%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET q 0 0 0 rg BT 191.00 721.75 Td (Hallie Elsner) Tj ET Q q 0 0 0 rg BT 244.53 721.75 Td (, Investors ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.00 711.00 Td (212.969.6943) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.00 700.15 Td (hallie.elsner@alliancebernstein.com) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.00 689.40 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.00 721.75 Td (Jen W) Tj ET Q q 0 0 0 rg BT 401.42 721.75 Td (ill, Media) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.00 711.00 Td (212.969.1) Tj ET Q q 0 0 0 rg BT 414.37 711.00 Td (157) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.00 700.15 Td (jen.will@alliancebernstein.com) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.00 689.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.00 56.40 Td (www) Tj ET Q q 0 0 0 rg BT 80.00 56.40 Td (.alliancebernstein.com) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 527.40 56.40 Td (1 of 13) Tj ET Q BT /F1 10.00 Tf ET BT /F2 11.00 Tf ET q 0 0 0 rg BT 98.90 625.60 Td (ALLIANCEBERNSTEIN HOLDING L.P) Tj ET Q q 0 0 0 rg BT 290.59 625.60 Td (. ) Tj ET Q q 0 0 0 rg BT 296.30 625.60 Td (ANNOUNCES FIRST QUARTER RESUL) Tj ET Q q 0 0 0 rg BT 498.99 625.60 Td (TS) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 194.55 609.40 Td (GAAP) Tj ET Q q 0 0 0 rg BT 226.13 609.40 Td ( Diluted Net Income of $0.49 per Unit) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 186.80 593.20 Td (Adjusted Diluted Net Income of $0.49 per Unit) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 215.80 577.00 Td (Cash Distribution of $0.49 per Unit ) Tj ET Q /GS0 gs q 50.00 0 0 50.00 63.00 708.12 cm /I1 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 538.00 Td (New ) Tj ET Q q 0 0 0 rg BT 90.63 538.00 Td (Y) Tj ET Q q 0 0 0 rg BT 96.38 538.00 Td (ork, ) Tj ET Q q 0 0 0 rg BT 116.38 538.00 Td (NY) Tj ET Q q 0 0 0 rg BT 128.99 538.00 Td (, ) Tj ET Q q 0 0 0 rg BT 134.44 538.00 Td (April ) Tj ET Q q 0 0 0 rg BT 157.78 538.00 Td (25, ) Tj ET Q q 0 0 0 rg BT 175.02 538.00 Td (2019 ) Tj ET Q q 0 0 0 rg BT 200.60 538.00 Td (- ) Tj ET Q q 0 0 0 rg BT 206.61 538.00 Td (AllianceBernstein ) Tj ET Q q 0 0 0 rg BT 287.21 538.00 Td (L.P) Tj ET Q q 0 0 0 rg BT 300.93 538.00 Td (. ) Tj ET Q q 0 0 0 rg BT 307.05 538.00 Td (\(AB\) ) Tj ET Q q 0 0 0 rg BT 337.05 538.00 Td (and ) Tj ET Q q 0 0 0 rg BT 356.40 538.00 Td (AllianceBernstein ) Tj ET Q q 0 0 0 rg BT 437.01 538.00 Td (Holding ) Tj ET Q q 0 0 0 rg BT 474.26 538.00 Td (L.P) Tj ET Q q 0 0 0 rg BT 487.98 538.00 Td (. ) Tj ET Q q 0 0 0 rg BT 494.09 538.00 Td (\(AB ) Tj ET Q q 0 0 0 rg BT 517.43 538.00 Td (Holding\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 524.50 Td (\(NYSE: ) Tj ET Q q 0 0 0 rg BT 103.07 524.50 Td (AB\) ) Tj ET Q q 0 0 0 rg BT 122.51 524.50 Td (today ) Tj ET Q q 0 0 0 rg BT 149.76 524.50 Td (reported ) Tj ET Q q 0 0 0 rg BT 189.78 524.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 229.25 524.50 Td (and ) Tj ET Q q 0 0 0 rg BT 248.71 524.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 293.19 524.50 Td (results ) Tj ET Q q 0 0 0 rg BT 325.42 524.50 Td (for ) Tj ET Q q 0 0 0 rg BT 339.87 524.50 Td (the ) Tj ET Q q 0 0 0 rg BT 356.55 524.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 391.01 524.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 421.60 524.50 Td (March ) Tj ET Q q 0 0 0 rg BT 452.16 524.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 468.84 524.50 Td (2019.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 502.00 Td ("Our first quarter results reflect continued underlying momentum in many areas of our business," said Seth P) Tj ET Q q 0 0 0 rg BT 546.31 502.00 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 488.50 Td (Bernstein, President and CEO of ) Tj ET Q q 0 0 0 rg BT 214.80 488.50 Td (AllianceBernstein. "T) Tj ET Q q 0 0 0 rg BT 306.18 488.50 Td (otal firmwide net inflows of $1.1 billion were positive for a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 475.00 Td (third straight quarter and were driven by $2.2 billion of active net inflows, translating to a 2% active annualized ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 461.50 Td (organic growth rate.") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 164.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.28 164.50 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.2783203125 406 m 275.2783203125 406 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.2783203125 406 m 326.2783203125 406 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.2783203125 406 m 376.2783203125 406 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.2783203125 406 m 435.2783203125 406 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.2783203125 406 m 439.2783203125 406 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.2783203125 406 m 480.2783203125 406 l s BT /F3 6.00 Tf ET q 0 0 0 rg BT 75.78 409.78 Td (\(US $ ) Tj ET Q q 0 0 0 rg BT 92.73 409.78 Td (Thousands except per Unit amounts\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.43 410.23 Td (1Q 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.93 410.23 Td (1Q 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.43 433.68 Td (1Q 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.88 425.68 Td (vs 1Q) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.18 417.68 Td (2018 %) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.08 409.68 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.93 410.23 Td (4Q 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.93 433.68 Td (1Q 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.23 425.68 Td (vs. 4Q) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.68 417.68 Td (2018 %) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.58 409.68 Td (Change) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 75.7783203125 383.08515625 m 187.2314453125 383.08515625 l s q 0 0 0 rg BT 75.78 384.23 Td (U.S. GAAP) Tj ET Q q 0 0 0 rg BT 115.72 384.23 Td ( Financial Measures) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.78 371.23 Td (Net revenues) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 231.78 371.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 238.63 371.23 Td (795,462) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.78 371.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 289.68 371.23 Td (867,787) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.18 371.23 Td (\(8.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.98 371.23 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.78 371.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.68 371.23 Td (804,660) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.18 371.23 Td (\(1.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.98 371.23 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.78 358.23 Td (Operating income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 231.78 358.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 238.63 358.23 Td (168,151) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.78 358.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 289.68 358.23 Td (222,671) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.73 358.23 Td (\(24.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.98 358.23 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.78 358.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.68 358.23 Td (199,359) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.73 358.23 Td (\(15.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.98 358.23 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.78 345.23 Td (Operating margin) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 252.03 345.23 Td (19.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 267.63 345.23 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 303.03 345.23 Td (23.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 318.63 345.23 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 338.98 345.23 Td (\(310 bps\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.03 345.28 Td (25.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 427.63 345.23 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 442.98 345.23 Td (\(510 bps\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.78 332.23 Td (AB Holding Diluted EPU) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 231.78 332.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 252.03 332.23 Td (0.49) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.78 332.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 303.03 332.23 Td (0.60) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.73 332.23 Td (\(18.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.98 332.23 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.78 332.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.03 332.28 Td (0.63) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.73 332.23 Td (\(22.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.98 332.23 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 75.7783203125 305.08515625 m 180.7197265625 305.08515625 l s q 0 0 0 rg BT 75.78 306.23 Td (Adjusted Financial Measures ) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 180.7197265625 308.9015625 m 187.07421875 308.9015625 l s BT /F3 5.20 Tf ET q 0 0 0 rg BT 180.72 310.04 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.78 293.23 Td (Net revenues) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 231.78 293.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 238.63 293.23 Td (657,884) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.78 293.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 289.68 293.23 Td (782,349) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.73 293.23 Td (\(15.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.98 293.23 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.78 293.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.68 293.23 Td (696,418) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.18 293.23 Td (\(5.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.98 293.23 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.78 280.23 Td (Operating income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 231.78 280.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 238.63 280.23 Td (158,857) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.78 280.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 289.68 280.23 Td (235,330) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.73 280.23 Td (\(32.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.98 280.23 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.78 280.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.68 280.23 Td (204,227) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.73 280.23 Td (\(22.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.98 280.23 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.78 267.23 Td (Operating margin) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 252.03 267.23 Td (24.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 267.63 267.23 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 303.03 267.23 Td (30.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 318.63 267.23 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 338.98 267.23 Td (\(600 bps\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.03 267.28 Td (29.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 427.63 267.23 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 442.98 267.23 Td (\(520 bps\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.78 254.23 Td (AB Holding Diluted EPU) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 231.78 254.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 252.03 254.23 Td (0.49) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.78 254.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 303.03 254.23 Td (0.73) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.73 254.23 Td (\(32.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.98 254.23 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.78 254.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.03 254.28 Td (0.64) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.73 254.23 Td (\(23.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.98 254.23 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.78 241.23 Td (AB Holding cash distribution per Unit) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 231.78 241.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 252.03 241.23 Td (0.49) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.78 241.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 303.03 241.23 Td (0.73) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.73 241.23 Td (\(32.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.98 241.23 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.78 241.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.03 241.28 Td (0.64) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.73 241.23 Td (\(23.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.98 241.23 Td (%\)) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 75.78 214.78 Td (\(US $ Billions\)) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 75.7783203125 201.08515624999995 m 172.7158203125 201.08515624999995 l s q 0 0 0 rg BT 75.78 202.23 Td (Assets Under Management) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.78 189.23 Td (Ending ) Tj ET Q q 0 0 0 rg BT 102.69 189.23 Td (AUM) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 231.78 189.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 247.53 189.23 Td (554.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.78 189.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.58 189.28 Td (549.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.83 189.23 Td (0.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.98 189.23 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.78 189.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.58 189.28 Td (516.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.83 189.23 Td (7.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.98 189.23 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.78 176.23 Td (A) Tj ET Q q 0 0 0 rg BT 80.97 176.23 Td (verage ) Tj ET Q q 0 0 0 rg BT 107.21 176.23 Td (AUM) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 231.78 176.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 247.53 176.23 Td (539.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.78 176.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.58 176.28 Td (557.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.18 176.23 Td (\(3.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.98 176.23 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.78 176.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.58 176.28 Td (532.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.83 176.23 Td (1.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.98 176.23 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 144.70 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 79.36 144.70 Td (The adjusted financial measures are all non-GAAP) Tj ET Q q 0 0 0 rg BT 258.86 144.70 Td ( financial measures. See page 1) Tj ET Q q 0 0 0 rg BT 372.56 144.70 Td (1 for reconciliations of GAAP) Tj ET Q q 0 0 0 rg BT 474.69 144.70 Td ( Financial Results to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 133.90 Td (Adjusted Financial Results and pages 12-13 for notes describing the adjustments. ) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.00 27.40 Td (www) Tj ET Q q 0 0 0 rg BT 80.00 27.40 Td (.alliancebernstein.com) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 527.40 27.40 Td (2 of 13) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 696.75 Td (Bernstein continued, "In Retail, 85% of our rated-assets were rated 4- or 5-stars by Morningstar at quarter-end. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 683.25 Td (Gross sales of $16.4 billion were our best in six years and represent continued success with active equities ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 669.75 Td (and a rebound in fixed income in ) Tj ET Q q 0 0 0 rg BT 214.27 669.75 Td (Asia ex Japan. W) Tj ET Q q 0 0 0 rg BT 291.90 669.75 Td (e continue to see a diverse array of ) Tj ET Q q 0 0 0 rg BT 450.33 669.75 Td (AB funds attracting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 656.25 Td (assets: seven fixed income and six equity funds attracted more than $100 million of net inflows during the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 642.75 Td (quarter) Tj ET Q q 0 0 0 rg BT 98.63 642.75 Td (. In Institutional, active equity gross sales of $2.2 billion marks our seventh straight quarter of at least $1 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 629.25 Td (billion in sales and contributed to a fifth straight quarter of active equity organic growth. Our $1) Tj ET Q q 0 0 0 rg BT 483.10 629.25 Td (1.4 billion ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 615.75 Td (institutional pipeline at quarter-end reflects demand for our services across the asset class spectrum and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 602.25 Td (translates to our highest annualized fee base since we began tracking it more than seven year ago. In Private ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 588.75 Td (W) Tj ET Q q 0 0 0 rg BT 76.76 588.75 Td (ealth, we saw a return to positive net flows as both sales and redemptions improved sequentially) Tj ET Q q 0 0 0 rg BT 502.36 588.75 Td (. In our sell ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 575.25 Td (side business, revenues were down sharply as global trading volumes were under pressure and volatility ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 561.75 Td (eased. ) Tj ET Q q 0 0 0 rg BT 99.75 561.75 Td (As a firm, we produced an adjusted operating margin of 24.1% in the quarter) Tj ET Q q 0 0 0 rg BT 437.73 561.75 Td (.") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 539.25 Td (Bernstein concluded, "The diversity and global composition of our business allows us to compete in a variety of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 525.75 Td (market environments and I'm proud of the accomplishments we achieved in the first quarter) Tj ET Q q 0 0 0 rg BT 470.72 525.75 Td (. Our talented ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 512.25 Td (people at ) Tj ET Q q 0 0 0 rg BT 110.87 512.25 Td (AB continue to work relentlessly to make progress on our long-term strategy and consistently deliver ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 498.75 Td (for our clients.") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 476.25 Td (The firm) Tj ET Q q 0 0 0 rg BT 106.21 476.25 Td (s cash distribution per unit of $0.49 is payable on May 16, 2019, to holders of record of ) Tj ET Q q 0 0 0 rg BT 491.45 476.25 Td (AB Holding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 462.75 Td (Units at the close of business on May 6, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.28 462.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 440.25 Td (Market Performance) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 417.75 Td (US and global equity and fixed income markets were higher in the first quarter) Tj ET Q q 0 0 0 rg BT 411.57 417.75 Td (. ) Tj ET Q q 0 0 0 rg BT 416.95 417.75 Td (The S&P) Tj ET Q q 0 0 0 rg BT 456.79 417.75 Td ( 500) Tj ET Q q 0 0 0 rg BT 478.29 417.75 Td (s total return was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 404.25 Td (13.7% and the MSCI EAFE Index) Tj ET Q q 0 0 0 rg BT 217.95 404.25 Td (s total return was 10.1%. ) Tj ET Q q 0 0 0 rg BT 330.61 404.25 Td (The Bloomberg Barclays US ) Tj ET Q q 0 0 0 rg BT 458.99 404.25 Td (Aggregate Index ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 390.75 Td (returned 2.9% during the first quarter and the Bloomberg Barclays Global ) Tj ET Q q 0 0 0 rg BT 393.24 390.75 Td (Aggregate ex US Index) Tj ET Q q 0 0 0 rg BT 498.68 390.75 Td (s total return ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 377.25 Td (was 1.5%.) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.00 27.40 Td (www) Tj ET Q q 0 0 0 rg BT 80.00 27.40 Td (.alliancebernstein.com) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 527.40 27.40 Td (3 of 13) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 719.25 Td (Assets Under Management \($ Billions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 696.75 Td (T) Tj ET Q q 0 0 0 rg BT 72.50 696.75 Td (otal assets under management as of March 31, 2019 were $554.7 billion, up $38.3 billion, or 7.4%, from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 683.25 Td (December 31, 2018, and up $5.2 billion, or 0.9%, from March 31, 2018.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 538.25 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 76.3349609375 627.75 m 271.3349609375 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.3349609375 627.75 m 336.3349609375 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.3349609375 627.75 m 340.3349609375 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.3349609375 627.75 m 405.3349609375 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.3349609375 627.75 m 409.3349609375 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.3349609375 627.75 m 474.3349609375 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.3349609375 627.75 m 478.3349609375 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.3349609375 627.75 m 543.3349609375 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.3349609375 567.75 m 336.3349609375 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.3349609375 553.75 m 336.3349609375 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.3349609375 551.75 m 336.3349609375 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.3349609375 567.75 m 405.3349609375 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.3349609375 553.75 m 405.3349609375 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.3349609375 551.75 m 405.3349609375 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.3349609375 567.75 m 474.3349609375 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.3349609375 553.75 m 474.3349609375 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.3349609375 551.75 m 474.3349609375 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.3349609375 567.75 m 543.3349609375 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.3349609375 553.75 m 543.3349609375 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.3349609375 551.75 m 543.3349609375 551.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.83 632.15 Td (Institutional) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 360.03 632.15 Td (Retail) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.28 650.15 Td (Private) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.63 641.15 Td (W) Tj ET Q q 0 0 0 rg BT 435.05 641.15 Td (ealth) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.78 632.15 Td (Management) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.88 632.15 Td (T) Tj ET Q q 0 0 0 rg BT 504.71 632.15 Td (otal) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 78.83 616.98 Td (Assets Under Management 3/31/2019) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 308.33 616.98 Td ($256.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 377.33 616.98 Td ($201.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 450.78 616.98 Td ($96.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.33 616.98 Td ($554.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 78.83 601.98 Td (Net Flows for ) Tj ET Q q 0 0 0 rg BT 128.11 601.98 Td (Three Months Ended 3/31/19:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 78.83 586.98 Td ( ) Tj ET Q q 0 0 0 rg BT 94.17 586.98 Td (Active) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 311.93 586.98 Td ($\(4.6\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 386.23 586.98 Td ($6.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.23 586.98 Td ($0.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.23 586.98 Td ($2.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 78.83 571.98 Td ( Passive) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.33 572.03 Td (\(0.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 333.13 571.98 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 388.33 572.03 Td (\(1.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.13 571.98 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.08 571.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.33 572.03 Td (\(1.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.13 571.98 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 78.83 556.98 Td (T) Tj ET Q q 0 0 0 rg BT 82.83 556.98 Td (otal) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 311.93 556.98 Td ($\(4.7\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 386.23 556.98 Td ($5.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.23 556.98 Td ($0.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.23 556.98 Td ($1.1) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 502.25 Td (T) Tj ET Q q 0 0 0 rg BT 72.50 502.25 Td (otal net inflows were $1.1 billion in the first quarter) Tj ET Q q 0 0 0 rg BT 293.73 502.25 Td (, versus net inflows of $0.8 billion in the fourth quarter of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 488.75 Td (2018, and net outflows of $2.4 billion in the prior year period. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 466.25 Td (Institutional channel first quarter net outflows of $4.7 billion compared to net inflows of $1.0 billion in the fourth ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 452.75 Td (quarter of 2018. Institutional gross sales of $3.4 billion decreased 6% sequentially from $3.6 billion. ) Tj ET Q q 0 0 0 rg BT 507.58 452.