td (Y) Tj ET Q q 0 0 0 rg BT 418.38 620.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 432.95 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.53 620.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 494.33 620.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 515.58 620.10 Td (certify ) Tj ET Q q 0 0 0 rg BT 544.03 620.10 Td (as ) Tj ET Q q 0 0 0 rg BT 554.73 620.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.98 608.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 94.89 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 105.94 608.10 Td (which ) Tj ET Q q 0 0 0 rg BT 133.64 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.12 608.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 202.91 608.10 Td (goals ) Tj ET Q q 0 0 0 rg BT 227.29 608.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 273.88 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.36 608.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 342.99 608.10 Td (A) Tj ET Q q 0 0 0 rg BT 349.29 608.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 372.55 608.10 Td (have ) Tj ET Q q 0 0 0 rg BT 394.69 608.10 Td (been ) Tj ET Q q 0 0 0 rg BT 416.83 608.10 Td (attained ) Tj ET Q q 0 0 0 rg BT 451.75 608.10 Td (for ) Tj ET Q q 0 0 0 rg BT 466.67 608.10 Td (such ) Tj ET Q q 0 0 0 rg BT 488.27 608.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 542.14 608.10 Td (Y) Tj ET Q q 0 0 0 rg BT 548.36 608.10 Td (ear) Tj ET Q q 0 0 0 rg BT 560.01 608.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (Certification ) Tj ET Q q 0 0 0 rg BT 102.54 596.10 Td (by ) Tj ET Q q 0 0 0 rg BT 115.04 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.75 596.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 176.69 596.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 198.08 596.10 Td (be ) Tj ET Q q 0 0 0 rg BT 210.02 596.10 Td (made ) Tj ET Q q 0 0 0 rg BT 234.17 596.10 Td (by ) Tj ET Q q 0 0 0 rg BT 246.67 596.10 Td (March10 ) Tj ET Q q 0 0 0 rg BT 287.77 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.60 596.10 Td (each ) Tj ET Q q 0 0 0 rg BT 319.42 596.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 372.63 596.10 Td (Y) Tj ET Q q 0 0 0 rg BT 378.85 596.10 Td (ear) Tj ET Q q 0 0 0 rg BT 390.51 596.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 572.10 Td (4. ) Tj ET Q q 0 0 0 rg BT 95.50 572.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 152.97 572.10 Td (A) Tj ET Q q 0 0 0 rg BT 159.45 572.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 183.62 572.10 Td (Amount ) Tj ET Q q 0 0 0 rg BT 221.13 572.10 Td (Limitation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 548.10 Td (In ) Tj ET Q q 0 0 0 rg BT 98.27 548.10 Td (no ) Tj ET Q q 0 0 0 rg BT 112.71 548.10 Td (event ) Tj ET Q q 0 0 0 rg BT 138.81 548.10 Td (may ) Tj ET Q q 0 0 0 rg BT 160.47 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.13 548.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 231.67 548.10 Td (A) Tj ET Q q 0 0 0 rg BT 237.98 548.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 261.43 548.10 Td (Amount ) Tj ET Q q 0 0 0 rg BT 298.65 548.10 Td (with ) Tj ET Q q 0 0 0 rg BT 320.87 548.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 353.62 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.84 548.10 Td (any ) Tj ET Q q 0 0 0 rg BT 384.72 548.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 439.59 548.10 Td (Y) Tj ET Q q 0 0 0 rg BT 445.81 548.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 462.46 548.10 Td (during ) Tj ET Q q 0 0 0 rg BT 493.01 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.35 548.10 Td (T) Tj ET Q q 0 0 0 rg BT 514.76 548.10 Td (erm ) Tj ET Q q 0 0 0 rg BT 534.74 548.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 565.00 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 567.50 548.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td ($10,000,000. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 512.10 Td (5. ) Tj ET Q q 0 0 0 rg BT 95.32 512.10 Td (T) Tj ET Q q 0 0 0 rg BT 101.07 512.10 Td (ermination ) Tj ET Q q 0 0 0 rg BT 150.79 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.62 512.10 Td (Employment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 488.10 Td (If ) Tj ET Q q 0 0 0 rg BT 95.19 488.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 117.66 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.47 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.72 488.10 Td (end ) Tj ET Q q 0 0 0 rg BT 161.19 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.55 488.10 Td (a ) Tj ET Q q 0 0 0 rg BT 180.02 488.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 233.68 488.10 Td (Y) Tj ET Q q 0 0 0 rg BT 239.91 488.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 255.14 488.10 Td (Lowenthal's ) Tj ET Q q 0 0 0 rg BT 306.63 488.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 359.65 488.10 Td (with ) Tj ET Q q 0 0 0 rg BT 380.46 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.71 488.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 437.63 488.10 Td (or ) Tj ET Q q 0 0 0 rg BT 448.99 488.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 488.69 488.10 Td (terminates ) Tj ET Q q 0 0 0 rg BT 533.37 488.10 Td (for ) Tj ET Q q 0 0 0 rg BT 548.06 488.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (reason ) Tj ET Q q 0 0 0 rg BT 78.44 476.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 122.39 476.10 Td (death ) Tj ET Q q 0 0 0 rg BT 146.89 476.10 Td (or ) Tj ET Q q 0 0 0 rg BT 158.06 476.10 Td (permanent ) Tj ET Q q 0 0 0 rg BT 203.11 476.10 Td (disability\) ) Tj ET Q q 0 0 0 rg BT 246.51 476.10 Td (other ) Tj ET Q q 0 0 0 rg BT 269.90 476.10 Td (than ) Tj ET Q q 0 0 0 rg BT 289.96 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.02 476.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 353.96 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.14 476.10 Td (his ) Tj ET Q q 0 0 0 rg BT 379.65 476.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 432.49 476.10 Td (for ) Tj ET Q q 0 0 0 rg BT 446.99 476.10 Td (Cause ) Tj ET Q q 0 0 0 rg BT 474.27 476.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 488.78 476.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 521.61 476.10 Td (below\), ) Tj ET Q q 0 0 0 rg BT 554.72 476.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (lieu ) Tj ET Q q 0 0 0 rg BT 66.48 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 76.80 464.10 Td (any ) Tj ET Q q 0 0 0 rg BT 93.23 464.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 133.55 464.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 174.41 464.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 207.50 464.10 Td (under ) Tj ET Q q 0 0 0 rg BT 232.26 464.10 Td (this ) Tj ET Q q 0 0 0 rg BT 248.26 464.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 294.67 464.10 Td (with ) Tj ET Q q 0 0 0 rg BT 314.44 464.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 344.74 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.51 464.10 Td (such ) Tj ET Q q 0 0 0 rg BT 374.83 464.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 427.61 464.10 Td (Y) Tj ET Q q 0 0 0 rg BT 433.83 464.10 Td (ear) Tj ET Q q 0 0 0 rg BT 445.64 464.10 Td (, ) Tj ET Q q 0 0 0 rg BT 450.13 464.10 Td (Lowenthal ) Tj ET Q q 0 0 0 rg BT 494.88 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 505.20 464.10 Td (his ) Tj ET Q q 0 0 0 rg BT 518.86 464.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 543.61 464.10 Td (shall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.45 452.10 Td (paid, ) Tj ET Q q 0 0 0 rg BT 83.68 452.10 Td (on ) Tj ET Q q 0 0 0 rg BT 96.20 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.93 452.10 Td (later ) Tj ET Q q 0 0 0 rg BT 131.20 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.05 452.10 Td (\(x\)five ) Tj ET Q q 0 0 0 rg BT 174.27 452.10 Td (\(5\)days ) Tj ET Q q 0 0 0 rg BT 209.27 452.10 Td (after ) Tj ET Q q 0 0 0 rg BT 230.10 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.83 452.10 Td (Committee's ) Tj ET Q q 0 0 0 rg BT 297.48 452.10 Td (certification ) Tj ET Q q 0 0 0 rg BT 348.30 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.59 452.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 406.06 452.10 Td (with ) Tj ET Q q 0 0 0 rg BT 426.36 452.10 Td (Section3 ) Tj ET Q q 0 0 0 rg BT 466.36 452.10 Td (following ) Tj ET Q q 0 0 0 rg BT 507.76 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.50 452.10 Td (end ) Tj ET Q q 0 0 0 rg BT 539.45 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 452.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 102.60 440.10 Td (Y) Tj ET Q q 0 0 0 rg BT 108.82 440.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 123.40 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 133.55 440.10 Td (which ) Tj ET Q q 0 0 0 rg BT 160.36 440.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 208.83 440.10 Td (occurs ) Tj ET Q q 0 0 0 rg BT 237.30 440.10 Td (or ) Tj ET Q q 0 0 0 rg BT 248.00 440.10 Td (\(y\)the ) Tj ET Q q 0 0 0 rg BT 276.75 440.10 Td (first ) Tj ET Q q 0 0 0 rg BT 295.22 440.10 Td (business ) Tj ET Q q 0 0 0 rg BT 331.49 440.10 Td (day ) Tj ET Q q 0 0 0 rg BT 348.30 440.10 Td (that ) Tj ET Q q 0 0 0 rg BT 365.66 440.10 Td (is ) Tj ET Q q 0 0 0 rg BT 374.70 440.10 Td (at ) Tj ET Q q 0 0 0 rg BT 384.29 440.10 Td (least ) Tj ET Q q 0 0 0 rg BT 404.99 440.10 Td (six ) Tj ET Q q 0 0 0 rg BT 419.03 440.10 Td (\(6\)months ) Tj ET Q q 0 0 0 rg BT 465.00 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.81 440.10 Td (one ) Tj ET Q q 0 0 0 rg BT 498.62 440.10 Td (\(1\)day ) Tj ET Q q 0 0 0 rg BT 529.59 440.10 Td (after ) Tj ET Q q 0 0 0 rg BT 550.28 440.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (date ) Tj ET Q q 0 0 0 rg BT 68.92 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.02 428.10 Td (termination, ) Tj ET Q q 0 0 0 rg BT 131.39 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.38 428.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 165.81 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.91 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.90 428.10 Td (following: ) Tj ET Q q 0 0 0 rg BT 236.33 428.10 Td (\(i\)the ) Tj ET Q q 0 0 0 rg BT 263.25 428.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 296.02 428.10 Td (that ) Tj ET Q q 0 0 0 rg BT 313.78 428.10 Td (would ) Tj ET Q q 0 0 0 rg BT 341.55 428.10 Td (be ) Tj ET Q q 0 0 0 rg BT 353.76 428.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 378.19 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 388.73 428.10 Td (Lowenthal ) Tj ET Q q 0 0 0 rg BT 434.27 428.10 Td (with ) Tj ET Q q 0 0 0 rg BT 454.81 428.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 485.90 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.44 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.43 428.10 Td (Performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (A) Tj ET Q q 0 0 0 rg BT 55.80 416.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 77.94 416.10 Td (\(other ) Tj ET Q q 0 0 0 rg BT 103.96 416.10 Td (than ) Tj ET Q q 0 0 0 rg BT 123.32 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.68 416.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 168.71 416.10 Td (thereof ) Tj ET Q q 0 0 0 rg BT 199.17 416.10 Td (described ) Tj ET Q q 0 0 0 rg BT 239.63 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 249.55 416.10 Td (clause\(ii\)\) ) Tj ET Q q 0 0 0 rg BT 294.72 416.10 Td (for ) Tj ET Q q 0 0 0 rg BT 308.53 416.10 Td (such ) Tj ET Q q 0 0 0 rg BT 329.00 416.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 381.91 416.10 Td (Y) Tj ET Q q 0 0 0 rg BT 388.13 416.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 402.48 416.10 Td (\(for ) Tj ET Q q 0 0 0 rg BT 419.62 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.98 416.10 Td (avoidance ) Tj ET Q q 0 0 0 rg BT 476.65 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.13 416.10 Td (doubt ) Tj ET Q q 0 0 0 rg BT 512.05 416.10 Td (such ) Tj ET Q q 0 0 0 rg BT 532.52 416.10 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 70.92 404.10 Td (be ) Tj ET Q q 0 0 0 rg BT 82.88 404.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 113.74 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 124.04 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.79 404.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 165.19 404.10 Td (achievement ) Tj ET Q q 0 0 0 rg BT 218.24 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.10 404.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 282.15 404.10 Td (goals ) Tj ET Q q 0 0 0 rg BT 305.79 404.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 349.41 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.71 404.10 Td (such ) Tj ET Q q 0 0 0 rg BT 380.57 404.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 433.63 404.10 Td (A) Tj ET Q q 0 0 0 rg BT 439.93 404.10 Td (ward\) ) Tj ET Q q 0 0 0 rg BT 465.78 404.10 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 509.41 404.10 Td (by ) Tj ET Q q 0 0 0 rg BT 521.94 404.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.91 404.10 Td (fraction, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.35 392.10 Td (numerator ) Tj ET Q q 0 0 0 rg BT 108.07 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.04 392.10 Td (which ) Tj ET Q q 0 0 0 rg BT 146.11 392.10 Td (is ) Tj ET Q q 0 0 0 rg BT 155.41 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.26 392.10 Td (number ) Tj ET Q q 0 0 0 rg BT 203.44 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.40 392.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 240.90 392.10 Td (days ) Tj ET Q q 0 0 0 rg BT 261.86 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.83 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.67 392.10 Td (year ) Tj ET Q q 0 0 0 rg BT 307.51 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 317.92 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.77 392.10 Td (date ) Tj ET Q q 0 0 0 rg BT 352.06 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.02 392.10 Td (such ) Tj ET Q q 0 0 0 rg BT 383.98 392.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 432.71 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.78 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.63 392.10 Td (denominator ) Tj ET Q q 0 0 0 rg BT 517.81 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 528.77 392.10 Td (which ) Tj ET Q q 0 0 0 rg BT 555.84 392.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (365 ) Tj ET Q q 0 0 0 rg BT 66.23 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 82.39 380.10 Td (\(ii\)with ) Tj ET Q q 0 0 0 rg BT 116.61 380.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 146.65 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 156.16 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.10 380.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 200.71 380.10 Td (\(if ) Tj ET Q q 0 0 0 rg BT 211.88 380.10 Td (any\) ) Tj ET Q q 0 0 0 rg BT 231.37 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.43 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.37 380.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 307.80 380.10 Td (A) Tj ET Q q 0 0 0 rg BT 314.10 380.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 335.82 380.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 383.08 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.59 380.10 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 443.73 380.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.24 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.18 380.