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12.7985 0 0 12.1 438.12 433.81 Tm (of )Tj ET BT /Suspect <>BDC /T1_1 1 Tf -0.0269 Tc 12.1 0 0 12.1 453.34 433.81 Tm (ARS )Tj EMC ET BT /T1_1 1 Tf -0.0039 Tc 12.1 0 0 12.1 482.1259 433.81 Tm (the )Tj 0.007 Tc 1.63 0 Td (bidder )Tj -0.035 Tc 3.006 0 Td (is )Tj -0.0015 Tc -35.299 -2.281 Td (willing )Tj -0.035 Tc 12.0057 0 0 12.1 148.29 406.21 Tm (to )Tj 0.0012 Tc 12.1 0 0 12.1 160.82 406.21 Tm (purchase )Tj -0.0118 Tc 3.817 0 Td (and )Tj -0.0237 Tc 1.713 0 Td (the )Tj -0.0021 Tc 1.448 0 Td (minimum )Tj -0.0067 Tc 4.179 0 Td (interest )Tj -0.0093 Tc 3.16 0 Td (rate )Tj -0.0138 Tc 1.764 0 Td (the )Tj -0.0009 Tc 1.471 0 Td (bidder )Tj -0.035 Tc 2.807 0 Td (is )Tj -0.0015 Tc 0.939 0 Td (willing )Tj -0.035 Tc 12.0057 0 0 12.1 455.97 406.21 Tm (to )Tj -0.0118 Tc 12.1 0 0 12.1 468.84 406.21 Tm (accept. )Tj -0.015 Tc 3.079 0 Td (Bids )Tj -0.0188 Tc 2.098 0 Td (are )Tj -0.0106 Tc -34.763 -2.281 Td (then )Tj -0.0082 Tc 1.984 0 Td (ranked )Tj -0.0194 Tc 2.985 0 Td (from )Tj -0.0068 Tc 2.225 0 Td (lowest )Tj -0.035 Tc 12.0057 0 0 12.1 232.53 378.61 Tm (to )Tj -0.0082 Tc 12.1 0 0 12.1 245.02 378.61 Tm (highest, )Tj -0.0026 Tc 3.403 0 Td (according )Tj -0.035 Tc 12.0057 0 0 12.1 336.93 378.61 Tm (to )Tj -0.0039 Tc 12.1 0 0 12.1 349.41 378.61 Tm (the )Tj -0.0021 Tc 1.488 0 Td (minimum )Tj -0.001 Tc 4.179 0 Td (interest )Tj -0.0093 Tc 3.22 0 Td (rate )Tj -0.008 Tc 1.756 0 Td (each )Tj 0.0031 Tc 2.094 0 Td (bidder )Tj -0.035 Tc 2.847 0 Td (is )Tj -0.0048 Tc -35.299 -2.301 Td (willing )Tj -0.035 Tc 12.0057 0 0 12.1 148.53 350.77 Tm (to )Tj -0.0118 Tc 12.1 0 0 12.1 161.4 350.77 Tm (accept. )Tj 0.0053 Tc 3.076 0 Td (The )Tj -0.0108 Tc 1.884 0 Td (lowest )Tj -0.001 Tc 2.856 0 Td (interest )Tj -0.0027 Tc 3.22 0 Td (rate )Tj -0.0052 Tc 1.785 0 Td (required )Tj -0.035 Tc 12.0057 0 0 12.1 360.45 350.77 Tm (to )Tj -0.0172 Tc 12.1 0 0 12.1 373.27 350.77 Tm (sell )Tj -0.0169 Tc 1.67 0 Td (all )Tj 0.05 Tc 13.0768 0 0 12.1 409.07 350.77 Tm (of )Tj 0 Tc 12.1 0 0 12.1 422.76 350.77 Tm (a )Tj 0.0056 Tc 0.706 0 Td (particular )Tj ET BT /Suspect <>BDC /T1_1 1 Tf -0.0269 Tc 12.1 0 0 12.1 481.6628 350.77 Tm (ARS )Tj EMC ET BT /T1_1 1 Tf -0.0015 Tc 12.1 0 0 12.1 508.8273 350.77 Tm (product )Tj -0.0027 Tc -32.898 -2.281 Td (available )Tj -0.0346 Tc 3.967 0 Td (at )Tj -0.0093 Tc 1.091 0 Td (auction, )Tj -0.035 Tc 11.7102 0 0 12.1 215.18 323.17 Tm (is )Tj -0.0059 Tc 12.1 0 0 12.1 227.49 323.17 Tm (known )Tj -0.035 Tc 11.9093 0 0 12.1 264.84 323.17 Tm (as )Tj -0.0138 Tc 12.1 0 0 12.1 279.33 323.17 Tm (the )Tj ET BT /Suspect <>BDC /T1_1 1 Tf 0.0056 Tc 12.1 0 0 12.1 298.327 323.17 Tm ("clearing )Tj EMC /Suspect <>BDC 4.004 0 Td (rate." )Tj EMC /Suspect <>BDC -0.0031 Tc 2.602 0 Td (Setting )Tj EMC ET BT /T1_1 1 Tf 0 Tc 12.1 0 0 12.1 416.7618 323.17 Tm (a )Tj -0.0004 Tc 0.813 0 Td (clearing )Tj -0.0027 Tc 3.598 0 Td (rate )Tj -0.0104 Tc 1.892 0 Td (serves )Tj -0.0244 Tc 2.848 0 Td (two )Tj -0.0092 Tc -34.469 -2.282 Td (purposes: )Tj -0.0194 Tc 4.152 0 Td (\(a\) )Tj -0.0024 Tc 1.431 0 Td (identifying )Tj -0.0138 Tc 4.707 0 Td (the )Tj -0.0082 Tc 1.536 0 Td (successful )Tj -0.0098 Tc 4.398 0 Td (bidders, )Tj -0.0118 Tc 3.5 0 Td (and )Tj -0.0281 