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 439.25 Td (pipeline of awarded but unfunded Institutional mandates increased sequentially to $1) Tj ET Q q 0 0 0 rg BT 441.46 439.25 Td (1.4 billion at March 31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 425.75 Td (2019 from $9.7 billion at December 31, 2018.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 403.25 Td (Retail channel first quarter net inflows of $5.3 billion compared to net inflows of $0.7 billion in the fourth quarter ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 389.75 Td (of 2018. Retail gross sales of $16.4 billion increased 9% sequentially from $15.0 billion. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 367.25 Td (Private W) Tj ET Q q 0 0 0 rg BT 110.66 367.25 Td (ealth channel first quarter net inflows of $0.5 billion compared to net outflows of $0.9 billion in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 353.75 Td (fourth quarter of 2018. Private W) Tj ET Q q 0 0 0 rg BT 212.39 353.75 Td (ealth gross sales of $3.3 billion increased 27% sequentially from $2.6 billion.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 331.25 Td (First Quarter Financial Results) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 308.75 Td (W) Tj ET Q q 0 0 0 rg BT 76.76 308.75 Td (e are presenting both earnings information derived in accordance with accounting principles generally ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 295.25 Td (accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 211.48 295.25 Td (America \(US GAAP\) and non-GAAP) Tj ET Q q 0 0 0 rg BT 377.47 295.25 Td (, adjusted earnings information in this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 281.75 Td (release. Management principally uses these non-GAAP) Tj ET Q q 0 0 0 rg BT 313.01 281.75 Td ( financial measures in evaluating performance because ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 268.25 Td (we believe they present a clearer picture of our operating performance, and allow management to see long-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 254.75 Td (term trends without the distortion caused by long-term incentive compensation-related mark-to-market ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 241.25 Td (adjustments, real estate consolidation charges/credits and other adjustment items. Similarly) Tj ET Q q 0 0 0 rg BT 471.40 241.25 Td (, we believe that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 227.75 Td (this non-GAAP) Tj ET Q q 0 0 0 rg BT 133.46 227.75 Td ( earnings information helps investors better understand the underlying trends in our results and, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 214.25 Td (accordingly) Tj ET Q q 0 0 0 rg BT 117.34 214.25 Td (, provides a valuable perspective for investors. Please note, however) Tj ET Q q 0 0 0 rg BT 421.40 214.25 Td (, that these non-GAAP) Tj ET Q q 0 0 0 rg BT 521.27 214.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 200.75 Td (measures are provided in addition to, and not as substitutes for) Tj ET Q q 0 0 0 rg BT 346.00 200.75 Td (, any measures derived in accordance with US ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 187.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 95.11 187.25 Td ( and they may not be comparable to non-GAAP) Tj ET Q q 0 0 0 rg BT 305.05 187.25 Td ( measures presented by other companies. Management ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 173.75 Td (uses both US GAAP) Tj ET Q q 0 0 0 rg BT 157.92 173.75 Td ( and non-GAAP) Tj ET Q q 0 0 0 rg BT 227.78 173.75 Td ( measures in evaluating our financial performance. ) Tj ET Q q 0 0 0 rg BT 454.39 173.75 Td (The non-GAAP) Tj ET Q q 0 0 0 rg BT 522.02 173.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 160.25 Td (measures alone may pose limitations because they do not include all of our revenues and expenses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 137.75 Td (AB Holding is required to distribute all of its ) Tj ET Q q 0 0 0 rg BT 260.38 137.75 Td (A) Tj ET Q q 0 0 0 rg BT 266.87 137.75 Td (vailable Cash Flow) Tj ET Q q 0 0 0 rg BT 350.24 137.75 Td (, as defined in the ) Tj ET Q q 0 0 0 rg BT 431.41 137.75 Td (AB Holding Partnership ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 124.25 Td (Agreement, to its Unitholders \(including the General Partner\). ) Tj ET Q q 0 0 0 rg BT 340.97 124.25 Td (A) Tj ET Q q 0 0 0 rg BT 347.46 124.25 Td (vailable Cash Flow typically is the adjusted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 110.75 Td (diluted net income per unit for the quarter multiplied by the number of units outstanding at the end of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 97.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 98.63 97.25 Td (. Management anticipates that ) Tj ET Q q 0 0 0 rg BT 234.83 97.25 Td (A) Tj ET Q q 0 0 0 rg BT 241.32 97.25 Td (vailable Cash Flow will continue to be based on adjusted diluted net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 83.75 Td (income per unit, unless management determines, with concurrence of the Board of Directors, that one or more ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 70.25 Td (adjustments that are made for adjusted net income should not be made with respect to the ) Tj ET Q q 0 0 0 rg BT 469.40 70.25 Td (A) Tj ET Q q 0 0 0 rg BT 475.89 70.25 Td (vailable Cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 56.75 Td (Flow calculation.) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.00 27.40 Td (www) Tj ET Q q 0 0 0 rg BT 80.00 27.40 Td (.alliancebernstein.com) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 527.40 27.40 Td (4 of 13) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 719.25 Td (US GAAP) Tj ET Q q 0 0 0 rg BT 112.88 719.25 Td ( Earnings) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 67.5 695.32421875 m 112.529296875 695.32421875 l s q 0 0 0 rg BT 67.50 696.75 Td (Revenues) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 674.25 Td (First quarter net revenues of $795 million decreased 8% from the first quarter of 2018. Lower Bernstein ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 660.75 Td (Research revenues, investment advisory base fees, investment gains, distribution revenues, performance-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 647.25 Td (based fees and other revenues drove the decrease.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 624.75 Td (Sequentially) Tj ET Q q 0 0 0 rg BT 121.24 624.75 Td (, net revenues decreased 1% from $804 million. Lower performance-based fees and Bernstein ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 611.25 Td (research revenues were partially of) Tj ET Q q 0 0 0 rg BT 222.95 611.25 Td (fset by investment gains versus investment losses in the prior period and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 597.75 Td (higher investment advisory base fees.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 575.25 Td (First quarter Bernstein Research revenues decreased 21% from the prior year period due to lower volatility ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 561.75 Td (and trading volumes across all regions and the timing and size of research payments. ) Tj ET Q q 0 0 0 rg BT 448.08 561.75 Td (The 22% sequential ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 548.25 Td (decline was due to the timing of research payments and lower volatility and trading volumes in the US. ) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 67.5 524.32421875 m 111.416015625 524.32421875 l s q 0 0 0 rg BT 67.50 525.75 Td (Expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 503.25 Td (First quarter operating expenses of $627 million decreased 3% from the first quarter of 2018. Promotion and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 489.75 Td (servicing, total employee compensation and benefits and general and administrative \(G&A\) expenses were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 476.25 Td (all lower) Tj ET Q q 0 0 0 rg BT 103.63 476.25 Td (. Promotion and servicing expense declined due to lower distribution related payments, amortization of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 462.75 Td (deferred sales commissions, trade execution costs and transfer fees. Employee compensation and benefit ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 449.25 Td (expense decreased due to lower incentive compensation, partially of) Tj ET Q q 0 0 0 rg BT 370.28 449.25 Td (fset by higher base compensation, fringes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 435.75 Td (and other employment costs. Within G&A, lower expenses related to our consolidated company-sponsored ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 422.25 Td (investment funds were partially of) Tj ET Q q 0 0 0 rg BT 215.72 422.25 Td (fset by higher professional fees, errors, technology costs and occupancy ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 408.75 Td (expense. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 386.25 Td (Sequentially) Tj ET Q q 0 0 0 rg BT 121.24 386.25 Td (, operating expenses increased 4% due to higher total employee compensation and benefits and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 372.75 Td (G&A) Tj ET Q q 0 0 0 rg BT 88.07 372.75 Td ( expenses, partly of) Tj ET Q q 0 0 0 rg BT 174.60 372.75 Td (fset by lower promotion and servicing expense. Employee compensation and benefits ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 359.25 Td (expense increased due to higher incentive compensation, fringes and commissions, partly of) Tj ET Q q 0 0 0 rg BT 476.44 359.25 Td (fset by lower base ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 345.75 Td (compensation and other employment costs. Within promotion and servicing, lower marketing and travel and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 332.25 Td (entertainment expenses, transfer fees and trade execution costs were partly of) Tj ET Q q 0 0 0 rg BT 414.73 332.25 Td (fset by higher distribution ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 318.75 Td (related payments. Within G&A, portfolio servicing fees, errors and professional fees were all higher) Tj ET Q q 0 0 0 rg BT 503.27 318.75 Td (. ) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 67.5 294.82421875 m 259.2626953125 294.82421875 l s q 0 0 0 rg BT 67.50 296.25 Td (Operating Income and Net Income Per Unit) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 273.75 Td (First quarter operating income of $168 million decreased 25% from $223 million in the first quarter of 2018 and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 260.25 Td (the operating margin of 19.9% decreased 310 basis points from 23.0% in the first quarter of 2018. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 237.75 Td (Sequentially) Tj ET Q q 0 0 0 rg BT 121.24 237.75 Td (, operating income decreased 16% from $199 million and the operating margin of 19.9% ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 224.25 Td (decreased 510 basis points from 25.0% in the fourth quarter of 2018.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 201.75 Td (First quarter diluted net income per Unit of $0.49 compared to $0.60 in the first quarter of 2018 and $0.63 in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 188.25 Td (the fourth quarter of 2018.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.00 27.40 Td (www) Tj ET Q q 0 0 0 rg BT 80.00 27.40 Td (.alliancebernstein.com) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 527.40 27.40 Td (5 of 13) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 719.25 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 118.98 719.25 Td ( Earnings) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 696.75 Td (This section discusses our first quarter 2019 compared to the first quarter and the fourth quarter of 2018. ) Tj ET Q q 0 0 0 rg BT 532.01 696.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 683.25 Td (phrases adjusted net revenues, adjusted operating expenses, adjusted operating income, adjusted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 669.75 Td (operating margin and adjusted diluted net income per Unit are used in the following earnings discussion to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 656.25 Td (identify non-GAAP) Tj ET Q q 0 0 0 rg BT 149.58 656.25 Td ( information.) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 67.5 632.32421875 m 112.529296875 632.32421875 l s q 0 0 0 rg BT 67.50 633.75 Td (Revenues) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 611.25 Td (First quarter adjusted net revenues of $658 million decreased 16% from the first quarter of 2018. ) Tj ET Q q 0 0 0 rg BT 496.44 611.25 Td (The decline ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 597.75 Td (was driven by lower performance-based fees, Bernstein Research revenues and investment advisory base ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 584.25 Td (fees. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 561.75 Td (Sequentially) Tj ET Q q 0 0 0 rg BT 121.24 561.75 Td (, adjusted net revenues decreased 5%. Lower performance-based fees and Bernstein Research ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 548.25 Td (revenues were partially of) Tj ET Q q 0 0 0 rg BT 181.26 548.25 Td (fset by investment gains versus investment losses in the prior year period and higher ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 534.75 Td (investment advisory base fees.) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 67.5 510.82421875 m 111.416015625 510.82421875 l s q 0 0 0 rg BT 67.50 512.25 Td (Expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 489.75 Td (First quarter adjusted operating expenses of $499 million were down 9% from the first quarter of 2018, driven ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 476.25 Td (by lower total employee compensation and benefits and promotion and servicing expenses, partially of) Tj ET Q q 0 0 0 rg BT 519.80 476.25 Td (fset by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 462.75 Td (higher G&A) Tj ET Q q 0 0 0 rg BT 118.64 462.75 Td ( expense. Employee compensation and benefits expense decreased due to lower incentive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 449.25 Td (compensation, partially of) Tj ET Q q 0 0 0 rg BT 180.71 449.25 Td (fset by higher base compensation, fringes and other employment costs. Promotion ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 435.75 Td (and servicing expense decreased due to lower trade execution costs and transfer fees. Within G&A, higher ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 422.25 Td (professional fees, errors and technology costs were partially of) Tj ET Q q 0 0 0 rg BT 344.13 422.25 Td (fset by lower portfolio servicing fees and more ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 408.75 Td (favorable foreign exchange translation. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 386.25 Td (Sequentially) Tj ET Q q 0 0 0 rg BT 121.24 386.25 Td (, adjusted operating expenses increased 1%. Higher employee compensation and benefits and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 372.75 Td (G&A) Tj ET Q q 0 0 0 rg BT 88.07 372.75 Td ( expenses were partially of) Tj ET Q q 0 0 0 rg BT 206.28 372.75 Td (fset by lower promotion and servicing expense. Employee compensation and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 359.25 Td (benefits expense increased due to higher incentive compensation, commissions and fringes, partially of) Tj ET Q q 0 0 0 rg BT 524.24 359.25 Td (fset by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 345.75 Td (lower base compensation and other employment costs. Within G&A, the increase was due to higher ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 332.25 Td (professional fees and errors. Promotion and servicing expense decreased due to lower marketing and travel ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 318.75 Td (and entertainment expenses, trade execution costs and transfer fees.) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 67.5 294.82421875 m 295.3857421875 294.82421875 l s q 0 0 0 rg BT 67.50 296.25 Td (Operating Income, Margin and Net Income Per Unit) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 273.75 Td (First quarter adjusted operating income of $159 million decreased 32% from $235 million in the first quarter of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 260.25 Td (2018, and the adjusted operating margin of 24.1% decreased 600 basis points from 30.1%.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 237.75 Td (Sequentially) Tj ET Q q 0 0 0 rg BT 121.24 237.75 Td (, adjusted operating income decreased 22% from $204 million and the adjusted operating margin ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 224.25 Td (of 24.1% decreased 520 basis points from 29.3%.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 201.75 Td (First quarter adjusted diluted net income per Unit of $0.49 was down from $0.73 in the first quarter of 2018 and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 188.25 Td (down from $0.64 in the fourth quarter of 2018.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 165.75 Td (Our adjusted financial results for the first quarter of 2018 included $78 million of performance fee revenues, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 152.25 Td ($35 million of operating income and $0.13 of EPU related to the Real Estate Equity Fund 1 which is in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 138.75 Td (process of liquidation. ) Tj ET Q q 0 0 0 rg BT 166.82 138.75 Td (Therefore, this accounted for more than one-half or $0.13 of the total $0.24 decline in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 125.25 Td (adjusted EPU to $0.49 in the first quarter of 2019. ) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.00 27.40 Td (www) Tj ET Q q 0 0 0 rg BT 80.00 27.40 Td (.alliancebernstein.com) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 527.40 27.40 Td (6 of 13) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 719.25 Td (Headcount) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 696.75 Td (As of March 31, 2019, we had 3,657 employees, compared to 3,446 employees as of March 31, 2018 and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 683.25 Td (3,641 as of December 31, 2018.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 660.75 Td (Unit Repurchases) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 638.25 Td (During the three months ended March 31, 2019 and 2018, ) Tj ET Q q 0 0 0 rg BT 327.12 638.25 Td (AB purchased 2.0 million and 0.1 million ) Tj ET Q q 0 0 0 rg BT 507.23 638.25 Td (AB Holding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 624.75 Td (Units for $58.6 million and $2.3 million, respectively \(on a trade date basis\). ) Tj ET Q q 0 0 0 rg BT 403.04 624.75 Td (The 2019 amount reflects open-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 611.25 Td (market purchases of 1.9 million ) Tj ET Q q 0 0 0 rg BT 208.12 611.25 Td (AB Holding Units for $55.2 million, with the remainder relating to purchases of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 597.75 Td (AB Holding units from employees to allow them to fulfill statutory tax withholding requirements at the time of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 584.25 Td (delivery of long-term incentive compensation awards. ) Tj ET Q q 0 0 0 rg BT 305.77 584.25 Td (There were no open-market purchases during the first ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 570.75 Td (quarter of 2018. Purchases of ) Tj ET Q q 0 0 0 rg BT 201.47 570.75 Td (AB Holding Units reflected on the consolidated statements of cash flows are net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 557.25 Td (of ) Tj ET Q q 0 0 0 rg BT 78.07 557.25 Td (AB Holding Units purchased by employees as part of a distribution reinvestment election.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 534.75 Td (First Quarter 2019 Earnings Conference Call Information) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 512.25 Td (Management will review First Quarter 2019 financial and operating results during a conference call beginning ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 498.75 Td (at 8:00 a.m. \(EDT\) on) Tj ET Q q 0 0 0 rg BT 166.25 498.75 Td (Thursday) Tj ET Q q 0 0 0 rg BT 207.19 498.75 Td (, ) Tj ET Q q 0 0 0 rg BT 212.19 498.75 Td (April 25, 2019. ) Tj ET Q q 0 0 0 rg BT 279.28 498.75 Td (The conference call will be hosted by Seth P) Tj ET Q q 0 0 0 rg BT 474.77 498.75 Td (. Bernstein, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 485.25 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 214.62 485.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 232.96 485.25 Td (, and John C. W) Tj ET Q q 0 0 0 rg BT 304.48 485.25 Td (eisenseel, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 431.58 485.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 449.92 485.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 462.75 Td (Parties may access the conference call by either webcast or telephone:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 440.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 99.22 440.25 Td (T) Tj ET Q q 0 0 0 rg BT 104.22 440.25 Td (o listen by webcast, please visit ) Tj ET Q q 0 0 0 rg BT 245.95 440.25 Td (AB) Tj ET Q q 0 0 0 rg BT 261.33 440.25 Td (s Investor Relations website at ) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.43137254901960786 0.7490196078431373 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 399.7333984375 438.82421875 m 524.2451171875 438.82421875 l s q 0 0.43137254901960786 0.7490196078431373 rg BT 399.73 440.25 Td (http://alliancebernstein.com/) Tj ET Q BT /F3 10.00 Tf ET 0 0.43137254901960786 0.7490196078431373 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 85.5 425.32421875 m 158.3125 425.32421875 l s q 0 0.43137254901960786 0.7490196078431373 rg BT 85.50 426.75 Td (investorrelations) Tj ET Q BT /F3 10.00 Tf ET q 0 0.43137254901960786 0.7490196078431373 rg BT 158.31 426.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 161.09 426.75 Td (at least 15 minutes prior to the call to download and install any necessary audio software.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 404.25 Td (2. ) Tj ET Q q 0 0 0 rg BT 99.22 404.25 Td (T) Tj ET Q q 0 0 0 rg BT 104.22 404.25 Td (o listen by telephone, please dial \(866\) 556-2265 in the U.S. or \(973\) 935-8521 outside the U.S. 10 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 390.75 Td (minutes before the scheduled start time. ) Tj ET Q q 0 0 0 rg BT 265.97 390.75 Td (The conference ID# is 5153458.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 368.25 Td (The presentation management will review during the conference call will be available on ) Tj ET Q q 0 0 0 rg BT 458.28 368.25 Td (AB) Tj ET Q q 0 0 0 rg BT 473.66 368.25 Td (s Investor ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 354.75 Td (Relations website shortly after the release ofFirst Quarter 2019 financialand operating results on) Tj ET Q q 0 0 0 rg BT 499.96 354.75 Td (April 25, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 341.25 Td (2019.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 318.75 Td (A) Tj ET Q q 0 0 0 rg BT 73.62 318.75 Td ( replay of the webcast will be made available beginning approximately one hour after the conclusion of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 305.25 Td (conference call and will be available on ) Tj ET Q q 0 0 0 rg BT 243.17 305.25 Td (AB) Tj ET Q q 0 0 0 rg BT 258.55 305.25 Td (s website for one week. ) Tj ET Q q 0 0 0 rg BT 368.05 305.25 Td (An audio replay of the conference call will ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 291.75 Td (also be available for one week. ) Tj ET Q q 0 0 0 rg BT 207.41 291.75 Td (T) Tj ET Q q 0 0 0 rg BT 212.41 291.75 Td (o access the audio replay) Tj ET Q q 0 0 0 rg BT 325.07 291.75 Td (, please call \(855\)859-2056 in the US, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 278.25 Td (\(404\)537-3406 outside the US, and provide the conference ID #: 5153458.