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 497.66 380.10 Td (V) Tj ET Q q 0 0 0 rg BT 503.77 380.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 522.15 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 532.21 380.10 Td (Class) Tj ET Q q 0 0 0 rg BT 555.83 380.10 Td (A) Tj ET Q q 0 0 0 rg BT 562.50 380.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (Stock, ) Tj ET Q q 0 0 0 rg BT 77.22 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.89 368.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 124.33 368.10 Td (that ) Tj ET Q q 0 0 0 rg BT 141.77 368.10 Td (would ) Tj ET Q q 0 0 0 rg BT 169.22 368.10 Td (be ) Tj ET Q q 0 0 0 rg BT 181.10 368.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 205.21 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.43 368.10 Td (Lowenthal ) Tj ET Q q 0 0 0 rg BT 260.64 368.10 Td (with ) Tj ET Q q 0 0 0 rg BT 280.87 368.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 311.63 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 321.85 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.52 368.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 360.07 368.10 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 411.94 368.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 444.38 368.10 Td (using ) Tj ET Q q 0 0 0 rg BT 468.49 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.16 368.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 514.30 368.10 Td (V) Tj ET Q q 0 0 0 rg BT 520.42 368.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 539.52 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 368.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (Class) Tj ET Q q 0 0 0 rg BT 73.12 356.10 Td (A) Tj ET Q q 0 0 0 rg BT 79.79 356.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.32 356.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 109.64 356.10 Td (on ) Tj ET Q q 0 0 0 rg BT 123.17 356.10 Td (such ) Tj ET Q q 0 0 0 rg BT 145.04 356.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 194.67 356.10 Td (date ) Tj ET Q q 0 0 0 rg BT 214.86 356.10 Td (rather ) Tj ET Q q 0 0 0 rg BT 241.71 356.10 Td (than ) Tj ET Q q 0 0 0 rg BT 262.46 356.10 Td (December31 ) Tj ET Q q 0 0 0 rg BT 319.58 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.45 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.20 356.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 401.29 356.10 Td (Y) Tj ET Q q 0 0 0 rg BT 407.52 356.10 Td (ear; ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 426.03564453125 354.7669921875 m 461.58251953125 354.7669921875 l s q 0 0 0 rg BT 426.04 356.10 Td (provided) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.58 356.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 467.61767578125 354.7669921875 m 501.84619140625 354.7669921875 l s q 0 0 0 rg BT 467.62 356.10 Td (however) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 356.10 Td (, ) Tj ET Q q 0 0 0 rg BT 507.68 356.10 Td (that ) Tj ET Q q 0 0 0 rg BT 526.21 356.10 Td (any ) Tj ET Q q 0 0 0 rg BT 544.19 356.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 87.31 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.01 344.10 Td (a ) Tj ET Q q 0 0 0 rg BT 106.82 344.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 160.53 344.10 Td (A) Tj ET Q q 0 0 0 rg BT 166.84 344.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 189.46 344.10 Td (Amount ) Tj ET Q q 0 0 0 rg BT 225.61 344.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 247.87 344.10 Td (be ) Tj ET Q q 0 0 0 rg BT 260.68 344.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 292.38 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.53 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.12 344.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 341.38 344.10 Td (set ) Tj ET Q q 0 0 0 rg BT 355.86 344.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 378.68 344.10 Td (in ) Tj ET Q q 0 0 0 rg BT 389.83 344.10 Td (Section4 ) Tj ET Q q 0 0 0 rg BT 430.70 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.51 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.10 344.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 486.91 344.10 Td (certification ) Tj ET Q q 0 0 0 rg BT 538.59 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 344.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 96.44 332.10 Td (as ) Tj ET Q q 0 0 0 rg BT 107.27 332.10 Td (set ) Tj ET Q q 0 0 0 rg BT 120.88 332.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 142.82 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.09 332.10 Td (Section3. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 308.10 Td (If ) Tj ET Q q 0 0 0 rg BT 95.55 308.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 118.39 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.56 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.17 308.10 Td (end ) Tj ET Q q 0 0 0 rg BT 163.00 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.72 308.10 Td (a ) Tj ET Q q 0 0 0 rg BT 182.56 308.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 236.53 308.10 Td (Y) Tj ET Q q 0 0 0 rg BT 242.75 308.10 Td (ear) Tj ET Q q 0 0 0 rg BT 254.56 308.10 Td (, ) Tj ET Q q 0 0 0 rg BT 260.45 308.10 Td (Lowenthal's ) Tj ET Q q 0 0 0 rg BT 312.30 308.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 365.68 308.10 Td (is ) Tj ET Q q 0 0 0 rg BT 375.75 308.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 421.90 308.10 Td (for ) Tj ET Q q 0 0 0 rg BT 436.95 308.10 Td (Cause, ) Tj ET Q q 0 0 0 rg BT 467.29 308.10 Td (his ) Tj ET Q q 0 0 0 rg BT 482.35 308.10 Td (right ) Tj ET Q q 0 0 0 rg BT 504.63 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 515.80 308.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 548.06 308.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 86.13 296.10 Td (under ) Tj ET Q q 0 0 0 rg BT 111.09 296.10 Td (this ) Tj ET Q q 0 0 0 rg BT 127.25 296.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 173.87 296.10 Td (with ) Tj ET Q q 0 0 0 rg BT 193.84 296.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 224.35 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.33 296.10 Td (such ) Tj ET Q q 0 0 0 rg BT 254.85 296.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 307.80 296.10 Td (Y) Tj ET Q q 0 0 0 rg BT 314.02 296.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 328.43 296.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 349.51 296.10 Td (be ) Tj ET Q q 0 0 0 rg BT 361.14 296.10 Td (forfeited. ) Tj ET Q q 0 0 0 rg BT 400.26 296.10 Td (For ) Tj ET Q q 0 0 0 rg BT 416.35 296.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 454.09 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.62 296.10 Td (this ) Tj ET Q q 0 0 0 rg BT 480.78 296.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 529.90 296.10 Td ("Cause" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (means ) Tj ET Q q 0 0 0 rg BT 76.84 284.10 Td (\(i\)conviction ) Tj ET Q q 0 0 0 rg BT 132.78 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.90 284.10 Td (a ) Tj ET Q q 0 0 0 rg BT 149.12 284.10 Td (felony ) Tj ET Q q 0 0 0 rg BT 176.46 284.10 Td (involving ) Tj ET Q q 0 0 0 rg BT 216.58 284.10 Td (theft ) Tj ET Q q 0 0 0 rg BT 236.70 284.10 Td (or ) Tj ET Q q 0 0 0 rg BT 246.82 284.10 Td (moral ) Tj ET Q q 0 0 0 rg BT 271.93 284.10 Td (turpitude, ) Tj ET Q q 0 0 0 rg BT 312.33 284.10 Td (or ) Tj ET Q q 0 0 0 rg BT 322.45 284.10 Td (\(ii\)a ) Tj ET Q q 0 0 0 rg BT 343.39 284.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 400.72 284.10 Td (by ) Tj ET Q q 0 0 0 rg BT 412.51 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.51 284.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 452.74 284.10 Td (that ) Tj ET Q q 0 0 0 rg BT 469.53 284.10 Td (Lowenthal ) Tj ET Q q 0 0 0 rg BT 514.08 284.10 Td (has ) Tj ET Q q 0 0 0 rg BT 529.20 284.10 Td (engaged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.25 272.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 94.87 272.10 Td (that ) Tj ET Q q 0 0 0 rg BT 112.84 272.10 Td (constitutes ) Tj ET Q q 0 0 0 rg BT 158.58 272.10 Td (willful ) Tj ET Q q 0 0 0 rg BT 188.22 272.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 212.30 272.10 Td (neglect ) Tj ET Q q 0 0 0 rg BT 244.14 272.10 Td (or ) Tj ET Q q 0 0 0 rg BT 255.44 272.10 Td (willful ) Tj ET Q q 0 0 0 rg BT 285.08 272.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 309.16 272.10 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 358.24 272.10 Td (with ) Tj ET Q q 0 0 0 rg BT 378.99 272.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 410.27 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.02 272.10 Td (his ) Tj ET Q q 0 0 0 rg BT 435.66 272.10 Td (duties ) Tj ET Q q 0 0 0 rg BT 462.52 272.10 Td (which ) Tj ET Q q 0 0 0 rg BT 489.93 272.10 Td (results ) Tj ET Q q 0 0 0 rg BT 519.00 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 529.75 272.10 Td (material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 91.30 260.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 114.78 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.48 260.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 165.08 260.10 Td (or ) Tj ET Q q 0 0 0 rg BT 176.34 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.49 260.10 Td (Company; ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 236.080078125 258.7669921875 m 271.626953125 258.7669921875 l s q 0 0 0 rg BT 236.08 260.10 Td (provided) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.63 260.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 277.0556640625 258.7669921875 m 311.2841796875 258.7669921875 l s q 0 0 0 rg BT 277.06 260.10 Td (however) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.08 260.10 Td (, ) Tj ET Q q 0 0 0 rg BT 316.51 260.10 Td (that ) Tj ET Q q 0 0 0 rg BT 334.44 260.10 Td (for ) Tj ET Q q 0 0 0 rg BT 349.03 260.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 387.51 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.76 260.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 450.01 260.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 485.15 260.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 519.73 260.10 Td (constitutes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (willful ) Tj ET Q q 0 0 0 rg BT 78.29 248.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 101.53 248.10 Td (misconduct, ) Tj ET Q q 0 0 0 rg BT 152.25 248.10 Td (no ) Tj ET Q q 0 0 0 rg BT 164.38 248.10 Td (act ) Tj ET Q q 0 0 0 rg BT 178.16 248.10 Td (on ) Tj ET Q q 0 0 0 rg BT 190.28 248.10 Td (Lowenthal's ) Tj ET Q q 0 0 0 rg BT 240.86 248.10 Td (part ) Tj ET Q q 0 0 0 rg BT 258.53 248.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 279.54 248.10 Td (be ) Tj ET Q q 0 0 0 rg BT 291.11 248.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 336.55 248.10 Td (") Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 340.6279296875 246.76699218750002 m 367.29296875 246.76699218750002 l s q 0 0 0 rg BT 340.63 248.10 Td (willful) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.29 248.10 Td (" ) Tj ET Q q 0 0 0 rg BT 373.50 248.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 400.62 248.10 Td (it ) Tj ET Q q 0 0 0 rg BT 408.30 248.10 Td (is ) Tj ET Q q 0 0 0 rg BT 417.10 248.10 Td (done ) Tj ET Q q 0 0 0 rg BT 438.66 248.10 Td (by ) Tj ET Q q 0 0 0 rg BT 450.78 248.10 Td (him ) Tj ET Q q 0 0 0 rg BT 468.46 248.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.37 248.10 Td (bad ) Tj ET Q q 0 0 0 rg BT 494.93 248.10 Td (faith ) Tj ET Q q 0 0 0 rg BT 515.38 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 531.94 248.10 Td (without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 94.75 236.10 Td (belief ) Tj ET Q q 0 0 0 rg BT 120.02 236.10 Td (that ) Tj ET Q q 0 0 0 rg BT 137.51 236.10 Td (his ) Tj ET Q q 0 0 0 rg BT 151.68 236.10 Td (action ) Tj ET Q q 0 0 0 rg BT 178.62 236.10 Td (was ) Tj ET Q q 0 0 0 rg BT 196.67 236.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.95 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.66 236.10 Td (best ) Tj ET Q q 0 0 0 rg BT 240.27 236.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 276.10 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.93 236.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 326.10 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.04 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.75 236.10 Td (Company) Tj ET Q q 0 0 0 rg BT 395.99 236.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 212.10 Td (6. ) Tj ET Q q 0 0 0 rg BT 95.50 212.10 Td (Deferral ) Tj ET Q q 0 0 0 rg BT 134.08 212.10 Td (Election. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 188.10 Td (Notwithstanding ) Tj ET Q q 0 0 0 rg BT 154.69 188.10 Td (anything ) Tj ET Q q 0 0 0 rg BT 192.22 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 202.53 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.27 188.10 Td (contrary ) Tj ET Q q 0 0 0 rg BT 253.12 188.10 Td (herein, ) Tj ET Q q 0 0 0 rg BT 283.13 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.44 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.19 188.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 335.15 188.10 Td (that ) Tj ET Q q 0 0 0 rg BT 352.67 188.10 Td (Lowenthal ) Tj ET Q q 0 0 0 rg BT 397.97 188.10 Td (makes ) Tj ET Q q 0 0 0 rg BT 426.04 188.10 Td (an ) Tj ET Q q 0 0 0 rg BT 438.01 188.10 Td (election ) Tj ET Q q 0 0 0 rg BT 472.19 188.10 Td (in ) Tj ET Q q 0 0 0 rg BT 482.50 188.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 529.99 188.10 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 188.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 74.17 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 84.95 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.62 176.10 Td (Oppenheimer&Co.Inc. ) Tj ET Q q 0 0 0 rg BT 201.22 176.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 243.65 176.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 281.63 176.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 341.86 176.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 362.09 176.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 380.09 176.10 Td (") Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 384.17529296875 174.76699218750002 m 401.95361328125 174.76699218750002 l s q 0 0 0 rg BT 384.18 176.10 Td (Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.95 176.10 Td ("\) ) Tj ET Q q 0 0 0 rg BT 411.82 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 422.05 176.10 Td (defer ) Tj ET Q q 0 0 0 rg BT 445.04 176.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 481.93 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.71 176.10 Td (all ) Tj ET Q q 0 0 0 rg BT 505.16 176.10 Td (or ) Tj ET Q q 0 0 0 rg BT 515.95 176.10 Td (a ) Tj ET Q q 0 0 0 rg BT 522.84 176.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 554.18 176.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.72 164.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 109.97 164.10 Td (A) Tj ET Q q 0 0 0 rg BT 116.27 164.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 138.43 164.10 Td (Amount, ) Tj ET Q q 0 0 0 rg BT 176.49 164.10 Td (such ) Tj ET Q q 0 0 0 rg BT 197.60 164.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 233.69 164.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 265.35 164.10 Td (\(together ) Tj ET Q q 0 0 0 rg BT 304.23 164.10 Td (with ) Tj ET Q q 0 0 0 rg BT 324.79 164.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 357.00 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.22 164.