Tc 1.764 0 Td (\(b\) )Tj -0.0033 Tc 1.485 0 Td (setting )Tj -0.0039 Tc 2.967 0 Td (the )Tj -0.001 Tc 1.561 0 Td (interest )Tj -0.0027 Tc 3.26 0 Td (rate )Tj -0.0023 Tc 1.824 0 Td (that )Tj -0.0137 Tc 1.826 0 Td (will )Tj -0.0012 Tc -34.45 -2.3 Td (be )Tj -0.0017 Tc (paid )Tj 0.0212 Tc 3.174 0 Td (by )Tj -0.0039 Tc 1.246 0 Td (the )Tj 0.0012 Tc 1.482 0 Td (issuer )Tj 0.05 Tc 12.7985 0 0 12.1 212.52 267.73 Tm (of )Tj -0.0138 Tc 12.1 0 0 12.1 225.57 267.73 Tm (the )Tj ET BT /Suspect <>BDC /T1_1 1 Tf -0.0269 Tc 12.1 0 0 12.1 243.3449 267.73 Tm (ARS )Tj EMC ET BT /T1_1 1 Tf -0.035 Tc 12.0057 0 0 12.1 269.73 267.73 Tm (to )Tj -0.0039 Tc 12.1 0 0 12.1 282.21 267.73 Tm (the )Tj -0.0176 Tc 1.469 0 Td (new )Tj -0.006 Tc 1.896 0 Td (owners )Tj -0.0113 Tc 3.124 0 Td (until )Tj -0.0138 Tc 2.1 0 Td (the )Tj -0.0036 Tc 1.449 0 Td (next )Tj -0.006 Tc 1.991 0 Td (successful )Tj -0.0093 Tc 4.388 0 Td (auction. )Tj -0.035 Tc 11.4717 0 0 12.1 91.78 240.13 Tm (6. )Tj -0.0046 Tc 12.1 0 0 12.1 146.38 240.13 Tm (Auctions )Tj -0.0174 Tc 3.977 0 Td (for )Tj -0.0147 Tc 1.508 0 Td (each )Tj ET BT /Suspect <>BDC /T1_1 1 Tf -0.0269 Tc 12.1 0 0 12.1 239.0176 240.13 Tm (ARS )Tj EMC ET BT /T1_1 1 Tf -0.0015 Tc 12.1 0 0 12.1 266.654 240.13 Tm (product )Tj -0.0188 Tc 3.44 0 Td (are )Tj -0.0074 Tc 1.567 0 Td (conducted )Tj -0.0346 Tc 4.443 0 Td (at )Tj -0.0138 Tc 1.079 0 Td (the )Tj -0.0036 Tc 1.581 0 Td (incremental )Tj 0.004 Tc 5.076 0 Td (date )Tj -0.0063 Tc 2.059 0 Td (set )Tj -0.035 Tc 11.7517 0 0 12.1 517.56 240.13 Tm (at )Tj -0.0138 Tc 12.1 0 0 12.1 530.37 240.13 Tm (the )Tj -0.0023 Tc -34.736 -2.321 Td (issuance )Tj 0.05 Tc 13.0768 0 0 12.1 156.11 212.05 Tm (of )Tj -0.0039 Tc 12.1 0 0 12.1 171.33 212.05 Tm (the )Tj -0.0115 Tc 1.67 0 Td (product. )Tj -0.0072 Tc 4.179 0 Td (Pre-auction, )Tj -0.0013 Tc 5.27 0 Td (existing )Tj -0.006 Tc 3.571 0 Td (owners )Tj 0.05 Tc 13.0768 0 0 12.1 389.15 212.05 Tm (of )Tj -0.0195 Tc 12.1 0 0 12.1 404.52 212.05 Tm (an )Tj ET BT /Suspect <>BDC /T1_1 1 Tf -0.017 Tc 12.1 0 0 12.1 421.1817 212.05 Tm (ARS )Tj EMC ET BT /T1_1 1 Tf 0.0018 Tc 12.1 0 0 12.1 450.016 212.05 Tm (product )Tj -0.0059 Tc 3.527 0 Td (have )Tj -0.0075 Tc 2.32 0 Td (three )Tj -0.0112 Tc -33.964 -2.301 Td (choices: )Tj -0.0194 Tc 3.707 0 Td (\(a\) )Tj 0.0055 Tc 1.529 0 Td (offer )Tj -0.0057 Tc 2.388 0 Td (their )Tj ET BT /Suspect <>BDC /T1_1 1 Tf -0.035 Tc 12.0759 0 0 12.1 229.42 184.21 Tm (ARS )Tj EMC ET BT /T1_1 1 Tf -0.0273 Tc 12.1 0 0 12.1 258.35 184.21 Tm (for )Tj -0.0064 Tc 1.564 0 Td (sale )Tj -0.0346 Tc 1.988 0 Td (at )Tj -0.0039 Tc 1.138 0 Td (the )Tj -0.0103 Tc 1.659 0 Td (auction; )Tj -0.0182 Tc 3.648 0 Td (\(b\) )Tj -0.0047 Tc 1.588 0 Td (elect )Tj -0.035 Tc 12.0057 0 0 12.1 426.45 184.21 Tm (to )Tj ET BT /Suspect <>BDC /T1_1 1 Tf 0.0168 Tc 12.1 0 0 12.1 441.13 184.21 Tm ("hold" )Tj EMC ET BT /T1_1 1 Tf -0.0007 Tc 12.1 0 0 12.1 479.0151 184.21 Tm (their )Tj -0.0013 Tc 2.273 0 Td (existing )Tj -0.0025 Tc -32.794 -2.321 Td (position )Tj -0.035 Tc 11.9033 0 0 12.1 153.02 156.13 Tm (in )Tj -0.0138 Tc 12.1 0 0 12.1 166.29 156.13 Tm (the )Tj ET BT /Suspect <>BDC /T1_1 1 Tf -0.035 Tc 12.0759 0 0 12.1 185.02 156.13 Tm (ARS )Tj EMC ET BT /T1_1 1 Tf -0.0048 Tc 12.1 0 0 12.1 