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.00 27.40 Td (www) Tj ET Q q 0 0 0 rg BT 80.00 27.40 Td (.alliancebernstein.com) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 527.40 27.40 Td (7 of 13) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 719.25 Td (Cautions Regarding Forward-Looking Statements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 696.75 Td (Certain statements provided by management in this news release are forward-looking statements within the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 683.25 Td (meaning of the Private Securities Litigation Reform ) Tj ET Q q 0 0 0 rg BT 294.84 683.25 Td (Act of 1995. Such forward-looking statements are subject ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 669.75 Td (to risks, uncertainties and other factors that could cause actual results to dif) Tj ET Q q 0 0 0 rg BT 400.83 669.75 Td (fer materially from future results ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 656.25 Td (expressed or implied by such forward-looking statements. ) Tj ET Q q 0 0 0 rg BT 325.21 656.25 Td (The most significant of these factors include, but are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 642.75 Td (not limited to, the following: the performance of financial markets, the investment performance of sponsored ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 629.25 Td (investment products and separately-managed accounts, general economic conditions, industry trends, future ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 615.75 Td (acquisitions, competitive conditions, and current and proposed government regulations, including changes in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 602.25 Td (tax regulations and rates and the manner in which the earnings of publicly-traded partnerships are taxed. ) Tj ET Q q 0 0 0 rg BT 532.78 602.25 Td (AB ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 588.75 Td (cautions readers to carefully consider such factors. Further) Tj ET Q q 0 0 0 rg BT 327.07 588.75 Td (, such forward-looking statements speak only as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 575.25 Td (the date on which such statements are made; ) Tj ET Q q 0 0 0 rg BT 271.51 575.25 Td (AB undertakes no obligation to update any forward-looking ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 561.75 Td (statements to reflect events or circumstances after the date of such statements. For further information ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 548.25 Td (regarding these forward-looking statements and the factors that could cause actual results to dif) Tj ET Q q 0 0 0 rg BT 490.33 548.25 Td (fer) Tj ET Q q 0 0 0 rg BT 501.45 548.25 Td (, see Risk ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 534.75 Td (Factors and Cautions Regarding Forward-Looking Statements in ) Tj ET Q q 0 0 0 rg BT 365.42 534.75 Td (AB) Tj ET Q q 0 0 0 rg BT 380.80 534.75 Td (s Form 10-K for the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 521.25 Td (December 31, 2018 and Form 10-Q for the quarter ended March 31, 2019. ) Tj ET Q q 0 0 0 rg BT 399.36 521.25 Td (Any or all of the forward-looking ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 507.75 Td (statements made in this news release, Form 10-K, Form 10-Q, other documents ) Tj ET Q q 0 0 0 rg BT 423.76 507.75 Td (AB files with or furnishes to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 494.25 Td (the SEC, and any other public statements issued by ) Tj ET Q q 0 0 0 rg BT 299.30 494.25 Td (AB, may turn out to be wrong. It is important to remember ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 480.75 Td (that other factors besides those listed in Risk Factors and Cautions Regarding Forward-Looking ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 467.25 Td (Statements, and those listed below) Tj ET Q q 0 0 0 rg BT 225.37 467.25 Td (, could also adversely af) Tj ET Q q 0 0 0 rg BT 332.47 467.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 350.82 467.25 Td (AB) Tj ET Q q 0 0 0 rg BT 366.20 467.25 Td (s financial condition, results of operations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 453.75 Td (and business prospects.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 431.25 Td (The forward-looking statements referred to in the preceding paragraph include statements regarding:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 408.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 103.50 408.75 Td (The pipeline of new institutional mandates not yet funded: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.95 408.75 Td (Before they are funded, institutional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 395.25 Td (mandates do not represent legally binding commitments to fund and, accordingly) Tj ET Q q 0 0 0 rg BT 459.63 395.25 Td (, the possibility exists ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 381.75 Td (that not all mandates will be funded in the amounts and at the times currently anticipated.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 359.25 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 103.50 359.25 Td (The possibility that ) Tj ET Q q 0 0 0 rg BT 197.03 359.25 Td (AB will engage in open market purchases of ) Tj ET Q q 0 0 0 rg BT 409.48 359.25 Td (AB Holding Units to help fund ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 103.50 345.75 Td (anticipated obligations under our incentive compensation award program: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.66 345.75 Td (The number of ) Tj ET Q q 0 0 0 rg BT 526.92 345.75 Td (AB ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 332.25 Td (Holding Units ) Tj ET Q q 0 0 0 rg BT 165.20 332.25 Td (AB may decide to buy in future periods, if any) Tj ET Q q 0 0 0 rg BT 365.68 332.25 Td (, to help fund incentive compensation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 318.75 Td (awards is dependent upon various factors, some of which are beyond our control, including the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.50 305.25 Td (fluctuation in the price of a Holding Unit and the availability of cash to make these purchases.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 282.75 Td (Qualified T) Tj ET Q q 0 0 0 rg BT 118.43 282.75 Td (ax Notice) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 260.25 Td (This announcement is intended to be a qualified notice under ) Tj ET Q q 0 0 0 rg BT 340.28 260.25 Td (T) Tj ET Q q 0 0 0 rg BT 346.02 260.25 Td (reasury Regulation 1.1446-4\(b\). Please note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 246.75 Td (that 100% of ) Tj ET Q q 0 0 0 rg BT 125.88 246.75 Td (AB Holding) Tj ET Q q 0 0 0 rg BT 177.95 246.75 Td (s distributions to foreign investors is attributable to income that is ef) Tj ET Q q 0 0 0 rg BT 475.14 246.75 Td (fectively ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 233.25 Td (connected with a United States trade or business. ) Tj ET Q q 0 0 0 rg BT 289.85 233.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 340.80 233.25 Td (, ) Tj ET Q q 0 0 0 rg BT 345.81 233.25 Td (AB Holding) Tj ET Q q 0 0 0 rg BT 397.88 233.25 Td (s distributions to foreign investors ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 219.75 Td (are subject to federal income tax withholding at the highest applicable tax rate, 37% ef) Tj ET Q q 0 0 0 rg BT 448.11 219.75 Td (fective January 1, 2018.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 197.25 Td (About ) Tj ET Q q 0 0 0 rg BT 98.78 197.25 Td (AllianceBernstein) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 174.75 Td (AllianceBernstein is a leading global investment management firm that of) Tj ET Q q 0 0 0 rg BT 389.72 174.75 Td (fers high-quality research and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 161.25 Td (diversified investment services to institutional investors, individuals and private wealth clients in major world ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 147.75 Td (markets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 125.25 Td (As of March 31, 2019, including both the general partnership and limited partnership interests in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 111.75 Td (AllianceBernstein, ) Tj ET Q q 0 0 0 rg BT 149.77 111.75 Td (AllianceBernstein Holding owned approximately 35.2% of ) Tj ET Q q 0 0 0 rg BT 405.48 111.75 Td (AllianceBernstein and ) Tj ET Q q 0 0 0 rg BT 504.43 111.75 Td (AXA) Tj ET Q q 0 0 0 rg BT 523.89 111.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 98.25 Td (Equitable Holdings \("EQH"\), directly and through various subsidiaries, owned an approximate 65.6% economic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 84.75 Td (interest in ) Tj ET Q q 0 0 0 rg BT 113.08 84.75 Td (AllianceBernstein.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 62.25 Td (Additional information about ) Tj ET Q q 0 0 0 rg BT 193.70 62.25 Td (AllianceBernstein may be found on our website, ) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.43137254901960786 0.7490196078431373 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 407.7099609375 60.82421875 m 528.3203125 60.82421875 l s q 0 0.43137254901960786 0.7490196078431373 rg BT 407.71 62.25 Td (www) Tj ET Q q 0 0.43137254901960786 0.7490196078431373 rg BT 428.82 62.25 Td (.alliancebernstein.com) 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 528.32 62.25 Td (.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.00 27.40 Td (www) Tj ET Q q 0 0 0 rg BT 80.00 27.40 Td (.alliancebernstein.com) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 527.40 27.40 Td (8 of 13) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 635.6 m 306.25 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 635.6 m 370.25 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.25 635.6 m 424.25 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 635.6 m 482.25 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.25 635.6 m 487.25 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 635.6 m 532.25 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 527.6 m 306.25 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 527.6 m 370.25 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 527.6 m 482.25 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 501.6 m 306.25 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 488.6 m 306.25 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 501.6 m 370.25 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 488.6 m 370.25 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 501.6 m 482.25 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 488.6 m 482.25 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 314.6 m 306.25 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 301.6 m 306.25 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 314.6 m 370.25 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 301.6 m 370.25 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 314.6 m 482.25 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 301.6 m 482.25 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 267.6 m 306.25 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 267.6 m 370.25 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 267.6 m 482.25 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 221.60000000000002 m 306.25 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 209.60000000000002 m 306.25 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 207.60000000000002 m 306.25 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 221.60000000000002 m 370.25 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 209.60000000000002 m 370.25 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 207.60000000000002 m 370.25 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 221.60000000000002 m 482.25 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 209.60000000000002 m 482.25 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 207.60000000000002 m 482.25 207.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 94.75 698.83 Td (AB \(The Operating Partnership\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 94.75 685.83 Td (US GAAP) Tj ET Q q 0 0 0 rg BT 131.13 685.83 Td ( Consolidated Statement of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 94.75 677.83 Td (Income \(Unaudited\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 639.83 Td (\(US $ ) Tj ET Q q 0 0 0 rg BT 117.35 639.83 Td (Thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.90 639.83 Td (1Q 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.40 639.83 Td (1Q 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.40 663.83 Td (1Q 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.70 655.83 Td (vs. 1Q) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.15 647.83 Td (2018 %) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.05 639.83 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.40 639.83 Td (4Q 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.90 663.83 Td (1Q 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.20 655.83 Td (vs. 4Q) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.65 647.83 Td (2018 %) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.55 639.83 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 94.75 622.83 Td (GAAP) Tj ET Q q 0 0 0 rg BT 117.79 622.83 Td ( revenues:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 609.83 Td (Base fees) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 253.75 609.83 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.45 609.83 Td (552,230) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 316.75 609.83 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 337.45 609.83 Td (567,856) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 609.83 Td (\(2.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 609.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.75 609.83 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.45 609.83 Td (544,484) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.80 609.83 Td (1.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.60 609.83 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 596.83 Td (Performance fees) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.35 596.88 Td (4,364) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.35 596.83 Td (6,260) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 596.83 Td (\(30.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 596.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.90 596.83 Td (35,440) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.70 596.83 Td (\(87.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 596.83 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 583.83 Td (Bernstein research services) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.85 583.83 Td (90,235) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 337.45 583.83 Td (1) Tj ET Q q 0 0 0 rg BT 341.90 583.83 Td (14,400) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 583.83 Td (\(21.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 583.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.45 583.83 Td (1) Tj ET Q q 0 0 0 rg BT 453.90 583.83 Td (15,240) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.70 583.83 Td (\(21.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 583.83 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 570.83 Td (Distribution revenues) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.45 570.83 Td (100,509) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 337.45 570.83 Td (108,004) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 570.83 Td (\(6.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 570.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.45 570.83 Td (100,952) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.15 570.83 Td (\(0.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 570.83 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 557.83 Td (Dividends and interest) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.85 557.83 Td (27,346) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.90 557.83 Td (28,215) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 557.83 Td (\(3.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 557.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.90 557.83 Td (26,875) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.80 557.83 Td (1.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.60 557.83 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 544.83 Td (Investments gains \(losses\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.85 544.83 Td (15,735) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.90 544.83 Td (26,082) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 544.83 Td (\(39.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 544.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.25 544.83 Td (\(24,207) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.40 544.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.40 544.83 Td (n/m) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 531.83 Td (Other revenues) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.85 531.83 Td (22,206) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.90 531.83 Td (26,510) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 531.83 Td (\(16.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 531.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.90 531.83 Td (22,128) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.80 531.83 Td (0.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.60 531.83 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 518.83 Td ( ) Tj ET Q q 0 0 0 rg BT 99.12 518.83 Td (T) Tj ET Q q 0 0 0 rg BT 103.49 518.83 Td (otal revenues) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.45 518.83 Td (812,625) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 337.45 518.83 Td (877,327) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 518.83 Td (\(7.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 518.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.45 518.83 Td (820,912) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.15 518.83 Td (\(1.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 518.83 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 505.83 Td (Less: interest expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.85 505.83 Td (17,163) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.35 505.83 Td (9,540) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.30 505.83 Td (79.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 505.83 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.90 505.83 Td (16,252) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.80 505.83 Td (5.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.60 505.83 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 492.83 Td (T) Tj ET Q q 0 0 0 rg BT 99.19 492.83 Td (otal net revenues) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.45 492.83 Td (795,462) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 337.45 492.83 Td (867,787) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 492.83 Td (\(8.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 492.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.45 492.83 Td (804,660) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.15 492.83 Td (\(1.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 492.83 Td (\)%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 94.75 475.83 Td (GAAP) Tj ET Q q 0 0 0 rg BT 117.72 475.83 Td ( operating expenses:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 462.83 Td (Employee compensation and benefits) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.45 462.83 Td (339,309) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 337.45 462.83 Td (343,825) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 462.83 Td (\(1.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 462.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.45 462.83 Td (319,297) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.80 462.83 Td (6.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.60 462.83 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 449.83 Td (Promotion and servicing) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 436.83 Td ( Distribution-related payments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.45 436.83 Td (105,993) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 337.45 436.83 Td (1) Tj ET Q q 0 0 0 rg BT 341.90 436.83 Td (10,154) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 436.83 Td (\(3.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 436.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.45 436.83 Td (104,359) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.80 436.83 Td (1.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.60 436.83 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 100.75 423.83 Td (Amortization of deferred sales) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 100.75 415.83 Td (commissions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.35 415.88 Td (3,502) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.35 415.83 Td (6,598) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 415.83 Td (\(46.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 415.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.30 415.83 Td (3,981) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.70 415.83 Td (\(12.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 415.83 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 100.75 403.28 Td (T) Tj ET Q q 0 0 0 rg BT 105.34 403.28 Td (rade execution, marketing, ) Tj ET Q q 0 0 0 rg BT 201.69 403.28 Td (T&E and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 100.75 395.28 Td (other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.85 396.83 Td (49,648) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.90 396.83 Td (54,043) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 396.83 Td (\(8.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 396.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.90 396.83 Td (58,535) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.70 396.83 Td (\(15.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 396.83 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 383.83 Td (General and administrative) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 370.83 Td ( General & administrative) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.45 370.83 Td (1) Tj ET Q q 0 0 0 rg BT 277.90 370.83 Td (17,848) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 337.45 370.83 Td (121,234) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 370.83 Td (\(2.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 370.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.45 370.83 Td (1) Tj ET Q q 0 0 0 rg BT 453.90 370.83 Td (1) Tj ET Q q 0 0 0 rg BT 458.35 370.83 Td (1,401) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.80 370.83 Td (5.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.60 370.83 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 357.83 Td ( Real estate charges \(credits\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 294.35 357.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 350.30 357.83 Td (\(264) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 366.40 357.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.40 357.83 Td (n/m) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.05 357.88 Td (670) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.40 357.83 Td (n/m) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 344.83 Td (Contingent payment arrangements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.50 344.88 Td (54) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.50 344.83 Td (53) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.80 344.83 Td (1.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 344.83 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.70 344.83 Td (\(2,376) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.40 344.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.40 344.83 Td (n/m) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 331.83 Td (Interest on borrowings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.35 331.88 Td (3,983) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.35 331.83 Td (2,612) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.30 331.83 Td (52.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 331.83 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.30 331.83 Td (2,407) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.35 331.88 Td (65.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.60 331.83 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 318.83 Td (Amortization of intangible assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.35 318.88 Td (6,974) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.35 318.83 Td (6,861) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.80 318.83 Td (1.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 318.83 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.30 318.83 Td (7,027) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.15 318.83 Td (\(0.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 318.83 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 305.83 Td (T) Tj ET Q q 0 0 0 rg BT 99.19 305.83 Td (otal operating expenses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.45 305.83 Td (627,31) Tj ET Q q 0 0 0 rg BT 297.92 305.83 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 337.45 305.83 Td (645,1) Tj ET Q q 0 0 0 rg BT 357.47 305.83 Td (16) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 305.83 Td (\(2.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 305.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.45 305.83 Td (605,301) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.80 305.83 Td (3.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.60 305.83 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 288.83 Td (Operating income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.45 288.83 Td (168,151) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 337.45 288.83 Td (222,671) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 288.83 Td (\(24.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 288.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.45 288.83 Td (199,359) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.70 288.83 Td (\(15.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 288.83 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 271.83 Td (Income taxes) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.35 271.88 Td (8,921) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.90 271.83 Td (15,825) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 271.83 Td (\(43.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 271.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.90 271.83 Td (13,033) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.70 271.83 Td (\(31.