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 410.88 164.10 Td (thereon ) Tj ET Q q 0 0 0 rg BT 443.65 164.10 Td (as ) Tj ET Q q 0 0 0 rg BT 454.76 164.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 502.52 164.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 539.74 164.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.30 164.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 75.10 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 86.82 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.43 152.10 Td (Plan\) ) Tj ET Q q 0 0 0 rg BT 126.92 152.10 Td (will ) Tj ET Q q 0 0 0 rg BT 145.87 152.10 Td (be ) Tj ET Q q 0 0 0 rg BT 158.69 152.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 179.30 152.10 Td (at ) Tj ET Q q 0 0 0 rg BT 189.90 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.51 152.10 Td (time ) Tj ET Q q 0 0 0 rg BT 226.67 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.49 152.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.66 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.26 152.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 304.64 152.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 343.57 152.10 Td (under ) Tj ET Q q 0 0 0 rg BT 369.73 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.33 152.10 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 409.00 152.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 447.93 152.10 Td (that ) Tj ET Q q 0 0 0 rg BT 466.32 152.10 Td (such ) Tj ET Q q 0 0 0 rg BT 488.03 152.10 Td (interest-bearing ) Tj ET Q q 0 0 0 rg BT 554.17 152.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.65 140.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 126.79 140.10 Td (is ) Tj ET Q q 0 0 0 rg BT 135.74 140.10 Td (based ) Tj ET Q q 0 0 0 rg BT 160.77 140.10 Td (on ) Tj ET Q q 0 0 0 rg BT 173.04 140.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 218.07 140.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 235.33 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.93 140.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 277.63 140.10 Td (or ) Tj ET Q q 0 0 0 rg BT 288.23 140.10 Td (on ) Tj ET Q q 0 0 0 rg BT 300.50 140.10 Td (one ) Tj ET Q q 0 0 0 rg BT 317.21 140.10 Td (or ) Tj ET Q q 0 0 0 rg BT 327.81 140.10 Td (more ) Tj ET Q q 0 0 0 rg BT 350.63 140.10 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 410.65 140.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 436.79 140.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 486.83 140.10 Td (\(whether ) Tj ET Q q 0 0 0 rg BT 524.64 140.10 Td (or ) Tj ET Q q 0 0 0 rg BT 535.24 140.10 Td (not ) Tj ET Q q 0 0 0 rg BT 550.29 140.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 102.43 128.10 Td (A) Tj ET Q q 0 0 0 rg BT 108.73 128.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 130.57 128.10 Td (Amount ) Tj ET Q q 0 0 0 rg BT 165.72 128.10 Td (is ) Tj ET Q q 0 0 0 rg BT 174.75 128.10 Td (actually ) Tj ET Q q 0 0 0 rg BT 208.77 128.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 244.47 128.10 Td (therein\) ) Tj ET Q q 0 0 0 rg BT 277.93 128.10 Td (such ) Tj ET Q q 0 0 0 rg BT 298.63 128.10 Td (that ) Tj ET Q q 0 0 0 rg BT 315.99 128.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.57 128.10 Td (total ) Tj ET Q q 0 0 0 rg BT 350.72 128.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 383.08 128.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 416.54 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 426.69 128.10 Td (Lowenthal ) Tj ET Q q 0 0 0 rg BT 471.82 128.10 Td (at ) Tj ET Q q 0 0 0 rg BT 481.40 128.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.99 128.10 Td (later ) Tj ET Q q 0 0 0 rg BT 516.12 128.10 Td (date ) Tj ET Q q 0 0 0 rg BT 535.14 128.10 Td (will ) Tj ET Q q 0 0 0 rg BT 553.07 128.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (based ) Tj ET Q q 0 0 0 rg BT 75.69 116.10 Td (on ) Tj ET Q q 0 0 0 rg BT 89.12 116.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.76 116.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 132.06 116.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 150.47 116.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.22 116.10 Td (return ) Tj ET Q q 0 0 0 rg BT 189.53 116.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.28 116.10 Td (a ) Tj ET Q q 0 0 0 rg BT 209.15 116.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 243.67 116.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 290.97 116.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 335.50 116.10 Td (any ) Tj ET Q q 0 0 0 rg BT 353.36 116.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 391.20 116.10 Td (as ) Tj ET Q q 0 0 0 rg BT 402.96 116.10 Td (well ) Tj ET Q q 0 0 0 rg BT 423.60 116.10 Td (as ) Tj ET Q q 0 0 0 rg BT 435.36 116.10 Td (any ) Tj ET Q q 0 0 0 rg BT 453.22 116.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 489.40 116.10 Td (in ) Tj ET Q q 0 0 0 rg BT 500.60 116.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.25 116.10 Td (value ) Tj ET Q q 0 0 0 rg BT 541.33 116.10 Td (of ) Tj ET Q q 0 0 0 rg BT 553.08 116.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (investment\). ) Tj ET Q q 0 0 0 rg BT 101.14 104.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 141.40 104.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 180.55 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 197.46 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.16 104.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 253.52 104.10 Td (do ) Tj ET Q q 0 0 0 rg BT 266.00 104.10 Td (not ) Tj ET Q q 0 0 0 rg BT 281.26 104.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 322.60 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.29 104.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 378.08 104.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 392.78 104.10 Td (treatment ) Tj ET Q q 0 0 0 rg BT 433.01 104.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.82 104.10 Td (a ) Tj ET Q q 0 0 0 rg BT 450.74 104.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 503.75 104.10 Td (A) Tj ET Q q 0 0 0 rg BT 510.06 104.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 532.52 104.10 Td (granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (under ) Tj ET Q q 0 0 0 rg BT 75.81 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.58 92.10 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 115.40 92.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 169.25 92.10 Td (A) Tj ET Q q 0 0 0 rg BT 175.55 92.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 202.98 92.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 236.51 92.10 Td (under ) Tj ET Q q 0 0 0 rg BT 262.83 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.59 92.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 299.92 92.10 Td (are ) Tj ET Q q 0 0 0 rg BT 315.67 92.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 353.65 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.98 92.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 398.52 92.10 Td (with, ) Tj ET Q q 0 0 0 rg BT 422.34 92.10 Td (or ) Tj ET Q q 0 0 0 rg BT 434.22 92.10 Td (be ) Tj ET Q q 0 0 0 rg BT 447.20 92.10 Td (exempt ) Tj ET Q q 0 0 0 rg BT 480.18 92.10 Td (from, ) Tj ET Q q 0 0 0 rg BT 505.67 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.43 92.10 Td (applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 104.20 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.03 80.10 Td (Code ) Tj ET Q q 0 0 0 rg BT 138.64 80.10 Td (Section409A) Tj ET Q q 0 0 0 rg BT 192.81 80.10 Td ( ) Tj ET Q q 0 0 0 rg BT 195.31 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.24 80.10 Td (all ) Tj ET Q q 0 0 0 rg BT 224.74 80.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 277.77 80.10 Td (A) Tj ET Q q 0 0 0 rg BT 284.08 80.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 310.46 80.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 331.84 80.10 Td (be ) Tj ET Q q 0 0 0 rg BT 343.78 80.10 Td (interpreted ) Tj ET Q q 0 0 0 rg BT 389.59 80.10 Td (in ) Tj ET Q q 0 0 0 rg BT 399.87 80.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 447.33 80.10 Td (with ) Tj ET Q q 0 0 0 rg BT 467.61 80.10 Td (Code ) Tj ET Q q 0 0 0 rg BT 491.22 80.10 Td (Section409A. ) Tj ET Q endstream endobj 291 0 obj <> endobj 292 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 32.20 Td ( ) Tj ET Q q 0 0 0 rg BT 303.00 32.20 Td (3 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 716.10 Td (7. ) Tj ET Q q 0 0 0 rg BT 95.50 716.10 Td (Effectiveness ) Tj ET Q q 0 0 0 rg BT 153.54 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.82 716.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 180.29 716.10 Td (eement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 692.10 Td (This ) Tj ET Q q 0 0 0 rg BT 105.10 692.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 151.86 692.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 173.08 692.10 Td (be ) Tj ET Q q 0 0 0 rg BT 184.86 692.10 Td (ef) Tj ET Q q 0 0 0 rg BT 192.45 692.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 221.98 692.10 Td (as ) Tj ET Q q 0 0 0 rg BT 232.65 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.32 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.87 692.10 Td (date ) Tj ET Q q 0 0 0 rg BT 276.86 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.53 692.10 Td (May1) Tj ET Q q 0 0 0 rg BT 312.99 692.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 322.82 692.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 347.66 692.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 378.32 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 388.44 692.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 425.76 692.10 Td (thereof ) Tj ET Q q 0 0 0 rg BT 456.41 692.10 Td (by ) Tj ET Q q 0 0 0 rg BT 468.75 692.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 500.52 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.19 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 517.96 692.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 554.18 692.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.23 680.10 Td (ClassB ) Tj ET Q q 0 0 0 rg BT 97.59 680.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 125.66 680.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 149.29 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.14 680.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 199.32 680.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 217.39 680.10 Td (") Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 221.47021484375 678.7669921875 m 281.4873046875 678.7669921875 l s q 0 0 0 rg BT 221.47 680.10 Td (ClassB ) Tj ET Q q 0 0 0 rg BT 254.83 680.10 Td (Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.49 680.10 Td ("\) ) Tj ET Q q 0 0 0 rg BT 291.42 680.10 Td (present ) Tj ET Q q 0 0 0 rg BT 322.81 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.77 680.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 372.27 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.57 680.10 Td (vote ) Tj ET Q q 0 0 0 rg BT 402.30 680.10 Td (at ) Tj ET Q q 0 0 0 rg BT 412.04 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.77 680.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 449.29 680.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 478.46 680.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 513.19 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 524.04 680.10 Td (Holdings' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 105.34 668.10 Td (If ) Tj ET Q q 0 0 0 rg BT 114.80 668.10 Td (this ) Tj ET Q q 0 0 0 rg BT 131.43 668.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 178.65 668.10 Td (is ) Tj ET Q q 0 0 0 rg BT 188.12 668.10 Td (not ) Tj ET Q q 0 0 0 rg BT 203.69 668.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 243.69 668.10 Td (by ) Tj ET Q q 0 0 0 rg BT 256.49 668.10 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 297.76 668.10 Td (stockholders, ) Tj ET Q q 0 0 0 rg BT 353.60 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.00 668.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 415.22 668.10 Td (as ) Tj ET Q q 0 0 0 rg BT 426.35 668.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 465.24 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.47 668.10 Td (restated ) Tj ET Q q 0 0 0 rg BT 516.36 668.10 Td (will ) Tj ET Q q 0 0 0 rg BT 534.72 668.10 Td (be ) Tj ET Q q 0 0 0 rg BT 546.95 668.10 Td (null ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 656.10 Td (void ) Tj ET Q q 0 0 0 rg BT 86.72 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.66 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.37 656.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 140.32 656.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 187.24 656.10 Td (will ) Tj ET Q q 0 0 0 rg BT 205.30 656.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 242.23 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 252.51 656.10 Td (ef) Tj ET Q q 0 0 0 rg BT 260.10 656.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 277.59 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 287.86 656.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 335.33 656.10 Td (with ) Tj ET Q q 0 0 0 rg BT 355.60 656.10 Td (its ) Tj ET Q q 0 0 0 rg BT 367.55 656.10 Td (terms. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 632.10 Td (8. ) Tj ET Q q 0 0 0 rg BT 95.50 632.10 Td (Interpr) Tj ET Q q 0 0 0 rg BT 126.98 632.10 Td (etation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 608.10 Td (No ) Tj ET Q q 0 0 0 rg BT 99.13 608.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 138.32 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.06 608.10 Td (this ) Tj ET Q q 0 0 0 rg BT 163.60 608.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 209.43 608.10 Td (may ) Tj ET Q q 0 0 0 rg BT 228.06 608.10 Td (be ) Tj ET Q q 0 0 0 rg BT 238.91 608.10 Td (altered ) Tj ET Q q 0 0 0 rg BT 267.52 608.10 Td (or ) Tj ET Q q 0 0 0 rg BT 277.26 608.10 Td (waived ) Tj ET Q q 0 0 0 rg BT 307.54 608.10 Td (except ) Tj ET Q q 0 0 0 rg BT 335.04 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 344.23 608.10 Td (a ) Tj ET Q q 0 0 0 rg BT 350.08 608.10 Td (writing ) Tj ET Q q 0 0 0 rg BT 380.37 608.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 417.32 608.10 Td (by ) Tj ET Q q 0 0 0 rg BT 428.72 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.35 608.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 470.41 608.10 Td (hereto. ) Tj ET Q q 0 0 0 rg BT 499.21 608.10 Td (This ) Tj ET Q q 0 0 0 rg BT 518.08 608.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (constitutes ) Tj ET Q q 0 0 0 rg BT 94.42 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.79 596.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 133.70 596.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 177.49 596.10 Td (between ) Tj ET Q q 0 0 0 rg BT 212.95 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.32 596.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 256.12 596.10 Td (hereto ) Tj ET Q q 0 0 0 rg BT 283.25 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.84 596.10 Td (supersedes ) Tj ET Q q 0 0 0 rg BT 345.31 596.10 Td (all ) Tj ET Q q 0 0 0 rg BT 357.45 596.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 379.04 596.