212.38 156.13 Tm (regardless )Tj 0.05 Tc 12.7985 0 0 12.1 265.32 156.13 Tm (of )Tj -0.0039 Tc 12.1 0 0 12.1 279.33 156.13 Tm (the )Tj -0.0176 Tc 1.548 0 Td (new )Tj -0.001 Tc 1.997 0 Td (interest )Tj -0.0159 Tc 3.279 0 Td (rate )Tj -0.0024 Tc 1.797 0 Td (determined )Tj -0.0346 Tc 4.859 0 Td (at )Tj -0.0039 Tc 1.039 0 Td (the )Tj -0.0075 Tc 1.579 0 Td (auction; )Tj 0.0205 Tc 3.55 0 Td (or )Tj -0.0293 Tc 1.188 0 Td (\(c\) )Tj -0.0047 Tc -34.888 -2.302 Td (elect )Tj -0.035 Tc 12.0057 0 0 12.1 136.29 128.28 Tm (to )Tj ET BT /Suspect <>BDC /T1_1 1 Tf 0.0089 Tc 12.1 0 0 12.1 149.77 128.28 Tm ("hold )Tj EMC ET BT /T1_1 1 Tf -0.0346 Tc 12.1 0 0 12.1 181.0848 128.28 Tm (at )Tj ET BT /Suspect <>BDC /T1_1 1 Tf 0.0056 Tc 12.1 0 0 12.1 193.6688 128.28 Tm (rate," )Tj EMC ET BT /T1_1 1 Tf -0.0073 Tc 12.1 0 0 12.1 224.3786 128.28 Tm (meaning )Tj 0.0027 Tc 3.769 0 Td (they )Tj -0.0269 Tc 2.064 0 Td (will )Tj -0.0142 Tc 1.884 0 Td (retain )Tj -0.0057 Tc 2.598 0 Td (their )Tj ET BT /Suspect <>BDC /T1_1 1 Tf -0.0269 Tc 12.1 0 0 12.1 375.3624 128.28 Tm (ARS )Tj EMC ET BT /T1_1 1 Tf 0.05 Tc 13.0466 0 0 12.1 403.09 128.28 Tm (if )Tj -0.0039 Tc 12.1 0 0 12.1 414.21 128.28 Tm (the )Tj -0.0077 Tc 1.568 0 Td (new )Tj 0.0025 Tc 2.035 0 Td (clearing )Tj -0.0027 Tc 3.559 0 Td (rate )Tj -0.035 Tc 1.858 0 Td (is )Tj -0.0147 Tc 1.01 0 Td (at )Tj -0.0072 Tc -35.225 -2.301 Td (least )Tj -0.035 Tc 11.9093 0 0 12.1 134.52 100.44 Tm (as )Tj -0.0158 Tc 12.1 0 0 12.1 147.82 100.44 Tm (high )Tj -0.035 Tc 11.9093 0 0 12.1 172.44 100.44 Tm (as )Tj -0.0138 Tc 12.1 0 0 12.1 185.49 100.44 Tm (the )Tj 0.0025 Tc 1.472 0 Td (prior )Tj -0.0249 Tc 2.198 0 Td (rate. )Tj -0.015 Tc 2.258 0 Td (Bids )Tj -0.035 Tc 11.6812 0 0 12.1 282.45 100.44 Tm (to )Tj -0.0045 Tc 12.1 0 0 12.1 294.74 100.44 Tm (purchase )Tj ET BT /Suspect <>BDC /T1_1 1 Tf -0.0269 Tc 12.1 0 0 12.1 340.5385 100.44 Tm (ARS )Tj EMC ET BT /T1_1 1 Tf -0.0086 Tc 12.1 0 0 12.1 367.3158 100.44 Tm (can )Tj -0.0012 Tc 1.617 0 Td (be )Tj -0.0034 Tc 1.235 0 Td (submitted )Tj 0.0212 Tc 4.18 0 Td (by )Tj 0.0015 Tc 1.258 0 Td (existing )Tj -0.01 Tc 3.452 0 Td (owners )Tj 0.0006 Tc -33.084 -2.34 Td (or )Tj 0.0026 Tc 1.071 0 Td (other )Tj -0.0064 Tc 2.342 0 Td (interested )Tj -0.0115 Tc 4.095 0 Td (buyers. )Tj /T1_2 1 Tf 0 Tc 11.3 0 0 11.3 305.19 36.61 Tm (2 )Tj ET endstream endobj 3 0 obj 3298 endobj 4 0 obj 4 endobj 5 0 obj 2550 endobj 6 0 obj <>/Filter/JBIG2Decode/Height 3298/Length 7971/Name/X/Subtype/Image/Type/XObject/Width 2550>>stream n}I"pSv6R iѕoW֜T?e^Mj#l[l]WixM52Űwb}y8hXZ(Pb {3cg_"t0\ 6j[7vC{bvK 83PwǵT/U_8[ m=0d`ڡOg6=T2e0Ѣ:\r{O}s v'!5 IRsچ'xe4893X#Tf@%.[K;lj,18j4}?=!{=7L{{&=jk 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<>BDC /T1_0 1 Tf -0.0291 Tc 12 0 0 12 151.66 378.37 Tm (ARS )Tj EMC ET BT /T1_0 1 Tf -0.0289 Tc 12 0 0 12 178.924 378.37 Tm (at )Tj -0.0088 Tc 1.048 0 Td (the )Tj 0.0098 Tc 1.534 0 Td (investors' )Tj -0.0096 Tc 4.298 0 Td (cost )Tj 0.002 Tc 1.918 0 Td (\(the )Tj ET BT /Suspect <>BDC /T1_0 1 Tf 0.0167 Tc 12 0 0 12 307.204 378.37 Tm ("par" )Tj EMC ET BT /T1_0 1 Tf 0.0074 Tc 12 0 0 12 337.072 378.37 Tm (or )Tj ET BT /Suspect <>BDC /T1_0 1 Tf 0.0162 Tc 12 0 0 12 350.884 378.37 Tm ("face" )Tj EMC ET BT /T1_0 1 Tf -0.0044 Tc 12 0 0 12 385.66 378.37 Tm (value )Tj 0.05 Tc 13.0768 0 0 12 415.31 378.37 Tm (of )Tj -0.0088 Tc 12 0 0 12 429.33 378.37 Tm (the )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0191 Tc 12 0 0 12 448.062 378.37 Tm (ARS )Tj EMC ET BT /T1_0 1 Tf -0.0009 Tc 12 0 0 12 475.218 378.37 Tm (product\), )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0091 Tc 12 0 0 12 523.422 378.37 Tm (ARS )Tj EMC ET BT /T1_0 1 Tf -0.0195 Tc 12 0 0 12 111.342 350.53 Tm (had )Tj -0.035 Tc 11.6812 0 0 12 132.69 350.53 Tm (to )Tj -0.0134 Tc 12 0 0 12 145.93 350.53 Tm (be )Tj 0.0005 Tc 1.278 0 Td (valued )Tj 0.0296 Tc 3.003 0 Td (by )Tj 0.0018 Tc 1.349 0 Td (considering )Tj 0.0012 Tc 5.008 0 Td (the )Tj -0.0004 Tc 1.574 0 Td (length )Tj -0.035 Tc 11.6812 0 0 12 326.37 350.53 Tm (to )Tj 0.0028 Tc 12 0 0 12 339.57 350.53 Tm (time )Tj 0.05 Tc 13.0768 0 0 12 364.91 350.53 Tm (of )Tj 0.0011 Tc 12 0 0 12 378.94 350.53 Tm (redemption )Tj -0.0113 Tc 4.912 0 Td (or, )Tj -0.035 Tc 11.9093 0 0 12 455.16 350.53 Tm (as )Tj 0.0028 Tc 12 0 0 12 469.18 350.53 Tm (with )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.001 Tc 12 0 0 12 494.62 350.53 Tm (ARPS, )Tj EMC ET BT /T1_0 1 Tf 0.0012 Tc 12 0 0 12 532.048 350.53 Tm (the )Tj -0.0093 Tc -35.066 -2.321 Td (lack )Tj 0.05 Tc 12.7985 0 0 12 134.76 322.68 Tm (of )Tj 0.004 Tc 12 0 0 12 148.44 322.68 Tm (any )Tj 0.0016 Tc 1.762 0 Td (guarantee )Tj 0.05 Tc 13.0768 0 0 12 219.95 322.68 Tm (of )Tj -0.004 Tc 12 0 0 12 233.74 322.68 Tm (redemption. )Tj -0.0252 Tc 5.12 0 Td (As )Tj -0.0069 Tc 1.399 0 Td (this )Tj 0.0031 Tc 1.772 0 Td (accounting )Tj 0.0013 Tc 4.712 0 Td (position )Tj 0.0121 Tc 3.519 0 Td (became )Tj 0.0097 Tc 3.378 0 Td (known )Tj -0.0009 Tc 3.093 0 Td (in )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0137 Tc 12 0 0 12 522.4 322.68 Tm (2005 )Tj EMC ET BT /T1_0 1 Tf -0.026 Tc 12 0 0 12 111.232 294.84 Tm (and )Tj 0.0059 Tc 1.779 0 Td (early )Tj 0.0022 Tc 2.325 0 Td (2006, )Tj -0.0088 Tc 2.643 0 Td (the )Tj -0.0029 Tc 1.554 0 Td (institutional )Tj -0.016 Tc 5.138 0 Td (and )Tj -0.0015 Tc 1.78 0 Td [(corporate )-111(investors )]TJ -0.0188 Tc 8.068 0 Td (who )Tj 0.0056 Tc 2.063 0 Td (previously )Tj 0.0023 Tc 4.608 0 Td (comprised )Tj 0.0081 Tc 4.54 0 Td (over )Tj -0.014 Tc -34.502 -2.3 Td (90% )Tj 0.05 Tc 13.0768 0 0 12 136.19 267.24 Tm (of )Tj 0.0012 Tc 12 0 0 12 149.25 267.24 Tm (the )Tj -0.0015 Tc 1.514 0 Td (investors )Tj -0.0209 Tc 3.88 0 Td (in )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0291 Tc 12 0 0 12 226.542 267.24 Tm (ARS )Tj EMC ET BT /T1_0 1 Tf 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/Suspect <>BDC /T1_0 1 Tf -0.0191 Tc 12 0 0 12 221.26 627.01 Tm (ARS )Tj EMC ET BT /T1_0 1 Tf -0.0085 Tc 12 0 0 12 248.524 627.01 Tm (auctions. )Tj -0.0065 Tc 3.882 0 Td (This )Tj -0.0031 Tc 2.087 0 Td (resulted )Tj -0.0209 Tc 3.493 0 Td (in )Tj 0 Tc 1.078 0 Td (a )Tj 0.0009 Tc 0.736 0 Td (significant )Tj 0.0021 Tc 4.532 0 Td (number )Tj 0.05 Tc 13.0768 0 0 12 478.91 627.01 Tm (of )Tj -0.0064 Tc 12 0 0 12 492.83 627.01 Tm (failed )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0191 Tc 12 0 0 12 523.898 627.01 Tm (ARS )Tj EMC ET BT /T1_0 1 Tf -0.0026 Tc 12 0 0 12 112.442 599.878 Tm (auctions )Tj -0.0104 Tc 3.611 0 Td (by )Tj -0.0035 Tc 1.263 0 Td (November, )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0128 Tc 12 0 0 12 227.93 599.878 Tm (2007. )Tj EMC ET BT /T1_0 1 Tf -0.035 Tc 11.6905 0 0 12 94.63 572.04 Tm (17. )Tj 11.9495 0 0 12 148.48 572.04 Tm (In )Tj -0.0026 Tc 12 0 0 12 164.83 572.04 Tm (February, )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0028 Tc 12 0 0 12 217.366 572.04 Tm (2008, )Tj EMC ET BT /T1_0 1 Tf -0.0088 Tc 12 0 0 12 251.002 572.04 Tm (the )Tj 0.0014 Tc 1.732 0 Td (entire )Tj -0.0017 Tc 2.789 0 Td (market )Tj -0.0226 Tc 3.311 0 Td (for )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0291 Tc 12 0 0 12 365.014 572.04 Tm (ARS )Tj EMC ET BT /T1_0 1 Tf -0.0019 Tc 12 0 0 12 394.57 572.04 Tm (products )Tj 0 Tc 3.997 0 Td (m )Tj 0.0012 Tc 1.279 0 Td (the )Tj -0.0028 Tc 1.782 0 Td (United )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0021 Tc 12 0 0 12 518.662 572.04 Tm (States )Tj EMC ET BT /T1_0 1 Tf -0.0015 Tc 12 0 0 12 111.958 544.212 Tm (collapsed )Tj -0.0069 Tc 4.408 0 Td (when )Tj 0.0027 Tc 2.78 0 Td (virtually )Tj -0.023 Tc 3.992 0 Td (all )Tj 0.0035 Tc 1.59 0 Td (underwriting )Tj -0.0006 Tc 5.806 0 Td (securities )Tj -0.0032 Tc 4.365 0 Td (dealers )Tj 0.0074 Tc 3.455 0 Td (simultaneously )Tj -0.0006 Tc 6.74 0 Td (stopped )Tj 0.0057 Tc -33.16 -2.28 Td (submitting )Tj 0.0044 Tc 4.74 0 Td (support )Tj -0.0116 Tc 3.435 0 Td (bids. )Tj -0.0065 Tc 2.351 0 Td (This )Tj -0.035 Tc 11.7102 0 0 12 264.62 516.85 Tm (is )Tj -0.0053 Tc 12 0 0 12 277.42 516.85 Tm (known )Tj -0.035 Tc 11.6039 0 0 12 315.48 516.85 Tm (as )Tj -0.0088 Tc 12 0 0 12 330.21 516.85 Tm (the )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0079 Tc 12 0 0 12 350.406 516.85 Tm ("freeze" )Tj EMC ET BT /T1_0 1 Tf 0.05 Tc 13.0768 0 0 12 393.95 516.85 Tm (of )Tj 0.0012 Tc 12 0 0 12 409.17 516.85 Tm (the )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0191 Tc 12 0 0 12 428.862 516.85 Tm (ARS )Tj EMC ET BT /T1_0 1 Tf -0.0031 Tc 12 0 0 12 457.422 516.85 Tm (market. )Tj 0.0117 Tc 3.493 0 Td (The )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0191 Tc 12 0 0 12 523.422 516.85 Tm (ARS )Tj EMC ET BT /T1_0 1 Tf 0.0063 Tc 12 0 0 12 111.342 489.238 Tm (market )Tj 0.0014 Tc 3.092 0 Td (continues )Tj -0.0347 Tc 4.147 0 Td (to )Tj -0.0006 Tc 1.072 0 Td (experience )Tj -0.0028 Tc 4.629 0 Td (widespread )Tj -0.0105 Tc 4.851 0 Td (failures, )Tj 0.0015 Tc 3.509 0 Td (making )Tj 0.0081 Tc 3.28 0 Td (many )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0191 Tc 12 0 0 12 436.542 489.238 Tm (ARS )Tj EMC ET BT /T1_0 1 Tf 0.003 Tc 12 0 0 12 463.422 489.238 Tm (holdings )Tj -0.0024 Tc 3.773 0 Td (illiquid. )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0011 Tc 12 0 0 12 111.618 461.65 Tm (Since )Tj EMC ET BT /T1_0 1 Tf -0.0088 Tc 12 0 0 12 144.93 461.65 Tm (the )Tj -0.0051 Tc 1.798 0 Td (February, )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0137 Tc 12 0 0 12 219.522 461.65 Tm (2008 )Tj EMC ET BT /T1_0 1 Tf -0.0179 Tc 12 0 0 12 250.422 461.65 Tm (freeze, )Tj -0.0079 Tc 3.237 0 Td (some )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0191 Tc 12 0 0 12 321.102 461.65 Tm (ARS )Tj EMC ET BT /T1_0 1 Tf -0.0074 Tc 