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 271.83 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 254.83 Td (Net income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.45 254.83 Td (159,230) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 337.45 254.83 Td (206,846) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 254.83 Td (\(23.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 254.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.45 254.83 Td (186,326) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.70 254.83 Td (\(14.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 254.83 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 237.83 Td (Net income \(loss\) of consolidated entities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 229.83 Td (attributable to non-controlling interests) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.85 229.83 Td (10,1) Tj ET Q q 0 0 0 rg BT 293.42 229.83 Td (16) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.90 229.83 Td (22,650) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 229.83 Td (\(55.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 229.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.70 229.83 Td (\(1,727) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.40 229.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.75 229.83 Td (n/m) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 212.83 Td (Net income attributable to ) Tj ET Q q 0 0 0 rg BT 187.69 212.83 Td (AB Unitholders) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 253.75 212.83 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.45 212.83 Td (149,1) Tj ET Q q 0 0 0 rg BT 293.47 212.83 Td (14) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 316.75 212.83 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 337.45 212.83 Td (184,196) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 212.83 Td (\(19.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 212.83 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.75 212.83 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.45 212.83 Td (188,053) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.70 212.83 Td (\(20.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 212.83 Td (\)%) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.00 27.40 Td (www) Tj ET Q q 0 0 0 rg BT 80.00 27.40 Td (.alliancebernstein.com) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 527.40 27.40 Td (9 of 13) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 590.5 m 306.25 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 590.5 m 370.25 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.25 590.5 m 424.25 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 590.5 m 428.25 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 590.5 m 482.25 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.25 590.5 m 487.25 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 590.5 m 532.25 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 590.5 m 482.25 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 548.5 m 306.25 548.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 548.5 m 370.25 548.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 548.5 m 482.25 548.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 503.5 m 306.25 503.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 503.5 m 370.25 503.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 490.5 m 306.25 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 488.5 m 306.25 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 490.5 m 370.25 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 488.5 m 370.25 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 503.5 m 482.25 503.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 490.5 m 482.25 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 488.5 m 482.25 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 476.5 m 306.25 476.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 474.5 m 306.25 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 476.5 m 370.25 476.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 474.5 m 370.25 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 476.5 m 482.25 476.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 474.5 m 482.25 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 462.5 m 306.25 462.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 460.5 m 306.25 460.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 462.5 m 370.25 462.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 460.5 m 370.25 460.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 462.5 m 482.25 462.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 460.5 m 482.25 460.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 372.5 m 306.25 372.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 372.5 m 370.25 372.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.25 372.5 m 424.25 372.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.25 372.5 m 428.25 372.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.25 372.5 m 482.25 372.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.25 372.5 m 487.25 372.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 372.5 m 532.25 372.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 94.75 669.18 Td (AB Holding L.P) Tj ET Q q 0 0 0 rg BT 152.45 669.18 Td (. \(The Publicly-T) Tj ET Q q 0 0 0 rg BT 213.49 669.18 Td (raded) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 94.75 661.23 Td (Partnership\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 94.75 650.73 Td (SUMMAR) Tj ET Q q 0 0 0 rg BT 130.60 650.73 Td (Y) Tj ET Q q 0 0 0 rg BT 135.71 650.73 Td ( ST) Tj ET Q q 0 0 0 rg BT 147.79 650.73 Td (A) Tj ET Q q 0 0 0 rg BT 152.97 650.73 Td (TEMENTS OF INCOME) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 594.73 Td (\(US $ ) Tj ET Q q 0 0 0 rg BT 117.35 594.73 Td (Thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.90 594.73 Td (1Q 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.40 594.73 Td (1Q 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.40 618.73 Td (1Q 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.70 610.73 Td (vs. 1Q) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.15 602.73 Td (2018 %) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.05 594.73 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.40 594.73 Td (4Q 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.90 618.73 Td (1Q 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.20 610.73 Td (vs. 4Q) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.65 602.73 Td (2018 %) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.55 594.73 Td (Change) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 574.73 Td (Equity in Net Income ) Tj ET Q q 0 0 0 rg BT 170.56 574.73 Td (Attributable to ) Tj ET Q q 0 0 0 rg BT 221.71 574.73 Td (AB) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 566.73 Td (Unitholders) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 253.75 566.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.85 566.73 Td (52,638) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 316.75 566.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.90 566.73 Td (65,698) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 566.73 Td (\(19.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 566.73 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.75 566.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.90 566.73 Td (66,759) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.70 566.73 Td (\(21.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 566.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 552.73 Td (Income ) Tj ET Q q 0 0 0 rg BT 123.13 552.73 Td (T) Tj ET Q q 0 0 0 rg BT 127.51 552.73 Td (axes) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.35 552.78 Td (6,199) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.35 552.73 Td (7,538) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 552.73 Td (\(17.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 552.73 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.30 552.73 Td (6,879) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.15 552.73 Td (\(9.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 552.73 Td (\)%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 94.75 538.73 Td (Net Income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.85 538.73 Td (46,439) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.90 538.73 Td (58,160) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 538.73 Td (\(20.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 538.73 Td (%\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.90 538.73 Td (59,880) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.70 538.73 Td (\(22.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 538.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 515.73 Td (Additional Equity in Earnings of Operating ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 507.73 Td (Partnership ) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 137.88 511.54 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.50 507.78 Td (26) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.05 507.78 Td (145) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 507.73 Td (\(82.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 507.73 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.50 507.73 Td (71) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.70 507.73 Td (\(63.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 507.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 493.73 Td (Net Income - Diluted) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 253.75 493.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.85 493.73 Td (46,465) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 316.75 493.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.90 493.73 Td (58,305) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 493.73 Td (\(20.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 493.73 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.75 493.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.90 493.73 Td (59,951) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.70 493.73 Td (\(22.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 493.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 479.73 Td (Diluted Net Income per Unit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 253.75 479.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.75 479.73 Td (0.49) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.75 479.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.80 479.78 Td (0.60) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 479.73 Td (\(18.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 479.73 Td (%\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.75 479.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.80 479.78 Td (0.63) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.70 479.73 Td (\(22.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 479.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 465.73 Td (Distribution per Unit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 253.75 465.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.75 465.73 Td (0.49) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.75 465.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.80 465.78 Td (0.73) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 465.73 Td (\(32.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 465.73 Td (%\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.75 465.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.80 465.78 Td (0.64) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.70 465.73 Td (\(23.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 465.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 436.73 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 106.61 436.73 Td (T) Tj ET Q q 0 0 0 rg BT 110.61 436.73 Td (o reflect higher ownership in the Operating Partnership resulting from application of the treasury stock method to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 428.73 Td (outstanding options.) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.84 w 0 i [] 0 d 1 J 1 j 3 M 94.75 375.45820312499995 m 164.078125 375.45820312499995 l s q 0 0 0 rg BT 94.75 376.73 Td (Units Outstanding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.90 376.73 Td (1Q 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.40 376.73 Td (1Q 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.40 400.73 Td (1Q 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.70 392.73 Td (vs. 1Q) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.15 384.73 Td (2018 %) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.05 376.73 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.40 376.73 Td (4Q 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.90 400.73 Td (1Q 2019 ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.20 392.73 Td (vs. 4Q ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.65 384.73 Td (2018 % ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.55 376.73 Td (Change) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 94.75 362.58515624999995 m 120.84375 362.58515624999995 l s q 0 0 0 rg BT 94.75 363.73 Td (AB L.P) Tj ET Q q 0 0 0 rg BT 119.14 363.73 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 350.73 Td (Period-end) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 257.85 350.73 Td (267,186,102) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 321.90 350.73 Td (269,839,937) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 350.73 Td (\(1.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 350.73 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.90 350.73 Td (268,850,276) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.15 350.73 Td (\(0.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 350.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 337.73 Td (W) Tj ET Q q 0 0 0 rg BT 102.23 337.73 Td (eighted average - basic) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 257.85 337.73 Td (267,336,134) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 321.90 337.73 Td (269,184,109) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 337.73 Td (\(0.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 337.73 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.90 337.73 Td (267,61) Tj ET Q q 0 0 0 rg BT 458.37 337.73 Td (1,568) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.15 337.73 Td (\(0.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 337.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 324.73 Td (W) Tj ET Q q 0 0 0 rg BT 102.23 324.73 Td (eighted average - diluted) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 257.85 324.73 Td (267,408,249) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 321.90 324.73 Td (269,520,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 324.73 Td (\(0.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 324.73 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.90 324.73 Td (267,771,1) Tj ET Q q 0 0 0 rg BT 469.49 324.73 Td (1) Tj ET Q q 0 0 0 rg BT 473.94 324.73 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.15 324.73 Td (\(0.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 324.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 94.75 310.58515624999995 m 150.1953125 310.58515624999995 l s q 0 0 0 rg BT 94.75 311.73 Td (AB Holding L.P) Tj ET Q q 0 0 0 rg BT 147.97 311.73 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 298.73 Td (Period-end) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 262.35 298.73 Td (94,994,404) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 326.35 298.73 Td (97,643,743) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 298.73 Td (\(2.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 298.73 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.30 298.73 Td (96,658,278) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.15 298.73 Td (\(1.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 298.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 285.73 Td (W) Tj ET Q q 0 0 0 rg BT 102.23 285.73 Td (eighted average - basic) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 262.35 285.73 Td (95,144,146) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 326.35 285.73 Td (96,986,828) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 285.73 Td (\(1.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 285.73 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.30 285.73 Td (95,418,778) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.15 285.73 Td (\(0.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 285.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.75 272.73 Td (W) Tj ET Q q 0 0 0 rg BT 102.16 272.73 Td (eighted average - diluted) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 262.35 272.73 Td (95,216,261) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 326.35 272.73 Td (97,322,719) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 272.73 Td (\(2.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.95 272.73 Td (%\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.30 272.73 Td (95,578,321) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.15 272.73 Td (\(0.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.95 272.73 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.00 27.40 Td (www) Tj ET Q q 0 0 0 rg BT 80.00 27.40 Td (.alliancebernstein.com) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 523.30 27.40 Td (10 of 13) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67.25 691.6 m 89.25 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.25 691.6 m 361.25 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.25 691.6 m 459.25 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.25 691.6 m 557.25 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.25 664.6 m 361.25 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.25 664.6 m 459.25 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.25 664.6 m 557.25 664.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 69.75 722.83 Td (AllianceBernstein L.P) Tj ET Q q 0 0 0 rg BT 150.96 722.83 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 69.75 709.00 Td (ASSETS UNDER MANAGEMENT | March 31, 2019) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 69.75 695.83 Td (\($ billions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 69.75 682.00 Td (Ending and ) Tj ET Q q 0 0 0 rg BT 120.91 682.00 Td (A) Tj ET Q q 0 0 0 rg BT 127.08 682.00 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.15 681.83 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.05 668.83 Td (3/31/19) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.60 668.83 Td (12/31/18) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 91.75 655.83 Td (Ending ) Tj ET Q q 0 0 0 rg BT 118.66 655.83 Td (Assets Under Management) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.25 655.83 Td ($554.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.25 655.83 Td ($516.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 91.75 642.83 Td (A) Tj ET Q q 0 0 0 rg BT 96.94 642.83 Td (verage ) Tj ET Q q 0 0 0 rg BT 123.18 642.83 Td (Assets Under Management) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.25 642.83 Td ($539.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.25 642.83 Td ($532.5) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67.25 616.6 m 81.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.25 616.6 m 280.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.25 616.6 m 346.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.25 616.6 m 350.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.25 616.6 m 416.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.25 616.6 m 420.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.25 616.6 m 487.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 616.6 m 491.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.25 616.6 m 557.25 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.25 581.6 m 280.25 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.25 581.6 m 346.25 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.25 581.6 m 350.25 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.25 581.6 m 416.25 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.25 581.6 m 420.25 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.25 581.6 m 487.25 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 581.6 m 491.25 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.25 581.6 m 557.25 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.25 581.6 m 346.25 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.25 581.6 m 350.25 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.25 581.6 m 416.25 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.25 581.6 m 420.25 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.25 581.6 m 487.25 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 581.6 m 491.25 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.25 581.6 m 557.25 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.25 529.6 m 346.25 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.25 529.6 m 416.25 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.25 529.6 m 487.25 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.25 529.6 m 557.25 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.25 490.6 m 346.25 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 280.25 477.6 m 346.25 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.25 490.6 m 416.25 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350.25 477.6 m 416.25 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.25 490.6 m 487.25 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.25 477.6 m 487.25 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.25 490.6 m 557.25 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.25 477.6 m 557.25 477.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 69.75 607.00 Td (Three-Month Changes By Distribution Channel) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.15 585.83 Td (Institutions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.85 585.83 Td (Retail) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.75 593.83 Td (Private W) Tj ET Q q 0 0 0 rg BT 462.13 593.83 Td (ealth) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.80 585.83 Td (Management) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.45 585.83 Td (T) Tj ET Q q 0 0 0 rg BT 518.74 585.83 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 83.75 572.83 Td (Beginning of Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.75 572.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.00 572.88 Td (246.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.75 572.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.00 572.88 Td (180.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.75 572.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.45 572.88 Td (89.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.75 572.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.00 572.88 Td (516.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 83.75 559.83 Td (Sales/New accounts) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 331.90 559.83 Td (3.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.45 559.88 Td (16.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.90 559.83 Td (3.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 538.45 559.88 Td (23.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 83.75 546.83 Td (Redemption/T) Tj ET Q q 0 0 0 rg BT 133.55 546.83 Td (erminations) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 329.25 546.88 Td (\(5.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 343.05 546.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.80 546.88 Td (\(10.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.05 546.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.25 546.88 Td (\(2.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 484.05 546.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.80 546.88 Td (\(18.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 554.05 546.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 83.75 533.83 Td (Net Cash Flows) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 329.25 533.88 Td (\(2.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 343.05 533.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.25 533.88 Td (\(1.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.05 533.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.90 533.83 Td (0.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.25 533.88 Td (\(3.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 554.05 533.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 83.75 520.83 Td (Net Flows) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.25 520.88 Td (\(4.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.05 520.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.90 520.83 Td (5.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.90 520.83 Td (0.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.90 520.83 Td (1.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 83.75 507.83 Td (T) Tj ET Q q 0 0 0 rg BT 88.49 507.83 Td (ransfers) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 331.90 507.83 Td (0.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 405.00 507.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.25 507.88 Td (\(0.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 484.05 507.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 546.00 507.