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 429.22 596.10 Td (written ) Tj ET Q q 0 0 0 rg BT 459.70 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 470.17 596.10 Td (oral, ) Tj ET Q q 0 0 0 rg BT 490.37 596.10 Td (between ) Tj ET Q q 0 0 0 rg BT 525.83 596.10 Td (Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 62.69 584.10 Td (any ) Tj ET Q q 0 0 0 rg BT 78.66 584.10 Td (predecessor\) ) Tj ET Q q 0 0 0 rg BT 130.71 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.68 584.10 Td (Lowenthal, ) Tj ET Q q 0 0 0 rg BT 193.47 584.10 Td (including ) Tj ET Q q 0 0 0 rg BT 232.77 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.52 584.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 267.71 584.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 316.16 584.10 Td (which ) Tj ET Q q 0 0 0 rg BT 342.13 584.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 362.54 584.10 Td (be ) Tj ET Q q 0 0 0 rg BT 373.51 584.10 Td (superseded ) Tj ET Q q 0 0 0 rg BT 419.47 584.10 Td (by ) Tj ET Q q 0 0 0 rg BT 430.99 584.10 Td (this ) Tj ET Q q 0 0 0 rg BT 446.63 584.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 492.58 584.10 Td (as ) Tj ET Q q 0 0 0 rg BT 502.44 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 512.30 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.05 584.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 535.30 584.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (Date, ) Tj ET Q q 0 0 0 rg BT 73.86 572.10 Td (except ) Tj ET Q q 0 0 0 rg BT 102.94 572.10 Td (as ) Tj ET Q q 0 0 0 rg BT 114.26 572.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 156.12 572.10 Td (expressly ) Tj ET Q q 0 0 0 rg BT 196.87 572.10 Td (set ) Tj ET Q q 0 0 0 rg BT 210.96 572.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 233.39 572.10 Td (herein. ) Tj ET Q q 0 0 0 rg BT 263.86 572.10 Td (No ) Tj ET Q q 0 0 0 rg BT 279.06 572.10 Td (party ) Tj ET Q q 0 0 0 rg BT 302.60 572.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 324.47 572.10 Td (be ) Tj ET Q q 0 0 0 rg BT 336.89 572.10 Td (bound ) Tj ET Q q 0 0 0 rg BT 364.88 572.10 Td (by ) Tj ET Q q 0 0 0 rg BT 377.86 572.10 Td (any ) Tj ET Q q 0 0 0 rg BT 395.28 572.10 Td (warranties, ) Tj ET Q q 0 0 0 rg BT 442.41 572.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 505.93 572.10 Td (or ) Tj ET Q q 0 0 0 rg BT 517.25 572.10 Td (guarantees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (except ) Tj ET Q q 0 0 0 rg BT 78.52 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 89.78 560.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 138.80 560.10 Td (set ) Tj ET Q q 0 0 0 rg BT 152.84 560.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 175.21 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 185.92 560.10 Td (this ) Tj ET Q q 0 0 0 rg BT 202.65 560.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 252.50 560.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 305.87 560.10 Td (A) Tj ET Q q 0 0 0 rg BT 312.17 560.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 338.98 560.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 371.90 560.10 Td (under ) Tj ET Q q 0 0 0 rg BT 397.60 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.74 560.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 433.45 560.10 Td (are ) Tj ET Q q 0 0 0 rg BT 448.59 560.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 485.95 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.66 560.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 529.58 560.10 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 560.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 103.02 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.67 548.10 Td (Code ) Tj ET Q q 0 0 0 rg BT 135.10 548.10 Td (Section162\(m\) ) Tj ET Q q 0 0 0 rg BT 198.36 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.12 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.65 548.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 273.41 548.10 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 325.27 548.10 Td (thereunder ) Tj ET Q q 0 0 0 rg BT 369.35 548.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 411.76 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.85 548.10 Td ("performance-based" ) Tj ET Q q 0 0 0 rg BT 506.96 548.10 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.62 536.10 Td (all ) Tj ET Q q 0 0 0 rg BT 79.30 536.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 132.48 536.10 Td (A) Tj ET Q q 0 0 0 rg BT 138.79 536.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 165.35 536.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 186.92 536.10 Td (be ) Tj ET Q q 0 0 0 rg BT 199.05 536.10 Td (interpreted ) Tj ET Q q 0 0 0 rg BT 245.04 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.51 536.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 303.16 536.10 Td (with ) Tj ET Q q 0 0 0 rg BT 323.62 536.10 Td (such ) Tj ET Q q 0 0 0 rg BT 344.63 536.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 402.02 536.10 Td (If ) Tj ET Q q 0 0 0 rg BT 411.37 536.10 Td (any ) Tj ET Q q 0 0 0 rg BT 428.49 536.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 468.96 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.97 536.10 Td (this ) Tj ET Q q 0 0 0 rg BT 496.51 536.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 543.62 536.10 Td (shall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.99 524.10 Td (held ) Tj ET Q q 0 0 0 rg BT 82.27 524.10 Td (invalid ) Tj ET Q q 0 0 0 rg BT 113.10 524.10 Td (or ) Tj ET Q q 0 0 0 rg BT 124.48 524.10 Td (unenforceable, ) Tj ET Q q 0 0 0 rg BT 186.67 524.10 Td (such ) Tj ET Q q 0 0 0 rg BT 208.05 524.10 Td (invalidity ) Tj ET Q q 0 0 0 rg BT 249.44 524.10 Td (or ) Tj ET Q q 0 0 0 rg BT 260.83 524.10 Td (unenforceability ) Tj ET Q q 0 0 0 rg BT 329.41 524.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 351.35 524.10 Td (not ) Tj ET Q q 0 0 0 rg BT 367.18 524.10 Td (af) Tj ET Q q 0 0 0 rg BT 374.77 524.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 392.81 524.10 Td (any ) Tj ET Q q 0 0 0 rg BT 410.31 524.10 Td (other ) Tj ET Q q 0 0 0 rg BT 433.91 524.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 478.64 524.10 Td (hereof, ) Tj ET Q q 0 0 0 rg BT 509.73 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.22 524.10 Td (this ) Tj ET Q q 0 0 0 rg BT 544.73 524.10 Td (Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 70.67 512.10 Td (be ) Tj ET Q q 0 0 0 rg BT 82.40 512.10 Td (construed ) Tj ET Q q 0 0 0 rg BT 123.56 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 140.29 512.10 Td (enforced ) Tj ET Q q 0 0 0 rg BT 177.55 512.10 Td (as ) Tj ET Q q 0 0 0 rg BT 188.17 512.10 Td (if ) Tj ET Q q 0 0 0 rg BT 196.56 512.10 Td (such ) Tj ET Q q 0 0 0 rg BT 217.18 512.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 261.13 512.10 Td (had ) Tj ET Q q 0 0 0 rg BT 277.86 512.10 Td (not ) Tj ET Q q 0 0 0 rg BT 292.92 512.10 Td (been ) Tj ET Q q 0 0 0 rg BT 314.09 512.10 Td (included. ) Tj ET Q q 0 0 0 rg BT 353.14 512.10 Td (This ) Tj ET Q q 0 0 0 rg BT 372.70 512.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 419.41 512.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 440.59 512.10 Td (be ) Tj ET Q q 0 0 0 rg BT 452.31 512.10 Td (interpreted ) Tj ET Q q 0 0 0 rg BT 497.91 512.10 Td (under ) Tj ET Q q 0 0 0 rg BT 522.96 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.47 512.10 Td (law ) Tj ET Q q 0 0 0 rg BT 554.19 512.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 500.10 Td (State ) Tj ET Q q 0 0 0 rg BT 86.71 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.54 500.10 Td (New ) Tj ET Q q 0 0 0 rg BT 118.55 500.10 Td (Y) Tj ET Q q 0 0 0 rg BT 124.77 500.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 140.60 500.10 Td (without ) Tj ET Q q 0 0 0 rg BT 173.66 500.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 201.72 500.10 Td (ef) Tj ET Q q 0 0 0 rg BT 209.30 500.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 226.79 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.07 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.79 500.10 Td (conflict ) Tj ET Q q 0 0 0 rg BT 284.83 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.66 500.10 Td (law ) Tj ET Q q 0 0 0 rg BT 312.60 500.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 356.77 500.10 Td (thereof. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 476.10 Td (9. ) Tj ET Q q 0 0 0 rg BT 94.95 476.10 Td (Arbitration. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 452.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 105.45 452.10 Td (controversy ) Tj ET Q q 0 0 0 rg BT 155.38 452.10 Td (or ) Tj ET Q q 0 0 0 rg BT 166.43 452.10 Td (claim ) Tj ET Q q 0 0 0 rg BT 191.37 452.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 221.31 452.10 Td (out ) Tj ET Q q 0 0 0 rg BT 236.81 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.86 452.10 Td (or ) Tj ET Q q 0 0 0 rg BT 258.92 452.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 292.18 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 302.68 452.10 Td (this ) Tj ET Q q 0 0 0 rg BT 319.25 452.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 366.40 452.10 Td (or ) Tj ET Q q 0 0 0 rg BT 377.45 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.40 452.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 421.76 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.82 452.10 Td (this ) Tj ET Q q 0 0 0 rg BT 449.39 452.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 496.54 452.10 Td (which ) Tj ET Q q 0 0 0 rg BT 523.70 452.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 553.08 452.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (resolved ) Tj ET Q q 0 0 0 rg BT 84.82 440.10 Td (by ) Tj ET Q q 0 0 0 rg BT 96.27 440.10 Td (Lowenthal ) Tj ET Q q 0 0 0 rg BT 140.48 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.36 440.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 194.48 440.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 214.81 440.10 Td (be ) Tj ET Q q 0 0 0 rg BT 225.69 440.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 272.12 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 288.00 440.10 Td (settled ) Tj ET Q q 0 0 0 rg BT 315.55 440.10 Td (according ) Tj ET Q q 0 0 0 rg BT 356.42 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.64 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.30 440.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 429.86 440.10 Td (Arbitration ) Tj ET Q q 0 0 0 rg BT 475.74 440.10 Td (Rules ) Tj ET Q q 0 0 0 rg BT 499.96 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.74 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.08 440.10 Td (American ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (Arbitration ) Tj ET Q q 0 0 0 rg BT 96.69 428.10 Td (Association. ) Tj ET Q q 0 0 0 rg BT 149.70 428.10 Td (The ) Tj ET Q q 0 0 0 rg BT 168.78 428.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 227.86 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.73 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.49 428.10 Td (arbitrator ) Tj ET Q q 0 0 0 rg BT 296.24 428.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 318.66 428.10 Td (be ) Tj ET Q q 0 0 0 rg BT 331.64 428.10 Td (conclusive ) Tj ET Q q 0 0 0 rg BT 377.95 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.93 428.10 Td (binding ) Tj ET Q q 0 0 0 rg BT 430.03 428.10 Td (on ) Tj ET Q q 0 0 0 rg BT 443.57 428.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 483.78 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.76 428.10 Td (Lowenthal ) Tj ET Q q 0 0 0 rg BT 548.07 428.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 89.77 416.10 Td (may ) Tj ET Q q 0 0 0 rg BT 109.49 416.10 Td (be ) Tj ET Q q 0 0 0 rg BT 121.43 416.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 153.35 416.10 Td (on ) Tj ET Q q 0 0 0 rg BT 165.85 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.57 416.10 Td (arbitrator's ) Tj ET Q q 0 0 0 rg BT 225.96 416.10 Td (award ) Tj ET Q q 0 0 0 rg BT 252.89 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 263.17 416.10 Td (any ) Tj ET Q q 0 0 0 rg BT 280.11 416.10 Td (court ) Tj ET Q q 0 0 0 rg BT 303.16 416.10 Td (having ) Tj ET Q q 0 0 0 rg BT 332.87 416.10 Td (jurisdiction. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 392.10 Td (10. ) Tj ET Q q 0 0 0 rg BT 100.50 392.10 Td (Entir) Tj ET Q q 0 0 0 rg BT 123.10 392.10 Td (e ) Tj ET Q q 0 0 0 rg BT 129.48 392.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 145.96 392.10 Td (eement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 368.10 Td (This ) Tj ET Q q 0 0 0 rg BT 104.64 368.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 150.82 368.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 185.90 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.87 368.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 224.39 368.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 267.78 368.10 Td (between ) Tj ET Q q 0 0 0 rg BT 302.85 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.82 368.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 345.23 368.10 Td (with ) Tj ET Q q 0 0 0 rg BT 364.76 368.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 394.83 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 404.36 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.33 368.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 448.40 368.10 Td (matter ) Tj ET Q q 0 0 0 rg BT 475.70 368.10 Td (hereof ) Tj ET Q q 0 0 0 rg BT 502.99 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 519.18 368.10 Td (supersedes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (all ) Tj ET Q q 0 0 0 rg BT 61.47 356.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 82.89 356.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 132.90 356.10 Td (written ) Tj ET Q q 0 0 0 rg BT 163.20 356.10 Td (or ) Tj ET Q q 0 0 0 rg BT 173.50 356.10 Td (oral, ) Tj ET Q q 0 0 0 rg BT 193.53 356.10 Td (between ) Tj ET Q q 0 0 0 rg BT 228.82 356.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 267.47 356.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 281.10 356.10 Td (any ) Tj ET Q q 0 0 0 rg BT 297.52 356.10 Td (predecessor\) ) Tj ET Q q 0 0 0 rg BT 350.02 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.44 356.10 Td (Lowenthal, ) Tj ET Q q 0 0 0 rg BT 413.68 356.10 Td (including ) Tj ET Q q 0 0 0 rg BT 453.43 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.62 356.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 489.16 356.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 538.06 356.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 70.89 344.10 Td (be ) Tj ET Q q 0 0 0 rg BT 82.83 344.10 Td (superseded ) Tj ET Q q 0 0 0 rg BT 129.75 344.10 Td (by ) Tj ET Q q 0 0 0 rg BT 142.25 344.10 Td (this ) Tj ET Q q 0 0 0 rg BT 158.65 344.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 205.57 344.10 Td (as ) Tj ET Q q 0 0 0 rg BT 216.40 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.23 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.95 344.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 251.21 344.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 280.91 344.10 Td (Date ) Tj ET Q q 0 0 0 rg BT 302.29 344.10 Td (except ) Tj ET Q q 0 0 0 rg BT 330.88 344.10 Td (as ) Tj ET Q q 0 0 0 rg BT 341.71 344.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 383.09 344.10 Td (expressly ) Tj ET Q q 0 0 0 rg BT 423.36 344.10 Td (set ) Tj ET Q q 0 0 0 rg BT 436.97 344.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 458.90 344.10 Td (herein. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 320.10 Td (1) Tj ET Q q 0 0 0 rg BT 89.95 320.