12 0 0 12 351.102 461.65 Tm (have )Tj 0.0012 Tc 2.423 0 Td (been )Tj -0.0002 Tc 2.438 0 Td (redeemed )Tj 0.0096 Tc 4.463 0 Td (by )Tj 0.0081 Tc 1.557 0 Td (their )Tj -0.0048 Tc 2.414 0 Td (issuers. )Tj -0.0031 Tc -33.277 -2.3 Td (However, )Tj 0.0002 Tc 4.703 0 Td (numerous )Tj ET BT /Suspect <>BDC /T1_0 1 Tf 0 Tc 12 0 0 12 219.846 434.05 Tm (\267 )Tj EMC ET BT /T1_0 1 Tf -0.0069 Tc 12 0 0 12 224.562 434.05 Tm (investors, )Tj -0.0022 Tc 4.62 0 Td (including )Tj -0.0027 Tc 4.518 0 Td (certain )Tj 0.05 Tc 13.0768 0 0 12 375.71 434.05 Tm (of )Tj -0.0022 Tc 12 0 0 12 394.74 434.05 Tm (Respondent's )Tj ET BT /Suspect <>BDC /T1_0 1 Tf 0.0004 Tc 12 0 0 12 467.784 434.05 Tm (South )Tj EMC ET BT /T1_0 1 Tf 0.0061 Tc 12 0 0 12 505.08 434.05 Tm (Carolina )Tj -0.0023 Tc -32.819 -2.32 Td (customers, )Tj 0.0068 Tc 4.74 0 Td (currently )Tj 0.0023 Tc 4.048 0 Td (hold )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0291 Tc 12 0 0 12 243.348 406.21 Tm (ARS )Tj EMC ET BT /T1_0 1 Tf 0.0018 Tc 12 0 0 12 271.416 406.21 Tm (that )Tj 0.0008 Tc 1.92 0 Td (they )Tj -0.0074 Tc 2.141 0 Td (have )Tj 0.0012 Tc 2.283 0 Td (been )Tj -0.0045 Tc 2.319 0 Td (unable )Tj -0.035 Tc 11.6812 0 0 12 412.29 406.21 Tm (to )Tj -0.0002 Tc 12 0 0 12 426.55 406.21 Tm (sell )Tj 0.0021 Tc 1.812 0 Td (through )Tj 0.0012 Tc 3.56 0 Td (the )Tj 0.0052 Tc 1.653 0 Td (auction )Tj 0.002 Tc -33.328 -2.3 Td (process )Tj -0.016 Tc 3.308 0 Td (and )Tj 0.0018 Tc 1.687 0 Td (that )Tj -0.0007 Tc 1.781 0 Td (have )Tj -0.0068 Tc 2.14 0 Td (not )Tj -0.0283 Tc 1.58 0 Td (yet )Tj 0.0079 Tc 1.423 0 Td (been )Tj -0.0031 Tc (redeemed )Tj 0.0096 Tc 6.32 0 Td (by )Tj 0.0012 Tc 1.257 0 Td (the )Tj -0.0106 Tc 1.494 0 Td (issuers. )Tj /T1_1 1 Tf 0.0213 Tc 11.6 0 0 11.6 183.3 350.53 Tm (E*TRADE'S )Tj 0.0256 Tc 5.979 0 Td (INVOLVEMENT )Tj -0.0012 Tc 8.214 0 Td (IN )Tj 0.0218 Tc 1.402 0 Td (THE )Tj ET BT /Suspect <>BDC /T1_1 1 Tf 0.0167 Tc 11.6 0 0 11.6 392.622 350.53 Tm (ARS )Tj EMC ET BT /T1_1 1 Tf 0.0341 Tc 11.6 0 0 11.6 419.6964 350.53 Tm (MARKET )Tj /T1_0 1 Tf -0.035 Tc 11.474 0 0 12 93.44 323.17 Tm (18. )Tj -0.0083 Tc 12 0 0 12 147.26 323.17 Tm (The )Tj 0.0005 Tc 2.043 0 Td (Respondent )Tj -0.001 Tc 5.239 0 Td (E*Trade )Tj -0.014 Tc 3.924 0 Td (has )Tj 0.0013 Tc 1.8 0 Td (held )Tj 0.024 Tc 2.233 0 Td (itself )Tj 0.0017 Tc 2.458 0 Td (out )Tj -0.0347 Tc 1.767 0 Td (to )Tj -0.0134 Tc 1.254 0 Td (its )Tj -0.0014 Tc 1.438 0 Td (customers )Tj -0.035 Tc 11.9093 0 0 12 467.88 323.17 Tm (as )Tj 0 Tc 12 0 0 12 483.72 323.17 Tm (a )Tj 0.002 Tc 0.942 0 Td (lower-cost )Tj -0.0002 Tc -32.022 -2.301 Td (alternative )Tj -0.0147 Tc 4.467 0 Td (to )Tj 0.0112 Tc 1.04 0 Td (the )Tj -0.0191 Tc 1.543 0 Td ("full )Tj -0.0101 Tc 2.045 0 Td (service" )Tj -0.0006 Tc 3.5 0 Td (securities )Tj -0.0032 Tc 4.045 0 Td (dealers )Tj 0.0028 Tc 3.088 0 Td (with )Tj -0.0115 Tc 2.06 0 Td (whom )Tj -0.0179 Tc 2.753 0 Td (it )Tj 0.0012 Tc 0.798 0 Td (competes )Tj -0.0126 Tc 4.079 0 Td (for )Tj -0.0009 Tc 1.412 0 Td (business. )Tj -0.035 Tc 11.6905 0 0 12 92.95 267.73 Tm (19. )Tj 0.0017 Tc 12 0 0 12 146.54 267.73 Tm (The )Tj 0.0027 Tc 1.963 0 Td (Respondent )Tj 0.0003 Tc 5.171 0 Td (solicited )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0046 