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 83.75 494.83 Td (Investment Performance) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 327.45 494.88 Td (14.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.45 494.88 Td (15.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.90 494.83 Td (6.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 538.45 494.88 Td (37.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 83.75 481.83 Td (End of Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.75 481.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.00 481.88 Td (256.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.75 481.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.00 481.88 Td (201.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.75 481.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.45 481.88 Td (96.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.75 481.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.00 481.88 Td (554.7) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67.25 455.6 m 82.25 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 82.25 455.6 m 221.25 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.25 455.6 m 266.25 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.25 455.6 m 270.25 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.25 455.6 m 314.25 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 455.6 m 318.25 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.25 455.6 m 363.25 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.25 455.6 m 367.25 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.25 455.6 m 411.25 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.25 455.6 m 415.25 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 455.6 m 460.25 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.25 455.6 m 464.25 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.25 455.6 m 508.25 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.25 455.6 m 512.25 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 455.6 m 557.25 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 82.25 404.6 m 221.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.25 404.6 m 266.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.25 404.6 m 270.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.25 404.6 m 314.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 404.6 m 318.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.25 404.6 m 363.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.25 404.6 m 367.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.25 404.6 m 411.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.25 404.6 m 415.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 404.6 m 460.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.25 404.6 m 464.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.25 404.6 m 508.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.25 404.6 m 512.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 404.6 m 557.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 82.25 404.6 m 221.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.25 404.6 m 266.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.25 404.6 m 270.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.25 404.6 m 314.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.25 404.6 m 318.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.25 404.6 m 363.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.25 404.6 m 367.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.25 404.6 m 411.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.25 404.6 m 415.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 404.6 m 460.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.25 404.6 m 464.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.25 404.6 m 508.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.25 404.6 m 512.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 404.6 m 557.25 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.25 352.6 m 266.25 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.25 352.6 m 314.25 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.25 352.6 m 363.25 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.25 352.6 m 411.25 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 352.6 m 460.25 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.25 352.6 m 508.25 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 352.6 m 557.25 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.25 326.6 m 266.25 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 221.25 313.6 m 266.25 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.25 326.6 m 314.25 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.25 313.6 m 314.25 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.25 326.6 m 363.25 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 318.25 313.6 m 363.25 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.25 326.6 m 411.25 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 367.25 313.6 m 411.25 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 326.6 m 460.25 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 313.6 m 460.25 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.25 326.6 m 508.25 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 464.25 313.6 m 508.25 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 326.6 m 557.25 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512.25 313.6 m 557.25 313.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 69.75 446.00 Td (Three-Month Changes By Investment Service) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 231.00 416.83 Td (Equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 231.20 408.83 Td (Active) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 279.50 422.18 Td (Equity ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 276.80 414.18 Td (Passive ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 288.55 412.03 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.80 424.83 Td (Fixed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.20 416.83 Td (Income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.65 408.83 Td (T) Tj ET Q q 0 0 0 rg BT 330.24 408.83 Td (axable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.30 432.83 Td (Fixed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.70 424.83 Td (Income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 416.83 Td (T) Tj ET Q q 0 0 0 rg BT 385.39 416.83 Td (ax-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 408.83 Td (Exempt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.80 424.83 Td (Fixed ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.20 416.83 Td (Income ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.05 408.83 Td (Passive ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 450.08 412.64 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 408.83 Td (Other ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 494.31 412.64 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.95 408.83 Td (T) Tj ET Q q 0 0 0 rg BT 529.24 408.83 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 84.75 395.83 Td (Beginning of Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 223.75 395.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.00 395.88 Td (136.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 272.75 395.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.45 395.83 Td (50.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.75 395.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.00 395.88 Td (219.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.75 395.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.45 395.88 Td (41.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.75 395.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.90 395.83 Td (9.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.75 395.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.45 395.88 Td (59.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.75 395.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.00 395.88 Td (516.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 84.75 382.83 Td (Sales/New accounts) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 251.85 382.83 Td (7.9) Tj ET Q BT /F3 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0 0 rg BT 408.05 369.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.25 369.88 Td (\(0.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.05 369.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 491.25 369.88 Td (\(1.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 505.05 369.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.80 369.88 Td (\(18.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 554.05 369.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 84.75 356.83 Td (Net Cash Flows) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 249.25 356.88 Td (\(0.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 263.05 356.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 297.25 356.88 Td (\(0.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 311.05 356.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.25 356.88 Td (\(3.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 360.05 356.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.25 356.88 Td (\(0.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.05 356.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.25 356.88 Td (\(0.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.05 356.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 493.90 356.83 Td (1.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.25 356.88 Td (\(3.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 554.05 356.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 84.75 343.83 Td (Net Flows) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.85 343.83 Td (1.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.25 343.88 Td (\(0.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.05 343.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 343.88 Td (\(0.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.05 343.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.90 343.83 Td (0.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.25 343.88 Td (\(0.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.05 343.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.90 343.83 Td (1.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.90 343.83 Td (1.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 84.75 330.83 Td (Investment Performance) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 247.45 330.83 Td (17.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.90 330.88 Td (6.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.90 330.83 Td (8.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.90 330.83 Td (1.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.90 330.83 Td (0.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 493.90 330.83 Td (3.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 538.45 330.88 Td (37.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 84.75 317.83 Td (End of Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 223.75 317.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.00 317.88 Td (155.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 272.75 317.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.45 317.83 Td (55.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.75 317.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.00 317.88 Td (227.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.75 317.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.45 317.88 Td (43.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.75 317.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.90 317.83 Td (9.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.75 317.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.45 317.88 Td (63.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.75 317.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.00 317.88 Td (554.7) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 294 m 84 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 84 294 m 168 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168 294 m 228 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 294 m 232 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 294 m 292 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 294 m 296 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 294 m 356 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 294 m 382 294 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 84 248 m 168 248 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168 248 m 228 248 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 248 m 232 248 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 248 m 292 248 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 248 m 296 248 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 248 m 356 248 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 84 248 m 168 248 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168 203 m 228 203 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 203 m 292 203 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 203 m 356 203 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 168 188 m 228 188 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 232 188 m 292 188 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 296 188 m 356 188 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 70.50 284.40 Td (Three-Month Net Flows By Investment Service \(Active versus Passive\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 182.15 260.23 Td (Actively) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 180.15 252.23 Td (Managed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.25 260.23 Td (Passively ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 239.85 252.23 Td (Managed ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 276.74 256.04 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.20 252.23 Td (T) Tj ET Q q 0 0 0 rg BT 320.49 252.23 Td (otal) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 86.50 237.23 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 170.50 237.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 213.65 237.23 Td (1.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 234.50 237.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 275.00 237.28 Td (\(0.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 288.80 237.23 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.50 237.23 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.65 237.23 Td (0.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 86.50 222.23 Td (Fixed Income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 213.65 222.23 Td (0.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 275.00 222.28 Td (\(0.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 288.80 222.23 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 339.00 222.28 Td (\(0.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.80 222.23 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 86.50 207.23 Td (Other) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 106.51 211.04 Td ( \(2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 213.65 207.23 Td (1.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.65 207.28 Td (0.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.65 207.23 Td (1.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 86.50 192.23 Td (T) Tj ET Q q 0 0 0 rg BT 90.79 192.23 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 170.50 192.23 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.65 192.23 Td (2.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.50 192.23 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 275.00 192.28 Td (\(1.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.80 192.23 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.50 192.23 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.65 192.23 Td (1.1) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 67.50 170.72 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.85 166.90 Td ( Includes index and enhanced index services.) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 67.50 161.12 Td (\(2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.85 157.30 Td ( Includes certain multi-asset solutions and services and certain alternative investments.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68.75 125.20000000000005 m 82.75 125.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 82.75 125.20000000000005 m 275.75 125.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.75 125.20000000000005 m 339.75 125.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.75 125.20000000000005 m 343.75 125.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.75 125.20000000000005 m 407.75 125.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 125.20000000000005 m 411.75 125.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.75 125.20000000000005 m 476.75 125.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.75 125.20000000000005 m 480.75 125.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.75 125.20000000000005 m 555.75 125.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 82.75 98.20000000000005 m 275.75 98.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.75 98.20000000000005 m 339.75 98.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.75 98.20000000000005 m 343.75 98.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.75 98.20000000000005 m 407.75 98.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.75 98.20000000000005 m 411.75 98.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.75 98.20000000000005 m 476.75 98.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.75 98.20000000000005 m 480.75 98.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.75 98.20000000000005 m 555.75 98.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.75 72.20000000000005 m 339.75 72.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.75 59.200000000000045 m 339.75 59.200000000000045 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.75 72.20000000000005 m 407.75 72.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.75 59.200000000000045 m 407.75 59.200000000000045 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.75 72.20000000000005 m 476.75 72.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.75 59.200000000000045 m 476.75 59.200000000000045 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.75 72.20000000000005 m 555.75 72.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.75 59.200000000000045 m 555.75 59.200000000000045 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 71.25 115.60 Td (By Client Domicile) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 285.65 102.43 Td (Institutions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.35 102.43 Td (Retail) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.25 102.43 Td (Private W) Tj ET Q q 0 0 0 rg BT 452.63 102.43 Td (ealth) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.45 102.43 Td (T) Tj ET Q q 0 0 0 rg BT 512.74 102.43 Td (otal) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 85.25 89.43 Td (U.S. Clients) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 278.25 89.43 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 316.50 89.48 Td (157.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.25 89.43 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.50 89.48 Td (1) Tj ET Q q 0 0 0 rg BT 388.95 89.48 Td (14.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.25 89.43 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.95 89.48 Td (94.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.25 89.43 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.50 89.48 Td (365.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 85.25 76.43 Td (Non-U.S. Clients) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 320.95 76.48 Td (99.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 388.95 76.48 Td (87.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.40 76.43 Td (2.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.50 76.48 Td (189.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 85.25 63.43 Td (T) Tj ET Q q 0 0 0 rg BT 89.54 63.43 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.25 63.43 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.50 63.48 Td (256.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 63.43 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.50 63.48 Td (201.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.25 63.43 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.95 63.48 Td (96.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.25 63.43 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.50 63.48 Td (554.7) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.00 27.40 Td (www) Tj ET Q q 0 0 0 rg BT 80.00 27.40 Td (.alliancebernstein.com) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 523.85 27.40 Td (1) Tj ET Q q 0 0 0 rg BT 527.41 27.40 Td (1 of 13) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 227.75 701.5 m 274.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.75 701.5 m 278.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 278.75 701.5 m 325.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 325.75 701.5 m 329.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329.75 701.5 m 376.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.75 701.5 m 380.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.75 701.5 m 427.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.75 701.5 m 431.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.75 701.5 m 478.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478.75 701.5 m 482.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.75 701.5 m 529.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 227.75 701.5 m 274.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 227.75 684.5 m 274.75 684.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.75 701.5 m 278.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.75 684.5 m 278.75 684.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 278.75 701.5 m 325.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 278.75 684.5 m 325.75 684.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 325.75 701.5 m 329.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 325.75 684.5 m 329.75 684.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329.75 701.5 m 376.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329.75 684.5 m 376.75 684.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.75 701.5 m 380.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.75 684.5 m 380.75 684.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.75 701.5 m 427.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.75 684.5 m 427.75 684.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.75 701.5 m 431.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.75 684.5 m 431.75 684.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.75 701.5 m 478.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.75 684.5 m 478.75 684.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478.75 701.5 m 482.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478.75 684.5 m 482.75 684.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.75 701.5 m 529.75 701.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.75 684.5 m 529.75 684.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.75 487.5 m 274.75 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.75 487.5 m 278.75 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.75 487.5 m 325.75 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.75 487.5 m 376.75 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.75 487.5 m 427.75 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.75 487.5 m 478.75 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.75 487.5 m 529.75 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.75 487.5 m 274.75 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.75 471.5 m 274.75 471.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.75 469.5 m 274.75 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.75 487.5 m 278.75 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.75 471.5 m 278.75 471.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.75 469.5 m 278.75 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.75 487.5 m 325.75 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.75 471.5 m 325.75 471.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.75 469.5 m 325.75 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.75 487.5 m 376.75 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.75 471.5 m 376.75 471.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.75 469.5 m 376.75 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107.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.75 120.5 m 325.75 120.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.75 109.5 m 325.75 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.75 107.5 m 325.75 107.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.75 120.5 m 376.75 120.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.75 109.5 m 376.75 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.75 107.5 m 376.75 107.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.75 120.5 m 427.75 120.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.75 109.5 m 427.75 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.75 107.5 m 427.75 107.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.75 120.5 m 478.75 120.