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 99.40 320.10 Td (Assignability) Tj ET Q q 0 0 0 rg BT 154.42 320.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 296.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.60 296.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 146.69 296.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 172.03 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.03 296.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 236.03 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.92 296.10 Td (Lowenthal ) Tj ET Q q 0 0 0 rg BT 292.24 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.23 296.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 348.46 296.10 Td (under ) Tj ET Q q 0 0 0 rg BT 373.79 296.10 Td (this ) Tj ET Q q 0 0 0 rg BT 390.23 296.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 437.21 296.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 458.65 296.10 Td (inure ) Tj ET Q q 0 0 0 rg BT 481.76 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 492.09 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.87 296.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 537.19 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.08 296.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.44 284.10 Td (binding ) Tj ET Q q 0 0 0 rg BT 94.50 284.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 117.00 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.71 284.10 Td (heirs ) Tj ET Q q 0 0 0 rg BT 153.65 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 170.59 284.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 192.52 284.10 Td (representatives ) Tj ET Q q 0 0 0 rg BT 254.99 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.82 284.10 Td (Lowenthal ) Tj ET Q q 0 0 0 rg BT 311.09 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.03 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.74 284.10 Td (successors ) Tj ET Q q 0 0 0 rg BT 387.45 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.39 284.10 Td (assigns ) Tj ET Q q 0 0 0 rg BT 435.78 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.61 284.10 Td (Holdings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 260.10 Td (IN ) Tj ET Q q 0 0 0 rg BT 98.90 260.10 Td (WITNESS ) Tj ET Q q 0 0 0 rg BT 145.07 260.10 Td (WHEREOF) Tj ET Q q 0 0 0 rg BT 192.60 260.10 Td (, ) Tj ET Q q 0 0 0 rg BT 198.16 260.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 237.90 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.40 260.10 Td (Lowenthal ) Tj ET Q q 0 0 0 rg BT 301.23 260.10 Td (have ) Tj ET Q q 0 0 0 rg BT 323.17 260.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 361.77 260.10 Td (this ) Tj ET Q q 0 0 0 rg BT 378.61 260.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 426.10 260.10 Td (as ) Tj ET Q q 0 0 0 rg BT 437.49 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.89 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.17 260.10 Td (day ) Tj ET Q q 0 0 0 rg BT 481.68 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 499.18 260.10 Td (year ) Tj ET Q q 0 0 0 rg BT 519.45 260.10 Td (first ) Tj ET Q q 0 0 0 rg BT 538.63 260.10 Td (above ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (written. ) Tj ET Q BT /F5 12.00 Tf ET q 0 0 0 rg BT 53.95 106.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.01 216.17 Td (OPPENHEIMER HOLDINGS INC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.01 201.17 Td (BY) Tj ET Q q 0 0 0 rg BT 360.44 201.17 Td (: /s/ J.J. ) Tj ET Q q 0 0 0 rg BT 397.21 201.17 Td (Alfano) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.01 186.17 Td (J.J. ) Tj ET Q q 0 0 0 rg BT 362.01 186.17 Td (Alfano, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 469.40 186.17 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.01 171.17 Td (Name and ) Tj ET Q q 0 0 0 rg BT 390.23 171.17 Td (T) Tj ET Q q 0 0 0 rg BT 396.07 171.17 Td (itle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.01 141.17 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 358.68 141.17 Td (A.G. Lowenthal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.01 126.17 Td (Albert G. Lowenthal) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 293 0 obj <> endobj 294 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 32.20 Td ( ) Tj ET Q q 0 0 0 rg BT 303.00 32.20 Td (4 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.35 714.30 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 322.96 714.30 Td ( ) Tj ET Q q 0 0 0 rg BT 324.91 714.30 Td (A) Tj ET Q q 0 0 0 rg BT 331.58 714.30 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.85 702.30 Td (PERFORMANCE F) Tj ET Q q 0 0 0 rg BT 328.60 702.30 Td (ACT) Tj ET Q q 0 0 0 rg BT 349.53 702.30 Td (ORS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 678.30 Td (A. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 121.5 676.9669921875 m 205.50146484375 676.9669921875 l s q 0 0 0 rg BT 121.50 678.30 Td (Performance ) Tj ET Q q 0 0 0 rg BT 176.06 678.30 Td (Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.50 678.30 Td (. ) Tj ET Q q 0 0 0 rg BT 211.48 678.30 Td ( ) Tj ET Q q 0 0 0 rg BT 214.96 678.30 Td (Performance ) Tj ET Q q 0 0 0 rg BT 269.52 678.30 Td (factors ) Tj ET Q q 0 0 0 rg BT 300.21 678.30 Td (shall ) Tj ET Q q 0 0 0 rg BT 322.57 678.30 Td (be ) Tj ET Q q 0 0 0 rg BT 335.49 678.30 Td (based ) Tj ET Q q 0 0 0 rg BT 361.74 678.30 Td (on ) Tj ET Q q 0 0 0 rg BT 375.22 678.30 Td (the ) Tj ET Q q 0 0 0 rg BT 390.91 678.30 Td (attainment ) Tj ET Q q 0 0 0 rg BT 436.60 678.30 Td (of ) Tj ET Q q 0 0 0 rg BT 448.41 678.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 479.09 678.30 Td (tar) Tj ET Q q 0 0 0 rg BT 489.46 678.30 Td (get ) Tj ET Q q 0 0 0 rg BT 505.15 678.30 Td (levels ) Tj ET Q q 0 0 0 rg BT 531.96 678.30 Td (of, ) Tj ET Q q 0 0 0 rg BT 546.27 678.30 Td (or ) Tj ET Q q 0 0 0 rg BT 558.07 678.30 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 666.30 Td (specified ) Tj ET Q q 0 0 0 rg BT 88.27 666.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 123.70 666.30 Td (or ) Tj ET Q q 0 0 0 rg BT 134.70 666.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 171.79 666.30 Td (\(as ) Tj ET Q q 0 0 0 rg BT 186.13 666.30 Td (applicable\) ) Tj ET Q q 0 0 0 rg BT 233.22 666.30 Td (in ) Tj ET Q q 0 0 0 rg BT 243.67 666.30 Td (one ) Tj ET Q q 0 0 0 rg BT 260.79 666.30 Td (or ) Tj ET Q q 0 0 0 rg BT 271.79 666.30 Td (more ) Tj ET Q q 0 0 0 rg BT 295.01 666.30 Td (of ) Tj ET Q q 0 0 0 rg BT 306.02 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 320.91 666.30 Td (following ) Tj ET Q q 0 0 0 rg BT 362.47 666.30 Td (criteria, ) Tj ET Q q 0 0 0 rg BT 395.96 666.30 Td (to ) Tj ET Q q 0 0 0 rg BT 406.41 666.30 Td (the ) Tj ET Q q 0 0 0 rg BT 421.30 666.30 Td (extent ) Tj ET Q q 0 0 0 rg BT 448.41 666.30 Td (permitted ) Tj ET Q q 0 0 0 rg BT 489.40 666.30 Td (under ) Tj ET Q q 0 0 0 rg BT 514.85 666.30 Td (Section ) Tj ET Q q 0 0 0 rg BT 547.52 666.30 Td (162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 654.30 Td (\(m\) ) Tj ET Q q 0 0 0 rg BT 66.44 654.30 Td (of ) Tj ET Q q 0 0 0 rg BT 77.27 654.30 Td (the ) Tj ET Q q 0 0 0 rg BT 91.99 654.30 Td (Code: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 630.30 Td ( ) Tj ET Q q 0 0 0 rg BT 121.50 630.30 Td (T) Tj ET Q q 0 0 0 rg BT 126.91 630.30 Td (otal return on equity) Tj ET Q q 0 0 0 rg BT 207.63 630.30 Td (, including after) Tj ET Q q 0 0 0 rg BT 271.02 630.30 Td (-tax or pre-tax return on stockholder equity;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 606.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 606.30 Td (Revenues;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 582.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 582.30 Td (Consolidated after) Tj ET Q q 0 0 0 rg BT 176.89 582.30 Td (-tax profit or pre-tax profit, including, without limitation, as attributable to continuing and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 570.30 Td (other operations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 546.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 546.30 Td (Profit mar) Tj ET Q q 0 0 0 rg BT 144.14 546.30 Td (gin or operating mar) Tj ET Q q 0 0 0 rg BT 225.88 546.30 Td (gin \(whether net or gross\) or one of the components thereof \(to the extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 534.30 Td (recognized as a distinct component thereof under generally accepted accounting principles \("GAAP"\)\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 510.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 510.30 Td (Strategic business criteria, consisting of one or more objectives based on meeting specified market penetration or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 498.30 Td (market share, geographic business expansion, customer satisfaction, employee satisfaction, and goals relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 486.30 Td (divestitures, joint ventures and similar transactions; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 462.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 462.30 Td (The increase in the Market ) Tj ET Q q 0 0 0 rg BT 212.99 462.30 Td (V) Tj ET Q q 0 0 0 rg BT 219.11 462.30 Td (alue of a share of Class) Tj ET Q q 0 0 0 rg BT 314.08 462.30 Td (A) Tj ET Q q 0 0 0 rg BT 320.75 462.30 Td ( Stock from the date the Committee establishes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 450.30 Td (performance goal \(or) Tj ET Q q 0 0 0 rg BT 187.50 450.30 Td (, if later) Tj ET Q q 0 0 0 rg BT 218.47 450.30 Td (, January1 of the Performance ) Tj ET Q q 0 0 0 rg BT 343.33 450.30 Td (Y) Tj ET Q q 0 0 0 rg BT 349.55 450.30 Td (ear\) to December31 of the Performance ) Tj ET Q q 0 0 0 rg BT 512.71 450.30 Td (Y) Tj ET Q q 0 0 0 rg BT 518.93 450.30 Td (ear;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 426.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 426.30 Td (The growth in the value of an investment in Class) Tj ET Q q 0 0 0 rg BT 304.57 426.30 Td (A) Tj ET Q q 0 0 0 rg BT 311.24 426.30 Td ( Stock assuming the reinvestment of dividends, dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 414.30 Td (growth or market capitalization; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 390.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 390.30 Td (Earnings per share or earnings per share from continuing operations; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 366.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 366.30 Td (Return on capital employed, return on invested capital, or return on assets; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 342.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 342.30 Td (Operational cash flow or economic value added; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 318.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 318.30 Td (Enterprise value or value creation tar) Tj ET Q q 0 0 0 rg BT 251.30 318.30 Td (gets; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 294.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 294.30 Td (Specified objectives with regard to limiting the level of increase in all or a portion of, Holdings' bank debt or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 282.30 Td (long-term or short-term public or private debt or other similar financial obligations, or other capital structure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 270.30 Td (improvements, which may be calculated net of cash balances and/or other of) Tj ET Q q 0 0 0 rg BT 409.32 270.30 Td (fsets and adjustments as may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 258.30 Td (established by the Committee; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 234.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 234.30 Td (A) Tj ET Q q 0 0 0 rg BT 110.17 234.30 Td ( transaction that results in the sale of stock or assets of Holdings; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 210.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 210.30 Td (Earnings before interest, taxes plus amortization and depreciation; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 186.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 186.30 Td (Reduction in expenses or cost savings; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 162.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 162.30 Td (Any financial metric set forth herein or in the Holdings' financial statements as a percentage of another financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 150.30 Td (metric; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 126.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 126.30 Td (any combination of the above factors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 102.30 Td (T) Tj ET Q q 0 0 0 rg BT 90.91 102.30 Td (o ) Tj ET Q q 0 0 0 rg BT 99.82 102.30 Td (the ) Tj ET Q q 0 0 0 rg BT 115.94 102.30 Td (extent ) Tj ET Q q 0 0 0 rg BT 144.28 102.30 Td (permitted ) Tj ET Q q 0 0 0 rg BT 186.51 102.30 Td (under ) Tj ET Q q 0 0 0 rg BT 213.19 102.30 Td (Section162\(m\) ) Tj ET Q q 0 0 0 rg BT 279.03 102.30 Td (of ) Tj ET Q q 0 0 0 rg BT 291.27 102.30 Td (the ) Tj ET Q q 0 0 0 rg BT 307.39 102.30 Td (Code, ) Tj ET Q q 0 0 0 rg BT 334.91 102.30 Td (unless ) Tj ET Q q 0 0 0 rg BT 363.82 102.30 Td (the ) Tj ET Q q 0 0 0 rg BT 379.94 102.30 Td (Committee ) Tj ET Q q 0 0 0 rg BT 428.29 102.30 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 471.07 102.30 Td (determines, ) Tj ET Q q 0 0 0 rg BT 521.35 102.30 Td (in ) Tj ET Q q 0 0 0 rg BT 533.04 102.30 Td (its ) Tj ET Q q 0 0 0 rg BT 546.39 102.30 Td (sole ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.30 Td (discretion, ) Tj ET Q q 0 0 0 rg BT 93.30 90.30 Td (that ) Tj ET Q q 0 0 0 rg BT 110.16 90.30 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 157.55 90.30 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 203.30 90.30 Td (should ) Tj ET Q q 0 0 0 rg BT 231.83 90.30 Td (be ) Tj ET Q q 0 0 0 rg BT 243.14 90.30 Td (made ) Tj ET Q q 0 0 0 rg BT 266.66 90.30 Td (to ) Tj ET Q q 0 0 0 rg BT 276.30 90.30 Td (reflect ) Tj ET Q q 0 0 0 rg BT 303.70 90.30 Td (the ) Tj ET Q q 0 0 0 rg BT 317.78 90.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 346.85 90.30 Td (of ) Tj ET Q q 0 0 0 rg BT 357.05 90.30 Td (an ) Tj ET Q q 0 0 0 rg BT 368.35 90.30 Td (event ) Tj ET Q q 0 0 0 rg BT 391.87 90.30 Td (or ) Tj ET Q q 0 0 0 rg BT 402.06 90.30 Td (occurrence, ) Tj ET Q q 0 0 0 rg BT 450.28 90.30 Td (the ) Tj ET Q q 0 0 0 rg BT 464.36 90.30 Td (Committee ) Tj ET Q q 0 0 0 rg BT 510.66 90.30 Td (shall ) Tj ET Q q 0 0 0 rg BT 531.42 90.30 Td (exclude ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.30 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 78.30 Td (disregard ) Tj ET Q q 0 0 0 rg BT 106.15 78.30 Td (the ) Tj ET Q q 0 0 0 rg BT 120.86 78.