Tc 12 0 0 12 277.94 267.73 Tm (South )Tj EMC ET BT /T1_0 1 Tf 0.0004 Tc 12 0 0 12 310.676 267.73 Tm (Carolina )Tj -0.0014 Tc 3.841 0 Td (customers )Tj -0.0347 Tc 4.447 0 Td (to )Tj 0.002 Tc 1.194 0 Td (invest )Tj -0.0209 Tc 2.82 0 Td (in )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0091 Tc 12 0 0 12 472.064 267.73 Tm (ARS )Tj EMC ET BT /T1_0 1 Tf -0.0004 Tc 12 0 0 12 500.66 267.73 Tm (products. )Tj 0.0017 Tc -32.55 -2.321 Td (The )Tj 0.0005 Tc 1.863 0 Td (Respondent )Tj 0.0026 Tc 5.015 0 Td (offered )Tj -0.016 Tc 3.2 0 Td (and )Tj -0.0069 Tc 1.716 0 Td (sold )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0091 Tc 12 0 0 12 274.784 239.878 Tm (ARS )Tj EMC ET BT /T1_0 1 Tf -0.0019 Tc 12 0 0 12 301.7 239.878 Tm (products )Tj -0.0347 Tc 3.736 0 Td (to )Tj -0.0134 Tc 1.074 0 Td (its )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0046 Tc 12 0 0 12 374.18 239.878 Tm (South )Tj EMC ET BT /T1_0 1 Tf 0.0004 Tc 12 0 0 12 405.476 239.878 Tm (Carolina )Tj 0.0021 Tc 3.721 0 Td (customers, )Tj -0.006 Tc 4.64 0 Td (and )Tj -0.0148 Tc 1.728 0 Td (was )Tj 0.0005 Tc -34.708 -2.319 Td (compensated )Tj -0.0126 Tc 5.519 0 Td (for )Tj -0.0024 Tc 1.428 0 Td (these )Tj -0.0131 Tc 2.328 0 Td (sales. )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.035 Tc 11.9887 0 0 12 91.61 184.21 Tm (20. )Tj EMC ET BT /T1_0 1 Tf -0.0028 Tc 12 0 0 12 146.39 184.21 Tm (Unlike )Tj -0.0019 Tc 3.275 0 Td (E*Trade's )Tj -0.0015 Tc 4.556 0 Td (advertised )Tj -0.0034 Tc 4.659 0 Td (equity )Tj 0.0021 Tc 3.008 0 Td (trading )Tj -0.0025 Tc 3.383 0 Td (business )Tj -0.0045 Tc 3.918 0 Td (model, )Tj 0.0059 Tc 3.3 0 Td (where )Tj 0.0036 Tc 3.012 0 Td (customers )Tj 0.002 Tc -32.188 -2.32 Td (process )Tj 0.0031 Tc 3.456 0 Td (their )Tj -0.0008 Tc 2.273 0 Td (own )Tj 0.0005 Tc 2.18 0 Td (orders )Tj -0.035 Tc 11.9033 0 0 12 239.9 156.37 Tm (in )Tj 0 Tc 12 0 0 12 254.28 156.37 Tm (a )Tj 0.0012 Tc 0.856 0 Td (self-directed )Tj -0.0069 Tc 5.452 0 Td [(manner, )-272(E*Trade's )]TJ -0.0104 Tc 8.152 0 Td (actual )Tj -0.002 Tc 2.842 0 Td (internal )Tj -0.0009 Tc 3.51 0 Td (policies, )Tj 0.0006 Tc -32.9 -2.341 Td (procedures )Tj -0.016 Tc 4.968 0 Td (and )Tj 0.0002 Tc 1.996 0 Td (systems )Tj -0.007 Tc 3.753 0 Td (required )Tj -0.0188 Tc 3.859 0 Td (the )Tj 0.0002 Tc 1.754 0 Td (involvement )Tj 0.05 Tc 13.0768 0 0 12 371.63 128.28 Tm (of )Tj -0.0319 Tc 12 0 0 12 388.2 128.28 Tm (an )Tj -0.001 Tc 1.484 0 Td (E*Trade )Tj 0.0001 Tc 4.002 0 Td (Financial )Tj 0.0075 Tc 4.282 0 Td (Advisor )Tj 0.0017 Tc -33.008 -2.34 Td (authorized )Tj -0.0347 Tc 4.588 0 Td (to )Tj -0.0136 Tc 1.128 0 Td (sell )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0191 Tc 12 0 0 12 198.696 100.2 Tm (ARS )Tj EMC ET BT /T1_0 1 Tf -0.0019 Tc 12 0 0 12 226.092 100.2 Tm (products )Tj -0.0209 Tc 3.79 0 Td (in )Tj 0.0078 Tc 1.098 0 Td (order )Tj -0.0326 Tc 2.479 0 Td (for )Tj 0 Tc 1.481 0 Td (a )Tj 0.0166 Tc 0.78 0 Td (customer's )Tj 0.0026 Tc 4.732 0 Td (purchase )Tj 0.05 Tc 12.7985 0 0 12 445.32 100.2 Tm (of )Tj 0.0083 Tc 12 0 0 12 459.33 100.2 Tm (those )Tj 0.0039 Tc 2.484 0 Td (products )Tj -0.035 Tc 11.6812 0 0 12 535.17 100.2 Tm (to )Tj 0.0066 Tc 12 0 0 12 108.97 72.12 Tm (be )Tj -0.0033 Tc 1.209 0 Td (completed. )Tj /T1_2 1 Tf 0 Tc 11 0 0 11 305.63 36.61 Tm (5 )Tj ET endstream 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-0.0143 Tc 5.472 0 Td (and )Tj 0.0011 Tc 1.723 0 Td (NASD )Tj 0.0094 Tc 3.021 0 Td (Rule )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0041 Tc 11.8 0 0 11.8 374.2514 405.73 Tm (3010. )Tj EMC ET BT /T1_0 1 Tf -0.0174 Tc 11.8 0 0 11.8 92.1016 377.882 Tm (49. )Tj ET BT /Suspect <>BDC /T1_0 1 Tf 0.008 Tc 11.8 0 0 11.8 147.066 377.882 Tm (Pursuant )Tj EMC ET BT /T1_0 1 Tf -0.0221 Tc 11.8 0 0 11.8 196.0478 377.882 Tm (to )Tj -0.0201 Tc 1.408 0 Td (S.C. )Tj 0.0013 Tc 2.332 0 Td (Rules )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0316 Tc 11.8 0 0 11.8 275.3556 377.882 Tm (13-501 )Tj EMC ET BT /T1_0 1 Tf -0.0041 Tc 11.8 0 0 11.8 315.2514 377.882 Tm (and )Tj -0.007 Tc 2.111 0 Td (13-502, )Tj 0.0013 Tc 3.653 0 Td (the )Tj 0.0116 Tc 1.848 0 Td (Respondent )Tj -0.035 Tc 11.7102 0 0 11.8 469.34 377.88 Tm (is )Tj 0.0108 Tc 11.8 0 0 11.8 484.21 377.88 Tm (obligated )Tj -0.035 Tc 11.6812 0 0 11.8 536.37 377.88 Tm (to )Tj 0.0105 Tc 11.8 0 0 11.8 110.29 350.28 Tm (determine )Tj 0.0013 Tc 4.705 0 Td (the )Tj 0.0079 Tc 1.88 0 Td (suitability )Tj 0.05 Tc 13.0768 0 0 11.8 243.23 350.28 Tm (of )Tj 0.0162 Tc 11.8 0 0 11.8 260.52 350.28 Tm (any )Tj 0.0064 Tc 2.076 0 Td (investments )Tj 0.0097 Tc 5.478 0 Td (recommended )Tj -0.0221 Tc 6.406 0 Td (to )Tj 0.0097 Tc 1.436 0 Td (customers )Tj 0.0133 Tc 4.77 0 Td (based )Tj 0.017 Tc 2.959 0 Td (on )Tj 0.0068 Tc -35.87 -2.358 Td (reasonable )Tj 0.0131 Tc 4.651 0 Td (inquiry )Tj -0.0143 Tc 3.253 0 Td (and )Tj 0.0156 Tc 1.73 0 Td (other )Tj 0.0055 Tc 2.387 0 Td (relevant )Tj 0.0048 Tc 3.553 0 Td (information. )Tj 0.0107 Tc 5.644 0 Td (Similar )Tj 0.0094 Tc 3.279 0 Td (standards )Tj -0.004 Tc 4.153 0 Td (are )Tj 0.0029 Tc 1.525 0 Td (also )Tj 0.0078 Tc 1.954 0 Td (imposed )Tj 0.017 Tc 3.762 0 Td (on )Tj 0.0217 Tc -35.912 -2.359 Td (the )Tj 0.0116 Tc 1.523 0 Td (Respondent )Tj 0.0266 Tc 5.111 0 Td (by )Tj 0.0011 Tc 1.285 0 Td (NASD )Tj 0.0026 Tc 3.042 0 Td (Rule )Tj -0.0086 Tc 2.175 0 Td (2310. )Tj ET BT /Suspect <>BDC /T1_0 1 Tf -0.0181 Tc 11.8 0 0 11.8 91.9924 266.7832 Tm (50. )Tj EMC /Suspect <>BDC 0.008 Tc 4.626 0 Td (Pursuant )Tj EMC ET BT /T1_0 1 Tf -0.0221 Tc 11.8 0 0 11.8 192.198 266.7832 Tm (to )Tj -0.0133 Tc 1.123 0 Td (S.C. )Tj 0.0093 Tc 2.042 0 Td (Code )Tj -0.0015 Tc 11.5 0 0 11.5 258.46 266.77 Tm (Ann. )Tj 0 Tc 11.8 0 0 11.8 286.06 266.77 Tm (\247 )Tj 0.0032 Tc 0.763 0 Td (35-1-501, )Tj 0.0113 Tc 4.275 0 Td (it )Tj -0.0193 Tc 0.875 0 Td (is )Tj 0.004 Tc 0.964 0 Td (unlawful )Tj -0.0129 Tc 3.955 0 Td (for )Tj 0 Tc 1.465 0 Td (a )Tj 0.0038 Tc 0.744 0 Td (person, )Tj -0.0083 Tc 3.305 0 Td (in )Tj 0.0124 Tc 1.097 0 Td (connection )Tj -0.0007 Tc -32.371 -2.339 Td (with )Tj 0.0013 Tc 2.297 0 Td (the )Tj -0.0031 Tc 1.681 0 Td (offer, )Tj -0.0069 Tc 2.7 0 Td (sale, )Tj 0.0213 Tc 2.283 0 Td (or )Tj 0.0083 Tc 1.292 0 Td (purchase )Tj 0.05 Tc 13.0768 0 0 11.8 278.75 239.17 Tm (of )Tj 0 Tc 11.8 0 0 11.8 294.12 239.17 Tm (a )Tj -0.0013 Tc 0.911 0 Td (security, )Tj 0.0101 Tc 3.91 0 Td (directly )Tj 0.0416 Tc 3.559 0 Td (or )Tj 0.0021 Tc 1.323 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