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.75 109.5 m 478.75 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.75 107.5 m 478.75 107.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 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J 0 j 3 M 329.75 46.5 m 376.75 46.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.75 44.5 m 376.75 44.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.75 63.5 m 427.75 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.75 46.5 m 427.75 46.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.75 44.5 m 427.75 44.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.75 63.5 m 478.75 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.75 46.5 m 478.75 46.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.75 44.5 m 478.75 44.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.75 63.5 m 529.75 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.75 46.5 m 529.75 46.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.75 44.5 m 529.75 44.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 93.25 740.18 Td (AB L.P) Tj ET Q q 0 0 0 rg BT 118.44 740.18 Td (.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 93.25 729.18 Td (RECONCILIA) Tj ET Q q 0 0 0 rg BT 142.43 729.18 Td (TION OF GAAP) Tj ET Q q 0 0 0 rg BT 200.07 729.18 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 93.25 721.18 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 136.21 721.18 Td ( RESUL) Tj ET Q q 0 0 0 rg BT 164.95 721.18 Td (TS T) Tj ET Q q 0 0 0 rg BT 182.14 721.18 Td (O ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 93.25 713.23 Td (ADJUSTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 181.55 713.23 Td ( RESUL) Tj ET Q q 0 0 0 rg BT 210.29 713.23 Td (TS) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.15 703.23 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 97.25 693.18 Td (US $ ) Tj ET Q q 0 0 0 rg BT 117.19 693.18 Td (Thousands,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 97.25 685.23 Td (unaudited) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 232.95 688.73 Td (3/31/2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.70 688.73 Td (12/31/2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.95 688.73 Td (9/30/2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.95 688.73 Td (6/30/2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.95 688.73 Td (3/31/2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.70 688.73 Td (12/31/2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 669.18 Td (Net Revenues, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 661.23 Td (GAAP) Tj ET Q q 0 0 0 rg BT 120.22 661.23 Td ( basis) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 230.25 664.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 238.10 664.73 Td (795,462) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.25 664.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 289.10 664.73 Td (804,660) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 664.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.15 664.78 Td (850,176) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.25 664.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.15 664.73 Td (844,738) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.25 664.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.15 664.73 Td (867,787) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.25 664.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.15 664.73 Td (919,141) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 106.25 651.03515625 m 136.93359375 651.03515625 l s q 0 0 0 rg BT 106.25 652.18 Td (Exclude:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 640.18 Td (Impact of adoption of revenue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 632.23 Td (recognition standard ) Tj ET Q q 0 0 0 rg BT 186.74 632.23 Td (ASC 606) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.10 635.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 310.10 635.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.05 635.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.05 635.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.55 635.73 Td (77,844) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.10 635.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 623.18 Td 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BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 604.23 Td (commissions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 244.35 606.73 Td (\(3,502) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 267.10 606.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.40 606.73 Td (\(3,981) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 318.10 606.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.40 606.73 Td (\(4,651) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.10 606.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.40 606.73 Td (\(6,1) Tj ET Q q 0 0 0 rg BT 411.19 606.73 Td (13) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.10 606.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.40 606.73 Td (\(6,598) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.10 606.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 499.40 606.73 Td (\(6,871) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 522.10 606.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 594.23 Td (Pass-through fees & expenses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 239.95 594.23 Td (\(12,481) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 267.10 594.23 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.40 594.23 Td (\(9,039) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 318.10 594.23 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.95 594.23 Td (\(10,084) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.10 594.23 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.95 594.23 Td (\(10,487) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.10 594.23 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.95 594.23 Td (\(10,609) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.10 594.23 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.95 594.23 Td (\(10,664) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 522.10 594.23 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 584.18 Td (Impact of consolidated) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 576.18 Td (company-sponsored) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 568.23 Td (investment funds) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 239.95 571.73 Td (\(10,959) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 267.10 571.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.75 571.73 Td (931) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.40 571.73 Td (\(1,543) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.10 571.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.40 571.73 Td (\(1,494) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.10 571.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.95 571.73 Td (\(36,037) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.10 571.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.95 571.73 Td (\(16,032) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 522.10 571.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 559.18 Td (Long-term incentive) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 551.18 Td (compensation-related) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 543.23 Td (investment losses \(gains\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 244.35 545.73 Td (\(4,496) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 267.10 545.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.05 545.78 Td (7,104) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.40 545.73 Td (\(1,253) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.10 545.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.05 545.78 Td (\(542) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.10 545.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.75 545.78 Td (209) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.05 545.78 Td (\(977) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 522.10 545.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 533.18 Td (Long-term incentive) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 525.18 Td (compensation-related) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 517.23 Td (dividends and interest) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 251.00 519.73 Td (\(147) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 267.10 519.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.40 519.73 Td (\(1,631) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 318.10 519.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.05 519.78 Td (\(130) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.10 519.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.05 519.78 Td (\(156) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.10 519.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.50 519.78 Td (\(93) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.10 519.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 499.40 519.73 Td (\(1,515) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 522.10 519.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 507.18 Td (Loss \(gain\) on sale of software) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 499.23 Td (technology) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.10 501.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.05 501.78 Td (2,733) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 349.05 501.78 Td (1,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.05 501.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.05 501.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.10 501.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 489.23 Td (Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.10 489.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 310.10 489.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.05 489.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.20 489.23 Td (47) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.05 489.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.10 489.23 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 479.18 Td (Adjusted Net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 471.23 Td (Revenues) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 230.25 474.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 238.10 474.73 Td (657,884) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.25 474.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 289.10 474.73 Td (696,418) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 474.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.15 474.78 Td (727,143) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.25 474.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.15 474.73 Td (719,692) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.25 474.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.15 474.73 Td (782,349) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.25 474.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.15 474.73 Td (772,565) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 453.18 Td (Operating Income, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 445.23 Td (GAAP) Tj ET Q q 0 0 0 rg BT 120.22 445.23 Td ( basis) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 230.25 447.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 238.10 447.73 Td (168,151) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.25 447.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 289.10 447.73 Td (199,359) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 447.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.15 447.78 Td (213,819) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.25 447.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.15 447.73 Td (189,464) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.25 447.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.15 447.73 Td (222,671) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.25 447.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.15 447.73 Td (283,035) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 106.25 434.03515625 m 136.93359375 434.03515625 l s q 0 0 0 rg BT 106.25 435.18 Td (Exclude:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.25 423.18 Td (Impact of adoption of revenue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.25 415.23 Td (recognition standard ) Tj ET Q q 0 0 0 rg BT 180.74 415.23 Td (ASC 606) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.10 417.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 310.10 417.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.05 417.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.05 417.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.55 417.73 Td (35,156) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.10 417.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.25 405.18 Td (Real estate charges \(credits\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.10 405.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.75 405.18 Td (670) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.05 405.23 Td (\(155) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.10 405.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.05 405.23 Td (6,909) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.05 405.23 Td (\(264) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.10 405.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 499.40 405.18 Td (\(2,732) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 522.10 405.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.25 393.18 Td (Long-term incentive) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.25 385.23 Td (compensation-related items) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 253.75 387.73 Td (357) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.75 387.73 Td (243) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 349.05 387.78 Td (1,820) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.75 387.78 Td (585) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.75 387.78 Td (417) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.05 387.78 Td (\(103) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 522.10 387.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 375.18 Td (CEO's EQH award) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 367.23 Td (compensation) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 253.75 370.73 Td (465) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 310.10 370.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.05 370.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.05 370.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.05 370.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.10 370.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.25 358.18 Td (Loss \(gain\) on sale of software) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.25 350.23 Td (technology) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.10 353.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.05 353.78 Td (2,733) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 349.05 353.78 Td (1,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.05 353.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.05 353.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.10 353.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.25 341.18 Td (Acquisition-related expenses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.10 341.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.05 341.23 Td (1,924) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.05 341.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.05 341.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.05 341.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.10 341.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.25 330.18 Td (Contingent payment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.25 322.23 Td (arrangements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.10 324.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.40 324.73 Td (\(2,429) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 318.10 324.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.05 324.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.05 324.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.05 324.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.10 324.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.25 312.23 Td (Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.10 312.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 310.10 312.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.05 312.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.20 312.23 Td (47) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.05 312.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.10 312.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.25 302.18 Td ( Sub-total of non-GAAP) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.25 294.23 Td (adjustments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 253.75 297.73 Td (822) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.05 297.78 Td (3,141) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 349.05 297.78 Td (2,665) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.05 297.78 Td (7,541) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.55 297.73 Td (35,309) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 499.40 297.73 Td (\(2,835) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 522.10 297.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.25 285.18 Td (Less: Net \(loss\) income of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.25 277.18 Td (consolidated entities attributable) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.25 269.23 Td (to non-controlling interests) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 242.60 271.73 Td (10,1) Tj ET Q q 0 0 0 rg BT 258.17 271.73 Td (16) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.40 271.73 Td (\(1,727) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 318.10 271.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.75 271.78 Td (726) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.75 271.78 Td (261) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.55 271.73 Td (22,650) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.05 271.78 Td (8,384) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 259.18 Td (Adjusted Operating ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 251.23 Td (Income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 230.25 253.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 238.10 253.73 Td (158,857) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.25 253.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 289.10 253.73 Td (204,227) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 253.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.15 253.78 Td (215,758) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.25 253.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.15 253.73 Td (196,744) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.25 253.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.15 253.73 Td (235,330) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.25 253.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.15 253.73 Td (271,816) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 237.18 Td (Operating Margin, GAAP) Tj ET Q q 0 0 0 rg BT 190.89 237.18 Td ( basis ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 229.23 Td (excl. non-controlling interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.50 231.73 Td (19.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.10 231.73 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 231.73 Td (25.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.10 231.73 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.50 231.78 Td (25.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.10 231.73 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.50 231.78 Td (22.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.10 231.73 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.50 231.78 Td (23.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.10 231.73 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 231.78 Td (29.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.10 231.73 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 215.23 Td (Adjusted Operating Margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.50 215.23 Td (24.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.10 215.23 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 215.23 Td (29.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.10 215.23 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.50 215.23 Td (29.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.10 215.23 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.50 215.23 Td (27.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.10 215.23 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.50 215.23 Td (30.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.10 215.23 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 215.23 Td (35.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.10 215.23 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 93.25 201.23 Td (AB Holding L.P) Tj ET Q q 0 0 0 rg BT 150.43 201.23 Td (.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 93.25 192.18 Td (RECONCILIA) Tj ET Q q 0 0 0 rg BT 142.43 192.18 Td (TION OF GAAP) Tj ET Q q 0 0 0 rg BT 200.07 192.18 Td ( EPU ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 93.25 184.23 Td (T) Tj ET Q q 0 0 0 rg BT 97.99 184.23 Td (O ) Tj ET Q q 0 0 0 rg BT 106.14 184.23 Td (ADJUSTED EPU) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.15 175.23 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 97.25 166.18 Td ($ ) Tj ET Q q 0 0 0 rg BT 103.85 166.18 Td (Thousands except per Unit) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 97.25 158.18 Td (amounts, unaudited) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 232.95 159.73 Td (3/31/2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.70 159.73 Td (12/31/2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.95 159.73 Td (9/30/2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.95 159.73 Td (6/30/2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.95 159.73 Td (3/31/2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.70 159.73 Td (12/31/2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 147.18 Td (Net Income - Diluted, GAAP) Tj ET Q q 0 0 0 rg BT 202.00 147.18 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 139.23 Td (basis) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 230.25 142.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.60 142.73 Td (46,465) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.25 142.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.60 142.73 Td (59,951) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 142.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.60 142.78 Td (66,017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.25 142.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.55 142.73 Td (58,572) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.25 142.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.55 142.73 Td (58,305) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.25 142.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.55 142.73 Td (78,802) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 97.25 130.18 Td (Impact on net income of ) Tj ET Q q 0 0 0 rg BT 184.63 130.18 Td (AB non-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 97.25 122.23 Td (GAAP) Tj ET Q q 0 0 0 rg BT 119.41 122.23 Td ( adjustments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 253.75 124.73 Td (462) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.05 124.78 Td (1,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.75 124.78 Td (919) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.05 124.78 Td (2,609) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.55 124.73 Td (12,271) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.05 124.78 Td (\(599) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 522.10 124.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 112.18 Td (Adjusted Net Income - Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 230.25 112.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.60 112.18 Td (46,927) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.25 112.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.60 112.18 Td (60,951) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 112.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.60 112.23 Td (66,936) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.25 112.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.55 112.18 Td (61,181) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.25 112.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.55 112.18 Td (70,576) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.25 112.18 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.55 112.18 Td (78,203) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 90.18 Td (Diluted Net Income per Holding ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 82.23 Td (Unit, GAAP) Tj ET Q q 0 0 0 rg BT 140.21 82.23 Td ( basis) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 230.25 85.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.50 85.73 Td (0.49) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.25 85.