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 150.57 78.30 Td (of ) Tj ET Q q 0 0 0 rg BT 161.40 78.30 Td (any ) Tj ET Q q 0 0 0 rg BT 178.34 78.30 Td (of ) Tj ET Q q 0 0 0 rg BT 189.17 78.30 Td (the ) Tj ET Q q 0 0 0 rg BT 203.89 78.30 Td (following ) Tj ET Q q 0 0 0 rg BT 245.28 78.30 Td (events ) Tj ET Q q 0 0 0 rg BT 273.32 78.30 Td (or ) Tj ET Q q 0 0 0 rg BT 284.15 78.30 Td (occurrences: ) Tj ET Q endstream endobj 295 0 obj <> endobj 296 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 32.20 Td ( ) Tj ET Q q 0 0 0 rg BT 303.00 32.20 Td (5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 740.10 Td (\(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 740.10 Td (restructurings, discontinued operations, extraordinary items or events, and other unusual or non-recurring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 728.10 Td (char) Tj ET Q q 0 0 0 rg BT 138.53 728.10 Td (ges; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 704.10 Td (\(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 704.10 Td (an event either not directly related to the operations of the Holdings or not within the reasonable control of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 692.10 Td (Holdings' management; or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 668.10 Td (\(iii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 668.10 Td (a change in tax law or accounting standards required by generally accepted accounting principles. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 644.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 138.98 644.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 168.58 644.10 Td (may ) Tj ET Q q 0 0 0 rg BT 188.20 644.10 Td (also ) Tj ET Q q 0 0 0 rg BT 206.70 644.10 Td (be ) Tj ET Q q 0 0 0 rg BT 218.54 644.10 Td (based ) Tj ET Q q 0 0 0 rg BT 243.70 644.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 266.10 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.71 644.10 Td (attainment ) Tj ET Q q 0 0 0 rg BT 325.32 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.04 644.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 374.53 644.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 400.25 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.98 644.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 463.90 644.10 Td (under ) Tj ET Q q 0 0 0 rg BT 489.06 644.10 Td (one ) Tj ET Q q 0 0 0 rg BT 505.90 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 516.63 644.10 Td (more ) Tj ET Q q 0 0 0 rg BT 539.57 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 644.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 90.46 632.10 Td (described ) Tj ET Q q 0 0 0 rg BT 132.53 632.10 Td (above ) Tj ET Q q 0 0 0 rg BT 160.16 632.10 Td (\(x\)by ) Tj ET Q q 0 0 0 rg BT 188.08 632.10 Td (an ) Tj ET Q q 0 0 0 rg BT 201.27 632.10 Td (af) Tj ET Q q 0 0 0 rg BT 208.86 632.10 Td (filiate, ) Tj ET Q q 0 0 0 rg BT 238.44 632.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 278.89 632.10 Td (, ) Tj ET Q q 0 0 0 rg BT 285.15 632.10 Td (division, ) Tj ET Q q 0 0 0 rg BT 323.63 632.10 Td (other ) Tj ET Q q 0 0 0 rg BT 347.93 632.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 396.67 632.10 Td (unit, ) Tj ET Q q 0 0 0 rg BT 418.48 632.10 Td (business ) Tj ET Q q 0 0 0 rg BT 456.13 632.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 493.21 632.10 Td (or ) Tj ET Q q 0 0 0 rg BT 505.29 632.10 Td (administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (department ) Tj ET Q q 0 0 0 rg BT 97.21 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.26 620.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 147.65 620.10 Td (or ) Tj ET Q q 0 0 0 rg BT 158.71 620.10 Td (\(y\)by ) Tj ET Q q 0 0 0 rg BT 185.59 620.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 224.99 620.10 Td (or ) Tj ET Q q 0 0 0 rg BT 236.04 620.10 Td (any ) Tj ET Q q 0 0 0 rg BT 253.21 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.26 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.20 620.10 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 320.80 620.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 352.41 620.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 385.12 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 395.62 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.56 620.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 463.81 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.86 620.10 Td (other ) Tj ET Q q 0 0 0 rg BT 498.13 620.10 Td (corporations ) Tj ET Q q 0 0 0 rg BT 550.84 620.10 Td (\(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.86 608.10 Td (af) Tj ET Q q 0 0 0 rg BT 69.45 608.10 Td (filiate, ) Tj ET Q q 0 0 0 rg BT 98.19 608.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 138.65 608.10 Td (, ) Tj ET Q q 0 0 0 rg BT 144.07 608.10 Td (division, ) Tj ET Q q 0 0 0 rg BT 181.72 608.10 Td (other ) Tj ET Q q 0 0 0 rg BT 205.19 608.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 253.09 608.10 Td (unit, ) Tj ET Q q 0 0 0 rg BT 274.07 608.10 Td (business ) Tj ET Q q 0 0 0 rg BT 310.89 608.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 347.13 608.10 Td (or ) Tj ET Q q 0 0 0 rg BT 358.39 608.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 418.52 608.10 Td (department ) Tj ET Q q 0 0 0 rg BT 466.42 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.67 608.10 Td (another ) Tj ET Q q 0 0 0 rg BT 510.58 608.10 Td (corporation\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 596.10 Td (o ) Tj ET Q q 0 0 0 rg BT 63.02 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.35 596.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 105.89 596.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 147.32 596.10 Td (under ) Tj ET Q q 0 0 0 rg BT 173.20 596.10 Td (Section162\(m\) ) Tj ET Q q 0 0 0 rg BT 238.25 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.69 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.01 596.10 Td (Code, ) Tj ET Q q 0 0 0 rg BT 291.73 596.10 Td (but ) Tj ET Q q 0 0 0 rg BT 307.62 596.10 Td (only ) Tj ET Q q 0 0 0 rg BT 328.51 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.40 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.72 596.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 382.27 596.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 423.70 596.10 Td (under ) Tj ET Q q 0 0 0 rg BT 449.58 596.10 Td (Section162\(m\) ) Tj ET Q q 0 0 0 rg BT 514.62 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 526.06 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.39 596.10 Td (Code ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (\(including, ) Tj ET Q q 0 0 0 rg BT 95.60 584.10 Td (without ) Tj ET Q q 0 0 0 rg BT 128.66 584.10 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 172.55 584.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 221.14 584.10 Td (with ) Tj ET Q q 0 0 0 rg BT 241.41 584.10 Td (any ) Tj ET Q q 0 0 0 rg BT 258.35 584.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 313.05 584.10 Td (for ) Tj ET Q q 0 0 0 rg BT 327.21 584.10 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 376.37 584.10 Td (approval\), ) Tj ET Q q 0 0 0 rg BT 419.69 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.40 584.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 481.34 584.10 Td (may: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 560.10 Td (\(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 560.10 Td (designate additional business criteria on which the performance criteria may be based; or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 536.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 121.50 536.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.50 536.10 Td (adjust, modify or amend the aforementioned business criteria. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 512.10 Td (B. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 121.5 510.7669921875 m 148.17236328125 510.7669921875 l s q 0 0 0 rg BT 121.50 512.10 Td (GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.62 512.10 Td (. ) Tj ET Q q 0 0 0 rg BT 153.90 512.10 Td (Except ) Tj ET Q q 0 0 0 rg BT 185.44 512.10 Td (as ) Tj ET Q q 0 0 0 rg BT 197.55 512.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 240.21 512.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 279.53 512.10 Td (herein, ) Tj ET Q q 0 0 0 rg BT 310.80 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.80 512.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 367.78 512.10 Td (used ) Tj ET Q q 0 0 0 rg BT 389.89 512.10 Td (in ) Tj ET Q q 0 0 0 rg BT 401.45 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.45 512.10 Td (above ) Tj ET Q q 0 0 0 rg BT 445.10 512.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 499.41 512.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 530.39 512.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 553.06 512.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 96.48 500.10 Td (in ) Tj ET Q q 0 0 0 rg BT 106.27 500.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 153.23 500.10 Td (with ) Tj ET Q q 0 0 0 rg BT 173.02 500.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 199.87 500.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.88 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.32 500.10 Td (in ) Tj ET Q q 0 0 0 rg BT 228.10 500.10 Td (a ) Tj ET Q q 0 0 0 rg BT 234.54 500.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 266.53 500.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 308.53 500.10 Td (with ) Tj ET Q q 0 0 0 rg BT 328.32 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.54 500.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 378.43 500.10 Td (used ) Tj ET Q q 0 0 0 rg BT 398.76 500.10 Td (in ) Tj ET Q q 0 0 0 rg BT 408.55 500.10 Td (Holdings' ) Tj ET Q q 0 0 0 rg BT 449.02 500.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 479.34 500.10 Td (reports ) Tj ET Q q 0 0 0 rg BT 509.11 500.10 Td (on ) Tj ET Q q 0 0 0 rg BT 521.12 500.10 Td (Forms10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (K ) Tj ET Q q 0 0 0 rg BT 59.22 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 76.16 488.10 Td (10-Q. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 464.10 Td (C. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 121.5 462.7669921875 m 215.46533203125 462.7669921875 l s q 0 0 0 rg BT 121.50 464.10 Td (Deviations ) Tj ET Q q 0 0 0 rg BT 167.09 464.10 Td (from ) Tj ET Q q 0 0 0 rg BT 188.79 464.10 Td (GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.91 464.10 Td (. ) Tj ET Q q 0 0 0 rg BT 219.51 464.10 Td (T) Tj ET Q q 0 0 0 rg BT 224.92 464.10 Td (o ) Tj ET Q q 0 0 0 rg BT 232.19 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.67 464.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 273.37 464.10 Td (any ) Tj ET Q q 0 0 0 rg BT 290.07 464.10 Td (objective ) Tj ET Q q 0 0 0 rg BT 328.98 464.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 381.77 464.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 411.24 464.10 Td (are ) Tj ET Q q 0 0 0 rg BT 425.71 464.10 Td (expressed ) Tj ET Q q 0 0 0 rg BT 467.41 464.10 Td (using ) Tj ET Q q 0 0 0 rg BT 491.34 464.10 Td (any ) Tj ET Q q 0 0 0 rg BT 508.05 464.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 547.52 464.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (require ) Tj ET Q q 0 0 0 rg BT 79.71 452.10 Td (deviations ) Tj ET Q q 0 0 0 rg BT 122.71 452.10 Td (from ) Tj ET Q q 0 0 0 rg BT 144.04 452.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 170.16 452.10 Td (, ) Tj ET Q q 0 0 0 rg BT 174.55 452.10 Td (such ) Tj ET Q q 0 0 0 rg BT 194.78 452.10 Td (deviations ) Tj ET Q q 0 0 0 rg BT 237.78 452.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 258.56 452.10 Td (be ) Tj ET Q q 0 0 0 rg BT 269.89 452.10 Td (at ) Tj ET Q q 0 0 0 rg BT 279.00 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.11 452.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 334.44 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.67 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.78 452.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 405.11 452.10 Td (as ) Tj ET Q q 0 0 0 rg BT 415.33 452.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 454.98 452.10 Td (at ) Tj ET Q q 0 0 0 rg BT 464.09 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.21 452.10 Td (time ) Tj ET Q q 0 0 0 rg BT 497.87 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.99 452.10 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 79.21 440.10 Td (are ) Tj ET Q q 0 0 0 rg BT 93.91 440.10 Td (determined. ) Tj ET Q endstream endobj 297 0 obj <> endobj 298 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 742.10 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 549.46 742.10 Td ( 12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.75 718.10 Td (Oppenheimer) Tj ET Q q 0 0 0 rg BT 305.46 718.10 Td ( Holdings Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.90 706.10 Td (Computation of Ratio of Earnings to Fixed Charges ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 414.23 710.18 Td (\(1\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 676.60 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 676.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 676.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 676.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 676.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 676.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 676.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 676.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 676.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 676.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 647.60 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 647.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 647.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 647.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 647.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 647.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 647.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 647.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 647.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 647.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 617.60 236.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 617.60 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 617.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 617.60 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 617.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 617.60 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 617.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 617.60 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 617.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 617.60 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 577.60 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 577.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 577.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 577.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 577.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 577.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 577.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 577.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 577.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 577.60 52.00 -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 286.5 676.6 m 338.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 676.6 m 394.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 676.6 m 450.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 676.6 m 506.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 676.6 m 562.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 676.6 m 394.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 676.6 m 506.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 676.6 m 562.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 592.6 m 338.5 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 592.6 m 394.5 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 592.6 m 450.5 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 592.6 m 506.5 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 592.6 m 562.5 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 577.6 m 338.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 577.6 m 394.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 577.6 m 450.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 577.6 m 506.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 577.6 m 562.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 562.6 m 338.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 562.6 m 394.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 562.6 m 450.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 562.6 m 506.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 577.6 m 562.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 562.6 m 562.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 549.6 m 338.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 547.6 m 338.5 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 549.6 m 394.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 547.6 m 394.5 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 549.6 m 450.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 547.6 m 450.5 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 549.6 m 506.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 547.6 m 506.5 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 549.6 m 562.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 547.6 m 562.5 547.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 680.85 Td (\(Expr) Tj ET Q q 0 0 0 rg BT 70.92 680.85 Td (essed in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.00 680.85 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.00 680.85 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.00 680.85 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.00 680.85 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.00 680.85 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 667.33 Td (Income \(Loss\) Befor) Tj ET Q q 0 0 0 rg BT 139.56 667.33 Td (e Income ) Tj ET Q q 0 0 0 rg BT 180.48 667.33 Td (T) Tj ET Q q 0 0 0 rg BT 186.60 667.33 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 666.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.15 666.27 Td (43,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.00 666.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 666.27 Td (25,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 666.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 666.27 Td (6,71) Tj ET Q q 0 0 0 rg BT 441.65 666.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.00 666.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 666.32 Td (\(21,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 666.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 666.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 666.27 Td (19,736) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 652.33 Td (Add Fixed Charges:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 637.27 Td (Interest Expense) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 131.36 641.80 Td ( ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 132.99 641.34 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.15 637.27 Td (26,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 637.27 Td (17,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 637.27 Td (17,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 637.27 Td (19,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 637.27 Td (28,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 623.17 Td (Amortization of Debt Issuance Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 622.27 Td (639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 622.27 Td (1,1) Tj ET Q q 0 0 0 rg BT 380.65 622.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 622.27 Td (485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 622.27 Td (484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 622.27 Td (783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 607.27 Td (Appropriate Portion of Rentals Representative of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 597.27 Td (Interest Factor ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 125.53 601.34 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.15 597.27 Td (15,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 597.27 Td (15,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 597.27 Td (15,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 597.27 Td (14,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 597.27 Td (15,200) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 583.33 Td (T) Tj ET Q q 0 0 0 rg BT 59.21 583.33 Td (otal Fixed Charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 582.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.15 582.27 Td (42,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.00 582.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 582.27 Td (34,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 582.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 582.27 Td (33,1) Tj ET Q q 0 0 0 rg BT 436.65 582.27 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.00 582.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 582.27 Td (34,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 582.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 582.27 Td (44,337) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 568.33 Td (Earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 567.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.15 567.27 Td (86,144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.00 567.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 567.27 Td (59,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 567.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 567.27 Td (39,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.00 567.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 567.27 Td (12,836) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 567.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 567.27 Td (64,073) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 553.28 Td (Ratio of Earnings to Fixed Charges) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 203.83 557.81 Td ( ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 205.46 557.36 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.15 553.28 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.15 553.28 Td (1.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.15 553.28 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 553.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.15 553.28 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 523.53505859375 m 77.2119140625 523.53505859375 l s q 0 0 0 rg BT 50.00 525.10 Td (Notes:) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 50.00 517.90 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.90 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 505.90 Td (The ratio of earnings to fixed char) Tj ET Q q 0 0 0 rg BT 222.43 505.90 Td (ges is computed by dividing earnings, which is the sum of profit \(loss\) before ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 493.90 Td (income taxes and fixed char) Tj ET Q q 0 0 0 rg BT 197.99 493.90 Td (ges, by fixed char) Tj ET Q q 0 0 0 rg BT 268.90 493.90 Td (ges. Fixed char) Tj ET Q q 0 0 0 rg BT 329.53 493.90 Td (ges represent interest expense, amortization of debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 481.90 Td (issuance costs, and an appropriate portion of rentals representative of the interest factor) Tj ET Q q 0 0 0 rg BT 434.48 481.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.90 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 469.90 Td (In addition to interest expense on long-term debt, also includes interest expenses on short-term borrowings including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 457.90 Td (bank call loans, securities lending, and repurchase agreements which generally have a corresponding asset that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 445.90 Td (generates interest income that substantially of) Tj ET Q q 0 0 0 rg BT 268.82 445.90 Td (fsets or exceeds the aforementioned interest expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.90 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 433.90 Td (The percent of rent included in the computation is a reasonable approximation of the interest factor) Tj ET Q q 0 0 0 rg BT 481.69 433.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.90 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 421.90 Td (Due to the Company's pre-tax losses in the year ended December31, 2016, the ratio coverage was less than 1:1 in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 409.90 Td (periods. ) Tj ET Q q 0 0 0 rg BT 120.26 409.90 Td (The Company would have needed to generate additional earnings of $21.9 million in 2016 to achieve a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 397.90 Td (coverage of 1:1.) Tj ET Q endstream endobj 299 0 obj <> endobj 300 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 742.10 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 541.96 742.10 Td ( 23.1) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 141.15 716.7669921875 m 470.7984375 716.7669921875 l s q 0 0 0 rg BT 141.15 718.10 Td (CONSENT) Tj ET Q q 0 0 0 rg BT 187.08 718.10 Td ( OF INDEPENDENT) Tj ET Q q 0 0 0 rg BT 274.12 718.10 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 377.74 718.10 Td (ACCOUNTING FIRM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 694.10 Td (e consent to the incorporation by reference in Registration Statements on Form S-3 \(No. 333-174933 and 333-219756\), Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (S-4 \(Nos. 333-174932, 333-219753 and 333-157937\), Form S-8 \(Nos. 333-129385, 333-129387, 333-129389, 333-129390, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (333-135064, 333-146989, 333-146990, 333-157686, 333-180979, 333-195951, 333-1) Tj ET Q q 0 0 0 rg BT 392.94 670.10 Td (1) Tj ET Q q 0 0 0 rg BT 397.57 670.10 Td (1) Tj ET Q q 0 0 0 rg BT 402.20 670.10 Td (125 and 333-217824\) of our reports ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (dated March 2, 2018, relating to the consolidated financial statements of Oppenheimer Holdings Inc. and subsidiaries \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td ("Company"\), and the ef) Tj ET Q q 0 0 0 rg BT 144.62 646.10 Td (fectiveness of the Company's internal control over financial reporting, appearing in this ) Tj ET Q q 0 0 0 rg BT 496.04 646.10 Td (Annual Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (on Form 10-K of the Company for the year ended December 31, 2017,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.70 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.70 634.10 Td (and to the reference to us under the heading "Experts" in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (the Prospectuses, which are part of the Registration Statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (/s/ Deloitte& ) Tj ET Q q 0 0 0 rg BT 106.76 598.10 Td (T) Tj ET Q q 0 0 0 rg BT 112.17 598.10 Td (ouche LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 586.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 586.10 Td (ork, NY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (March2, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.60 574.10 Td ( ) Tj ET Q endstream endobj 301 0 obj <> endobj 302 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 742.10 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 541.96 742.10 Td ( 31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.05 718.10 Td (CER) Tj ET Q q 0 0 0 rg BT 287.90 718.10 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 319.01 718.10 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (I, ) Tj ET Q q 0 0 0 rg BT 57.78 694.10 Td (Albert G. Lowenthal, certify that:) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 50.00 686.90 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 666.97 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 666.97 Td (I have reviewed this annual report on Form10-K of Oppenheimer Holdings Inc.;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 647.97 Td (2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 647.97 Td (Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 637.97 Td (necessary to make the statements made, in light of the circumstances under which such statements were made, not) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 627.97 Td (misleading with respect to the period covered by this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 608.97 Td (3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 608.97 Td (Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 598.97 Td (all material respects the financial condition, results of operations and cash flows of the registrant as of, and for) Tj ET Q q 0 0 0 rg BT 508.32 598.97 Td (, the periods) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 588.97 Td (presented in this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 569.97 Td (4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 569.97 Td (The registrant) Tj ET Q q 0 0 0 rg BT 125.86 569.97 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 204.64 569.97 Td (ficer\(s\) and I are responsible for establishing and maintaining disclosure controls and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 559.97 Td (procedures \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 211.94 559.97 Td (Act Rules13a-15\(e\) and 15d-15\(e\)\) and internal control over financial reporting \(as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 549.97 Td (defined in Exchange ) Tj ET Q q 0 0 0 rg BT 151.41 549.97 Td (Act Rules 13a-15\(f\) and 15d-15\(f\)\) for the registrant and have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 530.97 Td (a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 530.97 Td (Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 520.97 Td (under our supervision, to ensure that material information relating to the registrant, including its consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 510.97 Td (subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 500.97 Td (report is being prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 481.97 Td (b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 481.97 Td (Designed such internal control over financial reporting, or caused such internal control over financial reporting to be) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 471.97 Td (designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 461.97 Td (preparation of financial statements for external purposes in accordance with generally accepted accounting principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 442.97 Td (c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 442.97 Td (Evaluated the ef) Tj ET Q q 0 0 0 rg BT 146.88 442.97 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 260.07 442.97 Td (s disclosure controls and procedures and presented in this report our) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 432.97 Td (conclusions about the ef) Tj ET Q q 0 0 0 rg BT 178.83 432.97 Td (fectiveness of the disclosure controls and procedures, as of the end of the period covered by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 422.97 Td (this report based on such evaluation; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 403.97 Td (d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 403.97 Td (Disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 291.11 403.97 Td (s internal control over financial reporting that occurred during the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 393.97 Td (registrant) Tj ET Q q 0 0 0 rg BT 122.82 393.97 Td (s most recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 291.64 393.97 Td (s fourth fiscal quarter in the case of an annual report\) that has) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 383.97 Td (materially af) Tj ET Q q 0 0 0 rg BT 132.72 383.97 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 314.13 383.97 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 389.56 383.97 Td (s internal control over financial reporting;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 373.97 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 354.97 Td (5.