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 85.73 Td (0.63) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 85.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.50 85.78 Td (0.68) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.25 85.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.50 85.78 Td (0.59) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.25 85.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.50 85.78 Td (0.60) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.25 85.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 85.78 Td (0.84) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 97.25 73.18 Td (Impact of ) Tj ET Q q 0 0 0 rg BT 131.93 73.18 Td (AB non-GAAP) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 97.25 65.23 Td (adjustments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.10 67.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 302.50 67.73 Td (0.01) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.50 67.78 Td (0.01) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.50 67.78 Td (0.03) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.50 67.78 Td (0.13) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.10 67.78 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 55.18 Td (Adjusted Diluted Net Income per ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 97.25 47.23 Td (Holding Unit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 230.25 49.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.50 49.73 Td (0.49) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.25 49.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 49.73 Td (0.64) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 49.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.50 49.78 Td (0.69) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.25 49.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.50 49.78 Td (0.62) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.25 49.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.50 49.78 Td (0.73) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.25 49.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 49.78 Td (0.84) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.00 27.40 Td (www) Tj ET Q q 0 0 0 rg BT 80.00 27.40 Td (.alliancebernstein.com) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 523.30 27.40 Td (12 of 13) Tj ET Q BT /F1 10.00 Tf ET BT /F2 14.00 Tf ET q 0 0 0 rg BT 302.60 722.05 Td (AB ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.15 711.25 Td (Notes to Consolidated Statements of Income and Supplemental Information) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.20 700.45 Td (\(Unaudited\)) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 67.5 674.56552734375 m 179.1943359375 674.56552734375 l s q 0 0 0 rg BT 67.50 676.15 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 113.06 676.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 131.95 676.15 Td (Revenues) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 655.15 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 110.02 655.15 Td (net ) Tj ET Q q 0 0 0 rg BT 127.52 655.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 172.26 655.15 Td (of) Tj ET Q q 0 0 0 rg BT 180.42 655.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 200.14 655.15 Td (distribution-related ) Tj ET Q q 0 0 0 rg BT 286.01 655.15 Td (payments ) Tj ET Q q 0 0 0 rg BT 332.97 655.15 Td (to ) Tj ET Q q 0 0 0 rg BT 344.91 655.15 Td (third ) Tj ET Q q 0 0 0 rg BT 367.97 655.15 Td (parties ) Tj ET Q q 0 0 0 rg BT 401.59 655.15 Td (as ) Tj ET Q q 0 0 0 rg BT 415.75 655.15 Td (well ) Tj ET Q q 0 0 0 rg BT 436.58 655.15 Td (as ) Tj ET Q q 0 0 0 rg BT 450.75 655.15 Td (amortization ) Tj ET Q q 0 0 0 rg BT 508.82 655.15 Td (of ) Tj ET Q q 0 0 0 rg BT 520.76 655.15 Td (deferred ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 643.15 Td (sales ) Tj ET Q q 0 0 0 rg BT 95.40 643.15 Td (commissions ) Tj ET Q q 0 0 0 rg BT 157.74 643.15 Td (against ) Tj ET Q q 0 0 0 rg BT 194.53 643.15 Td (distribution ) Tj ET Q q 0 0 0 rg BT 247.45 643.15 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 295.91 643.15 Td (W) Tj ET Q q 0 0 0 rg BT 305.17 643.15 Td (e ) Tj ET Q q 0 0 0 rg BT 315.28 643.15 Td (believe ) Tj ET Q q 0 0 0 rg BT 351.53 643.15 Td (of) Tj ET Q q 0 0 0 rg BT 359.68 643.15 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 396.48 643.15 Td (net ) Tj ET Q q 0 0 0 rg BT 414.93 643.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 460.62 643.15 Td (by ) Tj ET Q q 0 0 0 rg BT 475.73 643.15 Td (distribution-related ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 631.15 Td (payments ) Tj ET Q q 0 0 0 rg BT 114.91 631.15 Td (is ) Tj ET Q q 0 0 0 rg BT 126.18 631.15 Td (useful ) Tj ET Q q 0 0 0 rg BT 156.92 631.15 Td (for ) Tj ET Q q 0 0 0 rg BT 172.65 631.15 Td (our ) Tj ET Q q 0 0 0 rg BT 191.15 631.15 Td (investors ) Tj ET Q q 0 0 0 rg BT 235.22 631.15 Td (and ) Tj ET Q q 0 0 0 rg BT 255.96 631.15 Td (other ) Tj ET Q q 0 0 0 rg BT 282.81 631.15 Td (users ) Tj ET Q q 0 0 0 rg BT 311.31 631.15 Td (of ) Tj ET Q q 0 0 0 rg BT 323.71 631.15 Td (our ) Tj ET Q q 0 0 0 rg BT 342.21 631.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 382.96 631.15 Td (statements ) Tj ET Q q 0 0 0 rg BT 435.92 631.15 Td (because ) Tj ET Q q 0 0 0 rg BT 477.78 631.15 Td (such ) Tj ET Q q 0 0 0 rg BT 502.96 631.15 Td (presentation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 619.15 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 127.92 619.15 Td (reflects ) Tj ET Q q 0 0 0 rg BT 162.76 619.15 Td (the ) Tj ET Q q 0 0 0 rg BT 179.27 619.15 Td (nature ) Tj ET Q q 0 0 0 rg BT 210.24 619.15 Td (of ) Tj ET Q q 0 0 0 rg BT 221.19 619.15 Td (these ) Tj ET Q q 0 0 0 rg BT 248.26 619.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 274.21 619.15 Td (as ) Tj ET Q q 0 0 0 rg BT 287.38 619.15 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 348.36 619.15 Td (payments ) Tj ET Q q 0 0 0 rg BT 394.33 619.15 Td (to ) Tj ET Q q 0 0 0 rg BT 405.28 619.15 Td (third ) Tj ET Q q 0 0 0 rg BT 427.34 619.15 Td (parties ) Tj ET Q q 0 0 0 rg BT 459.96 619.15 Td (who ) Tj ET Q q 0 0 0 rg BT 480.92 619.15 Td (perform ) Tj ET Q q 0 0 0 rg BT 517.98 619.15 Td (functions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 607.15 Td (on ) Tj ET Q q 0 0 0 rg BT 81.30 607.15 Td (behalf ) Tj ET Q q 0 0 0 rg BT 111.22 607.15 Td (of ) Tj ET Q q 0 0 0 rg BT 122.23 607.15 Td (our ) Tj ET Q q 0 0 0 rg BT 139.36 607.15 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 188.74 607.15 Td (mutual ) Tj ET Q q 0 0 0 rg BT 221.43 607.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 248.57 607.15 Td (and/or ) Tj ET Q q 0 0 0 rg BT 279.60 607.15 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 340.08 607.15 Td (of ) Tj ET Q q 0 0 0 rg BT 351.10 607.15 Td (these ) Tj ET Q q 0 0 0 rg BT 378.24 607.15 Td (funds. ) Tj ET Q q 0 0 0 rg BT 408.15 607.15 Td (W) Tj ET Q q 0 0 0 rg BT 417.41 607.15 Td (e ) Tj ET Q q 0 0 0 rg BT 425.65 607.15 Td (of) Tj ET Q q 0 0 0 rg BT 433.81 607.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 452.60 607.15 Td (amortization ) Tj ET Q q 0 0 0 rg BT 509.74 607.15 Td (of ) Tj ET Q q 0 0 0 rg BT 520.76 607.15 Td (deferred ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 595.15 Td (sales ) Tj ET Q q 0 0 0 rg BT 95.62 595.15 Td (commissions ) Tj ET Q q 0 0 0 rg BT 158.19 595.15 Td (against ) Tj ET Q q 0 0 0 rg BT 195.22 595.15 Td (net ) Tj ET Q q 0 0 0 rg BT 213.90 595.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 259.81 595.15 Td (because ) Tj ET Q q 0 0 0 rg BT 302.40 595.15 Td (such ) Tj ET Q q 0 0 0 rg BT 328.30 595.15 Td (costs, ) Tj ET Q q 0 0 0 rg BT 359.20 595.15 Td (over ) Tj ET Q q 0 0 0 rg BT 383.43 595.15 Td (time, ) Tj ET Q q 0 0 0 rg BT 409.88 595.15 Td (essentially ) Tj ET Q q 0 0 0 rg BT 461.35 595.15 Td (of) Tj ET Q q 0 0 0 rg BT 469.51 595.15 Td (fset ) Tj ET Q q 0 0 0 rg BT 490.41 595.15 Td (our ) Tj ET Q q 0 0 0 rg BT 509.64 595.15 Td (distribution ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 583.15 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 114.61 583.15 Td (W) Tj ET Q q 0 0 0 rg BT 123.87 583.15 Td (e ) Tj ET Q q 0 0 0 rg BT 132.63 583.15 Td (also ) Tj ET Q q 0 0 0 rg BT 154.17 583.15 Td (exclude ) Tj ET Q q 0 0 0 rg BT 191.83 583.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 237.84 583.15 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 299.41 583.15 Td (expenses ) Tj ET Q q 0 0 0 rg BT 345.41 583.15 Td (we ) Tj ET Q q 0 0 0 rg BT 361.39 583.15 Td (incur ) Tj ET Q q 0 0 0 rg BT 386.26 583.15 Td (\(primarily ) Tj ET Q q 0 0 0 rg BT 430.57 583.15 Td (through ) Tj ET Q q 0 0 0 rg BT 467.68 583.15 Td (our ) Tj ET Q q 0 0 0 rg BT 485.33 583.15 Td (transfer ) Tj ET Q q 0 0 0 rg BT 522.43 583.15 Td (agency\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 571.15 Td (that ) Tj ET Q q 0 0 0 rg BT 87.27 571.15 Td (are ) Tj ET Q q 0 0 0 rg BT 104.81 571.15 Td (reimbursed ) Tj ET Q q 0 0 0 rg BT 157.92 571.15 Td (and ) Tj ET Q q 0 0 0 rg BT 177.69 571.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 220.25 571.15 Td (as ) Tj ET Q q 0 0 0 rg BT 233.90 571.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 255.89 571.15 Td (in ) Tj ET Q q 0 0 0 rg BT 266.76 571.15 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 313.57 571.15 Td (These ) Tj ET Q q 0 0 0 rg BT 344.45 571.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 366.44 571.15 Td (do ) Tj ET Q q 0 0 0 rg BT 380.65 571.15 Td (not ) Tj ET Q q 0 0 0 rg BT 397.64 571.15 Td (af) Tj ET Q q 0 0 0 rg BT 405.80 571.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 425.01 571.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 469.79 571.15 Td (income, ) Tj ET Q q 0 0 0 rg BT 507.90 571.15 Td (but ) Tj ET Q q 0 0 0 rg BT 524.89 571.15 Td (they ) Tj ET Q q 0 0 0 rg BT 546.88 571.15 Td (do ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 559.15 Td (af) Tj ET Q q 0 0 0 rg BT 75.66 559.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 94.56 559.15 Td (our ) Tj ET Q q 0 0 0 rg BT 111.79 559.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 156.26 559.15 Td (margin. ) Tj ET Q q 0 0 0 rg BT 191.84 559.15 Td (As ) Tj ET Q q 0 0 0 rg BT 206.28 559.15 Td (such, ) Tj ET Q q 0 0 0 rg BT 232.96 559.15 Td (we ) Tj ET Q q 0 0 0 rg BT 248.53 559.15 Td (exclude ) Tj ET Q q 0 0 0 rg BT 285.77 559.15 Td (these ) Tj ET Q q 0 0 0 rg BT 313.01 559.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 334.69 559.15 Td (from ) Tj ET Q q 0 0 0 rg BT 357.47 559.15 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 398.06 559.15 Td (net ) Tj ET Q q 0 0 0 rg BT 414.74 559.15 Td (revenues.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 535.15 Td (W) Tj ET Q q 0 0 0 rg BT 76.76 535.15 Td (e ) Tj ET Q q 0 0 0 rg BT 85.10 535.15 Td (adjust ) Tj ET Q q 0 0 0 rg BT 114.56 535.15 Td (for ) Tj ET Q q 0 0 0 rg BT 129.01 535.15 Td (the ) Tj ET Q q 0 0 0 rg BT 145.69 535.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 184.60 535.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 216.84 535.15 Td (of ) Tj ET Q q 0 0 0 rg BT 227.95 535.15 Td (consolidating ) Tj ET Q q 0 0 0 rg BT 289.11 535.15 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 382.49 535.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 433.62 535.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 460.86 535.15 Td (by ) Tj ET Q q 0 0 0 rg BT 474.20 535.15 Td (eliminating ) Tj ET Q q 0 0 0 rg BT 524.79 535.15 Td (the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 523.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 126.43 523.15 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 219.81 523.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 270.95 523.15 Td (funds' ) Tj ET Q q 0 0 0 rg BT 300.10 523.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 344.01 523.15 Td (and ) Tj ET Q q 0 0 0 rg BT 363.48 523.15 Td (including ) Tj ET Q q 0 0 0 rg BT 405.18 523.15 Td (AB's ) Tj ET Q q 0 0 0 rg BT 428.20 523.15 Td (fees ) Tj ET Q q 0 0 0 rg BT 449.88 523.15 Td (from ) Tj ET Q q 0 0 0 rg BT 472.66 523.15 Td (such ) Tj ET Q q 0 0 0 rg BT 496.56 523.15 Td (consolidated) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 511.15 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 163.53 511.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 217.31 511.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 247.20 511.15 Td (and ) Tj ET Q q 0 0 0 rg BT 268.24 511.15 Td (AB's ) Tj ET Q q 0 0 0 rg BT 293.91 511.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 347.69 511.15 Td (gains ) Tj ET Q q 0 0 0 rg BT 377.03 511.15 Td (and ) Tj ET Q q 0 0 0 rg BT 399.14 511.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 432.91 511.15 Td (on ) Tj ET Q q 0 0 0 rg BT 449.46 511.15 Td (its ) Tj ET Q q 0 0 0 rg BT 464.89 511.15 Td (investments ) Tj ET Q q 0 0 0 rg BT 523.67 511.15 Td (in ) Tj ET Q q 0 0 0 rg BT 536.88 511.15 Td (such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 499.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 126.43 499.15 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 219.81 499.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 270.95 499.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 298.19 499.15 Td (that ) Tj ET Q q 0 0 0 rg BT 317.65 499.15 Td (were ) Tj ET Q q 0 0 0 rg BT 342.10 499.15 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 390.46 499.15 Td (in ) Tj ET Q q 0 0 0 rg BT 401.02 499.15 Td (consolidation.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 475.15 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 109.19 475.15 Td (net ) Tj ET Q q 0 0 0 rg BT 125.87 475.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 169.79 475.15 Td (exclude ) Tj ET Q q 0 0 0 rg BT 207.04 475.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 258.17 475.15 Td (gains ) Tj ET Q q 0 0 0 rg BT 284.85 475.15 Td (and ) Tj ET Q q 0 0 0 rg BT 304.32 475.15 Td (losses ) Tj ET Q q 0 0 0 rg BT 335.44 475.15 Td (and ) Tj ET Q q 0 0 0 rg BT 354.90 475.15 Td (dividends ) Tj ET Q q 0 0 0 rg BT 399.93 475.15 Td (and ) Tj ET Q q 0 0 0 rg BT 419.39 475.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 454.97 475.15 Td (on ) Tj ET Q q 0 0 0 rg BT 468.87 475.15 Td (employee ) Tj ET Q q 0 0 0 rg BT 515.00 475.15 Td (long-term) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 463.15 Td (incentive ) Tj ET Q q 0 0 0 rg BT 109.75 463.15 Td (compensation-related ) Tj ET Q q 0 0 0 rg BT 208.69 463.15 Td (investments. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 439.15 Td (On ) Tj ET Q q 0 0 0 rg BT 83.66 439.15 Td (January ) Tj ET Q q 0 0 0 rg BT 122.06 439.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 133.22 439.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 161.07 439.15 Td (we ) Tj ET Q q 0 0 0 rg BT 176.67 439.15 Td (recorded ) Tj ET Q q 0 0 0 rg BT 218.96 439.15 Td (a ) Tj ET Q q 0 0 0 rg BT 227.35 439.15 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 277.96 439.15 Td (ef) Tj ET Q q 0 0 0 rg BT 286.12 439.15 Td (fect ) Tj ET Q q 0 0 0 rg BT 305.06 439.15 Td (adjustment, ) Tj ET Q q 0 0 0 rg BT 359.58 439.15 Td (net ) Tj ET Q q 0 0 0 rg BT 376.30 439.15 Td (of ) Tj ET Q q 0 0 0 rg BT 387.46 439.15 Td (tax, ) Tj ET Q q 0 0 0 rg BT 406.40 439.15 Td (of ) Tj ET Q q 0 0 0 rg BT 417.57 439.15 Td ($35.0 ) Tj ET Q q 0 0 0 rg BT 445.41 439.15 Td (million ) Tj ET Q q 0 0 0 rg BT 476.57 439.15 Td (to ) Tj ET Q q 0 0 0 rg BT 487.74 439.15 Td (partners) Tj ET Q q 0 0 0 rg BT 526.27 439.15 Td ( ) Tj ET Q q 0 0 0 rg BT 529.09 439.15 Td (capital ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 427.15 Td (in ) Tj ET Q q 0 0 0 rg BT 77.53 427.15 Td (the ) Tj ET Q q 0 0 0 rg BT 93.68 427.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 152.08 427.15 Td (statement ) Tj ET Q q 0 0 0 rg BT 198.24 427.15 Td (of ) Tj ET Q q 0 0 0 rg BT 208.83 427.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 247.77 427.15 Td (condition. ) Tj ET Q q 0 0 0 rg BT 292.68 427.15 Td (This ) Tj ET Q q 0 0 0 rg BT 313.82 427.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 349.43 427.15 Td (represents ) Tj ET Q q 0 0 0 rg BT 398.92 427.15 Td (carried ) Tj ET Q q 0 0 0 rg BT 431.74 427.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 466.78 427.15 Td (distributions ) Tj ET Q q 0 0 0 rg BT 522.39 427.15 Td (of ) Tj ET Q q 0 0 0 rg BT 532.98 427.15 Td ($77.9 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 415.15 Td (million ) Tj ET Q q 0 0 0 rg BT 98.45 415.15 Td (previously ) Tj ET Q q 0 0 0 rg BT 146.08 415.15 Td (received, ) Tj ET Q q 0 0 0 rg BT 189.27 415.15 Td (net ) Tj ET Q q 0 0 0 rg BT 205.78 415.15 Td (of ) Tj ET Q q 0 0 0 rg BT 216.73 415.15 Td (revenue ) Tj ET Q q 0 0 0 rg BT 255.48 415.15 Td (sharing ) Tj ET Q q 0 0 0 rg BT 290.89 415.15 Td (payments ) Tj ET Q q 0 0 0 rg BT 336.86 415.15 Td (to ) Tj ET Q q 0 0 0 rg BT 347.81 415.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 398.77 415.15 Td (team ) Tj ET Q q 0 0 0 rg BT 423.62 415.15 Td (members ) Tj ET Q q 0 0 0 rg BT 467.90 415.15 Td (of ) Tj ET Q q 0 0 0 rg BT 478.85 415.15 Td ($42.7 ) Tj ET Q q 0 0 0 rg BT 506.49 415.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 540.22 415.15 Td (with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 403.15 Td (respect ) Tj ET Q q 0 0 0 rg BT 103.29 403.15 Td (to ) Tj ET Q q 0 0 0 rg BT 114.63 403.15 Td (which ) Tj ET Q q 0 0 0 rg BT 143.20 403.15 Td (it ) Tj ET Q q 0 0 0 rg BT 151.20 403.15 Td (is ) Tj ET Q q 0 0 0 rg BT 161.43 403.15 Td (probable ) Tj ET Q q 0 0 0 rg BT 203.35 403.15 Td (that ) Tj ET Q q 0 0 0 rg BT 223.03 403.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 270.50 403.15 Td (reversal ) Tj ET Q q 0 0 0 rg BT 309.06 403.15 Td (will ) Tj ET Q q 0 0 0 rg BT 325.95 403.15 Td (not ) Tj ET Q q 0 0 0 rg BT 342.85 403.15 Td (occur) Tj ET Q q 0 0 0 rg BT 366.76 403.15 Td (. ) Tj ET Q q 0 0 0 rg BT 372.34 403.15 Td (These ) Tj ET Q q 0 0 0 rg BT 403.13 403.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 444.49 403.15 Td (were ) Tj ET Q q 0 0 0 rg BT 469.17 403.15 Td (included ) Tj ET Q q 0 0 0 rg BT 509.42 403.15 Td (in ) Tj ET Q q 0 0 0 rg BT 520.20 403.15 Td (adjusted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 391.15 Td (net ) Tj ET Q q 0 0 0 rg BT 84.18 391.15 Td (revenues ) Tj ET Q q 0 0 0 rg BT 128.10 391.15 Td (and ) Tj ET Q q 0 0 0 rg BT 147.56 391.15 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 188.14 391.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 232.62 391.15 Td (income ) Tj ET Q q 0 0 0 rg BT 267.64 391.15 Td (in ) Tj ET Q q 0 0 0 rg BT 278.20 391.15 Td (the ) Tj ET Q q 0 0 0 rg BT 294.88 391.15 Td (first ) Tj ET Q q 0 0 0 rg BT 313.76 391.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 348.23 391.15 Td (of ) Tj ET Q q 0 0 0 rg BT 359.35 391.15 Td (2018. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 367.15 Td (Lastly) Tj ET Q q 0 0 0 rg BT 92.88 367.15 Td (, ) Tj ET Q q 0 0 0 rg BT 98.44 367.15 Td (during ) Tj ET Q q 0 0 0 rg BT 129.01 367.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 154.04 367.15 Td (we ) Tj ET Q q 0 0 0 rg BT 169.60 367.15 Td (excluded ) Tj ET Q q 0 0 0 rg BT 212.41 367.15 Td (a ) Tj ET Q q 0 0 0 rg BT 220.75 367.15 Td (realized ) Tj ET Q q 0 0 0 rg BT 258.54 367.15 Td (gain ) Tj ET Q q 0 0 0 rg BT 280.23 367.15 Td (of ) Tj ET Q q 0 0 0 rg BT 291.35 367.15 Td ($4.6 ) Tj ET Q q 0 0 0 rg BT 313.59 367.15 Td (million ) Tj ET Q q 0 0 0 rg BT 344.71 367.15 Td (on ) Tj ET Q q 0 0 0 rg BT 358.61 367.15 Td (the ) Tj ET Q q 0 0 0 rg BT 375.29 367.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 421.44 367.15 Td (of ) Tj ET Q q 0 0 0 rg BT 432.55 367.15 Td (software ) Tj ET Q q 0 0 0 rg BT 473.13 367.15 Td (technology ) Tj ET Q q 0 0 0 rg BT 524.27 367.15 Td (for ) Tj ET Q q 0 0 0 rg BT 538.72 367.15 Td (an) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 355.15 Td (ownership ) Tj ET Q q 0 0 0 rg BT 115.86 355.15 Td (stake ) Tj ET Q q 0 0 0 rg BT 142.54 355.15 Td (in ) Tj ET Q q 0 0 0 rg BT 153.10 355.15 Td (a ) Tj ET Q q 0 0 0 rg BT 161.44 355.15 Td (third ) Tj ET Q q 0 0 0 rg BT 183.67 355.15 Td (party ) Tj ET Q q 0 0 0 rg BT 208.68 355.15 Td (provider ) Tj ET Q q 0 0 0 rg BT 247.59 355.15 Td (of ) Tj ET Q q 0 0 0 rg BT 258.71 355.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 298.17 355.15 Td (market ) Tj ET Q q 0 0 0 rg BT 331.51 355.15 Td (data ) Tj ET Q q 0 0 0 rg BT 353.75 355.15 Td (and ) Tj ET Q q 0 0 0 rg BT 373.22 355.15 Td (trading ) Tj ET Q q 0 0 0 rg BT 406.57 355.15 Td (tools. ) Tj ET Q q 0 0 0 rg BT 433.25 355.15 Td (During ) Tj ET Q q 0 0 0 rg BT 465.49 355.15 Td (2018, ) Tj ET Q q 0 0 0 rg BT 493.29 355.15 Td (we ) Tj ET Q q 0 0 0 rg BT 508.85 355.15 Td (decreased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 343.15 Td (our ) Tj ET Q q 0 0 0 rg BT 84.73 343.15 Td (valuation ) Tj ET Q q 0 0 0 rg BT 127.54 343.15 Td (of ) Tj ET Q q 0 0 0 rg BT 138.66 343.15 Td (this ) Tj ET Q q 0 0 0 rg BT 157.00 343.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 208.13 343.15 Td (by ) Tj ET Q q 0 0 0 rg BT 221.47 343.15 Td ($3.7 ) Tj ET Q q 0 0 0 rg BT 243.71 343.15 Td (million.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 67.5 307.06552734375 m 198.0712890625 307.06552734375 l s q 0 0 0 rg BT 67.50 308.65 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 113.06 308.65 Td (Operating ) Tj ET Q q 0 0 0 rg BT 163.06 308.65 Td (Income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 287.65 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 109.15 287.65 Td (operating ) Tj ET Q q 0 0 0 rg BT 153.58 287.65 Td (income ) Tj ET Q q 0 0 0 rg BT 188.55 287.65 Td (represents ) Tj ET Q q 0 0 0 rg BT 238.53 287.65 Td (operating ) Tj ET Q q 0 0 0 rg BT 282.96 287.65 Td (income ) Tj ET Q q 0 0 0 rg BT 317.93 287.65 Td (on ) Tj ET Q q 0 0 0 rg BT 331.78 287.65 Td (a ) Tj ET Q q 0 0 0 rg BT 340.08 287.65 Td (US ) Tj ET Q q 0 0 0 rg BT 356.70 287.65 Td (GAAP) Tj ET Q q 0 0 0 rg BT 384.31 287.65 Td ( ) Tj ET Q q 0 0 0 rg BT 387.04 287.65 Td (basis ) Tj ET Q q 0 0 0 rg BT 413.12 287.65 Td (excluding ) Tj ET Q q 0 0 0 rg BT 458.10 287.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 473.06 287.65 Td (real ) Tj ET Q q 0 0 0 rg BT 492.46 287.65 Td (estate ) Tj ET Q q 0 0 0 rg BT 522.44 287.65 Td (charges ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 275.65 Td (\(credits\), ) Tj ET Q q 0 0 0 rg BT 110.10 275.65 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 126.03 275.65 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 210.90 275.65 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 260.19 275.65 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 276.12 275.65 Td (the ) Tj ET Q q 0 0 0 rg BT 293.73 275.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 326.90 275.65 Td (on ) Tj ET Q q 0 0 0 rg BT 341.73 275.65 Td (net ) Tj ET Q q 0 0 0 rg BT 359.34 275.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 404.18 275.65 Td (and ) Tj ET Q q 0 0 0 rg BT 424.58 275.65 Td (compensation ) Tj ET Q q 0 0 0 rg BT 490.55 275.65 Td (expense ) Tj ET Q q 0 0 0 rg BT 532.06 275.65 Td (of ) Tj ET Q q 0 0 0 rg BT 544.11 275.65 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 263.65 Td (investment ) Tj ET Q q 0 0 0 rg BT 117.98 263.65 Td (gains ) Tj ET Q q 0 0 0 rg BT 144.02 263.65 Td (and ) Tj ET Q q 0 0 0 rg BT 162.83 263.65 Td (losses ) Tj ET Q q 0 0 0 rg BT 193.30 263.65 Td (\(as ) Tj ET Q q 0 0 0 rg BT 209.32 263.65 Td (well ) Tj ET Q q 0 0 0 rg BT 228.68 263.65 Td (as ) Tj ET Q q 0 0 0 rg BT 241.37 263.65 Td (the ) Tj ET Q q 0 0 0 rg BT 257.40 263.65 Td (dividends ) Tj ET Q q 0 0 0 rg BT 301.78 263.65 Td (and ) Tj ET Q q 0 0 0 rg BT 320.59 263.65 Td (interest\) ) Tj ET Q q 0 0 0 rg BT 358.84 263.65 Td (associated ) Tj ET Q q 0 0 0 rg BT 408.78 263.65 Td (with ) Tj ET Q q 0 0 0 rg BT 428.69 263.65 Td (employee ) Tj ET Q q 0 0 0 rg BT 474.18 263.65 Td (long-term ) Tj ET Q q 0 0 0 rg BT 518.54 263.65 Td (incentive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 251.65 Td (compensation-related ) Tj ET Q q 0 0 0 rg BT 165.94 251.65 Td (investments, ) Tj ET Q q 0 0 0 rg BT 224.34 251.65 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 238.83 251.65 Td (our ) Tj ET Q q 0 0 0 rg BT 255.55 251.65 Td (CEO's ) Tj ET Q q 0 0 0 rg BT 286.39 251.65 Td (EQH ) Tj ET Q q 0 0 0 rg BT 310.33 251.65 Td (award ) Tj ET Q q 0 0 0 rg BT 339.84 251.65 Td (compensation, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 407.14 251.65 Td (as ) Tj ET Q q 0 0 0 rg BT 419.97 251.65 Td (discussed ) Tj ET Q q 0 0 0 rg BT 466.71 251.65 Td (below) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.84 251.65 Td (, ) Tj ET Q q 0 0 0 rg BT 497.88 251.65 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 512.37 251.65 Td (the ) Tj ET Q q 0 0 0 rg BT 528.54 251.65 Td (impact ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 239.65 Td (of ) Tj ET Q q 0 0 0 rg BT 78.12 239.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 136.56 239.65 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 229.45 239.65 Td (investment ) Tj ET Q q 0 0 0 rg BT 280.09 239.65 Td (funds, ) Tj ET Q q 0 0 0 rg BT 309.62 239.65 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 324.12 239.65 Td (the ) Tj ET Q q 0 0 0 rg BT 340.31 239.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 360.38 239.65 Td (\(gain\) ) Tj ET Q q 0 0 0 rg BT 388.23 239.65 Td (on ) Tj ET Q q 0 0 0 rg BT 401.64 239.65 Td (software ) Tj ET Q q 0 0 0 rg BT 441.71 239.65 Td (technology ) Tj ET Q q 0 0 0 rg BT 492.37 239.65 Td (investment, ) Tj ET Q q 0 0 0 rg BT 545.78 239.65 Td (\(7\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 227.65 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 125.75 227.65 Td (to ) Tj ET Q q 0 0 0 rg BT 138.42 227.65 Td (contingent ) Tj ET Q q 0 0 0 rg BT 188.90 227.65 Td (payment ) Tj ET Q q 0 0 0 rg BT 231.59 227.65 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 300.40 227.65 Td (and ) Tj ET Q q 0 0 0 rg BT 321.42 227.65 Td (\(8\) ) Tj ET Q q 0 0 0 rg BT 337.98 227.65 Td (the ) Tj ET Q q 0 0 0 rg BT 356.21 227.