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 354.97 Td (The registrant) Tj ET Q q 0 0 0 rg BT 125.86 354.97 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 204.64 354.97 Td (ficer\(s\) and I have disclosed, based on our most recent evaluation of internal control) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 344.97 Td (over financial reporting, to the registrant) Tj ET Q q 0 0 0 rg BT 232.22 344.97 Td (s auditors and the audit committee of registrant) Tj ET Q q 0 0 0 rg BT 423.56 344.97 Td (s board of directors \(or persons) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 334.97 Td (performing the equivalent functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 315.97 Td (a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 315.97 Td (All significant deficiencies and material weaknesses in the design or operation of internal control over financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 305.97 Td (reporting which are reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 292.66 305.97 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 365.59 305.97 Td (s ability to record, process, summarize and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 295.97 Td (report financial information; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 276.97 Td (b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 276.97 Td (Any fraud, whether or not material, that involves management or other employees who have a significant role in the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 266.97 Td (registrant) Tj ET Q q 0 0 0 rg BT 122.54 266.97 Td (s internal control over financial reporting.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.00 Tf ET q 0 0 0 rg BT 50.00 254.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 234.77 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 64.67 234.77 Td (Albert G. Lowenthal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 219.77 Td (Name: ) Tj ET Q q 0 0 0 rg BT 81.88 219.77 Td (Albert G. Lowenthal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 204.77 Td (T) Tj ET Q q 0 0 0 rg BT 58.93 204.77 Td (itle: Chief Executive Of) Tj ET Q q 0 0 0 rg BT 154.47 204.77 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 189.77 Td (March 2, 2018) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 303 0 obj <> endobj 304 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 742.10 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 541.96 742.10 Td ( 31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.05 718.10 Td (CER) Tj ET Q q 0 0 0 rg BT 287.90 718.10 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 319.01 718.10 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (I, Jef) Tj ET Q q 0 0 0 rg BT 69.81 694.10 Td (frey J. ) Tj ET Q q 0 0 0 rg BT 96.75 694.10 Td (Alfano, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 674.17 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 674.17 Td (I have reviewed this annual report on Form10-K of Oppenheimer Holdings Inc.;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 655.17 Td (2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 655.17 Td (Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 645.17 Td (necessary to make the statements made, in light of the circumstances under which such statements were made, not) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 635.17 Td (misleading with respect to the period covered by this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.17 Td (3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 616.17 Td (Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 606.17 Td (all material respects the financial condition, results of operations and cash flows of the registrant as of, and for) Tj ET Q q 0 0 0 rg BT 508.32 606.17 Td (, the periods) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 596.17 Td (presented in this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 577.17 Td (4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 577.17 Td (The registrant) Tj ET Q q 0 0 0 rg BT 125.86 577.17 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 204.64 577.17 Td (ficer\(s\) and I are responsible for establishing and maintaining disclosure controls and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 567.17 Td (procedures \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 211.94 567.17 Td (Act Rules13a-15\(e\) and 15d-15\(e\)\) and internal control over financial reporting \(as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 557.17 Td (defined in Exchange ) Tj ET Q q 0 0 0 rg BT 151.41 557.17 Td (Act Rules 13a-15\(f\) and 15d-15\(f\)\) for the registrant and have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 538.17 Td (a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 538.17 Td (Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 528.17 Td (under our supervision, to ensure that material information relating to the registrant, including its consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 518.17 Td (subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 508.17 Td (report is being prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 489.17 Td (b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 489.17 Td (Designed such internal control over financial reporting, or caused such internal control over financial reporting to be) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 479.17 Td (designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 469.17 Td (preparation of financial statements for external purposes in accordance with generally accepted accounting principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 450.17 Td (c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 450.17 Td (Evaluated the ef) Tj ET Q q 0 0 0 rg BT 146.88 450.17 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 260.07 450.17 Td (s disclosure controls and procedures and presented in this report our) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 440.17 Td (conclusions about the ef) Tj ET Q q 0 0 0 rg BT 178.83 440.17 Td (fectiveness of the disclosure controls and procedures, as of the end of the period covered by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 430.17 Td (this report based on such evaluation; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 411.17 Td (d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 411.17 Td (Disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 291.11 411.17 Td (s internal control over financial reporting that occurred during the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 401.17 Td (registrant) Tj ET Q q 0 0 0 rg BT 122.82 401.17 Td (s most recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 291.64 401.17 Td (s fourth fiscal quarter in the case of an annual report\) that has) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 391.17 Td (materially af) Tj ET Q q 0 0 0 rg BT 132.72 391.17 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 314.13 391.17 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 389.56 391.17 Td (s internal control over financial reporting;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 381.17 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 362.17 Td (5.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 362.17 Td (The registrant) Tj ET Q q 0 0 0 rg BT 125.86 362.17 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 204.64 362.17 Td (ficer\(s\) and I have disclosed, based on our most recent evaluation of internal control) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 352.17 Td (over financial reporting, to the registrant) Tj ET Q q 0 0 0 rg BT 232.22 352.17 Td (s auditors and the audit committee of registrant) Tj ET Q q 0 0 0 rg BT 423.56 352.17 Td (s board of directors \(or persons) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 342.17 Td (performing the equivalent functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 323.17 Td (a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 323.17 Td (All significant deficiencies and material weaknesses in the design or operation of internal control over financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 313.17 Td (reporting which are reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 292.66 313.17 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 365.59 313.17 Td (s ability to record, process, summarize and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 303.17 Td (report financial information; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 284.17 Td (b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 284.17 Td (Any fraud, whether or not material, that involves management or other employees who have a significant role in the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.00 274.17 Td (registrant) Tj ET Q q 0 0 0 rg BT 122.54 274.17 Td (s internal control over financial reporting.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 249.17 Td (/s/ Jef) Tj ET Q q 0 0 0 rg BT 76.52 249.17 Td (frey J. ) Tj ET Q q 0 0 0 rg BT 103.64 249.17 Td (Alfano) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 234.17 Td (Name: Jef) Tj ET Q q 0 0 0 rg BT 93.73 234.17 Td (frey J. ) Tj ET Q q 0 0 0 rg BT 120.85 234.17 Td (Alfano) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 219.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.93 219.17 Td (itle: Chief Financial Of) Tj ET Q q 0 0 0 rg BT 151.70 219.17 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 204.17 Td (March 2, 2018) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 305 0 obj <> endobj 306 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 742.10 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 541.96 742.10 Td ( 32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (CER) Tj ET Q q 0 0 0 rg BT 68.85 718.10 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 99.96 718.10 Td (TION PURSUANT) Tj ET Q q 0 0 0 rg BT 178.95 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.27 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 187.20 718.10 Td (O 18 U.S.C. SECTION 1350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 694.10 Td (The undersigned, ) Tj ET Q q 0 0 0 rg BT 145.37 694.10 Td (Albert G. Lowenthal, Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 369.84 694.10 Td (ficer of Oppenheimer Holdings Inc. \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Company\), hereby certifies that to his knowledge the ) Tj ET Q q 0 0 0 rg BT 272.99 682.10 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.33 682.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.91 682.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (the Company filed with the Securities and Exchange Commission on the date hereof \(the Report\) fully complies with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (requirements of section 13\(a\) or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 313.80 658.10 Td (Act of 1934 and the information contained in the Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (fairly presents, in all material respects, the financial condition and results of operations of the Company for the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (specified.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Signed at New ) Tj ET Q q 0 0 0 rg BT 111.01 610.10 Td (Y) Tj ET Q q 0 0 0 rg BT 117.23 610.10 Td (ork, New ) Tj ET Q q 0 0 0 rg BT 156.57 610.10 Td (Y) Tj ET Q q 0 0 0 rg BT 162.79 610.10 Td (ork, this 2nd day of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.33 610.10 Td (March, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.43 610.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 61.40 586.10 Td (Albert G. Lowenthal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Albert G. Lowenthal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 186.44 562.10 Td (ficer) Tj ET Q endstream endobj 307 0 obj <> endobj 308 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 742.10 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 541.96 742.10 Td ( 32.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (CER) Tj ET Q q 0 0 0 rg BT 68.85 718.10 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 99.96 718.10 Td (TION PURSUANT) Tj ET Q q 0 0 0 rg BT 178.95 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.27 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 187.20 718.10 Td (O 18 U.S.C. SECTION 1350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 694.10 Td (The undersigned, Jef) Tj ET Q q 0 0 0 rg BT 157.40 694.10 Td (frey J. ) Tj ET Q q 0 0 0 rg BT 184.34 694.10 Td (Alfano, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 291.91 694.10 Td (ficer of Oppenheimer Holdings Inc. \(the Company\), hereby ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (certifies that to his knowledge the ) Tj ET Q q 0 0 0 rg BT 187.19 682.10 Td (Annual Report on Form 10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.53 682.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.11 682.10 Td ( of the Company filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (with the Securities and Exchange Commission on the date hereof \(the Report\) fully complies with the requirements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (section 13\(a\) or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 248.27 658.10 Td (Act of 1934 and the information contained in the Report fairly presents, in all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (material respects, the financial condition and results of operations of the Company for the period specified.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Signed at New ) Tj ET Q q 0 0 0 rg BT 111.01 622.10 Td (Y) Tj ET Q q 0 0 0 rg BT 117.23 622.10 Td (ork, New ) Tj ET Q q 0 0 0 rg BT 156.57 622.10 Td (Y) Tj ET Q q 0 0 0 rg BT 162.79 622.10 Td (ork, this 2nd day of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.33 622.10 Td (March, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.43 622.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (/s/ Jef) Tj ET Q q 0 0 0 rg BT 73.43 598.10 Td (frey J. ) Tj ET Q q 0 0 0 rg BT 100.37 598.10 Td (Alfano) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Jef) Tj ET Q q 0 0 0 rg BT 61.48 586.10 Td (frey J. ) Tj ET Q q 0 0 0 rg BT 88.42 586.10 Td (Alfano) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 124.80 574.10 Td (ficer) Tj ET Q endstream endobj 309 0 obj <> /View <>>>>> endobj 310 0 obj <> /View <>>>>> endobj 311 0 obj <> endobj 312 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;