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 401.68 227.65 Td (and ) Tj ET Q q 0 0 0 rg BT 422.70 227.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 469.84 227.65 Td (associated ) Tj ET Q q 0 0 0 rg BT 521.98 227.65 Td (with ) Tj ET Q q 0 0 0 rg BT 544.10 227.65 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 215.65 Td (implementation ) Tj ET Q q 0 0 0 rg BT 138.09 215.65 Td (of ) Tj ET Q q 0 0 0 rg BT 148.66 215.65 Td (ASC ) Tj ET Q q 0 0 0 rg BT 172.00 215.65 Td (606 ) Tj ET Q q 0 0 0 rg BT 191.46 215.65 Td (discussed ) Tj ET Q q 0 0 0 rg BT 238.71 215.65 Td (above. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 191.65 Td (Real ) Tj ET Q q 0 0 0 rg BT 91.31 191.65 Td (estate ) Tj ET Q q 0 0 0 rg BT 121.79 191.65 Td (charges ) Tj ET Q q 0 0 0 rg BT 160.61 191.65 Td (\(credits\) ) Tj ET Q q 0 0 0 rg BT 199.97 191.65 Td (have ) Tj ET Q q 0 0 0 rg BT 224.89 191.65 Td (been ) Tj ET Q q 0 0 0 rg BT 250.38 191.65 Td (excluded ) Tj ET Q q 0 0 0 rg BT 293.65 191.65 Td (because ) Tj ET Q q 0 0 0 rg BT 334.70 191.65 Td (they ) Tj ET Q q 0 0 0 rg BT 356.85 191.65 Td (are ) Tj ET Q q 0 0 0 rg BT 374.54 191.65 Td (not ) Tj ET Q q 0 0 0 rg BT 391.68 191.65 Td (considered ) Tj ET Q q 0 0 0 rg BT 443.85 191.65 Td (part ) Tj ET Q q 0 0 0 rg BT 464.32 191.65 Td (of ) Tj ET Q q 0 0 0 rg BT 475.90 191.65 Td (our ) Tj ET Q q 0 0 0 rg BT 493.60 191.65 Td (core ) Tj ET Q q 0 0 0 rg BT 516.29 191.65 Td (operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 179.65 Td (results ) Tj ET Q q 0 0 0 rg BT 99.73 179.65 Td (when ) Tj ET Q q 0 0 0 rg BT 126.42 179.65 Td (comparing ) Tj ET Q q 0 0 0 rg BT 175.88 179.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 215.35 179.65 Td (results ) Tj ET Q q 0 0 0 rg BT 247.58 179.65 Td (from ) Tj ET Q q 0 0 0 rg BT 270.36 179.65 Td (period ) Tj ET Q q 0 0 0 rg BT 300.94 179.65 Td (to ) Tj ET Q q 0 0 0 rg BT 312.06 179.65 Td (period ) Tj ET Q q 0 0 0 rg BT 342.63 179.65 Td (and ) Tj ET Q q 0 0 0 rg BT 362.09 179.65 Td (to ) Tj ET Q q 0 0 0 rg BT 373.21 179.65 Td (industry ) Tj ET Q q 0 0 0 rg BT 411.01 179.65 Td (peers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 155.65 Td (Acquisition-related ) Tj ET Q q 0 0 0 rg BT 153.07 155.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 199.19 155.65 Td (have ) Tj ET Q q 0 0 0 rg BT 224.18 155.65 Td (been ) Tj ET Q q 0 0 0 rg BT 249.73 155.65 Td (excluded ) Tj ET Q q 0 0 0 rg BT 293.07 155.65 Td (because ) Tj ET Q q 0 0 0 rg BT 334.19 155.65 Td (they ) Tj ET Q q 0 0 0 rg BT 356.40 155.65 Td (are ) Tj ET Q q 0 0 0 rg BT 374.16 155.65 Td (not ) Tj ET Q q 0 0 0 rg BT 391.37 155.65 Td (considered ) Tj ET Q q 0 0 0 rg BT 443.59 155.65 Td (part ) Tj ET Q q 0 0 0 rg BT 464.13 155.65 Td (of ) Tj ET Q q 0 0 0 rg BT 475.78 155.65 Td (our ) Tj ET Q q 0 0 0 rg BT 493.54 155.65 Td (core ) Tj ET Q q 0 0 0 rg BT 516.30 155.65 Td (operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 143.65 Td (results ) Tj ET Q q 0 0 0 rg BT 99.73 143.65 Td (when ) Tj ET Q q 0 0 0 rg BT 126.42 143.65 Td (comparing ) Tj ET Q q 0 0 0 rg BT 175.88 143.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 215.35 143.65 Td (results ) Tj ET Q q 0 0 0 rg BT 247.58 143.65 Td (from ) Tj ET Q q 0 0 0 rg BT 270.36 143.65 Td (period ) Tj ET Q q 0 0 0 rg BT 300.94 143.65 Td (to ) Tj ET Q q 0 0 0 rg BT 312.06 143.65 Td (period ) Tj ET Q q 0 0 0 rg BT 342.63 143.65 Td (and ) Tj ET Q q 0 0 0 rg BT 362.09 143.65 Td (to ) Tj ET Q q 0 0 0 rg BT 373.21 143.65 Td (industry ) Tj ET Q q 0 0 0 rg BT 411.01 143.65 Td (peers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 119.65 Td (Prior ) Tj ET Q q 0 0 0 rg BT 90.47 119.65 Td (to ) Tj ET Q q 0 0 0 rg BT 100.67 119.65 Td (2009, ) Tj ET Q q 0 0 0 rg BT 127.55 119.65 Td (a ) Tj ET Q q 0 0 0 rg BT 134.96 119.65 Td (significant ) Tj ET Q q 0 0 0 rg BT 181.29 119.65 Td (portion ) Tj ET Q q 0 0 0 rg BT 213.72 119.65 Td (of ) Tj ET Q q 0 0 0 rg BT 223.91 119.65 Td (employee ) Tj ET Q q 0 0 0 rg BT 269.13 119.65 Td (compensation ) Tj ET Q q 0 0 0 rg BT 333.25 119.65 Td (was ) Tj ET Q q 0 0 0 rg BT 352.89 119.65 Td (in ) Tj ET Q q 0 0 0 rg BT 362.52 119.65 Td (the ) Tj ET Q q 0 0 0 rg BT 378.28 119.65 Td (form ) Tj ET Q q 0 0 0 rg BT 400.14 119.65 Td (of ) Tj ET Q q 0 0 0 rg BT 410.33 119.65 Td (long-term ) Tj ET Q q 0 0 0 rg BT 454.43 119.65 Td (incentive ) Tj ET Q q 0 0 0 rg BT 495.75 119.65 Td (compensation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 107.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 102.23 107.65 Td (that ) Tj ET Q q 0 0 0 rg BT 121.41 107.65 Td (were ) Tj ET Q q 0 0 0 rg BT 145.57 107.65 Td (notionally ) Tj ET Q q 0 0 0 rg BT 190.32 107.65 Td (invested ) Tj ET Q q 0 0 0 rg BT 230.06 107.65 Td (in ) Tj ET Q q 0 0 0 rg BT 239.84 107.65 Td (AB ) Tj ET Q q 0 0 0 rg BT 255.68 107.65 Td (investment ) Tj ET Q q 0 0 0 rg BT 306.53 107.65 Td (services ) Tj ET Q q 0 0 0 rg BT 345.70 107.65 Td (and ) Tj ET Q q 0 0 0 rg BT 364.88 107.65 Td (generally ) Tj ET Q q 0 0 0 rg BT 407.95 107.65 Td (vested ) Tj ET Q q 0 0 0 rg BT 439.91 107.65 Td (over ) Tj ET Q q 0 0 0 rg BT 461.86 107.65 Td (a ) Tj ET Q q 0 0 0 rg BT 469.91 107.65 Td (period ) Tj ET Q q 0 0 0 rg BT 500.21 107.65 Td (of ) Tj ET Q q 0 0 0 rg BT 511.04 107.65 Td (four ) Tj ET Q q 0 0 0 rg BT 530.77 107.65 Td (years. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 95.65 Td (AB ) Tj ET Q q 0 0 0 rg BT 83.91 95.65 Td (economically ) Tj ET Q q 0 0 0 rg BT 144.79 95.65 Td (hedged ) Tj ET Q q 0 0 0 rg BT 181.23 95.65 Td (the ) Tj ET Q q 0 0 0 rg BT 198.20 95.65 Td (exposure ) Tj ET Q q 0 0 0 rg BT 242.41 95.65 Td (to ) Tj ET Q q 0 0 0 rg BT 253.83 95.65 Td (market ) Tj ET Q q 0 0 0 rg BT 287.46 95.65 Td (movements ) Tj ET Q q 0 0 0 rg BT 342.22 95.65 Td (by ) Tj ET Q q 0 0 0 rg BT 355.85 95.65 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 407.85 95.65 Td (and ) Tj ET Q q 0 0 0 rg BT 427.60 95.65 Td (holding ) Tj ET Q q 0 0 0 rg BT 462.93 95.65 Td (these ) Tj ET Q q 0 0 0 rg BT 490.46 95.65 Td (investments ) Tj ET Q q 0 0 0 rg BT 546.89 95.65 Td (on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 83.65 Td (its ) Tj ET Q q 0 0 0 rg BT 79.73 83.65 Td (balance ) Tj ET Q q 0 0 0 rg BT 116.98 83.65 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 146.01 83.65 Td (All ) Tj ET Q q 0 0 0 rg BT 159.35 83.65 Td (such ) Tj ET Q q 0 0 0 rg BT 182.70 83.65 Td (investments ) Tj ET Q q 0 0 0 rg BT 238.28 83.65 Td (had ) Tj ET Q q 0 0 0 rg BT 257.20 83.65 Td (vested ) Tj ET Q q 0 0 0 rg BT 288.89 83.65 Td (as ) Tj ET Q q 0 0 0 rg BT 301.68 83.65 Td (of ) Tj ET Q q 0 0 0 rg BT 312.24 83.65 Td (year-end ) Tj ET Q q 0 0 0 rg BT 353.94 83.65 Td (2012 ) Tj ET Q q 0 0 0 rg BT 378.41 83.65 Td (and ) Tj ET Q q 0 0 0 rg BT 397.32 83.65 Td (the ) Tj ET Q q 0 0 0 rg BT 413.45 83.65 Td (investments ) Tj ET Q q 0 0 0 rg BT 469.04 83.65 Td (have ) Tj ET Q q 0 0 0 rg BT 492.95 83.65 Td (been ) Tj ET Q q 0 0 0 rg BT 517.42 83.65 Td (delivered ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 71.65 Td (to ) Tj ET Q q 0 0 0 rg BT 77.97 71.65 Td (the ) Tj ET Q q 0 0 0 rg BT 94.01 71.65 Td (participants, ) Tj ET Q q 0 0 0 rg BT 150.06 71.65 Td (except ) Tj ET Q q 0 0 0 rg BT 181.66 71.65 Td (for ) Tj ET Q q 0 0 0 rg BT 195.46 71.65 Td (those ) Tj ET Q q 0 0 0 rg BT 222.06 71.65 Td (investments ) Tj ET Q q 0 0 0 rg BT 277.54 71.65 Td (with ) Tj ET Q q 0 0 0 rg BT 297.46 71.65 Td (respect ) Tj ET Q q 0 0 0 rg BT 332.39 71.65 Td (to ) Tj ET Q q 0 0 0 rg BT 342.86 71.65 Td (which ) Tj ET Q q 0 0 0 rg BT 370.56 71.65 Td (the ) Tj ET Q q 0 0 0 rg BT 386.60 71.65 Td (participant ) Tj ET Q q 0 0 0 rg BT 434.87 71.65 Td (elected ) Tj ET Q q 0 0 0 rg BT 469.25 71.65 Td (a ) Tj ET Q q 0 0 0 rg BT 476.94 71.65 Td (long-term ) Tj ET Q q 0 0 0 rg BT 521.31 71.65 Td (deferral. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 59.65 Td (Fluctuation ) Tj ET Q q 0 0 0 rg BT 120.36 59.65 Td (in ) Tj ET Q q 0 0 0 rg BT 132.08 59.65 Td (the ) Tj ET Q q 0 0 0 rg BT 149.92 59.65 Td (value ) Tj ET Q q 0 0 0 rg BT 177.76 59.65 Td (of ) Tj ET Q q 0 0 0 rg BT 190.04 59.65 Td (these ) Tj ET Q q 0 0 0 rg BT 218.45 59.65 Td (investments ) Tj ET Q q 0 0 0 rg BT 275.74 59.65 Td (is ) Tj ET Q q 0 0 0 rg BT 286.90 59.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 330.31 59.65 Td (within ) Tj ET Q q 0 0 0 rg BT 359.81 59.65 Td (investment ) Tj ET Q q 0 0 0 rg BT 412.11 59.65 Td (gains ) Tj ET Q q 0 0 0 rg BT 439.95 59.65 Td (and ) Tj ET Q q 0 0 0 rg BT 460.58 59.65 Td (losses ) Tj ET Q q 0 0 0 rg BT 492.86 59.65 Td (on ) Tj ET Q q 0 0 0 rg BT 507.92 59.65 Td (the ) Tj ET Q q 0 0 0 rg BT 525.77 59.65 Td (income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 47.65 Td (statement ) Tj ET Q q 0 0 0 rg BT 113.18 47.65 Td (and ) Tj ET Q q 0 0 0 rg BT 131.63 47.65 Td (also ) Tj ET Q q 0 0 0 rg BT 151.74 47.65 Td (impacts ) Tj ET Q q 0 0 0 rg BT 187.96 47.65 Td (compensation ) Tj ET Q q 0 0 0 rg BT 251.99 47.65 Td (expense. ) Tj ET Q q 0 0 0 rg BT 294.35 47.65 Td (Management ) Tj ET Q q 0 0 0 rg BT 354.48 47.65 Td (believes ) Tj ET Q q 0 0 0 rg BT 392.94 47.65 Td (it ) Tj ET Q q 0 0 0 rg BT 399.71 47.65 Td (is ) Tj ET Q q 0 0 0 rg BT 408.70 47.65 Td (useful ) Tj ET Q q 0 0 0 rg BT 437.15 47.65 Td (to ) Tj ET Q q 0 0 0 rg BT 447.26 47.65 Td (reflect ) Tj ET Q q 0 0 0 rg BT 476.25 47.65 Td (the ) Tj ET Q q 0 0 0 rg BT 491.92 47.65 Td (of) Tj ET Q q 0 0 0 rg BT 500.08 47.65 Td (fset ) Tj ET Q q 0 0 0 rg BT 517.97 47.65 Td (achieved ) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.00 27.40 Td (www) Tj ET Q q 0 0 0 rg BT 80.00 27.40 Td (.alliancebernstein.com) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 523.30 27.40 Td (13 of 13) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 741.75 Td (from ) Tj ET Q q 0 0 0 rg BT 90.97 741.75 Td (economically ) Tj ET Q q 0 0 0 rg BT 152.24 741.75 Td (hedging ) Tj ET Q q 0 0 0 rg BT 191.30 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 208.67 741.75 Td (market ) Tj ET Q q 0 0 0 rg BT 242.70 741.75 Td (exposure ) Tj ET Q q 0 0 0 rg BT 287.31 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 299.12 741.75 Td (these ) Tj ET Q q 0 0 0 rg BT 327.05 741.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 383.87 741.75 Td (in ) Tj ET Q q 0 0 0 rg BT 395.12 741.75 Td (the ) Tj ET Q q 0 0 0 rg BT 412.49 741.75 Td (calculation ) Tj ET Q q 0 0 0 rg BT 463.21 741.75 Td (of ) Tj ET Q q 0 0 0 rg BT 475.02 741.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 516.30 741.75 Td (operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 729.75 Td (income ) Tj ET Q q 0 0 0 rg BT 102.67 729.75 Td (and ) Tj ET Q q 0 0 0 rg BT 122.30 729.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 163.04 729.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 207.68 729.75 Td (margin. ) Tj ET Q q 0 0 0 rg BT 243.77 729.75 Td (The ) Tj ET Q q 0 0 0 rg BT 263.94 729.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 311.57 729.75 Td ( ) Tj ET Q q 0 0 0 rg BT 314.50 729.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 361.35 729.75 Td (exclude ) Tj ET Q q 0 0 0 rg BT 398.76 729.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 425.60 729.75 Td (and ) Tj ET Q q 0 0 0 rg BT 445.22 729.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 476.51 729.75 Td (and ) Tj ET Q q 0 0 0 rg BT 496.13 729.75 Td (dividends ) Tj ET Q q 0 0 0 rg BT 541.32 729.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 717.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 107.54 717.75 Td (on ) Tj ET Q q 0 0 0 rg BT 125.91 717.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 176.52 717.75 Td (longterm ) Tj ET Q q 0 0 0 rg BT 222.67 717.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 269.38 717.75 Td (compensation-related ) Tj ET Q q 0 0 0 rg BT 372.80 717.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 433.40 717.75 Td (included ) Tj ET Q q 0 0 0 rg BT 477.90 717.75 Td (in ) Tj ET Q q 0 0 0 rg BT 492.93 717.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 541.31 717.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 705.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 132.54 705.75 Td (expense.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 681.75 Td (The ) Tj ET Q q 0 0 0 rg BT 87.18 681.75 Td (board ) Tj ET Q q 0 0 0 rg BT 115.21 681.75 Td (of ) Tj ET Q q 0 0 0 rg BT 126.00 681.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 166.80 681.75 Td (of ) Tj ET Q q 0 0 0 rg BT 177.59 681.75 Td (EQH ) Tj ET Q q 0 0 0 rg BT 201.71 681.75 Td (granted ) Tj ET Q q 0 0 0 rg BT 238.08 681.75 Td (to ) Tj ET Q q 0 0 0 rg BT 248.87 681.75 Td (Seth ) Tj ET Q q 0 0 0 rg BT 271.89 681.75 Td (P) Tj ET Q q 0 0 0 rg BT 277.27 681.75 Td (. ) Tj ET Q q 0 0 0 rg BT 282.50 681.75 Td (Bernstein ) Tj ET Q q 0 0 0 rg BT 327.20 681.75 Td (\(CEO\) ) Tj ET Q q 0 0 0 rg BT 364.64 681.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 393.77 681.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 428.46 681.75 Td (in ) Tj ET Q q 0 0 0 rg BT 438.70 681.75 Td (connection ) Tj ET Q q 0 0 0 rg BT 489.52 681.75 Td (with ) Tj ET Q q 0 0 0 rg BT 509.75 681.75 Td (EQH's ) Tj ET Q q 0 0 0 rg BT 540.78 681.75 Td (IPO ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 669.75 Td (and ) Tj ET Q q 0 0 0 rg BT 87.99 669.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 99.10 669.75 Td (. ) Tj ET Q q 0 0 0 rg BT 105.69 669.75 Td (Bernstein's ) Tj ET Q q 0 0 0 rg BT 158.65 669.75 Td (membership ) Tj ET Q q 0 0 0 rg BT 217.48 669.75 Td (on ) Tj ET Q q 0 0 0 rg BT 232.41 669.75 Td (the ) Tj ET Q q 0 0 0 rg BT 250.12 669.75 Td (EQH ) Tj ET Q q 0 0 0 rg BT 275.60 669.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 337.77 669.75 Td (Committee. ) Tj ET Q q 0 0 0 rg BT 392.71 669.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 403.81 669.75 Td (. ) Tj ET Q q 0 0 0 rg BT 410.40 669.75 Td (Bernstein ) Tj ET Q q 0 0 0 rg BT 456.45 669.75 Td (may ) Tj ET Q q 0 0 0 rg BT 479.15 669.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 515.20 669.75 Td (additional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 657.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 97.01 657.75 Td (or ) Tj ET Q q 0 0 0 rg BT 108.73 657.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 132.68 657.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 197.77 657.75 Td (from ) Tj ET Q q 0 0 0 rg BT 220.60 657.75 Td (EQH ) Tj ET Q q 0 0 0 rg BT 245.09 657.75 Td (in ) Tj ET Q q 0 0 0 rg BT 255.70 657.75 Td (the ) Tj ET Q q 0 0 0 rg BT 272.43 657.75 Td (future ) Tj ET Q q 0 0 0 rg BT 300.83 657.75 Td (related ) Tj ET Q q 0 0 0 rg BT 334.23 657.75 Td (to ) Tj ET Q q 0 0 0 rg BT 345.40 657.75 Td (his ) Tj ET Q q 0 0 0 rg BT 361.01 657.75 Td (service ) Tj ET Q q 0 0 0 rg BT 395.51 657.75 Td (on ) Tj ET Q q 0 0 0 rg BT 409.46 657.75 Td (the ) Tj ET Q q 0 0 0 rg BT 426.19 657.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 487.39 657.75 Td (Committee. ) Tj ET Q q 0 0 0 rg BT 540.78 657.75 Td (Any ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 645.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 101.75 645.75 Td (granted ) Tj ET Q q 0 0 0 rg BT 137.69 645.75 Td (to ) Tj ET Q q 0 0 0 rg BT 148.04 645.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 159.15 645.75 Td (. ) Tj ET Q q 0 0 0 rg BT 163.95 645.75 Td (Bernstein ) Tj ET Q q 0 0 0 rg BT 208.21 645.75 Td (by ) Tj ET Q q 0 0 0 rg BT 220.79 645.75 Td (EQH ) Tj ET Q q 0 0 0 rg BT 244.48 645.75 Td (are ) Tj ET Q q 0 0 0 rg BT 260.95 645.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 302.43 645.75 Td (as ) Tj ET Q q 0 0 0 rg BT 315.01 645.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 379.29 645.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 419.11 645.75 Td (in ) Tj ET Q q 0 0 0 rg BT 428.51 645.75 Td (AB) Tj ET Q q 0 0 0 rg BT 443.89 645.75 Td (s ) Tj ET Q q 0 0 0 rg BT 450.91 645.75 Td (condensed ) Tj ET Q q 0 0 0 rg BT 501.86 645.75 Td (consolidated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 633.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 113.46 633.75 Td (of ) Tj ET Q q 0 0 0 rg BT 123.85 633.75 Td (income. ) Tj ET Q q 0 0 0 rg BT 160.78 633.75 Td (The ) Tj ET Q q 0 0 0 rg BT 180.06 633.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 244.37 633.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 284.22 633.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 334.08 633.75 Td (with ) Tj ET Q q 0 0 0 rg BT 353.91 633.75 Td (these ) Tj ET Q q 0 0 0 rg BT 380.42 633.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 414.71 633.75 Td (has ) Tj ET Q q 0 0 0 rg BT 432.88 633.75 Td (been ) Tj ET Q q 0 0 0 rg BT 457.17 633.75 Td (excluded ) Tj ET Q q 0 0 0 rg BT 499.25 633.75 Td (because ) Tj ET Q q 0 0 0 rg BT 539.10 633.75 Td (they ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 621.75 Td (are ) Tj ET Q q 0 0 0 rg BT 84.73 621.75 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 128.65 621.75 Td (and ) Tj ET Q q 0 0 0 rg BT 148.11 621.75 Td (are ) Tj ET Q q 0 0 0 rg BT 165.34 621.75 Td (based ) Tj ET Q q 0 0 0 rg BT 195.37 621.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 220.39 621.75 Td (EQH's, ) Tj ET Q q 0 0 0 rg BT 254.53 621.75 Td (and ) Tj ET Q q 0 0 0 rg BT 273.99 621.75 Td (not ) Tj ET Q q 0 0 0 rg BT 290.12 621.75 Td (AB's, ) Tj ET Q q 0 0 0 rg BT 315.92 621.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 355.39 621.75 Td (performance.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 601.75 Td (W) Tj ET Q q 0 0 0 rg BT 76.76 601.75 Td (e ) Tj ET Q q 0 0 0 rg BT 85.10 601.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 125.68 601.75 Td (for ) Tj ET Q q 0 0 0 rg BT 140.13 601.75 Td (the ) Tj ET Q q 0 0 0 rg BT 156.81 601.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 201.29 601.75 Td (income ) Tj ET Q q 0 0 0 rg BT 236.30 601.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 268.54 601.75 Td (of ) Tj ET Q q 0 0 0 rg BT 279.65 601.75 Td (consolidating ) Tj ET Q q 0 0 0 rg BT 340.81 601.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 373.60 601.75 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 466.98 601.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 518.12 601.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 545.36 601.75 Td (by) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 589.75 Td (eliminating ) Tj ET Q q 0 0 0 rg BT 118.77 589.75 Td (the ) Tj ET Q q 0 0 0 rg BT 136.15 589.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 195.77 589.75 Td (company-sponsored ) Tj ET Q q 0 0 0 rg BT 289.85 589.75 Td (funds' ) Tj ET Q q 0 0 0 rg BT 319.69 589.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 364.30 589.75 Td (and ) Tj ET Q q 0 0 0 rg BT 384.46 589.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 430.74 589.75 Td (and ) Tj ET Q q 0 0 0 rg BT 450.89 589.75 Td (including ) Tj ET Q q 0 0 0 rg BT 493.15 589.75 Td (AB's ) Tj ET Q q 0 0 0 rg BT 516.87 589.75 Td (revenues ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 577.75 Td (and ) Tj ET Q q 0 0 0 rg BT 87.61 577.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 133.85 577.75 Td (that ) Tj ET Q q 0 0 0 rg BT 153.96 577.75 Td (were ) Tj ET Q q 0 0 0 rg BT 179.07 577.75 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 228.08 577.75 Td (in ) Tj ET Q q 0 0 0 rg BT 239.29 577.75 Td (consolidation. ) Tj ET Q q 0 0 0 rg BT 303.87 577.75 Td (W) Tj ET Q q 0 0 0 rg BT 313.13 577.75 Td (e ) Tj ET Q q 0 0 0 rg BT 322.12 577.75 Td (also ) Tj ET Q q 0 0 0 rg BT 343.89 577.75 Td (excluded ) Tj ET Q q 0 0 0 rg BT 387.35 577.75 Td (the ) Tj ET Q q 0 0 0 rg BT 404.68 577.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 437.01 577.75 Td (partner ) Tj ET Q q 0 0 0 rg BT 472.13 577.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 513.35 577.75 Td (we ) Tj ET Q q 0 0 0 rg BT 529.56 577.75 Td (do ) Tj ET Q q 0 0 0 rg BT 544.11 577.75 Td (not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 565.75 Td (own.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 541.75 Td (Gains ) Tj ET Q q 0 0 0 rg BT 95.89 541.75 Td (and ) Tj ET Q q 0 0 0 rg BT 114.85 541.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 145.46 541.75 Td (on ) Tj ET Q q 0 0 0 rg BT 158.85 541.75 Td (the ) Tj ET Q q 0 0 0 rg BT 175.02 541.75 Td (software ) Tj ET Q q 0 0 0 rg BT 215.09 541.75 Td (technology ) Tj ET Q q 0 0 0 rg BT 265.73 541.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 316.35 541.75 Td (have ) Tj ET Q q 0 0 0 rg BT 340.30 541.75 Td (been ) Tj ET Q q 0 0 0 rg BT 364.82 541.75 Td (excluded ) Tj ET Q q 0 0 0 rg BT 407.12 541.75 Td (due ) Tj ET Q q 0 0 0 rg BT 426.07 541.75 Td (to ) Tj ET Q q 0 0 0 rg BT 436.68 541.75 Td (its ) Tj ET Q q 0 0 0 rg BT 448.95 541.75 Td (non-recurring ) Tj ET Q q 0 0 0 rg BT 510.69 541.75 Td (nature ) Tj ET Q q 0 0 0 rg BT 541.32 541.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 529.75 Td (because ) Tj ET Q q 0 0 0 rg BT 108.09 529.75 Td (it ) Tj ET Q q 0 0 0 rg BT 115.86 529.75 Td (is ) Tj ET Q q 0 0 0 rg BT 125.86 529.75 Td (not ) Tj ET Q q 0 0 0 rg BT 142.54 529.75 Td (part ) Tj ET Q q 0 0 0 rg BT 162.55 529.75 Td (of ) Tj ET Q q 0 0 0 rg BT 173.67 529.75 Td (our ) Tj ET Q q 0 0 0 rg BT 190.90 529.75 Td (core ) Tj ET Q q 0 0 0 rg BT 213.13 529.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 257.61 529.75 Td (results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 505.75 Td (The recording of changes in estimates of contingent consideration payable with respect to contingent payment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 493.75 Td (arrangements associated with our acquisitions are not considered part of our core operating results and, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 481.75 Td (accordingly) Tj ET Q q 0 0 0 rg BT 117.34 481.75 Td (, have been excluded.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 67.5 445.66552734375 m 195.83984375 445.66552734375 l s q 0 0 0 rg BT 67.50 447.25 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 113.06 447.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 163.06 447.25 Td (Margin) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 426.25 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 109.74 426.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 154.77 426.25 Td (margin ) Tj ET Q q 0 0 0 rg BT 188.66 426.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 219.77 426.25 Td (us ) Tj ET Q q 0 0 0 rg BT 233.66 426.25 Td (to ) Tj ET Q q 0 0 0 rg BT 245.32 426.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 281.99 426.25 Td (our ) Tj ET Q q 0 0 0 rg BT 299.77 426.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 339.79 426.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 399.25 426.25 Td (and ) Tj ET Q q 0 0 0 rg BT 419.26 426.25 Td (ef) Tj ET Q q 0 0 0 rg BT 427.42 426.25 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 464.09 426.25 Td (from ) Tj ET Q q 0 0 0 rg BT 487.41 426.25 Td (period ) Tj ET Q q 0 0 0 rg BT 518.54 426.25 Td (to ) Tj ET Q q 0 0 0 rg BT 530.20 426.25 Td (period ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 414.25 Td (without ) Tj ET Q q 0 0 0 rg BT 101.28 414.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.28 414.25 Td (volatility ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 154.94 414.25 Td (noted ) Tj ET Q q 0 0 0 rg BT 182.07 414.25 Td (above ) Tj ET Q q 0 0 0 rg BT 211.41 414.25 Td (in ) Tj ET Q q 0 0 0 rg BT 221.29 414.25 Td (our ) Tj ET Q q 0 0 0 rg BT 237.84 414.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 286.63 414.25 Td (of ) Tj ET Q q 0 0 0 rg BT 297.06 414.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 336.97 414.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 380.76 414.25 Td (income) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 413.00 414.25 Td ( ) Tj ET Q q 0 0 0 rg BT 415.10 414.25 Td (and ) Tj ET Q q 0 0 0 rg BT 433.88 414.25 Td (to ) Tj ET Q q 0 0 0 rg BT 444.32 414.25 Td (compare ) Tj ET Q q 0 0 0 rg BT 485.32 414.25 Td (our ) Tj ET Q q 0 0 0 rg BT 501.87 414.25 Td (performance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 402.25 Td (to ) Tj ET Q q 0 0 0 rg BT 78.33 402.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 115.84 402.25 Td (peers ) Tj ET Q q 0 0 0 rg BT 143.35 402.25 Td (on ) Tj ET Q q 0 0 0 rg BT 156.97 402.25 Td (a ) Tj ET Q q 0 0 0 rg BT 165.03 402.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 190.87 402.25 Td (that ) Tj ET Q q 0 0 0 rg BT 210.04 402.25 Td (better ) Tj ET Q q 0 0 0 rg BT 238.11 402.25 Td (reflects ) Tj ET Q q 0 0 0 rg BT 272.83 402.25 Td (our ) Tj ET Q q 0 0 0 rg BT 289.78 402.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 348.41 402.25 Td (in ) Tj ET Q q 0 0 0 rg BT 358.69 402.25 Td (our ) Tj ET Q q 0 0 0 rg BT 375.64 402.25 Td (core ) Tj ET Q q 0 0 0 rg BT 397.59 402.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 441.83 402.25 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 483.24 402.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 527.44 402.25 Td (margin ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 390.25 Td (is ) Tj ET Q q 0 0 0 rg BT 77.50 390.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 113.08 390.25 Td (by ) Tj ET Q q 0 0 0 rg BT 126.42 390.25 Td (dividing ) Tj ET Q q 0 0 0 rg BT 163.11 390.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 203.69 390.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 248.17 390.25 Td (income ) Tj ET Q q 0 0 0 rg BT 283.18 390.25 Td (by ) Tj ET Q q 0 0 0 rg BT 296.52 390.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 337.11 390.25 Td (net ) Tj ET Q q 0 0 0 rg BT 353.79 390.25 Td (revenues.) 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